FIDELITY CONCORD STREET TRUST (Form: N-CSR, Received: 06/22/2021 11:12:34)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05251

Fidelity Concord Street Trust

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	April 30

Date of reporting period:	April 30, 2021

Item 1.

Reports to Stockholders

Fidelity® Mid-Cap Stock Fund

Annual Report

April 30, 2021

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
Liquidity Risk Management Program
Proxy Voting Results

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 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.

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, 2020 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, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

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, 2021	Past 1 year	Past 5 years	Past 10 years
Fidelity® Mid-Cap Stock Fund	64.86%	15.44%	12.10%
Class K	65.01%	15.57%	12.24%

$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, 2011.

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
	$31,350	Fidelity® Mid-Cap Stock Fund
	$31,378	S&P MidCap 400® Index

Management's Discussion of Fund Performance

Market Recap: The S&P 500^® index gained 45.98% for the 12 months ending April 30, 2021, as U.S. equities staged a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of two COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars in aid to boost consumers and the economy. This backdrop fueled a sharp market rotation, with small-cap value stocks usurping long-standing leadership from large growth shares. As part of the “reopening” trade, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. Reflecting this shift, the financials sector (+63%) led the way for the full period, riding momentum among banks, whose profit outlook improved amid rising long-term interest rates and a steeper yield curve. Materials (+63%) and industrials (+61%) closely followed. Conversely, notable “laggards” included the defensive utilities (+21%) and consumer staples (+23%) sectors.

Comments from Lead Manager John Roth and Co-Manager Nicola Stafford: For the fiscal year ending April 30, 2021, the fund's share classes gained roughly 65%, trailing the 67.90% result of the benchmark S&P MidCap 400 Index. Versus the benchmark, security selection was the primary detractor, especially in the information technology sector. Choices in consumer staples also hindered the fund's relative result, as did picks in the industrials sector, primarily within the transportation industry. Foreign holdings also detracted overall, despite benefiting from U.S.-dollar weakness. Not owning Enphase Energy, a benchmark component that gained approximately 334%, was the largest individual relative detractor, Out-of-benchmark positions in NovaGold Resources (-19%) and Cabot Oil & Gas (-21%), also detracted notably. Conversely, the biggest contributors to performance versus the benchmark were stock picks and an overweighting in the consumer discretionary sector, primarily driven by the consumer durables & apparel industry. Strong picks in the communication services and financials sectors also helped the fund's relative performance. Peloton Interactive (+367%) added more value than any other fund position this period. Peloton Interactive was not held in the fund at period end. It also helped to own shares of South Korean e-commerce company Coupang, which gained 403% for the fund the past 12 months, and shares of Tapestry (+221%), which owns the Coach, Kate Spade, and Stuart Weitzman brands. Each of the fund’s contributors mentioned were non-benchmark positions. Notable changes in positioning included increased exposure to the materials sector and a lower allocation to information technology.

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.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2021

	% of fund's net assets
Molina Healthcare, Inc.	1.8
First Horizon National Corp.	1.5
American Financial Group, Inc.	1.4
Arch Capital Group Ltd.	1.3
Huntington Bancshares, Inc.	1.3
Radian Group, Inc.	1.3
NVR, Inc.	1.2
M&T Bank Corp.	1.2
Wintrust Financial Corp.	1.2
AECOM	1.1
	13.3

Top Five Market Sectors as of April 30, 2021

	% of fund's net assets
Financials	19.8
Industrials	18.6
Consumer Discretionary	16.0
Real Estate	7.5
Health Care	7.1

Asset Allocation (% of fund's net assets)

As of April 30, 2021^*
	Stocks	98.1%
	Convertible Securities	0.5%
	Other Investments	0.1%
	Short-Term Investments and Net Other Assets (Liabilities)	1.3%

* Foreign investments - 18.9%

Schedule of Investments April 30, 2021

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares	Value (000s)
COMMUNICATION SERVICES - 4.0%
Diversified Telecommunication Services - 0.3%
Cogent Communications Group, Inc.	366,432	$27,669
Media - 3.7%
Discovery Communications, Inc. Class A (a)	595,139	22,413
Endeavor Group Holdings, Inc. (a)	1,942,540	48,183
Interpublic Group of Companies, Inc.	2,839,746	90,162
Nexstar Broadcasting Group, Inc. Class A	287,193	42,335
Omnicom Group, Inc.	1,070,730	88,078
		291,171

TOTAL COMMUNICATION SERVICES		318,840

CONSUMER DISCRETIONARY - 15.0%
Auto Components - 0.3%
Faurecia SA (b)	50,611	2,732
Magna International, Inc. Class A (sub. vtg.)	244,421	23,083
		25,815
Automobiles - 1.1%
Aston Martin Lagonda Global Holdings PLC (a)(b)(c)	1,344,903	36,024
Stellantis NV (b)	2,972,102	49,248
		85,272
Hotels, Restaurants & Leisure - 3.9%
Boyd Gaming Corp. (a)	893,286	59,091
Caesars Entertainment, Inc. (a)	467,803	45,770
Churchill Downs, Inc.	287,405	60,786
Elior SA (c)	3,223,086	26,698
MGM Resorts International	969,723	39,487
Wyndham Hotels & Resorts, Inc.	1,090,345	79,715
		311,547
Household Durables - 3.5%
D.R. Horton, Inc.	849,050	83,453
Lennar Corp. Class A	396,796	41,108
Mohawk Industries, Inc. (a)	293,962	60,409
NVR, Inc. (a)	18,950	95,093
		280,063
Internet & Direct Marketing Retail - 1.2%
Coupang Corp. unit (d)	1,932,161	72,862
Coupang, Inc. Class A (a)(b)	64,817	2,716
Farfetch Ltd. Class A (a)	394,850	19,344
		94,922
Leisure Products - 0.5%
Allstar Co-Invest Blocker LP (a)(d)	207,877	38,686
Specialty Retail - 1.8%
AutoZone, Inc. (a)	27,712	40,574
Best Buy Co., Inc.	275,490	32,031
National Vision Holdings, Inc. (a)	440,080	22,184
Ross Stores, Inc.	240,826	31,534
Vroom, Inc. (b)	410,540	18,996
		145,319
Textiles, Apparel & Luxury Goods - 2.7%
Allbirds, Inc. (a)(d)(e)	53,875	595
Brunello Cucinelli SpA	1,550,131	78,944
PVH Corp.	406,395	45,996
Tapestry, Inc.	1,327,643	63,528
Under Armour, Inc. Class A (sub. vtg.) (a)	1,071,401	26,046
		215,109

TOTAL CONSUMER DISCRETIONARY		1,196,733

CONSUMER STAPLES - 3.1%
Food & Staples Retailing - 1.1%
BJ's Wholesale Club Holdings, Inc. (a)	1,233,866	55,117
Kroger Co.	797,660	29,146
		84,263
Food Products - 2.0%
Bunge Ltd.	438,951	37,056
Greencore Group PLC (a)	26,136,004	57,283
JDE Peet's BV	548,630	21,318
Lamb Weston Holdings, Inc.	310,011	24,956
Nomad Foods Ltd. (a)	700,005	20,412
		161,025

TOTAL CONSUMER STAPLES		245,288

ENERGY - 5.2%
Energy Equipment & Services - 0.3%
Oceaneering International, Inc. (a)	1,930,240	20,750
Oil, Gas & Consumable Fuels - 4.9%
Cabot Oil & Gas Corp.	2,403,256	40,062
Canadian Natural Resources Ltd.	1,323,200	40,165
Cheniere Energy, Inc. (a)	975,446	75,617
Energy Transfer LP	7,294,000	62,801
Golar LNG Ltd. (a)	1,915,364	21,988
Harbour Energy PLC (a)	20,982,977	5,926
Hess Corp.	1,202,188	89,575
Imperial Oil Ltd.	1,543,400	44,576
New Fortress Energy LLC	260,653	11,083
		391,793

TOTAL ENERGY		412,543

FINANCIALS - 19.8%
Banks - 9.3%
BOK Financial Corp.	310,787	27,331
Comerica, Inc.	1,121,225	84,271
Cullen/Frost Bankers, Inc.	487,672	58,550
First Horizon National Corp.	6,732,925	123,145
Huntington Bancshares, Inc.	6,594,088	101,021
M&T Bank Corp.	597,299	94,188
Signature Bank	320,579	80,629
UMB Financial Corp.	593,386	57,576
WesBanco, Inc.	688,136	24,972
Wintrust Financial Corp.	1,202,312	92,698
		744,381
Capital Markets - 1.7%
Cboe Global Markets, Inc.	208,575	21,769
Lazard Ltd. Class A	820,202	36,901
Raymond James Financial, Inc.	282,768	36,980
Sixth Street Specialty Lending, Inc.	1,850,559	41,230
		136,880
Insurance - 7.5%
American Financial Group, Inc.	903,932	111,057
American International Group, Inc.	887,572	43,003
Arch Capital Group Ltd. (a)	2,547,520	101,162
Assurant, Inc.	234,101	36,426
Beazley PLC	4,460,907	20,873
First American Financial Corp.	987,589	63,699
GoHealth, Inc. (a)	1,662,579	19,835
Hartford Financial Services Group, Inc.	718,857	47,416
Hiscox Ltd. (a)	2,863,503	32,112
RenaissanceRe Holdings Ltd.	510,608	86,196
The Travelers Companies, Inc.	251,823	38,947
		600,726
Thrifts & Mortgage Finance - 1.3%
Radian Group, Inc.	3,993,127	98,391

TOTAL FINANCIALS		1,580,378

HEALTH CARE - 7.0%
Health Care Equipment & Supplies - 1.7%
Butterfly Network, Inc. (d)	1,616,474	22,236
Butterfly Network, Inc.	2,779,170	36,218
Butterfly Network, Inc. Class A (a)(b)	800,976	11,598
Hologic, Inc. (a)	961,267	63,011
		133,063
Health Care Providers & Services - 3.8%
Centene Corp. (a)	672,593	41,526
Guardant Health, Inc. (a)	152,205	24,198
Molina Healthcare, Inc. (a)	571,151	145,708
Oak Street Health, Inc. (a)	686,001	42,278
Universal Health Services, Inc. Class B	327,364	48,584
		302,294
Life Sciences Tools & Services - 0.6%
Bruker Corp.	734,341	50,317
Pharmaceuticals - 0.9%
Nektar Therapeutics (a)(b)	1,423,258	27,910
Recordati SpA	486,645	26,820
Viatris, Inc. (a)	1,624,431	21,605
		76,335

TOTAL HEALTH CARE		562,009

INDUSTRIALS - 18.5%
Aerospace & Defense - 2.2%
BWX Technologies, Inc.	498,862	33,384
Huntington Ingalls Industries, Inc.	245,713	52,170
Kratos Defense & Security Solutions, Inc. (a)	1,186,539	31,728
Space Exploration Technologies Corp.:
Class A (a)(d)(e)	139,629	58,643
Class C (a)(d)(e)	2,034	854
		176,779
Air Freight & Logistics - 1.1%
XPO Logistics, Inc. (a)	656,971	91,398
Airlines - 0.6%
JetBlue Airways Corp. (a)	2,437,336	49,624
Building Products - 2.0%
Builders FirstSource, Inc. (a)	1,226,289	59,683
Fortune Brands Home & Security, Inc.	332,293	34,884
Owens Corning	710,451	68,779
		163,346
Commercial Services & Supplies - 0.8%
Stericycle, Inc. (a)	653,836	49,875
U.S. Ecology, Inc. (a)	359,731	15,274
		65,149
Construction & Engineering - 1.8%
AECOM (a)	1,379,896	91,666
Dycom Industries, Inc. (a)	573,467	53,797
		145,463
Electrical Equipment - 1.2%
Regal Beloit Corp.	390,363	56,380
Sensata Technologies, Inc. PLC (a)	702,442	40,559
		96,939
Industrial Conglomerates - 0.5%
Melrose Industries PLC	17,067,491	38,397
Machinery - 5.2%
Allison Transmission Holdings, Inc.	937,869	38,893
Donaldson, Inc.	1,251,384	78,687
Fortive Corp.	686,632	48,627
Ingersoll Rand, Inc. (a)	1,114,032	55,044
Kornit Digital Ltd. (a)	196,736	19,233
Oshkosh Corp.	566,658	70,509
Pentair PLC	856,167	55,231
Woodward, Inc.	383,410	47,930
		414,154
Marine - 0.1%
Goodbulk Ltd. (a)(e)	1,465,263	8,532
Professional Services - 1.3%
Clarivate Analytics PLC (a)	704,696	19,682
Leidos Holdings, Inc.	445,812	45,152
Science Applications International Corp.	427,246	38,204
		103,038
Road & Rail - 0.9%
Knight-Swift Transportation Holdings, Inc. Class A	1,438,953	67,803
Trading Companies & Distributors - 0.8%
Beacon Roofing Supply, Inc. (a)	1,059,668	59,691

TOTAL INDUSTRIALS		1,480,313

INFORMATION TECHNOLOGY - 6.5%
Communications Equipment - 0.3%
Ericsson (B Shares)	1,897,022	26,054
Electronic Equipment & Components - 3.0%
Arrow Electronics, Inc. (a)	797,833	91,009
CDW Corp.	213,587	38,089
Fabrinet (a)	807,746	69,159
Keysight Technologies, Inc. (a)	250,198	36,116
		234,373
IT Services - 2.6%
Akamai Technologies, Inc. (a)	240,028	26,091
Black Knight, Inc. (a)	296,655	21,484
Euronet Worldwide, Inc. (a)	143,310	20,555
Gartner, Inc. (a)	131,121	25,684
Verra Mobility Corp. (a)	1,832,839	24,633
WNS Holdings Ltd. sponsored ADR (a)	1,203,425	87,164
		205,611
Software - 0.6%
Aspen Technology, Inc. (a)	229,349	30,008
Citrix Systems, Inc.	164,146	20,329
		50,337

TOTAL INFORMATION TECHNOLOGY		516,375

MATERIALS - 7.0%
Chemicals - 2.1%
LG Chemical Ltd.	59,480	49,572
Nutrien Ltd.	458,135	25,289
Olin Corp.	1,303,684	56,098
Valvoline, Inc.	1,123,396	35,275
		166,234
Containers & Packaging - 1.4%
Avery Dennison Corp.	217,396	46,560
O-I Glass, Inc. (a)	3,883,270	64,035
		110,595
Metals & Mining - 3.5%
Antofagasta PLC	1,204,400	31,030
Commercial Metals Co.	1,392,496	40,689
Franco-Nevada Corp.	327,903	45,679
Lundin Mining Corp.	3,197,528	38,631
Newcrest Mining Ltd.	1,204,607	24,610
Novagold Resources, Inc. (a)	3,716,106	33,377
Steel Dynamics, Inc.	1,220,789	66,191
		280,207

TOTAL MATERIALS		557,036

REAL ESTATE - 7.5%
Equity Real Estate Investment Trusts (REITs) - 6.8%
Apartment Income (REIT) Corp.	850,964	38,421
Cousins Properties, Inc.	1,232,025	45,178
Equity Residential (SBI)	575,659	42,731
Gaming & Leisure Properties	1,281,356	59,570
Healthcare Realty Trust, Inc.	1,617,195	52,009
Healthcare Trust of America, Inc.	1,552,723	45,603
National Retail Properties, Inc.	1,330,105	61,743
Spirit Realty Capital, Inc.	1,128,970	53,671
Tanger Factory Outlet Centers, Inc. (b)	1,369,035	23,890
VEREIT, Inc.	1,152,740	55,147
VICI Properties, Inc. (b)	1,994,992	63,241
		541,204
Real Estate Management & Development - 0.7%
Jones Lang LaSalle, Inc. (a)	288,075	54,132

TOTAL REAL ESTATE		595,336

UTILITIES - 3.8%
Electric Utilities - 2.8%
Alliant Energy Corp.	1,170,359	65,739
FirstEnergy Corp.	1,057,427	40,098
IDACORP, Inc.	525,191	53,822
OGE Energy Corp.	1,989,462	66,766
		226,425
Gas Utilities - 0.6%
Atmos Energy Corp.	450,474	46,665
Multi-Utilities - 0.4%
NiSource, Inc.	1,235,873	32,157

TOTAL UTILITIES		305,247

TOTAL COMMON STOCKS
(Cost $5,192,422)		7,770,098

Preferred Stocks - 1.1%
Convertible Preferred Stocks - 0.4%
CONSUMER DISCRETIONARY - 0.2%
Textiles, Apparel & Luxury Goods - 0.2%
Allbirds, Inc.:
Series A (a)(d)(e)	21,265	235
Series B (a)(d)(e)	3,735	41
Series C (a)(d)(e)	35,700	394
Series D (a)(d)(e)	68,801	760
Series Seed (a)(d)(e)	101,339	1,120
Bolt Threads, Inc. Series D (a)(d)(e)	976,285	11,647
		14,197
CONSUMER STAPLES - 0.0%
Food & Staples Retailing - 0.0%
Sweetgreen, Inc.:
Series C (a)(d)(e)	3,889	51
Series D (a)(d)(e)	62,561	823
Series I (a)(d)(e)	147,450	1,939
		2,813
HEALTH CARE - 0.1%
Biotechnology - 0.1%
National Resilience, Inc. Series B (d)(e)	711,831	9,724
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
Space Exploration Technologies Corp. Series H (a)(d)(e)	18,837	7,911

TOTAL CONVERTIBLE PREFERRED STOCKS		34,645

Nonconvertible Preferred Stocks - 0.7%
CONSUMER DISCRETIONARY - 0.7%
Automobiles - 0.7%
Porsche Automobil Holding SE (Germany)	536,135	56,517
TOTAL PREFERRED STOCKS
(Cost $66,147)		91,162
	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 (d)(e)	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 (c)(e)(f)(g)	463	19
TOTAL CORPORATE BONDS
(Cost $7,629)		7,180
	Shares	Value (000s)

Other - 0.1%
Energy - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(h)
(Cost $20,398)	20,397,834	8,812

Money Market Funds - 4.4%
Fidelity Cash Central Fund 0.04% (i)	226,506,890	226,552
Fidelity Securities Lending Cash Central Fund 0.04% (i)(j)	122,076,424	122,089
TOTAL MONEY MARKET FUNDS
(Cost $348,638)		348,641
TOTAL INVESTMENT IN SECURITIES - 103.1%
(Cost $5,635,234)		8,225,893
NET OTHER ASSETS (LIABILITIES) - (3.1)%		(243,757)
NET ASSETS - 100%		$7,982,136

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 $62,741,000 or 0.8% of net assets.

(d) 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 $244,495,000 or 3.1% of net assets.

(e) Level 3 security

(f) Non-income producing - Security is in default.

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

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

(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
Allstar Co-Invest Blocker LP	8/1/11	$17,252
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.	2/12/21	$16,165
Coupang Corp. unit	6/12/20	$14,491
National Resilience, Inc. Series B	12/1/20	$9,724
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

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	$100
Fidelity Securities Lending Cash Central Fund	1,472
Total	$1,572

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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2021, 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
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$318,840	$270,657	$48,183	$--
Consumer Discretionary	1,267,447	1,084,590	168,065	14,792
Consumer Staples	248,101	245,288	--	2,813
Energy	412,543	412,543	--	--
Financials	1,580,378	1,580,378	--	--
Health Care	571,733	503,555	58,454	9,724
Industrials	1,488,224	1,412,284	--	75,940
Information Technology	516,375	490,321	26,054	--
Materials	557,036	557,036	--	--
Real Estate	595,336	595,336	--	--
Utilities	305,247	305,247	--	--
Corporate Bonds	7,180	--	--	7,180
Other	8,812	--	--	8,812
Money Market Funds	348,641	348,641	--	--
Total Investments in Securities:	$8,225,893	$7,805,876	$300,756	$119,261

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:
Beginning Balance	$138,777
Net Realized Gain (Loss) on Investment Securities	(59)
Net Unrealized Gain (Loss) on Investment Securities	19,860
Cost of Purchases	9,724
Proceeds of Sales	(7,344)
Amortization/Accretion	(2)
Transfers into Level 3	14
Transfers out of Level 3	(41,709)
Ending Balance	$119,261
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2021	$20,720

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. 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 reconciliation 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	81.1%
Bermuda	4.1%
Canada	3.2%
United Kingdom	2.3%
Korea (South)	1.5%
Ireland	1.4%
Bailiwick of Jersey	1.3%
Italy	1.3%
Others (Individually Less Than 1%)	3.8%
	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 amounts)		April 30, 2021
Assets
Investment in securities, at value (including securities loaned of $117,803) — See accompanying schedule: Unaffiliated issuers (cost $5,286,596)	$7,877,252
Fidelity Central Funds (cost $348,638)	348,641
Total Investment in Securities (cost $5,635,234)		$8,225,893
Restricted cash		73
Foreign currency held at value (cost $18,422)		18,422
Receivable for investments sold		789
Receivable for fund shares sold		3,354
Dividends receivable		3,317
Interest receivable		80
Distributions receivable from Fidelity Central Funds		29
Prepaid expenses		3
Other receivables		699
Total assets		8,252,659
Liabilities
Payable for investments purchased
Regular delivery	$115,572
Delayed delivery	25,018
Payable for fund shares redeemed	2,632
Accrued management fee	3,749
Other affiliated payables	809
Other payables and accrued expenses	675
Collateral on securities loaned	122,068
Total liabilities		270,523
Net Assets		$7,982,136
Net Assets consist of:
Paid in capital		$4,788,242
Total accumulated earnings (loss)		3,193,894
Net Assets		$7,982,136
Net Asset Value and Maximum Offering Price
Mid-Cap Stock:
Net Asset Value, offering price and redemption price per share ($6,020,059 ÷ 135,217 shares)		$44.52
Class K:
Net Asset Value, offering price and redemption price per share ($1,962,077 ÷ 44,041 shares)		$44.55

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

Statement of Operations

Amounts in thousands		Year ended April 30, 2021
Investment Income
Dividends		$113,173
Interest		18
Income from Fidelity Central Funds (including $1,472 from security lending)		1,572
Total income		114,763
Expenses
Management fee
Basic fee	$35,020
Performance adjustment	4,871
Transfer agent fees	7,745
Accounting fees	1,148
Custodian fees and expenses	119
Independent trustees' fees and expenses	31
Registration fees	88
Audit	83
Legal	13
Miscellaneous	40
Total expenses before reductions	49,158
Expense reductions	(423)
Total expenses after reductions		48,735
Net investment income (loss)		66,028
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	922,714
Fidelity Central Funds	14
Foreign currency transactions	29
Total net realized gain (loss)		922,757
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	2,344,939
Fidelity Central Funds	(33)
Assets and liabilities in foreign currencies	11
Total change in net unrealized appreciation (depreciation)		2,344,917
Net gain (loss)		3,267,674
Net increase (decrease) in net assets resulting from operations		$3,333,702

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, 2021	Year ended April 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$66,028	$64,783
Net realized gain (loss)	922,757	556,512
Change in net unrealized appreciation (depreciation)	2,344,917	(1,433,209)
Net increase (decrease) in net assets resulting from operations	3,333,702	(811,914)
Distributions to shareholders	(464,243)	(479,896)
Share transactions - net increase (decrease)	(508,597)	(807,976)
Total increase (decrease) in net assets	2,360,862	(2,099,786)
Net Assets
Beginning of period	5,621,274	7,721,060
End of period	$7,982,136	$5,621,274

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

Financial Highlights

Fidelity Mid-Cap Stock Fund

Years ended April 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$28.96	$35.31	$38.38	$36.62	$34.07
Income from Investment Operations
Net investment income (loss)^A	.35	.31	.34	.22	.22
Net realized and unrealized gain (loss)	17.71	(4.29)	2.26	4.30	5.19
Total from investment operations	18.06	(3.98)	2.60	4.52	5.41
Distributions from net investment income	(.39)^B	(.35)	(.29)	(.22)	(.27)
Distributions from net realized gain	(2.10)^B	(2.02)	(5.38)	(2.55)	(2.59)
Total distributions	(2.50)^C	(2.37)	(5.67)	(2.76)^C	(2.86)
Redemption fees added to paid in capital^A	–	–	–	–	–^D
Net asset value, end of period	$44.52	$28.96	$35.31	$38.38	$36.62
Total Return^E	64.86%	(12.42)%	7.90%	12.66%	16.80%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.77%	.86%	.68%	.61%	.58%
Expenses net of fee waivers, if any	.77%	.86%	.67%	.61%	.58%
Expenses net of all reductions	.76%	.86%	.67%	.61%	.58%
Net investment income (loss)	.97%	.90%	.93%	.58%	.64%
Supplemental Data
Net assets, end of period (in millions)	$6,020	$4,125	$5,373	$5,629	$5,622
Portfolio turnover rate^H	30%^I	36%^I	29%	22%	27%^I

^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 distributions per share do not sum due to rounding.

^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.

^F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

^I 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,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$28.98	$35.32	$38.40	$36.64	$34.08
Income from Investment Operations
Net investment income (loss)^A	.38	.34	.37	.26	.26
Net realized and unrealized gain (loss)	17.72	(4.27)	2.26	4.30	5.20
Total from investment operations	18.10	(3.93)	2.63	4.56	5.46
Distributions from net investment income	(.43)^B	(.39)	(.33)	(.26)	(.31)
Distributions from net realized gain	(2.10)^B	(2.02)	(5.38)	(2.55)	(2.59)
Total distributions	(2.53)	(2.41)	(5.71)	(2.80)^C	(2.90)
Redemption fees added to paid in capital^A	–	–	–	–	–^D
Net asset value, end of period	$44.55	$28.98	$35.32	$38.40	$36.64
Total Return^E	65.01%	(12.30)%	7.99%	12.78%	16.96%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.67%	.76%	.57%	.51%	.46%
Expenses net of fee waivers, if any	.67%	.76%	.57%	.51%	.46%
Expenses net of all reductions	.66%	.76%	.57%	.50%	.46%
Net investment income (loss)	1.07%	1.00%	1.03%	.69%	.76%
Supplemental Data
Net assets, end of period (in millions)	$1,962	$1,496	$2,348	$2,354	$2,213
Portfolio turnover rate^H	30%^I	36%^I	29%	22%	27%^I

^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 distributions per share do not sum due to rounding.

^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.

^H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

^I 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, 2021
(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.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005% to .01%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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:

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	$103,269	Market comparable	Enterprise value/Sales multiple (EV/S)	4.1-11.2/9.7	Increase
			Premium Rate	7.8%-129.6%/103.7%	Increase
		Market approach	Transaction Price	$3.95-$419.99/$333.53	Increase
			Premium Rate	29.8%	Increase
Corporate Bonds	$7,180	Market approach	Transaction Price	$100.00	Increase
		Indicative market bid	Evaluated bid	$4.00	Increase
Other	$8,812	Discounted cash flow	Discount rate	15.7%	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, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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 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 a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Mid-Cap Stock Fund

$578

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, 2021, 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.

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. These differences resulted in distribution reclassifications. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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 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	$2,841,161
Gross unrealized depreciation	(242,673)
Net unrealized appreciation (depreciation)	$2,598,488
Tax Cost	$5,627,405

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

Undistributed ordinary income	$39,536
Undistributed long-term capital gain	$556,134
Net unrealized appreciation (depreciation) on securities and other investments	$2,598,589

The tax character of distributions paid was as follows:

	April 30, 2021	April 30, 2010
Ordinary Income	$78,793	$ 72,160
Long-term Capital Gains	385,450	407,736
Total	$464,243	$ 479,896

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable

Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

	$ Amount	% of Net Assets
Fidelity Mid-Cap Stock Fund	8,885	.11

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

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	1,934,506	2,637,284

Unaffiliated Redemptions In-Kind. During the period, 3,001 shares of the Fund were redeemed in-kind for investments, including accrued interest, cash with a value of $117,754. The net realized gain of $43,747 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.

Prior Fiscal Year Unaffiliated Redemptions In-Kind. During the prior period, 2,071 shares of the Fund were redeemed in-kind for investments and cash with a value of $72,886. The Fund had a net realized gain of $22,744 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 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 the Fund 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 .60% 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.

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

	Amount	% of Class-Level Average Net Assets
Mid-Cap Stock	$6,994	.14
Class K	751	.04
	$7,745

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 Mid-Cap Stock Fund	.02

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 Mid-Cap Stock Fund	$55

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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note and are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Mid-Cap Stock Fund	78,557	135,437

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior 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 Fund had a net realized gain of $31,103 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 as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

6. 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 listed below.

	Amount
Fidelity Mid-Cap Stock Fund	$13

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

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. 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. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Mid-Cap Stock Fund	$31	$2	$–

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 expenses. This amount totaled $397 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 $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 $25.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended April 30, 2021	Year ended April 30, 2020
Fidelity Mid-Cap Stock Fund
Distributions to shareholders
Mid-Cap Stock	$339,188	$347,836
Class K	125,055	132,059
Total	$464,243	$479,896

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, 2021	Year ended April 30, 2020	Year ended April 30, 2021	Year ended April 30, 2020
Fidelity Mid-Cap Stock Fund
Mid-Cap Stock
Shares sold	9,015	11,711	$330,874	$390,934
Reinvestment of distributions	9,132	9,253	320,090	327,745
Shares redeemed	(25,353)	(30,725)	(878,738)	(1,012,964)
Net increase (decrease)	(7,206)	(9,761)	$(227,774)	$(294,285)
Class K
Shares sold	8,322	8,568	$294,555	$288,454
Reinvestment of distributions	3,563	3,733	125,055	132,059
Shares redeemed	(19,469)^(a)	(27,149)^(b)	(700,433)^(a)	(934,205)^(b)
Net increase (decrease)	(7,584)	(14,848)	$(280,823)	$(513,692)

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

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

11. Other.

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.

12. 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.

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, 2021, 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, 2021, 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, 2021, 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 14, 2021

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

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 308 funds. Mr. Chiel oversees 176 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 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.

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. David M. Thomas serves as Lead Independent Trustee and as such (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.

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Ms. Doulton also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity^® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

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 and a member of the Board of NYC Leadership Academy (2012-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), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-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, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), 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).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity^® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity^® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

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

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 a member of the Board of Fortune Brands Home and Security (home and security products, 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 (2009-present) and President (2020-present) 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 and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity^® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and 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).

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). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). 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 Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2020 to April 30, 2021).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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, 2020	Ending Account Value April 30, 2021	Expenses Paid During Period-^B November 1, 2020 to April 30, 2021
Fidelity Mid-Cap Stock Fund
Mid-Cap Stock	.74%
Actual		$1,000.00	$1,431.40	$4.46
Hypothetical-^C		$1,000.00	$1,021.12	$3.71
Class K	.64%
Actual		$1,000.00	$1,431.90	$3.86
Hypothetical-^C		$1,000.00	$1,021.62	$3.21

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

^B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

^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:

	Pay Date	Record Date	Capital Gains
Fidelity Mid-Cap Stock Fund
Mid-Cap Stock Fund	06/07/21	06/04/21	$3.265
Class K	06/07/21	06/04/21	$3.277

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2021, $775,124,269, or, if subsequently determined to be different, the net capital gain of such year.

Mid-Cap Stock Fund designates 100% and 75%; Class K designates 100% and 70%; 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 84%; Class K designates 100% and 80%; 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 purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Mid-Cap Stock Fund designates 0% and 17%; Class K designates 1% and 21%; 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 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Mid-Cap Stock Fund

At its January 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for four months from February 1, 2021 through May 31, 2021.

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, 2019 through November 30, 2020. 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.

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	153,310,852,719.993	94.554
Withheld	8,830,820,397.844	5.446
TOTAL	162,141,673,117.837	100.000
Donald F. Donahue
Affirmative	153,409,297,334.631	94.614
Withheld	8,732,375,783.206	5.386
TOTAL	162,141,673,117.837	100.000
Bettina Doulton
Affirmative	154,057,198,754.144	95.014
Withheld	8,084,474,363.693	4.986
TOTAL	162,141,673,117.837	100.000
Vicki L. Fuller
Affirmative	154,419,985,979.903	95.238
Withheld	7,721,687,137.934	4.762
TOTAL	162,141,673,117.837	100.00
Patricia L. Kampling
Affirmative	153,773,968,211.778	94.839
Withheld	8,367,704,906.059	5.161
TOTAL	162,141,673,117.837	100.000
Alan J. Lacy
Affirmative	152,412,406,811.772	94.000
Withheld	9,729,266,306.065	6.000
TOTAL	162,141,673,117.837	100.000
Ned C. Lautenbach
Affirmative	151,421,801,314.429	93.389
Withheld	10,719,871,803.408	6.611
TOTAL	162,141,673,117.837	100.000
Robert A. Lawrence
Affirmative	152,467,970,401.411	94.034
Withheld	9,673,702,716.426	5.966
TOTAL	162,141,673,117.837	100.000
Joseph Mauriello
Affirmative	152,391,361,586.517	93.987
Withheld	9,750,311,531.320	6.013
TOTAL	162,141,673,117.837	100.000
Cornelia M. Small
Affirmative	153,101,624,672.870	94.425
Withheld	9,040,048,444.967	5.575
TOTAL	162,141,673,117.837	100.000
Garnett A. Smith
Affirmative	152,502,318,423.900	94.055
Withheld	9,639,354,693.937	5.945
TOTAL	162,141,673,117.837	100.000
David M. Thomas
Affirmative	152,608,626,434.284	94.121
Withheld	9,533,046,683.553	5.879
TOTAL	162,141,673,117.837	100.000
Susan Tomasky
Affirmative	153,605,526,235.885	94.735
Withheld	8,536,146,881.952	5.265
TOTAL	162,141,673,117.837	100.000
Michael E. Wiley
Affirmative	152,567,303,629.801	94.095
Withheld	9,574,369,488.036	5.905
TOTAL	162,141,673,117.837	100.000

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

	# of Votes	% of Votes
Affirmative	372,523,266.327	68.230
Against	75,977,805.915	13.916
Abstain	97,481,434.610	17.854
Broker Non-Vote	0.000	0.000
TOTAL	545,982,506.852	100.000
Proposal 1 reflects trust wide proposal and voting results.

FIDELITY INVESTMENTS

MCS-ANN-0621
1.703594.123

Fidelity® Large Cap Stock Fund

Annual Report

April 30, 2021

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
Liquidity Risk Management Program
Proxy Voting Results

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, 2021	Past 1 year	Past 5 years	Past 10 years
Fidelity® Large Cap Stock Fund	54.08%	15.61%	13.09%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Large Cap Stock Fund on April 30, 2011.

