Fidelity Concord Street Trust NCSR Certified annual shareholder report (management investment company)

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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

Periods ended April 30, 2024	Past 1 year	Life of Fund A
Fidelity® Series Small Cap Core Fund	14.81%	8.49%

A From November 4, 2022

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Series Small Cap Core Fund, on November 4, 2022, 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.

Management's Discussion of Fund Performance

Market Recap:

U.S. equities gained 22.66% for the 12 months ending April 30, 2024, according to the S&P 500® index, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year. Amid this favorable backdrop for higher-risk assets, the S&P 500® continued its late-2023 momentum and ended March at its all-time high before snapping a five-month uptrend in April (-4.08%). Growth stocks led the broad rally, mostly driven by a narrow set of firms in the communication services (+41%) and information technology (+37%) sectors, largely due to excitement for AI. In particular, semiconductor-related stocks (+104%) were a standout. Following the Fed's November 1 meeting, when the central bank hinted it might be done raising rates, the S&P 500® reversed a three-month decline and gained 14.09% in the final two months of 2023 and 10.56% the first quarter. Risk assets were further aided on March 20, when the central bank held steady its benchmark federal funds rate and affirmed its projection to cut in 2024. The index then slipped in April, as inflation remained stickier than expected, spurring doubts of a soft economic landing. For the full 12 months, the financials, industrials and consumer discretionary sectors each gained about 24%. In sharp contrast, real estate and the defensive-oriented utilities sector each roughly broke even. Other notable "laggards" included consumer staples (+3%) and health care (+7%).

Comments from Co-Managers Drew Gellert and Ethan Hugo:

For the fiscal year ending April 30, 2024, the fund gained 14.81%, versus 13.32% for the benchmark Russell 2000 Index. Relative to the benchmark, security selection was the primary contributor, especially within consumer staples. Stock selection in financials, primarily within the banks industry, also helped. Security selection in information technology and materials also boosted the fund's relative performance. The top individual relative contributor was an overweight in Onto Innovation (+133%). Onto Innovation was among our biggest holdings. This period we increased our investment in Onto Innovation. The second-largest relative contributor was our non-benchmark stake in TechnipFMC (+87%). TechnipFMC was among the largest holdings at period end. This period we increased our stake in TechnipFMC. A non-benchmark stake in Natera gained 77% and notably helped. This period we increased our position in Natera. In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer discretionary. Also hurting our result were stock picks in real estate and utilities. The biggest individual relative detractor was an underweight in Super Micro Computer (+715%). This was an investment we established this period. A second notable relative detractor was an overweight in Shoals Technologies (-60%). This period we increased our stake in Shoals Technologies. A non-benchmark stake in WNS returned -54% and notably hurt. Notable changes in positioning include decreased exposure to consumer staples and a higher allocation to information technology.

Note to shareholders:

On June 30, 2023, Drew Gellert assumed co-management responsibilities for the fund.

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 April 30, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Chord Energy Corp.	1.1
Onto Innovation, Inc.	1.0
Wintrust Financial Corp.	1.0
ATI, Inc.	1.0
FirstCash Holdings, Inc.	1.0
TechnipFMC PLC	0.9
Cadence Bank	0.9
Cactus, Inc.	0.9
Applied Industrial Technologies, Inc.	0.9
Varonis Systems, Inc.	0.9
	9.6

Market Sectors (% of Fund's net assets)

Industrials	17.4
Financials	17.1
Health Care	14.9
Information Technology	14.2
Consumer Discretionary	10.5
Energy	7.3
Real Estate	5.5
Materials	4.9
Consumer Staples	2.9
Communication Services	2.1
Utilities	2.1

Asset Allocation (% of Fund's net assets)

Schedule of Investments April 30, 2024

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value ($)
COMMUNICATION SERVICES - 2.1%
Diversified Telecommunication Services - 0.4%
Cogent Communications Group, Inc.	29,573	1,897,995
Entertainment - 0.2%
IMAX Corp. (a)	63,416	1,015,290
Interactive Media & Services - 1.2%
IAC, Inc. (a)	29,638	1,409,583
QuinStreet, Inc. (a)	145,305	2,628,567
Ziff Davis, Inc. (a)	35,676	1,787,724
		5,825,874
Wireless Telecommunication Services - 0.3%
Gogo, Inc. (a)	123,755	1,121,220
TOTAL COMMUNICATION SERVICES		9,860,379
CONSUMER DISCRETIONARY - 10.5%
Automobile Components - 1.2%
Adient PLC (a)	43,566	1,301,316
Gentherm, Inc. (a)	22,830	1,154,513
LCI Industries	21,750	2,261,565
Patrick Industries, Inc.	6,992	730,594
		5,447,988
Broadline Retail - 0.3%
Global-e Online Ltd. (a)	40,882	1,370,773
Diversified Consumer Services - 2.1%
Adtalem Global Education, Inc. (a)	16,790	833,120
European Wax Center, Inc. (a)(b)	113,861	1,339,005
Grand Canyon Education, Inc. (a)	26,695	3,470,884
Laureate Education, Inc. Class A	156,032	2,262,464
OneSpaWorld Holdings Ltd. (a)	178,424	2,269,553
		10,175,026
Hotels, Restaurants & Leisure - 1.2%
Aramark	82,645	2,604,144
Bowlero Corp. Class A (b)	104,894	1,232,505
Noodles & Co. (a)	12,741	19,239
Red Rock Resorts, Inc.	32,562	1,729,693
		5,585,581
Household Durables - 1.6%
Cavco Industries, Inc. (a)	8,356	3,043,339
LGI Homes, Inc. (a)	17,416	1,566,221
SharkNinja, Inc.	47,123	3,029,066
		7,638,626
Leisure Products - 0.6%
Brunswick Corp.	33,864	2,730,793
Specialty Retail - 3.5%
Academy Sports & Outdoors, Inc.	46,083	2,686,639
Advance Auto Parts, Inc.	23,107	1,686,349
America's Car Mart, Inc. (a)	25,206	1,442,791
Boot Barn Holdings, Inc. (a)	22,249	2,368,851
Camping World Holdings, Inc. (b)	90,718	1,838,854
Dick's Sporting Goods, Inc.	13,398	2,692,194
Murphy U.S.A., Inc.	6,473	2,678,657
Victoria's Secret & Co. (a)	64,334	1,133,565
		16,527,900
Textiles, Apparel & Luxury Goods - 0.0%
Rocky Brands, Inc.	5,564	143,384
TOTAL CONSUMER DISCRETIONARY		49,620,071
CONSUMER STAPLES - 2.9%
Beverages - 0.5%
Primo Water Corp.	112,089	2,115,119
Consumer Staples Distribution & Retail - 1.3%
Performance Food Group Co. (a)	36,520	2,478,978
Sprouts Farmers Market LLC (a)	55,804	3,684,738
		6,163,716
Food Products - 0.6%
SunOpta, Inc. (a)	116,769	764,837
The Simply Good Foods Co. (a)	62,001	2,259,936
		3,024,773
Household Products - 0.5%
Spectrum Brands Holdings, Inc. (b)	27,243	2,230,384
TOTAL CONSUMER STAPLES		13,533,992
ENERGY - 7.3%
Energy Equipment & Services - 3.2%
Cactus, Inc.	88,920	4,413,989
Liberty Oilfield Services, Inc. Class A	170,762	3,756,764
Oceaneering International, Inc. (a)	120,609	2,763,152
TechnipFMC PLC	175,618	4,499,333
		15,433,238
Oil, Gas & Consumable Fuels - 4.1%
California Resources Corp.	36,458	1,927,170
Chord Energy Corp.	28,987	5,130,112
Civitas Resources, Inc.	40,787	2,935,033
Golar LNG Ltd.	75,807	1,858,788
National Energy Services Reunited Corp. (a)	175,356	1,736,024
Northern Oil & Gas, Inc.	64,319	2,623,572
Range Resources Corp.	51,294	1,841,968
Sitio Royalties Corp.	15,821	367,680
Uranium Energy Corp. (a)(b)	142,584	962,442
		19,382,789
TOTAL ENERGY		34,816,027
FINANCIALS - 17.1%
Banks - 9.2%
Associated Banc-Corp.	72,309	1,523,551
BOK Financial Corp.	18,424	1,634,762
Byline Bancorp, Inc.	81,620	1,768,705
Cadence Bank	160,950	4,453,487
Camden National Corp.	5,323	166,184
ConnectOne Bancorp, Inc.	34,157	611,752
Eastern Bankshares, Inc.	227,373	2,855,805
First Foundation, Inc.	4,339	23,778
First Interstate Bancsystem, Inc.	135,996	3,631,093
FNB Corp., Pennsylvania	227,946	3,040,800
Fulton Financial Corp.	19,700	326,035
Glacier Bancorp, Inc.	54,058	1,955,818
Independent Bank Corp.	82,734	2,052,631
Independent Bank Group, Inc.	39,623	1,475,561
International Bancshares Corp.	23,299	1,296,589
Pinnacle Financial Partners, Inc.	27,093	2,078,033
Popular, Inc.	1,263	107,342
United Community Bank, Inc.	117,903	2,974,693
Univest Corp. of Pennsylvania	13,737	286,691
Webster Financial Corp.	82,602	3,620,446
Western Alliance Bancorp.	58,104	3,302,050
Wintrust Financial Corp.	47,956	4,634,468
		43,820,274
Capital Markets - 3.3%
Patria Investments Ltd.	103,234	1,383,336
Perella Weinberg Partners Class A	283,001	4,222,375
Piper Jaffray Companies	16,541	3,238,562
PJT Partners, Inc. (b)	19,895	1,879,879
StepStone Group, Inc. Class A	63,032	2,273,564
Stifel Financial Corp.	35,370	2,826,770
		15,824,486
Consumer Finance - 1.0%
FirstCash Holdings, Inc.	40,265	4,549,140
NerdWallet, Inc. (a)	2,289	28,773
		4,577,913
Financial Services - 2.1%
Essent Group Ltd.	60,801	3,220,629
Federal Agricultural Mortgage Corp. Class C (non-vtg.)	5,569	1,036,558
Flywire Corp. (a)	86,826	1,779,933
NMI Holdings, Inc. (a)	88,238	2,723,025
Walker & Dunlop, Inc.	13,110	1,201,269
		9,961,414
Insurance - 1.5%
Selective Insurance Group, Inc.	17,617	1,790,768
The Baldwin Insurance Group, Inc. (a)	106,973	2,849,761
White Mountains Insurance Group Ltd. (b)	1,285	2,284,910
		6,925,439
TOTAL FINANCIALS		81,109,526
HEALTH CARE - 14.9%
Biotechnology - 7.3%
Apogee Therapeutics, Inc.	5,333	268,250
Arcellx, Inc. (a)	37,925	1,897,009
Autolus Therapeutics PLC ADR (a)	228,679	841,539
Blueprint Medicines Corp. (a)	40,691	3,716,716
Celldex Therapeutics, Inc. (a)	67,719	2,534,045
Crinetics Pharmaceuticals, Inc. (a)	57,449	2,517,415
Cytokinetics, Inc. (a)	44,333	2,718,500
Day One Biopharmaceuticals, Inc. (a)	112,310	1,920,501
Insmed, Inc. (a)	31,637	782,067
Janux Therapeutics, Inc. (a)	10,437	594,909
Keros Therapeutics, Inc. (a)	38,231	2,155,846
Madrigal Pharmaceuticals, Inc. (a)(b)	10,069	2,054,277
Moonlake Immunotherapeutics (a)	27,619	1,129,893
Natera, Inc. (a)	23,271	2,161,410
PTC Therapeutics, Inc. (a)	39,395	1,266,549
Repligen Corp. (a)	8,438	1,385,520
Spyre Therapeutics, Inc. (a)	5,908	195,141
Vaxcyte, Inc. (a)	32,356	1,959,156
Viking Therapeutics, Inc. (a)	4,467	355,484
Viridian Therapeutics, Inc. (a)	90,436	1,199,181
Xenon Pharmaceuticals, Inc. (a)	50,032	2,033,801
Zentalis Pharmaceuticals, Inc. (a)	98,373	1,088,005
		34,775,214
Health Care Equipment & Supplies - 3.6%
Axonics, Inc. (a)	1,029	68,501
Glaukos Corp. (a)	33,842	3,248,832
Inspire Medical Systems, Inc. (a)	11,877	2,870,196
iRhythm Technologies, Inc. (a)	24,686	2,705,092
Masimo Corp. (a)	19,725	2,651,237
Merit Medical Systems, Inc. (a)	46,283	3,429,570
TransMedics Group, Inc. (a)	19,279	1,814,732
ViewRay, Inc. (a)	34,227	0
		16,788,160
Health Care Providers & Services - 2.1%
Acadia Healthcare Co., Inc. (a)	37,687	2,786,577
LifeStance Health Group, Inc. (a)	237,732	1,469,184
Surgery Partners, Inc. (a)	86,401	2,155,705
The Ensign Group, Inc.	30,661	3,629,036
		10,040,502
Health Care Technology - 0.2%
Phreesia, Inc. (a)	32,666	677,493
Pharmaceuticals - 1.7%
Arvinas Holding Co. LLC (a)	75,264	2,391,137
Axsome Therapeutics, Inc. (a)(b)	35,183	2,595,098
Enliven Therapeutics, Inc. (a)	60,361	1,049,678
Structure Therapeutics, Inc. ADR (a)	20,285	800,040
Verona Pharma PLC ADR (a)	84,791	1,310,021
		8,145,974
TOTAL HEALTH CARE		70,427,343
INDUSTRIALS - 17.4%
Aerospace & Defense - 2.0%
AerSale Corp. (a)	137,367	979,427
Cadre Holdings, Inc.	79,862	2,663,398
Kratos Defense & Security Solutions, Inc. (a)	136,583	2,433,909
Spirit AeroSystems Holdings, Inc. Class A (a)	63,071	2,018,272
V2X, Inc. (a)	29,628	1,439,328
		9,534,334
Building Products - 1.6%
AAON, Inc.	24,517	2,306,805
AZZ, Inc.	18,858	1,350,799
Tecnoglass, Inc.	22,669	1,259,263
UFP Industries, Inc.	24,911	2,807,470
		7,724,337
Commercial Services & Supplies - 1.6%
ACV Auctions, Inc. Class A (a)	109,019	1,902,382
Brady Corp. Class A	9,260	546,340
The Brink's Co.	47,724	4,173,941
VSE Corp.	11,835	923,958
		7,546,621
Construction & Engineering - 3.1%
Bowman Consulting Group Ltd. (a)	60,548	1,967,205
Centuri Holdings, Inc.	47,430	1,173,893
Comfort Systems U.S.A., Inc.	10,223	3,163,098
Construction Partners, Inc. Class A (a)	41,397	2,137,741
EMCOR Group, Inc.	4,040	1,442,967
IES Holdings, Inc. (a)	15,332	2,071,660
Sterling Construction Co., Inc. (a)	27,415	2,785,364
		14,741,928
Electrical Equipment - 1.5%
Atkore, Inc.	14,187	2,486,981
Fluence Energy, Inc. (a)	51,697	922,274
Nextracker, Inc. Class A (a)	56,030	2,397,524
Shoals Technologies Group, Inc. (a)	167,531	1,415,637
		7,222,416
Machinery - 2.0%
Crane Co.	22,969	3,215,890
Federal Signal Corp.	10,566	859,016
Hillenbrand, Inc.	48,615	2,319,908
Terex Corp.	55,288	3,098,892
		9,493,706
Professional Services - 3.8%
ASGN, Inc. (a)	40,473	3,903,621
Concentrix Corp.	16,432	898,337
CRA International, Inc.	26,883	3,900,454
ICF International, Inc.	22,868	3,299,624
Maximus, Inc.	26,265	2,108,554
TrueBlue, Inc. (a)	82,139	855,888
Verra Mobility Corp. (a)	69,440	1,637,395
WNS Holdings Ltd.	35,998	1,508,676
		18,112,549
Trading Companies & Distributors - 1.8%
Applied Industrial Technologies, Inc.	23,595	4,323,784
FTAI Aviation Ltd.	55,317	3,883,807
		8,207,591
TOTAL INDUSTRIALS		82,583,482
INFORMATION TECHNOLOGY - 14.2%
Communications Equipment - 0.5%
Ciena Corp. (a)	29,234	1,351,488
Lumentum Holdings, Inc. (a)	21,408	936,814
		2,288,302
Electronic Equipment, Instruments & Components - 1.9%
Advanced Energy Industries, Inc.	22,651	2,170,872
Belden, Inc.	22,570	1,834,264
Crane NXT Co.	39,982	2,431,305
Napco Security Technologies, Inc.	66,147	2,692,183
		9,128,624
IT Services - 0.3%
Perficient, Inc. (a)	34,613	1,635,810
Semiconductors & Semiconductor Equipment - 6.1%
Allegro MicroSystems LLC (a)	69,580	2,065,830
Cirrus Logic, Inc. (a)	23,037	2,040,387
Diodes, Inc. (a)	26,320	1,921,623
Ichor Holdings Ltd. (a)	62,432	2,421,113
Impinj, Inc. (a)	2,341	373,109
MACOM Technology Solutions Holdings, Inc. (a)	31,333	3,194,399
MKS Instruments, Inc.	13,368	1,590,525
Nova Ltd. (a)	15,093	2,564,301
Onto Innovation, Inc. (a)	25,974	4,817,917
Silicon Motion Tech Corp. sponsored ADR	20,033	1,478,636
SMART Global Holdings, Inc. (a)	102,571	1,873,972
Synaptics, Inc. (a)	30,824	2,772,927
Ultra Clean Holdings, Inc. (a)	43,458	1,817,848
		28,932,587
Software - 4.5%
BlackLine, Inc. (a)	45,119	2,619,158
Five9, Inc. (a)	23,777	1,368,842
MicroStrategy, Inc. Class A (a)	2,020	2,151,361
PROS Holdings, Inc. (a)	58,049	1,901,105
Rapid7, Inc. (a)	60,129	2,693,779
Telos Corp. (a)	27,878	95,900
Tenable Holdings, Inc. (a)	90,931	4,089,167
Varonis Systems, Inc. (a)	97,514	4,266,238
Workiva, Inc. (a)	28,086	2,213,177
		21,398,727
Technology Hardware, Storage & Peripherals - 0.9%
Super Micro Computer, Inc. (a)	4,667	4,008,020
TOTAL INFORMATION TECHNOLOGY		67,392,070
MATERIALS - 4.9%
Chemicals - 1.7%
Element Solutions, Inc.	93,043	2,152,085
Olin Corp.	23,154	1,210,491
Quaker Houghton	14,305	2,668,312
The Chemours Co. LLC	68,813	1,840,748
Tronox Holdings PLC	13,472	228,889
		8,100,525
Construction Materials - 0.7%
Eagle Materials, Inc.	12,987	3,255,971
Containers & Packaging - 0.9%
Graphic Packaging Holding Co.	94,001	2,429,926
O-I Glass, Inc. (a)	130,932	1,958,743
		4,388,669
Metals & Mining - 1.6%
ATI, Inc. (a)	76,829	4,586,691
Commercial Metals Co.	21,290	1,144,125
Constellium NV (a)	100,951	1,987,725
		7,718,541
TOTAL MATERIALS		23,463,706
REAL ESTATE - 5.5%
Equity Real Estate Investment Trusts (REITs) - 4.4%
Apple Hospitality (REIT), Inc.	127,756	1,885,679
Armada Hoffler Properties, Inc.	152,721	1,606,625
Douglas Emmett, Inc.	155,755	2,135,401
Four Corners Property Trust, Inc.	98,475	2,309,239
LXP Industrial Trust (REIT)	317,053	2,647,393
Outfront Media, Inc.	104,464	1,656,799
Plymouth Industrial REIT, Inc.	113,495	2,369,776
Postal Realty Trust, Inc.	76,087	1,053,805
RLJ Lodging Trust	114,833	1,263,163
Ryman Hospitality Properties, Inc.	13,518	1,425,879
Urban Edge Properties	147,562	2,468,712
		20,822,471
Real Estate Management & Development - 1.1%
Cushman & Wakefield PLC (a)	325,683	3,142,841
Jones Lang LaSalle, Inc. (a)	12,344	2,230,561
		5,373,402
TOTAL REAL ESTATE		26,195,873
UTILITIES - 2.1%
Electric Utilities - 0.9%
Allete, Inc.	48,525	2,873,651
IDACORP, Inc.	14,169	1,342,938
		4,216,589
Gas Utilities - 1.2%
Brookfield Infrastructure Corp. A Shares	81,165	2,473,098
New Jersey Resources Corp.	45,024	1,967,099
Southwest Gas Holdings, Inc.	15,869	1,184,145
		5,624,342
TOTAL UTILITIES		9,840,931
TOTAL COMMON STOCKS (Cost $473,241,696)		468,843,400

Money Market Funds - 3.7%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (c)	6,371,331	6,372,606
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d)	11,091,141	11,092,250
TOTAL MONEY MARKET FUNDS (Cost $17,464,856)		17,464,856

Equity Funds - 0.3%
	Shares	Value ($)
Small Blend Funds - 0.3%
iShares Russell 2000 Index ETF (b) (Cost $1,514,889)	7,635	1,495,697

TOTAL INVESTMENT IN SECURITIES - 102.9% (Cost $492,221,441)	487,803,953
NET OTHER ASSETS (LIABILITIES) - (2.9)%	(13,589,323)
NET ASSETS - 100.0%	474,214,630

Security Type Abbreviations

ETF

EXCHANGE-TRADED FUND

Legend

(a)	Non-income producing

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

(c)

Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	37,469	494,367,176	488,031,896	166,267	(143)	-	6,372,606	0.0%
Fidelity Securities Lending Cash Central Fund 5.39%	-	45,737,459	34,645,209	22,100	-	-	11,092,250	0.0%
Total	37,469	540,104,635	522,677,105	188,367	(143)	-	17,464,856

Amounts in the dividend 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.

