N-CSRS 1 filing788.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-5251


Fidelity Concord Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


William C. Coffey, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

April 30



Date of reporting period:

October 31, 2018


Item 1.

Reports to Stockholders





Fidelity® Mid-Cap Stock Fund



Semi-Annual Report

October 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2018

 % of fund's net assets 
ARAMARK Holdings Corp. 1.8 
Atmos Energy Corp. 1.5 
M&T Bank Corp. 1.4 
Huntington Bancshares, Inc. 1.3 
Amphenol Corp. Class A 1.3 
Leidos Holdings, Inc. 1.3 
Arch Capital Group Ltd. 1.2 
IDACORP, Inc. 1.1 
NVR, Inc. 1.1 
Keysight Technologies, Inc. 1.1 
 13.1 

Top Five Market Sectors as of October 31, 2018

 % of fund's net assets 
Financials 18.8 
Consumer Discretionary 14.6 
Information Technology 10.8 
Industrials 10.7 
Health Care 9.0 

Asset Allocation (% of fund's net assets)

As of October 31, 2018 * 
   Stocks 84.6% 
   Bonds 0.2% 
   Convertible Securities 1.4% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 13.7% 


 * Foreign investments - 15.9%

Schedule of Investments October 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 84.6%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 0.3%   
Entertainment - 0.3%   
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) 8,617,950 $26,974 
CONSUMER DISCRETIONARY - 13.9%   
Automobiles - 0.7%   
Fiat Chrysler Automobiles NV 3,841,800 58,050 
Distributors - 0.4%   
Pool Corp. 187,333 27,304 
Hotels, Restaurants & Leisure - 4.1%   
ARAMARK Holdings Corp. 3,886,340 139,600 
Del Frisco's Restaurant Group, Inc. (a) 1,578,900 10,658 
Drive Shack, Inc. (a) 3,281,878 17,525 
Dunkin' Brands Group, Inc. 400,700 29,075 
U.S. Foods Holding Corp. (a) 2,098,200 61,204 
Wyndham Hotels & Resorts, Inc. 1,160,000 57,176 
  315,238 
Household Durables - 3.2%   
D.R. Horton, Inc. 1,206,433 43,383 
Lennar Corp. Class A 583,900 25,096 
Newell Brands, Inc. 1,189,100 18,883 
NVR, Inc. (a) 39,300 87,994 
Toll Brothers, Inc. 2,111,287 71,066 
  246,422 
Leisure Products - 0.1%   
New Academy Holding Co. LLC unit (a)(c)(d)(e) 294,000 9,843 
Multiline Retail - 1.1%   
Dollar General Corp. 582,200 64,845 
Dollar Tree, Inc. (a) 248,900 20,982 
  85,827 
Specialty Retail - 2.1%   
AutoZone, Inc. (a) 68,000 49,876 
Ross Stores, Inc. 478,500 47,372 
Tiffany & Co., Inc. 338,000 37,619 
Ulta Beauty, Inc. (a) 84,600 23,224 
  158,091 
Textiles, Apparel & Luxury Goods - 2.2%   
Allbirds, Inc. (c)(d) 10,775 591 
Brunello Cucinelli SpA 2,067,300 70,831 
Prada SpA 9,389,700 33,167 
PVH Corp. 311,800 37,662 
Under Armour, Inc. Class A (sub. vtg.) (a)(f) 1,119,400 24,750 
  167,001 
TOTAL CONSUMER DISCRETIONARY  1,067,776 
CONSUMER STAPLES - 2.8%   
Beverages - 0.3%   
Molson Coors Brewing Co. Class B 332,400 21,274 
Food Products - 1.6%   
Amira Nature Foods Ltd. (a)(f) 1,783,275 1,327 
Conagra Brands, Inc. 1,226,900 43,678 
Greencore Group PLC 15,937,084 38,542 