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
	$34,208	Fidelity® Large Cap Stock Fund
	$37,637	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Matthew Fruhan: For the fiscal year, the fund gained 54.08%, handily outperforming the 45.98% result of the benchmark S&P 500^® index. The top contributors to performance versus the benchmark were stock picks and an overweight in industrials. Strong picks in consumer discretionary also bolstered the fund's relative result. Also lifting the fund's relative result were stock selection and an overweight in the financials sector, primarily driven by the banks industry. The fund's biggest individual relative contributor was an overweighting in General Electric, which gained 94% the past year. The company was among our largest holdings. Also boosting value was our outsized stake in United Parcel Service (UPS), which gained 121%. UPS was among the biggest holdings at period end. Another notable relative contributor was an overweighting in Wells Fargo (+60%), which was one of our largest holdings. Conversely, the primary detractors from performance versus the benchmark were security selection and an overweight in health care. An underweight and stock picking in the information technology sector, primarily within the technology hardware & equipment industry, also hurt the fund's relative result. Also detracting from the fund's relative result was an overweight in energy. Our non-benchmark stake in GlaxoSmithKline was the fund's biggest individual relative detractor, due to its -6% result. Also holding back relative performance was our outsized stake in Bristol-Myers Squibb, which gained 6%. Bristol-Myers Squibb was one of our largest holdings the past 12 months. Another notable relative detractor was an out-of-benchmark stake in Bayer (+2%). Notable changes in positioning include increased exposure to the industrials sector and a lower allocation to health care.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2021

	% of fund's net assets
General Electric Co.	6.8
Microsoft Corp.	6.0
Wells Fargo & Co.	4.6
Exxon Mobil Corp.	4.2
Bank of America Corp.	3.7
Comcast Corp. Class A	3.4
Apple, Inc.	3.0
Altria Group, Inc.	2.7
United Parcel Service, Inc. Class B	2.2
Qualcomm, Inc.	1.9
	38.5

Top Five Market Sectors as of April 30, 2021

	% of fund's net assets
Financials	18.6
Information Technology	18.4
Industrials	16.2
Health Care	14.2
Communication Services	8.8

Asset Allocation (% of fund's net assets)

As of April 30, 2021^*
	Stocks	98.9%
	Other Investments	0.1%
	Short-Term Investments and Net Other Assets (Liabilities)	1.0%

* Foreign investments - 9.8%

Schedule of Investments April 30, 2021

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares	Value (000s)
COMMUNICATION SERVICES - 8.8%
Diversified Telecommunication Services - 0.4%
Verizon Communications, Inc.	209,606	$12,113
Entertainment - 2.7%
Activision Blizzard, Inc.	102,732	9,368
Nintendo Co. Ltd. ADR	135,600	9,748
The Walt Disney Co. (a)	197,204	36,684
Vivendi SA	668,920	23,322
		79,122
Interactive Media & Services - 1.8%
Alphabet, Inc.:
Class A (a)	9,014	21,214
Class C (a)	8,186	19,729
Facebook, Inc. Class A (a)	12,400	4,031
Match Group, Inc. (a)	57,160	8,896
		53,870
Media - 3.9%
Comcast Corp. Class A	1,808,347	101,539
Interpublic Group of Companies, Inc.	476,116	15,117
		116,656

TOTAL COMMUNICATION SERVICES		261,761

CONSUMER DISCRETIONARY - 5.7%
Auto Components - 0.6%
BorgWarner, Inc.	385,117	18,709
Automobiles - 0.7%
General Motors Co. (a)	358,600	20,519
Distributors - 0.1%
LKQ Corp. (a)	30,163	1,409
Hotels, Restaurants & Leisure - 1.5%
Elior SA (b)	303,500	2,514
Expedia, Inc. (a)	55,100	9,710
Marriott International, Inc. Class A	18,700	2,777
Starbucks Corp.	30,200	3,458
The Booking Holdings, Inc. (a)	10,388	25,618
		44,077
Household Durables - 1.6%
Mohawk Industries, Inc. (a)	107,841	22,161
Sony Group Corp. sponsored ADR	43,100	4,317
Whirlpool Corp.	84,175	19,903
		46,381
Internet & Direct Marketing Retail - 0.0%
Ocado Group PLC (a)	18,800	544
Specialty Retail - 1.2%
Lowe's Companies, Inc.	184,353	36,179

TOTAL CONSUMER DISCRETIONARY		167,818

CONSUMER STAPLES - 6.0%
Beverages - 1.4%
Anheuser-Busch InBev SA NV ADR (c)	18,200	1,291
Diageo PLC sponsored ADR	69,500	12,465
Keurig Dr. Pepper, Inc.	117,600	4,216
The Coca-Cola Co.	452,072	24,403
		42,375
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.	9,600	3,572
Performance Food Group Co. (a)	110,146	6,466
Sysco Corp.	226,800	19,217
		29,255
Food Products - 0.1%
Lamb Weston Holdings, Inc.	32,200	2,592
Household Products - 0.3%
Colgate-Palmolive Co.	6,800	549
Procter & Gamble Co.	4,400	587
Spectrum Brands Holdings, Inc.	73,098	6,443
		7,579
Tobacco - 3.2%
Altria Group, Inc.	1,687,315	80,569
British American Tobacco PLC sponsored ADR (c)	368,088	13,807
Swedish Match Co. AB	24,200	1,985
		96,361

TOTAL CONSUMER STAPLES		178,162

ENERGY - 7.5%
Energy Equipment & Services - 0.1%
Subsea 7 SA	413,000	4,192
Oil, Gas & Consumable Fuels - 7.4%
Canadian Natural Resources Ltd.	67,000	2,034
Cenovus Energy, Inc. (Canada)	3,061,041	23,833
Exxon Mobil Corp.	2,157,200	123,478
Hess Corp.	620,247	46,215
Imperial Oil Ltd.	92,300	2,666
Kosmos Energy Ltd. (a)	2,881,183	8,240
Phillips 66 Co.	158,200	12,800
		219,266

TOTAL ENERGY		223,458

FINANCIALS - 18.6%
Banks - 12.9%
Bank of America Corp.	2,710,170	109,843
JPMorgan Chase & Co.	265,190	40,789
M&T Bank Corp.	37,003	5,835
PNC Financial Services Group, Inc.	206,412	38,589
Truist Financial Corp.	465,254	27,594
U.S. Bancorp	398,643	23,659
Wells Fargo & Co.	3,040,298	136,965
		383,274
Capital Markets - 3.5%
KKR & Co. LP	287,958	16,293
Morgan Stanley	205,545	16,968
Northern Trust Corp.	312,612	35,575
Raymond James Financial, Inc.	58,130	7,602
State Street Corp.	339,089	28,467
		104,905
Consumer Finance - 0.7%
Discover Financial Services	172,200	19,631
Diversified Financial Services - 0.1%
KKR Renaissance Co-Invest LP unit (a)(d)	6,279	3,756
Insurance - 0.2%
Chubb Ltd.	42,611	7,312
Thrifts & Mortgage Finance - 1.2%
MGIC Investment Corp.	596,211	9,086
Radian Group, Inc.	1,044,589	25,739
		34,825

TOTAL FINANCIALS		553,703

HEALTH CARE - 14.2%
Biotechnology - 0.8%
AbbVie, Inc.	44,529	4,965
ADC Therapeutics SA (a)	38,800	952
Alnylam Pharmaceuticals, Inc. (a)	33,955	4,775
Crinetics Pharmaceuticals, Inc. (a)	63,700	1,103
Gritstone Oncology, Inc. (a)	62,687	567
Heron Therapeutics, Inc. (a)	28,816	504
Insmed, Inc. (a)	135,654	4,576
Intercept Pharmaceuticals, Inc. (a)(c)	198,942	3,935
Vaxcyte, Inc.	35,000	650
		22,027
Health Care Equipment & Supplies - 1.5%
Becton, Dickinson & Co.	31,384	7,809
Boston Scientific Corp. (a)	790,628	34,471
Danaher Corp.	10,900	2,768
iRhythm Technologies, Inc. (a)	300	23
		45,071
Health Care Providers & Services - 6.0%
AmerisourceBergen Corp.	61,257	7,400
Cardinal Health, Inc.	272,896	16,467
Centene Corp. (a)	46,700	2,883
Cigna Corp.	157,033	39,103
Covetrus, Inc. (a)	87,319	2,502
CVS Health Corp.	475,693	36,343
McKesson Corp.	173,205	32,486
UnitedHealth Group, Inc.	102,123	40,727
		177,911
Health Care Technology - 0.0%
Castlight Health, Inc. Class B (a)	269,429	512
Pharmaceuticals - 5.9%
Bayer AG	475,862	30,791
Bristol-Myers Squibb Co.	865,025	53,995
Eli Lilly & Co.	30,800	5,629
GlaxoSmithKline PLC sponsored ADR (c)	835,698	31,205
Intra-Cellular Therapies, Inc. (a)	29,500	1,016
Johnson & Johnson	263,138	42,820
Pliant Therapeutics, Inc.	44,300	1,484
Sanofi SA sponsored ADR	110,800	5,803
TherapeuticsMD, Inc. (a)(c)	1,522,947	1,843
Viatris, Inc. (a)	34,700	462
		175,048

TOTAL HEALTH CARE		420,569

INDUSTRIALS - 16.1%
Aerospace & Defense - 2.3%
Airbus Group NV	79,600	9,573
General Dynamics Corp.	39,016	7,422
Huntington Ingalls Industries, Inc.	29,301	6,221
Maxar Technologies, Inc.	15,300	594
MTU Aero Engines AG	8,600	2,170
Raytheon Technologies Corp.	48,781	4,061
Rolls-Royce Holdings PLC	2,613,500	3,776
Safran SA	18,600	2,777
The Boeing Co. (a)	134,388	31,488
		68,082
Air Freight & Logistics - 2.8%
FedEx Corp.	67,273	19,530
United Parcel Service, Inc. Class B	315,161	64,249
		83,779
Airlines - 0.1%
Copa Holdings SA Class A (a)	300	26
Ryanair Holdings PLC sponsored ADR (a)	26,700	3,120
		3,146
Building Products - 0.2%
Johnson Controls International PLC	77,300	4,819
Electrical Equipment - 1.2%
Acuity Brands, Inc.	47,028	8,725
Hubbell, Inc. Class B	34,255	6,577
Vertiv Holdings Co.	72,600	1,648
Vertiv Holdings LLC (a)(d)	850,000	18,330
		35,280
Industrial Conglomerates - 7.1%
3M Co.	50,367	9,929
General Electric Co.	15,369,588	201,650
		211,579
Machinery - 1.3%
Caterpillar, Inc.	12,100	2,760
Cummins, Inc.	17,700	4,461
Epiroc AB (A Shares)	82,500	1,788
Flowserve Corp.	156,270	6,195
Fortive Corp.	82,800	5,864
Otis Worldwide Corp.	56,440	4,395
Stanley Black & Decker, Inc.	26,900	5,562
Westinghouse Air Brake Co.	87,492	7,180
		38,205
Professional Services - 0.1%
Acacia Research Corp. (a)	24,000	146
Equifax, Inc.	10,900	2,499
		2,645
Road & Rail - 1.0%
Knight-Swift Transportation Holdings, Inc. Class A	349,232	16,456
Lyft, Inc. (a)	85,616	4,765
Ryder System, Inc.	93,400	7,457
		28,678
Trading Companies & Distributors - 0.0%
Beijer Ref AB (B Shares)	47,400	736

TOTAL INDUSTRIALS		476,949

INFORMATION TECHNOLOGY - 18.4%
Electronic Equipment & Components - 0.3%
CDW Corp.	12,400	2,211
Vontier Corp. (a)	194,320	6,090
		8,301
IT Services - 3.8%
Amadeus IT Holding SA Class A (a)	72,000	4,903
Edenred SA	104,300	5,912
Fidelity National Information Services, Inc.	127,100	19,434
Genpact Ltd.	122,200	5,808
IBM Corp.	34,200	4,852
MasterCard, Inc. Class A	22,992	8,784
Snowflake Computing, Inc.	1,900	440
Twilio, Inc. Class A (a)	2,400	883
Unisys Corp. (a)	385,922	9,262
Visa, Inc. Class A	231,684	54,112
		114,390
Semiconductors & Semiconductor Equipment - 3.3%
Analog Devices, Inc.	32,990	5,053
Applied Materials, Inc.	61,352	8,142
Intel Corp.	277,000	15,936
Lam Research Corp.	8,400	5,212
Marvell Technology, Inc.	114,577	5,180
Qualcomm, Inc.	414,854	57,582
		97,105
Software - 7.8%
Autodesk, Inc. (a)	25,209	7,359
Dynatrace, Inc. (a)	72,914	3,794
Elastic NV (a)	68,700	8,287
Microsoft Corp.	707,447	178,404
PTC, Inc. (a)	33,900	4,439
SAP SE sponsored ADR (c)	203,919	28,536
Workday, Inc. Class A (a)	9,300	2,297
		233,116
Technology Hardware, Storage & Peripherals - 3.2%
Apple, Inc.	679,172	89,284
Samsung Electronics Co. Ltd.	65,110	4,745
		94,029

TOTAL INFORMATION TECHNOLOGY		546,941

MATERIALS - 2.4%
Chemicals - 0.9%
DuPont de Nemours, Inc.	289,200	22,300
Livent Corp. (a)	11,000	198
PPG Industries, Inc.	32,300	5,531
		28,029
Metals & Mining - 1.5%
BHP Billiton Ltd. sponsored ADR (c)	202,050	14,701
First Quantum Minerals Ltd.	243,500	5,612
Freeport-McMoRan, Inc.	620,087	23,383
		43,696

TOTAL MATERIALS		71,725

REAL ESTATE - 0.7%
Equity Real Estate Investment Trusts (REITs) - 0.7%
American Tower Corp.	30,746	7,833
Equinix, Inc.	1,924	1,387
Simon Property Group, Inc.	96,300	11,724
		20,944
UTILITIES - 0.4%
Electric Utilities - 0.3%
Entergy Corp.	26,500	2,896
Southern Co.	65,700	4,347
		7,243
Multi-Utilities - 0.1%
CenterPoint Energy, Inc.	92,200	2,258
Sempra Energy	7,264	999
		3,257

TOTAL UTILITIES		10,500

TOTAL COMMON STOCKS
(Cost $1,978,040)		2,932,530

Nonconvertible Preferred Stocks - 0.1%
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
Embraer SA sponsored ADR (a)
(Cost $2,740)	248,700	2,748

Other - 0.1%
Energy - 0.1%
Oil, Gas & Consumable - 0.1%
Utica Shale Drilling Program (non-operating revenue interest)(d)(e)(f)
(Cost $6,968)	6,967,758	3,010

Money Market Funds - 2.0%
Fidelity Cash Central Fund 0.04% (g)	21,336,688	21,341
Fidelity Securities Lending Cash Central Fund 0.04% (g)(h)	39,920,705	39,925
TOTAL MONEY MARKET FUNDS
(Cost $61,266)		61,266
TOTAL INVESTMENT IN SECURITIES - 101.0%
(Cost $2,049,014)		2,999,554
NET OTHER ASSETS (LIABILITIES) - (1.0)%		(30,414)
NET ASSETS - 100%		$2,969,140

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 $2,514,000 or 0.1% of net assets.

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

(f) Level 3 security

(g) 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.

(h) 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	$662
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	$25
Fidelity Securities Lending Cash Central Fund	437
Total	$462

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$261,761	$261,761	$--	$--
Consumer Discretionary	167,818	167,818	--	--
Consumer Staples	178,162	178,162	--	--
Energy	223,458	223,458	--	--
Financials	553,703	549,947	3,756	--
Health Care	420,569	420,569	--	--
Industrials	479,697	449,017	30,680	--
Information Technology	546,941	542,038	4,903	--
Materials	71,725	71,725	--	--
Real Estate	20,944	20,944	--	--
Utilities	10,500	10,500	--	--
Other	3,010	--	--	3,010
Money Market Funds	61,266	61,266	--	--
Total Investments in Securities:	$2,999,554	$2,957,205	$39,339	$3,010
Net unrealized appreciation on unfunded commitments	$ 1,251	$--	$ 1,251	$--

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, 2021
Assets
Investment in securities, at value (including securities loaned of $38,413) — See accompanying schedule: Unaffiliated issuers (cost $1,987,748)	$2,938,288
Fidelity Central Funds (cost $61,266)	61,266
Total Investment in Securities (cost $2,049,014)		$2,999,554
Restricted cash		24
Receivable for investments sold		9,405
Receivable for fund shares sold		2,159
Net unrealized appreciation on unfunded commitments		1,251
Dividends receivable		2,766
Distributions receivable from Fidelity Central Funds		13
Prepaid expenses		1
Other receivables		30
Total assets		3,015,203
Liabilities
Payable for investments purchased	$3,454
Payable for fund shares redeemed	1,373
Accrued management fee	849
Other affiliated payables	412
Other payables and accrued expenses	48
Collateral on securities loaned	39,927
Total liabilities		46,063
Net Assets		$2,969,140
Net Assets consist of:
Paid in capital		$1,977,910
Total accumulated earnings (loss)		991,230
Net Assets		$2,969,140
Net Asset Value, offering price and redemption price per share ($2,969,140 ÷ 72,262 shares)		$41.09

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

Statement of Operations

Amounts in thousands		Year ended April 30, 2021
Investment Income
Dividends		$54,381
Income from Fidelity Central Funds (including $437 from security lending)		462
Total income		54,843
Expenses
Management fee
Basic fee	$13,159
Performance adjustment	(5,973)
Transfer agent fees	3,790
Accounting fees	742
Custodian fees and expenses	43
Independent trustees' fees and expenses	12
Registration fees	84
Audit	57
Legal	10
Interest	2
Miscellaneous	17
Total expenses before reductions	11,943
Expense reductions	(104)
Total expenses after reductions		11,839
Net investment income (loss)		43,004
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	87,983
Fidelity Central Funds	(3)
Foreign currency transactions	(1)
Total net realized gain (loss)		87,979
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	958,656
Fidelity Central Funds	(7)
Unfunded commitments	1,251
Assets and liabilities in foreign currencies	27
Total change in net unrealized appreciation (depreciation)		959,927
Net gain (loss)		1,047,906
Net increase (decrease) in net assets resulting from operations		$1,090,910

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, 2021	Year ended April 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$43,004	$50,931
Net realized gain (loss)	87,979	158,143
Change in net unrealized appreciation (depreciation)	959,927	(409,056)
Net increase (decrease) in net assets resulting from operations	1,090,910	(199,982)
Distributions to shareholders	(102,667)	(145,049)
Share transactions
Proceeds from sales of shares	535,535	768,694
Reinvestment of distributions	83,076	132,690
Cost of shares redeemed	(810,677)	(1,179,794)
Net increase (decrease) in net assets resulting from share transactions	(192,066)	(278,410)
Total increase (decrease) in net assets	796,177	(623,441)
Net Assets
Beginning of period	2,172,963	2,796,404
End of period	$2,969,140	$2,172,963
Other Information
Shares
Sold	16,432	26,504
Issued in reinvestment of distributions	2,540	4,174
Redeemed	(24,878)	(39,608)
Net increase (decrease)	(5,906)	(8,930)

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

Financial Highlights

Fidelity Large Cap Stock Fund


Years ended April 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$27.80	$32.11	$33.02	$30.85	$26.62
Income from Investment Operations
Net investment income (loss)^A	.57	.63	.63	.47	.38
Net realized and unrealized gain (loss)	14.10	(3.12)	2.17	2.87	4.91
Total from investment operations	14.67	(2.49)	2.80	3.34	5.29
Distributions from net investment income	(.65)	(.62)	(.53)^B	(.38)	(.41)
Distributions from net realized gain	(.73)	(1.20)	(3.18)^B	(.79)	(.65)
Total distributions	(1.38)	(1.82)	(3.71)	(1.17)	(1.06)
Net asset value, end of period	$41.09	$27.80	$32.11	$33.02	$30.85
Total Return^C	54.08%	(8.41)%	9.57%	10.96%	20.37%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.48%	.47%	.63%	.67%	.62%
Expenses net of fee waivers, if any	.48%	.47%	.63%	.67%	.62%
Expenses net of all reductions	.48%	.47%	.62%	.66%	.62%
Net investment income (loss)	1.73%	2.05%	1.96%	1.44%	1.33%
Supplemental Data
Net assets, end of period (in millions)	$2,969	$2,173	$2,796	$3,864	$4,656
Portfolio turnover rate^F	18%	32%^G	35%^G	40%^G	32%^G

^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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

^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, 2021
(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.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005% to .01%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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.

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, 2021 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. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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 foreign currency transactions, 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	$1,092,084
Gross unrealized depreciation	(155,558)
Net unrealized appreciation (depreciation)	$936,526
Tax Cost	$2,064,279

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

Undistributed ordinary income	$27,210
Undistributed long-term capital gain	$27,632
Net unrealized appreciation (depreciation) on securities and other investments	$936,388

The tax character of distributions paid was as follows:

	April 30, 2021	April 30, 2020
Ordinary Income	$50,946	$ 48,688
Long-term Capital Gains	51,721	96,361
Total	$102,667	$ 145,049

Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.

As of period end, investments in Subsidiaries were as follows:

	$ Amount	% of Net Assets
Fidelity Large Cap Stock Fund	3,034	.10

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

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 Large Cap Stock Fund	448,778	657,306

Prior Fiscal Year Unaffiliated Redemptions In-Kind. During the prior period, 40 shares of the Fund were redeemed in-kind for investments and cash with a value of $1,207. The Fund had a net realized gain of $351 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 .29% 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 .15% of average net assets.

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

	Amount
Fidelity Large Cap Stock Fund	$12

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (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 Large Cap Stock Fund	Borrower	$11,417	.33%	$2

	Purchases ($)	Sales ($)
Fidelity Large Cap Stock Fund	44,533	51,309

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 8,794 shares of the Fund were redeemed in-kind for investments and cash with a value of $271,433. The Fund had a net realized gain of $70,493 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	$5

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

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Large Cap Stock Fund	$44	$43	$849

8. Expense Reductions.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $9.

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, 2021, 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, 2021, 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

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, 2021, by correspondence with the custodian, issuers of privately offered securities, and brokers; when replies were not received from issuers of privately offered securities and 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 14, 2021

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

Bettina Doulton (1964)

Year of Election or Appointment: 2021

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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

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

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) 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, 2020 to April 30, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expenses Paid During Period-^B November 1, 2020 to April 30, 2021
Fidelity Large Cap Stock Fund	.50%
Actual		$1,000.00	$1,432.80	$3.02
Hypothetical-^C		$1,000.00	$1,022.32	$2.51

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

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Large Cap Stock Fund voted to pay on June 7, 2021, to shareholders of record at the opening of business on June 4, 2021, a distribution of $0.605 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.161 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2021, $49,296,697, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates 100% and 95% 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 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 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Large Cap Stock Fund

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	153,310,852,719.993	94.554
Withheld	8,830,820,397.844	5.446
TOTAL	162,141,673,117.837	100.000
Donald F. Donahue
Affirmative	153,409,297,334.631	94.614
Withheld	8,732,375,783.206	5.386
TOTAL	162,141,673,117.837	100.000
Bettina Doulton
Affirmative	154,057,198,754.144	95.014
Withheld	8,084,474,363.693	4.986
TOTAL	162,141,673,117.837	100.000
Vicki L. Fuller
Affirmative	154,419,985,979.903	95.238
Withheld	7,721,687,137.934	4.762
TOTAL	162,141,673,117.837	100.00
Patricia L. Kampling
Affirmative	153,773,968,211.778	94.839
Withheld	8,367,704,906.059	5.161
TOTAL	162,141,673,117.837	100.000
Alan J. Lacy
Affirmative	152,412,406,811.772	94.000
Withheld	9,729,266,306.065	6.000
TOTAL	162,141,673,117.837	100.000
Ned C. Lautenbach
Affirmative	151,421,801,314.429	93.389
Withheld	10,719,871,803.408	6.611
TOTAL	162,141,673,117.837	100.000
Robert A. Lawrence
Affirmative	152,467,970,401.411	94.034
Withheld	9,673,702,716.426	5.966
TOTAL	162,141,673,117.837	100.000
Joseph Mauriello
Affirmative	152,391,361,586.517	93.987
Withheld	9,750,311,531.320	6.013
TOTAL	162,141,673,117.837	100.000
Cornelia M. Small
Affirmative	153,101,624,672.870	94.425
Withheld	9,040,048,444.967	5.575
TOTAL	162,141,673,117.837	100.000
Garnett A. Smith
Affirmative	152,502,318,423.900	94.055
Withheld	9,639,354,693.937	5.945
TOTAL	162,141,673,117.837	100.000
David M. Thomas
Affirmative	152,608,626,434.284	94.121
Withheld	9,533,046,683.553	5.879
TOTAL	162,141,673,117.837	100.000
Susan Tomasky
Affirmative	153,605,526,235.885	94.735
Withheld	8,536,146,881.952	5.265
TOTAL	162,141,673,117.837	100.000
Michael E. Wiley
Affirmative	152,567,303,629.801	94.095
Withheld	9,574,369,488.036	5.905
TOTAL	162,141,673,117.837	100.000

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

	# of Votes	% of Votes
Affirmative	898,314,274.223	70.538
Against	203,330,932.275	15.966
Abstain	139,369,772.630	10.944
Broker Non-Vote	32,497,553.480	2.552
TOTAL	1,273,512,532.608	100.000
Proposal 1 reflects trust wide proposal and voting results.

FIDELITY INVESTMENTS

LCS-ANN-0621
1.703546.123

Fidelity® Small Cap Stock Fund

Annual Report

April 30, 2021

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
Liquidity Risk Management Program
Proxy Voting Results

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, 2021	Past 1 year	Past 5 years	Past 10 years
Fidelity® Small Cap Stock Fund	68.43%	13.74%	8.92%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Stock Fund on April 30, 2011.

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
	$23,506	Fidelity® Small Cap Stock Fund
	$30,036	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Kip Johann-Berkel: For the fiscal year ending April 30, 2021, the fund gained 68.43%, underperforming the 74.91% increase in the benchmark Russell 2000^® Index. Versus the benchmark, security selection was the primary detractor, especially in the consumer discretionary sector, where picks within the retailing industry hurt the most by far. Weak investment choices in materials and consumer staples also hindered the fund's relative result. The fund's biggest individual relative detractor was an outsized stake in Perdoceo Education, which returned -10% the past 12 months. We decreased our position in this company. The fund's non-benchmark exposure to Chemed gained 16% and detracted in relative terms. Another notable relative detractor was our overweighting in Emergent Biosol (-35%), a stake we established this period. In contrast, the largest contributor to performance versus the benchmark was our stock selection in information technology. An overweighting in consumer discretionary also helped. Adding further value helping was stock picking in the financials sector, especially among diversified financials. Synnex, the fund's biggest individual contributor, increased 232% this period. We reduced our position in the company the past year. Also helping was Lightspeed POS, which gained roughly 217% the past 12 months and was sold this period. Another contributor this period was Sdiptech. The stock gained about 356% the past 12 months, and we decreased our stake in the company. All of these contributors were non-benchmark positions. Non-U.S. holdings also contributed to relative performance due to favorable currency movements. Notable changes in positioning include a higher allocation to the consumer discretionary and industrials sectors.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2021

	% of fund's net assets
LPL Financial	2.0
Primerica, Inc.	2.0
BHG Group AB	2.0
Concentrix Corp.	1.9
Impax Asset Management Group PLC	1.9
Inovalon Holdings, Inc. Class A	1.7
Insperity, Inc.	1.7
Builders FirstSource, Inc.	1.6
Walker & Dunlop, Inc.	1.6
Musti Group OYJ	1.6
	18.0

Top Five Market Sectors as of April 30, 2021

	% of fund's net assets
Health Care	18.0
Financials	17.2
Information Technology	16.7
Consumer Discretionary	15.1
Industrials	14.5

Asset Allocation (% of fund's net assets)

As of April 30, 2021^*
	Stocks	99.2%
	Short-Term Investments and Net Other Assets (Liabilities)	0.8%

* Foreign investments - 27.3%

Schedule of Investments April 30, 2021

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares	Value (000s)
COMMUNICATION SERVICES - 4.7%
Diversified Telecommunication Services - 0.1%
LICT Corp. (a)	45	$1,103
Entertainment - 2.4%
Cinemark Holdings, Inc. (a)(b)	481,362	10,205
Lions Gate Entertainment Corp. Class A (a)(b)	649,605	9,400
Marcus Corp. (a)(b)	656,705	13,108
Reading International, Inc. Class A (a)	908,629	5,434
		38,147
Interactive Media & Services - 0.7%
Liberty TripAdvisor Holdings, Inc. (a)	1,831,910	9,269
Synchro Food Co. Ltd. (a)	403,100	1,376
Trustpilot Group PLC (a)(c)	180,000	778
		11,423
Media - 1.5%
Cogeco Communications, Inc.	128,634	12,218
Lee Enterprises, Inc. (a)	118,395	3,540
Nexstar Broadcasting Group, Inc. Class A	59,708	8,802
		24,560

TOTAL COMMUNICATION SERVICES		75,233

CONSUMER DISCRETIONARY - 15.1%
Auto Components - 0.1%
Horizon Global Corp. (a)	178,278	1,437
Diversified Consumer Services - 0.8%
8VI Holdings Ltd. unit (a)	22,559	46
Houghton Mifflin Harcourt Co. (a)	534,000	4,849
Perdoceo Education Corp. (a)	696,891	8,126
		13,021
Hotels, Restaurants & Leisure - 1.0%
Angler Gaming PLC	1,241,100	5,424
Best of The Best PLC	12,684	587
Inspired Entertainment, Inc. (a)	391,967	3,234
RCI Hospitality Holdings, Inc.	91,185	6,639
		15,884
Household Durables - 1.3%
Aterian, Inc. (a)(b)	239,818	5,204
Tupperware Brands Corp. (a)	618,510	15,073
		20,277
Internet & Direct Marketing Retail - 6.0%
Auction Technology Group PLC	14,100	183
BHG Group AB (a)	1,652,031	31,750
Fashionette AG	15,528	627
Home24 AG (a)	170,935	4,005
Kogan.Com Ltd. (b)	2,616,034	22,329
Liquidity Services, Inc. (a)	417,951	7,494
Porch Group, Inc. Class A (a)	218,511	2,908
Stamps.com, Inc. (a)	61,952	12,723
Temple & Webster Group Ltd. (a)	1,639,722	13,516
Vente-Unique.Com SA	71,145	1,634
		97,169
Leisure Products - 0.8%
Vista Outdoor, Inc. (a)	403,387	13,154
Multiline Retail - 0.0%
Treasure Factory Co. Ltd.	44,500	439
Specialty Retail - 5.1%
America's Car Mart, Inc. (a)	58,584	8,836
At Home Group, Inc. (a)	197,196	6,227
Camping World Holdings, Inc.	322,944	14,061
Cricut, Inc. (a)	73,000	1,935
JOANN, Inc. (a)	465,000	6,384
Lyko Group AB (A Shares) (a)(b)	267,457	9,984
Musti Group OYJ	667,525	25,183
OneWater Marine, Inc. Class A (a)	193,552	9,916
		82,526

TOTAL CONSUMER DISCRETIONARY		243,907

CONSUMER STAPLES - 4.8%
Beverages - 0.2%
MGP Ingredients, Inc. (b)	56,693	3,407
Food & Staples Retailing - 1.4%
BJ's Wholesale Club Holdings, Inc. (a)	433,031	19,343
Cake Box Holdings PLC	1,069,600	3,885
		23,228
Food Products - 0.2%
Farmer Brothers Co. (a)	272,172	2,776
Household Products - 1.2%
Spectrum Brands Holdings, Inc.	225,173	19,847
Personal Products - 1.2%
Herbalife Nutrition Ltd. (a)	164,589	7,533
MediFast, Inc.	17,000	3,861
Nu Skin Enterprises, Inc. Class A	136,112	7,195
		18,589
Tobacco - 0.6%
Turning Point Brands, Inc.	204,512	9,984

TOTAL CONSUMER STAPLES		77,831

ENERGY - 1.1%
Energy Equipment & Services - 0.7%
Liberty Oilfield Services, Inc. Class A (a)	816,368	9,552
Profire Energy, Inc. (a)	332,863	406
ProPetro Holding Corp. (a)	132,447	1,275
		11,233
Oil, Gas & Consumable Fuels - 0.4%
Enviva Partners LP	144,485	7,116

TOTAL ENERGY		18,349

FINANCIALS - 17.2%
Banks - 2.9%
CIT Group, Inc.	229,351	12,222
Great Western Bancorp, Inc.	242,507	8,015
Independent Bank Group, Inc.	200,361	15,129
Nicolet Bankshares, Inc. (a)	57,929	4,620
Parke Bancorp, Inc.	99,137	2,094
Spirit of Texas Bancshares, Inc.	103,880	2,407
Union Bankshares, Inc.	63,041	2,080
		46,567
Capital Markets - 6.6%
eQ Oyj PLC	11,110	274
Euronext NV (b)(c)	200,345	20,160
Euronext NV rights 5/10/21 (a)	200,345	2,348
FTAC Olympus Acquisition Corp. Class A (a)(b)	300,000	3,018
Impax Asset Management Group PLC	2,183,785	30,280
LPL Financial	208,517	32,676
StepStone Group, Inc. Class A	285,668	9,513
Tailwind Acquisition Corp. (a)(b)	393,581	3,900
Titanium OYJ	180,986	3,122
		105,291
Consumer Finance - 0.2%
Encore Capital Group, Inc. (a)(b)	96,593	3,800
Diversified Financial Services - 0.4%
Allfunds Group PLC (a)	36,500	613
Jefferies Financial Group, Inc.	170,479	5,542
		6,155
Insurance - 2.2%
HCI Group, Inc.	53,132	3,901
Primerica, Inc. (b)	201,206	32,147
		36,048
Thrifts & Mortgage Finance - 4.9%
Axos Financial, Inc. (a)	394,075	17,792
Hingham Institution for Savings	18,979	5,772
Merchants Bancorp	294,453	12,011
NMI Holdings, Inc. (a)	416,312	10,758
Southern Missouri Bancorp, Inc.	169,080	7,083
Walker & Dunlop, Inc.	233,563	25,890
		79,306

TOTAL FINANCIALS		277,167

HEALTH CARE - 18.0%
Biotechnology - 1.0%
Bioventix PLC	19,095	1,055
Emergent BioSolutions, Inc. (a)	203,856	12,431
Prelude Therapeutics, Inc.	56,249	2,331
		15,817
Health Care Equipment & Supplies - 4.6%
Alphatec Holdings, Inc. (a)	644,166	10,300
Medistim ASA	186,478	6,093
Meridian Bioscience, Inc. (a)	356,908	6,988
Pro-Dex, Inc. (a)	129,439	3,692
Semler Scientific, Inc. (a)	125,381	14,199
TransMedics Group, Inc. (a)	220,888	6,342
Tristel PLC	1,227,932	10,175
Utah Medical Products, Inc.	109,864	9,587
Varex Imaging Corp. (a)	249,818	5,931
		73,307
Health Care Providers & Services - 6.3%
Acadia Healthcare Co., Inc. (a)	174,832	10,651
AdaptHealth Corp. (a)	592,971	17,232
Chemed Corp.	28,492	13,580
InfuSystems Holdings, Inc. (a)	453,942	10,268
PetIQ, Inc. Class A (a)(b)	205,000	8,733
The Ensign Group, Inc.	257,045	22,067
The Joint Corp. (a)(b)	155,637	8,635
Viemed Healthcare, Inc. (a)(b)	1,060,523	10,664
		101,830
Health Care Technology - 4.1%
Certara, Inc.	12,400	394
Evolent Health, Inc. (a)	661,496	14,328
Health Catalyst, Inc. (a)(b)	270,292	15,650
Inovalon Holdings, Inc. Class A (a)	910,085	27,494
PKS Holdings Ltd. (a)	3,276,172	1,060
Schrodinger, Inc. (a)(b)	102,827	7,840
		66,766
Life Sciences Tools & Services - 2.0%
Addlife AB	281,200	7,793
Berkeley Lights, Inc. (a)	9,396	461
Diaceutics PLC (a)	922,876	1,593
Medpace Holdings, Inc. (a)	129,916	22,044
Olink Holding AB ADR (a)	5,600	197
Seer, Inc.	1,400	71
		32,159