Amounts in the dividend income column 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	9,860,379	9,860,379	-	-
Consumer Discretionary	49,620,071	49,620,071	-	-
Consumer Staples	13,533,992	13,533,992	-	-
Energy	34,816,027	34,816,027	-	-
Financials	81,109,526	81,109,526	-	-
Health Care	70,427,343	70,427,343	-	-
Industrials	82,583,482	82,583,482	-	-
Information Technology	67,392,070	67,392,070	-	-
Materials	23,463,706	23,463,706	-	-
Real Estate	26,195,873	26,195,873	-	-
Utilities	9,840,931	9,840,931	-	-

Money Market Funds	17,464,856	17,464,856	-	-

Equity Funds	1,495,697	1,495,697	-	-
Total Investments in Securities:	487,803,953	487,803,953	-	-

Financial Statements

Statement of Assets and Liabilities
				April 30, 2024

Assets
Investment in securities, at value (including securities loaned of $10,747,827) - See accompanying schedule:
Unaffiliated issuers (cost $474,756,585)	$	470,339,097
Fidelity Central Funds (cost $17,464,856)		17,464,856


Total Investment in Securities (cost $492,221,441)			$	487,803,953
Cash				1,351
Receivable for investments sold				630,715
Receivable for fund shares sold				5,842,614
Dividends receivable				15,191
Distributions receivable from Fidelity Central Funds				37,152
Receivable from investment adviser for expense reductions				4,179
Total assets				494,335,155
Liabilities
Payable for investments purchased	$	3,697,273
Payable for fund shares redeemed		5,316,868
Other payables and accrued expenses		14,134
Collateral on securities loaned		11,092,250
Total liabilities				20,120,525
Net Assets			$	474,214,630
Net Assets consist of:
Paid in capital			$	477,877,862
Total accumulated earnings (loss)				(3,663,232)
Net Assets			$	474,214,630
Net Asset Value, offering price and redemption price per share ($474,214,630 ÷ 42,856,728 shares)			$	11.07

Statement of Operations
				Year ended April 30, 2024
Investment Income
Dividends			$	1,379,704
Income from Fidelity Central Funds (including $22,100 from security lending)				188,367
Total income				1,568,071
Expenses
Custodian fees and expenses	$	19,816
Independent trustees' fees and expenses		300
Total expenses before reductions		20,116
Expense reductions		(16,881)
Total expenses after reductions				3,235
Net Investment income (loss)				1,564,836
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(260,252)
Fidelity Central Funds		(143)
Total net realized gain (loss)				(260,395)
Change in net unrealized appreciation (depreciation) on investment securities				(4,419,968)
Net gain (loss)				(4,680,363)
Net increase (decrease) in net assets resulting from operations			$	(3,115,527)

Statement of Changes in Net Assets

		Year ended April 30, 2024		For the period November 4, 2022 (commencement of operations) through April 30, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,564,836	$	16,966
Net realized gain (loss)		(260,395)		(18,234)
Change in net unrealized appreciation (depreciation)		(4,419,968)		2,480
Net increase (decrease) in net assets resulting from operations		(3,115,527)		1,212
Distributions to shareholders		(526,397)		(3,300)

Share transactions
Proceeds from sales of shares		471,978,517		29,788,496
Reinvestment of distributions		526,397		3,300
Cost of shares redeemed		(24,438,068)		-

Net increase (decrease) in net assets resulting from share transactions		448,066,846		29,791,796
Total increase (decrease) in net assets		444,424,922		29,789,708

Net Assets
Beginning of period		29,789,708		-
End of period	$	474,214,630	$	29,789,708

Other Information
Shares
Sold		41,963,237		3,040,580
Issued in reinvestment of distributions		50,432		334
Redeemed		(2,197,855)		-
Net increase (decrease)		39,815,814		3,040,914

Financial Highlights

Fidelity® Series Small Cap Core Fund

Years ended April 30,		2024		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.80	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.14		.05
Net realized and unrealized gain (loss)		1.30 D		(.22)
Total from investment operations		1.44		(.17)
Distributions from net investment income		(.12)		(.03)
Distributions from net realized gain		(.05)		-
Total distributions		(.17)		(.03)
Net asset value, end of period	$	11.07	$	9.80
Total Return E,F		14.81 %		(1.67)%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.02%		.20% I
Expenses net of fee waivers, if any		- % J		-% I,J
Expenses net of all reductions		-% J		-% I,J
Net investment income (loss)		1.30%		1.12% I
Supplemental Data
Net assets, end of period (000 omitted)	$	474,215	$	29,790
Portfolio turnover rate K		90 %		12% L

AFor the period November 4, 2022 (commencement of operations) through April 30, 2023.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

ETotal returns for periods of less than one year are not annualized.

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount represents less than .005%.

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

LAmount not annualized.

Notes to Financial Statements

For the period ended April 30, 2024

1. Organization.

Fidelity Series Small Cap Core 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, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. 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.

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 RatioA
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%

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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - unadjusted 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 service 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. Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last sale price or official closing price as reported by a third party pricing service 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 but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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, 2024 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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.

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.

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

Book-tax differences are primarily due to 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	$24,355,697
Gross unrealized depreciation	(30,399,032)
Net unrealized appreciation (depreciation)	$(6,043,335)
Tax Cost	$493,847,288

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

Undistributed ordinary income	$2,257,618
Undistributed long-term capital gain	$122,485
Net unrealized appreciation (depreciation) on securities and other investments	$(6,043,335)

The tax character of distributions paid was as follows:

	April 30, 2024		2023A
Ordinary Income	$526,397		$ 3,300

A For the period November 4, 2022 (commencement of operations) through April 30, 2023.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Series Small Cap Core Fund	569,635,992	122,687,361

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.

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 Series Small Cap Core Fund	8,507

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. Interfund trades during the period are noted in the table below.

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
Fidelity Series Small Cap Core Fund	48,821,973	4,288,975	180,406

Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

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 commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. 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 Series Small Cap Core Fund	2,414	-	-

8. Expense Reductions.

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through August 31, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $16,246.

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 $635.

9. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

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. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity Series Small Cap Core Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Series Small Cap Core Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2024, the related statement of operations for the year then ended, the statement of changes in net assets and the financial highlights for the year then ended and for the period from November 4, 2022 (commencement of operations) through April 30, 2023, 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, 2024, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period from November 4, 2022 (commencement of operations) through April 30, 2023, 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, 2024, 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, 2024

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

Trustees and Officers

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 323 funds. Mr. Chiel oversees 192 funds.

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

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

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

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

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair 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 Chair, 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 Chair 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 alternative investment, 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 Senior Counsel at Fidelity Investments (diversified financial services company, 2024-present). Previously, Mr. Chiel served as General Counsel (2012-2024) and Head of Legal, Risk and Compliance (2022-2024) for Fidelity Investments; Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-2024); Director and President of OH Company LLC (holding company, 2018-2024); 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 (law firm, 1996-2000); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-1995), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Harvard Law School Center on the Legal Profession and the U.S. Chamber Litigation Center.

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 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

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and 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 Chief of Engineers and Commanding General, 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 & Sustainability 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), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present), on the Advisory Board of Hilco Redevelopment Partners (a real estate investment and redevelopment company, 2021-present), and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-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).

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. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).

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, Compensation Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board of Roosevelt University (2019-2024) and member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

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, Audit 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 and Chair of the Executive Development and Compensation 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 served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-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), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

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) and as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-2023). Mr. Thomas currently serves as Director (2013-present) and Non-Executive Chairman of the Board (2022-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, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-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) and as a member and Vice Chair of the Board 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 Association for the Performing Arts (2011-2023), 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.

Name, Year of Birth; Principal Occupations+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).

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).

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Senior Vice President, Vice President, Treasurer, or Director of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).

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 is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities 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 is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves as President or Director of certain Fidelity entities. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer or Director of certain Fidelity entities.

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 a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Senior Vice President, Vice President, Assistant Treasurer, or Director of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. 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 is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. 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).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).

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 (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a 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 AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.

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 is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

+ The information includes principal occupation during the last five years.

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, 2023 to April 30, 2024).

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. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value November 1, 2023	Ending Account Value April 30, 2024	Expenses Paid During Period- C November 1, 2023 to April 30, 2024

Fidelity® Series Small Cap Core Fund	-%-D
Actual		$ 1,000	$ 1,203.90	$-E
Hypothetical-B		$ 1,000	$ 1,024.86	$-E

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

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

D Amount represents less than .005%.

E Amount represents less than $.005.

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30,2024 $122,485, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $20,063 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 56%, and 40% 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 59.04%, and 44.96% 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 24.93%, and 15.38% 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 2025 of amounts for use in preparing 2024 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Series Small Cap Core Fund

At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.

The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.

The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.

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 concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.

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 (the Program) 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) certain factors specific to ETFs 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 defined liquidity categories 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 the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

1.9906191.101

SCC-ANN-0624

Fidelity® Large Cap Stock Fund

Annual Report

April 30, 2024

Contents

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

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.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended April 30, 2024	Past 1 year	Past 5 years	Past 10 years
Fidelity® Large Cap Stock Fund	24.07%	13.55%	11.40%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Large Cap Stock Fund on April 30, 2014.

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.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Matt Fruhan:

For the fiscal year, the fund gained 24.07%, versus 22.66% for the benchmark S&P 500® index. Relative to the benchmark, security selection was the primary contributor, especially within the industrials sector, where stock picking in capital goods helped most. Stock selection in financials also helped. Stock picking in health care, primarily within the health care equipment & services industry, also boosted relative performance. The top individual relative contributor by a wide margin was an overweight in General Electric (+106%). General Electric was one of our largest holdings. The second-largest relative contributor was an overweight in Wells Fargo (+54%). Wells Fargo was among the fund's biggest holdings. Another notable relative contributor was a non-benchmark stake in Vertiv Holdings (+518%). In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Security selection and an overweight in energy also hampered the fund's result, as did stock picking in communication services. The largest individual relative detractor was an underweight in Nvidia (+211%). Nvidia was among the biggest holdings at period end, as we notably increased our position the past 12 months. A second notable relative detractor was an overweight in Exxon Mobil (+4%). Exxon Mobil was among our largest holdings. An underweight in Amazon.com (+66%) also hurt. This period we decreased our investment in Amazon.com. Notable changes in positioning include increased exposure to information technology and a lower allocation to energy.

Investment Summary April 30, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	6.9
Exxon Mobil Corp.	5.9
General Electric Co.	5.7
Wells Fargo & Co.	5.6
NVIDIA Corp.	3.5
Meta Platforms, Inc. Class A	2.6
Bank of America Corp.	2.6
Apple, Inc.	2.4
The Boeing Co.	2.4
Alphabet, Inc. Class A	2.0
	39.6

Market Sectors (% of Fund's net assets)

Information Technology	19.9
Industrials	16.4
Financials	16.3
Health Care	11.5
Communication Services	9.9
Energy	9.6
Consumer Staples	5.1
Consumer Discretionary	3.2
Materials	2.2
Utilities	1.1
Real Estate	0.8

Asset Allocation (% of Fund's net assets)

Schedule of Investments April 30, 2024

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 9.9%
Diversified Telecommunication Services - 0.2%
Cellnex Telecom SA (a)	204,852	6,771
Entertainment - 0.9%
The Walt Disney Co.	170,729	18,968
Universal Music Group NV	639,563	18,906
		37,874
Interactive Media & Services - 7.0%
Alphabet, Inc.:
Class A	527,980	85,945
Class C	464,241	76,433
Match Group, Inc. (b)	285,540	8,800
Meta Platforms, Inc. Class A	250,179	107,620
Reddit, Inc. Class B (f)	3,600	160
Snap, Inc. Class A (b)	1,035,824	15,589
		294,547
Media - 1.8%
Charter Communications, Inc. Class A (b)	5,699	1,459
Comcast Corp. Class A	1,633,190	62,241
Interpublic Group of Companies, Inc.	407,484	12,404
		76,104
TOTAL COMMUNICATION SERVICES		415,296
CONSUMER DISCRETIONARY - 3.2%
Automobiles - 0.1%
Rivian Automotive, Inc. (b)	249,600	2,221
Broadline Retail - 0.1%
Amazon.com, Inc. (b)	27,244	4,768
Hotels, Restaurants & Leisure - 1.6%
Booking Holdings, Inc.	12,501	43,154
Expedia Group, Inc. (b)	56,540	7,612
Marriott International, Inc. Class A	51,828	12,238
Starbucks Corp.	60,583	5,361
		68,365
Household Durables - 0.3%
Mohawk Industries, Inc. (b)	67,828	7,822
Sony Group Corp. sponsored ADR (c)	40,763	3,366
Whirlpool Corp.	34,274	3,251
		14,439
Specialty Retail - 1.0%
JD Sports Fashion PLC	3,044,500	4,398
Lowe's Companies, Inc.	141,110	32,172
RH (b)	16,500	4,076
		40,646
Textiles, Apparel & Luxury Goods - 0.1%
Compagnie Financiere Richemont SA Series A	10,300	1,424
NIKE, Inc. Class B	25,790	2,379
		3,803
TOTAL CONSUMER DISCRETIONARY		134,242
CONSUMER STAPLES - 5.1%
Beverages - 1.8%
Diageo PLC sponsored ADR	88,259	12,194
Keurig Dr. Pepper, Inc.	954,499	32,167
Pernod Ricard SA	5,600	849
The Coca-Cola Co.	494,358	30,536
		75,746
Consumer Staples Distribution & Retail - 1.5%
Performance Food Group Co. (b)	110,914	7,529
Sysco Corp.	245,092	18,215
Target Corp.	79,392	12,781
U.S. Foods Holding Corp. (b)	137,365	6,903
Walmart, Inc.	260,871	15,483
		60,911
Personal Care Products - 1.4%
Estee Lauder Companies, Inc. Class A	67,100	9,844
Haleon PLC ADR (c)	3,236,737	27,609
Kenvue, Inc.	1,221,316	22,985
		60,438
Tobacco - 0.4%
Altria Group, Inc.	279,361	12,239
Philip Morris International, Inc.	29,900	2,839
		15,078
TOTAL CONSUMER STAPLES		212,173
ENERGY - 9.6%
Energy Equipment & Services - 0.1%
Tidewater, Inc. (b)	55,200	5,070
Oil, Gas & Consumable Fuels - 9.5%
Cameco Corp.	34,000	1,551
Exxon Mobil Corp.	2,106,478	249,133
Galp Energia SGPS SA Class B	161,400	3,479
Imperial Oil Ltd.	730,888	50,251
Kosmos Energy Ltd. (b)	2,574,318	14,596
MEG Energy Corp. (b)	578,000	13,146
Pioneer Natural Resources Co.	94,300	25,397
Shell PLC ADR	562,300	40,294
		397,847
TOTAL ENERGY		402,917
FINANCIALS - 16.3%
Banks - 11.3%
Bank of America Corp.	2,905,595	107,536
JPMorgan Chase & Co.	242,358	46,470
M&T Bank Corp.	106,984	15,447
PNC Financial Services Group, Inc.	259,105	39,710
U.S. Bancorp	703,694	28,591
Wells Fargo & Co.	3,962,598	235,061
		472,815
Capital Markets - 2.0%
3i Group PLC	46,900	1,676
Charles Schwab Corp.	33,598	2,485
CME Group, Inc.	3,999	838
KKR & Co. LP	310,378	28,887
Moody's Corp.	8,900	3,296
Morgan Stanley	115,962	10,534
MSCI, Inc.	2,700	1,258
Northern Trust Corp.	374,178	30,829
Raymond James Financial, Inc.	33,533	4,091
		83,894
Financial Services - 2.6%
Acacia Research Corp. (b)	24,000	117
Edenred SA	190,091	9,019
Fidelity National Information Services, Inc.	107,099	7,274
Global Payments, Inc.	27,650	3,395
MasterCard, Inc. Class A	31,713	14,309
PayPal Holdings, Inc. (b)	87,144	5,919
Visa, Inc. Class A	256,948	69,019
		109,052
Insurance - 0.4%
Arthur J. Gallagher & Co.	31,100	7,299
Chubb Ltd.	32,106	7,983
		15,282
TOTAL FINANCIALS		681,043
HEALTH CARE - 11.5%
Biotechnology - 0.4%
Alnylam Pharmaceuticals, Inc. (b)	38,546	5,549
Argenx SE ADR (b)	5,390	2,024
Insmed, Inc. (b)	179,022	4,425
Vaxcyte, Inc. (b)	93,485	5,661
		17,659
Health Care Equipment & Supplies - 2.0%
Abbott Laboratories	73,265	7,764
Becton, Dickinson & Co.	33,384	7,832
Boston Scientific Corp. (b)	872,829	62,730
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.)	164,846	4,377
Solventum Corp.	43,588	2,834
		85,537
Health Care Providers & Services - 5.0%
Cardinal Health, Inc.	211,568	21,800
Cigna Group	151,069	53,938
CVS Health Corp.	155,807	10,550
Guardant Health, Inc. (b)	63,633	1,145
Humana, Inc.	60,265	18,205
McKesson Corp.	71,543	38,434
UnitedHealth Group, Inc.	136,433	65,993
		210,065
Life Sciences Tools & Services - 0.4%
Danaher Corp.	62,734	15,471
Thermo Fisher Scientific, Inc.	2,800	1,592
		17,063
Pharmaceuticals - 3.7%
Bristol-Myers Squibb Co.	777,606	34,168
Eli Lilly & Co.	43,497	33,976
Galderma Group AG	59,900	4,464
GSK PLC sponsored ADR	666,701	27,628
Johnson & Johnson	157,780	22,813
UCB SA	224,400	29,827
		152,876
TOTAL HEALTH CARE		483,200
INDUSTRIALS - 16.2%
Aerospace & Defense - 9.9%
Airbus Group NV	110,687	18,214
Bombardier, Inc. Class B (sub. vtg.) (b)	117,400	5,349
General Dynamics Corp.	47,492	13,634
General Electric Co.	1,474,071	238,534
Huntington Ingalls Industries, Inc.	34,722	9,616
Loar Holdings, Inc. (c)	4,200	220
Rolls-Royce Holdings PLC (b)	607,500	3,115
Safran SA	17,127	3,714
Spirit AeroSystems Holdings, Inc. Class A (b)	565,800	18,106
Textron, Inc.	37,896	3,206
The Boeing Co. (b)	591,833	99,333
		413,041
Air Freight & Logistics - 1.5%
FedEx Corp.	64,176	16,800
United Parcel Service, Inc. Class B	315,087	46,469
		63,269
Commercial Services & Supplies - 0.2%
ACV Auctions, Inc. Class A (b)	263,149	4,592
GFL Environmental, Inc.	89,000	2,840
Veralto Corp.	21,144	1,981
		9,413
Construction & Engineering - 0.0%
Centuri Holdings, Inc.	2,700	67
Electrical Equipment - 3.2%
Acuity Brands, Inc.	44,358	11,014
GE Vernova LLC	410,692	63,127
Hubbell, Inc. Class B	34,345	12,726
Regal Rexnord Corp.	70,575	11,389
Vertiv Holdings Co.	391,845	36,442
		134,698
Ground Transportation - 0.3%
Knight-Swift Transportation Holdings, Inc. Class A	250,219	11,568
Machinery - 0.8%
Allison Transmission Holdings, Inc.	18,089	1,330
Chart Industries, Inc. (b)(c)	36,595	5,272
Cummins, Inc.	21,743	6,142
Fortive Corp.	93,620	7,047
Nordson Corp.	5,500	1,420
Otis Worldwide Corp.	60,460	5,514
Stanley Black & Decker, Inc.	35,217	3,219
Westinghouse Air Brake Tech Co.	24,672	3,974
		33,918
Passenger Airlines - 0.1%
Copa Holdings SA Class A	3,071	293
Ryanair Holdings PLC sponsored ADR	30,711	4,183
		4,476
Professional Services - 0.1%
Equifax, Inc.	13,765	3,031
Paycom Software, Inc.	8,600	1,617
		4,648
Trading Companies & Distributors - 0.1%
Beijer Ref AB (B Shares) (c)	133,602	1,921
Watsco, Inc.	7,000	3,134
		5,055
TOTAL INDUSTRIALS		680,153
INFORMATION TECHNOLOGY - 19.9%
IT Services - 0.3%
EPAM Systems, Inc. (b)	8,700	2,047
IBM Corp.	37,495	6,232
Snowflake, Inc. (b)	4,594	713
Twilio, Inc. Class A (b)	75,913	4,546
		13,538
Semiconductors & Semiconductor Equipment - 6.4%
Analog Devices, Inc.	38,785	7,781
Applied Materials, Inc.	71,446	14,193
BE Semiconductor Industries NV	1,230	165
Broadcom, Inc.	21,200	27,566
Lam Research Corp.	13,066	11,686
Marvell Technology, Inc.	393,428	25,931
NVIDIA Corp.	170,984	147,734
Qualcomm, Inc.	76,424	12,675
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	112,984	15,517
Teradyne, Inc.	47,400	5,514
		268,762
Software - 10.7%
Adobe, Inc. (b)	68,047	31,494
Autodesk, Inc. (b)	53,320	11,349
DoubleVerify Holdings, Inc. (b)	46,951	1,376
Elastic NV (b)	80,618	8,241
Intuit, Inc.	19,596	12,260
Microsoft Corp.	742,893	289,222
Oracle Corp.	346,800	39,449
PTC, Inc. (b)	27,310	4,846
Sage Group PLC	274,000	3,992
Salesforce, Inc.	14,866	3,998
SAP SE sponsored ADR	210,178	38,086
Workday, Inc. Class A (b)	10,571	2,587
		446,900
Technology Hardware, Storage & Peripherals - 2.5%
Apple, Inc.	589,718	100,447
Samsung Electronics Co. Ltd.	72,120	3,998
		104,445
TOTAL INFORMATION TECHNOLOGY		833,645
MATERIALS - 2.2%
Chemicals - 0.3%
Air Products & Chemicals, Inc.	45,100	10,659
DuPont de Nemours, Inc.	843	61
Sherwin-Williams Co.	5,799	1,737
		12,457
Metals & Mining - 1.9%
First Quantum Minerals Ltd.	2,843,166	36,101
Freeport-McMoRan, Inc.	597,535	29,841
Ivanhoe Mines Ltd. (b)	958,200	12,988
		78,930
TOTAL MATERIALS		91,387
REAL ESTATE - 0.8%
Equity Real Estate Investment Trusts (REITs) - 0.8%
American Tower Corp.	61,947	10,628
Crown Castle, Inc.	156,793	14,704
Equinix, Inc.	1,121	797
Simon Property Group, Inc.	62,109	8,728
		34,857
UTILITIES - 1.1%
Electric Utilities - 1.1%
Duke Energy Corp.	28,300	2,781
Edison International	36,100	2,565
Entergy Corp.	26,415	2,818
Southern Co.	485,886	35,713
		43,877
TOTAL COMMON STOCKS (Cost $2,528,700)		4,012,790

Nonconvertible Preferred Stocks - 0.2%
	Shares	Value ($) (000s)
INDUSTRIALS - 0.2%
Aerospace & Defense - 0.2%
Embraer SA sponsored ADR (b) (Cost $3,954)	333,390	8,518

Money Market Funds - 4.3%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.39% (d)	169,085,334	169,119
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)	12,931,231	12,933
TOTAL MONEY MARKET FUNDS (Cost $182,052)		182,052

TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $2,714,706)	4,203,360
NET OTHER ASSETS (LIABILITIES) - (0.3)%	(13,513)
NET ASSETS - 100.0%	4,189,847

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

(a)	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 $6,771,000 or 0.2% of net assets.