The Hershey Co. 409,600 43,889 
  127,436 
Household Products - 0.5%   
Church & Dwight Co., Inc. 616,646 36,610 
Personal Products - 0.4%   
Coty, Inc. Class A 2,934,798 30,962 
TOTAL CONSUMER STAPLES  216,282 
ENERGY - 6.4%   
Energy Equipment & Services - 1.3%   
Borr Drilling Ltd. (a) 10,814,000 42,077 
Oceaneering International, Inc. (a) 2,016,670 38,196 
TechnipFMC PLC 674,200 17,731 
  98,004 
Oil, Gas & Consumable Fuels - 5.1%   
Cabot Oil & Gas Corp. 1,508,700 36,556 
Cheniere Energy, Inc. (a) 746,000 45,066 
Cimarex Energy Co. 514,200 40,863 
Denbury Resources, Inc. (a) 4,034,200 13,918 
Diamondback Energy, Inc. 246,700 27,719 
GasLog Ltd. 1,179,177 24,126 
Golar LNG Ltd. 1,842,745 49,349 
Kosmos Energy Ltd. (a) 4,074,600 26,444 
Legacy Reserves, Inc. (a) 1,733,100 7,296 
SM Energy Co. 1,451,300 35,325 
The Williams Companies, Inc. 2,270,497 55,241 
Whiting Petroleum Corp. (a) 437,800 16,330 
WPX Energy, Inc. (a) 1,033,100 16,571 
  394,804 
TOTAL ENERGY  492,808 
FINANCIALS - 18.8%   
Banks - 8.5%   
Bank of Hawaii Corp. 319,500 25,062 
Cullen/Frost Bankers, Inc. 699,800 68,524 
First Horizon National Corp. 3,459,600 55,838 
First Republic Bank 439,500 39,990 
Huntington Bancshares, Inc. 7,015,400 100,531 
M&T Bank Corp. 635,500 105,118 
Metro Bank PLC (a)(f) 625,100 17,770 
Prosperity Bancshares, Inc. 936,900 60,927 
Regions Financial Corp. 2,061,224 34,979 
Signature Bank 619,100 68,039 
SunTrust Banks, Inc. 630,900 39,532 
UMB Financial Corp. 631,300 40,309 
  656,619 
Capital Markets - 1.8%   
Cboe Global Markets, Inc. 217,900 24,590 
Northern Trust Corp. 365,200 34,354 
The NASDAQ OMX Group, Inc. 468,900 40,658 
TPG Specialty Lending, Inc. 1,953,812 39,233 
  138,835 
Diversified Financial Services - 0.2%   
Focus Financial Partners, Inc. Class A 452,000 17,266 
Insurance - 6.6%   
Arch Capital Group Ltd. (a) 3,242,100 91,978 
Aspen Insurance Holdings Ltd. 1,279,843 53,600 
Axis Capital Holdings Ltd. 656,600 36,632 
Beazley PLC 2,942,700 19,841 
First American Financial Corp. 823,300 36,497 
FNF Group 1,623,700 54,313 
Hartford Financial Services Group, Inc. 844,000 38,334 
Hiscox Ltd. 967,900 20,141 
Principal Financial Group, Inc. 570,600 26,858 
Reinsurance Group of America, Inc. 592,400 84,340 
Torchmark Corp. 500,300 42,355 
  504,889 
Thrifts & Mortgage Finance - 1.7%   
MGIC Investment Corp. (a) 3,669,433 44,804 
Radian Group, Inc. 4,422,744 84,872 
  129,676 
TOTAL FINANCIALS  1,447,285 
HEALTH CARE - 8.8%   
Health Care Equipment & Supplies - 2.2%   
Boston Scientific Corp. (a) 1,077,400 38,937 
Fisher & Paykel Healthcare Corp. 2,572,575 22,831 
Hologic, Inc. (a) 541,530 21,114 
Integra LifeSciences Holdings Corp. (a) 967,300 51,818 
Wright Medical Group NV (a) 1,155,623 31,179 
  165,879 
Health Care Providers & Services - 3.2%   
Acadia Healthcare Co., Inc. (a)(f) 771,800 32,030 
Amplifon SpA 259,351 4,600 
Henry Schein, Inc. (a) 645,200 53,552 
National Vision Holdings, Inc. 969,767 40,177 
Notre Dame Intermedica Participacoes SA 2,534,100 16,431 