TOTAL HEALTH CARE		289,879

INDUSTRIALS - 14.5%
Building Products - 1.7%
Builders FirstSource, Inc. (a)	532,990	25,941
Reliance Worldwide Corp. Ltd.	496,394	1,885
		27,826
Commercial Services & Supplies - 1.2%
Qleanair Holding AB (d)	825,000	6,218
Sdiptech AB (a)	200,969	9,021
Team, Inc. (a)	430,124	4,245
		19,484
Construction & Engineering - 1.2%
NV5 Global, Inc. (a)	214,939	19,372
Electrical Equipment - 0.2%
Orion Energy Systems, Inc. (a)(b)	409,771	2,467
Machinery - 1.4%
Hurco Companies, Inc.	238,017	8,176
Lydall, Inc. (a)	142,086	5,236
Mayville Engineering Co., Inc. (a)	96,900	1,513
NN, Inc. (a)	802,269	5,857
Twin Disc, Inc. (a)	198,251	2,092
		22,874
Professional Services - 5.3%
Franklin Covey Co. (a)	378,192	11,550
GP Strategies Corp. (a)	164,945	2,598
Hirequest, Inc.	21,790	400
Insperity, Inc.	303,867	26,601
MISTRAS Group, Inc. (a)	740,374	8,240
Red Violet, Inc. (a)(b)	465,698	9,687
SHL-JAPAN Ltd.	52,574	1,367
Talenom OYJ	702,190	11,329
TriNet Group, Inc. (a)	172,608	13,586
		85,358
Trading Companies & Distributors - 3.5%
AerCap Holdings NV (a)	385,000	22,426
DXP Enterprises, Inc. (a)	333,776	9,770
GMS, Inc. (a)	530,564	23,191
		55,387

TOTAL INDUSTRIALS		232,768

INFORMATION TECHNOLOGY - 16.7%
Communications Equipment - 0.8%
Casa Systems, Inc. (a)	491,752	3,858
Digi International, Inc. (a)	343,538	6,139
Sangoma Technologies Corp. (a)	850,000	2,773
		12,770
Electronic Equipment & Components - 2.0%
Insight Enterprises, Inc. (a)	219,991	22,080
SYNNEX Corp.	78,310	9,491
		31,571
IT Services - 5.1%
BASE, Inc. (a)	548,050	9,142
Bouvet ASA	15,335	1,273
Concentrix Corp. (a)	195,018	30,302
Liberated Syndication, Inc. (a)	201,173	986
MoneyGram International, Inc. (a)	1,461,985	10,088
Priority Technology Holdings, Inc. (a)	1,122,332	7,800
Prodware (a)	3,028	22
Shift4 Payments, Inc.	97,390	9,631
Sylogist Ltd.	364,295	4,958
WEX, Inc. (a)	39,904	8,189
		82,391
Software - 7.5%
24sevenoffice Scandinavia AB (a)	1,790,180	7,444
Admicom OYJ	117,233	14,658
Allot Ltd. (a)(b)	492,754	9,081
Avaya Holdings Corp. (a)	543,449	15,635
ChannelAdvisor Corp. (a)	839,921	17,764
Cint Group AB	334,400	3,397
E2open Parent Holdings, Inc. (a)(b)	620,000	6,783
EcoOnline Holding A/S (a)	574,000	1,676
Elmo Software Ltd. (a)(b)	1,244,086	5,463
Energy One Ltd.	19,776	94
Fabasoft AG	10,426	565
GetBusy PLC (a)	2,309,434	3,110
Issuer Direct Corp. (a)	42,050	1,166
Kaonavi, Inc. (a)(b)	27,157	800
LeadDesk Oyj (a)	88,445	2,956
Money Forward, Inc. (a)	62,050	3,321
MSL Solutions Ltd. (a)	11,800,802	1,500
Orn Software A/S (a)	1,911,100	2,525
Park City Group, Inc. (a)	714,638	3,780
Topicus.Com, Inc.	163,120	12,209
Upsales Technology AB (a)	581,954	6,187
Vitec Software Group AB	18,016	852
		120,966
Technology Hardware, Storage & Peripherals - 1.3%
NCR Corp. (a)	449,134	20,548

TOTAL INFORMATION TECHNOLOGY		268,246

MATERIALS - 1.6%
Chemicals - 0.0%
SK IE Technology Co. Ltd. (a)(c)(e)	2,600	244
Containers & Packaging - 0.3%
UFP Technologies, Inc. (a)	82,397	4,125
Metals & Mining - 1.3%
Reliance Steel & Aluminum Co.	58,530	9,383
Steel Dynamics, Inc.	220,816	11,973
		21,356

TOTAL MATERIALS		25,725

REAL ESTATE - 4.1%
Equity Real Estate Investment Trusts (REITs) - 1.4%
Essential Properties Realty Trust, Inc.	396,857	10,394
Spirit Realty Capital, Inc.	255,000	12,123
		22,517
Real Estate Management & Development - 2.7%
Colliers International Group, Inc.	109,200	11,820
Cushman & Wakefield PLC (a)	721,201	12,260
eXp World Holdings, Inc. (a)(b)	125,000	4,295
Hemnet Group AB (a)	7,800	147
Jones Lang LaSalle, Inc. (a)	78,730	14,794
		43,316

TOTAL REAL ESTATE		65,833

UTILITIES - 1.4%
Electric Utilities - 0.6%
Portland General Electric Co.	189,565	9,641
Gas Utilities - 0.8%
Brookfield Infrastructure Corp. A Shares	169,438	12,205

TOTAL UTILITIES		21,846

TOTAL COMMON STOCKS
(Cost $1,128,446)		1,596,784

Money Market Funds - 7.4%
Fidelity Cash Central Fund 0.04% (f)	5,086,305	5,087
Fidelity Securities Lending Cash Central Fund 0.04% (f)(g)	112,853,169	112,864
TOTAL MONEY MARKET FUNDS
(Cost $117,951)		117,951
TOTAL INVESTMENT IN SECURITIES - 106.6%
(Cost $1,246,397)		1,714,735
NET OTHER ASSETS (LIABILITIES) - (6.6)%		(105,461)
NET ASSETS - 100%		$1,609,274

Legend

(a) Non-income producing

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

(d) Affiliated company

(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(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.

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	$6
Fidelity Securities Lending Cash Central Fund	729
Total	$735

The value, beginning of period, for the Fidelity Securities Lending Cash Central Fund was $107,677. Net realized gain (loss) and change in net unrealized appreciation (depreciation) on Fidelity Securities Lending Cash Central Fund is presented in the Statement of Operations, if applicable. Purchases and sales of the Fidelity Securities Lending Cash Central Fund were $610,133 and $604,946, respectively, during the period.

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 (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.	$1,998	$--	$3,740	$--	$(1,379)	$3,121	$--
Qleanair Holding AB	--	5,805	--	--	--	413	6,218
Total	$1,998	$5,805	$3,740	$--	$(1,379)	$3,534	$6,218

(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	$75,233	$75,233	$--	$--
Consumer Discretionary	243,907	243,907	--	--
Consumer Staples	77,831	77,831	--	--
Energy	18,349	18,349	--	--
Financials	277,167	277,167	--	--
Health Care	289,879	289,879	--	--
Industrials	232,768	232,768	--	--
Information Technology	268,246	268,246	--	--
Materials	25,725	25,481	244	--
Real Estate	65,833	65,833	--	--
Utilities	21,846	21,846	--	--
Money Market Funds	117,951	117,951	--	--
Total Investments in Securities:	$1,714,735	$1,714,491	$244	$--
Net unrealized depreciation on unfunded commitments	$(22)	$--	$(22)	$--

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	72.7%
Sweden	5.1%
Canada	4.9%
United Kingdom	3.9%
Finland	3.6%
Netherlands	2.9%
Australia	2.7%
Cayman Islands	1.1%
Japan	1.0%
Others (Individually Less Than 1%)	2.1%
	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, 2021
Assets
Investment in securities, at value (including securities loaned of $107,460) — See accompanying schedule: Unaffiliated issuers (cost $1,122,641)	$1,590,566
Fidelity Central Funds (cost $117,951)	117,951
Other affiliated issuers (cost $5,805)	6,218
Total Investment in Securities (cost $1,246,397)		$1,714,735
Cash		985
Foreign currency held at value (cost $9)		9
Receivable for investments sold		25,467
Receivable for fund shares sold		310
Dividends receivable		674
Distributions receivable from Fidelity Central Funds		57
Prepaid expenses		1
Other receivables		102
Total assets		1,742,340
Liabilities
Payable for investments purchased
Regular delivery	$18,265
Delayed delivery	247
Net unrealized depreciation on unfunded commitments	22
Payable for fund shares redeemed	572
Accrued management fee	812
Other affiliated payables	232
Other payables and accrued expenses	56
Collateral on securities loaned	112,860
Total liabilities		133,066
Net Assets		$1,609,274
Net Assets consist of:
Paid in capital		$1,012,558
Total accumulated earnings (loss)		596,716
Net Assets		$1,609,274
Net Asset Value, offering price and redemption price per share ($1,609,274 ÷ 68,251 shares)		$23.58

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

Statement of Operations

Amounts in thousands		Year ended April 30, 2021
Investment Income
Dividends		$10,180
Income from Fidelity Central Funds (including $729 from security lending)		735
Total income		10,915
Expenses
Management fee
Basic fee	$9,250
Performance adjustment	30
Transfer agent fees	2,127
Accounting fees	432
Custodian fees and expenses	59
Independent trustees' fees and expenses	6
Registration fees	32
Audit	59
Legal	6
Miscellaneous	8
Total expenses before reductions	12,009
Expense reductions	(363)
Total expenses after reductions		11,646
Net investment income (loss)		(731)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	228,760
Other affiliated issuers	(1,379)
Foreign currency transactions	40
Total net realized gain (loss)		227,421
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	462,515
Other affiliated issuers	3,534
Unfunded commitments	(22)
Assets and liabilities in foreign currencies	(23)
Total change in net unrealized appreciation (depreciation)		466,004
Net gain (loss)		693,425
Net increase (decrease) in net assets resulting from operations		$692,694

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, 2021	Year ended April 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(731)	$3,834
Net realized gain (loss)	227,421	(89,422)
Change in net unrealized appreciation (depreciation)	466,004	(147,764)
Net increase (decrease) in net assets resulting from operations	692,694	(233,352)
Distributions to shareholders	–	(4,679)
Share transactions
Proceeds from sales of shares	85,348	95,756
Reinvestment of distributions	–	4,504
Cost of shares redeemed	(265,746)	(280,605)
Net increase (decrease) in net assets resulting from share transactions	(180,398)	(180,345)
Total increase (decrease) in net assets	512,296	(418,376)
Net Assets
Beginning of period	1,096,978	1,515,354
End of period	$1,609,274	$1,096,978
Other Information
Shares
Sold	4,424	5,879
Issued in reinvestment of distributions	–	249
Redeemed	(14,529)	(17,513)
Net increase (decrease)	(10,105)	(11,385)

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

Financial Highlights

Fidelity Small Cap Stock Fund


Years ended April 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$14.00	$16.89	$19.56	$19.38	$17.48
Income from Investment Operations
Net investment income (loss)^A	(.01)	.05	.12^B	.08^C	.03
Net realized and unrealized gain (loss)	9.59	(2.88)	.90	1.86	2.60
Total from investment operations	9.58	(2.83)	1.02	1.94	2.63
Distributions from net investment income	–	(.06)	(.06)	(.07)	–^D
Distributions from net realized gain	–	–	(3.64)	(1.69)	(.72)
Total distributions	–	(.06)	(3.69)^E	(1.76)	(.73)^E
Redemption fees added to paid in capital^A	–	–	–	–^D	–^D
Net asset value, end of period	$23.58	$14.00	$16.89	$19.56	$19.38
Total Return^F	68.43%	(16.85)%	6.66%	10.39%	15.44%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.88%	.91%	.67%	.82%	1.02%
Expenses net of fee waivers, if any	.88%	.91%	.67%	.82%	1.02%
Expenses net of all reductions	.86%	.90%	.67%	.81%	1.02%
Net investment income (loss)	(.05)%	.27%	.66%^B	.39%^C	.14%
Supplemental Data
Net assets, end of period (in millions)	$1,609	$1,097	$1,515	$1,595	$1,777
Portfolio turnover rate^I	123%^J	65%^J	66%^J	63%^J	48%

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

^B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .41%.

^C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .27%.

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

^E Total distributions per share do not sum due to rounding.

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

^G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

^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, 2021
(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.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005% to .01%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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.

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, 2021, 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to the short-term gain distributions from the underlying funds, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, 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	$492,886
Gross unrealized depreciation	(26,551)
Net unrealized appreciation (depreciation)	$466,335
Tax Cost	$1,248,378

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

Undistributed ordinary income	$28,914
Undistributed long-term capital gain	$101,455
Net unrealized appreciation (depreciation) on securities and other investments	$466,347

The tax character of distributions paid was as follows:

	April 30, 2021	April 30, 2020
Ordinary Income	$–	$ 4,679

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	1,641,247	1,822,839

Unaffiliated Redemptions In-Kind. During the period, 171 shares of the Fund were redeemed in-kind for investments and cash with a value of $3,201. The net realized gain of $1,250 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, 629 shares of the Fund were redeemed in-kind for investments and cash with a value of $10,630. The Fund had a net realized gain of $2,586 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 .68% 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	$99

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Small Cap Stock Fund	Borrower	$6,919	.32%	$-^(a)

(a) Amount represents less than $500.

	Purchases ($)	Sales ($)
Fidelity Small Cap Stock Fund	52,234	101,752

6. Committed Line of Credit.

	Amount
Fidelity Small Cap Stock Fund	$3

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

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Small Cap Stock Fund	$41	$9	$–

8. Expense Reductions.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $5.

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, 2021, 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, 2021, 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

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, 2021, by correspondence with the custodian, issuers of privately offered securities, and brokers; when replies were not received from issuers of privately offered securities and 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 14, 2021

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

Bettina Doulton (1964)

Year of Election or Appointment: 2021

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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

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

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) 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, 2020 to April 30, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expenses Paid During Period-^B November 1, 2020 to April 30, 2021
Fidelity Small Cap Stock Fund	.76%
Actual		$1,000.00	$1,392.00	$4.51
Hypothetical-^C		$1,000.00	$1,021.03	$3.81

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

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Small Cap Stock Fund voted to pay on June 7, 2021, to shareholders of record at the opening of business on June 4, 2021, a distribution of $1.919 per share derived from capital gains realized from sales of portfolio securities.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2021, $101,454,573, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Small Cap Stock Fund

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	153,310,852,719.993	94.554
Withheld	8,830,820,397.844	5.446
TOTAL	162,141,673,117.837	100.000
Donald F. Donahue
Affirmative	153,409,297,334.631	94.614
Withheld	8,732,375,783.206	5.386
TOTAL	162,141,673,117.837	100.000
Bettina Doulton
Affirmative	154,057,198,754.144	95.014
Withheld	8,084,474,363.693	4.986
TOTAL	162,141,673,117.837	100.000
Vicki L. Fuller
Affirmative	154,419,985,979.903	95.238
Withheld	7,721,687,137.934	4.762
TOTAL	162,141,673,117.837	100.00
Patricia L. Kampling
Affirmative	153,773,968,211.778	94.839
Withheld	8,367,704,906.059	5.161
TOTAL	162,141,673,117.837	100.000
Alan J. Lacy
Affirmative	152,412,406,811.772	94.000
Withheld	9,729,266,306.065	6.000
TOTAL	162,141,673,117.837	100.000
Ned C. Lautenbach
Affirmative	151,421,801,314.429	93.389
Withheld	10,719,871,803.408	6.611
TOTAL	162,141,673,117.837	100.000
Robert A. Lawrence
Affirmative	152,467,970,401.411	94.034
Withheld	9,673,702,716.426	5.966
TOTAL	162,141,673,117.837	100.000
Joseph Mauriello
Affirmative	152,391,361,586.517	93.987
Withheld	9,750,311,531.320	6.013
TOTAL	162,141,673,117.837	100.000
Cornelia M. Small
Affirmative	153,101,624,672.870	94.425
Withheld	9,040,048,444.967	5.575
TOTAL	162,141,673,117.837	100.000
Garnett A. Smith
Affirmative	152,502,318,423.900	94.055
Withheld	9,639,354,693.937	5.945
TOTAL	162,141,673,117.837	100.000
David M. Thomas
Affirmative	152,608,626,434.284	94.121
Withheld	9,533,046,683.553	5.879
TOTAL	162,141,673,117.837	100.000
Susan Tomasky
Affirmative	153,605,526,235.885	94.735
Withheld	8,536,146,881.952	5.265
TOTAL	162,141,673,117.837	100.000
Michael E. Wiley
Affirmative	152,567,303,629.801	94.095
Withheld	9,574,369,488.036	5.905
TOTAL	162,141,673,117.837	100.000

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

	# of Votes	% of Votes
Affirmative	451,161,309.069	71.149
Against	90,484,487.512	14.270
Abstain	76,766,344.819	12.106
Broker Non-Vote	15,692,765.020	2.475
TOTAL	634,104,906.420	100.000
Proposal 1 reflects trust wide proposal and voting results.

FIDELITY INVESTMENTS

SLCX-ANN-0621
1.703590.123

Fidelity® Small Cap Discovery Fund

Annual Report

April 30, 2021

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
Liquidity Risk Management Program
Proxy Voting Results

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, 2021	Past 1 year	Past 5 years	Past 10 years
Fidelity® Small Cap Discovery Fund	77.54%	12.19%	11.25%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Discovery Fund on April 30, 2011.

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
	$29,035	Fidelity® Small Cap Discovery Fund
	$30,036	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Derek Janssen: For the fiscal year ending April 30, 2021, the fund gained 77.54%, outperforming the 74.91% advance of the benchmark Russell 2000^® Index. The primary contributor to performance versus the benchmark, by a wide margin, was our stock selection in information technology. An underweighting in utilities also helped, as did favorable investment choices among financials stocks, especially banks. Our top individual relative contributor was an out-of-benchmark stake in TFI International (+222%), which was among our biggest holdings. The portfolio's non-benchmark position in Synnex gained approximately 229%. We decreased our position in the company the past 12 months. Another notable relative contributor was an overweighting in LGI Homes (+176%), where we reduced our stake this period. Also, foreign holdings contributed, aided in part by an overall weaker U.S. dollar. In contrast, the biggest detractors from performance versus the benchmark were stock picks and an underweighting in the consumer discretionary sector, especially within the retailing industry. Weak security selection in health care, primarily within the health care equipment & services industry, also hindered relative performance. Further detracting from the fund's relative result were investment choices and an overweighting in real estate. Douglas Emmett, the portfolio's top individual detractor, gained 14% this period, significantly trailing the index. Also notably detracting in relative terms was Premier, which gained 8% the past year. Another key detractor this period was Hill-Rom Holdings. which returned -1% the past 12 months. All of these detractors were non-benchmark positions. Notable changes in positioning include increased exposure to the materials sector.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2021

	% of fund's net assets
Insight Enterprises, Inc.	3.9
ASGN, Inc.	3.3
Jones Lang LaSalle, Inc.	3.2
Valvoline, Inc.	3.0
Enstar Group Ltd.	2.8
Envista Holdings Corp.	2.7
Syneos Health, Inc.	2.7
Cullen/Frost Bankers, Inc.	2.7
First American Financial Corp.	2.6
Charles River Laboratories International, Inc.	2.4
	29.3

Top Five Market Sectors as of April 30, 2021

	% of fund's net assets
Financials	18.9
Industrials	18.5
Information Technology	15.9
Health Care	12.1
Consumer Discretionary	10.4

Asset Allocation (% of fund's net assets)

As of April 30, 2021^*
	Stocks	99.2%
	Short-Term Investments and Net Other Assets (Liabilities)	0.8%

* Foreign investments - 24.5%

Schedule of Investments April 30, 2021

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares	Value
COMMUNICATION SERVICES - 2.3%
Interactive Media & Services - 0.8%
Dip Corp.	1,000,000	$27,632,903
Media - 1.5%
Cogeco Communications, Inc.	250,000	23,746,085
Emerald Expositions Events, Inc. (a)(b)	4,150,000	23,281,500
		47,027,585

TOTAL COMMUNICATION SERVICES		74,660,488

CONSUMER DISCRETIONARY - 10.4%
Auto Components - 1.3%
Linamar Corp.	400,000	23,440,589
Patrick Industries, Inc.	200,000	17,920,000
		41,360,589
Diversified Consumer Services - 1.1%
Adtalem Global Education, Inc. (a)	500,000	17,155,000
Perdoceo Education Corp. (a)	1,500,000	17,490,000
		34,645,000
Hotels, Restaurants & Leisure - 2.1%
Hilton Grand Vacations, Inc. (a)	1,500,000	66,840,000
Household Durables - 2.7%
Helen of Troy Ltd. (a)(c)	200,000	42,242,000
LGI Homes, Inc. (a)	250,000	41,445,000
		83,687,000
Multiline Retail - 1.5%
Ollie's Bargain Outlet Holdings, Inc. (a)(c)	500,000	46,135,000
Specialty Retail - 0.6%
America's Car Mart, Inc. (a)	41,965	6,329,581
Rent-A-Center, Inc.	66,353	3,818,615
Winmark Corp.	50,000	9,628,500
		19,776,696
Textiles, Apparel & Luxury Goods - 1.1%
Tapestry, Inc.	750,000	35,887,500

TOTAL CONSUMER DISCRETIONARY		328,331,785

CONSUMER STAPLES - 2.0%
Food & Staples Retailing - 0.7%
BJ's Wholesale Club Holdings, Inc. (a)	500,000	22,335,000
Food Products - 1.3%
Sanderson Farms, Inc.	250,000	41,132,500

TOTAL CONSUMER STAPLES		63,467,500

ENERGY - 1.7%
Energy Equipment & Services - 0.5%
Championx Corp. (a)	250,000	5,252,500
ShawCor Ltd. Class A	2,500,000	11,857,788
		17,110,288
Oil, Gas & Consumable Fuels - 1.2%
Brigham Minerals, Inc. Class A	2,200,000	37,708,000

TOTAL ENERGY		54,818,288

FINANCIALS - 18.9%
Banks - 7.7%
BOK Financial Corp.	750,000	65,955,000
Cullen/Frost Bankers, Inc.	700,000	84,042,000
First Citizens Bancshares, Inc.	30,000	26,023,800
First Hawaiian, Inc.	1,500,000	41,190,000
Wintrust Financial Corp.	350,000	26,985,000
		244,195,800
Capital Markets - 1.4%
BrightSphere Investment Group, Inc.	2,000,000	45,020,000
Consumer Finance - 2.0%
Encore Capital Group, Inc. (a)	300,000	11,802,000
First Cash Financial Services, Inc.	700,000	50,421,000
		62,223,000
Diversified Financial Services - 0.9%
Cannae Holdings, Inc. (a)	750,000	29,775,000
Insurance - 6.9%
Assurant, Inc.	150,000	23,340,000
BRP Group, Inc. (a)	250,000	7,255,000
Enstar Group Ltd. (a)	350,000	87,913,000
First American Financial Corp.	1,300,000	83,850,000
Primerica, Inc.	100,000	15,977,000
		218,335,000

TOTAL FINANCIALS		599,548,800

HEALTH CARE - 12.1%
Biotechnology - 0.5%
Emergent BioSolutions, Inc. (a)	250,000	15,245,000
Health Care Equipment & Supplies - 3.9%
Envista Holdings Corp. (a)	2,000,000	86,560,000
Hill-Rom Holdings, Inc.	300,000	33,066,000
Utah Medical Products, Inc.	50,000	4,363,000
		123,989,000
Health Care Providers & Services - 1.8%
Patterson Companies, Inc. (c)	300,000	9,642,000
Premier, Inc.	1,350,000	47,722,500
		57,364,500
Life Sciences Tools & Services - 5.1%
Charles River Laboratories International, Inc. (a)	225,000	74,801,250
Syneos Health, Inc. (a)	1,000,000	84,850,000
		159,651,250
Pharmaceuticals - 0.8%
Prestige Brands Holdings, Inc. (a)	600,000	26,136,000

TOTAL HEALTH CARE		382,385,750

INDUSTRIALS - 18.5%
Aerospace & Defense - 1.1%
Ultra Electronics Holdings PLC	1,250,000	34,906,039
Commercial Services & Supplies - 2.6%
Cimpress PLC (a)	500,000	47,630,000
The Brink's Co.	450,000	35,964,000
		83,594,000
Industrial Conglomerates - 0.2%
Rheinmetall AG	52,500	5,472,341
Marine - 0.2%
MPC Container Ships ASA (a)	3,500,000	5,844,546
Professional Services - 8.3%
ASGN, Inc. (a)	1,000,000	105,180,000
BGSF, Inc. (c)	6,216	87,086
Insperity, Inc.	500,000	43,770,000
Intertrust NV (d)	2,500,000	46,286,625
Kforce, Inc.	730,000	40,909,200
Persol Holdings Co. Ltd.	1,500,000	27,573,428
		263,806,339
Road & Rail - 3.7%
TFI International, Inc.	700,000	61,355,000
TFI International, Inc. (Canada)	650,000	56,953,993
		118,308,993
Trading Companies & Distributors - 2.4%
Beacon Roofing Supply, Inc. (a)	1,000,000	56,330,000
GMS, Inc. (a)	150,000	6,556,500
MRC Global, Inc. (a)	1,250,000	11,775,000
		74,661,500

TOTAL INDUSTRIALS		586,593,758

INFORMATION TECHNOLOGY - 15.9%
Electronic Equipment & Components - 7.0%
Insight Enterprises, Inc. (a)	1,250,000	125,462,500
Methode Electronics, Inc. Class A	346,105	15,550,498
SYNNEX Corp.	333,000	40,359,600
TTM Technologies, Inc. (a)	2,750,000	41,250,000
		222,622,598
IT Services - 4.0%
Concentrix Corp. (a)	444,000	68,988,720
Genpact Ltd.	800,000	38,024,000
Poletowin Pitcrew Holdings, Inc.	228,100	2,358,432
Tucows, Inc. (a)(c)	200,000	15,722,000
		125,093,152
Semiconductors & Semiconductor Equipment - 2.6%
Cirrus Logic, Inc. (a)	250,000	18,602,500
CMC Materials, Inc.	175,000	32,100,250
Ichor Holdings Ltd. (a)	400,000	22,308,000
ON Semiconductor Corp. (a)	250,000	9,750,000
		82,760,750
Software - 1.6%
j2 Global, Inc. (a)(c)	300,000	36,300,000
Zix Corp. (a)	2,000,000	15,770,000
		52,070,000
Technology Hardware, Storage & Peripherals - 0.7%
Elecom Co. Ltd.	1,000,000	21,044,926

TOTAL INFORMATION TECHNOLOGY		503,591,426

MATERIALS - 6.3%
Chemicals - 3.0%
Valvoline, Inc.	3,000,000	94,200,000
Construction Materials - 2.9%
Eagle Matls, Inc.	175,000	24,174,500
RHI Magnesita NV	600,000	37,619,802
Wienerberger AG	750,000	29,413,046
		91,207,348
Metals & Mining - 0.4%
ERO Copper Corp. (a)	750,000	14,809,014

TOTAL MATERIALS		200,216,362

REAL ESTATE - 9.5%
Equity Real Estate Investment Trusts (REITs) - 4.4%
CareTrust (REIT), Inc.	1,000,000	24,180,000
Corporate Office Properties Trust (SBI)	1,000,000	28,040,000
Douglas Emmett, Inc.	2,000,000	67,080,000
iStar Financial, Inc.	1,000,000	18,510,000
		137,810,000
Real Estate Management & Development - 5.1%
Cushman & Wakefield PLC (a)(c)	3,500,000	59,500,000
Jones Lang LaSalle, Inc. (a)	550,000	103,350,500
		162,850,500

TOTAL REAL ESTATE		300,660,500

UTILITIES - 1.6%
Electric Utilities - 0.1%
Portland General Electric Co.	100,000	5,086,000
Gas Utilities - 1.5%
Brookfield Infrastructure Corp. A Shares (c)	650,000	46,819,500

TOTAL UTILITIES		51,905,500

TOTAL COMMON STOCKS
(Cost $2,170,621,125)		3,146,180,157

Money Market Funds - 3.8%
Fidelity Cash Central Fund 0.04% (e)	28,798,927	28,804,687
Fidelity Securities Lending Cash Central Fund 0.04% (e)(f)	90,843,278	90,852,362
TOTAL MONEY MARKET FUNDS
(Cost $119,657,049)		119,657,049
TOTAL INVESTMENT IN SECURITIES - 103.0%
(Cost $2,290,278,174)		3,265,837,206
NET OTHER ASSETS (LIABILITIES) - (3.0)%		(95,248,488)
NET ASSETS - 100%		$3,170,588,718

Legend

(a) Non-income producing

(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 $46,286,625 or 1.5% of net assets.

(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
Fidelity Cash Central Fund	$28,563
Fidelity Securities Lending Cash Central Fund	129,786
Total	$158,349

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.	$10,928,325	$--	$3,868,032	$--	$(9,903,032)	$26,124,239	$23,281,500
ShawCor Ltd. Class A	5,862,280	--	5,231,783	--	(30,474,821)	41,702,112	--
Total	$16,790,605	$--	$9,099,815	$--	$(40,377,853)	$67,826,351	$23,281,500

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$74,660,488	$74,660,488	$--	$--
Consumer Discretionary	328,331,785	328,331,785	--	--
Consumer Staples	63,467,500	63,467,500	--	--
Energy	54,818,288	54,818,288	--	--
Financials	599,548,800	599,548,800	--	--
Health Care	382,385,750	382,385,750	--	--
Industrials	586,593,758	586,593,758	--	--
Information Technology	503,591,426	503,591,426	--	--
Materials	200,216,362	200,216,362	--	--
Real Estate	300,660,500	300,660,500	--	--
Utilities	51,905,500	51,905,500	--	--
Money Market Funds	119,657,049	119,657,049	--	--
Total Investments in Securities:	$3,265,837,206	$3,265,837,206	$--	$--

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	75.5%
Canada	7.5%
Bermuda	5.4%
United Kingdom	3.0%
Netherlands	2.6%
Japan	2.5%
Ireland	1.5%
Others (Individually Less Than 1%)	2.0%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2021
Assets
Investment in securities, at value (including securities loaned of $88,073,768) — See accompanying schedule: Unaffiliated issuers (cost $2,104,680,588)	$3,122,898,657
Fidelity Central Funds (cost $119,657,049)	119,657,049
Other affiliated issuers (cost $65,940,537)	23,281,500
Total Investment in Securities (cost $2,290,278,174)		$3,265,837,206
Receivable for fund shares sold		1,534,530
Dividends receivable		1,872,014
Distributions receivable from Fidelity Central Funds		11,867
Prepaid expenses		969
Other receivables		42,415
Total assets		3,269,299,001
Liabilities
Payable for investments purchased	$4,952,702
Payable for fund shares redeemed	1,017,637
Accrued management fee	1,405,433
Other affiliated payables	436,160
Other payables and accrued expenses	49,387
Collateral on securities loaned	90,848,964
Total liabilities		98,710,283
Net Assets		$3,170,588,718
Net Assets consist of:
Paid in capital		$2,100,000,724
Total accumulated earnings (loss)		1,070,587,994
Net Assets		$3,170,588,718
Net Asset Value, offering price and redemption price per share ($3,170,588,718 ÷ 107,291,662 shares)		$29.55

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

Statement of Operations

		Year ended April 30, 2021
Investment Income
Dividends		$23,271,835
Income from Fidelity Central Funds (including $129,786 from security lending)		158,349
Total income		23,430,184
Expenses
Management fee
Basic fee	$16,839,084
Performance adjustment	(6,133,915)
Transfer agent fees	3,822,832
Accounting fees	739,561
Custodian fees and expenses	34,842
Independent trustees' fees and expenses	11,295
Registration fees	38,350
Audit	54,818
Legal	3,676
Miscellaneous	12,071
Total expenses before reductions	15,422,614
Expense reductions	(221,863)
Total expenses after reductions		15,200,751
Net investment income (loss)		8,229,433
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	273,049,063
Fidelity Central Funds	(4,636)
Other affiliated issuers	(40,377,853)
Foreign currency transactions	52,748
Total net realized gain (loss)		232,719,322
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	1,118,393,971
Fidelity Central Funds	(3,241)
Other affiliated issuers	67,826,351
Assets and liabilities in foreign currencies	57,996
Total change in net unrealized appreciation (depreciation)		1,186,275,077
Net gain (loss)		1,418,994,399
Net increase (decrease) in net assets resulting from operations		$1,427,223,832

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

Statement of Changes in Net Assets

	Year ended April 30, 2021	Year ended April 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$8,229,433	$21,371,655
Net realized gain (loss)	232,719,322	56,067,511
Change in net unrealized appreciation (depreciation)	1,186,275,077	(642,685,721)
Net increase (decrease) in net assets resulting from operations	1,427,223,832	(565,246,555)
Distributions to shareholders	(71,928,795)	(208,886,983)
Share transactions
Proceeds from sales of shares	546,900,503	369,654,639
Reinvestment of distributions	68,198,120	196,608,497
Cost of shares redeemed	(680,544,829)	(930,415,031)
Net increase (decrease) in net assets resulting from share transactions	(65,446,206)	(364,151,895)
Total increase (decrease) in net assets	1,289,848,831	(1,138,285,433)
Net Assets
Beginning of period	1,880,739,887	3,019,025,320
End of period	$3,170,588,718	$1,880,739,887
Other Information
Shares
Sold	25,028,945	18,608,420
Issued in reinvestment of distributions	2,841,592	8,681,362
Redeemed	(30,486,651)	(45,303,127)
Net increase (decrease)	(2,616,114)	(18,013,345)

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

Financial Highlights

Fidelity Small Cap Discovery Fund


Years ended April 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$17.11	$23.60	$29.61	$32.05	$27.81
Income from Investment Operations
Net investment income (loss)^A	.08	.18	.32^B	.19	.20
Net realized and unrealized gain (loss)	13.03	(4.94)	.68	1.53	4.18
Total from investment operations	13.11	(4.76)	1.00	1.72	4.38
Distributions from net investment income	(.07)^C	(.19)	(.22)	(.19)	(.14)
Distributions from net realized gain	(.60)^C	(1.54)	(6.78)	(3.97)	–
Total distributions	(.67)	(1.73)	(7.01)^D	(4.16)	(.14)
Redemption fees added to paid in capital^A	–	–	–	–^E	–^E
Net asset value, end of period	$29.55	$17.11	$23.60	$29.61	$32.05
Total Return^F	77.54%	(21.89)%	4.96%	5.46%	15.76%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.62%	.61%	.61%	.69%	.87%
Expenses net of fee waivers, if any	.62%	.61%	.61%	.69%	.87%
Expenses net of all reductions	.61%	.61%	.60%	.68%	.87%
Net investment income (loss)	.33%	.81%	1.29%^B	.61%	.66%
Supplemental Data
Net assets, end of period (000 omitted)	$3,170,589	$1,880,740	$3,019,025	$4,507,452	$5,632,973
Portfolio turnover rate^I	33%	52%	32%	41%	18%

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

^B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.05%.