(b)	Non-income producing

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

(d)

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

(f)

Equity security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. As of period end, the total fair value of unadjusted equity securities subject to contractual sale restrictions is $160 and all restrictions are set to expire on or before September 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	126,781	555,966	513,628	6,901	-	-	169,119	0.3%
Fidelity Securities Lending Cash Central Fund 5.39%	21,437	312,555	321,059	254	-	-	12,933	0.0%
Total	148,218	868,521	834,687	7,155	-	-	182,052

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	415,296	408,525	6,771	-
Consumer Discretionary	134,242	132,818	1,424	-
Consumer Staples	212,173	212,173	-	-
Energy	402,917	402,917	-	-
Financials	681,043	679,367	1,676	-
Health Care	483,200	483,200	-	-
Industrials	688,671	663,628	25,043	-
Information Technology	833,645	829,647	3,998	-
Materials	91,387	91,387	-	-
Real Estate	34,857	34,857	-	-
Utilities	43,877	43,877	-	-

Money Market Funds	182,052	182,052	-	-
Total Investments in Securities:	4,203,360	4,164,448	38,912	-

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amount)				April 30, 2024

Assets
Investment in securities, at value (including securities loaned of $12,454) - See accompanying schedule:
Unaffiliated issuers (cost $2,532,654)	$	4,021,308
Fidelity Central Funds (cost $182,052)		182,052


Total Investment in Securities (cost $2,714,706)			$	4,203,360
Foreign currency held at value (cost $5)				5
Receivable for investments sold				18,294
Receivable for fund shares sold				3,021
Dividends receivable				2,665
Distributions receivable from Fidelity Central Funds				720
Prepaid expenses				1
Total assets				4,228,066
Liabilities
Payable for investments purchased	$	21,413
Payable for fund shares redeemed		1,132
Accrued management fee		2,597
Other payables and accrued expenses		142
Collateral on securities loaned		12,935
Total liabilities				38,219
Net Assets			$	4,189,847
Net Assets consist of:
Paid in capital			$	2,589,622
Total accumulated earnings (loss)				1,600,225
Net Assets			$	4,189,847
Net Asset Value, offering price and redemption price per share ($4,189,847 ÷ 84,826 shares)			$	49.39

Statement of Operations
Amounts in thousands				Year ended April 30, 2024
Investment Income
Dividends			$	55,662
Income from Fidelity Central Funds (including $254 from security lending)				7,155
Total income				62,817
Expenses
Management fee
Basic fee	$	18,392
Performance adjustment		5,023
Transfer agent fees		3,837
Accounting fees		693
Custodian fees and expenses		88
Independent trustees' fees and expenses		16
Registration fees		85
Audit		60
Legal		6
Miscellaneous		15
Total expenses before reductions		28,215
Expense reductions		(272)
Total expenses after reductions				27,943
Net Investment income (loss)				34,874
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		163,520
Foreign currency transactions		(8)
Total net realized gain (loss)				163,512
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		541,589
Assets and liabilities in foreign currencies		(15)
Total change in net unrealized appreciation (depreciation)				541,574
Net gain (loss)				705,086
Net increase (decrease) in net assets resulting from operations			$	739,960

Statement of Changes in Net Assets

Amount in thousands		Year ended April 30, 2024		Year ended April 30, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	34,874	$	35,800
Net realized gain (loss)		163,512		20,894
Change in net unrealized appreciation (depreciation)		541,574		169,949
Net increase (decrease) in net assets resulting from operations		739,960		226,643
Distributions to shareholders		(94,232)		(83,013)

Share transactions
Proceeds from sales of shares		978,358		710,784
Reinvestment of distributions		68,651		62,219
Cost of shares redeemed		(528,137)		(760,670)

Net increase (decrease) in net assets resulting from share transactions		518,872		12,333
Total increase (decrease) in net assets		1,164,600		155,963

Net Assets
Beginning of period		3,025,247		2,869,284
End of period	$	4,189,847	$	3,025,247

Other Information
Shares
Sold		21,440		19,028
Issued in reinvestment of distributions		1,560		1,672
Redeemed		(12,017)		(20,438)
Net increase (decrease)		10,983		262

Financial Highlights

Fidelity® Large Cap Stock Fund

Years ended April 30,		2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	40.97	$	39.00	$	41.09	$	27.80	$	32.11
Income from Investment Operations
Net investment income (loss) A,B		.46		.49		.75 C		.57		.63
Net realized and unrealized gain (loss)		9.24		2.64		(.86)		14.10		(3.12)
Total from investment operations		9.70		3.13		(.11)		14.67		(2.49)
Distributions from net investment income		(.48)		(.48)		(.77)		(.65)		(.62)
Distributions from net realized gain		(.79)		(.68)		(1.21)		(.73)		(1.20)
Total distributions		(1.28) D		(1.16)		(1.98)		(1.38)		(1.82)
Net asset value, end of period	$	49.39	$	40.97	$	39.00	$	41.09	$	27.80
Total Return E		24.07 %		8.33%		(.46)%		54.08%		(8.41)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.84%		.76%		.54%		.48%		.47%
Expenses net of fee waivers, if any		.83 %		.76%		.53%		.48%		.47%
Expenses net of all reductions		.83%		.76%		.53%		.48%		.47%
Net investment income (loss)		1.04%		1.29%		1.80% C		1.73%		2.05%
Supplemental Data
Net assets, end of period (in millions)	$	4,190	$	3,025	$	2,869	$	2,969	$	2,173
Portfolio turnover rate H		17 %		8% I		15% I		18%		32% I

ACalculated based on average shares outstanding during the period.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.24%.

DTotal distributions per share do not sum due to rounding.

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

FFees 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.

GExpense 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.

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

For the period ended April 30, 2024

(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 RatioA
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%

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 - unadjusted 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.

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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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, 2024, 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.

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	$1,585,610
Gross unrealized depreciation	(101,200)
Net unrealized appreciation (depreciation)	$1,484,410
Tax Cost	$2,718,950

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

Undistributed ordinary income	$11,449
Undistributed long-term capital gain	$104,569
Net unrealized appreciation (depreciation) on securities and other investments	$1,484,207

The tax character of distributions paid was as follows:

	April 30, 2024	April 30, 2023
Ordinary Income	$35,590	$34,532
Long-term Capital Gains	58,642	48,481
Total	$94,232	$83,013

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.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Large Cap Stock Fund	964,084	539,389

Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss 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. There was no gain or loss for federal income tax purposes.

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)
Fidelity Large Cap Stock Fund	194	3,730	7,555

5. Fees and Other Transactions with Affiliates.

Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Fidelity Large Cap Stock Fund	.66

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Fidelity Large Cap Stock Fund	.63

Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.

	Performance Adjustment Index
Fidelity Large Cap Stock Fund	S&P 500 Index

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annual performance adjustment was .15%.

Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

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. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of .1413%.

Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.

For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .14% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Large Cap Stock Fund	.0257

Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:

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

	Amount ($)
Fidelity Large Cap Stock Fund	10

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
Fidelity Large Cap Stock Fund	67,334	17,024	4,713

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

	Amount ($)
Fidelity Large Cap Stock Fund	6

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	26	-	-

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 $272.

9. Other.

10. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and the 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, 2024, 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, 2024, 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 13, 2024

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

Trustees and Officers

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

Chair 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

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

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 Occupations+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

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

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

+ The information includes principal occupation during the last five years.

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, 2023 to April 30, 2024).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value November 1, 2023	Ending Account Value April 30, 2024	Expenses Paid During Period- C November 1, 2023 to April 30, 2024

Fidelity® Large Cap Stock Fund	.79%
Actual		$ 1,000	$ 1,241.30	$ 4.40
Hypothetical-B		$ 1,000	$ 1,020.93	$ 3.97

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2024, $161,858,327 or, if subsequently determined to be different, the net capital gain of such year.

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

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

The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Large Cap Stock Fund

At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.

Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund into a single fee based on tiered schedules and subject to a maximum rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.

In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.

The Board considered that the maximum Unified Fee for the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee.

The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.

Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.

The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.

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 and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.

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

1.703546.126

LCS-ANN-0624

Fidelity® Mid-Cap Stock Fund

Annual Report

April 30, 2024

Contents

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended April 30, 2024	Past 1 year	Past 5 years	Past 10 years
Fidelity® Mid-Cap Stock Fund	12.37%	10.65%	9.59%
Class K	12.46%	10.76%	9.70%

$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, 2014.

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.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Nicola Stafford:

For the fiscal year ending April 30, 2024, the fund's share classes gained about 12%, versus 16.82% for the benchmark S&P MidCap 400 Index. Relative to the benchmark, security selection was the primary detractor, especially within energy. Stock selection in consumer discretionary also hurt. Stock picks and an underweight in information technology, primarily within the technology hardware & equipment industry, also hampered the fund's relative result. Also detracting was stock picking in materials. Not owning Super Micro Computer, a benchmark component that gained 914%, was the fund's biggest individual relative detractor. A second notable relative detractor was our non-benchmark stake in WNS (-54%). A non-benchmark stake in O-I Glass returned roughly -33% and notably hurt. We reduced the position. In contrast, the biggest contributor to performance versus the benchmark was an overweight in energy. Stock picks in communication services and utilities also boosted the fund's relative performance. The top individual relative contributor was our non-benchmark stake in Vertiv Holdings (+368%). This was an investment we established this period. The second-largest relative contributor was an overweight in Vistra (+225%). Vistra was among the fund's biggest holdings at period end. Another notable relative contributor was our non-benchmark stake in Fabrinet (+83%), and we reduced out stake. Notable changes in positioning include increased exposure to information technology and a lower allocation to energy.

Investment Summary April 30, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Space Exploration Technologies Corp. Class A	1.9
Imperial Oil Ltd.	1.6
Vistra Corp.	1.6
Arch Capital Group Ltd.	1.5
American Financial Group, Inc.	1.4
Regal Rexnord Corp.	1.3
AECOM	1.3
Molina Healthcare, Inc.	1.3
Cheniere Energy, Inc.	1.3
Performance Food Group Co.	1.2
	14.4

Market Sectors (% of Fund's net assets)

Industrials	25.2
Financials	15.6
Consumer Discretionary	11.3
Information Technology	8.4
Health Care	7.9
Materials	7.4
Energy	6.8
Consumer Staples	4.9
Utilities	4.8
Real Estate	4.6
Communication Services	2.4

Asset Allocation (% of Fund's net assets)

Schedule of Investments April 30, 2024

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 2.4%
Entertainment - 2.0%
Endeavor Group Holdings, Inc.	1,172,373	30,962
Liberty Media Corp. Liberty Formula One Class A	312,879	19,483
TKO Group Holdings, Inc.	695,463	65,839
Warner Music Group Corp. Class A	883,617	29,159
		145,443
Media - 0.4%
Interpublic Group of Companies, Inc.	900,641	27,416
TOTAL COMMUNICATION SERVICES		172,859
CONSUMER DISCRETIONARY - 11.3%
Automobile Components - 0.5%
Aptiv PLC (a)	552,618	39,236
Distributors - 0.4%
LKQ Corp.	680,266	29,340
Diversified Consumer Services - 0.7%
H&R Block, Inc.	1,079,578	50,988
Hotels, Restaurants & Leisure - 3.8%
Aramark	1,717,910	54,131
Caesars Entertainment, Inc. (a)	572,168	20,495
Churchill Downs, Inc.	561,337	72,412
Domino's Pizza, Inc.	106,248	56,234
Flutter Entertainment PLC (a)	128,648	23,992
Wyndham Hotels & Resorts, Inc.	650,902	47,848
		275,112
Household Durables - 1.2%
D.R. Horton, Inc.	214,078	30,504
Mohawk Industries, Inc. (a)	162,645	18,756
NVR, Inc. (a)	5,240	38,980
		88,240
Leisure Products - 0.5%
Brunswick Corp.	427,207	34,450
Specialty Retail - 1.2%
Burlington Stores, Inc. (a)	306,504	55,152
Foot Locker, Inc.	568,841	11,860
JD Sports Fashion PLC	13,063,236	18,870
		85,882
Textiles, Apparel & Luxury Goods - 3.0%
Bolt Threads, Inc. (b)(c)	239,558	333
Brunello Cucinelli SpA	790,283	81,050
PVH Corp.	733,042	79,755
Tapestry, Inc.	1,411,555	56,349
		217,487
TOTAL CONSUMER DISCRETIONARY		820,735
CONSUMER STAPLES - 4.8%
Beverages - 0.9%
Boston Beer Co., Inc. Class A (a)	80,114	22,305
Keurig Dr. Pepper, Inc.	1,222,430	41,196
		63,501
Consumer Staples Distribution & Retail - 2.4%
BJ's Wholesale Club Holdings, Inc. (a)	826,294	61,708
Maplebear, Inc. (NASDAQ)	659,434	22,506
Performance Food Group Co. (a)	1,320,315	89,623
		173,837
Food Products - 1.1%
Bowery Farming, Inc. warrants (a)(b)(c)	252,678	222
Bunge Global SA	252,660	25,711
Lamb Weston Holdings, Inc.	312,461	26,040
Nomad Foods Ltd.	1,737,978	31,388
		83,361
Household Products - 0.4%
Energizer Holdings, Inc.	901,300	25,885
TOTAL CONSUMER STAPLES		346,584
ENERGY - 6.8%
Energy Equipment & Services - 1.0%
Expro Group Holdings NV (a)	1,841,233	34,542
NOV, Inc.	1,979,403	36,599
		71,141
Oil, Gas & Consumable Fuels - 5.8%
Cameco Corp. (d)	355,920	16,241
Canadian Natural Resources Ltd.	957,376	72,548
Cheniere Energy, Inc.	584,636	92,267
Energy Transfer LP	3,306,546	52,012
Imperial Oil Ltd. (d)	1,657,977	113,992
Parkland Corp.	311,500	9,596
Range Resources Corp.	1,836,653	65,954
		422,610
TOTAL ENERGY		493,751
FINANCIALS - 15.6%
Banks - 5.4%
BOK Financial Corp.	430,537	38,202
First Horizon National Corp.	4,661,175	69,545
Huntington Bancshares, Inc.	3,699,627	49,834
M&T Bank Corp.	438,995	63,386
PNC Financial Services Group, Inc.	330,262	50,616
U.S. Bancorp	1,075,839	43,711
Wintrust Financial Corp.	759,872	73,434
		388,728
Capital Markets - 1.5%
Cboe Global Markets, Inc.	183,568	33,253
Lazard, Inc. Class A	724,927	27,910
Raymond James Financial, Inc.	366,007	44,653
		105,816
Financial Services - 2.2%
Flywire Corp. (a)	771,597	15,818
Radian Group, Inc.	2,294,228	68,529
Shift4 Payments, Inc. (a)(d)	205,923	11,915
WEX, Inc. (a)	296,931	62,730
		158,992
Insurance - 6.5%
American Financial Group, Inc.	765,852	97,838
Arch Capital Group Ltd. (a)	1,187,470	111,076
Beazley PLC	3,924,991	32,517
First American Financial Corp.	1,200,206	64,295
Hartford Financial Services Group, Inc.	702,691	68,084
Hiscox Ltd.	2,612,611	40,154
Stewart Information Services Corp.	241,481	14,974
The Travelers Companies, Inc.	214,587	45,527
		474,465
TOTAL FINANCIALS		1,128,001
HEALTH CARE - 7.5%
Biotechnology - 0.7%
Repligen Corp. (a)	321,305	52,758
Health Care Equipment & Supplies - 2.0%
Dentsply Sirona, Inc.	643,244	19,304
Hologic, Inc. (a)	807,018	61,148
Inspire Medical Systems, Inc. (a)	84,779	20,488
Masimo Corp. (a)	342,297	46,008
		146,948
Health Care Providers & Services - 2.5%
Centene Corp. (a)	779,172	56,926
Henry Schein, Inc. (a)	411,964	28,541
Molina Healthcare, Inc. (a)	271,881	93,010
		178,477
Health Care Technology - 0.3%
Evolent Health, Inc. Class A (a)	687,126	19,061
Life Sciences Tools & Services - 0.8%
Charles River Laboratories International, Inc. (a)	163,706	37,489
Sartorius Stedim Biotech	89,132	19,310
		56,799
Pharmaceuticals - 1.2%
Elanco Animal Health, Inc. (a)	718,887	9,461
Recordati SpA	618,251	33,023
UCB SA	361,649	48,070
		90,554
TOTAL HEALTH CARE		544,597
INDUSTRIALS - 24.7%
Aerospace & Defense - 4.3%
BWX Technologies, Inc.	630,209	60,355
Huntington Ingalls Industries, Inc.	167,808	46,471
Space Exploration Technologies Corp.:
Class A (a)(b)(c)	1,396,290	135,439
Class C (a)(b)(c)	20,340	1,973
Woodward, Inc.	407,142	66,104
		310,342
Air Freight & Logistics - 0.4%
GXO Logistics, Inc. (a)	566,456	28,130
Building Products - 1.7%
Hayward Holdings, Inc. (a)	1,319,667	17,921
Johnson Controls International PLC	772,307	50,254
Owens Corning	312,259	52,525
		120,700
Commercial Services & Supplies - 1.0%
GFL Environmental, Inc.	2,301,035	73,428
Construction & Engineering - 2.9%
AECOM	1,026,099	94,771
Comfort Systems U.S.A., Inc.	59,651	18,457
EMCOR Group, Inc.	146,596	52,360
Willscot Mobile Mini Holdings (a)	1,151,035	42,542
		208,130
Electrical Equipment - 4.1%
Acuity Brands, Inc.	308,383	76,571
Generac Holdings, Inc. (a)	296,514	40,314
Nextracker, Inc. Class A (a)	497,641	21,294
Regal Rexnord Corp.	590,117	95,227
Vertiv Holdings Co.	697,906	64,905
		298,311
Ground Transportation - 0.8%
Knight-Swift Transportation Holdings, Inc. Class A	1,277,595	59,063
Machinery - 5.1%
Allison Transmission Holdings, Inc.	786,585	57,853
Atmus Filtration Technologies, Inc.	488,957	14,811
Chart Industries, Inc. (a)(d)	586,092	84,432
Crane Co.	431,467	60,410
Donaldson Co., Inc.	1,131,505	81,695
Energy Recovery, Inc. (a)	584,299	8,706
Fortive Corp.	787,052	59,241
		367,148
Professional Services - 3.1%
Leidos Holdings, Inc.	412,932	57,901
Science Applications International Corp.	430,848	55,450
TransUnion	865,274	63,165
WNS Holdings Ltd.	1,109,582	46,503
		223,019
Trading Companies & Distributors - 1.3%
Beacon Roofing Supply, Inc. (a)	333,958	32,905
Watsco, Inc.	74,439	33,328
WESCO International, Inc.	194,932	29,776
		96,009
TOTAL INDUSTRIALS		1,784,280
INFORMATION TECHNOLOGY - 8.4%
Communications Equipment - 1.1%
Ciena Corp. (a)	1,189,642	54,997
Lumentum Holdings, Inc. (a)	546,782	23,927
		78,924
Electronic Equipment, Instruments & Components - 3.2%
Coherent Corp. (a)	617,478	33,733
Crane NXT Co.	848,400	51,591
Fabrinet (a)	247,999	42,921
Flex Ltd. (a)	2,068,439	59,261
Vontier Corp.	1,104,086	44,859
		232,365
IT Services - 1.2%
Amdocs Ltd.	558,456	46,905
MongoDB, Inc. Class A (a)	119,195	43,528
		90,433
Semiconductors & Semiconductor Equipment - 1.8%
Allegro MicroSystems LLC (a)	1,135,950	33,726
Lattice Semiconductor Corp. (a)	636,705	43,678
MKS Instruments, Inc.	322,968	38,427
ON Semiconductor Corp. (a)	189,672	13,307
		129,138
Software - 1.1%
Dynatrace, Inc. (a)	1,388,027	62,892
Gen Digital, Inc.	853,374	17,187
		80,079
TOTAL INFORMATION TECHNOLOGY		610,939
MATERIALS - 7.4%
Chemicals - 2.8%
Cabot Corp.	633,150	57,762
Celanese Corp. Class A	208,129	31,971
CF Industries Holdings, Inc.	473,384	37,383
Nutrien Ltd.	426,370	22,482
Westlake Corp.	343,936	50,682
		200,280
Containers & Packaging - 2.5%
Avery Dennison Corp.	182,911	39,743
Crown Holdings, Inc.	724,743	59,480
Graphic Packaging Holding Co.	1,133,763	29,308
O-I Glass, Inc. (a)	3,409,089	51,000
		179,531
Metals & Mining - 2.1%
Commercial Metals Co.	1,236,565	66,453
Franco-Nevada Corp.	288,406	34,718
Freeport-McMoRan, Inc.	1,103,448	55,106
		156,277
TOTAL MATERIALS		536,088
REAL ESTATE - 4.6%
Equity Real Estate Investment Trusts (REITs) - 3.9%
CubeSmart	1,178,526	47,660
Essex Property Trust, Inc.	90,935	22,393
Gaming & Leisure Properties	1,156,913	49,435
Omega Healthcare Investors, Inc.	1,116,827	33,963
Realty Income Corp.	1,339,477	71,716
Ventas, Inc.	812,091	35,959
Welltower, Inc.	227,659	21,691
		282,817
Real Estate Management & Development - 0.7%
Jones Lang LaSalle, Inc. (a)	270,347	48,852
TOTAL REAL ESTATE		331,669
UTILITIES - 4.8%
Electric Utilities - 1.5%
Alliant Energy Corp.	690,136	34,369
FirstEnergy Corp.	952,020	36,500
IDACORP, Inc.	394,361	37,378
		108,247
Independent Power and Renewable Electricity Producers - 1.9%
The AES Corp.	1,342,818	24,036
Vistra Corp.	1,471,318	111,585
		135,621
Multi-Utilities - 0.7%
NiSource, Inc.	1,898,354	52,888
Water Utilities - 0.7%
Essential Utilities, Inc.	1,343,838	49,158
TOTAL UTILITIES		345,914
TOTAL COMMON STOCKS (Cost $5,160,314)		7,115,417

Convertible Preferred Stocks - 1.0%
	Shares	Value ($) (000s)
CONSUMER STAPLES - 0.1%
Food Products - 0.1%
Bowery Farming, Inc.:
Series C1 (a)(b)(c)	466,468	2,901
Series D1 (b)(c)	252,678	998
		3,899
HEALTH CARE - 0.4%
Biotechnology - 0.4%
National Resilience, Inc. Series B (a)(b)(c)	711,831	31,997
INDUSTRIALS - 0.5%
Aerospace & Defense - 0.3%
Space Exploration Technologies Corp. Series H (a)(b)(c)	18,837	18,272
Construction & Engineering - 0.2%
Beta Technologies, Inc. Series B, 6.00% (a)(b)(c)	145,591	18,195
TOTAL INDUSTRIALS		36,467
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $57,779)		72,363

Money Market Funds - 2.5%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.39% (e)	54,458,581	54,469
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f)	125,047,555	125,060
TOTAL MONEY MARKET FUNDS (Cost $179,527)		179,529

TOTAL INVESTMENT IN SECURITIES - 101.8% (Cost $5,397,620)	7,367,309
NET OTHER ASSETS (LIABILITIES) - (1.8)%	(127,411)
NET ASSETS - 100.0%	7,239,898

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

(a)	Non-income producing

(b)	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 $210,330,000 or 2.9% of net assets.