Premier, Inc. (a) 841,800 37,881 
Universal Health Services, Inc. Class B 498,900 60,646 
  245,317 
Health Care Technology - 0.3%   
Cerner Corp. (a) 446,400 25,570 
Life Sciences Tools & Services - 1.2%   
Agilent Technologies, Inc. 401,100 25,987 
Bruker Corp. 803,300 25,167 
Lonza Group AG 135,524 42,616 
  93,770 
Pharmaceuticals - 1.9%   
Amneal Pharmaceuticals, Inc. (a)(f) 1,922,600 35,472 
Catalent, Inc. (a) 1,212,850 48,926 
Nektar Therapeutics (a) 266,200 10,297 
Perrigo Co. PLC 724,200 50,911 
  145,606 
TOTAL HEALTH CARE  676,142 
INDUSTRIALS - 10.7%   
Aerospace & Defense - 3.3%   
HEICO Corp. Class A 329,843 21,987 
Huntington Ingalls Industries, Inc. 317,500 69,367 
KEYW Holding Corp. (a)(f)(g) 4,529,436 35,465 
Kratos Defense & Security Solutions, Inc. (a)(f) 2,851,600 35,731 
Space Exploration Technologies Corp.:   
Class A (a)(c)(d) 139,629 23,597 
Class C (a)(c)(d) 2,034 344 
Teledyne Technologies, Inc. (a) 288,800 63,906 
  250,397 
Air Freight & Logistics - 0.5%   
C.H. Robinson Worldwide, Inc. 421,900 37,562 
Commercial Services & Supplies - 1.2%   
KAR Auction Services, Inc. 714,700 40,695 
Stericycle, Inc. (a) 379,000 18,939 
U.S. Ecology, Inc. 457,981 32,027 
  91,661 
Electrical Equipment - 2.1%   
AMETEK, Inc. 823,092 55,213 
Generac Holdings, Inc. (a) 817,700 41,482 
Melrose Industries PLC 18,157,741 39,142 
Regal Beloit Corp. 379,300 27,196 
  163,033 
Machinery - 2.0%   
Donaldson Co., Inc. 1,499,500 76,894 
Pentair PLC 910,800 36,569 
Rational AG 76,000 44,074 
  157,537 
Marine - 0.3%   
Goodbulk Ltd. (d) 1,505,822 25,634 
Road & Rail - 0.6%   
Genesee & Wyoming, Inc. Class A (a) 551,900 43,727 
Trading Companies & Distributors - 0.7%   
Bunzl PLC 1,798,022 53,112 
TOTAL INDUSTRIALS  822,663 
INFORMATION TECHNOLOGY - 10.3%   
Electronic Equipment & Components - 3.1%   
Amphenol Corp. Class A 1,122,200 100,437 
Fabrinet 1,117,231 48,398 
Keysight Technologies, Inc. (a) 1,528,900 87,270 
  236,105 
IT Services - 5.6%   
Akamai Technologies, Inc. (a) 559,700 40,438 
Fidelity National Information Services, Inc. 544,286 56,660 
First Data Corp. Class A (a) 2,455,073 46,008 
Fiserv, Inc. (a) 612,900 48,603 
FleetCor Technologies, Inc. (a) 129,400 25,884 
Leidos Holdings, Inc. 1,518,400 98,362 
Science Applications International Corp. 519,500 36,110 
WNS Holdings Ltd. sponsored ADR (a) 1,611,800 80,896 
  432,961 
Software - 1.6%   
Aspen Technology, Inc. (a) 8,846 751 
Black Knight, Inc. (a) 657,669 32,075 
Citrix Systems, Inc. 456,400 46,767 
Red Hat, Inc. (a) 257,400 44,180 
  123,773 
TOTAL INFORMATION TECHNOLOGY  792,839 
MATERIALS - 2.6%   
Chemicals - 1.2%   
International Flavors & Fragrances, Inc. 329,500 47,665 
LG Chemical Ltd. 50,300 15,297 
Nutrien Ltd. 493,400 26,120 
  89,082 
Containers & Packaging - 0.6%   
Packaging Corp. of America 271,400 24,917 
WestRock Co. 501,400 21,545 
  46,462 
Metals & Mining - 0.8%   
Franco-Nevada Corp. 342,600 21,397 
Newcrest Mining Ltd. 1,286,984 18,783 