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

^D Total distributions per share do not sum due to rounding.

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

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

^I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Notes to Financial Statements

For the period ended April 30, 2021

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.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005% to .01%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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.

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, 2021 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. 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. These differences resulted in distribution reclassifications. 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, 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	$1,110,639,581
Gross unrealized depreciation	(135,704,587)
Net unrealized appreciation (depreciation)	$974,934,994
Tax Cost	$2,290,902,212

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

Undistributed ordinary income	$4,770,466
Undistributed long-term capital gain	$90,845,939
Net unrealized appreciation (depreciation) on securities and other investments	$974,971,589

The tax character of distributions paid was as follows:

	April 30, 2021	April 30, 2020
Ordinary Income	$10,275,543	$ 22,440,791
Long-term Capital Gains	61,653,252	186,446,192
Total	$71,928,795	$ 208,886,983

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 Small Cap Discovery Fund	789,492,059	915,829,002

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 .43% 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	$26,656

	Purchases ($)	Sales ($)
Fidelity Small Cap Discovery Fund	48,129,892	45,178,679

6. Committed Line of Credit.

	Amount
Fidelity Small Cap Discovery Fund	$4,925

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

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Small Cap Discovery Fund	$15,819	$2	$–

8. Expense Reductions.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $9,656.

9. Other.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

	Strategic Advisers Fidelity U.S. Total Stock Fund
Fidelity Small Cap Discovery Fund	14%

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 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, 2021, 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, 2021, 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 14, 2021

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

Bettina Doulton (1964)

Year of Election or Appointment: 2021

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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

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

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) 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, 2020 to April 30, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expenses Paid During Period-^B November 1, 2020 to April 30, 2021
Fidelity Small Cap Discovery Fund	.65%
Actual		$1,000.00	$1,512.80	$4.05
Hypothetical-^C		$1,000.00	$1,021.57	$3.26

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

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Small Cap Discovery Fund voted to pay on June 7,2021, to shareholders of record at the opening of business on June 4,2021, a distribution of $0.892 per share derived from capital gains realized from sales of portfolio securities.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2021, $152,499,192, 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 will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Small Cap Discovery Fund

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	153,310,852,719.993	94.554
Withheld	8,830,820,397.844	5.446
TOTAL	162,141,673,117.837	100.000
Donald F. Donahue
Affirmative	153,409,297,334.631	94.614
Withheld	8,732,375,783.206	5.386
TOTAL	162,141,673,117.837	100.000
Bettina Doulton
Affirmative	154,057,198,754.144	95.014
Withheld	8,084,474,363.693	4.986
TOTAL	162,141,673,117.837	100.000
Vicki L. Fuller
Affirmative	154,419,985,979.903	95.238
Withheld	7,721,687,137.934	4.762
TOTAL	162,141,673,117.837	100.00
Patricia L. Kampling
Affirmative	153,773,968,211.778	94.839
Withheld	8,367,704,906.059	5.161
TOTAL	162,141,673,117.837	100.000
Alan J. Lacy
Affirmative	152,412,406,811.772	94.000
Withheld	9,729,266,306.065	6.000
TOTAL	162,141,673,117.837	100.000
Ned C. Lautenbach
Affirmative	151,421,801,314.429	93.389
Withheld	10,719,871,803.408	6.611
TOTAL	162,141,673,117.837	100.000
Robert A. Lawrence
Affirmative	152,467,970,401.411	94.034
Withheld	9,673,702,716.426	5.966
TOTAL	162,141,673,117.837	100.000
Joseph Mauriello
Affirmative	152,391,361,586.517	93.987
Withheld	9,750,311,531.320	6.013
TOTAL	162,141,673,117.837	100.000
Cornelia M. Small
Affirmative	153,101,624,672.870	94.425
Withheld	9,040,048,444.967	5.575
TOTAL	162,141,673,117.837	100.000
Garnett A. Smith
Affirmative	152,502,318,423.900	94.055
Withheld	9,639,354,693.937	5.945
TOTAL	162,141,673,117.837	100.000
David M. Thomas
Affirmative	152,608,626,434.284	94.121
Withheld	9,533,046,683.553	5.879
TOTAL	162,141,673,117.837	100.000
Susan Tomasky
Affirmative	153,605,526,235.885	94.735
Withheld	8,536,146,881.952	5.265
TOTAL	162,141,673,117.837	100.000
Michael E. Wiley
Affirmative	152,567,303,629.801	94.095
Withheld	9,574,369,488.036	5.905
TOTAL	162,141,673,117.837	100.000

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

	# of Votes	% of Votes
Affirmative	662,090,861.921	70.523
Against	130,485,327.133	13.899
Abstain	124,591,321.112	13.271
Broker Non-Vote	21,655,857.960	2.307
TOTAL	938,823,368.126	100.000
Proposal 1 reflects trust wide proposal and voting results.

FIDELITY INVESTMENTS

SMR-ANN-0621
1.757239.120

Fidelity® Series Small Cap Discovery Fund

Annual Report

April 30, 2021

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
Liquidity Risk Management Program
Proxy Voting Results

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, 2021	Past 1 year	Past 5 years	Life of fund^A
Fidelity® Series Small Cap Discovery Fund	78.91%	13.80%	10.32%

^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
	$20,858	Fidelity® Series Small Cap Discovery Fund
	$23,240	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Derek Janssen: For the fiscal year ending April 30, 2021, the fund gained 78.91%, outperforming the 74.91% advance of the benchmark Russell 2000^® Index. The top contributor to performance versus the benchmark, by a wide margin, was stock picking in information technology. Strong security selection in the financials sector, primarily driven by banks, also lifted the fund's relative result. Further bolstering performance was an underweighting in utilities. Our non-benchmark stake in TFI International was the fund's biggest individual relative contributor, driven by an advance of about 219%. This was among the fund's biggest holdings during the period. The portfolio's out-of-benchmark stake in Synnex gained 229% and added notable value. Another key relative contributor was an overweighting in LGI Homes (+174%), though we decreased our stake this period. Also, foreign holdings contributed, aided in part by an overall weaker U.S. dollar. In contrast, the largest detractors from performance versus the benchmark was stock selection and an underweighting in the consumer discretionary sector, primarily within the retailing industry. Weak picks among health care stocks, especially within the health care equipment & services industry, also hampered the fund's relative performance. Further hindering the portfolio's relative performance was security selection and an overweighting in real estate. The fund's biggest individual relative detractor was our outsized stake in Haemonetics, which returned -33%. This is a position that was sold the past year. Another notable relative detractor was an out-of-benchmark stake in Premier (+8%). Also pressuring relative performance was our out-of-benchmark position in Douglas Emmett (+14%). Notable changes in positioning this period include increased exposure to the materials sector.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2021

	% of fund's net assets
Insight Enterprises, Inc.	3.7
ASGN, Inc.	3.5
Envista Holdings Corp.	3.4
First American Financial Corp.	3.2
Syneos Health, Inc.	2.8
Valvoline, Inc.	2.7
Cullen/Frost Bankers, Inc.	2.6
Concentrix Corp.	2.6
Jones Lang LaSalle, Inc.	2.5
TFI International, Inc.	2.5
	29.5

Top Five Market Sectors as of April 30, 2021

	% of fund's net assets
Industrials	19.7
Information Technology	17.5
Financials	17.3
Health Care	13.2
Consumer Discretionary	10.0

Asset Allocation (% of fund's net assets)

As of April 30, 2021 ^*
	Stocks	100.0%

* Foreign investments - 23.6%

Schedule of Investments April 30, 2021

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares	Value
COMMUNICATION SERVICES - 2.7%
Interactive Media & Services - 0.9%
Dip Corp.	500,000	$13,816,452
Media - 1.8%
Cogeco Communications, Inc.	150,000	14,247,651
Emerald Expositions Events, Inc. (a)	2,250,000	12,622,500
		26,870,151

TOTAL COMMUNICATION SERVICES		40,686,603

CONSUMER DISCRETIONARY - 10.0%
Auto Components - 1.0%
Linamar Corp.	150,000	8,790,221
Patrick Industries, Inc.	75,000	6,720,000
		15,510,221
Diversified Consumer Services - 1.3%
Adtalem Global Education, Inc. (a)	300,000	10,293,000
Perdoceo Education Corp. (a)	850,000	9,911,000
		20,204,000
Hotels, Restaurants & Leisure - 1.5%
Hilton Grand Vacations, Inc. (a)	500,000	22,280,000
Household Durables - 2.0%
Helen of Troy Ltd. (a)	85,000	17,952,850
LGI Homes, Inc. (a)(b)	71,299	11,819,948
		29,772,798
Multiline Retail - 1.8%
Ollie's Bargain Outlet Holdings, Inc. (a)(b)	300,000	27,681,000
Specialty Retail - 0.8%
America's Car Mart, Inc. (a)	23,724	3,578,291
Rent-A-Center, Inc.	36,812	2,118,531
Winmark Corp.	30,000	5,777,100
		11,473,922
Textiles, Apparel & Luxury Goods - 1.6%
Tapestry, Inc.	500,000	23,925,000

TOTAL CONSUMER DISCRETIONARY		150,846,941

CONSUMER STAPLES - 0.9%
Food & Staples Retailing - 0.6%
BJ's Wholesale Club Holdings, Inc. (a)	200,000	8,934,000
Food Products - 0.3%
Sanderson Farms, Inc.	25,000	4,113,250

TOTAL CONSUMER STAPLES		13,047,250

ENERGY - 1.9%
Energy Equipment & Services - 0.5%
ShawCor Ltd. Class A	650,000	3,083,025
Total Energy Services, Inc. (a)	1,430,530	4,538,964
		7,621,989
Oil, Gas & Consumable Fuels - 1.4%
Brigham Minerals, Inc. Class A	1,200,000	20,568,000

TOTAL ENERGY		28,189,989

FINANCIALS - 17.3%
Banks - 7.0%
BOK Financial Corp.	350,000	30,779,000
Cullen/Frost Bankers, Inc.	333,000	39,979,980
First Citizens Bancshares, Inc.	8,200	7,113,172
First Hawaiian, Inc.	900,000	24,714,000
Wintrust Financial Corp.	50,000	3,855,000
		106,441,152
Capital Markets - 1.2%
BrightSphere Investment Group, Inc.	800,000	18,008,000
Consumer Finance - 2.7%
Encore Capital Group, Inc. (a)	200,000	7,868,000
First Cash Financial Services, Inc.	450,000	32,413,500
		40,281,500
Diversified Financial Services - 0.6%
Cannae Holdings, Inc. (a)	250,000	9,925,000
Insurance - 5.8%
Assurant, Inc.	50,000	7,780,000
BRP Group, Inc. (a)	150,000	4,353,000
Enstar Group Ltd. (a)	75,000	18,838,500
First American Financial Corp.	750,000	48,375,000
Primerica, Inc.	50,000	7,988,500
		87,335,000

TOTAL FINANCIALS		261,990,652

HEALTH CARE - 13.2%
Biotechnology - 0.5%
Emergent BioSolutions, Inc. (a)	125,000	7,622,500
Health Care Equipment & Supplies - 5.0%
Envista Holdings Corp. (a)	1,200,000	51,936,000
Hill-Rom Holdings, Inc.	186,000	20,500,920
Utah Medical Products, Inc.	32,219	2,811,430
		75,248,350
Health Care Providers & Services - 1.8%
Premier, Inc.	750,000	26,512,500
Life Sciences Tools & Services - 4.8%
Charles River Laboratories International, Inc. (a)	90,000	29,920,500
Syneos Health, Inc. (a)	500,000	42,425,000
		72,345,500
Pharmaceuticals - 1.1%
Prestige Brands Holdings, Inc. (a)	400,000	17,424,000

TOTAL HEALTH CARE		199,152,850

INDUSTRIALS - 19.7%
Aerospace & Defense - 1.1%
Ultra Electronics Holdings PLC	600,000	16,754,899
Commercial Services & Supplies - 2.9%
Cimpress PLC (a)	300,000	28,578,000
The Brink's Co.	200,000	15,984,000
		44,562,000
Industrial Conglomerates - 0.2%
Rheinmetall AG	25,485	2,656,431
Marine - 0.2%
MPC Container Ships ASA (a)	2,000,000	3,339,741
Professional Services - 8.8%
ASGN, Inc. (a)	500,000	52,590,000
BGSF, Inc.	4,124	57,777
Insperity, Inc.	200,000	17,508,000
Intertrust NV (c)	1,000,000	18,514,650
Kforce, Inc.	450,000	25,218,000
Persol Holdings Co. Ltd.	1,000,000	18,382,286
		132,270,713
Road & Rail - 3.8%
TFI International, Inc.	425,000	37,251,250
TFI International, Inc. (Canada)	223,300	19,565,887
		56,817,137
Trading Companies & Distributors - 2.7%
Beacon Roofing Supply, Inc. (a)	600,000	33,798,000
GMS, Inc. (a)	50,000	2,185,500
MRC Global, Inc. (a)	475,000	4,474,500
		40,458,000

TOTAL INDUSTRIALS		296,858,921

INFORMATION TECHNOLOGY - 17.5%
Electronic Equipment & Components - 6.7%
Insight Enterprises, Inc. (a)	567,300	56,939,900
Methode Electronics, Inc. Class A	200,000	8,986,000
SYNNEX Corp.	175,000	21,210,000
TTM Technologies, Inc. (a)	1,000,000	15,000,000
		102,135,900
IT Services - 7.3%
Computer Services, Inc.	600,000	36,600,000
Concentrix Corp. (a)	250,000	38,845,000
Genpact Ltd.	500,000	23,765,000
Poletowin Pitcrew Holdings, Inc.	136,000	1,406,167
Tucows, Inc. (a)(b)	125,000	9,826,250
		110,442,417
Semiconductors & Semiconductor Equipment - 1.6%
Cirrus Logic, Inc. (a)	150,000	11,161,500
CMC Materials, Inc.	40,000	7,337,200
Ichor Holdings Ltd. (a)	100,000	5,577,000
		24,075,700
Software - 1.4%
j2 Global, Inc. (a)	125,000	15,125,000
Zix Corp. (a)	750,000	5,913,750
		21,038,750
Technology Hardware, Storage & Peripherals - 0.5%
Elecom Co. Ltd.	340,000	7,155,275

TOTAL INFORMATION TECHNOLOGY		264,848,042

MATERIALS - 5.9%
Chemicals - 2.7%
Valvoline, Inc.	1,300,000	40,820,000
Construction Materials - 2.8%
Eagle Materials, Inc.	75,000	10,360,500
RHI Magnesita NV	250,000	15,674,917
Wienerberger AG	400,000	15,686,958
		41,722,375
Metals & Mining - 0.4%
ERO Copper Corp. (a)	350,000	6,910,873

TOTAL MATERIALS		89,453,248

REAL ESTATE - 9.5%
Equity Real Estate Investment Trusts (REITs) - 5.0%
CareTrust (REIT), Inc.	350,000	8,463,000
Corporate Office Properties Trust (SBI)	750,000	21,030,000
Douglas Emmett, Inc.	1,100,000	36,894,000
iStar Financial, Inc.	500,000	9,255,000
		75,642,000
Real Estate Management & Development - 4.5%
Cushman & Wakefield PLC (a)	1,800,000	30,600,000
Jones Lang LaSalle, Inc. (a)	200,000	37,582,000
		68,182,000

TOTAL REAL ESTATE		143,824,000

UTILITIES - 1.4%
Gas Utilities - 1.4%
Brookfield Infrastructure Corp. A Shares (b)	300,000	21,609,000
TOTAL COMMON STOCKS
(Cost $1,027,149,259)		1,510,507,496

Money Market Funds - 3.6%
Fidelity Cash Central Fund 0.04% (d)	25,334,703	25,339,770
Fidelity Securities Lending Cash Central Fund 0.04% (d)(e)	29,196,649	29,199,568
TOTAL MONEY MARKET FUNDS
(Cost $54,539,338)		54,539,338
TOTAL INVESTMENT IN SECURITIES - 103.6%
(Cost $1,081,688,597)		1,565,046,834
NET OTHER ASSETS (LIABILITIES) - (3.6)%		(54,491,351)
NET ASSETS - 100%		$1,510,555,483

Legend

(a) Non-income producing

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

(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	$16,217
Fidelity Securities Lending Cash Central Fund	75,484
Total	$91,701

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$40,686,603	$40,686,603	$--	$--
Consumer Discretionary	150,846,941	150,846,941	--	--
Consumer Staples	13,047,250	13,047,250	--	--
Energy	28,189,989	28,189,989	--	--
Financials	261,990,652	261,990,652	--	--
Health Care	199,152,850	199,152,850	--	--
Industrials	296,858,921	296,858,921	--	--
Information Technology	264,848,042	264,848,042	--	--
Materials	89,453,248	89,453,248	--	--
Real Estate	143,824,000	143,824,000	--	--
Utilities	21,609,000	21,609,000	--	--
Money Market Funds	54,539,338	54,539,338	--	--
Total Investments in Securities:	$1,565,046,834	$1,565,046,834	$--	$--

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	76.4%
Canada	7.7%
Bermuda	4.1%
United Kingdom	3.1%
Japan	2.7%
Netherlands	2.2%
Ireland	1.9%
Austria	1.1%
Others (Individually Less Than 1%)	0.8%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2021
Assets
Investment in securities, at value (including securities loaned of $28,234,423) — See accompanying schedule: Unaffiliated issuers (cost $1,027,149,259)	$1,510,507,496
Fidelity Central Funds (cost $54,539,338)	54,539,338
Total Investment in Securities (cost $1,081,688,597)		$1,565,046,834
Receivable for investments sold		9,237,915
Receivable for fund shares sold		174
Dividends receivable		941,186
Distributions receivable from Fidelity Central Funds		5,085
Total assets		1,575,231,194
Liabilities
Payable for investments purchased	$2,406,945
Payable for fund shares redeemed	33,068,665
Other payables and accrued expenses	5,502
Collateral on securities loaned	29,194,599
Total liabilities		64,675,711
Net Assets		$1,510,555,483
Net Assets consist of:
Paid in capital		$875,670,919
Total accumulated earnings (loss)		634,884,564
Net Assets		$1,510,555,483
Net Asset Value, offering price and redemption price per share ($1,510,555,483 ÷ 99,351,355 shares)		$15.20

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

Statement of Operations

		Year ended April 30, 2021
Investment Income
Dividends		$14,413,901
Income from Fidelity Central Funds (including $75,484 from security lending)		91,701
Total income		14,505,602
Expenses
Custodian fees and expenses	$22,708
Independent trustees' fees and expenses	6,590
Interest	1,125
Miscellaneous	1,380
Total expenses before reductions	31,803
Expense reductions	(410)
Total expenses after reductions		31,393
Net investment income (loss)		14,474,209
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	228,790,562
Fidelity Central Funds	(2,408)
Foreign currency transactions	28,786
Total net realized gain (loss)		228,816,940
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	565,330,251
Fidelity Central Funds	(694)
Assets and liabilities in foreign currencies	21,346
Total change in net unrealized appreciation (depreciation)		565,350,903
Net gain (loss)		794,167,843
Net increase (decrease) in net assets resulting from operations		$808,642,052

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

Statement of Changes in Net Assets

	Year ended April 30, 2021	Year ended April 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$14,474,209	$20,450,929
Net realized gain (loss)	228,816,940	10,909,233
Change in net unrealized appreciation (depreciation)	565,350,903	(328,808,535)
Net increase (decrease) in net assets resulting from operations	808,642,052	(297,448,373)
Distributions to shareholders	(39,141,065)	(104,282,059)
Share transactions
Proceeds from sales of shares	57,902,454	162,970,476
Reinvestment of distributions	39,141,065	104,282,059
Cost of shares redeemed	(508,195,446)	(420,813,186)
Net increase (decrease) in net assets resulting from share transactions	(411,151,927)	(153,560,651)
Total increase (decrease) in net assets	358,349,060	(555,291,083)
Net Assets
Beginning of period	1,152,206,423	1,707,497,506
End of period	$1,510,555,483	$1,152,206,423
Other Information
Shares
Sold	4,810,989	15,022,451
Issued in reinvestment of distributions	3,244,336	9,302,730
Redeemed	(40,612,429)	(38,384,658)
Net increase (decrease)	(32,557,104)	(14,059,477)

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

Financial Highlights

Fidelity Series Small Cap Discovery Fund


Years ended April 30,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$8.73	$11.70	$12.40	$11.69	$10.16
Income from Investment Operations
Net investment income (loss)^A	.12	.15	.20^B	.14	.09^C
Net realized and unrealized gain (loss)	6.68	(2.35)	.59	.71	1.49
Total from investment operations	6.80	(2.20)	.79	.85	1.58
Distributions from net investment income	(.12)	(.16)	(.19)	(.14)	(.05)
Distributions from net realized gain	(.21)	(.61)	(1.30)	–	–
Total distributions	(.33)	(.77)	(1.49)	(.14)	(.05)
Net asset value, end of period	$15.20	$8.73	$11.70	$12.40	$11.69
Total Return^D	78.91%	(20.16)%	7.68%	7.33%	15.60%
Ratios to Average Net Assets^E,^F
Expenses before reductions	- %^G	- %^G	- %^G	.06%	.87%
Expenses net of fee waivers, if any	- %^G	- %^G	- %^G	.06%	.87%
Expenses net of all reductions	- %^G	- %^G	- %^G	.05%	.86%
Net investment income (loss)	1.03%	1.38%	1.73%^B	1.15%	.80%^C
Supplemental Data
Net assets, end of period (000 omitted)	$1,510,555	$1,152,206	$1,707,498	$1,714,454	$652,818
Portfolio turnover rate^H	28%	51%	41%	44%	24%

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

^B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.54%.

^C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.

^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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^G Amount represents less than .005%.

^H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Notes to Financial Statements

For the period ended April 30, 2021

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.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005% to .01%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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.

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, 2021 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. 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, 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	$551,143,576
Gross unrealized depreciation	(68,259,312)
Net unrealized appreciation (depreciation)	$482,884,264
Tax Cost	$1,082,162,570

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

Undistributed ordinary income	$58,254,928
Undistributed long-term capital gain	$93,730,217
Net unrealized appreciation (depreciation) on securities and other investments	$482,899,419

The tax character of distributions paid was as follows:

	April 30, 2021	April 30, 2020
Ordinary Income	$14,603,546	$ 21,631,320
Long-term Capital Gains	24,537,519	82,650,739
Total	$39,141,065	$ 104,282,059

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	377,659,616	802,413,889

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	$17,821

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (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, 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 Series Small Cap Discovery Fund	Borrower	$15,012,667	.30%	$1,125

	Purchases ($)	Sales ($)
Fidelity Series Small Cap Discovery Fund	17,313,406	73,884,214

6. Committed Line of Credit.

	Amount
Fidelity Series Small Cap Discovery Fund	$1,380

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

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Series Small Cap Discovery Fund	$9,415	$–	$–

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 $410.

9. Other.

At the end of the period, mutual funds and accounts 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, 2021, 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, 2021, 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 14, 2021

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

Bettina Doulton (1964)

Year of Election or Appointment: 2021

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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

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

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) 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, 2020 to April 30, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expenses Paid During Period-^B November 1, 2020 to April 30, 2021
Fidelity Series Small Cap Discovery Fund	- %-^C
Actual		$1,000.00	$1,505.10	$--^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D

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

^C Amount represents less than .005%.

^D Amount represents less than $.005.

^E 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Series Small Cap Discovery Fund voted to pay on June 7, 2021, to shareholders of record at the opening of business on June 4, 2021, a distribution of $1.518 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.029 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, $ 118,267,736, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 94% and 62% 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 99% and 78% 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 2% and 17% 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 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Series Small Cap Discovery Fund

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. The Board noted that, effective August 1, 2020, the expense cap for the fund was lowered and that the expense cap arrangements were amended to remove certain exclusions. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	153,310,852,719.993	94.554
Withheld	8,830,820,397.844	5.446
TOTAL	162,141,673,117.837	100.000
Donald F. Donahue
Affirmative	153,409,297,334.631	94.614
Withheld	8,732,375,783.206	5.386
TOTAL	162,141,673,117.837	100.000
Bettina Doulton
Affirmative	154,057,198,754.144	95.014
Withheld	8,084,474,363.693	4.986
TOTAL	162,141,673,117.837	100.000
Vicki L. Fuller
Affirmative	154,419,985,979.903	95.238
Withheld	7,721,687,137.934	4.762
TOTAL	162,141,673,117.837	100.00
Patricia L. Kampling
Affirmative	153,773,968,211.778	94.839
Withheld	8,367,704,906.059	5.161
TOTAL	162,141,673,117.837	100.000
Alan J. Lacy
Affirmative	152,412,406,811.772	94.000
Withheld	9,729,266,306.065	6.000
TOTAL	162,141,673,117.837	100.000
Ned C. Lautenbach
Affirmative	151,421,801,314.429	93.389
Withheld	10,719,871,803.408	6.611
TOTAL	162,141,673,117.837	100.000
Robert A. Lawrence
Affirmative	152,467,970,401.411	94.034
Withheld	9,673,702,716.426	5.966
TOTAL	162,141,673,117.837	100.000
Joseph Mauriello
Affirmative	152,391,361,586.517	93.987
Withheld	9,750,311,531.320	6.013
TOTAL	162,141,673,117.837	100.000
Cornelia M. Small
Affirmative	153,101,624,672.870	94.425
Withheld	9,040,048,444.967	5.575
TOTAL	162,141,673,117.837	100.000
Garnett A. Smith
Affirmative	152,502,318,423.900	94.055
Withheld	9,639,354,693.937	5.945
TOTAL	162,141,673,117.837	100.000
David M. Thomas
Affirmative	152,608,626,434.284	94.121
Withheld	9,533,046,683.553	5.879
TOTAL	162,141,673,117.837	100.000
Susan Tomasky
Affirmative	153,605,526,235.885	94.735
Withheld	8,536,146,881.952	5.265
TOTAL	162,141,673,117.837	100.000
Michael E. Wiley
Affirmative	152,567,303,629.801	94.095
Withheld	9,574,369,488.036	5.905
TOTAL	162,141,673,117.837	100.000

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

	# of Votes	% of Votes
Affirmative	1,056,678,953.660	100.000
Against	0.000	0.000
Abstain	0.000	0.000
Broker Non-Vote	0.000	0.000
TOTAL	1,056,678,953.660	100.000
Proposal 1 reflects trust wide proposal and voting results.

FIDELITY INVESTMENTS

XS4-ANN-0621
1.968029.107

Fidelity® Large Cap Stock K6 Fund

Annual Report

April 30, 2021

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
Liquidity Risk Management Program
Proxy Voting Results

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, 2021	Past 1 year	Life of fund^A
Fidelity® Large Cap Stock K6 Fund	54.03%	14.79%

^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
	$17,207	Fidelity® Large Cap Stock K6 Fund
	$18,648	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Matthew Fruhan: For the fiscal year, the fund gained 54.03%, handily outperforming the 45.98% result of the benchmark S&P 500^® index. The top contributors to performance versus the benchmark were security selection and an overweight in industrials. Strong picks in consumer discretionary also boosted the fund's relative result. Also helping was stock selection and an overweight in the financials sector, especially within the banks industry. The biggest individual relative contributor was an overweight position in General Electric (+96%). General Electric was among the fund's biggest holdings. Also adding value was our overweighting in United Parcel Service, which gained 122%. United Parcel Service was among the largest holdings as of April 30. Another notable relative contributor was an outsized stake in Wells Fargo (+59%), which was one of the fund's biggest holdings. Conversely, the primary detractors from performance versus the benchmark were stock picks and an overweight in health care. An underweight and stock picking in the information technology sector, especially within the technology hardware & equipment industry, also hindered relative performance. Also hindering the fund's relative performance was an underweight in consumer discretionary. Our largest individual relative detractor was an out-of-benchmark stake in GlaxoSmithKline (-6%). Another key detractor was our out-of-benchmark position in Intercept Pharmaceuticals (-76%). Another notable relative detractor was an overweight in Bristol-Myers Squibb (+6%), which was among the fund's biggest holdings this period. Notable changes in positioning include decreased exposure to the health care sector and a higher allocation to industrials.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2021

	% of fund's net assets
General Electric Co.	6.8
Microsoft Corp.	5.9
Wells Fargo & Co.	4.4
Exxon Mobil Corp.	4.1
Bank of America Corp.	3.7
Comcast Corp. Class A	3.4
Apple, Inc.	3.0
Altria Group, Inc.	2.7
United Parcel Service, Inc. Class B	2.1
Qualcomm, Inc.	1.9
	38.0

Top Five Market Sectors as of April 30, 2021

	% of fund's net assets
Financials	18.3
Information Technology	18.0
Industrials	16.2
Health Care	14.0
Communication Services	8.7

Asset Allocation (% of fund's net assets)

As of April 30, 2021^*
	Stocks	97.6%
	Short-Term Investments and Net Other Assets (Liabilities)	2.4%

* Foreign investments - 9.5%

Schedule of Investments April 30, 2021

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares	Value
COMMUNICATION SERVICES - 8.7%
Diversified Telecommunication Services - 0.4%
Verizon Communications, Inc.	5,108	$295,191
Entertainment - 2.6%
Activision Blizzard, Inc.	2,462	224,510
Nintendo Co. Ltd. ADR	3,372	242,413
The Walt Disney Co. (a)	4,645	864,063
Vivendi SA	15,271	532,427
		1,863,413
Interactive Media & Services - 1.8%
Alphabet, Inc.:
Class A (a)	222	522,477
Class C (a)	206	496,485
Facebook, Inc. Class A (a)	250	81,270
Match Group, Inc. (a)	1,376	214,147
		1,314,379
Media - 3.9%
Comcast Corp. Class A	43,874	2,463,525
Interpublic Group of Companies, Inc.	11,543	366,490
		2,830,015

TOTAL COMMUNICATION SERVICES		6,302,998

CONSUMER DISCRETIONARY - 5.7%
Auto Components - 0.6%
BorgWarner, Inc.	9,161	445,041
Automobiles - 0.7%
General Motors Co. (a)	8,685	496,956
Distributors - 0.1%
LKQ Corp. (a)	926	43,253
Hotels, Restaurants & Leisure - 1.5%
Elior SA (b)	7,900	65,440
Expedia, Inc. (a)	1,233	217,292
Marriott International, Inc. Class A	373	55,398
Starbucks Corp.	796	91,134
The Booking Holdings, Inc. (a)	275	678,172
		1,107,436
Household Durables - 1.6%
Mohawk Industries, Inc. (a)	2,624	539,232
Sony Group Corp. sponsored ADR	999	100,060
Whirlpool Corp.	2,024	478,575
		1,117,867
Internet & Direct Marketing Retail - 0.0%
Ocado Group PLC (a)	463	13,409
Specialty Retail - 1.2%
Lowe's Companies, Inc.	4,393	862,126

TOTAL CONSUMER DISCRETIONARY		4,086,088

CONSUMER STAPLES - 5.9%
Beverages - 1.4%
Anheuser-Busch InBev SA NV ADR	477	33,848
Diageo PLC sponsored ADR	1,673	300,053
Keurig Dr. Pepper, Inc.	2,783	99,771
The Coca-Cola Co.	10,652	574,995
		1,008,667
Food & Staples Retailing - 0.9%
Costco Wholesale Corp.	200	74,418
Performance Food Group Co. (a)	2,602	152,737
Sysco Corp.	5,146	436,021
		663,176
Food Products - 0.1%
Lamb Weston Holdings, Inc.	650	52,325
Household Products - 0.3%
Colgate-Palmolive Co.	187	15,091
Procter & Gamble Co.	100	13,342
Spectrum Brands Holdings, Inc.	1,791	157,859
		186,292
Tobacco - 3.2%
Altria Group, Inc.	40,769	1,946,720
British American Tobacco PLC sponsored ADR	8,826	331,063
Swedish Match Co. AB	600	49,216
		2,326,999

TOTAL CONSUMER STAPLES		4,237,459

ENERGY - 7.4%
Energy Equipment & Services - 0.1%
Subsea 7 SA	9,379	95,187
Oil, Gas & Consumable Fuels - 7.3%
Canadian Natural Resources Ltd.	1,700	51,602
Cenovus Energy, Inc. (Canada)	71,353	555,545
Exxon Mobil Corp.	52,099	2,982,147
Hess Corp.	15,084	1,123,909
Imperial Oil Ltd.	2,400	69,316
Kosmos Energy Ltd. (a)	70,071	200,403
Phillips 66 Co.	3,769	304,950
		5,287,872

TOTAL ENERGY		5,383,059

FINANCIALS - 18.3%
Banks - 12.6%
Bank of America Corp.	65,649	2,660,754
JPMorgan Chase & Co.	6,450	992,075
M&T Bank Corp.	866	136,560
PNC Financial Services Group, Inc.	4,955	926,337
Truist Financial Corp.	10,967	650,453
U.S. Bancorp	9,496	563,588
Wells Fargo & Co.	70,524	3,177,106
		9,106,873
Capital Markets - 3.5%
KKR & Co. LP	7,077	400,417
Morgan Stanley	4,644	383,362
Northern Trust Corp.	7,609	865,904
Raymond James Financial, Inc.	1,344	175,768
State Street Corp.	8,231	690,992
		2,516,443
Consumer Finance - 0.7%
Discover Financial Services	4,168	475,152
Insurance - 0.2%
Chubb Ltd.	965	165,584
Thrifts & Mortgage Finance - 1.3%
MGIC Investment Corp.	10,758	163,952
Radian Group, Inc.	32,243	794,468
		958,420

TOTAL FINANCIALS		13,222,472

HEALTH CARE - 14.0%
Biotechnology - 0.7%
AbbVie, Inc.	993	110,720
ADC Therapeutics SA (a)	1,749	42,920
Alnylam Pharmaceuticals, Inc. (a)	761	107,027
Crinetics Pharmaceuticals, Inc. (a)	1,198	20,737
Gritstone Oncology, Inc. (a)	202	1,828
Heron Therapeutics, Inc. (a)	630	11,012
Insmed, Inc. (a)	2,745	92,589
Intercept Pharmaceuticals, Inc. (a)(c)	4,506	89,129
Vaxcyte, Inc.	956	17,753
		493,715
Health Care Equipment & Supplies - 1.5%
Becton, Dickinson & Co.	715	177,899
Boston Scientific Corp. (a)	19,200	837,120
Danaher Corp.	300	76,182
		1,091,201
Health Care Providers & Services - 5.9%
AmerisourceBergen Corp.	1,482	179,026
Cardinal Health, Inc.	6,497	392,029
Centene Corp. (a)	1,119	69,087
Cigna Corp.	3,776	940,262
Covetrus, Inc. (a)	2,060	59,019
CVS Health Corp.	11,315	864,466
McKesson Corp.	4,108	770,496
UnitedHealth Group, Inc.	2,474	986,631
		4,261,016
Health Care Technology - 0.0%
Castlight Health, Inc. Class B (a)	9,429	17,915
Pharmaceuticals - 5.9%
Bayer AG	11,420	738,932
Bristol-Myers Squibb Co.	21,387	1,334,977
Eli Lilly & Co.	700	127,939
GlaxoSmithKline PLC sponsored ADR	19,398	724,321
Intra-Cellular Therapies, Inc. (a)	866	29,816
Johnson & Johnson	6,316	1,027,803
Pliant Therapeutics, Inc.	1,415	47,403
Sanofi SA sponsored ADR	2,617	137,052
TherapeuticsMD, Inc. (a)(c)	32,665	39,525
Viatris, Inc. (a)	900	11,970
		4,219,738