(c)	Level 3 security

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

(e)

(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 ($) (000s)
Beta Technologies, Inc. Series B, 6.00%	4/04/22	15,021

Bolt Threads, Inc.	12/13/17 - 9/02/21	40,889

Bowery Farming, Inc. Series C1	5/18/21	28,104

Bowery Farming, Inc. Series D1	10/25/23	2,387

Bowery Farming, Inc. warrants	10/25/23	0

National Resilience, Inc. Series B	12/01/20	9,724

Space Exploration Technologies Corp. Class A	4/08/16 - 9/11/17	14,283

Space Exploration Technologies Corp. Class C	9/11/17	275

Space Exploration Technologies Corp. Series H	8/04/17	2,543

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	194,205	1,003,190	1,142,926	3,953	1	(1)	54,469	0.1%
Fidelity Securities Lending Cash Central Fund 5.39%	139,889	1,771,115	1,785,944	377	-	-	125,060	0.5%
Total	334,094	2,774,305	2,928,870	4,330	1	(1)	179,529

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	172,859	172,859	-	-
Consumer Discretionary	820,735	820,402	-	333
Consumer Staples	350,483	346,362	-	4,121
Energy	493,751	493,751	-	-
Financials	1,128,001	1,128,001	-	-
Health Care	576,594	544,597	-	31,997
Industrials	1,820,747	1,646,868	-	173,879
Information Technology	610,939	610,939	-	-
Materials	536,088	536,088	-	-
Real Estate	331,669	331,669	-	-
Utilities	345,914	345,914	-	-

Money Market Funds	179,529	179,529	-	-
Total Investments in Securities:	7,367,309	7,156,979	-	210,330

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:
Industrials
Beginning Balance	$	134,304
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		39,575
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	173,879
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024	$	39,575
Other Investments in Securities
Beginning Balance	$	49,121
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(15,057)
Cost of Purchases		2,387
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	36,451
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024	$	(15,057)
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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				April 30, 2024

Assets
Investment in securities, at value (including securities loaned of $116,717) - See accompanying schedule:
Unaffiliated issuers (cost $5,218,093)	$	7,187,780
Fidelity Central Funds (cost $179,527)		179,529


Total Investment in Securities (cost $5,397,620)			$	7,367,309
Cash				188
Foreign currency held at value (cost $367)				367
Receivable for investments sold				1,004
Receivable for fund shares sold				2,504
Dividends receivable				4,587
Distributions receivable from Fidelity Central Funds				228
Prepaid expenses				3
Other receivables				367
Total assets				7,376,557
Liabilities
Payable for investments purchased	$	5,138
Payable for fund shares redeemed		1,513
Accrued management fee		4,401
Other payables and accrued expenses		568
Collateral on securities loaned		125,039
Total liabilities				136,659
Net Assets			$	7,239,898
Net Assets consist of:
Paid in capital			$	4,881,680
Total accumulated earnings (loss)				2,358,218
Net Assets			$	7,239,898

Net Asset Value and Maximum Offering Price
Mid-Cap Stock :
Net Asset Value, offering price and redemption price per share ($6,431,942 ÷ 154,409 shares)			$	41.66
Class K :
Net Asset Value, offering price and redemption price per share ($807,956 ÷ 19,370 shares)			$	41.71

Statement of Operations
Amounts in thousands				Year ended April 30, 2024
Investment Income
Dividends			$	115,627
Income from Fidelity Central Funds (including $377 from security lending)				4,330
Total income				119,957
Expenses
Management fee
Basic fee	$	39,284
Performance adjustment		10,945
Transfer agent fees		7,576
Accounting fees		870
Custodian fees and expenses		88
Independent trustees' fees and expenses		37
Registration fees		123
Audit		76
Legal		9
Interest		198
Miscellaneous		34
Total expenses before reductions		59,240
Expense reductions		(612)
Total expenses after reductions				58,628
Net Investment income (loss)				61,329
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		549,753
Redemptions in-kind		51,953
Fidelity Central Funds		1
Foreign currency transactions		(81)
Total net realized gain (loss)				601,626
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		180,438
Fidelity Central Funds		(1)
Assets and liabilities in foreign currencies		(14)
Total change in net unrealized appreciation (depreciation)				180,423
Net gain (loss)				782,049
Net increase (decrease) in net assets resulting from operations			$	843,378

Statement of Changes in Net Assets

Amount in thousands		Year ended April 30, 2024		Year ended April 30, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	61,329	$	90,863
Net realized gain (loss)		601,626		50,838
Change in net unrealized appreciation (depreciation)		180,423		(50,985)
Net increase (decrease) in net assets resulting from operations		843,378		90,716
Distributions to shareholders		(191,238)		(385,728)

Share transactions - net increase (decrease)		(1,279,615)		787,613
Total increase (decrease) in net assets		(627,475)		492,601

Net Assets
Beginning of period		7,867,373		7,374,772
End of period	$	7,239,898	$	7,867,373

Financial Highlights

Fidelity® Mid-Cap Stock Fund

Years ended April 30,		2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	38.06	$	39.74	$	44.52	$	28.96	$	35.31
Income from Investment Operations
Net investment income (loss) A,B		.33		.45		.44		.35		.31
Net realized and unrealized gain (loss)		4.32		(.09)		.18		17.71		(4.29)
Total from investment operations		4.65		.36		.62		18.06		(3.98)
Distributions from net investment income		(.37)		(.27)		(.48)		(.39) C		(.35)
Distributions from net realized gain		(.68)		(1.77)		(4.91)		(2.10) C		(2.02)
Total distributions		(1.05)		(2.04)		(5.40) D		(2.50) D		(2.37)
Net asset value, end of period	$	41.66	$	38.06	$	39.74	$	44.52	$	28.96
Total Return E		12.37 %		1.06%		1.17%		64.86%		(12.42)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.83%		.85%		.79%		.77%		.86%
Expenses net of fee waivers, if any		.82 %		.84%		.79%		.77%		.86%
Expenses net of all reductions		.82%		.84%		.79%		.76%		.86%
Net investment income (loss)		.83%		1.18%		1.05%		.97%		.90%
Supplemental Data
Net assets, end of period (in millions)	$	6,432	$	6,854	$	6,034	$	6,020	$	4,125
Portfolio turnover rate H		27 % I		19% I		17% I		30% I		36% I

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

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

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity® Mid-Cap Stock Fund Class K

Years ended April 30,		2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	38.11	$	39.77	$	44.55	$	28.98	$	35.32
Income from Investment Operations
Net investment income (loss) A,B		.37		.48		.48		.38		.34
Net realized and unrealized gain (loss)		4.32		(.08)		.17		17.72		(4.27)
Total from investment operations		4.69		.40		.65		18.10		(3.93)
Distributions from net investment income		(.41)		(.29)		(.51)		(.43) C		(.39)
Distributions from net realized gain		(.68)		(1.77)		(4.93)		(2.10) C		(2.02)
Total distributions		(1.09)		(2.06)		(5.43) D		(2.53)		(2.41)
Net asset value, end of period	$	41.71	$	38.11	$	39.77	$	44.55	$	28.98
Total Return E		12.46 %		1.16%		1.26%		65.01%		(12.30)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.73%		.75%		.70%		.67%		.76%
Expenses net of fee waivers, if any		.72 %		.75%		.70%		.67%		.76%
Expenses net of all reductions		.72%		.75%		.70%		.66%		.76%
Net investment income (loss)		.93%		1.28%		1.13%		1.07%		1.00%
Supplemental Data
Net assets, end of period (in millions)	$	808	$	1,013	$	1,341	$	1,962	$	1,496
Portfolio turnover rate H		27 % I		19% I		17% I		30% I		36% I

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

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

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

IPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

For the period ended April 30, 2024

(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.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
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%

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 - unadjusted 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 service 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.

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 InputA
Equities	$210,330	Market comparable	Enterprise value/Revenue multiple (EV/R)	5.0 - 12.0 / 10.7	Increase
			Enterprise value/EBITDA multiple (EV/EBITDA)	16.9	Increase
		Market approach	Transaction price	$60.73	Increase
			Discount rate	25.0%	Decrease
		Recovery value	Recovery value	$0.00	Increase
		Black scholes	Discount rate	4.9%	Increase
			Term	0.2 - 2.0 / 1.9	Increase
			Volatility	80.0% - 100.0% / 98.5%	Increase
			Discount for lack of marketability (DLOM)	8.9%	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, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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 (ETFs). 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 (ETF). 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

$366

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), redemptions in-kind, partnerships and losses deferred due to wash sales.

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

Gross unrealized appreciation	$2,241,613
Gross unrealized depreciation	(261,670)
Net unrealized appreciation (depreciation)	$1,979,943
Tax Cost	$5,387,366

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

Undistributed ordinary income	$15,919
Undistributed long-term capital gain	$368,632
Net unrealized appreciation (depreciation) on securities and other investments	$1,973,666

The tax character of distributions paid was as follows:

	April 30, 2024	April 30, 2023
Ordinary Income	$70,001	$57,478
Long-term Capital Gains	121,237	328,250
Total	$191,238	$385,728

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Mid-Cap Stock Fund	1,921,822	3,039,538

Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line 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. There was no gain or loss for federal income tax purposes.

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)
Fidelity Mid-Cap Stock Fund	3,712	51,953	148,354

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)
Fidelity Mid-Cap Stock Fund	6,467	76,622	237,758

5. Fees and Other Transactions with Affiliates.

Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Mid-Cap Stock	.64
Class K	.55

	Total Management Fee Rate %
Mid-Cap Stock	.63
Class K	.55

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.

	Performance Adjustment Index
Fidelity Mid-Cap Stock Fund	S&P MidCap 400 Index

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Mid-Cap Stock. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annual performance adjustment was .15%.

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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Mid-Cap Stock	.1370

Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC received an asset-based fee of Class K's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:

	Amount ($)	% of Class-Level Average Net Assets
Mid-Cap Stock	7,246	.14
Class K	330	.04
	7,576

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Mid-Cap Stock Fund	.0142

	% of Average Net Assets
Fidelity Mid-Cap Stock Fund	.01

	Amount ($)
Fidelity Mid-Cap Stock Fund	43

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 Mid-Cap Stock Fund	Borrower	42,944	5.35%	198

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
Fidelity Mid-Cap Stock Fund	71,452	90,755	(20,380)

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

	Amount ($)
Fidelity Mid-Cap Stock Fund	13

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 Fund	41	-A	-

A Amount represent less than five hundred dollars.

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. During the period, custodian credits reduced the Fund's expenses by $9.

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 $603.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended April 30, 2024	Year ended April 30, 2023
Fidelity Mid-Cap Stock Fund
Distributions to shareholders
Mid-Cap Stock	$166,009	$316,842
Class K	25,229	68,886
Total	$191,238	$385,728

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended April 30, 2024	Year ended April 30, 2023	Year ended April 30, 2024	Year ended April 30, 2023
Fidelity Mid-Cap Stock Fund
Mid-Cap Stock
Shares sold	16,640	48,049	$655,840	$1,804,277
Reinvestment of distributions	3,833	7,943	152,080	295,347
Shares redeemed	(46,166)	(27,728)	(1,799,020)	(1,047,495)
Net increase (decrease)	(25,693)	28,264	$(991,100)	$1,052,129
Class K
Shares sold	3,401	6,538	$133,438	$247,592
Reinvestment of distributions	635	1,851	25,225	68,886
Shares redeemed	(11,262)	(15,508)	(447,178)	(580,994)
Net increase (decrease)	(7,226)	(7,119)	$(288,515)	$(264,516)

11. Other.

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and the 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, 2024, 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, 2024, 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, 2024

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair 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

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

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 Occupations+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

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

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

+ The information includes principal occupation during the last five years.

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, 2023 to April 30, 2024).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value November 1, 2023	Ending Account Value April 30, 2024	Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® Mid-Cap Stock Fund
Fidelity® Mid-Cap Stock Fund	.81%
Actual		$ 1,000	$ 1,185.20	$ 4.40
Hypothetical-B		$ 1,000	$ 1,020.84	$ 4.07
Class K	.70%
Actual		$ 1,000	$ 1,185.70	$ 3.80
Hypothetical-B		$ 1,000	$ 1,021.38	$ 3.52

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2024, $531,440,099, or, if subsequently determined to be different, the net capital gain of such year.

Mid-Cap Stock and Class K designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Mid-Cap Stock Fund

Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.

The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.

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

1.703594.126

MCS-ANN-0624

Fidelity® Founders Fund

Annual Report

April 30, 2024

Includes Fidelity and Fidelity Advisor share classes

Contents

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

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.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended April 30, 2024	Past 1 year	Past 5 years	Life of Fund A
Class A (incl. 5.75% sales charge)	22.64%	13.12%	14.34%
Class M (incl. 3.50% sales charge)	25.25%	13.37%	14.57%
Class C (incl. contingent deferred sales charge)	28.07%	13.58%	14.76%
Fidelity® Founders Fund	30.42%	14.74%	15.92%
Class I	30.48%	14.78%	15.96%
Class Z	30.66%	14.92%	16.10%

A From February 14, 2019

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

Management's Discussion of Fund Performance

Market Recap:

U.S. equities gained 22.66% for the 12 months ending April 30, 2024, according to the S&P 500® index, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year. Amid this favorable backdrop for higher-risk assets, the S&P 500® continued its late-2023 momentum and ended March at its all-time high before snapping a five-month uptrend in April (-4.08%). Growth stocks led the broad rally, mostly driven by a narrow set of firms in the communication services (+41%) and information technology (+37%) sectors, largely due to excitement for AI. In particular, semiconductor-related stocks (+104%) were a standout. Following the Fed's November 1 meeting, when the central bank hinted it might be done raising rates, the S&P 500® reversed a three-month decline and gained 14.09% in the final two months of 2023 and 10.56% the first quarter. Risk assets were further aided on March 20, when the central bank held steady its benchmark federal funds rate and affirmed its projection to cut in 2024. The index then slipped in April, as inflation remained stickier than expected, spurring doubts of a soft economic landing. For the full 12 months, the financials, industrials, and consumer discretionary sectors each gained about 24%. In sharp contrast, real estate, and the defensive-oriented utilities sector each roughly broke even. Other notable "laggards" included consumer staples (+3%) and health care (+7%).

Comments from Portfolio Manager Daniel Kelley:

For the fiscal year ending April 30, 2024, the fund's share classes (excluding sales charges, if applicable) gained about 29% to 31%, versus 22.30% for the benchmark Russell 3000® Index. Stock picking in information technology was the biggest contributor to performance versus the benchmark. Security selection and an overweight in communication services plus investment choices in industrials, primarily within the transportation industry, also materially aided relative performance. An overweight in Nvidia (+212%), the fund's largest holding as of period end, was the top individual relative contributor. Overweights in Uber Technologies (+112%) and Meta Platforms (+79%) also notably bolstered the fund's performance versus the benchmark. Meta Platforms and Uber Technologies were among our largest holdings. In contrast, stock picking and an underweight in materials as well as security selection in health care detracted from relative performance. The largest individual relative detractor was our non-benchmark stake in Barrick Gold (-19%), which was not held at period end. Avoiding both Eli Lilly, a benchmark component that gained 99% this period, and Broadcom, a benchmark component that returned about 112%, also hampered relative performance. Notable changes in positioning this period include decreased exposure to materials and health care and higher allocations to financials and information technology.

Investment Summary April 30, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

NVIDIA Corp.	7.7
Microsoft Corp.	7.4
Meta Platforms, Inc. Class A	5.0
Amazon.com, Inc.	4.9
Alphabet, Inc. Class C	4.6
Apollo Global Management, Inc.	2.4
Marriott International, Inc. Class A	2.4
Uber Technologies, Inc.	2.4
Netflix, Inc.	2.3
BlackRock, Inc. Class A	2.0
	41.1

Market Sectors (% of Fund's net assets)

Information Technology	31.7
Consumer Discretionary	16.2
Financials	14.4
Communication Services	13.2
Health Care	7.2
Industrials	7.0
Energy	3.9
Real Estate	2.3
Consumer Staples	1.1
Materials	0.2

Asset Allocation (% of Fund's net assets)