Novagold Resources, Inc. (a) 5,118,176 20,839 
  61,019 
TOTAL MATERIALS  196,563 
REAL ESTATE - 4.1%   
Equity Real Estate Investment Trusts (REITs) - 3.8%   
Apartment Investment & Management Co. Class A 912,500 39,274 
Cousins Properties, Inc. 5,242,791 43,568 
Essex Property Trust, Inc. 262,600 65,855 
Healthcare Realty Trust, Inc. 1,239,500 34,532 
Healthcare Trust of America, Inc. 1,651,900 43,379 
Spirit MTA REIT 396,690 4,249 
Spirit Realty Capital, Inc. 3,966,900 31,021 
VEREIT, Inc. 3,822,100 28,016 
  289,894 
Real Estate Management & Development - 0.3%   
Realogy Holdings Corp. (f) 1,136,000 21,664 
TOTAL REAL ESTATE  311,558 
UTILITIES - 5.9%   
Electric Utilities - 4.1%   
Alliant Energy Corp. 2,027,400 87,138 
IDACORP, Inc. 948,433 88,451 
OGE Energy Corp. 2,171,600 78,503 
Xcel Energy, Inc. 1,346,882 66,011 
  320,103 
Gas Utilities - 1.8%   
Atmos Energy Corp. 1,214,597 113,055 
Spire, Inc. 333,000 24,169 
  137,224 
TOTAL UTILITIES  457,327 
TOTAL COMMON STOCKS   
(Cost $5,235,265)  6,508,217 
Preferred Stocks - 1.4%   
Convertible Preferred Stocks - 1.4%   
CONSUMER DISCRETIONARY - 0.7%   
Leisure Products - 0.5%   
Peloton Interactive, Inc.:   
Series E (a)(c)(d) 1,758,856 25,398 
Series F (c)(d) 748,920 10,815 
  36,213 
Textiles, Apparel & Luxury Goods - 0.2%   
Allbirds, Inc.:   
Series A (c)(d) 4,253 233 
Series B (c)(d) 747 41 
Series C (c)(d) 7,140 392 
Bolt Threads, Inc. Series D (c)(d) 976,285 15,250 
  15,916 
TOTAL CONSUMER DISCRETIONARY  52,129 
HEALTH CARE - 0.2%   
Health Care Equipment & Supplies - 0.2%   
Butterfly Network, Inc. Series D (c)(d) 1,647,945 16,924 
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Space Exploration Technologies Corp. Series H (a)(c)(d) 18,837 3,183 
INFORMATION TECHNOLOGY - 0.5%   
Internet Software & Services - 0.5%   
Lyft, Inc.:   
Series H (c)(d) 357,494 16,929 
Series I (c)(d) 380,095 17,999 
  34,928 
TOTAL CONVERTIBLE PREFERRED STOCKS  107,164 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc. (c)(d) 2,285 125 
TOTAL PREFERRED STOCKS   
(Cost $88,465)  107,289 
 Principal Amount (000s) Value (000s) 
Nonconvertible Bonds - 0.2%   
ENERGY - 0.2%   
Energy Equipment & Services - 0.2%   
Pacific Drilling SA 5.375% 6/1/20(h)(i)   
(Cost $18,080) 26,110 10,966 
Bank Loan Obligations - 0.0%   
ENERGY - 0.0%   
Energy Equipment & Services - 0.0%   
Pacific Drilling SA DIP, term loan 3 month U.S. LIBOR + 7.000% 5.8714% 11/30/18(d)(j)(k)(l)   
(Cost $1,577) 1,573 1,573 
 Shares Value (000s) 
Other - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(d)   
(Cost $20,398) 20,397,834 9,756 
Money Market Funds - 14.7%   
Fidelity Cash Central Fund, 2.23% (m) 1,017,123,871 1,017,327 
Fidelity Securities Lending Cash Central Fund 2.23% (m)(n) 111,036,113 111,047 
TOTAL MONEY MARKET FUNDS   
(Cost $1,128,331)  1,128,374 
TOTAL INVESTMENT IN SECURITIES - 101.0%   
(Cost $6,492,116)  7,766,175 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (75,261) 
NET ASSETS - 100%  $7,690,914 