TOTAL HEALTH CARE		10,083,585

INDUSTRIALS - 16.1%
Aerospace & Defense - 2.3%
Airbus Group NV	1,848	222,240
General Dynamics Corp.	938	178,436
Huntington Ingalls Industries, Inc.	682	144,802
Maxar Technologies, Inc.	400	15,524
MTU Aero Engines AG	255	64,350
Raytheon Technologies Corp.	1,090	90,732
Rolls-Royce Holdings PLC	59,600	86,113
Safran SA	413	61,664
The Boeing Co. (a)	3,262	764,319
		1,628,180
Air Freight & Logistics - 2.8%
FedEx Corp.	1,628	472,625
United Parcel Service, Inc. Class B	7,630	1,555,452
		2,028,077
Airlines - 0.1%
Copa Holdings SA Class A (a)	100	8,650
Ryanair Holdings PLC sponsored ADR (a)	622	72,681
		81,331
Building Products - 0.1%
Johnson Controls International PLC	1,674	104,357
Electrical Equipment - 1.4%
Acuity Brands, Inc.	1,180	218,914
Hubbell, Inc. Class B	859	164,937
Vertiv Holdings Co.	26	590
Vertiv Holdings LLC (a)(d)	29,000	625,385
		1,009,826
Industrial Conglomerates - 7.1%
3M Co.	1,082	213,305
General Electric Co.	373,261	4,897,183
		5,110,488
Machinery - 1.2%
Caterpillar, Inc.	231	52,693
Cummins, Inc.	418	105,353
Epiroc AB (A Shares)	2,100	45,520
Flowserve Corp.	3,496	138,581
Fortive Corp.	1,784	126,343
Otis Worldwide Corp.	1,393	108,473
Stanley Black & Decker, Inc.	594	122,821
Westinghouse Air Brake Co.	1,989	163,237
		863,021
Professional Services - 0.1%
Equifax, Inc.	255	58,454
Road & Rail - 1.0%
Knight-Swift Transportation Holdings, Inc. Class A	8,567	403,677
Lyft, Inc. (a)	2,291	127,517
Ryder System, Inc.	2,189	174,770
		705,964
Trading Companies & Distributors - 0.0%
Beijer Ref AB (B Shares)	1,026	15,937

TOTAL INDUSTRIALS		11,605,635

INFORMATION TECHNOLOGY - 18.0%
Electronic Equipment & Components - 0.3%
CDW Corp.	202	36,023
Vontier Corp. (a)	4,714	147,737
		183,760
IT Services - 3.7%
Amadeus IT Holding SA Class A (a)	1,900	129,386
Edenred SA	2,600	147,384
Fidelity National Information Services, Inc.	3,046	465,733
Genpact Ltd.	2,735	129,995
IBM Corp.	714	101,302
MasterCard, Inc. Class A	562	214,718
Snowflake Computing, Inc.	41	9,495
Twilio, Inc. Class A (a)	80	29,424
Unisys Corp. (a)	8,553	205,272
Visa, Inc. Class A	5,318	1,242,072
		2,674,781
Semiconductors & Semiconductor Equipment - 3.2%
Analog Devices, Inc.	700	107,212
Applied Materials, Inc.	1,509	200,259
Intel Corp.	6,660	383,150
Lam Research Corp.	198	122,849
Marvell Technology, Inc.	2,659	120,213
Qualcomm, Inc.	10,037	1,393,136
		2,326,819
Software - 7.7%
Autodesk, Inc. (a)	627	183,028
Dynatrace, Inc. (a)	1,790	93,152
Elastic NV (a)	1,604	193,474
Microsoft Corp.	16,947	4,273,694
PTC, Inc. (a)	885	115,882
SAP SE sponsored ADR	4,783	669,333
Workday, Inc. Class A (a)	210	51,870
		5,580,433
Technology Hardware, Storage & Peripherals - 3.1%
Apple, Inc.	16,457	2,163,437
Samsung Electronics Co. Ltd.	1,490	108,591
		2,272,028

TOTAL INFORMATION TECHNOLOGY		13,037,821

MATERIALS - 2.4%
Chemicals - 0.9%
DuPont de Nemours, Inc.	6,927	534,141
Livent Corp. (a)	266	4,793
PPG Industries, Inc.	768	131,512
		670,446
Metals & Mining - 1.5%
BHP Billiton Ltd. sponsored ADR	4,803	349,466
First Quantum Minerals Ltd.	6,400	147,510
Freeport-McMoRan, Inc.	15,266	575,681
		1,072,657

TOTAL MATERIALS		1,743,103

REAL ESTATE - 0.7%
Equity Real Estate Investment Trusts (REITs) - 0.7%
American Tower Corp.	674	171,715
Equinix, Inc.	45	32,434
Simon Property Group, Inc.	2,450	298,263
		502,412
UTILITIES - 0.3%
Electric Utilities - 0.2%
Entergy Corp.	576	62,951
Southern Co.	1,443	95,483
		158,434
Multi-Utilities - 0.1%
CenterPoint Energy, Inc.	2,171	53,168
Sempra Energy	108	14,858
		68,026

TOTAL UTILITIES		226,460

TOTAL COMMON STOCKS
(Cost $49,024,033)		70,431,092

Nonconvertible Preferred Stocks - 0.1%
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
Embraer SA sponsored ADR (a)
(Cost $59,282)	5,700	62,985

Money Market Funds - 2.1%
Fidelity Cash Central Fund 0.04% (e)	1,425,655	1,425,941
Fidelity Securities Lending Cash Central Fund 0.04% (e)(f)	61,702	61,708
TOTAL MONEY MARKET FUNDS
(Cost $1,487,649)		1,487,649
TOTAL INVESTMENT IN SECURITIES - 99.7%
(Cost $50,570,964)		71,981,726
NET OTHER ASSETS (LIABILITIES) - 0.3%		226,223
NET ASSETS - 100%		$72,207,949

Legend

(a) Non-income producing

(f) 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	$917
Fidelity Securities Lending Cash Central Fund	11,392
Total	$12,309

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$6,302,998	$6,302,998	$--	$--
Consumer Discretionary	4,086,088	4,086,088	--	--
Consumer Staples	4,237,459	4,237,459	--	--
Energy	5,383,059	5,383,059	--	--
Financials	13,222,472	13,222,472	--	--
Health Care	10,083,585	10,083,585	--	--
Industrials	11,668,620	10,759,331	909,289	--
Information Technology	13,037,821	12,908,435	129,386	--
Materials	1,743,103	1,743,103	--	--
Real Estate	502,412	502,412	--	--
Utilities	226,460	226,460	--	--
Money Market Funds	1,487,649	1,487,649	--	--
Total Investments in Securities:	$71,981,726	$70,943,051	$1,038,675	$--
Net unrealized appreciation on unfunded commitments	$34,346	$--	$34,346	$--

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2021
Assets
Investment in securities, at value (including securities loaned of $59,226) — See accompanying schedule: Unaffiliated issuers (cost $49,083,315)	$70,494,077
Fidelity Central Funds (cost $1,487,649)	1,487,649
Total Investment in Securities (cost $50,570,964)		$71,981,726
Foreign currency held at value (cost $23,341)		23,341
Receivable for investments sold		240,662
Receivable for fund shares sold		65,700
Net unrealized appreciation on unfunded commitments		34,346
Dividends receivable		57,793
Distributions receivable from Fidelity Central Funds		137
Other receivables		1,512
Total assets		72,405,217
Liabilities
Payable for investments purchased	$106,657
Payable for fund shares redeemed	1,222
Accrued management fee	27,639
Collateral on securities loaned	61,750
Total liabilities		197,268
Net Assets		$72,207,949
Net Assets consist of:
Paid in capital		$47,791,105
Total accumulated earnings (loss)		24,416,844
Net Assets		$72,207,949
Net Asset Value, offering price and redemption price per share ($72,207,949 ÷ 4,686,354 shares)		$15.41

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

Statement of Operations

		Year ended April 30, 2021
Investment Income
Dividends		$1,613,437
Income from Fidelity Central Funds (including $11,392 from security lending)		12,309
Total income		1,625,746
Expenses
Management fee	$325,677
Independent trustees' fees and expenses	360
Interest	158
Miscellaneous	792
Total expenses before reductions	326,987
Expense reductions	(3,926)
Total expenses after reductions		323,061
Net investment income (loss)		1,302,685
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	5,371,204
Fidelity Central Funds	1
Foreign currency transactions	1,033
Total net realized gain (loss)		5,372,238
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	24,323,292
Fidelity Central Funds	(94)
Unfunded commitments	34,346
Assets and liabilities in foreign currencies	(328)
Total change in net unrealized appreciation (depreciation)		24,357,216
Net gain (loss)		29,729,454
Net increase (decrease) in net assets resulting from operations		$31,032,139

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

Statement of Changes in Net Assets

	Year ended April 30, 2021	Year ended April 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,302,685	$1,657,861
Net realized gain (loss)	5,372,238	1,099,618
Change in net unrealized appreciation (depreciation)	24,357,216	(9,621,009)
Net increase (decrease) in net assets resulting from operations	31,032,139	(6,863,530)
Distributions to shareholders	(2,702,588)	(2,242,462)
Share transactions
Proceeds from sales of shares	15,873,590	18,179,108
Reinvestment of distributions	2,702,588	2,242,462
Cost of shares redeemed	(45,439,438)	(27,741,705)
Net increase (decrease) in net assets resulting from share transactions	(26,863,260)	(7,320,135)
Total increase (decrease) in net assets	1,466,291	(16,426,127)
Net Assets
Beginning of period	70,741,658	87,167,785
End of period	$72,207,949	$70,741,658
Other Information
Shares
Sold	1,295,616	1,601,758
Issued in reinvestment of distributions	217,865	187,273
Redeemed	(3,651,332)	(2,473,530)
Net increase (decrease)	(2,137,851)	(684,499)

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

Financial Highlights

Fidelity Large Cap Stock K6 Fund


Years ended April 30,	2021	2020	2019	2018 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.37	$11.61	$11.00	$10.00
Income from Investment Operations
Net investment income (loss)^B	.22	.23	.23	.16
Net realized and unrealized gain (loss)	5.27	(1.15)	.84	.91
Total from investment operations	5.49	(.92)	1.07	1.07
Distributions from net investment income	(.25)	(.24)	(.20)	(.05)
Distributions from net realized gain	(.20)	(.08)	(.26)	(.01)
Total distributions	(.45)	(.32)	(.46)	(.07)^C
Net asset value, end of period	$15.41	$10.37	$11.61	$11.00
Total Return^D,^E	54.03%	(8.32)%	10.12%	10.65%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.45%	.45%	.45%	.45%^H
Expenses net of fee waivers, if any	.45%	.45%	.45%	.45%^H
Expenses net of all reductions	.45%	.45%	.44%	.45%^H
Net investment income (loss)	1.80%	2.05%	2.09%	1.55%^H
Supplemental Data
Net assets, end of period (000 omitted)	$72,208	$70,742	$87,168	$84,217
Portfolio turnover rate^I	19%^J	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 per share do not sum due to rounding.

^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, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^H Annualized

^I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

^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, 2021

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.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005% to .01%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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.

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, 2021 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. 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, passive foreign investment companies (PFIC) 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	$23,540,770
Gross unrealized depreciation	(2,320,228)
Net unrealized appreciation (depreciation)	$21,220,542
Tax Cost	$50,795,530

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

Undistributed ordinary income	$1,239,419
Undistributed long-term capital gain	$1,956,893
Net unrealized appreciation (depreciation) on securities and other investments	$21,220,532

The tax character of distributions paid was as follows:

	April 30, 2021	April 30, 2020
Ordinary Income	$1,744,788	$ 1,699,925
Long-term Capital Gains	957,800	542,537
Total	$2,702,588	$ 2,242,462

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	13,134,216	37,283,321

Unaffiliated Redemptions In-Kind. During the period, 362,213 shares of the Fund were redeemed in-kind for investments and cash with a value of $4,150,955. The net realized gain of $1,008,338 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 Exchanges In-Kind. During the prior 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.

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	$1,005

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Large Cap Stock K6 Fund	Borrower	$273,000	.34%	$3

	Purchases ($)	Sales ($)
Fidelity Large Cap Stock K6 Fund	1,306,650	1,417,482

6. Committed Line of Credit.

	Amount
Fidelity Large Cap Stock K6 Fund	$82

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

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Large Cap Stock K6 Fund	$1,153	$4,861	$–

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Large Cap Stock K6 Fund	$9,477,000	.59%	$155

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 expenses. This amount totaled $3,897 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 $29.

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 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, 2021, 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 three 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, 2021, 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 three 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

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, 2021, by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from issuers of privately offered securities and 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 14, 2021

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

Bettina Doulton (1964)

Year of Election or Appointment: 2021

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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

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

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) 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, 2020 to April 30, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expenses Paid During Period-^B November 1, 2020 to April 30, 2021
Fidelity Large Cap Stock K6 Fund	.45%
Actual		$1,000.00	$1,434.30	$2.72
Hypothetical-^C		$1,000.00	$1,022.56	$2.26

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

^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 7, 2021, to shareholders of record at the opening of business on June 4, 2021, a distribution of $0.610 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.067 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2021, $2,533,457, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 99.49% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates 99% and 87% 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 99% 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% of the dividends distributed in June and December during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Large Cap Stock K6 Fund

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	153,310,852,719.993	94.554
Withheld	8,830,820,397.844	5.446
TOTAL	162,141,673,117.837	100.000
Donald F. Donahue
Affirmative	153,409,297,334.631	94.614
Withheld	8,732,375,783.206	5.386
TOTAL	162,141,673,117.837	100.000
Bettina Doulton
Affirmative	154,057,198,754.144	95.014
Withheld	8,084,474,363.693	4.986
TOTAL	162,141,673,117.837	100.000
Vicki L. Fuller
Affirmative	154,419,985,979.903	95.238
Withheld	7,721,687,137.934	4.762
TOTAL	162,141,673,117.837	100.00
Patricia L. Kampling
Affirmative	153,773,968,211.778	94.839
Withheld	8,367,704,906.059	5.161
TOTAL	162,141,673,117.837	100.000
Alan J. Lacy
Affirmative	152,412,406,811.772	94.000
Withheld	9,729,266,306.065	6.000
TOTAL	162,141,673,117.837	100.000
Ned C. Lautenbach
Affirmative	151,421,801,314.429	93.389
Withheld	10,719,871,803.408	6.611
TOTAL	162,141,673,117.837	100.000
Robert A. Lawrence
Affirmative	152,467,970,401.411	94.034
Withheld	9,673,702,716.426	5.966
TOTAL	162,141,673,117.837	100.000
Joseph Mauriello
Affirmative	152,391,361,586.517	93.987
Withheld	9,750,311,531.320	6.013
TOTAL	162,141,673,117.837	100.000
Cornelia M. Small
Affirmative	153,101,624,672.870	94.425
Withheld	9,040,048,444.967	5.575
TOTAL	162,141,673,117.837	100.000
Garnett A. Smith
Affirmative	152,502,318,423.900	94.055
Withheld	9,639,354,693.937	5.945
TOTAL	162,141,673,117.837	100.000
David M. Thomas
Affirmative	152,608,626,434.284	94.121
Withheld	9,533,046,683.553	5.879
TOTAL	162,141,673,117.837	100.000
Susan Tomasky
Affirmative	153,605,526,235.885	94.735
Withheld	8,536,146,881.952	5.265
TOTAL	162,141,673,117.837	100.000
Michael E. Wiley
Affirmative	152,567,303,629.801	94.095
Withheld	9,574,369,488.036	5.905
TOTAL	162,141,673,117.837	100.000

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

	# of Votes	% of Votes
Affirmative	372,523,266.327	68.230
Against	75,977,805.915	13.916
Abstain	97,481,434.610	17.854
Broker Non-Vote	0.000	0.000
TOTAL	545,982,506.852	100.000
Proposal 1 reflects trust wide proposal and voting results.

FIDELITY INVESTMENTS

LCSK6-ANN-0621
1.9883971.103

Fidelity® Small Cap Stock K6 Fund

Annual Report

April 30, 2021

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
Liquidity Risk Management Program
Proxy Voting Results

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, 2021	Past 1 year	Life of fund^A
Fidelity® Small Cap Stock K6 Fund	69.44%	13.90%

^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
	$16,689	Fidelity® Small Cap Stock K6 Fund
	$17,258	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Kip Johann-Berkel: For the fiscal year ending April 30, 2021, the fund gained 69.44%, trailing the 74.91% increase in the benchmark Russell 2000^® Index. Versus the benchmark, security selection was the primary detractor, especially in the consumer discretionary sector, where picks within the retailing industry hurt the most by far. Weak investment choices in materials and consumer staples also hindered the fund's relative result. The biggest individual relative detractor was an overweight position in Perdoceo Education (-10%). The fund's non-benchmark exposure to Chemed gained 16% and detracted in relative terms. Also hindering performance was our overweighting in FirstCash, which returned -15% and was not held at period end. In contrast, the top contributor to performance versus the benchmark was stock picking in information technology. An overweighting in consumer discretionary also helped the fund's relative performance. Further boosting the portfolio's relative result was stock selection in the communication services sector, primarily driven by the media & entertainment industry. Synnex, the fund's biggest individual contributor, advanced 233% this period. We reduced our position in the company the past year. Our second-largest detractor was Lightspeed POS, which gained approximately 218% the past 12 months and was not held at period end. Another contributor this period was Sdiptech. The stock gained about 356% the past 12 months, and we decreased our stake in the company. All of these contributors were non-benchmark positions. Non-U.S. holdings also contributed to relative performance due to favorable currency movements. Notable changes in positioning include a higher allocation to the consumer discretionary and industrials sectors.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2021

	% of fund's net assets
LPL Financial	2.0
Primerica, Inc.	2.0
BHG Group AB	2.0
Concentrix Corp.	1.9
Impax Asset Management Group PLC	1.9
Inovalon Holdings, Inc. Class A	1.7
Insperity, Inc.	1.7
Builders FirstSource, Inc.	1.6
Walker & Dunlop, Inc.	1.6
Musti Group OYJ	1.6
	18.0

Top Five Market Sectors as of April 30, 2021

	% of fund's net assets
Health Care	18.2
Financials	17.2
Information Technology	16.7
Consumer Discretionary	15.1
Industrials	14.4

Asset Allocation (% of fund's net assets)

As of April 30, 2021^*
	Stocks	99.1%
	Short-Term Investments and Net Other Assets (Liabilities)	0.9%

* Foreign investments - 27.3%

Schedule of Investments April 30, 2021

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares	Value
COMMUNICATION SERVICES - 4.6%
Diversified Telecommunication Services - 0.1%
LICT Corp. (a)	2	$49,000
Entertainment - 2.3%
Cinemark Holdings, Inc. (a)(b)	22,400	474,880
Lions Gate Entertainment Corp. Class A (a)(b)	30,800	445,676
Marcus Corp. (a)(b)	31,000	618,760
Reading International, Inc. Class A (a)	41,803	249,982
		1,789,298
Interactive Media & Services - 0.7%
Liberty TripAdvisor Holdings, Inc. (a)	87,344	441,961
Synchro Food Co. Ltd. (a)	17,000	58,020
Trustpilot Group PLC (a)(c)	8,400	36,311
		536,292
Media - 1.5%
Cogeco Communications, Inc.	5,981	568,101
Lee Enterprises, Inc. (a)	5,760	172,224
Nexstar Broadcasting Group, Inc. Class A	2,701	398,154
		1,138,479

TOTAL COMMUNICATION SERVICES		3,513,069

CONSUMER DISCRETIONARY - 15.1%
Auto Components - 0.1%
Horizon Global Corp. (a)	9,247	74,531
Diversified Consumer Services - 0.8%
8VI Holdings Ltd. unit (a)	4,500	9,186
Houghton Mifflin Harcourt Co. (a)	24,900	226,092
Perdoceo Education Corp. (a)	32,587	379,964
		615,242
Hotels, Restaurants & Leisure - 1.0%
Angler Gaming PLC	56,870	248,559
Best of The Best PLC	900	41,639
Inspired Entertainment, Inc. (a)	17,800	146,850
RCI Hospitality Holdings, Inc.	4,230	307,986
		745,034
Household Durables - 1.3%
Aterian, Inc. (a)(b)	11,107	241,022
Tupperware Brands Corp. (a)	29,346	715,162
		956,184
Internet & Direct Marketing Retail - 6.0%
Auction Technology Group PLC	600	7,781
BHG Group AB (a)	77,946	1,498,050
Fashionette AG	581	23,470
Home24 AG (a)	8,189	191,883
Kogan.Com Ltd.	120,047	1,024,659
Liquidity Services, Inc. (a)	19,247	345,099
Porch Group, Inc. Class A (a)	11,700	155,727
Stamps.com, Inc. (a)	2,914	598,448
Temple & Webster Group Ltd. (a)	77,011	634,782
Vente-Unique.Com SA	3,298	75,732
		4,555,631
Leisure Products - 0.8%
Vista Outdoor, Inc. (a)	19,100	622,851
Multiline Retail - 0.0%
Treasure Factory Co. Ltd.	2,100	20,694
Specialty Retail - 5.1%
America's Car Mart, Inc. (a)	2,713	409,202
At Home Group, Inc. (a)	9,380	296,220
Camping World Holdings, Inc.	15,300	666,162
Cricut, Inc. (a)	3,400	90,100
JOANN, Inc. (a)	21,600	296,568
Lyko Group AB (A Shares) (a)	12,589	469,919
Musti Group OYJ	31,050	1,171,411
OneWater Marine, Inc. Class A (a)	9,300	476,439
		3,876,021

TOTAL CONSUMER DISCRETIONARY		11,466,188

CONSUMER STAPLES - 4.8%
Beverages - 0.2%
MGP Ingredients, Inc.	2,510	150,851
Food & Staples Retailing - 1.5%
BJ's Wholesale Club Holdings, Inc. (a)	20,433	912,742
Cake Box Holdings PLC	49,300	179,066
		1,091,808
Food Products - 0.2%
Farmer Brothers Co. (a)	12,703	129,571
Household Products - 1.2%
Spectrum Brands Holdings, Inc.	10,440	920,182
Personal Products - 1.1%
Herbalife Nutrition Ltd. (a)	7,574	346,662
MediFast, Inc.	750	170,318
Nu Skin Enterprises, Inc. Class A	6,498	343,484
		860,464
Tobacco - 0.6%
Turning Point Brands, Inc.	9,500	463,790

TOTAL CONSUMER STAPLES		3,616,666

ENERGY - 1.1%
Energy Equipment & Services - 0.7%
Liberty Oilfield Services, Inc. Class A (a)	38,436	449,701
Profire Energy, Inc. (a)	22,576	27,543
ProPetro Holding Corp. (a)	6,614	63,693
		540,937
Oil, Gas & Consumable Fuels - 0.4%
Enviva Partners LP	6,677	328,842

TOTAL ENERGY		869,779

FINANCIALS - 17.2%
Banks - 2.9%
CIT Group, Inc.	10,855	578,463
Great Western Bancorp, Inc.	11,601	383,413
Independent Bank Group, Inc.	9,250	698,468
Nicolet Bankshares, Inc. (a)	2,743	218,782
Parke Bancorp, Inc.	4,670	98,630
Spirit of Texas Bancshares, Inc.	4,600	106,582
Union Bankshares, Inc.	3,004	99,132
		2,183,470
Capital Markets - 6.5%
eQ Oyj PLC	721	17,770
Euronext NV (c)	9,414	947,315
Euronext NV rights 5/10/21 (a)	9,414	110,350
FTAC Olympus Acquisition Corp. Class A (a)(b)	13,800	138,828
Impax Asset Management Group PLC	101,751	1,410,853
LPL Financial	9,813	1,537,692
StepStone Group, Inc. Class A	13,394	446,020
Tailwind Acquisition Corp. (a)	18,800	186,308
Titanium OYJ	9,244	159,480
		4,954,616
Consumer Finance - 0.2%
Encore Capital Group, Inc. (a)	4,213	165,739
Diversified Financial Services - 0.4%
Allfunds Group PLC (a)	1,700	28,573
Jefferies Financial Group, Inc.	8,033	261,153
		289,726
Insurance - 2.3%
HCI Group, Inc.	2,500	183,550
Primerica, Inc.	9,448	1,509,507
		1,693,057
Thrifts & Mortgage Finance - 4.9%
Axos Financial, Inc. (a)	18,354	828,683
Hingham Institution for Savings	942	286,500
Merchants Bancorp	13,793	562,616
NMI Holdings, Inc. (a)	19,466	503,001
Southern Missouri Bancorp, Inc.	8,070	338,052
Walker & Dunlop, Inc.	11,016	1,221,124
		3,739,976

TOTAL FINANCIALS		13,026,584

HEALTH CARE - 18.2%
Biotechnology - 1.0%
Bioventix PLC	874	48,282
Emergent BioSolutions, Inc. (a)	9,547	582,176
Prelude Therapeutics, Inc.	2,644	109,567
		740,025
Health Care Equipment & Supplies - 4.8%
Alphatec Holdings, Inc. (a)	30,072	480,851
Medistim ASA	8,713	284,711
Meridian Bioscience, Inc. (a)	16,412	321,347
Pro-Dex, Inc. (a)	6,204	176,938
Semler Scientific, Inc. (a)	6,019	681,652
TransMedics Group, Inc. (a)	16,360	469,696
Tristel PLC	58,209	482,337
Utah Medical Products, Inc.	5,194	453,228
Varex Imaging Corp. (a)	11,605	275,503
		3,626,263
Health Care Providers & Services - 6.3%
Acadia Healthcare Co., Inc. (a)	8,068	491,503
AdaptHealth Corp. (a)	27,787	807,490
Chemed Corp.	1,334	635,798
InfuSystems Holdings, Inc. (a)	21,389	483,819
PetIQ, Inc. Class A (a)(b)	9,700	413,220
The Ensign Group, Inc.	12,109	1,039,558
The Joint Corp. (a)	7,790	432,189
Viemed Healthcare, Inc. (a)	49,228	495,023
		4,798,600
Health Care Technology - 4.1%
Certara, Inc.	581	18,482
Evolent Health, Inc. (a)	31,086	673,323
Health Catalyst, Inc. (a)(b)	12,800	741,120
Inovalon Holdings, Inc. Class A (a)	42,739	1,291,145
PKS Holdings Ltd. (a)	152,400	49,309
Schrodinger, Inc. (a)	4,964	378,455
		3,151,834
Life Sciences Tools & Services - 2.0%
Addlife AB	13,400	371,345
Berkeley Lights, Inc. (a)	428	21,019
Diaceutics PLC (a)	43,843	75,687
Medpace Holdings, Inc. (a)	6,053	1,027,073
Olink Holding AB ADR (a)	300	10,560
		1,505,684

TOTAL HEALTH CARE		13,822,406

INDUSTRIALS - 14.4%
Building Products - 1.7%
Builders FirstSource, Inc. (a)	25,167	1,224,878
Reliance Worldwide Corp. Ltd.	24,015	91,205
		1,316,083
Commercial Services & Supplies - 1.2%
Qleanair Holding AB	39,000	293,921
Sdiptech AB (a)	9,524	427,512
Team, Inc. (a)	19,797	195,396
		916,829
Construction & Engineering - 1.2%
NV5 Global, Inc. (a)	10,090	909,412
Electrical Equipment - 0.2%
Orion Energy Systems, Inc. (a)	19,022	114,512
Machinery - 1.4%
Hurco Companies, Inc.	10,948	376,064
Lydall, Inc. (a)	6,741	248,406
Mayville Engineering Co., Inc. (a)	4,396	68,622
NN, Inc. (a)	37,984	277,283
Twin Disc, Inc. (a)	10,161	107,199
		1,077,574
Professional Services - 5.3%
Franklin Covey Co. (a)	17,953	548,285
GP Strategies Corp. (a)	7,474	117,716
Hirequest, Inc. (b)	1,308	23,989
Insperity, Inc.	14,252	1,247,620
MISTRAS Group, Inc. (a)	33,998	378,398
Red Violet, Inc. (a)(b)	21,510	447,408
SHL-JAPAN Ltd.	2,507	65,170
Talenom OYJ	33,049	533,219
TriNet Group, Inc. (a)	8,092	636,921
		3,998,726
Trading Companies & Distributors - 3.4%
AerCap Holdings NV (a)	18,050	1,051,413
DXP Enterprises, Inc. (a)	15,629	457,461
GMS, Inc. (a)	25,228	1,102,716
		2,611,590

TOTAL INDUSTRIALS		10,944,726

INFORMATION TECHNOLOGY - 16.7%
Communications Equipment - 0.8%
Casa Systems, Inc. (a)	23,054	180,859
Digi International, Inc. (a)	16,193	289,369
Sangoma Technologies Corp. (a)	38,400	125,277
		595,505
Electronic Equipment & Components - 2.0%
Insight Enterprises, Inc. (a)	10,328	1,036,621
SYNNEX Corp.	3,702	448,682
		1,485,303
IT Services - 5.1%
BASE, Inc. (a)	25,490	425,183
Bouvet ASA	719	59,686
Concentrix Corp. (a)	9,210	1,431,050
Liberated Syndication, Inc. (a)	10,022	49,108
MoneyGram International, Inc. (a)	67,967	468,972
Priority Technology Holdings, Inc. (a)	55,989	389,124
Shift4 Payments, Inc.	4,478	442,829
Sylogist Ltd.	17,027	231,755
WEX, Inc. (a)	1,796	368,557
		3,866,264
Software - 7.5%
24sevenoffice Scandinavia AB (a)	82,906	344,726
Admicom OYJ	5,568	696,189
Allot Ltd. (a)	23,100	425,733
Avaya Holdings Corp. (a)	25,423	731,420
ChannelAdvisor Corp. (a)	39,666	838,936
Cint Group AB	15,600	158,478
E2open Parent Holdings, Inc. (a)(b)	29,000	317,260
EcoOnline Holding A/S (a)	26,000	75,917
Elmo Software Ltd. (a)	57,658	253,176
Energy One Ltd.	905	4,322
Fabasoft AG	435	23,586
GetBusy PLC (a)	147,008	197,950
Issuer Direct Corp. (a)	1,820	50,469
Kaonavi, Inc. (a)	1,082	31,879
LeadDesk Oyj (a)	4,041	135,061
Money Forward, Inc. (a)	2,833	151,643
MSL Solutions Ltd. (a)	542,859	69,002
Orn Software A/S (a)	88,900	117,480
Park City Group, Inc. (a)	33,924	179,458
Topicus.Com, Inc.	7,700	576,333
Upsales Technology AB (a)	27,213	289,310
Vitec Software Group AB	939	44,424
		5,712,752
Technology Hardware, Storage & Peripherals - 1.3%
NCR Corp. (a)	21,421	980,011

TOTAL INFORMATION TECHNOLOGY		12,639,835

MATERIALS - 1.6%
Chemicals - 0.0%
SK IE Technology Co. Ltd. (a)(c)(d)	100	9,389
Containers & Packaging - 0.3%
UFP Technologies, Inc. (a)	3,748	187,625
Metals & Mining - 1.3%
Reliance Steel & Aluminum Co.	2,696	432,196
Steel Dynamics, Inc.	10,347	561,014
		993,210

TOTAL MATERIALS		1,190,224

REAL ESTATE - 4.1%
Equity Real Estate Investment Trusts (REITs) - 1.4%
Essential Properties Realty Trust, Inc.	18,600	487,134
Spirit Realty Capital, Inc.	11,700	556,218
		1,043,352
Real Estate Management & Development - 2.7%
Colliers International Group, Inc.	5,052	546,815
Cushman & Wakefield PLC (a)	33,980	577,660
eXp World Holdings, Inc. (a)	5,900	202,724
Hemnet Group AB (a)	400	7,560
Jones Lang LaSalle, Inc. (a)	3,688	693,012
		2,027,771

TOTAL REAL ESTATE		3,071,123

UTILITIES - 1.3%
Electric Utilities - 0.6%
Portland General Electric Co.	8,757	445,381
Gas Utilities - 0.7%
Brookfield Infrastructure Corp. A Shares	7,800	561,834

TOTAL UTILITIES		1,007,215

TOTAL COMMON STOCKS
(Cost $52,783,029)		75,167,815

Money Market Funds - 4.0%
Fidelity Cash Central Fund 0.04% (e)	240,312	240,360
Fidelity Securities Lending Cash Central Fund 0.04%(e)(f)	2,797,735	2,798,014
TOTAL MONEY MARKET FUNDS
(Cost $3,038,374)		3,038,374
TOTAL INVESTMENT IN SECURITIES - 103.1%
(Cost $55,821,403)		78,206,189
NET OTHER ASSETS (LIABILITIES) - (3.1)%		(2,334,016)
NET ASSETS - 100%		$75,872,173

Legend

(a) Non-income producing

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

(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(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	$446
Fidelity Securities Lending Cash Central Fund	48,183
Total	$48,629

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$3,513,069	$3,513,069	$--	$--
Consumer Discretionary	11,466,188	11,466,188	--	--
Consumer Staples	3,616,666	3,616,666	--	--
Energy	869,779	869,779	--	--
Financials	13,026,584	13,026,584	--	--
Health Care	13,822,406	13,822,406	--	--
Industrials	10,944,726	10,944,726	--	--
Information Technology	12,639,835	12,639,835	--	--
Materials	1,190,224	1,180,835	9,389	--
Real Estate	3,071,123	3,071,123	--	--
Utilities	1,007,215	1,007,215	--	--
Money Market Funds	3,038,374	3,038,374	--	--
Total Investments in Securities:	$78,206,189	$78,196,800	$9,389	$--
Net unrealized depreciation on unfunded commitments	$(1,081)	$--	$(1,081)	$--

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	72.7%
Sweden	5.2%
Canada	4.8%
United Kingdom	4.3%
Finland	3.6%
Netherlands	2.8%
Australia	2.6%
Cayman Islands	1.1%
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, 2021
Assets
Investment in securities, at value (including securities loaned of $2,679,698) — See accompanying schedule: Unaffiliated issuers (cost $52,783,029)	$75,167,815
Fidelity Central Funds (cost $3,038,374)	3,038,374
Total Investment in Securities (cost $55,821,403)		$78,206,189
Cash		96,900
Foreign currency held at value (cost $2,046)		2,046
Receivable for investments sold		1,190,523
Receivable for fund shares sold		30,008
Dividends receivable		29,767
Distributions receivable from Fidelity Central Funds		1,051
Other receivables		9,141
Total assets		79,565,625
Liabilities
Payable for investments purchased
Regular delivery	$843,128
Delayed delivery	9,483
Net unrealized depreciation on unfunded commitments	1,081
Payable for fund shares redeemed	4,236
Accrued management fee	37,699
Collateral on securities loaned	2,797,825
Total liabilities		3,693,452
Net Assets		$75,872,173
Net Assets consist of:
Paid in capital		$48,011,389
Total accumulated earnings (loss)		27,860,784
Net Assets		$75,872,173
Net Asset Value, offering price and redemption price per share ($75,872,173 ÷ 4,861,096 shares)		$15.61

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

Statement of Operations

		Year ended April 30, 2021
Investment Income
Dividends		$605,393
Income from Fidelity Central Funds (including $48,183 from security lending)		48,629
Total income		654,022
Expenses
Management fee	$472,625
Independent trustees' fees and expenses	388
Interest	65
Miscellaneous	87
Total expenses before reductions	473,165
Expense reductions	(28,759)
Total expenses after reductions		444,406
Net investment income (loss)		209,616
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	17,889,390
Fidelity Central Funds	15
Foreign currency transactions	1,925
Total net realized gain (loss)		17,891,330
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	23,505,772
Fidelity Central Funds	(18)
Unfunded commitments	(1,081)
Assets and liabilities in foreign currencies	(1,054)
Total change in net unrealized appreciation (depreciation)		23,503,619
Net gain (loss)		41,394,949
Net increase (decrease) in net assets resulting from operations		$41,604,565

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

Statement of Changes in Net Assets

	Year ended April 30, 2021	Year ended April 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$209,616	$515,330
Net realized gain (loss)	17,891,330	(8,132,596)
Change in net unrealized appreciation (depreciation)	23,503,619	(7,313,132)
Net increase (decrease) in net assets resulting from operations	41,604,565	(14,930,398)
Distributions to shareholders	(258,445)	(790,593)
Share transactions
Proceeds from sales of shares	13,046,911	19,208,447
Reinvestment of distributions	258,445	790,593
Cost of shares redeemed	(50,808,620)	(20,935,231)
Net increase (decrease) in net assets resulting from share transactions	(37,503,264)	(936,191)
Total increase (decrease) in net assets	3,842,856	(16,657,182)
Net Assets
Beginning of period	72,029,317	88,686,499
End of period	$75,872,173	$72,029,317
Other Information
Shares
Sold	1,036,548	1,744,147
Issued in reinvestment of distributions	20,758	69,431
Redeemed	(3,994,912)	(1,959,228)
Net increase (decrease)	(2,937,606)	(145,650)

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

Financial Highlights

Fidelity Small Cap Stock K6 Fund


Years ended April 30,	2021	2020	2019	2018 ^A
Selected Per–Share Data
Net asset value, beginning of period	$9.24	$11.16	$11.02	$10.00
Income from Investment Operations
Net investment income (loss)^B	.03	.06	.08^C	.06
Net realized and unrealized gain (loss)	6.38	(1.88)	.57	1.02
Total from investment operations	6.41	(1.82)	.65	1.08
Distributions from net investment income	(.04)	(.10)	(.05)	(.03)
Distributions from net realized gain	–	–	(.46)	(.04)
Total distributions	(.04)	(.10)	(.51)	(.06)^D
Net asset value, end of period	$15.61	$9.24	$11.16	$11.02
Total Return^E,^F	69.44%	(16.50)%	6.43%	10.83%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.60%	.60%	.60%	.60%^I
Expenses net of fee waivers, if any	.60%	.60%	.60%	.60%^I
Expenses net of all reductions	.56%	.60%	.59%	.59%^I
Net investment income (loss)	.27%	.58%	.71%^C	.56%^I
Supplemental Data
Net assets, end of period (000 omitted)	$75,872	$72,029	$88,686	$96,525
Portfolio turnover rate^J	136%^K	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.