Schedule of Investments April 30, 2024

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares	Value ($)
COMMUNICATION SERVICES - 13.1%
Entertainment - 2.9%
Netflix, Inc. (a)	5,709	3,143,604
Spotify Technology SA (a)	2,990	838,516
		3,982,120
Interactive Media & Services - 9.6%
Alphabet, Inc. Class C	37,636	6,196,391
Meta Platforms, Inc. Class A	15,887	6,834,111
Reddit, Inc. Class B (h)	200	8,888
VerticalScope Holdings, Inc. (a)	7,292	41,528
		13,080,918
Media - 0.6%
The Trade Desk, Inc. (a)	8,738	723,943
TOTAL COMMUNICATION SERVICES		17,786,981
CONSUMER DISCRETIONARY - 16.2%
Automobiles - 0.4%
Tesla, Inc. (a)	2,863	524,731
Broadline Retail - 4.9%
Amazon.com, Inc. (a)	38,290	6,700,750
Hotels, Restaurants & Leisure - 5.4%
Airbnb, Inc. Class A (a)	15,162	2,404,238
Cava Group, Inc.	300	21,582
Draftkings Holdings, Inc. (a)	31,963	1,328,382
Dutch Bros, Inc. (a)	300	8,448
Marriott International, Inc. Class A	13,564	3,202,867
Monarch Casino & Resort, Inc.	724	49,065
Penn Entertainment, Inc. (a)	3,300	54,582
Red Rock Resorts, Inc.	1,003	53,279
Trip.com Group Ltd. ADR (a)	4,676	225,664
		7,348,107
Household Durables - 0.7%
D.R. Horton, Inc.	5,800	826,442
Garmin Ltd.	756	109,219
		935,661
Specialty Retail - 1.4%
Aritzia, Inc. (a)	22,857	591,743
Auto1 Group SE (a)(b)	16,871	86,063
Industria de Diseno Textil SA (c)	20,650	944,315
Revolve Group, Inc. (a)(c)	7,900	157,289
thredUP, Inc. (a)(c)	400	640
Wayfair LLC Class A (a)	2,097	105,165
		1,885,215
Textiles, Apparel & Luxury Goods - 3.4%
Brunello Cucinelli SpA	4,884	500,893
Canva, Inc. Class A (d)(e)	100	106,666
LVMH Moet Hennessy Louis Vuitton SE	829	680,971
Moncler SpA	9,992	683,741
On Holding AG (a)	300	9,525
Prada SpA	117,710	959,962
Ralph Lauren Corp.	10,742	1,757,821
		4,699,579
TOTAL CONSUMER DISCRETIONARY		22,094,043
CONSUMER STAPLES - 1.1%
Beverages - 1.1%
Monster Beverage Corp. (a)	26,863	1,435,827
ENERGY - 3.9%
Energy Equipment & Services - 0.4%
Cactus, Inc.	10,264	509,505
Oil, Gas & Consumable Fuels - 3.5%
Devon Energy Corp.	2,256	115,462
Hess Corp.	12,688	1,998,233
Reliance Industries Ltd.	15,134	531,117
Tourmaline Oil Corp.	42,569	2,080,443
		4,725,255
TOTAL ENERGY		5,234,760
FINANCIALS - 14.4%
Banks - 0.5%
Pinnacle Financial Partners, Inc.	5,665	434,506
Starling Bank Ltd. Series D (a)(d)(e)	44,800	168,499
		603,005
Capital Markets - 8.7%
Antin Infrastructure Partners SA	962	12,320
Ares Management Corp.	18,277	2,432,486
BlackRock, Inc. Class A	3,579	2,700,857
Blue Owl Capital, Inc. Class A	108,187	2,043,652
Carlyle Group LP	16,454	737,139
Coinbase Global, Inc. (a)	5,255	1,071,652
EQT AB	2,811	77,108
Intercontinental Exchange, Inc.	5,260	677,278
KKR & Co. LP	14,114	1,313,590
Morningstar, Inc.	1,122	317,133
XP, Inc. Class A	20,373	417,035
		11,800,250
Consumer Finance - 0.6%
Capital One Financial Corp.	5,756	825,583
NerdWallet, Inc. (a)	400	5,028
		830,611
Financial Services - 4.3%
Apollo Global Management, Inc.	29,694	3,218,236
Berkshire Hathaway, Inc. Class B (a)	3,815	1,513,525
Block, Inc. Class A (a)	10,520	767,960
Corpay, Inc. (a)	1,167	352,597
Jio Financial Services Ltd.	10,760	48,440
Remitly Global, Inc. (a)	200	3,566
		5,904,324
Insurance - 0.3%
Arthur J. Gallagher & Co.	1,903	446,615
TOTAL FINANCIALS		19,584,805
HEALTH CARE - 7.2%
Biotechnology - 2.9%
Blueprint Medicines Corp. (a)	872	79,648
Celldex Therapeutics, Inc. (a)	13,072	489,154
Moderna, Inc. (a)	7,390	815,191
Prelude Therapeutics, Inc. (a)	300	1,131
Regeneron Pharmaceuticals, Inc. (a)	2,758	2,456,440
TG Therapeutics, Inc. (a)	9,875	134,893
		3,976,457
Health Care Equipment & Supplies - 1.2%
Glaukos Corp. (a)	3,400	326,400
Inspire Medical Systems, Inc. (a)	1,936	467,854
Masimo Corp. (a)	2,477	332,934
Penumbra, Inc. (a)	2,536	498,248
TransMedics Group, Inc. (a)	481	45,277
		1,670,713
Health Care Providers & Services - 0.9%
Guardant Health, Inc. (a)	2,678	48,204
LifeStance Health Group, Inc. (a)	37,998	234,828
The Joint Corp. (a)	1,173	14,006
UnitedHealth Group, Inc.	1,941	938,862
		1,235,900
Health Care Technology - 0.5%
Doximity, Inc. (a)	1,932	46,928
Veeva Systems, Inc. Class A (a)	2,850	565,896
		612,824
Life Sciences Tools & Services - 1.7%
Bruker Corp.	6,050	471,961
Danaher Corp.	7,442	1,835,346
Stevanato Group SpA (c)	1,249	35,022
		2,342,329
TOTAL HEALTH CARE		9,838,223
INDUSTRIALS - 7.0%
Aerospace & Defense - 0.6%
HEICO Corp. Class A	4,938	818,967
Building Products - 0.1%
Tecnoglass, Inc.	3,335	185,259
Commercial Services & Supplies - 2.0%
Cintas Corp.	2,388	1,572,116
GFL Environmental, Inc.	17,222	549,382
Veralto Corp.	1,307	122,440
Waste Connections, Inc. (United States)	3,149	510,421
		2,754,359
Construction & Engineering - 0.1%
Bowman Consulting Group Ltd. (a)	3,700	120,213
Electrical Equipment - 0.7%
Nextracker, Inc. Class A (a)	23,794	1,018,145
Ground Transportation - 2.4%
Uber Technologies, Inc. (a)	48,208	3,194,744
Professional Services - 1.1%
TDCX, Inc. ADR (a)	300	2,148
Thomson Reuters Corp.	9,830	1,484,729
		1,486,877
TOTAL INDUSTRIALS		9,578,564
INFORMATION TECHNOLOGY - 31.5%
Communications Equipment - 0.5%
Arista Networks, Inc. (a)	2,495	640,117
Electronic Equipment, Instruments & Components - 0.0%
Vontier Corp.	1,083	44,002
IT Services - 4.2%
CGI, Inc. Class A (sub. vtg.) (a)	890	90,180
Cloudflare, Inc. (a)	8,157	712,922
Globant SA (a)	4,659	832,051
MongoDB, Inc. Class A (a)	3,535	1,290,911
Shopify, Inc. Class A (a)	34,371	2,412,844
Snowflake, Inc. (a)	1,990	308,848
		5,647,756
Semiconductors & Semiconductor Equipment - 9.1%
Analog Devices, Inc.	6,195	1,242,779
Astera Labs, Inc.	300	25,428
Monolithic Power Systems, Inc.	950	635,864
NVIDIA Corp.	12,200	10,541,042
		12,445,113
Software - 17.4%
Adobe, Inc. (a)	2,365	1,094,593
BlackLine, Inc. (a)	6,903	400,719
CoreWeave, Inc. (d)(e)	160	62,434
Dynatrace, Inc. (a)	16,580	751,240
Intuit, Inc.	2,282	1,427,665
Microsoft Corp.	25,870	10,071,967
MicroStrategy, Inc. Class A (a)(c)	1,986	2,115,150
nCino, Inc. (a)	84	2,449
Oracle Corp.	13,430	1,527,663
Palantir Technologies, Inc. (a)	33,866	744,036
Salesforce, Inc.	4,924	1,324,261
Samsara, Inc. (a)	800	27,944
Synopsys, Inc. (a)	2,789	1,479,816
Tenable Holdings, Inc. (a)	6,527	293,519
UiPath, Inc. Class A (a)	38,473	729,833
Varonis Systems, Inc. (a)	5,638	246,663
Workday, Inc. Class A (a)	3,464	847,745
Zoom Video Communications, Inc. Class A (a)	4,000	244,400
Zscaler, Inc. (a)	1,553	268,576
		23,660,673
Technology Hardware, Storage & Peripherals - 0.3%
Dell Technologies, Inc.	3,400	423,776
TOTAL INFORMATION TECHNOLOGY		42,861,437
MATERIALS - 0.2%
Metals & Mining - 0.2%
Alamos Gold, Inc.	18,313	269,377
REAL ESTATE - 2.3%
Equity Real Estate Investment Trusts (REITs) - 1.8%
Equity Residential (SBI)	15,947	1,026,987
Public Storage	5,686	1,475,233
		2,502,220
Real Estate Management & Development - 0.5%
Zillow Group, Inc. Class C (a)	14,957	636,719
TOTAL REAL ESTATE		3,138,939
TOTAL COMMON STOCKS (Cost $91,091,337)		131,822,956

Convertible Preferred Stocks - 0.3%
	Shares	Value ($)
COMMUNICATION SERVICES - 0.1%
Interactive Media & Services - 0.1%
ByteDance Ltd. Series E1 (a)(d)(e)	638	147,040
CONSUMER DISCRETIONARY - 0.0%
Textiles, Apparel & Luxury Goods - 0.0%
Canva, Inc.:
Series A (d)(e)	17	18,133
Series A2 (d)(e)	3	3,200
		21,333
INFORMATION TECHNOLOGY - 0.2%
IT Services - 0.1%
Yanka Industries, Inc.:
Series E (a)(d)(e)	2,484	11,600
Series F (a)(d)(e)	12,743	75,184
		86,784
Software - 0.1%
Evozyne, Inc. Series A (a)(d)(e)	1,000	16,050
Moloco, Inc. Series A (d)(e)	3,703	165,228
		181,278
TOTAL INFORMATION TECHNOLOGY		268,062
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $772,102)		436,435

Money Market Funds - 5.7%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (f)	4,185,669	4,186,506
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)	3,514,162	3,514,513
TOTAL MONEY MARKET FUNDS (Cost $7,701,019)		7,701,019

TOTAL INVESTMENT IN SECURITIES - 102.9% (Cost $99,564,458)	139,960,410
NET OTHER ASSETS (LIABILITIES) - (2.9)%	(3,947,483)
NET ASSETS - 100.0%	136,012,927

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 $86,063 or 0.1% of net assets.

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

(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 $774,034 or 0.6% of net assets.

(e)	Level 3 security

(f)

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

(h)

Equity security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. As of period end, the total fair value of unadjusted equity securities subject to contractual sale restrictions is $8,888 and all restrictions are set to expire on or before September 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
ByteDance Ltd. Series E1	11/18/20	69,908

Canva, Inc. Class A	3/18/24	106,666

Canva, Inc. Series A	9/22/23	18,133

Canva, Inc. Series A2	9/22/23	3,200

CoreWeave, Inc.	11/29/23	49,578

Evozyne, Inc. Series A	4/09/21	22,470

Moloco, Inc. Series A	6/26/23	222,180

Starling Bank Ltd. Series D	6/18/21 - 4/05/22	85,152

Yanka Industries, Inc. Series E	5/15/20	30,005

Yanka Industries, Inc. Series F	4/08/21	406,206

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	2,147,926	30,337,318	28,298,738	130,772	-	-	4,186,506	0.0%
Fidelity Securities Lending Cash Central Fund 5.39%	320,400	20,858,793	17,664,680	7,881	-	-	3,514,513	0.0%
Total	2,468,326	51,196,111	45,963,418	138,653	-	-	7,701,019

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	17,934,021	17,786,981	-	147,040
Consumer Discretionary	22,115,376	20,346,444	1,640,933	127,999
Consumer Staples	1,435,827	1,435,827	-	-
Energy	5,234,760	4,703,643	531,117	-
Financials	19,584,805	19,367,866	48,440	168,499
Health Care	9,838,223	9,838,223	-	-
Industrials	9,578,564	9,578,564	-	-
Information Technology	43,129,499	42,799,003	-	330,496
Materials	269,377	269,377	-	-
Real Estate	3,138,939	3,138,939	-	-

Money Market Funds	7,701,019	7,701,019	-	-
Total Investments in Securities:	139,960,410	136,965,886	2,220,490	774,034

Financial Statements

Statement of Assets and Liabilities
				April 30, 2024

Assets
Investment in securities, at value (including securities loaned of $2,966,990) - See accompanying schedule:
Unaffiliated issuers (cost $91,863,439)	$	132,259,391
Fidelity Central Funds (cost $7,701,019)		7,701,019


Total Investment in Securities (cost $99,564,458)			$	139,960,410
Cash				118
Receivable for fund shares sold				229,135
Dividends receivable				31,560
Distributions receivable from Fidelity Central Funds				18,221
Prepaid expenses				34
Total assets				140,239,478
Liabilities
Payable for investments purchased	$	499,588
Payable for fund shares redeemed		78,316
Accrued management fee		74,644
Distribution and service plan fees payable		13,549
Other payables and accrued expenses		45,941
Collateral on securities loaned		3,514,513
Total liabilities				4,226,551
Net Assets			$	136,012,927
Net Assets consist of:
Paid in capital			$	97,341,824
Total accumulated earnings (loss)				38,671,103
Net Assets			$	136,012,927

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($22,455,869 ÷ 1,145,402 shares)(a)			$	19.61
Maximum offering price per share (100/94.25 of $19.61)			$	20.81
Class M :
Net Asset Value and redemption price per share ($14,328,005 ÷ 737,252 shares)(a)			$	19.43
Maximum offering price per share (100/96.50 of $19.43)			$	20.13
Class C :
Net Asset Value and offering price per share ($3,084,674 ÷ 161,895 shares)(a)			$	19.05
Fidelity Founders Fund :
Net Asset Value, offering price and redemption price per share ($84,557,284 ÷ 4,280,403 shares)			$	19.75
Class I :
Net Asset Value, offering price and redemption price per share ($4,791,913 ÷ 242,613 shares)			$	19.75
Class Z :
Net Asset Value, offering price and redemption price per share ($6,795,182 ÷ 342,650 shares)			$	19.83
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Year ended April 30, 2024
Investment Income
Dividends			$	819,119
Income from Fidelity Central Funds (including $7,881 from security lending)				138,653
Total income				957,772
Expenses
Management fee
Basic fee	$	628,426
Performance adjustment		(96,764)
Transfer agent fees		179,381
Distribution and service plan fees		127,300
Accounting fees		31,837
Custodian fees and expenses		7,491
Independent trustees' fees and expenses		536
Registration fees		90,133
Audit		47,934
Legal		1,767
Miscellaneous		402
Total expenses before reductions		1,018,443
Expense reductions		(9,639)
Total expenses after reductions				1,008,804
Net Investment income (loss)				(51,032)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		2,533,749
Foreign currency transactions		(2,668)
Total net realized gain (loss)				2,531,081
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $10,975)		25,992,425
Assets and liabilities in foreign currencies		(109)
Total change in net unrealized appreciation (depreciation)				25,992,316
Net gain (loss)				28,523,397
Net increase (decrease) in net assets resulting from operations			$	28,472,365

Statement of Changes in Net Assets

		Year ended April 30, 2024		Year ended April 30, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(51,032)	$	623,204
Net realized gain (loss)		2,531,081		(3,924,115)
Change in net unrealized appreciation (depreciation)		25,992,316		(384,550)
Net increase (decrease) in net assets resulting from operations		28,472,365		(3,685,461)
Distributions to shareholders		(98,999)		(2,274,733)

Share transactions - net increase (decrease)		14,124,777		(11,151,975)
Total increase (decrease) in net assets		42,498,143		(17,112,169)

Net Assets
Beginning of period		93,514,784		110,626,953
End of period	$	136,012,927	$	93,514,784

Financial Highlights

Fidelity Advisor® Founders Fund Class A

Years ended April 30,		2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	15.07	$	15.71	$	18.71	$	11.85	$	10.85
Income from Investment Operations
Net investment income (loss) A,B		(.04)		.07		- C,D		(.14)		(.05) E
Net realized and unrealized gain (loss)		4.58		(.38)		(1.88)		7.00		1.05
Total from investment operations		4.54		(.31)		(1.88)		6.86		1.00
Distributions from net investment income		-		(.07)		(.02)		-		- D
Distributions from net realized gain		-		(.26)		(1.11)		-		-
Total distributions		-		(.33)		(1.12) F		-		- D
Net asset value, end of period	$	19.61	$	15.07	$	15.71	$	18.71	$	11.85
Total Return G,H		30.13 %		(1.90)%		(10.74)%		57.89%		9.25%
Ratios to Average Net Assets B,I,J
Expenses before reductions		1.06%		1.24%		1.17%		1.25%		2.05%
Expenses net of fee waivers, if any		1.05 %		1.15%		1.15%		1.25%		1.25%
Expenses net of all reductions		1.05%		1.15%		1.15%		1.24%		1.25%
Net investment income (loss)		(.21)%		.49%		-% C,K		(.83)%		(.47)% E
Supplemental Data
Net assets, end of period (000 omitted)	$	22,456	$	13,884	$	11,013	$	11,606	$	1,310
Portfolio turnover rate L		31 %		51%		47%		57%		82%

ACalculated based on average shares outstanding during the period.

CNet 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 (.19)%.

DAmount represents less than $.005 per share.

ENet 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 (.70)%.

FTotal distributions per share do not sum due to rounding.

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

HTotal returns do not include the effect of the sales charges.

IFees 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.

JExpense 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.

KAmount represents less than .005%.

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

Fidelity Advisor® Founders Fund Class M

Years ended April 30,		2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	14.97	$	15.62	$	18.62	$	11.82	$	10.85
Income from Investment Operations
Net investment income (loss) A,B		(.08)		.03		(.04) C		(.17)		(.08) D
Net realized and unrealized gain (loss)		4.54		(.38)		(1.87)		6.97		1.05
Total from investment operations		4.46		(.35)		(1.91)		6.80		.97
Distributions from net investment income		-		(.04)		-		-		-
Distributions from net realized gain		-		(.26)		(1.09)		-		-
Total distributions		-		(.30)		(1.09)		-		-
Net asset value, end of period	$	19.43	$	14.97	$	15.62	$	18.62	$	11.82
Total Return E,F		29.79 %		(2.20)%		(10.93)%		57.53%		8.94%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.29%		1.44%		1.39%		1.46%		2.14%
Expenses net of fee waivers, if any		1.28 %		1.40%		1.38%		1.46%		1.50%
Expenses net of all reductions		1.28%		1.40%		1.38%		1.45%		1.50%
Net investment income (loss)		(.44)%		.24%		(.24)% C		(1.04)%		(.72)% D
Supplemental Data
Net assets, end of period (000 omitted)	$	14,328	$	8,354	$	8,562	$	7,357	$	695
Portfolio turnover rate I		31 %		51%		47%		57%		82%

ACalculated based on average shares outstanding during the period.

DNet 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 (.95)%.

ETotal returns do not include the effect of the sales charges.

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

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

Fidelity Advisor® Founders Fund Class C

Years ended April 30,		2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	14.76	$	15.43	$	18.41	$	11.75	$	10.84
Income from Investment Operations
Net investment income (loss) A,B		(.17)		(.04)		(.14) C		(.26)		(.13) D
Net realized and unrealized gain (loss)		4.46		(.37)		(1.84)		6.92		1.04
Total from investment operations		4.29		(.41)		(1.98)		6.66		.91
Distributions from net realized gain		-		(.26)		(1.00)		-		-
Total distributions		-		(.26)		(1.00)		-		-
Net asset value, end of period	$	19.05	$	14.76	$	15.43	$	18.41	$	11.75
Total Return E,F		29.07 %		(2.67)%		(11.40)%		56.68%		8.39%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.83%		2.01%		1.99%		2.04%		2.64%
Expenses net of fee waivers, if any		1.83 %		1.90%		1.91%		2.00%		2.00%
Expenses net of all reductions		1.82%		1.90%		1.91%		1.99%		2.00%
Net investment income (loss)		(.98)%		(.26)%		(.76)% C		(1.58)%		(1.22)% D
Supplemental Data
Net assets, end of period (000 omitted)	$	3,085	$	1,613	$	1,717	$	2,035	$	335
Portfolio turnover rate I		31 %		51%		47%		57%		82%

ACalculated based on average shares outstanding during the period.

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

FTotal returns do not include the effect of the contingent deferred sales charge.

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

Fidelity® Founders Fund

Years ended April 30,		2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	15.16	$	15.79	$	18.80	$	11.88	$	10.86
Income from Investment Operations
Net investment income (loss) A,B		.01		.11		.05 C		(.09)		(.02) D
Net realized and unrealized gain (loss)		4.60		(.39)		(1.89)		7.01		1.05
Total from investment operations		4.61		(.28)		(1.84)		6.92		1.03
Distributions from net investment income		(.02)		(.09)		(.04)		-		(.01)
Distributions from net realized gain		-		(.26)		(1.13)		-		-
Total distributions		(.02)		(.35)		(1.17)		-		(.01)
Net asset value, end of period	$	19.75	$	15.16	$	15.79	$	18.80	$	11.88
Total Return E		30.42 %		(1.69)%		(10.48)%		58.25%		9.49%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.80%		.98%		.90%		.97%		1.70%
Expenses net of fee waivers, if any		.79 %		.90%		.90%		.97%		1.00%
Expenses net of all reductions		.79%		.90%		.90%		.97%		1.00%
Net investment income (loss)		.06%		.74%		.25% C		(.56)%		(.22)% D
Supplemental Data
Net assets, end of period (000 omitted)	$	84,557	$	62,601	$	69,885	$	96,052	$	22,724
Portfolio turnover rate H		31 %		51%		47%		57%		82%

ACalculated based on average shares outstanding during the period.

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

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

Fidelity Advisor® Founders Fund Class I

Years ended April 30,		2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	15.16	$	15.79	$	18.81	$	11.88	$	10.86
Income from Investment Operations
Net investment income (loss) A,B		.02		.11		.06 C		(.08)		(.02) D
Net realized and unrealized gain (loss)		4.60		(.39)		(1.89)		7.01		1.05
Total from investment operations		4.62		(.28)		(1.83)		6.93		1.03
Distributions from net investment income		(.03)		(.10)		(.05)		-		(.01)
Distributions from net realized gain		-		(.26)		(1.14)		-		-
Total distributions		(.03)		(.35) E		(1.19)		-		(.01)
Net asset value, end of period	$	19.75	$	15.16	$	15.79	$	18.81	$	11.88
Total Return F		30.48 %		(1.64)%		(10.45)%		58.33%		9.49%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.74%		.88%		.85%		.93%		1.63%
Expenses net of fee waivers, if any		.73 %		.88%		.85%		.93%		1.00%
Expenses net of all reductions		.73%		.88%		.85%		.92%		1.00%
Net investment income (loss)		.12%		.76%		.30% C		(.51)%		(.22)% D
Supplemental Data
Net assets, end of period (000 omitted)	$	4,792	$	2,899	$	1,263	$	1,449	$	467
Portfolio turnover rate I		31 %		51%		47%		57%		82%

ACalculated based on average shares outstanding during the period.

ETotal distributions per share do not sum due to rounding.

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

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

Fidelity Advisor® Founders Fund Class Z

Years ended April 30,		2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	15.21	$	15.83	$	18.86	$	11.90	$	10.86
Income from Investment Operations
Net investment income (loss) A,B		.04		.13		.07 C		(.07)		(.01) D
Net realized and unrealized gain (loss)		4.62		(.39)		(1.89)		7.03		1.06
Total from investment operations		4.66		(.26)		(1.82)		6.96		1.05
Distributions from net investment income		(.04)		(.10)		(.06)		-		(.01)
Distributions from net realized gain		-		(.26)		(1.15)		-		-
Total distributions		(.04)		(.36)		(1.21)		-		(.01)
Net asset value, end of period	$	19.83	$	15.21	$	15.83	$	18.86	$	11.90
Total Return E		30.66 %		(1.55)%		(10.37)%		58.49%		9.67%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.63%		.78%		.76%		.83%		1.51%
Expenses net of fee waivers, if any		.63 %		.75%		.75%		.83%		.85%
Expenses net of all reductions		.63%		.75%		.75%		.82%		.85%
Net investment income (loss)		.22%		.89%		.40% C		(.41)%		(.07)% D
Supplemental Data
Net assets, end of period (000 omitted)	$	6,795	$	4,165	$	18,186	$	21,966	$	6,839
Portfolio turnover rate H		31 %		51%		47%		57%		82%

ACalculated based on average shares outstanding during the period.

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

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

Notes to Financial Statements

For the period ended April 30, 2024

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. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. 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 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 RatioA
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%

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 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 ETFs but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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	$44,580,856
Gross unrealized depreciation	(5,185,439)
Net unrealized appreciation (depreciation)	$39,395,417
Tax Cost	$100,564,993

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

Capital loss carryforward	$(564,216)
Net unrealized appreciation (depreciation) on securities and other investments	$39,395,278

The Fund intends to elect to defer to its next fiscal year $148,984 of ordinary losses recognized during the period January 1, 2024 to April 30, 2024.