Legend

 (a) Non-income producing

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

 (c) Restricted securities - 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 $178,394,000 or 2.3% of net assets.

 (d) Level 3 security

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

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

 (g) Affiliated company

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

 (i) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,966,000 or 0.1% of net assets.

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

 (k) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $648,000 and $648,000, respectively.

 (l) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (m) 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 are available on the SEC's website or upon request.

 (n) Includes investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Allbirds, Inc. 10/9/18 $591 
Allbirds, Inc. 10/9/18 $125 
Allbirds, Inc. Series A 10/9/18 $233 
Allbirds, Inc. Series B 10/9/18 $41 
Allbirds, Inc. Series C 10/9/18 $392 
Bolt Threads, Inc. Series D 12/13/17 $15,659 
Butterfly Network, Inc. Series D 5/4/18 $16,924 
Lyft, Inc. Series H 11/22/17 $14,209 
Lyft, Inc. Series I 6/27/18 $17,999 
New Academy Holding Co. LLC unit 8/1/11 $30,988 
Peloton Interactive, Inc. Series E 3/31/17 $9,525 
Peloton Interactive, Inc. Series F 8/30/18 $10,815 
Space Exploration Technologies Corp. Class A 4/8/16 - 9/11/17 $14,283 
Space Exploration Technologies Corp. Class C 9/11/17 $275 
Space Exploration Technologies Corp. Series H 8/4/17 $2,543 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $20,398 
WME Entertainment Parent, LLC Class A 8/16/16 $16,835 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $7,403 
Fidelity Securities Lending Cash Central Fund 244 
Total $7,647 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Goodbulk Ltd. $26,341 $2,737 $7,373 $523 $751 $3,178 $-- 
KEYW Holding Corp. 35,073 -- 16 -- (16) 424 35,465 
Total $61,414 $2,737 $7,389 $523 $735 $3,602 $35,465 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $26,974 $-- $-- $26,974 
Consumer Discretionary 1,120,030 1,057,342 -- 62,688 
Consumer Staples 216,282 216,282 -- -- 
Energy 492,808 492,808 -- -- 
Financials 1,447,285 1,447,285 -- -- 
Health Care 693,066 676,142 -- 16,924 
Industrials 825,846 773,088 -- 52,758 
Information Technology 827,767 792,839 -- 34,928 
Materials 196,563 196,563 -- -- 
Real Estate 311,558 311,558 -- -- 
Utilities 457,327 457,327 -- -- 
Corporate Bonds 10,966 -- 10,966 -- 
Bank Loan Obligations 1,573 -- -- 1,573 
Other 9,756 -- -- 9,756 
Money Market Funds 1,128,374 1,128,374 -- -- 
Total Investments in Securities: $7,766,175 $7,549,608 $10,966 $205,601 

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

(Amounts in thousands)  
Investments in Securities:  
Beginning Balance $120,719 
Net Realized Gain (Loss) on Investment Securities 751 
Net Unrealized Gain (Loss) on Investment Securities 13,728 
Cost of Purchases 51,440 
Proceeds of Sales (7,374) 
Amortization/Accretion (4) 
Transfers into Level 3 26,341 
Transfers out of Level 3 -- 
Ending Balance $205,601 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 $13,728 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities and Other Financial Instruments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

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

United States of America 84.1% 
Bermuda 4.8% 
United Kingdom 1.9% 
Ireland 1.7% 
Italy 1.5% 
Netherlands 1.1% 
Bailiwick of Jersey 1.1% 
Canada 1.0% 
Others (Individually Less Than 1%) 2.8% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  October 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $106,497) — See accompanying schedule:
Unaffiliated issuers (cost $5,305,604) 		$6,602,336  
Fidelity Central Funds (cost $1,128,331) 1,128,374  
Other affiliated issuers (cost $58,181) 35,465  
Total Investment in Securities (cost $6,492,116)  $7,766,175 
Restricted cash  444 
Receivable for investments sold  41,523 
Receivable for fund shares sold  2,662 
Dividends receivable  2,163 
Interest receivable  649 
Distributions receivable from Fidelity Central Funds  1,629 
Prepaid expenses  15 
Other receivables  781 
Total assets  7,816,041 
Liabilities   
Payable for investments purchased $1,287  
Payable for fund shares redeemed 7,748  
Accrued management fee 3,493  
Other affiliated payables 902  
Other payables and accrued expenses 675  
Collateral on securities loaned 111,022  
Total liabilities  125,127 
Net Assets  $7,690,914 
Net Assets consist of:   
Paid in capital  $5,552,387 
Total distributable earnings (loss)  2,138,527 
Net Assets  $7,690,914 
Net Asset Value and Maximum Offering Price   
Mid-Cap Stock:   
Net Asset Value, offering price and redemption price per share ($5,262,526 ÷ 142,347 shares)  $36.97 
Class K:   
Net Asset Value, offering price and redemption price per share ($2,428,388 ÷ 65,639 shares)  $37.00 