^C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .47%.

^D Total distributions per share do not sum due to rounding.

^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.

^I Annualized

^J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

^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, 2021

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.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005% to .01%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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.

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, 2021 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 tim 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. 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, passive foreign investment companies (PFIC), redemptions in kind, partnerships, capital loss carryforwards 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	$23,270,394
Gross unrealized depreciation	(1,154,797)
Net unrealized appreciation (depreciation)	$22,115,597
Tax Cost	$56,089,511

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

Undistributed ordinary income	$1,620,880
Undistributed long-term capital gain	$4,123,889
Net unrealized appreciation (depreciation) on securities and other investments	$22,116,015

The tax character of distributions paid was as follows:

	April 30, 2021	April 30, 2020
Ordinary Income	$258,445	$ 790,593

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	103,158,026	140,144,206

Unaffiliated Redemptions In-Kind. During the period, 369,492 shares of the Fund were redeemed in-kind for investments and cash with a value of $4,171,562. The net realized gain of $1,380,106 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.

Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $3,200,516 in exchange for 259,151 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 $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.

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	$6,519

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Small Cap Stock K6 Fund	Borrower	$3,554,000	.33%	$65

	Purchases ($)	Sales ($)
Fidelity Small Cap Stock K6 Fund	3,054,429	6,337,344

6. Committed Line of Credit.

	Amount
Fidelity Small Cap Stock K6 Fund	$87

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

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Small Cap Stock K6 Fund	$1,567	$336	$–

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 expenses. This amount totaled $28,712 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 $47.

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, 2021, 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 three 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, 2021, 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 three 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

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, 2021, by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from issuers of privately offered securities and 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 14, 2021

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

Bettina Doulton (1964)

Year of Election or Appointment: 2021

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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

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

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) 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, 2020 to April 30, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expenses Paid During Period-^B November 1, 2020 to April 30, 2021
Fidelity Small Cap Stock K6 Fund	.60%
Actual		$1,000.00	$1,399.30	$3.57
Hypothetical-^C		$1,000.00	$1,021.82	$3.01

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

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Small Cap Stock K6 Fund voted to pay on June 7, 2021, to shareholders of record at the opening of business on June 4, 2021, a distribution of $1.180 per share derived from capital gains realized from sales of portfolio securities and a dividend of $.003 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2021, $4,123,889, 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 will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Small Cap Stock K6 Fund

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	153,310,852,719.993	94.554
Withheld	8,830,820,397.844	5.446
TOTAL	162,141,673,117.837	100.000
Donald F. Donahue
Affirmative	153,409,297,334.631	94.614
Withheld	8,732,375,783.206	5.386
TOTAL	162,141,673,117.837	100.000
Bettina Doulton
Affirmative	154,057,198,754.144	95.014
Withheld	8,084,474,363.693	4.986
TOTAL	162,141,673,117.837	100.000
Vicki L. Fuller
Affirmative	154,419,985,979.903	95.238
Withheld	7,721,687,137.934	4.762
TOTAL	162,141,673,117.837	100.00
Patricia L. Kampling
Affirmative	153,773,968,211.778	94.839
Withheld	8,367,704,906.059	5.161
TOTAL	162,141,673,117.837	100.000
Alan J. Lacy
Affirmative	152,412,406,811.772	94.000
Withheld	9,729,266,306.065	6.000
TOTAL	162,141,673,117.837	100.000
Ned C. Lautenbach
Affirmative	151,421,801,314.429	93.389
Withheld	10,719,871,803.408	6.611
TOTAL	162,141,673,117.837	100.000
Robert A. Lawrence
Affirmative	152,467,970,401.411	94.034
Withheld	9,673,702,716.426	5.966
TOTAL	162,141,673,117.837	100.000
Joseph Mauriello
Affirmative	152,391,361,586.517	93.987
Withheld	9,750,311,531.320	6.013
TOTAL	162,141,673,117.837	100.000
Cornelia M. Small
Affirmative	153,101,624,672.870	94.425
Withheld	9,040,048,444.967	5.575
TOTAL	162,141,673,117.837	100.000
Garnett A. Smith
Affirmative	152,502,318,423.900	94.055
Withheld	9,639,354,693.937	5.945
TOTAL	162,141,673,117.837	100.000
David M. Thomas
Affirmative	152,608,626,434.284	94.121
Withheld	9,533,046,683.553	5.879
TOTAL	162,141,673,117.837	100.000
Susan Tomasky
Affirmative	153,605,526,235.885	94.735
Withheld	8,536,146,881.952	5.265
TOTAL	162,141,673,117.837	100.000
Michael E. Wiley
Affirmative	152,567,303,629.801	94.095
Withheld	9,574,369,488.036	5.905
TOTAL	162,141,673,117.837	100.000

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

	# of Votes	% of Votes
Affirmative	372,523,266.327	68.230
Against	75,977,805.915	13.916
Abstain	97,481,434.610	17.854
Broker Non-Vote	0.000	0.000
TOTAL	545,982,506.852	100.000
Proposal 1 reflects trust wide proposal and voting results.

FIDELITY INVESTMENTS

SLCXK6-ANN-0621
1.9883975.103

Fidelity® Founders Fund

Annual Report

April 30, 2021

Includes Fidelity and Fidelity Advisor share classes

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
Liquidity Risk Management Program
Proxy Voting Results

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, 2021	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	48.81%	29.31%
Class M (incl. 3.50% sales charge)	52.02%	30.39%
Class C (incl. contingent deferred sales charge)	55.68%	31.83%
Fidelity® Founders Fund	58.25%	33.14%
Class I	58.33%	33.18%
Class Z	58.49%	33.34%

^A From February 14, 2019

Class C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$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
	$18,816	Fidelity® Founders Fund
	$16,003	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 57% to 58%, outperforming the 50.92% result of the benchmark Russell 3000^® Index. The primary contributor to performance versus the benchmark was security selection in the information technology sector, especially within the software & services industry. Security selection in health care and communication services also boosted the fund's relative result. Our top individual relative contributor was an out-of-benchmark stake in Pinduoduo (+225%). The company was not held at period end. Also helping performance was our outsized stake in Capital One Financial, which gained roughly 133%. We added to our stake the past year. Zoom Video Communications gained 207% the past 12 months and boosted relative performance. We reduced our position in the company. Conversely, the biggest detractor from performance versus the benchmark was our security selection in industrials. Stock picks in materials and an overweighting in health care also hampered the fund's relative performance. The fund's biggest individual relative detractor was an overweighting in Regeneron Pharmaceuticals, which returned roughly -7% the past year. The fund's non-benchmark stake in Barrick Gold, a position not held at period end, returned about -12% and detracted. Avoiding Apple, a benchmark component that gained approximately 80%, also hurt relative performance. Notable changes in positioning include a higher allocation to the industrials and financials sectors.

Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2021

	% of fund's net assets
Alphabet, Inc. Class C	7.6
Amazon.com, Inc.	4.9
Microsoft Corp.	4.4
Facebook, Inc. Class A	3.5
Capital One Financial Corp.	3.4
	23.8

Top Five Market Sectors as of April 30, 2021

	% of fund's net assets
Information Technology	24.2
Consumer Discretionary	20.5
Communication Services	14.6
Financials	11.7
Health Care	8.9

Asset Allocation (% of fund's net assets)

As of April 30, 2021^*
	Stocks	99.7%
	Convertible Securities	0.4%
	Short-Term Investments and Net Other Assets (Liabilities)^**	(0.1)%

* Foreign investments – 11.7%

** Net Other Assets (Liabilities) are not included in the pie chart

Schedule of Investments April 30, 2021

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares	Value
COMMUNICATION SERVICES - 14.6%
Entertainment - 1.5%
Netflix, Inc. (a)	2,020	$1,037,209
Roblox Corp. (a)	8,135	606,464
Spotify Technology SA (a)	2,116	533,486
		2,177,159
Interactive Media & Services - 12.8%
Alphabet, Inc. Class C (a)	4,405	10,616,574
Facebook, Inc. Class A (a)	14,958	4,862,547
Snap, Inc. Class A (a)	23,592	1,458,457
Tencent Holdings Ltd. sponsored ADR	4,886	389,219
Zillow Group, Inc.:
Class A (a)	1,838	245,097
Class C (a)(b)	2,691	350,153
		17,922,047
Media - 0.3%
Endeavor Group Holdings, Inc. (a)	13,567	373,907

TOTAL COMMUNICATION SERVICES		20,473,113

CONSUMER DISCRETIONARY - 20.5%
Diversified Consumer Services - 0.1%
Arco Platform Ltd. Class A (a)	3,980	102,127
Hotels, Restaurants & Leisure - 3.5%
Airbnb, Inc. Class A(b)	3,609	623,310
DraftKings, Inc. Class A (a)(b)	16,319	924,635
Marriott International, Inc. Class A	17,701	2,628,953
Monarch Casino & Resort, Inc. (a)	1,018	76,767
Penn National Gaming, Inc. (a)	7,244	645,585
		4,899,250
Household Durables - 3.3%
D.R. Horton, Inc.	20,978	2,061,928
Garmin Ltd.	974	133,672
Lennar Corp. Class A	16,449	1,704,116
Toll Brothers, Inc.	11,450	717,915
		4,617,631
Internet & Direct Marketing Retail - 7.4%
Alibaba Group Holding Ltd. sponsored ADR (a)	4,471	1,032,577
Amazon.com, Inc. (a)	1,992	6,907,101
Coupang, Inc. Class A (a)(b)	1,100	46,090
Deliveroo Holdings PLC (a)(c)	9,400	34,791
Farfetch Ltd. Class A (a)	9,449	462,907
MercadoLibre, Inc. (a)	120	188,518
Revolve Group, Inc. (a)	6,200	300,638
The RealReal, Inc. (a)	31,319	775,772
thredUP, Inc. (a)	400	6,868
Wayfair LLC Class A (a)	2,097	619,810
		10,375,072
Specialty Retail - 2.5%
Aritzia LP (a)	50,847	1,268,745
Auto1 Group SE (c)	6,271	354,348
Industria de Diseno Textil SA	32,975	1,174,261
RH (a)	999	687,332
		3,484,686
Textiles, Apparel & Luxury Goods - 3.7%
Capri Holdings Ltd. (a)	15,299	842,669
LVMH Moet Hennessy Louis Vuitton SE	2,222	1,673,945
Moncler SpA	11,376	697,790
Prada SpA	101,505	631,813
Ralph Lauren Corp.	10,434	1,390,748
		5,236,965

TOTAL CONSUMER DISCRETIONARY		28,715,731

CONSUMER STAPLES - 2.6%
Beverages - 1.4%
Boston Beer Co., Inc. Class A (a)	195	237,216
Monster Beverage Corp.(a)	17,107	1,660,234
		1,897,450
Food & Staples Retailing - 0.4%
Zur Rose Group AG (a)	1,741	579,539
Food Products - 0.2%
Beyond Meat, Inc. (a)(b)	1,909	251,377
Laird Superfood, Inc.	126	4,600
		255,977
Personal Products - 0.6%
Estee Lauder Companies, Inc. Class A	2,867	899,665

TOTAL CONSUMER STAPLES		3,632,631

ENERGY - 3.6%
Oil, Gas & Consumable Fuels - 3.6%
Hess Corp.	32,315	2,407,791
Pioneer Natural Resources Co.	12,481	1,919,952
Reliance Industries Ltd. sponsored GDR (c)	14,240	770,384
		5,098,127
FINANCIALS - 11.7%
Banks - 2.4%
First Foundation, Inc.	10,675	254,065
First Republic Bank	10,674	1,955,904
Signature Bank	4,411	1,109,411
		3,319,380
Capital Markets - 3.5%
BlackRock, Inc. Class A	1,893	1,550,935
Charles Schwab Corp.	8,863	623,955
Coinbase Global, Inc. (a)	1,451	431,876
EQT AB	1,579	53,401
MarketAxess Holdings, Inc.	1,468	717,059
Morningstar, Inc.	3,005	796,355
The Blackstone Group LP	8,736	773,049
		4,946,630
Consumer Finance - 3.4%
Capital One Financial Corp.	31,866	4,750,583
Diversified Financial Services - 0.8%
Berkshire Hathaway, Inc. Class B(a)	4,380	1,204,281
Insurance - 1.6%
American Financial Group, Inc.	15,399	1,891,921
BRP Group, Inc. (a)	13,029	378,102
		2,270,023

TOTAL FINANCIALS		16,490,897

HEALTH CARE - 8.9%
Biotechnology - 2.1%
Argenx SE ADR (a)	1,009	289,290
Blueprint Medicines Corp. (a)	1,036	99,788
Poseida Therapeutics, Inc. (a)	400	3,744
Prelude Therapeutics, Inc.	300	12,432
Regeneron Pharmaceuticals, Inc. (a)	3,348	1,611,392
Seagen, Inc. (a)	2,528	363,425
TG Therapeutics, Inc. (a)	13,114	586,327
		2,966,398
Health Care Equipment & Supplies - 2.0%
Danaher Corp.	3,196	811,592
Hologic, Inc. (a)	16,976	1,112,777
Penumbra, Inc. (a)	2,759	844,226
		2,768,595
Health Care Providers & Services - 2.1%
Guardant Health, Inc. (a)	3,165	503,172
The Joint Corp. (a)	1,374	76,230
UnitedHealth Group, Inc.	6,012	2,397,586
		2,976,988
Health Care Technology - 0.8%
Inspire Medical Systems, Inc. (a)	3,428	811,819
Phreesia, Inc. (a)	6,146	318,056
		1,129,875
Life Sciences Tools & Services - 0.9%
10X Genomics, Inc. (a)	1,648	325,974
Bruker Corp.	13,625	933,585
		1,259,559
Pharmaceuticals - 1.0%
Royalty Pharma PLC	31,213	1,373,372

TOTAL HEALTH CARE		12,474,787

INDUSTRIALS - 8.9%
Aerospace & Defense - 1.8%
Axon Enterprise, Inc. (a)	6,813	1,032,919
HEICO Corp. Class A	3,442	434,656
TransDigm Group, Inc. (a)	1,751	1,074,659
		2,542,234
Air Freight & Logistics - 0.3%
FedEx Corp.	1,258	365,210
Airlines - 1.0%
Southwest Airlines Co. (a)	22,265	1,397,797
Commercial Services & Supplies - 0.6%
Cintas Corp.	2,212	763,450
Waste Connection, Inc. (United States)	1,088	129,592
		893,042
Electrical Equipment - 0.6%
Plug Power, Inc. (a)	14,641	417,415
Shoals Technologies Group, Inc.	11,627	372,878
		790,293
Machinery - 0.4%
Hydrogen Refueling Solutions	9,513	391,146
PACCAR, Inc.	2,380	213,914
		605,060
Professional Services - 0.5%
CoStar Group, Inc. (a)	836	714,303
Road & Rail - 3.7%
Lyft, Inc. (a)	14,376	800,168
Uber Technologies, Inc. (a)	78,900	4,321,353
		5,121,521

TOTAL INDUSTRIALS		12,429,460

INFORMATION TECHNOLOGY - 23.8%
Electronic Equipment & Components - 0.0%
Vontier Corp. (a)	1,091	34,192
IT Services - 6.0%
Adyen BV (a)(c)	126	310,098
Affirm Holdings, Inc. (b)	300	21,150
Afterpay Ltd. (a)	3,063	277,605
Black Knight, Inc. (a)	4,890	354,134
CGI, Inc. Class A (sub. vtg.) (a)	1,152	101,924
EPAM Systems, Inc. (a)	1,771	810,675
Euronet Worldwide, Inc. (a)	5,848	838,779
MongoDB, Inc. Class A (a)	2,493	741,568
Nuvei Corp. (a)(c)	300	20,934
Shift4 Payments, Inc.	13,096	1,295,063
Snowflake Computing, Inc.	1,016	235,295
Square, Inc. (a)	5,031	1,231,689
Twilio, Inc. Class A (a)	4,161	1,530,416
Wix.com Ltd. (a)	2,071	658,329
		8,427,659
Semiconductors & Semiconductor Equipment - 4.3%
Analog Devices, Inc.	4,424	677,580
NVIDIA Corp.	6,445	3,869,449
SolarEdge Technologies, Inc. (a)	3,229	850,971
Universal Display Corp.	3,056	683,597
		6,081,597
Software - 13.5%
Adobe, Inc. (a)	4,117	2,092,836
Atlassian Corp. PLC (a)	4,305	1,022,696
BlackLine, Inc. (a)	2,371	275,178
Cloudflare, Inc. (a)	3,193	270,575
Crowdstrike Holdings, Inc. (a)	3,287	685,372
HubSpot, Inc. (a)	2,226	1,171,878
Intuit, Inc.	3,803	1,567,444
LivePerson, Inc. (a)	3,398	185,701
Microsoft Corp.	24,673	6,222,037
nCino, Inc. (a)	84	5,493
Paylocity Holding Corp. (a)	3,490	674,408
Qualtrics International, Inc.	600	22,410
RingCentral, Inc. (a)	634	202,214
Salesforce.com, Inc. (a)	5,930	1,365,798
ServiceNow, Inc. (a)	1,501	760,061
SVMK, Inc. (a)	5,903	106,195
Tenable Holdings, Inc. (a)	4,873	182,713
The Trade Desk, Inc. (a)	1,073	782,550
Viant Technology, Inc.	1,627	53,431
Workday, Inc. Class A (a)	2,576	636,272
Zendesk, Inc. (a)	3,495	510,794
Zoom Video Communications, Inc. Class A (a)	366	116,963
		18,913,019

TOTAL INFORMATION TECHNOLOGY		33,456,467

MATERIALS - 3.0%
Chemicals - 0.4%
Westlake Chemical Corp.	6,673	626,528
Metals & Mining - 2.6%
ArcelorMittal SA Class A unit (a)	45,822	1,342,126
First Quantum Minerals Ltd.	70,029	1,614,060
Steel Dynamics, Inc.	11,539	625,645
		3,581,831

TOTAL MATERIALS		4,208,359

REAL ESTATE - 2.1%
Equity Real Estate Investment Trusts (REITs) - 2.1%
Alexandria Real Estate Equities, Inc.	1,673	302,980
Camden Property Trust (SBI)	5,785	696,977
Equity Residential (SBI)	6,206	460,671
Simon Property Group, Inc.	12,699	1,545,976
		3,006,604
TOTAL COMMON STOCKS
(Cost $106,785,306)		139,986,176

Convertible Preferred Stocks - 0.4%
INFORMATION TECHNOLOGY - 0.4%
IT Services - 0.4%
ByteDance Ltd. Series E1 (d)(e)	638	69,908
Yanka Industries, Inc.:
Series E (d)(e)	2,484	79,182
Series F (d)(e)	12,743	406,206
		555,296
Software - 0.0%
Evozyne LLC Series A (d)(e)	1,000	22,470
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $528,589)		577,766

Money Market Funds - 1.3%
Fidelity Cash Central Fund 0.04% (f)	584,991	585,108
Fidelity Securities Lending Cash Central Fund 0.04% (f)(g)	1,247,925	1,248,050
TOTAL MONEY MARKET FUNDS
(Cost $1,833,158)		1,833,158
TOTAL INVESTMENT IN SECURITIES - 101.4%
(Cost $109,147,053)		142,397,100
NET OTHER ASSETS (LIABILITIES) - (1.4)%		(1,931,856)
NET ASSETS - 100%		$140,465,244

Legend

(a) Non-income producing

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

(e) Level 3 security

(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
ByteDance Ltd. Series E1	11/18/20	$69,908
Evozyne LLC Series A	4/9/21	$22,470
Yanka Industries, Inc. Series E	5/15/20	$30,005
Yanka Industries, Inc. Series F	4/8/21	$406,206

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	$1,161
Fidelity Securities Lending Cash Central Fund	2,171
Total	$3,332

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$20,473,113	$20,473,113	$--	$--
Consumer Discretionary	28,715,731	27,041,786	1,673,945	--
Consumer Staples	3,632,631	3,632,631	--	--
Energy	5,098,127	5,098,127	--	--
Financials	16,490,897	16,490,897	--	--
Health Care	12,474,787	12,474,787	--	--
Industrials	12,429,460	12,429,460	--	--
Information Technology	34,034,233	33,146,369	310,098	577,766
Materials	4,208,359	4,208,359	--	--
Real Estate	3,006,604	3,006,604	--	--
Money Market Funds	1,833,158	1,833,158	--	--
Total Investments in Securities:	$142,397,100	$139,835,291	$1,984,043	$577,766

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	88.3%
Canada	2.3%
France	1.5%
Luxembourg	1.4%
Cayman Islands	1.1%
Others (Individually Less Than 1%)	5.4%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2021
Assets
Investment in securities, at value (including securities loaned of $1,195,732) — See accompanying schedule: Unaffiliated issuers (cost $107,313,895)	$140,563,942
Fidelity Central Funds (cost $1,833,158)	1,833,158
Total Investment in Securities (cost $109,147,053)		$142,397,100
Cash		45,863
Receivable for investments sold		573,344
Receivable for fund shares sold		300,362
Dividends receivable		26,664
Distributions receivable from Fidelity Central Funds		397
Prepaid expenses		24
Other receivables		1,578
Total assets		143,345,332
Liabilities
Payable for investments purchased	$1,158,641
Payable for fund shares redeemed	340,358
Accrued management fee	66,249
Distribution and service plan fees payable	7,116
Other affiliated payables	22,836
Other payables and accrued expenses	36,838
Collateral on securities loaned	1,248,050
Total liabilities		2,880,088
Net Assets		$140,465,244
Net Assets consist of:
Paid in capital		$101,888,758
Total accumulated earnings (loss)		38,576,486
Net Assets		$140,465,244
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($11,606,155 ÷ 620,321 shares)^(a)		$18.71
Maximum offering price per share (100/94.25 of $18.71)		$19.85
Class M:
Net Asset Value and redemption price per share ($7,356,506 ÷ 395,094 shares)^(a)		$18.62
Maximum offering price per share (100/96.50 of $18.62)		$19.30
Class C:
Net Asset Value and offering price per share ($2,035,002 ÷ 110,549 shares)^(a)		$18.41
Fidelity Founders Fund:
Net Asset Value, offering price and redemption price per share ($96,051,838 ÷ 5,107,853 shares)		$18.80
Class I:
Net Asset Value, offering price and redemption price per share ($1,449,267 ÷ 77,043 shares)		$18.81
Class Z:
Net Asset Value, offering price and redemption price per share ($21,966,476 ÷ 1,164,453 shares)		$18.86

(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, 2021
Investment Income
Dividends		$384,825
Income from Fidelity Central Funds (including $2,171 from security lending)		3,332
Total income		388,157
Expenses
Management fee
Basic fee	$500,239
Performance adjustment	38,620
Transfer agent fees	158,878
Distribution and service plan fees	51,178
Accounting fees	36,845
Custodian fees and expenses	21,177
Independent trustees' fees and expenses	376
Registration fees	102,428
Audit	38,510
Legal	68
Miscellaneous	416
Total expenses before reductions	948,735
Expense reductions	(5,535)
Total expenses after reductions		943,200
Net investment income (loss)		(555,043)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	8,419,603
Fidelity Central Funds	62
Foreign currency transactions	(207)
Total net realized gain (loss)		8,419,458
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	28,606,994
Fidelity Central Funds	(24)
Assets and liabilities in foreign currencies	(427)
Total change in net unrealized appreciation (depreciation)		28,606,543
Net gain (loss)		37,026,001
Net increase (decrease) in net assets resulting from operations		$36,470,958

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

Statement of Changes in Net Assets

	Year ended April 30, 2021	Year ended April 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(555,043)	$(53,723)
Net realized gain (loss)	8,419,458	(1,907,754)
Change in net unrealized appreciation (depreciation)	28,606,543	3,719,980
Net increase (decrease) in net assets resulting from operations	36,470,958	1,758,503
Distributions to shareholders	–	(20,286)
Share transactions - net increase (decrease)	71,623,021	12,864,316
Total increase (decrease) in net assets	108,093,979	14,602,533
Net Assets
Beginning of period	32,371,265	17,768,732
End of period	$140,465,244	$32,371,265

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

Financial Highlights

Fidelity Founders Fund Class A

Years ended April 30,	2021	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$11.85	$10.85	$10.00
Income from Investment Operations
Net investment income (loss)^B	(.14)	(.05)^C	(.02)
Net realized and unrealized gain (loss)	7.00	1.05	.87
Total from investment operations	6.86	1.00	.85
Distributions from net investment income	–	–^D	–
Total distributions	–	–^D	–
Net asset value, end of period	$18.71	$11.85	$10.85
Total Return^E,^F,^G	57.89%	9.25%	8.50%
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.25%	2.05%	4.81%^J
Expenses net of fee waivers, if any	1.25%	1.25%	1.25%^J
Expenses net of all reductions	1.24%	1.25%	1.25%^J
Net investment income (loss)	(.83)%	(.47)%^C	(.74)%^J
Supplemental Data
Net assets, end of period (000 omitted)	$11,606	$1,310	$220
Portfolio turnover rate^K	57%	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.

^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.

^H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^J Annualized

^K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

^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,	2021	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$11.82	$10.85	$10.00
Income from Investment Operations
Net investment income (loss)^B	(.17)	(.08)^C	(.02)
Net realized and unrealized gain (loss)	6.97	1.05	.87
Total from investment operations	6.80	.97	.85
Net asset value, end of period	$18.62	$11.82	$10.85
Total Return^D,^E,^F	57.53%	8.94%	8.50%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.46%	2.14%	5.05%^I
Expenses net of fee waivers, if any	1.46%	1.50%	1.50%^I
Expenses net of all reductions	1.45%	1.50%	1.50%^I
Net investment income (loss)	(1.04)%	(.72)%^C	(.99)%^I
Supplemental Data
Net assets, end of period (000 omitted)	$7,357	$695	$205
Portfolio turnover rate^J	57%	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 sales charges.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^I Annualized

^J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

^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,	2021	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$11.75	$10.84	$10.00
Income from Investment Operations
Net investment income (loss)^B	(.26)	(.13)^C	(.03)
Net realized and unrealized gain (loss)	6.92	1.04	.87
Total from investment operations	6.66	.91	.84
Net asset value, end of period	$18.41	$11.75	$10.84
Total Return^D,^E,^F	56.68%	8.39%	8.40%
Ratios to Average Net Assets^G,^H
Expenses before reductions	2.04%	2.64%	5.67%^I
Expenses net of fee waivers, if any	2.00%	2.00%	2.00%^I
Expenses net of all reductions	1.99%	2.00%	2.00%^I
Net investment income (loss)	(1.58)%	(1.22)%^C	(1.49)%^I
Supplemental Data
Net assets, end of period (000 omitted)	$2,035	$335	$173
Portfolio turnover rate^J	57%	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.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^I Annualized

^J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

^K Amount not annualized.

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

Fidelity Founders Fund

Years ended April 30,	2021	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$11.88	$10.86	$10.00
Income from Investment Operations
Net investment income (loss)^B	(.09)	(.02)^C	(.01)
Net realized and unrealized gain (loss)	7.01	1.05	.87
Total from investment operations	6.92	1.03	.86
Distributions from net investment income	–	(.01)	–
Total distributions	–	(.01)	–
Net asset value, end of period	$18.80	$11.88	$10.86
Total Return^D,^E	58.25%	9.49%	8.60%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.97%	1.70%	3.49%^H
Expenses net of fee waivers, if any	.97%	1.00%	1.00%^H
Expenses net of all reductions	.97%	1.00%	1.00%^H
Net investment income (loss)	(.56)%	(.22)%^C	(.48)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$96,052	$22,724	$10,595
Portfolio turnover rate^I	57%	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 mutual funds or exchange-traded funds (ETFs).

^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,	2021	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$11.88	$10.86	$10.00
Income from Investment Operations
Net investment income (loss)^B	(.08)	(.02)^C	(.01)
Net realized and unrealized gain (loss)	7.01	1.05	.87
Total from investment operations	6.93	1.03	.86
Distributions from net investment income	–	(.01)	–
Total distributions	–	(.01)	–
Net asset value, end of period	$18.81	$11.88	$10.86
Total Return^D,^E	58.33%	9.49%	8.60%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.93%	1.63%	4.10%^H
Expenses net of fee waivers, if any	.93%	1.00%	1.00%^H
Expenses net of all reductions	.92%	1.00%	1.00%^H
Net investment income (loss)	(.51)%	(.22)%^C	(.48)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$1,449	$467	$831
Portfolio turnover rate^I	57%	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 mutual funds or exchange-traded funds (ETFs).

^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,	2021	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$11.90	$10.86	$10.00
Income from Investment Operations
Net investment income (loss)^B	(.07)	(.01)^C	(.01)
Net realized and unrealized gain (loss)	7.03	1.06	.87
Total from investment operations	6.96	1.05	.86
Distributions from net investment income	–	(.01)	–
Total distributions	–	(.01)	–
Net asset value, end of period	$18.86	$11.90	$10.86
Total Return^D,^E	58.49%	9.67%	8.60%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.83%	1.51%	3.18%^H
Expenses net of fee waivers, if any	.83%	.85%	.85%^H
Expenses net of all reductions	.82%	.85%	.85%^H
Net investment income (loss)	(.41)%	(.07)%^C	(.34)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$21,966	$6,839	$5,745
Portfolio turnover rate^I	57%	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 mutual funds or exchange-traded funds (ETFs).

^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, 2021

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 June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005% to .01%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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.

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, 2021 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. 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 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) 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	$35,056,827
Gross unrealized depreciation	(2,257,271)
Net unrealized appreciation (depreciation)	$32,799,556
Tax Cost	$109,597,544

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

Undistributed ordinary income	$1,884,931
Undistributed long-term capital gain	$3,892,193
Net unrealized appreciation (depreciation) on securities and other investments	$32,799,361

The tax character of distributions paid was as follows:

	April 30, 2021	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	124,470,884	52,971,786

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. 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.

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%	$17,157	$1,641
Class M	.25%	.25%	19,772	781
Class C	.75%	.25%	14,249	5,664
			$51,178	$8,086

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	$13,465
Class M	3,367
Class C^(a)	787
	$17,619

(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

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 Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

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

	Amount	% of Class-Level Average Net Assets
Class A	$15,287	.22
Class M	7,053	.18
Class C	3,734	.26
Fidelity Founders Fund	124,512	.19
Class I	1,202	.14
Class Z	7,090	.04
	$158,878

	% of Average Net Assets
Fidelity Founders Fund	.04

	Amount
Fidelity Founders Fund	$1,123

	Purchases ($)	Sales ($)
Fidelity Founders Fund	6,503,161	3,162,004

6. Committed Line of Credit.

	Amount
Fidelity Founders Fund	$176

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

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Founders Fund	$214	$19	$–

8. 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. 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%	$35
Class C	2.00%	651
		$686

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 $209.

Effective June 1, 2021, the investment adviser contractually agreed to reimburse expenses 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, 2022.