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

Short-term	$(564,216)
Total capital loss carryforward	$(564,216)

The tax character of distributions paid was as follows:

	April 30, 2024	April 30, 2023
Ordinary Income	$98,999	$509,253
Long-term Capital Gains	-	1,765,480
Total	$98,999	$2,274,733

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Founders Fund	47,783,078	34,750,470

5. Fees and Other Transactions with Affiliates.

Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Class A	.72
Class M	.71
Class C	.72
Fidelity Founders Fund	.72
Class I	.65
Class Z	.56

	Total Management Fee Rate %
Class A	.72
Class M	.71
Class C	.72
Fidelity Founders Fund	.68
Class I	.65
Class Z	.56

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.

	Performance Adjustment Index
Fidelity Founders Fund	Russell 3000 Index

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Founders Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is .10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annual performance adjustment was (.09)%.

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%	45,073	3,005
Class M	.25%	.25%	57,438	-
Class C	.75%	.25%	24,789	3,767
			127,300	6,772

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	14,430
Class M	1,701
Class CA	87
	16,218

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

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	.2000
Class M	.1886
Class C	.2000
Fidelity Founders Fund	.2000
Class I	.1341

Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:

	Amount ($)	% of Class-Level Average Net Assets
Class A	30,188	.21
Class M	17,138	.19
Class C	4,572	.24
Fidelity Founders Fund	120,952	.21
Class I	4,532	.14
Class Z	1,999	.04
	179,381

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Founders Fund	.0353

	% of Average Net Assets
Fidelity Founders Fund	.04

	Amount ($)
Fidelity Founders Fund	954

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
Fidelity Founders Fund	1,675,703	2,024,980	302,398

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

	Amount ($)
Fidelity Founders Fund	194

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	827	3	-

8. Expense Reductions.

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 $9,191.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended April 30, 2024	Year ended April 30, 2023
Fidelity Founders Fund
Distributions to shareholders
Class A	$ -	$235,249
Class M	-	166,118
Class C	-	28,666
Fidelity Founders Fund	78,648	1,504,822
Class I	6,222	34,844
Class Z	14,129	305,034
Total	$98,999	$2,274,733

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended April 30, 2024	Year ended April 30, 2023	Year ended April 30, 2024	Year ended April 30, 2023
Fidelity Founders Fund
Class A
Shares sold	357,562	327,212	$6,328,363	$4,701,902
Reinvestment of distributions	-	16,132	-	234,268
Shares redeemed	(133,442)	(123,004)	(2,302,213)	(1,780,393)
Net increase (decrease)	224,120	220,340	$4,026,150	$3,155,777
Class M
Shares sold	221,304	148,983	$3,818,142	$2,165,205
Reinvestment of distributions	-	11,220	-	163,460
Shares redeemed	(41,973)	(150,485)	(723,828)	(2,119,047)
Net increase (decrease)	179,331	9,718	$3,094,314	$209,618
Class C
Shares sold	80,325	42,163	$1,343,892	$600,290
Reinvestment of distributions	-	1,956	-	28,488
Shares redeemed	(27,722)	(46,117)	(486,933)	(640,847)
Net increase (decrease)	52,603	(1,998)	$856,959	$(12,069)
Fidelity Founders Fund
Shares sold	1,292,892	822,803	$24,261,828	$11,999,078
Reinvestment of distributions	4,059	96,400	73,069	1,407,429
Shares redeemed	(1,145,208)	(1,216,913)	(20,197,581)	(17,564,962)
Net increase (decrease)	151,743	(297,710)	$4,137,316	$(4,158,455)
Class I
Shares sold	150,025	154,835	$2,648,431	$2,270,763
Reinvestment of distributions	346	2,412	6,222	34,844
Shares redeemed	(99,004)	(46,030)	(1,764,775)	(659,817)
Net increase (decrease)	51,367	111,217	$889,878	$1,645,790
Class Z
Shares sold	120,849	64,002	$2,052,346	$959,742
Reinvestment of distributions	755	19,927	13,644	295,980
Shares redeemed	(52,719)	(958,761)	(945,830)	(13,248,358)
Net increase (decrease)	68,885	(874,832)	$1,120,160	$(11,992,636)

11. Other.

12. Risk and Uncertainties.

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, 2024, the related statement of operations for the year ended April 30, 2024, the statement of changes in net assets for each of the two years in the period ended April 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2024 (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, 2024, 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, 2024 and the financial highlights for each of the five years in the period ended April 30, 2024 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, 2024 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 13, 2024

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

Trustees and Officers

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

Chair 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

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

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 Occupations+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

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

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

+ The information includes principal occupation during the last five years.

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, 2023 to April 30, 2024).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value November 1, 2023	Ending Account Value April 30, 2024	Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® Founders Fund
Class A **	1.08%
Actual		$ 1,000	$ 1,280.90	$ 6.12
Hypothetical-B		$ 1,000	$ 1,019.49	$ 5.42
Class M	1.31%
Actual		$ 1,000	$ 1,279.10	$ 7.42
Hypothetical-B		$ 1,000	$ 1,018.35	$ 6.57
Class C	1.83%
Actual		$ 1,000	$ 1,276.00	$ 10.36
Hypothetical-B		$ 1,000	$ 1,015.76	$ 9.17
Fidelity® Founders Fund **	.81%
Actual		$ 1,000	$ 1,282.20	$ 4.60
Hypothetical-B		$ 1,000	$ 1,020.84	$ 4.07
Class I **	.75%
Actual		$ 1,000	$ 1,282.80	$ 4.26
Hypothetical-B		$ 1,000	$ 1,021.13	$ 3.77
Class Z **	.65%
Actual		$ 1,000	$ 1,283.00	$ 3.69
Hypothetical-B		$ 1,000	$ 1,021.63	$ 3.27

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

B 5% return per year before expenses

** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the entire current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:

	Annualized Expense Ratio- A	Expenses Paid
Fidelity® Founders Fund
Class A	1.01%
Actual		$ 5.73
Hypothetical- B		$ 5.07
Fidelity® Founders Fund	.71%
Actual		$ 4.03
Hypothetical- B		$ 3.57
Class I	.69%
Actual		$ 3.92
Hypothetical- B		$ 3.47
Class Z	.60%
Actual		$ 3.41
Hypothetical- B		$ 3.02

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

Retail Class, Class I and Class Z designate 100% of the dividends distributed in December during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Retail Class, Class I and Class Z designate 100% of the dividends distributed in December during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Founders Fund

Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.

The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.

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

1.9892518.105

RFFF-ANN-0624

Fidelity® Series Small Cap Discovery Fund

Annual Report

April 30, 2024

Contents

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

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.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended April 30, 2024	Past 1 year	Past 5 years	Past 10 years
Fidelity® Series Small Cap Discovery Fund	18.22%	10.29%	8.89%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Series Small Cap Discovery Fund on April 30, 2014.

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.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Forrest St. Clair:

For the fiscal year ending April 30, 2024, the fund gained 18.22%, versus 13.32% for the benchmark Russell 2000 Index. The biggest contributor to performance versus the benchmark was security selection in the industrials sector, particularly within the transportation and capital goods industries. An underweight in health care also notably helped. Further bolstering the portfolio's relative result were picks among consumer discretionary and information technology stocks, primarily within the automobiles & components and technology hardware & equipment categories, respectively. The top individual relative contributor was a non-benchmark stake in XPO (+146%), where we decreased the fund's exposure this period. An overweight in Beacon Roofing Supply (+64%), one of the portfolio biggest holdings this period, was another plus. Outsized exposure to Insight Enterprises (+51%), the fund's largest holding the past 12 months, proved advantageous as well. In contrast, the biggest detractor from performance versus the benchmark was security selection in energy, followed by stock picks in health care and utilities. On an individual basis, avoiding Super Micro Computer, a benchmark component that gained roughly 715%, was the portfolio's foremost relative detractor. A non-benchmark stake in Concentrix (-42%) further pressured relative performance, as did the fund's out-of-benchmark exposure to Genpact (-30%), a stock we increased our exposure to in this period. Notable changes in positioning include decreased exposure to the real estate sector and a higher allocation to information technology firms.

Note to shareholders:

After 17 years at Fidelity, Derek Janssen retired from the firm on December 31, 2023, at which time Forrest St. Clair assumed sole management responsibilities for the fund.

Investment Summary April 30, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Insight Enterprises, Inc.	3.6
Performance Food Group Co.	2.9
Beacon Roofing Supply, Inc.	2.8
Genpact Ltd.	2.5
Maximus, Inc.	2.5
Olin Corp.	2.5
Ciena Corp.	2.4
Owens & Minor, Inc.	2.4
Patrick Industries, Inc.	2.4
First American Financial Corp.	2.4
	26.4

Market Sectors (% of Fund's net assets)

Industrials	25.3
Consumer Discretionary	15.1
Information Technology	14.8
Financials	13.5
Energy	8.2
Materials	7.0
Consumer Staples	5.1
Health Care	4.9
Utilities	1.4
Communication Services	0.1

Asset Allocation (% of Fund's net assets)

Schedule of Investments April 30, 2024

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares	Value ($)
COMMUNICATION SERVICES - 0.1%
Interactive Media & Services - 0.1%
Ziff Davis, Inc. (a)	24,450	1,225,190
CONSUMER DISCRETIONARY - 15.1%
Automobile Components - 4.1%
Adient PLC (a)	496,000	14,815,520
Lear Corp.	55,900	7,036,133
Patrick Industries, Inc. (b)	284,166	29,692,505
		51,544,158
Diversified Consumer Services - 2.1%
Adtalem Global Education, Inc. (a)	86,600	4,297,092
Laureate Education, Inc. Class A	1,495,373	21,682,909
		25,980,001
Household Durables - 0.9%
Helen of Troy Ltd. (a)(b)	121,800	11,292,078
Leisure Products - 1.0%
Brunswick Corp.	152,900	12,329,856
Specialty Retail - 5.3%
Academy Sports & Outdoors, Inc.	189,000	11,018,700
Advance Auto Parts, Inc.	82,100	5,991,658
America's Car Mart, Inc. (a)(b)	131,235	7,511,891
American Eagle Outfitters, Inc.	216,388	5,249,573
Boot Barn Holdings, Inc. (a)	29,000	3,087,630
Caleres, Inc. (b)	106,900	3,937,127
Murphy U.S.A., Inc.	53,200	22,015,224
Upbound Group, Inc.	233,539	7,242,044
		66,053,847
Textiles, Apparel & Luxury Goods - 1.7%
Crocs, Inc. (a)	165,700	20,608,109
Wolverine World Wide, Inc.	119,337	1,281,679
		21,889,788
TOTAL CONSUMER DISCRETIONARY		189,089,728
CONSUMER STAPLES - 5.1%
Beverages - 1.6%
Coca-Cola Consolidated, Inc.	18,660	15,413,160
MGP Ingredients, Inc. (b)	61,338	4,811,353
		20,224,513
Consumer Staples Distribution & Retail - 2.9%
Performance Food Group Co. (a)	527,400	35,799,912
Sprouts Farmers Market LLC (a)	8,537	563,698
		36,363,610
Food Products - 0.6%
Lamb Weston Holdings, Inc. (b)	52,000	4,333,680
The Simply Good Foods Co. (a)	81,700	2,977,965
		7,311,645
TOTAL CONSUMER STAPLES		63,899,768
ENERGY - 8.2%
Energy Equipment & Services - 3.6%
Cactus, Inc.	182,500	9,059,300
Mattr Corp. Class A (a)	2,229,715	26,416,774
Total Energy Services, Inc.	1,295,130	9,106,787
		44,582,861
Oil, Gas & Consumable Fuels - 4.6%
Civitas Resources, Inc.	218,600	15,730,456
Parkland Corp.	500,000	15,403,334
Sitio Royalties Corp. (b)	1,133,000	26,330,920
		57,464,710
TOTAL ENERGY		102,047,571
FINANCIALS - 13.5%
Banks - 2.3%
Cadence Bank	550,257	15,225,611
Fulton Financial Corp.	50,700	839,085
Webster Financial Corp.	298,700	13,092,021
		29,156,717
Capital Markets - 0.6%
Virtus Investment Partners, Inc.	33,500	7,347,220
Consumer Finance - 2.1%
FirstCash Holdings, Inc.	235,598	26,617,862
Financial Services - 1.6%
EVERTEC, Inc. (b)	305,600	11,469,168
WEX, Inc. (a)	37,700	7,964,502
		19,433,670
Insurance - 6.9%
Assurant, Inc.	62,600	10,917,440
Enstar Group Ltd. (a)	87,022	25,268,578
First American Financial Corp.	552,500	29,597,425
Primerica, Inc.	94,700	20,063,142
		85,846,585
TOTAL FINANCIALS		168,402,054
HEALTH CARE - 4.9%
Biotechnology - 1.0%
Blueprint Medicines Corp. (a)	14,500	1,324,430
Celldex Therapeutics, Inc. (a)	124,900	4,673,758
Keros Therapeutics, Inc. (a)	50,000	2,819,500
Vaxcyte, Inc. (a)	51,610	3,124,986
		11,942,674
Health Care Equipment & Supplies - 0.7%
Dentsply Sirona, Inc.	223,500	6,707,235
Utah Medical Products, Inc.	24,619	1,629,778
		8,337,013
Health Care Providers & Services - 3.0%
AMN Healthcare Services, Inc. (a)	125,700	7,539,486
Owens & Minor, Inc. (a)	1,205,182	29,816,203
Pennant Group, Inc. (a)	26,500	554,115
The Ensign Group, Inc.	700	82,852
		37,992,656
Pharmaceuticals - 0.2%
Arvinas Holding Co. LLC (a)(b)	86,000	2,732,220
TOTAL HEALTH CARE		61,004,563
INDUSTRIALS - 25.3%
Aerospace & Defense - 0.9%
Loar Holdings, Inc.	1,200	62,784
V2X, Inc. (a)	218,291	10,604,577
		10,667,361
Building Products - 2.8%
Armstrong World Industries, Inc.	79,157	9,093,556
AZZ, Inc.	132,700	9,505,301
Tecnoglass, Inc. (b)	186,600	10,365,630
UFP Industries, Inc.	58,300	6,570,410
		35,534,897
Commercial Services & Supplies - 2.3%
Brady Corp. Class A	17,100	1,008,900
The Brink's Co.	299,582	26,201,442
Vestis Corp.	72,100	1,328,082
		28,538,424
Construction & Engineering - 1.1%
Centuri Holdings, Inc.	2,700	66,825
EMCOR Group, Inc.	30,500	10,893,685
IES Holdings, Inc. (a)	18,600	2,513,232
		13,473,742
Electrical Equipment - 0.9%
Atkore, Inc.	64,600	11,324,380
Ground Transportation - 3.1%
ArcBest Corp.	21,458	2,379,907
TFI International, Inc.	193,100	25,158,999
TFI International, Inc. (Canada)	50,600	6,589,596
Universal Logistics Holdings, Inc.	14,800	661,264
XPO, Inc. (a)	35,836	3,850,937
		38,640,703
Machinery - 0.3%
Gates Industrial Corp. PLC (a)	185,500	3,268,510
Timken Co.	7,600	678,072
		3,946,582
Professional Services - 9.9%
ASGN, Inc. (a)	296,198	28,568,297
Concentrix Corp. (b)	304,700	16,657,949
Genpact Ltd.	1,027,500	31,585,350
Kforce, Inc. (b)	256,803	15,860,153
Maximus, Inc.	388,897	31,220,651
WNS Holdings Ltd.	6,968	292,029
		124,184,429
Trading Companies & Distributors - 4.0%
Beacon Roofing Supply, Inc. (a)	351,200	34,603,736
Core & Main, Inc. (a)	219,600	12,400,812
DXP Enterprises, Inc. (a)	26,724	1,303,062
GMS, Inc. (a)	19,900	1,841,148
		50,148,758
TOTAL INDUSTRIALS		316,459,276
INFORMATION TECHNOLOGY - 14.8%
Communications Equipment - 3.7%
Ciena Corp. (a)	654,400	30,252,912
Lumentum Holdings, Inc. (a)	362,700	15,871,752
		46,124,664
Electronic Equipment, Instruments & Components - 5.3%
Belden, Inc.	57,800	4,697,406
ePlus, Inc. (a)	105,300	8,095,464
Insight Enterprises, Inc. (a)	244,500	44,638,364
TD SYNNEX Corp.	75,700	8,920,488
Vishay Precision Group, Inc. (a)	22,311	736,263
		67,087,985
IT Services - 0.4%
Perficient, Inc. (a)	98,000	4,631,480
Semiconductors & Semiconductor Equipment - 2.6%
Diodes, Inc. (a)	114,202	8,337,888
Ichor Holdings Ltd. (a)(b)	502,375	19,482,103
SMART Global Holdings, Inc. (a)	257,089	4,697,016
		32,517,007
Software - 2.8%
Five9, Inc. (a)	113,800	6,551,466
Rapid7, Inc. (a)	294,815	13,207,712
Tenable Holdings, Inc. (a)	337,200	15,163,884
		34,923,062
TOTAL INFORMATION TECHNOLOGY		185,284,198
MATERIALS - 7.0%
Chemicals - 3.8%
FMC Corp.	134,100	7,913,241
Hawkins, Inc.	6,256	474,017
Olin Corp.	592,800	30,991,584
The Chemours Co. LLC	337,635	9,031,736
		48,410,578
Containers & Packaging - 2.6%
Crown Holdings, Inc.	97,900	8,034,653
Graphic Packaging Holding Co.	935,200	24,174,920
		32,209,573
Metals & Mining - 0.6%
ATI, Inc. (a)	127,500	7,611,750
TOTAL MATERIALS		88,231,901
UTILITIES - 1.4%
Gas Utilities - 1.4%
Brookfield Infrastructure Corp. A Shares (b)	558,400	17,014,448
TOTAL COMMON STOCKS (Cost $976,007,658)		1,192,658,697

Money Market Funds - 6.5%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (c)	23,530,944	23,535,650
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d)	57,589,573	57,595,332
TOTAL MONEY MARKET FUNDS (Cost $81,130,982)		81,130,982

TOTAL INVESTMENT IN SECURITIES - 101.9% (Cost $1,057,138,640)	1,273,789,679
NET OTHER ASSETS (LIABILITIES) - (1.9)%	(24,015,322)
NET ASSETS - 100.0%	1,249,774,357

Legend

(a)	Non-income producing

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

(c)

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	30,296,753	410,434,448	417,195,468	2,144,112	(83)	-	23,535,650	0.0%
Fidelity Securities Lending Cash Central Fund 5.39%	70,453,469	537,695,530	550,553,667	90,897	-	-	57,595,332	0.2%
Total	100,750,222	948,129,978	967,749,135	2,235,009	(83)	-	81,130,982

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	1,225,190	1,225,190	-	-
Consumer Discretionary	189,089,728	189,089,728	-	-
Consumer Staples	63,899,768	63,899,768	-	-
Energy	102,047,571	102,047,571	-	-
Financials	168,402,054	168,402,054	-	-
Health Care	61,004,563	61,004,563	-	-
Industrials	316,459,276	316,459,276	-	-
Information Technology	185,284,198	185,284,198	-	-
Materials	88,231,901	88,231,901	-	-
Utilities	17,014,448	17,014,448	-	-

Money Market Funds	81,130,982	81,130,982	-	-
Total Investments in Securities:	1,273,789,679	1,273,789,679	-	-

Financial Statements

Statement of Assets and Liabilities
				April 30, 2024

Assets
Investment in securities, at value (including securities loaned of $55,082,315) - See accompanying schedule:
Unaffiliated issuers (cost $976,007,658)	$	1,192,658,697
Fidelity Central Funds (cost $81,130,982)		81,130,982


Total Investment in Securities (cost $1,057,138,640)			$	1,273,789,679
Foreign currency held at value (cost $1)				1
Receivable for investments sold				2,340,729
Receivable for fund shares sold				35,724,359
Dividends receivable				756,307
Distributions receivable from Fidelity Central Funds				136,301
Total assets				1,312,747,376
Liabilities
Payable to custodian bank	$	3,000
Payable for investments purchased		5,356,980
Payable for fund shares redeemed		15,060
Other payables and accrued expenses		7,616
Collateral on securities loaned		57,590,363
Total liabilities				62,973,019
Net Assets			$	1,249,774,357
Net Assets consist of:
Paid in capital			$	956,896,272
Total accumulated earnings (loss)				292,878,085
Net Assets			$	1,249,774,357
Net Asset Value, offering price and redemption price per share ($1,249,774,357 ÷ 106,546,652 shares)			$	11.73

Statement of Operations
				Year ended April 30, 2024
Investment Income
Dividends			$	13,186,200
Income from Fidelity Central Funds (including $90,897 from security lending)				2,235,009
Total income				15,421,209
Expenses
Custodian fees and expenses	$	23,393
Independent trustees' fees and expenses		5,838
Total expenses before reductions		29,231
Expense reductions		(1,411)
Total expenses after reductions				27,820
Net Investment income (loss)				15,393,389
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		101,326,399
Fidelity Central Funds		(83)
Foreign currency transactions		977
Total net realized gain (loss)				101,327,293
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		90,019,271
Assets and liabilities in foreign currencies		(6,452)
Total change in net unrealized appreciation (depreciation)				90,012,819
Net gain (loss)				191,340,112
Net increase (decrease) in net assets resulting from operations			$	206,733,501

Statement of Changes in Net Assets

		Year ended April 30, 2024		Year ended April 30, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	15,393,389	$	15,428,501
Net realized gain (loss)		101,327,293		55,652,940
Change in net unrealized appreciation (depreciation)		90,012,819		(82,903,683)
Net increase (decrease) in net assets resulting from operations		206,733,501		(11,822,242)
Distributions to shareholders		(36,352,612)		(216,852,104)

Share transactions
Proceeds from sales of shares		210,055,809		146,433,073
Reinvestment of distributions		36,352,612		216,852,104
Cost of shares redeemed		(316,218,152)		(280,746,366)

Net increase (decrease) in net assets resulting from share transactions		(69,809,731)		82,538,811
Total increase (decrease) in net assets		100,571,158		(146,135,535)

Net Assets
Beginning of period		1,149,203,199		1,295,338,734
End of period	$	1,249,774,357	$	1,149,203,199

Other Information
Shares
Sold		18,967,947		14,162,287
Issued in reinvestment of distributions		3,323,219		21,076,097
Redeemed		(28,130,153)		(26,578,442)
Net increase (decrease)		(5,838,987)		8,659,942

Financial Highlights

Fidelity® Series Small Cap Discovery Fund

Years ended April 30,		2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	10.23	$	12.49	$	15.20	$	8.73	$	11.70
Income from Investment Operations
Net investment income (loss) A,B		.14		.14		.14		.12		.15
Net realized and unrealized gain (loss)		1.70		(.34)		(.33)		6.68		(2.35)
Total from investment operations		1.84		(.20)		(.19)		6.80		(2.20)
Distributions from net investment income		(.13)		(.15)		(.14)		(.12)		(.16)
Distributions from net realized gain		(.21)		(1.92)		(2.38)		(.21)		(.61)
Total distributions		(.34)		(2.06) C		(2.52)		(.33)		(.77)
Net asset value, end of period	$	11.73	$	10.23	$	12.49	$	15.20	$	8.73
Total Return D		18.22 %		(1.01)%		(2.37)%		78.91%		(20.16)%
Ratios to Average Net Assets B,E,F
Expenses before reductions G		-%		-%		-%		-%		-%
Expenses net of fee waivers, if any G		- %		-%		-%		-%		-%
Expenses net of all reductions G		-%		-%		-%		-%		-%
Net investment income (loss)		1.30%		1.31%		1.01%		1.03%		1.38%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,249,774	$	1,149,203	$	1,295,339	$	1,510,555	$	1,152,206
Portfolio turnover rate H		50 %		31%		25%		28%		51%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

EFees 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.