	Expense Limitations
Class A	1.15%
Class M	1.40%
Class C	1.90%
Fidelity Founders Fund	.90%
Class I	.90%
Class Z	.75%

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended April 30, 2021	Year ended April 30, 2020
Fidelity Founders Fund
Distributions to shareholders
Class A	$–	$858
Fidelity Founders Fund	–	15,487
Class I	–	317
Class Z	–	3,624
Total	$–	$20,286

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, 2021	Year ended April 30, 2020	Year ended April 30, 2021	Year ended April 30, 2020
Fidelity Founders Fund
Class A
Shares sold	675,060	301,933	$10,488,392	$3,380,259
Reinvestment of distributions	–	74	–	858
Shares redeemed	(165,308)	(211,677)	(2,717,007)	(2,032,620)
Net increase (decrease)	509,752	90,330	$7,771,385	$1,348,497
Class M
Shares sold	380,877	59,563	$5,983,346	$666,199
Shares redeemed	(44,609)	(19,619)	(726,698)	(182,271)
Net increase (decrease)	336,268	39,944	$5,256,648	$483,928
Class C
Shares sold	143,699	20,349	$2,238,811	$214,066
Shares redeemed	(61,703)	(7,796)	(1,040,624)	(74,044)
Net increase (decrease)	81,996	12,553	$1,198,187	$140,022
Fidelity Founders Fund
Shares sold	5,694,058	1,928,779	$89,195,197	$21,513,238
Reinvestment of distributions	–	1,267	–	14,789
Shares redeemed	(2,499,360)	(992,719)	(40,955,656)	(10,805,523)
Net increase (decrease)	3,194,698	937,327	$48,239,541	$10,722,504
Class I
Shares sold	73,859	19,023	$1,196,566	$210,800
Reinvestment of distributions	–	27	–	314
Shares redeemed	(36,170)	(56,201)	(574,950)	(590,791)
Net increase (decrease)	37,689	(37,151)	$621,616	$(379,677)
Class Z
Shares sold	1,302,508	572,272	$19,812,202	$6,296,184
Reinvestment of distributions	–	285	–	3,333
Shares redeemed	(712,817)	(526,741)	(11,276,558)	(5,750,475)
Net increase (decrease)	589,691	45,816	$8,535,644	$549,042

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 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, 2021, the related statement of operations for the year ended April 30, 2021, the statement of changes in net assets for each of the two years in the period ended April 30, 2021, including the related notes, and the financial highlights for each of the two years in the period ended April 30, 2021 and for the period February 14, 2019 (commencement of operations) to April 30, 2019 (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, 2021, 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, 2021 and the financial highlights for each of the two years in the period ended April 30, 2021 and for the period February 14, 2019 (commencement of operations) to April 30, 2019 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, 2021 by correspondence with the custodian, issuers of privately offered securities 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/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 14, 2021

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

Bettina Doulton (1964)

Year of Election or Appointment: 2021

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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

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

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) 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, 2020 to April 30, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expenses Paid During Period-^B November 1, 2020 to April 30, 2021
Fidelity Founders Fund
Class A	1.25%
Actual		$1,000.00	$1,238.30	$6.94-^C
Hypothetical-^D		$1,000.00	$1,018.60	$6.26-^C
Class M	1.44%
Actual		$1,000.00	$1,237.20	$7.99
Hypothetical-^D		$1,000.00	$1,017.65	$7.20
Class C	2.00%
Actual		$1,000.00	$1,233.90	$11.08
Hypothetical-^D		$1,000.00	$1,014.88	$9.99-^C
Fidelity Founders Fund	.96%
Actual		$1,000.00	$1,240.10	$5.33-^C
Hypothetical-^D		$1,000.00	$1,020.03	$4.81-^C
Class I	.91%
Actual		$1,000.00	$1,239.90	$5.05
Hypothetical-^D		$1,000.00	$1,020.28	$4.56
Class Z	.81%
Actual		$1,000.00	$1,240.80	$4.50-^C
Hypothetical-^D		$1,000.00	$1,020.78	$4.06-^C

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

^C If fees and changes to the class level expense contract and/or expense cap, effective June 1, 2021, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in the table below:

^D 5% return per year before expenses

	Annualized Expense Ratio-^(a)	Expenses Paid
Fidelity Founders Fund
Class A	1.15%
Actual		$6.38
Hypothetical-^(b)		$5.76
Class C	1.90%
Hypothetical-^(b)		$9.49
Fidelity Founders Fund	.90%
Actual		$5.00
Hypothetical-^(b)		$4.51
Class Z	.75%
Actual		$4.17
Hypothetical-^(b)		$3.76

(a) Annualized expense ratio reflects expenses net of applicable fee waivers.

(b) 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Founders 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:

	Pay Date	Record Date	Capital Gains
Insert Fund Name
Class A	06/07/2021	06/04/2021	$0.763
Class M	06/07/2021	06/04/2021	$0.750
Class C	06/07/2021	06/04/2021	$0.661
Fidelity Founders Fund	06/07/2021	06/04/2021	$0.788
Class I	06/07/2021	06/04/2021	$0.798
Class Z	06/07/2021	06/04/2021	$0.808

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2021, $3,892,193, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Founders Fund

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	153,310,852,719.993	94.554
Withheld	8,830,820,397.844	5.446
TOTAL	162,141,673,117.837	100.000
Donald F. Donahue
Affirmative	153,409,297,334.631	94.614
Withheld	8,732,375,783.206	5.386
TOTAL	162,141,673,117.837	100.000
Bettina Doulton
Affirmative	154,057,198,754.144	95.014
Withheld	8,084,474,363.693	4.986
TOTAL	162,141,673,117.837	100.000
Vicki L. Fuller
Affirmative	154,419,985,979.903	95.238
Withheld	7,721,687,137.934	4.762
TOTAL	162,141,673,117.837	100.00
Patricia L. Kampling
Affirmative	153,773,968,211.778	94.839
Withheld	8,367,704,906.059	5.161
TOTAL	162,141,673,117.837	100.000
Alan J. Lacy
Affirmative	152,412,406,811.772	94.000
Withheld	9,729,266,306.065	6.000
TOTAL	162,141,673,117.837	100.000
Ned C. Lautenbach
Affirmative	151,421,801,314.429	93.389
Withheld	10,719,871,803.408	6.611
TOTAL	162,141,673,117.837	100.000
Robert A. Lawrence
Affirmative	152,467,970,401.411	94.034
Withheld	9,673,702,716.426	5.966
TOTAL	162,141,673,117.837	100.000
Joseph Mauriello
Affirmative	152,391,361,586.517	93.987
Withheld	9,750,311,531.320	6.013
TOTAL	162,141,673,117.837	100.000
Cornelia M. Small
Affirmative	153,101,624,672.870	94.425
Withheld	9,040,048,444.967	5.575
TOTAL	162,141,673,117.837	100.000
Garnett A. Smith
Affirmative	152,502,318,423.900	94.055
Withheld	9,639,354,693.937	5.945
TOTAL	162,141,673,117.837	100.000
David M. Thomas
Affirmative	152,608,626,434.284	94.121
Withheld	9,533,046,683.553	5.879
TOTAL	162,141,673,117.837	100.000
Susan Tomasky
Affirmative	153,605,526,235.885	94.735
Withheld	8,536,146,881.952	5.265
TOTAL	162,141,673,117.837	100.000
Michael E. Wiley
Affirmative	152,567,303,629.801	94.095
Withheld	9,574,369,488.036	5.905
TOTAL	162,141,673,117.837	100.000

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

	# of Votes	% of Votes
Affirmative	372,523,266.327	68.230
Against	75,977,805.915	13.916
Abstain	97,481,434.610	17.854
Broker Non-Vote	0.000	0.000
TOTAL	545,982,506.852	100.000
Proposal 1 reflects trust wide proposal and voting results.

FIDELITY INVESTMENTS

RFFF-ANN-0621
1.9892518.102

Fidelity Flex® Funds

Fidelity Flex^® Large Cap Value Fund (formerly Fidelity Flex^® Large Cap Value II Fund)

Annual Report

April 30, 2021

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
Liquidity Risk Management Program
Proxy Voting Results

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 the periods ended April 30, 2021	Past 1 year	Life of fund^A
Fidelity Flex® Large Cap Value Fund	49.29%	17.97%

^A From June 27, 2019

$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
	$13,563	Fidelity Flex® Large Cap Value Fund
	$13,057	Russell 1000® Value Index

Management's Discussion of Fund Performance

Comments from the Geode Capital Management, LLC, equity index team: For the fiscal year ending April 30, 2021, the fund gained 49.29%, outperforming the 45.92% result of the benchmark Russell 1000^® Value Index. Versus the benchmark, security selection was the primary contributor, especially in the consumer discretionary sector. Strong picks in information technology also boosted the fund's relative result. Also bolstering the fund's relative result was security selection in the industrials sector, primarily driven by the capital goods industry. The fund's top individual relative contributor was an overweighting in AGCO, which gained 176% the past 12 months. Also lifting performance was our outsized stake in Applied Materials, which gained approximately 166%. Another notable relative contributor was an overweighting in General Electric (+92%). This period we added to our stake. In contrast, the primary detractor from performance versus the benchmark was stock selection in health care. An underweighting in the industrials sector, primarily within the transportation industry, also hampered the fund's relative performance. Also hindering the fund's relative performance were stock picks in energy. The fund's largest individual relative detractor was an outsized stake in Royal Gold, which returned roughly -8% the past year. Another notable relative detractor was an overweighting in Chevron (+19%). This period we increased our stake. Also hurting performance was an underweighting in General Motors, which gained roughly 157%. This was a stake we established the past 12 months. Notable changes in positioning include a higher allocation to the consumer discretionary and industrials sectors.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2021

	% of fund's net assets
Berkshire Hathaway, Inc. Class B	2.6
JPMorgan Chase & Co.	2.6
Johnson & Johnson	1.8
Bank of America Corp.	1.7
Intel Corp.	1.4
Chevron Corp.	1.4
Walmart, Inc.	1.3
Medtronic PLC	1.2
Cisco Systems, Inc.	1.2
The Walt Disney Co.	1.2
	16.4

Top Five Market Sectors as of April 30, 2021

	% of fund's net assets
Financials	20.4
Industrials	13.3
Health Care	12.5
Information Technology	9.4
Consumer Discretionary	8.9

Asset Allocation (% of fund's net assets)

As of April 30, 2021^*
	Stocks and Equity Futures	99.9%
	Short-Term Investments and Net Other Assets (Liabilities)	0.1%

* Foreign investments – 5.5%

Schedule of Investments April 30, 2021

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares	Value
COMMUNICATION SERVICES - 7.4%
Diversified Telecommunication Services - 2.2%
AT&T, Inc.	28,474	$894,368
Lumen Technologies, Inc.	3,699	47,458
Verizon Communications, Inc.	17,755	1,026,061
		1,967,887
Entertainment - 1.9%
Activision Blizzard, Inc.	1,690	154,111
Electronic Arts, Inc.	3,146	446,984
Madison Square Garden Entertainment Corp. (a)	275	24,918
Madison Square Garden Sports Corp. (a)	35	6,469
The Walt Disney Co. (a)	5,666	1,053,989
		1,686,471
Interactive Media & Services - 1.8%
Alphabet, Inc.:
Class A (a)	294	691,929
Class C (a)	336	809,800
Zillow Group, Inc. Class C (a)	1,263	164,342
		1,666,071
Media - 1.5%
Comcast Corp. Class A	15,938	894,919
DISH Network Corp. Class A (a)	728	32,607
Fox Corp. Class A	732	27,391
Interpublic Group of Companies, Inc.	2,186	69,406
Liberty Media Corp.:
Liberty SiriusXM Series A (a)	4,374	197,661
Liberty SiriusXM Series C (a)	2,918	131,981
Omnicom Group, Inc.	535	44,009
		1,397,974
Wireless Telecommunication Services - 0.0%
Telephone & Data Systems, Inc.	1,166	26,795

TOTAL COMMUNICATION SERVICES		6,745,198

CONSUMER DISCRETIONARY - 8.9%
Automobiles - 0.6%
Ford Motor Co. (a)	28,840	332,814
General Motors Co. (a)	3,701	211,771
		544,585
Distributors - 0.2%
LKQ Corp. (a)	4,009	187,260
Diversified Consumer Services - 0.0%
Graham Holdings Co.	32	20,340
Grand Canyon Education, Inc. (a)	165	17,868
		38,208
Hotels, Restaurants & Leisure - 3.4%
Carnival Corp. (a)	15,334	428,739
Hilton Worldwide Holdings, Inc.	2,082	267,953
Hyatt Hotels Corp. Class A (a)	3,007	247,566
McDonald's Corp.	3,721	878,454
Royal Caribbean Cruises Ltd.	4,082	354,930
Scientific Games Corp. Class A (a)	3,476	203,416
Starbucks Corp.	740	84,723
Travel+Leisure Co.	3,690	238,116
Vail Resorts, Inc.	850	276,386
Wynn Resorts Ltd. (a)	750	96,300
		3,076,583
Household Durables - 1.6%
D.R. Horton, Inc.	4,777	469,531
Lennar Corp. Class A	2,601	269,464
Meritage Homes Corp. (a)	1,634	173,841
PulteGroup, Inc.	8,476	501,101
Taylor Morrison Home Corp. (a)	2,506	78,212
		1,492,149
Internet & Direct Marketing Retail - 0.1%
eBay, Inc.	2,133	119,000
Leisure Products - 0.4%
Brunswick Corp.	1,362	145,911
Polaris, Inc.	1,357	190,021
		335,932
Multiline Retail - 0.9%
Dollar Tree, Inc. (a)	1,247	143,280
Target Corp.	3,056	633,387
		776,667
Specialty Retail - 1.5%
Advance Auto Parts, Inc.	63	12,610
AutoNation, Inc. (a)	2,603	266,755
AutoZone, Inc. (a)	15	21,962
CarMax, Inc. (a)	692	92,202
Dick's Sporting Goods, Inc.	2,498	206,285
Foot Locker, Inc.	1,078	63,580
L Brands, Inc. (a)	1,053	69,393
Lowe's Companies, Inc.	436	85,565
O'Reilly Automotive, Inc. (a)	198	109,470
The Aaron's Co., Inc.	1,130	34,906
The Home Depot, Inc.	1,200	388,404
		1,351,132
Textiles, Apparel & Luxury Goods - 0.2%
Carter's, Inc.	482	52,437
Tapestry, Inc.	2,364	113,117
		165,554

TOTAL CONSUMER DISCRETIONARY		8,087,070

CONSUMER STAPLES - 6.6%
Beverages - 1.2%
Keurig Dr. Pepper, Inc.	626	22,442
Molson Coors Beverage Co. Class B (a)	3,360	184,632
PepsiCo, Inc.	1,538	221,718
The Coca-Cola Co.	13,007	702,118
		1,130,910
Food & Staples Retailing - 1.3%
Kroger Co.	883	32,265
Sprouts Farmers Market LLC (a)	1,250	32,013
Walmart, Inc.	8,082	1,130,753
		1,195,031
Food Products - 1.8%
Archer Daniels Midland Co.	1,434	90,528
Bunge Ltd.	456	38,496
Conagra Brands, Inc.	1,564	58,009
Ingredion, Inc.	233	21,765
Mondelez International, Inc.	8,112	493,291
The Hershey Co.	394	64,734
The J.M. Smucker Co.	1,746	228,709
The Kraft Heinz Co.	1,831	75,602
Tyson Foods, Inc. Class A	7,025	544,086
		1,615,220
Household Products - 1.5%
Colgate-Palmolive Co.	4,121	332,565
Kimberly-Clark Corp.	735	97,990
Procter & Gamble Co.	7,153	954,353
		1,384,908
Personal Products - 0.0%
Coty, Inc. Class A (a)	1,633	16,346
Tobacco - 0.8%
Altria Group, Inc.	3,694	176,389
Philip Morris International, Inc.	5,658	537,510
		713,899

TOTAL CONSUMER STAPLES		6,056,314

ENERGY - 6.0%
Energy Equipment & Services - 1.0%
Baker Hughes Co. Class A	1,858	37,309
Halliburton Co.	13,752	268,989
Schlumberger Ltd.	21,015	568,456
TechnipFMC PLC	6,326	46,812
		921,566
Oil, Gas & Consumable Fuels - 5.0%
APA Corp.	2,977	59,540
Chevron Corp.	11,968	1,233,542
Cimarex Energy Co.	2,746	181,785
ConocoPhillips Co.	10,985	561,773
Devon Energy Corp.	4,662	108,998
Diamondback Energy, Inc.	480	39,230
EOG Resources, Inc.	8,358	615,483
EQT Corp. (a)	3,537	67,557
Exxon Mobil Corp.	15,803	904,564
Hess Corp.	1,179	87,847
Kinder Morgan, Inc.	12,524	213,534
Marathon Oil Corp.	8,726	98,255
Occidental Petroleum Corp.	1,113	28,226
Pioneer Natural Resources Co.	2,238	344,272
		4,544,606

TOTAL ENERGY		5,466,172

FINANCIALS - 20.4%
Banks - 9.0%
Associated Banc-Corp.	1,804	39,490
Bank of America Corp.	38,402	1,556,433
Bank of Hawaii Corp.	127	11,543
Citigroup, Inc.	14,765	1,051,859
Citizens Financial Group, Inc.	9,615	444,982
Comerica, Inc.	2,154	161,895
East West Bancorp, Inc.	210	15,992
First Citizens Bancshares, Inc.	35	30,361
First Horizon National Corp.	680	12,437
First Republic Bank	314	57,537
Huntington Bancshares, Inc.	3,557	54,493
JPMorgan Chase & Co.	15,561	2,393,437
KeyCorp	622	13,535
M&T Bank Corp.	1,575	248,362
PNC Financial Services Group, Inc.	1,040	194,428
Popular, Inc.	1,525	112,789
Prosperity Bancshares, Inc.	536	39,321
Regions Financial Corp.	17,032	371,298
Synovus Financial Corp.	1,212	56,794
Truist Financial Corp.	629	37,306
UMB Financial Corp.	98	9,509
Umpqua Holdings Corp.	7,821	145,783
Wells Fargo & Co.	23,265	1,048,088
Wintrust Financial Corp.	661	50,963
		8,158,635
Capital Markets - 3.9%
Ameriprise Financial, Inc.	50	12,920
Bank of New York Mellon Corp.	8,928	445,329
BlackRock, Inc. Class A	92	75,376
Charles Schwab Corp.	7,527	529,901
Federated Hermes, Inc. Class B (non-vtg.)	1,218	35,078
Goldman Sachs Group, Inc.	1,966	685,053
Intercontinental Exchange, Inc.	1,817	213,879
LPL Financial	879	137,739
Morgan Stanley	11,188	923,569
Raymond James Financial, Inc.	343	44,858
State Street Corp.	4,661	391,291
Stifel Financial Corp.	332	22,971
		3,517,964
Consumer Finance - 1.7%
Ally Financial, Inc.	762	39,205
Capital One Financial Corp.	5,153	768,209
OneMain Holdings, Inc.	2,342	133,190
SLM Corp.	12,590	247,519
Synchrony Financial	7,628	333,649
		1,521,772
Diversified Financial Services - 2.7%
Berkshire Hathaway, Inc. Class B (a)	8,724	2,398,660
Jefferies Financial Group, Inc.	3,550	115,411
		2,514,071
Insurance - 2.9%
Allstate Corp.	3,833	486,024
American Financial Group, Inc.	1,169	143,623
Chubb Ltd.	1,476	253,267
Everest Re Group Ltd.	108	29,911
Fidelity National Financial, Inc.	6,668	304,194
First American Financial Corp.	6,126	395,127
Hanover Insurance Group, Inc.	53	7,330
Hartford Financial Services Group, Inc.	335	22,097
MetLife, Inc.	3,934	250,320
Old Republic International Corp.	2,603	64,086
Primerica, Inc.	377	60,233
Progressive Corp.	2,486	250,440
Selective Insurance Group, Inc.	723	55,049
The Travelers Companies, Inc.	826	127,749
W.R. Berkley Corp.	1,676	133,611
Willis Towers Watson PLC	183	47,371
		2,630,432
Mortgage Real Estate Investment Trusts - 0.0%
AGNC Investment Corp.	1,277	22,897
Thrifts & Mortgage Finance - 0.2%
MGIC Investment Corp.	9,715	148,057
New York Community Bancorp, Inc.	2,073	24,793
		172,850

TOTAL FINANCIALS		18,538,621

HEALTH CARE - 12.5%
Biotechnology - 1.2%
AbbVie, Inc.	2,733	304,730
Alexion Pharmaceuticals, Inc. (a)	119	20,073
Amgen, Inc.	65	15,577
Biogen, Inc. (a)	1,136	303,687
Gilead Sciences, Inc.	5,685	360,827
United Therapeutics Corp. (a)	289	58,251
		1,063,145
Health Care Equipment & Supplies - 4.2%
Abbott Laboratories	5,732	688,299
Baxter International, Inc.	256	21,937
Becton, Dickinson & Co.	1,775	441,638
Boston Scientific Corp. (a)	3,401	148,284
Danaher Corp.	4,038	1,025,410
Hill-Rom Holdings, Inc.	2,334	257,253
Hologic, Inc. (a)	1,490	97,670
Medtronic PLC	8,290	1,085,327
West Pharmaceutical Services, Inc.	213	69,975
		3,835,793
Health Care Providers & Services - 2.4%
Anthem, Inc.	846	320,964
Cardinal Health, Inc.	647	39,040
Centene Corp. (a)	388	23,955
Cigna Corp.	977	243,283
CVS Health Corp.	9,801	748,796
DaVita HealthCare Partners, Inc. (a)	486	56,634
Humana, Inc.	199	88,603
Laboratory Corp. of America Holdings (a)	56	14,889
McKesson Corp.	1,433	268,773
Select Medical Holdings Corp.	1,245	46,961
UnitedHealth Group, Inc.	807	321,832
		2,173,730
Life Sciences Tools & Services - 0.9%
Agilent Technologies, Inc.	378	50,516
Bio-Rad Laboratories, Inc. Class A (a)	23	14,493
Illumina, Inc. (a)	345	135,530
PerkinElmer, Inc.	486	63,000
Thermo Fisher Scientific, Inc.	1,261	592,960
		856,499
Pharmaceuticals - 3.8%
Bristol-Myers Squibb Co.	9,779	610,405
Johnson & Johnson	10,169	1,654,801
Merck & Co., Inc.	4,038	300,831
Pfizer, Inc.	19,309	746,293
Viatris, Inc. (a)	9,236	122,839
		3,435,169

TOTAL HEALTH CARE		11,364,336

INDUSTRIALS - 13.3%
Aerospace & Defense - 2.0%
Curtiss-Wright Corp.	1,704	217,942
Moog, Inc. Class A	2,468	213,605
Northrop Grumman Corp.	733	259,805
Parsons Corp. (a)	3,226	143,009
Raytheon Technologies Corp.	8,258	687,396
Teledyne Technologies, Inc. (a)	104	46,566
Textron, Inc.	1,031	66,231
The Boeing Co. (a)	925	216,737
		1,851,291
Air Freight & Logistics - 0.2%
FedEx Corp.	277	80,416
United Parcel Service, Inc. Class B	346	70,536
		150,952
Airlines - 0.6%
American Airlines Group, Inc. (a)	797	17,311
Copa Holdings SA Class A (a)	922	79,753
Southwest Airlines Co. (a)	7,591	476,563
		573,627
Building Products - 1.3%
Carrier Global Corp.	4,857	211,668
Fortune Brands Home & Security, Inc.	788	82,724
Johnson Controls International PLC	7,028	438,126
Simpson Manufacturing Co. Ltd.	1,000	112,700
Trane Technologies PLC	492	85,524
UFP Industries, Inc.	2,620	220,185
		1,150,927
Commercial Services & Supplies - 0.7%
Republic Services, Inc.	4,453	473,354
UniFirst Corp.	264	59,186
Waste Management, Inc.	915	126,243
		658,783
Construction & Engineering - 0.7%
EMCOR Group, Inc.	3,324	398,215
Quanta Services, Inc.	2,384	230,390
		628,605
Electrical Equipment - 1.5%
Acuity Brands, Inc.	933	173,090
AMETEK, Inc.	560	75,561
Eaton Corp. PLC	3,695	528,126
Emerson Electric Co.	2,413	218,352
Hubbell, Inc. Class B	569	109,254
nVent Electric PLC	5,885	179,198
Regal Beloit Corp.	98	14,154
Rockwell Automation, Inc.	240	63,422
		1,361,157
Industrial Conglomerates - 1.4%
General Electric Co.	46,808	614,121
Honeywell International, Inc.	2,783	620,720
Roper Technologies, Inc.	136	60,716
		1,295,557
Machinery - 2.7%
AGCO Corp.	2,896	422,584
Allison Transmission Holdings, Inc.	986	40,889
Caterpillar, Inc.	4,195	956,921
Cummins, Inc.	358	90,230
Deere & Co.	1,477	547,745
Dover Corp.	374	55,797
Otis Worldwide Corp.	171	13,316
PACCAR, Inc.	739	66,421
Parker Hannifin Corp.	626	196,445
Rexnord Corp.	759	37,897
Timken Co.	555	46,548
		2,474,793
Professional Services - 0.5%
CACI International, Inc. Class A (a)	852	217,141
CoStar Group, Inc. (a)	105	89,715
Manpower, Inc.	1,023	123,670
Nielsen Holdings PLC	1,506	38,629
		469,155
Road & Rail - 1.6%
CSX Corp.	4,354	438,666
Kansas City Southern	104	30,390
Norfolk Southern Corp.	1,114	311,073
Ryder System, Inc.	233	18,603
Schneider National, Inc. Class B	5,094	123,428
Union Pacific Corp.	1,003	222,756
Werner Enterprises, Inc.	5,996	277,195
		1,422,111
Trading Companies & Distributors - 0.1%
MSC Industrial Direct Co., Inc. Class A	717	64,645

TOTAL INDUSTRIALS		12,101,603

INFORMATION TECHNOLOGY - 9.4%
Communications Equipment - 1.4%
Cisco Systems, Inc.	21,299	1,084,332
F5 Networks, Inc. (a)	215	40,153
Juniper Networks, Inc.	4,612	117,099
		1,241,584
Electronic Equipment & Components - 0.3%
Avnet, Inc.	422	18,534
Corning, Inc.	2,124	93,902
National Instruments Corp.	2,961	122,615
SYNNEX Corp.	719	87,143
		322,194
IT Services - 2.2%
Accenture PLC Class A	61	17,688
Amdocs Ltd.	3,521	270,202
Automatic Data Processing, Inc.	1,794	335,460
Black Knight, Inc. (a)	2,560	185,395
Concentrix Corp. (a)	422	65,570
Fidelity National Information Services, Inc.	583	89,141
Global Payments, Inc.	1,953	419,172
IBM Corp.	3,138	445,219
PayPal Holdings, Inc. (a)	528	138,489
The Western Union Co.	2,747	70,763
		2,037,099
Semiconductors & Semiconductor Equipment - 3.7%
Applied Materials, Inc.	1,777	235,826
Broadcom, Inc.	283	129,105
Cirrus Logic, Inc. (a)	2,048	152,392
Diodes, Inc. (a)	126	9,678
Intel Corp.	22,598	1,300,063
Micron Technology, Inc. (a)	3,016	259,587
NVIDIA Corp.	184	110,470
Qorvo, Inc. (a)	407	76,585
Qualcomm, Inc.	2,016	279,821
Synaptics, Inc. (a)	527	73,711
Texas Instruments, Inc.	3,929	709,224
		3,336,462
Software - 1.4%
Adobe, Inc. (a)	361	183,511
Box, Inc. Class A (a)	8,396	178,835
Dropbox, Inc. Class A (a)	7,293	187,430
FireEye, Inc. (a)	7,201	143,120
Microsoft Corp.	724	182,578
Synopsys, Inc. (a)	613	151,448
Teradata Corp.(a)	884	43,731
Workday, Inc. Class A (a)	701	173,147
		1,243,800
Technology Hardware, Storage & Peripherals - 0.4%
Apple, Inc.	558	73,355
NetApp, Inc.	3,728	278,444
		351,799

TOTAL INFORMATION TECHNOLOGY		8,532,938

MATERIALS - 3.9%
Chemicals - 1.9%
Balchem Corp.	157	19,969
CF Industries Holdings, Inc.	2,988	145,306
Corteva, Inc.	4,983	242,971
Dow, Inc.	4,180	261,250
DuPont de Nemours, Inc.	5,032	388,018
Eastman Chemical Co.	2,765	319,053
Linde PLC	1,018	290,985
NewMarket Corp.	133	46,096
		1,713,648
Construction Materials - 0.2%
Vulcan Materials Co.	1,256	223,869
Containers & Packaging - 0.6%
Graphic Packaging Holding Co.	8,375	155,356
International Paper Co.	4,560	264,480
WestRock Co.	1,767	98,510
		518,346
Metals & Mining - 1.2%
Freeport-McMoRan, Inc.	16,020	604,114
Hecla Mining Co.	9,941	58,751
Newmont Corp.	2,282	142,420
Reliance Steel & Aluminum Co.	1,731	277,497
Royal Gold, Inc.	391	43,737
		1,126,519

TOTAL MATERIALS		3,582,382

REAL ESTATE - 4.1%
Equity Real Estate Investment Trusts (REITs) - 4.0%
American Homes 4 Rent Class A	7,197	266,577
American Tower Corp.	516	131,461
Apartment Income (REIT) Corp.	554	25,013
Apple Hospitality (REIT), Inc.	5,383	85,374
Corporate Office Properties Trust (SBI)	2,703	75,792
Crown Castle International Corp.	2,497	472,083
Equity Commonwealth	2,469	71,107
Extra Space Storage, Inc.	556	82,672
First Industrial Realty Trust, Inc.	2,989	148,763
Gaming & Leisure Properties	2,124	98,745
Healthcare Realty Trust, Inc.	3,670	118,027
Life Storage, Inc.	2,054	197,307
Park Hotels & Resorts, Inc.	3,230	72,061
Potlatch Corp.	1,822	108,154
Prologis (REIT), Inc.	3,383	394,221
PS Business Parks, Inc.	274	44,489
Public Storage	1,445	406,276
SBA Communications Corp. Class A	656	196,616
Stag Industrial, Inc.	2,478	90,472
VEREIT, Inc.	3,316	158,637
Weyerhaeuser Co.	10,352	401,347
		3,645,194
Real Estate Management & Development - 0.1%
Howard Hughes Corp. (a)	922	99,521

TOTAL REAL ESTATE		3,744,715

UTILITIES - 3.0%
Electric Utilities - 2.3%
American Electric Power Co., Inc.	714	63,339
Duke Energy Corp.	2,298	231,386
Entergy Corp.	259	28,306
Exelon Corp.	6,266	281,594
Hawaiian Electric Industries, Inc.	1,761	75,829
IDACORP, Inc.	607	62,205
NextEra Energy, Inc.	10,410	806,879
NRG Energy, Inc.	3,768	134,970
Portland General Electric Co.	4,321	219,766
PPL Corp.	6,243	181,859
		2,086,133
Gas Utilities - 0.0%
UGI Corp.	809	35,361
Multi-Utilities - 0.7%
Ameren Corp.	192	16,289
Dominion Energy, Inc.	265	21,174
MDU Resources Group, Inc.	7,390	247,269
NiSource, Inc.	1,745	45,405
Public Service Enterprise Group, Inc.	1,962	123,920
Sempra Energy	1,023	140,734
		594,791

TOTAL UTILITIES		2,716,285

TOTAL COMMON STOCKS
(Cost $74,193,726)		86,935,634

Money Market Funds - 4.2%
Fidelity Cash Central Fund 0.04% (b)
(Cost $3,800,863)	3,800,103	3,800,863
TOTAL INVESTMENT IN SECURITIES - 99.7%
(Cost $77,994,589)		90,736,497
NET OTHER ASSETS (LIABILITIES) - 0.3%		277,850
NET ASSETS - 100%		$91,014,347

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)	19	June 2021	$3,965,680	$131,078	$131,078

The notional amount of futures purchased as a percentage of Net Assets is 4.4%

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	$802
Total	$802

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$6,745,198	$6,745,198	$--	$--
Consumer Discretionary	8,087,070	8,087,070	--	--
Consumer Staples	6,056,314	6,056,314	--	--
Energy	5,466,172	5,466,172	--	--
Financials	18,538,621	18,538,621	--	--
Health Care	11,364,336	11,364,336	--	--
Industrials	12,101,603	12,101,603	--	--
Information Technology	8,532,938	8,532,938	--	--
Materials	3,582,382	3,582,382	--	--
Real Estate	3,744,715	3,744,715	--	--
Utilities	2,716,285	2,716,285	--	--
Money Market Funds	3,800,863	3,800,863	--	--
Total Investments in Securities:	$90,736,497	$90,736,497	$--	$--
Derivative Instruments:
Assets
Futures Contracts	$131,078	$131,078	$--	$--
Total Assets	$131,078	$131,078	$--	$--
Total Derivative Instruments:	$131,078	$131,078	$--	$--

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, 2021. 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)	$131,078	$0
Total Equity Risk	131,078	0
Total Value of Derivatives	$131,078	$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, 2021
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $74,193,726)	$86,935,634
Fidelity Central Funds (cost $3,800,863)	3,800,863
Total Investment in Securities (cost $77,994,589)		$90,736,497
Segregated cash with brokers for derivative instruments		176,000
Cash		26,502
Receivable for investments sold		632,945
Receivable for fund shares sold		509,435
Dividends receivable		90,428
Distributions receivable from Fidelity Central Funds		137
Total assets		92,171,944
Liabilities
Payable for investments purchased	$1,118,526
Payable for fund shares redeemed	15,366
Payable for daily variation margin on futures contracts	23,705
Total liabilities		1,157,597
Net Assets		$91,014,347
Net Assets consist of:
Paid in capital		$77,112,757
Total accumulated earnings (loss)		13,901,590
Net Assets		$91,014,347
Net Asset Value, offering price and redemption price per share ($91,014,347 ÷ 6,930,263 shares)		$13.13

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

Statement of Operations

		Year ended April 30, 2021
Investment Income
Dividends		$769,709
Income from Fidelity Central Funds		802
Total income		770,511
Expenses
Independent trustees' fees and expenses	$135
Miscellaneous	87
Total expenses before reductions	222
Expense reductions	(66)
Total expenses after reductions		156
Net investment income (loss)		770,355
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	758,612
Fidelity Central Funds	(36)
Futures contracts	136,663
Total net realized gain (loss)		895,239
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	14,157,072
Fidelity Central Funds	(71)
Futures contracts	111,994
Total change in net unrealized appreciation (depreciation)		14,268,995
Net gain (loss)		15,164,234
Net increase (decrease) in net assets resulting from operations		$15,934,589

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

Statement of Changes in Net Assets

	Year ended April 30, 2021	For the period June 27, 2019 (commencement of operations) to April 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$770,355	$482,424
Net realized gain (loss)	895,239	(200,224)
Change in net unrealized appreciation (depreciation)	14,268,995	(1,396,009)
Net increase (decrease) in net assets resulting from operations	15,934,589	(1,113,809)
Distributions to shareholders	(409,418)	(381,002)
Share transactions
Proceeds from sales of shares	69,977,231	37,185,870
Reinvestment of distributions	409,418	381,002
Cost of shares redeemed	(12,876,031)	(18,093,503)
Net increase (decrease) in net assets resulting from share transactions	57,510,618	19,473,369
Total increase (decrease) in net assets	73,035,789	17,978,558
Net Assets
Beginning of period	17,978,558	–
End of period	$91,014,347	$17,978,558
Other Information
Shares
Sold	6,090,967	3,748,876
Issued in reinvestment of distributions	37,945	35,213
Redeemed	(1,214,727)	(1,768,011)
Net increase (decrease)	4,914,185	2,016,078

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

Financial Highlights

Fidelity Flex Large Cap Value Fund


Years ended April 30,	2021	2020 ^A
Selected Per–Share Data
Net asset value, beginning of period	$8.92	$10.00
Income from Investment Operations
Net investment income (loss)^B	.23	.22
Net realized and unrealized gain (loss)	4.13	(1.10)
Total from investment operations	4.36	(.88)
Distributions from net investment income	(.15)	(.18)
Distributions from net realized gain	–	(.03)
Total distributions	(.15)	(.20)^C
Net asset value, end of period	$13.13	$8.92
Total Return^D,^E	49.29%	(9.15)%
Ratios to Average Net Assets^F,^G
Expenses before reductions	- %^H	.01%^I
Expenses net of fee waivers, if any ^H	-%	- %^I
Expenses net of all reductions^H	-%	- %^I
Net investment income (loss)	2.09%	2.63%^I
Supplemental Data
Net assets, end of period (000 omitted)	$91,014	$17,979
Portfolio turnover rate^J	65%	134%^I

^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 per share do not sum due to rounding.

^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, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

^H Amount represents less than .005%.

^I Annualized

^J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

Notes to Financial Statements

For the period ended April 30, 2021

1. Organization.

Fidelity Flex Large Cap Value Fund (the Fund) (formerly Fidelity Flex Large Cap Value II 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. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005% to .01%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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.

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, 2021 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. 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.

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	$13,140,401
Gross unrealized depreciation	(677,518)
Net unrealized appreciation (depreciation)	$12,462,883
Tax Cost	$78,273,614

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

Undistributed ordinary income	$1,084,580
Undistributed long-term capital gain	$354,127
Net unrealized appreciation (depreciation) on securities and other investments	$12,462,883

The tax character of distributions paid was as follows:

	April 30, 2021	April 30, 2020^(a)
Ordinary Income	$409,418	$ 363,857
Long-term Capital Gains	-	17,145
Total	$409,418	$ 381,002

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

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.

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 end and is representative of volume of activity during the period. 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 Fund	78,617,366	23,791,252

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 Fund	$21

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 $66.

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 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 Fund (formerly 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, 2021, the related statement of operations for the year ended April 30, 2021 and the statement of changes in net assets and the financial highlights for the year ended April 30, 2021 and for the period June 27, 2019 (commencement of operations) to April 30, 2020, 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, 2021, the results of its operations for the year ended April 30, 2021, and the changes in its net assets and the financial highlights for the year ended April 30, 2021 and for the period June 27, 2019 (commencement of operations) to April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2021 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/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 14, 2021

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

Bettina Doulton (1964)

Year of Election or Appointment: 2021

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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

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

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) 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, 2020 to April 30, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expenses Paid During Period-^B November 1, 2020 to April 30, 2021
Fidelity Flex Large Cap Value Fund	- %-^C
Actual		$1,000.00	$1,394.10	$--^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D

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

^C Amount represents less than .005%.

^D Amount represents less than $.005.

^E 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Flex Large Cap Value Fund voted to pay on June 7, 2021, to shareholders of record at the opening of business on June 4, 2021, a distribution of $0.147 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.061 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2021, $354,127, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 99% 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.

The fund designates 100% and 93% 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 5% 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 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Flex Large Cap Value Fund

At its January 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC, for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar.

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	153,310,852,719.993	94.554
Withheld	8,830,820,397.844	5.446
TOTAL	162,141,673,117.837	100.000
Donald F. Donahue
Affirmative	153,409,297,334.631	94.614
Withheld	8,732,375,783.206	5.386
TOTAL	162,141,673,117.837	100.000
Bettina Doulton
Affirmative	154,057,198,754.144	95.014
Withheld	8,084,474,363.693	4.986
TOTAL	162,141,673,117.837	100.000
Vicki L. Fuller
Affirmative	154,419,985,979.903	95.238
Withheld	7,721,687,137.934	4.762
TOTAL	162,141,673,117.837	100.00
Patricia L. Kampling
Affirmative	153,773,968,211.778	94.839
Withheld	8,367,704,906.059	5.161
TOTAL	162,141,673,117.837	100.000
Alan J. Lacy
Affirmative	152,412,406,811.772	94.000
Withheld	9,729,266,306.065	6.000
TOTAL	162,141,673,117.837	100.000
Ned C. Lautenbach
Affirmative	151,421,801,314.429	93.389
Withheld	10,719,871,803.408	6.611
TOTAL	162,141,673,117.837	100.000
Robert A. Lawrence
Affirmative	152,467,970,401.411	94.034
Withheld	9,673,702,716.426	5.966
TOTAL	162,141,673,117.837	100.000
Joseph Mauriello
Affirmative	152,391,361,586.517	93.987
Withheld	9,750,311,531.320	6.013
TOTAL	162,141,673,117.837	100.000
Cornelia M. Small
Affirmative	153,101,624,672.870	94.425
Withheld	9,040,048,444.967	5.575
TOTAL	162,141,673,117.837	100.000
Garnett A. Smith
Affirmative	152,502,318,423.900	94.055
Withheld	9,639,354,693.937	5.945
TOTAL	162,141,673,117.837	100.000
David M. Thomas
Affirmative	152,608,626,434.284	94.121
Withheld	9,533,046,683.553	5.879
TOTAL	162,141,673,117.837	100.000
Susan Tomasky
Affirmative	153,605,526,235.885	94.735
Withheld	8,536,146,881.952	5.265
TOTAL	162,141,673,117.837	100.000
Michael E. Wiley
Affirmative	152,567,303,629.801	94.095
Withheld	9,574,369,488.036	5.905
TOTAL	162,141,673,117.837	100.000

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

	# of Votes	% of Votes
Affirmative	372,523,266.327	68.230
Against	75,977,805.915	13.916
Abstain	97,481,434.610	17.854
Broker Non-Vote	0.000	0.000
TOTAL	545,982,506.852	100.000
Proposal 1 reflects trust wide proposal and voting results.

FIDELITY INVESTMENTS

FLV-ANN-0621
1.9893832.101

Fidelity® Mid-Cap Stock K6 Fund

Annual Report

April 30, 2021

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
Liquidity Risk Management Program
Proxy Voting Results

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, 2021	Past 1 year	Life of fund^A
Fidelity® Mid-Cap Stock K6 Fund	63.39%	21.47%

^A From June 13, 2019

$10,000 Over Life of Fund

Let’s say hypothetically that $10,000 was invested in Fidelity^® Small 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
	$14,421	Fidelity® Mid-Cap Stock K6 Fund
	$14,678	S&P MidCap 400® Index

Management's Discussion of Fund Performance

Comments from Lead Manager John Roth and Co-Manager Nicola Stafford: For the fiscal year ending April 30, 2021, the fund gained 63.39%, underperforming the 67.90% result of the benchmark S&P MidCap 400 Index. Versus the benchmark, security selection was the primary detractor, especially in the information technology sector. Choices in consumer staples also hindered the fund's relative result, as did stock picks in health care, especially within the pharmaceuticals, biotechnology & life sciences industry. Foreign holdings also detracted overall, despite benefiting from U.S.-dollar weakness. Not owning Enphase Energy, a benchmark component that gained approximately 334%, was the largest individual relative detractor. Out-of-benchmark positions in NovaGold Resources (-19%) and Cabot Oil & Gas (-22%), also detracted notably. In contrast, stock selection and an underweighting in real estate contributed meaningfully, as did picks in communication services and positioning in consumer discretionary. Peloton Interactive (+344%) added more value than any other fund position for the period. Peloton Interactive was not held in the fund at period end. It also helped to own New Fortress Energy, which gained 243% the past year. We reduced our stake in this company the past 12 months. Lastly, it helped to own shares of Tapestry (+221%), which owns the Coach, Kate Spade, and Stuart Weitzman brands. Each of the fund’s contributors mentioned were non-benchmark positions. Notable changes in positioning included increased exposure to the materials sector and a lower allocation to information technology.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2021

	% of fund's net assets
Molina Healthcare, Inc.	1.9
First Horizon National Corp.	1.6
American Financial Group, Inc.	1.4
Arch Capital Group Ltd.	1.3
Huntington Bancshares, Inc.	1.3
Radian Group, Inc.	1.3
M&T Bank Corp.	1.3
Wintrust Financial Corp.	1.2
AECOM	1.2
NVR, Inc.	1.2
	13.7

Top Five Market Sectors as of April 30, 2021

	% of fund's net assets
Financials	20.6
Industrials	18.4
Consumer Discretionary	14.7
Real Estate	7.7
Materials	7.1

Asset Allocation (% of fund's net assets)

As of April 30, 2021^*
	Stocks	98.4%
	Convertible Securities	0.1%
	Short-Term Investments and Net Other Assets (Liabilities)	1.5%

* Foreign investments - 18.3%

Schedule of Investments April 30, 2021

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares	Value
COMMUNICATION SERVICES - 3.9%
Diversified Telecommunication Services - 0.4%
Cogent Communications Group, Inc.	15,168	$1,145,336
Media - 3.5%
Discovery Communications, Inc. Class A (a)	25,561	962,627
Endeavor Group Holdings, Inc. (a)	40,374	1,001,437
Interpublic Group of Companies, Inc.	119,341	3,789,077
Nexstar Broadcasting Group, Inc. Class A	11,887	1,752,263
Omnicom Group, Inc.	45,051	3,705,895
		11,211,299

TOTAL COMMUNICATION SERVICES		12,356,635

CONSUMER DISCRETIONARY - 14.0%
Auto Components - 0.3%
Faurecia SA	2,090	112,820
Magna International, Inc. Class A (sub. vtg.)	10,358	978,202
		1,091,022
Automobiles - 1.1%
Aston Martin Lagonda Global Holdings PLC (a)(b)	55,710	1,492,218
Stellantis NV	120,810	2,001,822
		3,494,040
Hotels, Restaurants & Leisure - 4.0%
Boyd Gaming Corp. (a)	36,436	2,410,241
Caesars Entertainment, Inc. (a)	19,295	1,887,823
Churchill Downs, Inc.	11,907	2,518,331
Elior SA (b)	133,114	1,102,650
MGM Resorts International	40,377	1,644,151
Wyndham Hotels & Resorts, Inc.	45,887	3,354,799
		12,917,995
Household Durables - 3.6%
D.R. Horton, Inc.	34,905	3,430,812
Lennar Corp. Class A	16,512	1,710,643
Mohawk Industries, Inc. (a)	12,173	2,501,552
NVR, Inc. (a)	766	3,843,865
		11,486,872
Internet & Direct Marketing Retail - 0.3%
Coupang, Inc. Class A (a)(c)	2,483	104,038
Farfetch Ltd. Class A (a)	16,600	813,234
		917,272
Specialty Retail - 1.9%
AutoZone, Inc. (a)	1,130	1,654,456
Best Buy Co., Inc.	11,535	1,341,174
National Vision Holdings, Inc. (a)	18,620	938,634
Ross Stores, Inc.	9,840	1,288,450
Vroom, Inc. (c)	17,460	807,874
		6,030,588
Textiles, Apparel & Luxury Goods - 2.8%
Brunello Cucinelli SpA	61,969	3,155,914
PVH Corp.	17,036	1,928,134
Tapestry, Inc.	56,209	2,689,601
Under Armour, Inc. Class A (sub. vtg.) (a)	44,295	1,076,811
		8,850,460

TOTAL CONSUMER DISCRETIONARY		44,788,249

CONSUMER STAPLES - 3.2%
Food & Staples Retailing - 1.1%
BJ's Wholesale Club Holdings, Inc. (a)	50,223	2,243,461
Kroger Co.	33,370	1,219,340
		3,462,801
Food Products - 2.1%
Bunge Ltd.	18,310	1,545,730
Greencore Group PLC (a)	1,106,559	2,425,275
JDE Peet's BV	22,872	888,731
Lamb Weston Holdings, Inc.	12,691	1,021,626
Nomad Foods Ltd. (a)	29,695	865,906
		6,747,268

TOTAL CONSUMER STAPLES		10,210,069

ENERGY - 5.3%
Energy Equipment & Services - 0.3%
Oceaneering International, Inc. (a)	79,219	851,604
Oil, Gas & Consumable Fuels - 5.0%
Cabot Oil & Gas Corp.	99,286	1,655,098
Canadian Natural Resources Ltd.	53,300	1,617,885
Cheniere Energy, Inc. (a)	41,207	3,194,367
Energy Transfer LP	293,600	2,527,896
Golar LNG Ltd. (a)	79,105	908,125
Harbour Energy PLC (a)	941,861	266,005
Hess Corp.	50,595	3,769,833
Imperial Oil Ltd.	62,100	1,793,557
New Fortress Energy LLC	9,551	406,109
		16,138,875

TOTAL ENERGY		16,990,479

FINANCIALS - 20.6%
Banks - 9.7%
BOK Financial Corp.	13,043	1,147,001
Comerica, Inc.	47,255	3,551,686
Cullen/Frost Bankers, Inc.	20,364	2,444,902
First Horizon National Corp.	281,436	5,147,464
Huntington Bancshares, Inc.	276,093	4,229,745
M&T Bank Corp.	25,086	3,955,811
Signature Bank	12,856	3,233,413
UMB Financial Corp.	24,182	2,346,379
WesBanco, Inc.	28,902	1,048,854
Wintrust Financial Corp.	50,432	3,888,307
		30,993,562
Capital Markets - 1.8%
Cboe Global Markets, Inc.	8,851	923,779
Lazard Ltd. Class A	34,006	1,529,930
Raymond James Financial, Inc.	12,069	1,578,384
Sixth Street Specialty Lending, Inc.	76,543	1,705,378
		5,737,471
Insurance - 7.8%
American Financial Group, Inc.	37,907	4,657,254
American International Group, Inc.	36,741	1,780,101
Arch Capital Group Ltd. (a)	106,908	4,245,317
Assurant, Inc.	9,599	1,493,604
Beazley PLC	182,252	852,757
First American Financial Corp.	40,412	2,606,574
GoHealth, Inc. (a)	69,070	824,005
Hartford Financial Services Group, Inc.	29,789	1,964,882
Hiscox Ltd. (a)	118,776	1,331,969
RenaissanceRe Holdings Ltd.	21,502	3,629,753
The Travelers Companies, Inc.	10,425	1,612,331
		24,998,547
Thrifts & Mortgage Finance - 1.3%
Radian Group, Inc.	166,557	4,103,964

TOTAL FINANCIALS		65,833,544

HEALTH CARE - 6.8%
Health Care Equipment & Supplies - 1.2%
Butterfly Network, Inc. (d)	35,568	489,273
Butterfly Network, Inc. Class A (a)(c)	59,224	857,564
Hologic, Inc. (a)	39,351	2,579,458
		3,926,295
Health Care Providers & Services - 3.9%
Centene Corp. (a)	27,811	1,717,051
Guardant Health, Inc. (a)	6,295	1,000,779
Molina Healthcare, Inc. (a)	23,902	6,097,401
Oak Street Health, Inc. (a)(c)	28,469	1,754,544
Universal Health Services, Inc. Class B	13,593	2,017,337
		12,587,112
Life Sciences Tools & Services - 0.7%
Bruker Corp.	30,819	2,111,718
Pharmaceuticals - 1.0%
Nektar Therapeutics (a)	58,450	1,146,205
Recordati SpA	20,156	1,110,820
Viatris, Inc. (a)	66,469	884,038
		3,141,063

TOTAL HEALTH CARE		21,766,188

INDUSTRIALS - 18.4%
Aerospace & Defense - 1.5%
BWX Technologies, Inc.	20,638	1,381,095
Huntington Ingalls Industries, Inc.	10,177	2,160,781
Kratos Defense & Security Solutions, Inc. (a)	49,513	1,323,978
		4,865,854
Air Freight & Logistics - 1.2%
XPO Logistics, Inc. (a)	27,600	3,839,712
Airlines - 0.6%
JetBlue Airways Corp. (a)	100,470	2,045,569
Building Products - 2.1%
Builders FirstSource, Inc. (a)	51,620	2,512,345
Fortune Brands Home & Security, Inc.	13,585	1,426,153
Owens Corning	29,077	2,814,944
		6,753,442
Commercial Services & Supplies - 0.8%
Stericycle, Inc. (a)	27,049	2,063,298
U.S. Ecology, Inc. (a)	15,104	641,316
		2,704,614
Construction & Engineering - 1.9%
AECOM (a)	57,966	3,850,681
Dycom Industries, Inc. (a)	23,686	2,221,984
		6,072,665
Electrical Equipment - 1.3%
Regal Beloit Corp.	16,150	2,332,545
Sensata Technologies, Inc. PLC (a)	29,023	1,675,788
		4,008,333
Industrial Conglomerates - 0.5%
Melrose Industries PLC	704,885	1,585,801
Machinery - 5.4%
Allison Transmission Holdings, Inc.	38,883	1,612,478
Donaldson Co., Inc.	52,726	3,315,411
Fortive Corp.	28,381	2,009,942
Ingersoll Rand, Inc. (a)	46,014	2,273,552
Kornit Digital Ltd. (a)	8,164	798,113
Oshkosh Corp.	23,239	2,891,629
Pentair PLC	34,876	2,249,851
Woodward, Inc.	16,090	2,011,411
		17,162,387
Marine - 0.1%
Goodbulk Ltd. (a)(e)	30,059	175,038
Professional Services - 1.3%
Clarivate Analytics PLC (a)	28,595	798,658
Leidos Holdings, Inc.	18,503	1,873,984
Science Applications International Corp.	17,748	1,587,026
		4,259,668
Road & Rail - 0.9%
Knight-Swift Transportation Holdings, Inc. Class A	60,796	2,864,708
Trading Companies & Distributors - 0.8%
Beacon Roofing Supply, Inc. (a)	43,229	2,435,090

TOTAL INDUSTRIALS		58,772,881

INFORMATION TECHNOLOGY - 6.7%
Communications Equipment - 0.3%
Ericsson (B Shares)	78,431	1,077,182
Electronic Equipment & Components - 3.0%
Arrow Electronics, Inc. (a)	33,602	3,832,980
CDW Corp.	8,740	1,558,604
Fabrinet (a)	34,107	2,920,241
Keysight Technologies, Inc. (a)	10,207	1,473,380
		9,785,205
IT Services - 2.7%
Akamai Technologies, Inc. (a)	9,851	1,070,804
Black Knight, Inc. (a)	12,415	899,094
Euronet Worldwide, Inc. (a)	5,949	853,265
Gartner, Inc. (a)	5,406	1,058,927
Verra Mobility Corp. (a)	75,355	1,012,771
WNS Holdings Ltd. sponsored ADR (a)	50,496	3,657,425
		8,552,286
Software - 0.7%
Aspen Technology, Inc. (a)	9,790	1,280,924
Citrix Systems, Inc.	6,715	831,653
		2,112,577

TOTAL INFORMATION TECHNOLOGY		21,527,250

MATERIALS - 7.1%
Chemicals - 2.1%
LG Chemical Ltd.	2,383	1,986,046
Nutrien Ltd.	19,073	1,052,844
Olin Corp.	54,251	2,334,421
Valvoline, Inc.	46,550	1,461,670
		6,834,981
Containers & Packaging - 1.4%
Avery Dennison Corp.	9,028	1,933,527
O-I Glass, Inc. (a)	158,256	2,609,641
		4,543,168
Metals & Mining - 3.6%
Antofagasta PLC	48,500	1,249,529
Commercial Metals Co.	57,759	1,687,718
Franco-Nevada Corp.	13,346	1,859,200
Lundin Mining Corp.	128,672	1,554,553
Newcrest Mining Ltd.	49,572	1,012,740
Novagold Resources, Inc. (a)	153,922	1,382,499
Steel Dynamics, Inc.	49,911	2,706,174
		11,452,413

TOTAL MATERIALS		22,830,562

REAL ESTATE - 7.7%
Equity Real Estate Investment Trusts (REITs) - 7.0%
Apartment Income (REIT) Corp.	35,254	1,591,718
Cousins Properties, Inc.	50,893	1,866,246
Equity Residential (SBI)	23,875	1,772,241
Gaming & Leisure Properties	52,216	2,427,522
Healthcare Realty Trust, Inc.	66,880	2,150,861
Healthcare Trust of America, Inc.	64,149	1,884,056
National Retail Properties, Inc.	56,310	2,613,910
Spirit Realty Capital, Inc.	46,641	2,217,313
Tanger Factory Outlet Centers, Inc.	56,365	983,569
VEREIT, Inc.	47,608	2,277,567
VICI Properties, Inc. (c)	82,609	2,618,705
		22,403,708
Real Estate Management & Development - 0.7%
Jones Lang LaSalle, Inc. (a)	11,861	2,228,801

TOTAL REAL ESTATE		24,632,509

UTILITIES - 4.0%
Electric Utilities - 3.0%
Alliant Energy Corp.	49,518	2,781,426
FirstEnergy Corp.	43,873	1,663,664
IDACORP, Inc.	21,726	2,226,480
OGE Energy Corp.	84,048	2,820,651
		9,492,221
Gas Utilities - 0.6%
Atmos Energy Corp.	18,692	1,936,304
Multi-Utilities - 0.4%
NiSource, Inc.	51,388	1,337,116

TOTAL UTILITIES		12,765,641

TOTAL COMMON STOCKS
(Cost $254,744,374)		312,474,007

Preferred Stocks - 0.8%
Convertible Preferred Stocks - 0.1%
HEALTH CARE - 0.1%
Biotechnology - 0.1%
National Resilience, Inc. Series B (d)(e)	15,539	212,263
Nonconvertible Preferred Stocks - 0.7%
CONSUMER DISCRETIONARY - 0.7%
Automobiles - 0.7%
Porsche Automobil Holding SE (Germany)	22,170	2,337,085
TOTAL PREFERRED STOCKS
(Cost $1,705,739)		2,549,348
	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 $8,004)(b)(e)(f)(g)	11,365	455
	Shares	Value

Money Market Funds - 4.5%
Fidelity Cash Central Fund 0.04% (h)	9,761,543	9,763,495
Fidelity Securities Lending Cash Central Fund 0.04% (h)(i)	4,751,984	4,752,459
TOTAL MONEY MARKET FUNDS
(Cost $14,515,954)		14,515,954
TOTAL INVESTMENT IN SECURITIES - 103.0%
(Cost $270,974,071)		329,539,764
NET OTHER ASSETS (LIABILITIES) - (3.0)%		(9,615,738)
NET ASSETS - 100%		$319,924,026

Legend

(a) Non-income producing

(e) Level 3 security

(f) Non-income producing - Security is in default.

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

(h) 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.

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Butterfly Network, Inc.	2/12/21	$355,680
National Resilience, Inc. Series B	12/1/20	$212,263

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	$2,609
Fidelity Securities Lending Cash Central Fund	34,712
Total	$37,321

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$12,356,635	$11,355,198	$1,001,437	$--
Consumer Discretionary	47,125,334	44,788,249	2,337,085	--
Consumer Staples	10,210,069	10,210,069	--	--
Energy	16,990,479	16,990,479	--	--
Financials	65,833,544	65,833,544	--	--
Health Care	21,978,451	21,276,915	489,273	212,263
Industrials	58,772,881	58,597,843	--	175,038
Information Technology	21,527,250	20,450,068	1,077,182	--
Materials	22,830,562	22,830,562	--	--
Real Estate	24,632,509	24,632,509	--	--
Utilities	12,765,641	12,765,641	--	--
Corporate Bonds	455	--	--	455
Money Market Funds	14,515,954	14,515,954	--	--
Total Investments in Securities:	$329,539,764	$324,247,031	$4,904,977	$387,756

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	81.7%
Bermuda	4.2%
Canada	3.1%
United Kingdom	2.3%
Ireland	1.4%
Bailiwick of Jersey	1.4%
Italy	1.3%
Others (Individually Less Than 1%)	4.6%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2021
Assets
Investment in securities, at value (including securities loaned of $4,623,315) — See accompanying schedule: Unaffiliated issuers (cost $256,458,117)	$315,023,810
Fidelity Central Funds (cost $14,515,954)	14,515,954
Total Investment in Securities (cost $270,974,071)		$329,539,764
Foreign currency held at value (cost $98,757)		98,404
Receivable for investments sold		34,742
Receivable for fund shares sold		56,553
Dividends receivable		106,891
Interest receivable		725
Distributions receivable from Fidelity Central Funds		924
Other receivables		3,851
Total assets		329,841,854
Liabilities
Payable for investments purchased
Regular delivery	$4,024,203
Delayed delivery	968,976
Payable for fund shares redeemed	56,768
Accrued management fee	115,856
Collateral on securities loaned	4,752,025
Total liabilities		9,917,828
Net Assets		$319,924,026
Net Assets consist of:
Paid in capital		$252,780,230
Total accumulated earnings (loss)		67,143,796
Net Assets		$319,924,026
Net Asset Value, offering price and redemption price per share ($319,924,026 ÷ 22,635,578 shares)		$14.13

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

Statement of Operations

		Year ended April 30, 2021
Investment Income
Dividends		$2,873,912
Non-Cash dividends		163,989
Interest		925
Income from Fidelity Central Funds (including $34,712 from security lending)		37,321
Total income		3,076,147
Expenses
Management fee	$772,434
Independent trustees' fees and expenses	710
Interest	95
Miscellaneous	130
Total expenses before reductions	773,369
Expense reductions	(12,099)
Total expenses after reductions		761,270
Net investment income (loss)		2,314,877
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	11,281,049
Fidelity Central Funds	(103)
Foreign currency transactions	(391)
Total net realized gain (loss)		11,280,555
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	71,910,664
Fidelity Central Funds	(175)
Assets and liabilities in foreign currencies	(1,104)
Total change in net unrealized appreciation (depreciation)		71,909,385
Net gain (loss)		83,189,940
Net increase (decrease) in net assets resulting from operations		$85,504,817

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

Statement of Changes in Net Assets

	Year ended April 30, 2021	For the period June 13, 2019 (commencement of operations) to April 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$2,314,877	$1,087,213
Net realized gain (loss)	11,280,555	(3,210,873)
Change in net unrealized appreciation (depreciation)	71,909,385	(13,344,750)
Net increase (decrease) in net assets resulting from operations	85,504,817	(15,468,410)
Distributions to shareholders	(2,240,902)	(651,712)
Share transactions
Proceeds from sales of shares	176,141,257	145,177,278
Reinvestment of distributions	2,240,902	651,712
Cost of shares redeemed	(50,156,612)	(21,274,304)
Net increase (decrease) in net assets resulting from share transactions	128,225,547	124,554,686
Total increase (decrease) in net assets	211,489,462	108,434,564
Net Assets
Beginning of period	108,434,564	–
End of period	$319,924,026	$108,434,564
Other Information
Shares
Sold	14,380,726	14,531,536
Issued in reinvestment of distributions	198,040	61,079
Redeemed	(4,297,584)	(2,238,219)
Net increase (decrease)	10,281,182	12,354,396

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

Financial Highlights

Fidelity Mid-Cap Stock K6 Fund


Years ended April 30,	2021	2020 ^A
Selected Per–Share Data
Net asset value, beginning of period	$8.78	$10.00
Income from Investment Operations
Net investment income (loss)^B	.15	.11
Net realized and unrealized gain (loss)	5.37	(1.27)
Total from investment operations	5.52	(1.16)
Distributions from net investment income	(.17)	(.06)
Total distributions	(.17)	(.06)
Net asset value, end of period	$14.13	$8.78
Total Return^C,^D	63.39%	(11.74)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.45%	.45%^G
Expenses net of fee waivers, if any	.45%	.45%^G
Expenses net of all reductions	.44%	.45%^G
Net investment income (loss)	1.35%	1.29%^G
Supplemental Data
Net assets, end of period (000 omitted)	$319,924	$108,435
Portfolio turnover rate^H	61%^I	52%^G,^I

^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.

^G Annualized

^H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

^I 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, 2021

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.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005% to .01%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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:

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, 2021 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. 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. 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. 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.

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	$62,106,727
Gross unrealized depreciation	(4,752,999)
Net unrealized appreciation (depreciation)	$57,353,728
Tax Cost	$272,186,036

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

Undistributed ordinary income	$3,397,305
Undistributed long-term capital gain	$6,389,399
Net unrealized appreciation (depreciation) on securities and other investments	$57,357,092

The tax character of distributions paid was as follows:

	April 30, 2021	April 30, 2020^(a)
Ordinary Income	$2,240,902	$ 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	108,721,575	98,318,294

Unaffiliated Exchanges In-Kind. During the period, the Fund received investments, including accrued interest, and cash valued at $117,754,233 in exchange for 9,393,028 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 $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	$2,232

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Mid-Cap Stock K6 Fund	Borrower	$10,349,000	.33%	$95

	Purchases ($)	Sales ($)
Fidelity Mid-Cap Stock K6 Fund	4,721,076	5,617,037

Prior Fiscal Year Affiliated Exchanges In-Kind. During the prior 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	$130

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

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Mid-Cap Stock K6 Fund	$696	$–	$–

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 expenses. This amount totaled $12,051 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 $48.

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, 2021, the related statement of operations for the year ended April 30, 2021 and the statement of changes in net assets and the financial highlights for the year ended April 30, 2021 and for the period June 13, 2019 (commencement of operations) to April 30, 2020, 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, 2021, the results of its operations for the year ended April 30, 2021, and the changes in its net assets and the financial highlights for the year ended April 30, 2021 and for the period June 13, 2019 (commencement of operations) to April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 14, 2021

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

Bettina Doulton (1964)

Year of Election or Appointment: 2021

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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

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

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) 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, 2020 to April 30, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expenses Paid During Period-^B November 1, 2020 to April 30, 2021
Fidelity Mid-Cap Stock K6 Fund	.45%
Actual		$1,000.00	$1,425.20	$2.71
Hypothetical-^C		$1,000.00	$1,022.56	$2.26

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

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Mid-Cap Stock K6 Fund voted to pay on June 7, 2021, to shareholders of record at the opening of business on June 4, 2021, a distribution of $0.370 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.018 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2021, $6,389,399, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 91% and 62% 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 99% and 68% 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 2% and 33% 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 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Mid Cap Stock K6 Fund

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

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Dennis J. Dirks
Affirmative	153,310,852,719.993	94.554
Withheld	8,830,820,397.844	5.446
TOTAL	162,141,673,117.837	100.000
Donald F. Donahue
Affirmative	153,409,297,334.631	94.614
Withheld	8,732,375,783.206	5.386
TOTAL	162,141,673,117.837	100.000
Bettina Doulton
Affirmative	154,057,198,754.144	95.014
Withheld	8,084,474,363.693	4.986
TOTAL	162,141,673,117.837	100.000
Vicki L. Fuller
Affirmative	154,419,985,979.903	95.238
Withheld	7,721,687,137.934	4.762
TOTAL	162,141,673,117.837	100.00
Patricia L. Kampling
Affirmative	153,773,968,211.778	94.839
Withheld	8,367,704,906.059	5.161
TOTAL	162,141,673,117.837	100.000
Alan J. Lacy
Affirmative	152,412,406,811.772	94.000
Withheld	9,729,266,306.065	6.000
TOTAL	162,141,673,117.837	100.000
Ned C. Lautenbach
Affirmative	151,421,801,314.429	93.389
Withheld	10,719,871,803.408	6.611
TOTAL	162,141,673,117.837	100.000
Robert A. Lawrence
Affirmative	152,467,970,401.411	94.034
Withheld	9,673,702,716.426	5.966
TOTAL	162,141,673,117.837	100.000
Joseph Mauriello
Affirmative	152,391,361,586.517	93.987
Withheld	9,750,311,531.320	6.013
TOTAL	162,141,673,117.837	100.000
Cornelia M. Small
Affirmative	153,101,624,672.870	94.425
Withheld	9,040,048,444.967	5.575
TOTAL	162,141,673,117.837	100.000
Garnett A. Smith
Affirmative	152,502,318,423.900	94.055
Withheld	9,639,354,693.937	5.945
TOTAL	162,141,673,117.837	100.000
David M. Thomas
Affirmative	152,608,626,434.284	94.121
Withheld	9,533,046,683.553	5.879
TOTAL	162,141,673,117.837	100.000
Susan Tomasky
Affirmative	153,605,526,235.885	94.735
Withheld	8,536,146,881.952	5.265
TOTAL	162,141,673,117.837	100.000
Michael E. Wiley
Affirmative	152,567,303,629.801	94.095
Withheld	9,574,369,488.036	5.905
TOTAL	162,141,673,117.837	100.000

PROPOSAL 2

To convert a fundamental investment policy to a non-fundamental investment policy.

	# of Votes	% of Votes
Affirmative	372,523,266.327	68.230
Against	75,977,805.915	13.916
Abstain	97,481,434.610	17.854
Broker Non-Vote	0.000	0.000
TOTAL	545,982,506.852	100.000
Proposal 1 reflects trust wide proposal and voting results.

FIDELITY INVESTMENTS

MCS-K6-ANN-0621
1.9893890.101

Item 2.

Code of Ethics

As of the end of the period, April 30, 2021, Fidelity Concord Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Large Cap Stock Fund, Fidelity Large Cap Stock K6 Fund, Fidelity Mid-Cap Stock Fund, Fidelity Series Small Cap Discovery Fund, Fidelity Small Cap Discovery Fund, Fidelity Small Cap Stock Fund and Fidelity Small Cap Stock K6 Fund (the “Funds”):

Services Billed by Deloitte Entities

April 30, 2021 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Large Cap Stock Fund	$39,600	$-	$10,600	$1,000
Fidelity Large Cap Stock K6 Fund	$39,600	$-	$8,900	$1,000
Fidelity Mid-Cap Stock Fund	$45,100	$-	$15,600	$1,100
Fidelity Series Small Cap Discovery Fund	$38,700	$-	$7,500	$1,000
Fidelity Small Cap Discovery Fund	$40,700	$-	$7,800	$1,000
Fidelity Small Cap Stock Fund	$40,700	$-	$11,900	$1,000
Fidelity Small Cap Stock K6 Fund	$40,700	$-	$12,400	$1,000

April 30, 2020 Fees^A


	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

^AAmounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Flex Large Cap Value Fund, Fidelity Founders Fund and Fidelity Mid-Cap Stock K6 Fund (the “Funds”):

Services Billed by PwC

April 30, 2021 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Flex Large Cap Value Fund	$34,900	$3,100	$6,900	$1,200
Fidelity Founders Fund	$27,700	$2,700	$6,300	$1,000
Fidelity Mid-Cap Stock K6 Fund	$38,800	$3,200	$17,700	$1,200

April 30, 2020 Fees^A,B


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Flex Large Cap Value Fund	$31,200	$2,500	$6,900	$1,000
Fidelity Founders Fund	$30,300	$2,500	$6,400	$1,100
Fidelity Mid-Cap Stock K6 Fund	$32,300	$2,600	$7,100	$1,100

^AAmounts may reflect rounding.

^BFidelity Flex Large Cap Value Fund commenced operations on June 27, 2019 and Fidelity Mid-Cap Stock K6 Fund commenced operation on June 13, 2019.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):

Services Billed by Deloitte Entities


	April 30, 2021^A	April 30, 2020^A
Audit-Related Fees	$-	$-
Tax Fees	$-	$3,000
All Other Fees	$-	$-

^A Amounts may reflect rounding.

Services Billed by PwC


	April 30, 2021^A	April 30, 2020^A,B
Audit-Related Fees	$9,015,700	$8,884,200
Tax Fees	$14,300	$17,700
All Other Fees	$-	$-

^A Amounts may reflect rounding.

^BMay include amounts billed prior to the Fidelity Flex Large Cap Value Fund and Fidelity Mid-Cap Stock K6 Funds’ commencement of operations.

“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:


Billed By	April 30, 2021^A	April 30, 2020^A,B
Deloitte Entities	$603,400	$559,200
PwC	$14,194,300	$14,263,900

^A Amounts may reflect rounding.

^BMay include amounts billed prior to the Fidelity Flex Large Cap Value Fund and Fidelity Mid-Cap Stock K6 Funds’ commencement of operations.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the

service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits


(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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Concord Street Trust


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	June 22, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	June 22, 2021


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	June 22, 2021