FExpense 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.

GAmount represents less than .005%.

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

Notes to Financial Statements

For the period ended April 30, 2024

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, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. 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 RatioA
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%

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 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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	$294,325,128
Gross unrealized depreciation	(78,654,852)
Net unrealized appreciation (depreciation)	$215,670,276
Tax Cost	$1,058,119,403

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

Undistributed ordinary income	$42,557,957
Undistributed long-term capital gain	$34,676,184
Net unrealized appreciation (depreciation) on securities and other investments	$215,643,945

The tax character of distributions paid was as follows:

	April 30, 2024	April 30, 2023
Ordinary Income	$13,766,701	$ 15,554,144
Long-term Capital Gains	22,585,911	201,297,960
Total	$36,352,612	$ 216,852,104

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Series Small Cap Discovery Fund	568,017,756	656,960,065

5. Fees and Other Transactions with Affiliates.

	Amount ($)
Fidelity Series Small Cap Discovery Fund	9,996

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
Fidelity Series Small Cap Discovery Fund	27,321,573	21,651,019	4,438,572

Sub-Advisory Arrangements. Effective March 1, 2024, each Fund's sub-advisory agreements with Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

6. Committed 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	9,658	10	-

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 $1,411.

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. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and the 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, 2024, 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, 2024, 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, 2024

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

Trustees and Officers

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

Chair 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

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

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 Occupations+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

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

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

+ The information includes principal occupation during the last five years.

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, 2023 to April 30, 2024).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value November 1, 2023	Ending Account Value April 30, 2024	Expenses Paid During Period- C November 1, 2023 to April 30, 2024

Fidelity® Series Small Cap Discovery Fund	-%-D
Actual		$ 1,000	$ 1,209.20	$-E
Hypothetical-B		$ 1,000	$ 1,024.86	$-E

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

B 5% return per year before expenses

D Amount represents less than .005%.

E Amount represents less than $.005.

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2024, $57,262,094, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $ $1,873,975 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 90%, and 59% 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 98.63%, and 78.41% 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 0.05% and 0.69% 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 2025 of amounts for use in preparing 2024 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Series Small Cap Discovery Fund

At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with Fidelity Management & Research (Hong Kong) Limited (FMR H.K.) and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.

The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR H.K. and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.

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

1.968029.110

XS4-ANN-0624

Fidelity® Small Cap Stock K6 Fund

Annual Report

April 30, 2024

Contents

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

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.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended April 30, 2024	Past 1 year	Past 5 years	Life of Fund A
Fidelity® Small Cap Stock K6 Fund	13.94%	6.60%	7.23%

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.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Marc Grow:

For the fiscal year ending April 30, 2024, the fund gained 13.94%, versus 13.32% for the benchmark Russell 2000 Index. Relative to the benchmark, sector positioning was the primary contributor, led by an underweight in health care. Security selection and smaller-than-benchmark exposure to materials stocks also helped. An underweight in utilities was another plus, as were investment choices and an overweight in industrials, primarily within the capital goods industry. The fund's non-benchmark stake in Vertiv Holdings gained 253% and was the top individual relative contributor though the stock was no longer held at period end. An out-of-benchmark holding in XPO (+131%) - a position we established this period - added value as well. Another notable relative contributor was the portfolio's outsized exposure to Murphy USA (+51%), one of our biggest holdings this period. In contrast, the most sizable detractors from performance versus the benchmark were stock picks and an underweight in information technology, especially among technology hardware & equipment companies. Security selection and comparatively light exposure to the energy sector also was problematic in terms of the fund's relative result. Subpar investment choices and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry, hurt as well. Lastly, the portfolio's cash position was a notable drag on performance. Avoiding Super Micro Computer, an index component that gained approximately 715%, detracted most from the fund's relative return. A non-benchmark stake in Concentrix returned roughly -42% and was the second-largest relative detractor, although it was among the fund's biggest holdings this period. Outsized exposure to LGI Homes (-24%) also proved detrimental to performance. However, the stock was among the portfolio's larger holdings the past 12 months, despite a reduction in exposure to the firm. Notable changes in positioning include an increased allocation to materials stocks and a smaller stake in the real estate sector.

Investment Summary April 30, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Grand Canyon Education, Inc.	2.9
Murphy U.S.A., Inc.	2.7
Performance Food Group Co.	2.6
Ciena Corp.	2.3
FirstCash Holdings, Inc.	2.3
Insight Enterprises, Inc.	1.9
Maximus, Inc.	1.6
Lumentum Holdings, Inc.	1.6
First American Financial Corp.	1.6
Brookfield Infrastructure Corp. A Shares	1.5
	21.0

Market Sectors (% of Fund's net assets)

Industrials	17.6
Financials	15.5
Information Technology	15.5
Consumer Discretionary	13.6
Health Care	12.4
Consumer Staples	6.5
Energy	6.3
Materials	6.2
Utilities	2.6
Communication Services	1.6
Real Estate	1.2

Asset Allocation (% of Fund's net assets)

Schedule of Investments April 30, 2024

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares	Value ($)
COMMUNICATION SERVICES - 1.6%
Diversified Telecommunication Services - 0.0%
GCI Liberty, Inc. Class A (Escrow) (a)(f)	6,792	0
Media - 1.6%
TechTarget, Inc. (b)	11,125	305,938
Thryv Holdings, Inc. (b)	27,150	624,722
		930,660
TOTAL COMMUNICATION SERVICES		930,660
CONSUMER DISCRETIONARY - 13.6%
Automobile Components - 0.6%
Patrick Industries, Inc.	3,256	340,219
Diversified Consumer Services - 4.3%
Grand Canyon Education, Inc. (b)	13,156	1,710,544
Laureate Education, Inc. Class A	58,044	841,638
		2,552,182
Household Durables - 2.2%
Cavco Industries, Inc. (b)	1,029	374,772
Helen of Troy Ltd. (b)	2,826	261,998
LGI Homes, Inc. (b)	4,583	412,149
SharkNinja, Inc.	3,328	213,924
		1,262,843
Leisure Products - 1.7%
Brunswick Corp.	6,423	517,951
Clarus Corp.	28,511	180,475
Games Workshop Group PLC	1,400	173,363
YETI Holdings, Inc. (b)	3,211	114,697
		986,486
Specialty Retail - 3.6%
America's Car Mart, Inc. (b)	4,630	265,021
Boot Barn Holdings, Inc. (b)	2,501	266,281
Murphy U.S.A., Inc.	3,896	1,612,243
		2,143,545
Textiles, Apparel & Luxury Goods - 1.2%
Crocs, Inc. (b)	4,400	547,228
Wolverine World Wide, Inc.	14,655	157,395
		704,623
TOTAL CONSUMER DISCRETIONARY		7,989,898
CONSUMER STAPLES - 6.5%
Beverages - 2.1%
Boston Beer Co., Inc. Class A (b)	1,297	361,098
Coca-Cola Consolidated, Inc.	978	807,828
MGP Ingredients, Inc.	526	41,259
		1,210,185
Consumer Staples Distribution & Retail - 2.6%
Performance Food Group Co. (b)	22,978	1,559,747
Food Products - 1.8%
Lassonde Industries, Inc. Class A (sub. vtg.)	2,921	305,584
Nomad Foods Ltd.	43,266	781,384
		1,086,968
TOTAL CONSUMER STAPLES		3,856,900
ENERGY - 6.3%
Energy Equipment & Services - 3.1%
Cactus, Inc.	17,289	858,226
TechnipFMC PLC	30,754	787,917
Tidewater, Inc. (b)	1,892	173,780
		1,819,923
Oil, Gas & Consumable Fuels - 3.2%
Antero Resources Corp. (b)	13,428	456,686
Northern Oil & Gas, Inc.	14,346	585,173
Sitio Royalties Corp.	35,766	831,202
		1,873,061
TOTAL ENERGY		3,692,984
FINANCIALS - 15.5%
Banks - 4.6%
Cadence Bank	12,524	346,539
ConnectOne Bancorp, Inc.	24,703	442,431
Glacier Bancorp, Inc.	8,916	322,581
Independent Bank Group, Inc.	17,370	646,859
Metropolitan Bank Holding Corp. (b)	12,548	498,156
Synovus Financial Corp.	12,754	456,466
		2,713,032
Capital Markets - 2.3%
P10, Inc.	54,606	387,703
Piper Jaffray Companies	2,736	535,681
StoneX Group, Inc. (b)	5,738	416,579
		1,339,963
Consumer Finance - 2.8%
Encore Capital Group, Inc. (b)	7,981	327,939
FirstCash Holdings, Inc.	11,781	1,331,017
		1,658,956
Insurance - 5.8%
First American Financial Corp.	17,105	916,315
Primerica, Inc.	3,928	832,186
Selective Insurance Group, Inc.	8,095	822,857
The Baldwin Insurance Group, Inc. (b)	31,771	846,379
		3,417,737
TOTAL FINANCIALS		9,129,688
HEALTH CARE - 12.4%
Biotechnology - 4.4%
Allogene Therapeutics, Inc. (b)	17,200	47,472
ALX Oncology Holdings, Inc. (b)	10,147	172,702
Annexon, Inc. (b)	12,967	59,000
Arcellx, Inc. (b)	2,038	101,941
Celldex Therapeutics, Inc. (b)	3,613	135,198
Crinetics Pharmaceuticals, Inc. (b)	3,463	151,749
Cytokinetics, Inc. (b)	3,778	231,667
Insmed, Inc. (b)	3,400	84,048
Keros Therapeutics, Inc. (b)	2,753	155,242
Madrigal Pharmaceuticals, Inc. (b)(c)	712	145,262
ORIC Pharmaceuticals, Inc. (b)(c)	4,896	43,232
Revolution Medicines, Inc. (b)	3,372	125,708
Scholar Rock Holding Corp. (b)	5,322	78,074
Spyre Therapeutics, Inc. (b)	3,200	105,696
Tyra Biosciences, Inc. (b)	2,483	42,459
Vaxcyte, Inc. (b)	4,177	252,917
Viking Therapeutics, Inc. (b)	5,266	419,068
Viridian Therapeutics, Inc. (b)	6,200	82,212
Xenon Pharmaceuticals, Inc. (b)	2,045	83,129
Zentalis Pharmaceuticals, Inc. (b)	7,986	88,325
		2,605,101
Health Care Equipment & Supplies - 2.1%
Dentsply Sirona, Inc.	9,684	290,617
Neogen Corp. (b)(c)	27,854	343,440
TransMedics Group, Inc. (b)	6,469	608,927
		1,242,984
Health Care Providers & Services - 4.5%
Acadia Healthcare Co., Inc. (b)	3,046	225,221
AdaptHealth Corp. (b)	39,044	384,583
AMN Healthcare Services, Inc. (b)	7,647	458,667
Chemed Corp.	1,113	632,184
Owens & Minor, Inc. (b)	27,584	682,428
PACS Group, Inc.	6,000	149,820
Privia Health Group, Inc. (b)	4,097	75,385
		2,608,288
Health Care Technology - 0.3%
Evolent Health, Inc. Class A (b)	6,048	167,772
Life Sciences Tools & Services - 0.6%
Bio-Rad Laboratories, Inc. Class A (b)	546	147,284
Maravai LifeSciences Holdings, Inc. (b)	25,377	208,091
		355,375
Pharmaceuticals - 0.5%
Edgewise Therapeutics, Inc. (b)	2,477	44,437
Enliven Therapeutics, Inc. (b)	5,810	101,036
Intra-Cellular Therapies, Inc. (b)	2,225	159,777
		305,250
TOTAL HEALTH CARE		7,284,770
INDUSTRIALS - 17.6%
Aerospace & Defense - 2.0%
Cadre Holdings, Inc.	5,225	174,254
Leonardo DRS, Inc. (b)	36,646	788,622
Loar Holdings, Inc.	200	10,464
Spirit AeroSystems Holdings, Inc. Class A (b)	7,328	234,496
		1,207,836
Building Products - 2.3%
CSW Industrials, Inc.	924	219,561
Hayward Holdings, Inc. (b)	43,222	586,955
Janus International Group, Inc. (b)	25,048	360,942
Tecnoglass, Inc.	3,900	216,645
		1,384,103
Construction & Engineering - 2.9%
Bowman Consulting Group Ltd. (b)	5,788	188,052
Centuri Holdings, Inc.	8,600	212,850
IES Holdings, Inc. (b)	804	108,636
Sterling Construction Co., Inc. (b)	4,719	479,450
Willscot Mobile Mini Holdings (b)	19,123	706,786
		1,695,774
Electrical Equipment - 1.6%
Atkore, Inc.	1,303	228,416
Generac Holdings, Inc. (b)	3,457	470,014
Nextracker, Inc. Class A (b)	5,297	226,659
		925,089
Ground Transportation - 0.6%
ArcBest Corp.	2,000	221,820
XPO, Inc. (b)	967	103,914
		325,734
Machinery - 0.3%
Beijer Alma AB (B Shares)	9,009	171,672
Professional Services - 5.8%
Concentrix Corp.	12,694	693,981
ExlService Holdings, Inc. (b)	16,820	487,780
Genpact Ltd.	7,700	236,698
ICF International, Inc.	2,414	348,316
Kforce, Inc.	9,263	572,083
Maximus, Inc.	11,956	959,828
UL Solutions, Inc. Class A	2,700	94,770
		3,393,456
Trading Companies & Distributors - 2.1%
Alligo AB (B Shares)	4,483	52,720
Applied Industrial Technologies, Inc.	3,211	588,416
GMS, Inc. (b)	6,567	607,579
		1,248,715
TOTAL INDUSTRIALS		10,352,379
INFORMATION TECHNOLOGY - 15.5%
Communications Equipment - 3.9%
Ciena Corp. (b)	28,978	1,339,653
Lumentum Holdings, Inc. (b)	21,228	928,937
		2,268,590
Electronic Equipment, Instruments & Components - 2.5%
ePlus, Inc. (b)	2,018	155,144
Fabrinet (b)	1,100	190,377
Insight Enterprises, Inc. (b)	6,060	1,106,374
		1,451,895
IT Services - 0.7%
Endava PLC ADR (b)	3,968	115,072
Perficient, Inc. (b)	6,600	311,916
		426,988
Semiconductors & Semiconductor Equipment - 4.5%
Allegro MicroSystems LLC (b)	10,391	308,509
Alpha & Omega Semiconductor Ltd. (b)	7,800	170,586
Diodes, Inc. (b)	6,637	484,567
MKS Instruments, Inc.	3,624	431,184
Nova Ltd. (b)	1,800	305,820
Silicon Motion Tech Corp. sponsored ADR	8,752	645,985
SMART Global Holdings, Inc. (b)	18,055	329,865
		2,676,516
Software - 3.9%
BlackLine, Inc. (b)	6,469	375,525
Five9, Inc. (b)	6,112	351,868
Intapp, Inc. (b)	11,717	362,290
Rapid7, Inc. (b)	9,348	418,790
Tenable Holdings, Inc. (b)	8,599	386,697
Varonis Systems, Inc. (b)	9,178	401,538
		2,296,708
TOTAL INFORMATION TECHNOLOGY		9,120,697
MATERIALS - 6.2%
Chemicals - 4.3%
Cabot Corp.	4,840	441,553
FMC Corp.	7,736	456,501
Hawkins, Inc.	3,246	245,949
Olin Corp.	15,705	821,057
Tronox Holdings PLC	32,444	551,224
		2,516,284
Construction Materials - 1.0%
Eagle Materials, Inc.	2,326	583,151
Containers & Packaging - 0.9%
Graphic Packaging Holding Co.	21,292	550,398
TOTAL MATERIALS		3,649,833
REAL ESTATE - 1.2%
Equity Real Estate Investment Trusts (REITs) - 1.2%
Ryman Hospitality Properties, Inc.	2,984	314,752
Terreno Realty Corp.	6,855	372,569
		687,321
UTILITIES - 2.6%
Gas Utilities - 2.6%
Brookfield Infrastructure Corp. A Shares	28,937	881,710
Southwest Gas Holdings, Inc.	8,869	661,805
		1,543,515
TOTAL COMMON STOCKS (Cost $52,338,617)		58,238,645

Money Market Funds - 0.9%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (d)	278,920	278,975
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)	260,813	260,839
TOTAL MONEY MARKET FUNDS (Cost $539,814)		539,814

TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $52,878,431)	58,778,459
NET OTHER ASSETS (LIABILITIES) - 0.1%	70,826
NET ASSETS - 100.0%	58,849,285

Legend

(a)	Level 3 security

(b)	Non-income producing

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

(d)

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

(f)	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 $0 or 0.0% of net assets.

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
GCI Liberty, Inc. Class A (Escrow)	5/23/23	0

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	849,900	19,971,379	20,542,319	26,154	15	-	278,975	0.0%
Fidelity Securities Lending Cash Central Fund 5.39%	4,328,689	12,584,483	16,652,333	1,642	-	-	260,839	0.0%
Total	5,178,589	32,555,862	37,194,652	27,796	15	-	539,814

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	930,660	930,660	-	-
Consumer Discretionary	7,989,898	7,989,898	-	-
Consumer Staples	3,856,900	3,856,900	-	-
Energy	3,692,984	3,692,984	-	-
Financials	9,129,688	9,129,688	-	-
Health Care	7,284,770	7,284,770	-	-
Industrials	10,352,379	10,352,379	-	-
Information Technology	9,120,697	9,120,697	-	-
Materials	3,649,833	3,649,833	-	-
Real Estate	687,321	687,321	-	-
Utilities	1,543,515	1,543,515	-	-

Money Market Funds	539,814	539,814	-	-
Total Investments in Securities:	58,778,459	58,778,459	-	-

Financial Statements

Statement of Assets and Liabilities
				April 30, 2024

Assets
Investment in securities, at value (including securities loaned of $254,203) - See accompanying schedule:
Unaffiliated issuers (cost $52,338,617)	$	58,238,645
Fidelity Central Funds (cost $539,814)		539,814


Total Investment in Securities (cost $52,878,431)			$	58,778,459
Cash				44,672
Foreign currency held at value (cost $1)				1
Receivable for investments sold				283,168
Receivable for fund shares sold				489,451
Dividends receivable				16,264
Distributions receivable from Fidelity Central Funds				1,627
Total assets				59,613,642
Liabilities
Payable for investments purchased	$	366,506
Payable for fund shares redeemed		107,114
Accrued management fee		30,087
Collateral on securities loaned		260,650
Total liabilities				764,357
Net Assets			$	58,849,285
Net Assets consist of:
Paid in capital			$	52,439,097
Total accumulated earnings (loss)				6,410,188
Net Assets			$	58,849,285
Net Asset Value, offering price and redemption price per share ($58,849,285 ÷ 5,307,839 shares)			$	11.09

Statement of Operations
				Year ended April 30, 2024
Investment Income
Dividends			$	515,772
Income from Fidelity Central Funds (including $1,642 from security lending)				27,796
Total income				543,568
Expenses
Management fee	$	356,542
Independent trustees' fees and expenses		299
Legal		259
Total expenses before reductions		357,100
Expense reductions		(243)
Total expenses after reductions				356,857
Net Investment income (loss)				186,711
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		4,179,475
Fidelity Central Funds		15
Foreign currency transactions		(334)
Total net realized gain (loss)				4,179,156
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		3,539,502
Assets and liabilities in foreign currencies		(357)
Total change in net unrealized appreciation (depreciation)				3,539,145
Net gain (loss)				7,718,301
Net increase (decrease) in net assets resulting from operations			$	7,905,012

Statement of Changes in Net Assets

		Year ended April 30, 2024		Year ended April 30, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	186,711	$	93,965
Net realized gain (loss)		4,179,156		7,390
Change in net unrealized appreciation (depreciation)		3,539,145		(1,428,049)
Net increase (decrease) in net assets resulting from operations		7,905,012		(1,326,694)
Distributions to shareholders		(101,525)		(4,797,169)

Share transactions
Proceeds from sales of shares		9,880,273		19,624,087
Reinvestment of distributions		101,525		4,797,169
Cost of shares redeemed		(23,193,209)		(11,212,740)

Net increase (decrease) in net assets resulting from share transactions		(13,211,411)		13,208,516
Total increase (decrease) in net assets		(5,407,924)		7,084,653

Net Assets
Beginning of period		64,257,209		57,172,556
End of period	$	58,849,285	$	64,257,209

Other Information
Shares
Sold		924,996		2,032,499
Issued in reinvestment of distributions		9,830		493,536
Redeemed		(2,216,408)		(1,162,566)
Net increase (decrease)		(1,281,582)		1,363,469

Financial Highlights

Fidelity® Small Cap Stock K6 Fund

Years ended April 30,		2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	9.75	$	10.94	$	15.61	$	9.24	$	11.16
Income from Investment Operations
Net investment income (loss) A,B		.03		.02		.05		.03		.06
Net realized and unrealized gain (loss)		1.33		(.28)		(1.54)		6.38		(1.88)
Total from investment operations		1.36		(.26)		(1.49)		6.41		(1.82)
Distributions from net investment income		(.02)		-		(.06)		(.04)		(.10)
Distributions from net realized gain		-		(.93)		(3.13)		-		-
Total distributions		(.02)		(.93)		(3.18) C		(.04)		(.10)
Net asset value, end of period	$	11.09	$	9.75	$	10.94	$	15.61	$	9.24
Total Return D		13.94 %		(2.39)%		(12.54)%		69.44%		(16.50)%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.60%		.60%		.60%		.60%		.60%
Expenses net of fee waivers, if any		.60 %		.60%		.60%		.60%		.60%
Expenses net of all reductions		.60%		.60%		.60%		.56%		.60%
Net investment income (loss)		.31%		.16%		.35%		.27%		.58%
Supplemental Data
Net assets, end of period (000 omitted)	$	58,849	$	64,257	$	57,173	$	75,872	$	72,029
Portfolio turnover rate G		96 %		78% H		148% H		136% H		73% H

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

HPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

For the period ended April 30, 2024

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 RatioA
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%

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 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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), 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	$9,357,571
Gross unrealized depreciation	(4,042,499)
Net unrealized appreciation (depreciation)	$5,315,072
Tax Cost	$53,463,387

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

Undistributed ordinary income	$143,301
Undistributed long-term capital gain	$952,731
Net unrealized appreciation (depreciation) on securities and other investments	$5,314,154

The tax character of distributions paid was as follows:

	April 30, 2024	April 30, 2023
Ordinary Income	$101,525	$-
Long-term Capital Gains	-	$4,797,169
Total	$101,525	$4,797,169

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Small Cap Stock K6 Fund	57,265,311	70,669,545

Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

	Shares	Total Proceeds ($)
Fidelity Small Cap Stock K6 Fund	281,051	2,609,414

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	1,661

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
Fidelity Small Cap Stock K6 Fund	2,153,056	3,282,391	151,437

6. Committed 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	141	9	-

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 $243.

9. Other.

10. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and the 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, 2024, 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, 2024, 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 12, 2024

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

Trustees and Officers

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

Chair 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

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

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 Occupations+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

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

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

+ The information includes principal occupation during the last five years.

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, 2023 to April 30, 2024).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value November 1, 2023	Ending Account Value April 30, 2024	Expenses Paid During Period- C November 1, 2023 to April 30, 2024

Fidelity® Small Cap Stock K6 Fund	.60%
Actual		$ 1,000	$ 1,194.10	$ 3.27
Hypothetical-B		$ 1,000	$ 1,021.88	$ 3.02

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2024, $952,731, 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 2025 of amounts for use in preparing 2024 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

1.9883975.106

SLCXK6-ANN-0624

Fidelity® Small Cap Stock Fund

Annual Report

April 30, 2024

Contents

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

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.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended April 30, 2024	Past 1 year	Past 5 years	Past 10 years
Fidelity® Small Cap Stock Fund	13.71%	5.89%	7.23%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Stock Fund on April 30, 2014.

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.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Marc Grow:

For the fiscal year ending April 30, 2024, the fund gained 13.71%, versus 13.32% for the benchmark Russell 2000 Index. Relative to the benchmark, security selection and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, led the way. Stock picks and smaller-than-benchmark exposure to materials stocks also helped. An underweight in utilities was another plus. The fund's non-benchmark stake in Vertiv Holdings gained 257% and was the top individual relative contributor, though the stock was no longer held at period end. An out-of-benchmark holding in XPO (+130%) - a position we established this period - added value as well. Another notable relative contributor was the portfolio's outsized exposure to Murphy USA (+51%), one of our biggest holdings this period. In contrast, the largest detractors from performance versus the benchmark were security selection and comparatively light exposure to energy stocks. Investment choices and an underweight in information technology, especially among technology hardware & equipment companies, hurt as well. Subpar picks, coupled with an overweight in consumer discretionary, primarily within the consumer durables & apparel industry, further detracted. Lastly, the portfolio's cash position was a drag on performance. Avoiding Super Micro Computer, an index component that gained approximately 715%, detracted most from the fund's relative return. A non-benchmark stake in Concentrix returned roughly -43% and was the second-largest relative detractor, although it was among the fund's biggest holdings this period. Outsized exposure to LGI Homes (-24%) also proved detrimental to performance. The stock was among the portfolio's larger holdings the past 12 months, even as we decreased exposure to the firm. Notable changes in positioning include an increased allocation to materials stocks and a reduced stake in the real estate sector.

Investment Summary April 30, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Grand Canyon Education, Inc.	3.0
Murphy U.S.A., Inc.	2.8
Performance Food Group Co.	2.7
Ciena Corp.	2.3
FirstCash Holdings, Inc.	2.3
Insight Enterprises, Inc.	1.9
Maximus, Inc.	1.6
Lumentum Holdings, Inc.	1.6
Brookfield Infrastructure Corp. A Shares	1.5
First American Financial Corp.	1.5
	21.2

Market Sectors (% of Fund's net assets)

Industrials	17.9
Information Technology	15.6
Financials	15.6
Consumer Discretionary	13.7
Health Care	12.4
Consumer Staples	6.7
Energy	6.4
Materials	6.3
Utilities	2.7
Communication Services	1.6
Real Estate	1.2

Asset Allocation (% of Fund's net assets)

Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%

Schedule of Investments April 30, 2024

Showing Percentage of Net Assets

Common Stocks - 100.1%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 1.6%
Diversified Telecommunication Services - 0.0%
GCI Liberty, Inc. Class A (Escrow) (a)	112,550	0
Media - 1.6%
TechTarget, Inc. (b)	212,833	5,853
Thryv Holdings, Inc. (b)	495,441	11,400
		17,253
TOTAL COMMUNICATION SERVICES		17,253
CONSUMER DISCRETIONARY - 13.7%
Automobile Components - 0.5%
Patrick Industries, Inc.	57,926	6,053
Diversified Consumer Services - 4.4%
Grand Canyon Education, Inc. (b)	251,913	32,750
Laureate Education, Inc. Class A	1,102,100	15,980
		48,730
Household Durables - 2.2%
Cavco Industries, Inc. (b)	19,949	7,266
Helen of Troy Ltd. (b)	51,337	4,759
LGI Homes, Inc. (b)	86,875	7,813
SharkNinja, Inc.	63,300	4,069
		23,907
Leisure Products - 1.7%
Brunswick Corp.	124,500	10,040
Clarus Corp. (c)	537,600	3,403
Games Workshop Group PLC	25,900	3,207
YETI Holdings, Inc. (b)	59,579	2,128
		18,778
Specialty Retail - 3.7%
America's Car Mart, Inc. (b)	83,808	4,797
Boot Barn Holdings, Inc. (b)	47,000	5,004
Murphy U.S.A., Inc.	74,420	30,796
		40,597
Textiles, Apparel & Luxury Goods - 1.2%
Crocs, Inc. (b)	84,300	10,484
Wolverine World Wide, Inc.	280,592	3,014
		13,498
TOTAL CONSUMER DISCRETIONARY		151,563
CONSUMER STAPLES - 6.7%
Beverages - 2.1%
Boston Beer Co., Inc. Class A (b)	24,974	6,953
Coca-Cola Consolidated, Inc.	18,701	15,447
MGP Ingredients, Inc.	9,735	764
		23,164
Consumer Staples Distribution & Retail - 2.7%
Performance Food Group Co. (b)	436,883	29,656
Food Products - 1.9%
Lassonde Industries, Inc. Class A (sub. vtg.)	52,984	5,543
Nomad Foods Ltd.	904,822	16,341
		21,884
TOTAL CONSUMER STAPLES		74,704
ENERGY - 6.4%
Energy Equipment & Services - 3.2%
Cactus, Inc.	328,300	16,297
TechnipFMC PLC	585,600	15,003
Tidewater, Inc. (b)	36,100	3,316
		34,616
Oil, Gas & Consumable Fuels - 3.2%
Antero Resources Corp. (b)	263,618	8,966
Northern Oil & Gas, Inc. (c)	275,104	11,221
Sitio Royalties Corp.	666,491	15,489
		35,676
TOTAL ENERGY		70,292
FINANCIALS - 15.6%
Banks - 4.7%
Cadence Bank	241,713	6,688
ConnectOne Bancorp, Inc.	456,198	8,171
Glacier Bancorp, Inc.	168,400	6,093
Independent Bank Group, Inc.	327,391	12,192
Metropolitan Bank Holding Corp. (b)	272,911	10,835
Synovus Financial Corp.	243,200	8,704
		52,683
Capital Markets - 2.3%
P10, Inc. (c)	1,051,600	7,466
Piper Jaffray Companies	51,900	10,162
StoneX Group, Inc. (b)	110,397	8,015
		25,643
Consumer Finance - 2.9%
Encore Capital Group, Inc. (b)(c)	155,243	6,379
FirstCash Holdings, Inc.	223,600	25,262
NerdWallet, Inc. (b)	3,492	44
		31,685
Insurance - 5.7%
First American Financial Corp.	310,864	16,653
Primerica, Inc.	70,201	14,873
Selective Insurance Group, Inc.	153,688	15,622
The Baldwin Insurance Group, Inc. (b)	585,200	15,590
		62,738
TOTAL FINANCIALS		172,749
HEALTH CARE - 12.4%
Biotechnology - 4.5%
Allogene Therapeutics, Inc. (b)	355,900	982
ALX Oncology Holdings, Inc. (b)	197,725	3,365
Annexon, Inc. (b)	243,403	1,107
Arcellx, Inc. (b)	37,400	1,871
Celldex Therapeutics, Inc. (b)	69,344	2,595
Crinetics Pharmaceuticals, Inc. (b)	63,600	2,787
Cytokinetics, Inc. (b)	71,125	4,361
Insmed, Inc. (b)	64,200	1,587
Keros Therapeutics, Inc. (b)	51,742	2,918
Madrigal Pharmaceuticals, Inc. (b)(c)	13,400	2,734
ORIC Pharmaceuticals, Inc. (b)(c)	85,000	751
Revolution Medicines, Inc. (b)	66,300	2,472
Scholar Rock Holding Corp. (b)	93,900	1,378
Spyre Therapeutics, Inc. (b)	60,300	1,992
Tyra Biosciences, Inc. (b)	54,900	939
Vaxcyte, Inc. (b)	76,935	4,658
Viking Therapeutics, Inc. (b)	98,500	7,839
Viridian Therapeutics, Inc. (b)	117,200	1,554
Xenon Pharmaceuticals, Inc. (b)	41,005	1,667
Zentalis Pharmaceuticals, Inc. (b)	155,242	1,717
		49,274
Health Care Equipment & Supplies - 2.1%
Dentsply Sirona, Inc.	188,300	5,651
Neogen Corp. (b)	529,785	6,532
TransMedics Group, Inc. (b)	116,971	11,010
		23,193
Health Care Providers & Services - 4.4%
Acadia Healthcare Co., Inc. (b)	58,400	4,318
AdaptHealth Corp. (b)	750,604	7,393
AMN Healthcare Services, Inc. (b)	147,000	8,817
Chemed Corp.	21,263	12,077
Owens & Minor, Inc. (b)	504,773	12,488
PACS Group, Inc.	112,500	2,809
Privia Health Group, Inc. (b)	73,700	1,356
		49,258
Health Care Technology - 0.3%
Evolent Health, Inc. Class A (b)	112,421	3,119
Life Sciences Tools & Services - 0.6%
Bio-Rad Laboratories, Inc. Class A (b)	10,400	2,805
Maravai LifeSciences Holdings, Inc. (b)	481,100	3,945
		6,750
Pharmaceuticals - 0.5%
Edgewise Therapeutics, Inc. (b)	53,412	958
Enliven Therapeutics, Inc. (b)	98,200	1,708
Intra-Cellular Therapies, Inc. (b)	42,644	3,062
		5,728
TOTAL HEALTH CARE		137,322
INDUSTRIALS - 17.9%
Aerospace & Defense - 2.1%
Cadre Holdings, Inc.	99,858	3,330
Leonardo DRS, Inc. (b)	696,746	14,994
Loar Holdings, Inc. (c)	1,100	58
Spirit AeroSystems Holdings, Inc. Class A (b)	139,900	4,477
		22,859
Building Products - 2.4%
CSW Industrials, Inc.	18,099	4,301
Hayward Holdings, Inc. (b)	821,467	11,156
Janus International Group, Inc. (b)	472,600	6,810
Tecnoglass, Inc.	73,800	4,100
		26,367
Construction & Engineering - 2.9%
Bowman Consulting Group Ltd. (b)	113,501	3,688
Centuri Holdings, Inc.	159,500	3,948
IES Holdings, Inc. (b)	14,414	1,948
Sterling Construction Co., Inc. (b)	89,147	9,057
Willscot Mobile Mini Holdings (b)	364,159	13,459
		32,100
Electrical Equipment - 1.6%
Atkore, Inc.	25,383	4,450
Generac Holdings, Inc. (b)	65,600	8,919
Nextracker, Inc. Class A (b)	103,600	4,433
		17,802
Ground Transportation - 0.6%
ArcBest Corp.	37,800	4,192
XPO, Inc. (b)	26,300	2,826
		7,018
Machinery - 0.3%
Beijer Alma AB (B Shares)	170,897	3,257
Professional Services - 5.8%
Concentrix Corp.	241,825	13,221
ExlService Holdings, Inc. (b)	319,387	9,262
Genpact Ltd.	145,500	4,473
ICF International, Inc.	46,700	6,738
Kforce, Inc.	176,373	10,893
Maximus, Inc.	228,697	18,360
UL Solutions, Inc. Class A	50,900	1,787
		64,734
Trading Companies & Distributors - 2.2%
Alligo AB (B Shares)	88,820	1,045
Applied Industrial Technologies, Inc.	61,200	11,215
GMS, Inc. (b)	125,100	11,574
		23,834
TOTAL INDUSTRIALS		197,971
INFORMATION TECHNOLOGY - 15.6%
Communications Equipment - 3.9%
Ciena Corp. (b)	551,600	25,500
Lumentum Holdings, Inc. (b)	396,600	17,355
		42,855
Electronic Equipment, Instruments & Components - 2.5%
ePlus, Inc. (b)	39,824	3,062
Fabrinet (b)	22,100	3,825
Insight Enterprises, Inc. (b)	116,206	21,216
		28,103
IT Services - 0.8%
Endava PLC ADR (b)	79,900	2,317
Perficient, Inc. (b)	126,400	5,974
		8,291
Semiconductors & Semiconductor Equipment - 4.5%
Allegro MicroSystems LLC (b)	199,800	5,932
Alpha & Omega Semiconductor Ltd. (b)	146,700	3,208
Diodes, Inc. (b)	127,802	9,331
MKS Instruments, Inc.	69,500	8,269
Nova Ltd. (b)	33,400	5,675
Silicon Motion Tech Corp. sponsored ADR	166,054	12,256
SMART Global Holdings, Inc. (b)	306,500	5,600
		50,271
Software - 3.9%
BlackLine, Inc. (b)	121,800	7,070
Five9, Inc. (b)	116,061	6,682
Intapp, Inc. (b)	221,708	6,855
Rapid7, Inc. (b)	177,500	7,952
Tenable Holdings, Inc. (b)	164,600	7,402
Varonis Systems, Inc. (b)	175,900	7,696
		43,657
TOTAL INFORMATION TECHNOLOGY		173,177
MATERIALS - 6.3%
Chemicals - 4.4%
Cabot Corp.	90,983	8,300
FMC Corp.	149,500	8,822
Hawkins, Inc.	63,309	4,797
Olin Corp.	298,400	15,600
Tronox Holdings PLC	656,243	11,150
		48,669
Construction Materials - 1.0%
Eagle Materials, Inc.	44,300	11,106
Containers & Packaging - 0.9%
Graphic Packaging Holding Co.	406,300	10,503
TOTAL MATERIALS		70,278
REAL ESTATE - 1.2%
Equity Real Estate Investment Trusts (REITs) - 1.2%
Ryman Hospitality Properties, Inc.	56,300	5,939
Terreno Realty Corp.	132,864	7,221
		13,160
UTILITIES - 2.7%
Gas Utilities - 2.7%
Brookfield Infrastructure Corp. A Shares	549,026	16,729
Southwest Gas Holdings, Inc.	170,100	12,693
		29,422
TOTAL COMMON STOCKS (Cost $1,011,661)		1,107,891

Money Market Funds - 1.0%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.39% (d)	2,754,921	2,755
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)	8,633,144	8,634
TOTAL MONEY MARKET FUNDS (Cost $11,389)		11,389

TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $1,023,050)	1,119,280
NET OTHER ASSETS (LIABILITIES) - (1.1)%	(11,944)
NET ASSETS - 100.0%	1,107,336

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

(a)	Level 3 security

(b)	Non-income producing

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

(d)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($) (000s)
GCI Liberty, Inc. Class A (Escrow)	5/23/23	0

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	20,249	256,024	273,518	438	-	-	2,755	0.0%
Fidelity Securities Lending Cash Central Fund 5.39%	54,265	335,867	381,498	40	-	-	8,634	0.0%
Total	74,514	591,891	655,016	478	-	-	11,389

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	17,253	17,253	-	-
Consumer Discretionary	151,563	151,563	-	-
Consumer Staples	74,704	74,704	-	-
Energy	70,292	70,292	-	-
Financials	172,749	172,749	-	-
Health Care	137,322	137,322	-	-
Industrials	197,971	197,971	-	-
Information Technology	173,177	173,177	-	-
Materials	70,278	70,278	-	-
Real Estate	13,160	13,160	-	-
Utilities	29,422	29,422	-	-

Money Market Funds	11,389	11,389	-	-
Total Investments in Securities:	1,119,280	1,119,280	-	-

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amount)				April 30, 2024

Assets
Investment in securities, at value (including securities loaned of $8,317) - See accompanying schedule:
Unaffiliated issuers (cost $1,011,661)	$	1,107,891
Fidelity Central Funds (cost $11,389)		11,389


Total Investment in Securities (cost $1,023,050)			$	1,119,280
Receivable for investments sold				5,324
Receivable for fund shares sold				64
Dividends receivable				312
Distributions receivable from Fidelity Central Funds				31
Total assets				1,125,011
Liabilities
Payable for investments purchased	$	6,824
Payable for fund shares redeemed		1,288
Accrued management fee		874
Other payables and accrued expenses		60
Collateral on securities loaned		8,629
Total liabilities				17,675
Net Assets			$	1,107,336
Net Assets consist of:
Paid in capital			$	1,021,906
Total accumulated earnings (loss)				85,430
Net Assets			$	1,107,336
Net Asset Value, offering price and redemption price per share ($1,107,336 ÷ 65,976 shares)			$	16.78

Statement of Operations
Amounts in thousands				Year ended April 30, 2024
Investment Income
Dividends			$	9,935
Income from Fidelity Central Funds (including $40 from security lending)				478
Total income				10,413
Expenses
Management fee
Basic fee	$	8,028
Performance adjustment		107
Transfer agent fees		1,456
Accounting fees		276
Custodian fees and expenses		27
Independent trustees' fees and expenses		6
Registration fees		26
Audit		60
Legal		9
Interest		3
Miscellaneous		6
Total expenses before reductions		10,004
Expense reductions		(97)
Total expenses after reductions				9,907
Net Investment income (loss)				506
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		83,518
Foreign currency transactions		(7)
Total net realized gain (loss)				83,511
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		63,847
Assets and liabilities in foreign currencies		(5)
Total change in net unrealized appreciation (depreciation)				63,842
Net gain (loss)				147,353
Net increase (decrease) in net assets resulting from operations			$	147,859

Statement of Changes in Net Assets

Amount in thousands		Year ended April 30, 2024		Year ended April 30, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	506	$	(267)
Net realized gain (loss)		83,511		(5,714)
Change in net unrealized appreciation (depreciation)		63,842		(41,253)
Net increase (decrease) in net assets resulting from operations		147,859		(47,234)
Distributions to shareholders		(211)		(85,845)

Share transactions
Proceeds from sales of shares		52,723		139,727
Reinvestment of distributions		202		82,717
Cost of shares redeemed		(261,683)		(178,581)

Net increase (decrease) in net assets resulting from share transactions		(208,758)		43,863
Total increase (decrease) in net assets		(61,110)		(89,216)

Net Assets
Beginning of period		1,168,446		1,257,662
End of period	$	1,107,336	$	1,168,446

Other Information
Shares
Sold		3,283		9,124
Issued in reinvestment of distributions		13		5,578
Redeemed		(16,503)		(12,013)
Net increase (decrease)		(13,207)		2,689

Financial Highlights

Fidelity® Small Cap Stock Fund

Years ended April 30,		2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	14.76	$	16.44	$	23.58	$	14.00	$	16.89
Income from Investment Operations
Net investment income (loss) A,B		.01		- C		.02		(.01)		.05
Net realized and unrealized gain (loss)		2.01		(.54)		(2.57)		9.59		(2.88)
Total from investment operations		2.02		(.54)		(2.55)		9.58		(2.83)
Distributions from net investment income		- C		-		(.05)		-		(.06)
Distributions from net realized gain		-		(1.14)		(4.54)		-		-
Total distributions		- C		(1.14)		(4.59)		-		(.06)
Net asset value, end of period	$	16.78	$	14.76	$	16.44	$	23.58	$	14.00
Total Return D		13.71 %		(3.33)%		(13.53)%		68.43%		(16.85)%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.87%		.77%		.90%		.88%		.91%
Expenses net of fee waivers, if any		.86 %		.77%		.89%		.88%		.91%
Expenses net of all reductions		.86%		.77%		.89%		.86%		.90%
Net investment income (loss)		.04%		(.02)%		.10%		(.05)%		.27%
Supplemental Data
Net assets, end of period (in millions)	$	1,107	$	1,168	$	1,258	$	1,609	$	1,097
Portfolio turnover rate G		78 %		74% H		135% H		123% H		65% H

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

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

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

HPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

For the period ended April 30, 2024

(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 RatioA
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%