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


Statement of Operations

Amounts in thousands  Six months ended October 31, 2018 (Unaudited) 
Investment Income   
Dividends (including $523 earned from other affiliated issuers)  $51,295 
Non-Cash dividends  3,582 
Income from Fidelity Central Funds  7,647 
Total income  62,524 
Expenses   
Management fee   
Basic fee $22,223  
Performance adjustment (3,424)  
Transfer agent fees 4,872  
Accounting and security lending fees 615  
Custodian fees and expenses 90  
Independent trustees' fees and expenses 25  
Registration fees 34  
Audit 33  
Legal 13  
Miscellaneous 31  
Total expenses before reductions 24,512  
Expense reductions (288)  
Total expenses after reductions  24,224 
Net investment income (loss)  38,300 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 855,642  
Fidelity Central Funds (7)  
Other affiliated issuers 735  
Foreign currency transactions (44)  
Total net realized gain (loss)  856,326 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (847,724)  
Fidelity Central Funds (1)  
Other affiliated issuers 3,602  
Assets and liabilities in foreign currencies (16)  
Total change in net unrealized appreciation (depreciation)  (844,139) 
Net gain (loss)  12,187 
Net increase (decrease) in net assets resulting from operations  $50,487 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended October 31, 2018 (Unaudited) Year ended April 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $38,300 $49,254 
Net realized gain (loss) 856,326 681,278 
Change in net unrealized appreciation (depreciation) (844,139) 228,744 
Net increase (decrease) in net assets resulting from operations 50,487 959,276 
Distributions to shareholders (334,886) – 
Distributions to shareholders from net investment income – (47,485) 
Distributions to shareholders from net realized gain – (529,727) 
Total distributions (334,886) (577,212) 
Share transactions - net increase (decrease) (7,684) (233,893) 
Total increase (decrease) in net assets (292,083) 148,171 
Net Assets   
Beginning of period 7,982,997 7,834,826 
End of period $7,690,914 $7,982,997 
Other Information   
Distributions in excess of net investment income end of period  $(5,899) 

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


Financial Highlights

Fidelity Mid-Cap Stock Fund

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2018 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $38.38 $36.62 $34.07 $40.11 $40.26 $33.69 
Income from Investment Operations       
Net investment income (loss)A .17 .22 .22 .21 .18 .10 
Net realized and unrealized gain (loss) .04 4.30 5.19 (1.54) 3.52 7.69 
Total from investment operations .21 4.52 5.41 (1.33) 3.70 7.79 
Distributions from net investment income (.03) (.22) (.27) (.22) (.09) (.08) 
Distributions from net realized gain (1.58) (2.55) (2.59) (4.49) (3.76) (1.14) 
Total distributions (1.62)B (2.76)C (2.86) (4.71) (3.85) (1.22) 
Redemption fees added to paid in capitalA – – –D –D –D –D 
Net asset value, end of period $36.97 $38.38 $36.62 $34.07 $40.11 $40.26 
Total ReturnE,F .38% 12.66% 16.80% (3.44)% 9.83% 23.50% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .63%I .61% .58% .72% .73% .78% 
Expenses net of fee waivers, if any .63%I .61% .58% .72% .72% .78% 
Expenses net of all reductions .62%I .61% .58% .72% .72% .78% 
Net investment income (loss) .90%I .58% .64% .59% .46% .25% 
Supplemental Data       
Net assets, end of period (in millions) $5,263 $5,629 $5,622 $5,136 $5,874 $5,966 
Portfolio turnover rateJ 35%I 22% 27%K 23%K 29% 27% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $1.62 per share is comprised of distributions from net investment income of $.033 and distributions from net realized gain of $1.584 per share.

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

 D Amount represents less than $.005 per share.

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

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

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

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

 I Annualized

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

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

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


Fidelity Mid-Cap Stock Fund Class K

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2018 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $38.40 $36.64 $34.08 $40.12 $40.27 $33.68 
Income from Investment Operations       
Net investment income (loss)A .20 .26 .26 .25 .22 .15 
Net realized and unrealized gain (loss) .03 4.30 5.20 (1.54) 3.51 7.69 
Total from investment operations .23 4.56 5.46 (1.29) 3.73 7.84 
Distributions from net investment income (.05) (.26) (.31) (.26) (.13) (.12) 
Distributions from net realized gain (1.58) (2.55) (2.59) (4.49) (3.76) (1.14) 
Total distributions (1.63) (2.80)B (2.90) (4.75) (3.88)C (1.25)D 
Redemption fees added to paid in capitalA – – –E –E –E –E 
Net asset value, end of period $37.00 $38.40 $36.64 $34.08 $40.12 $40.27 
Total ReturnF,G .44% 12.78% 16.96% (3.33)% 9.92% 23.67% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .52%J .51% .46% .60% .61% .65% 
Expenses net of fee waivers, if any .52%J .51% .46% .60% .61% .65% 
Expenses net of all reductions .52%J .50% .46% .60% .61% .65% 
Net investment income (loss) 1.00%J .69% .76% .71% .57% .39% 
Supplemental Data       
Net assets, end of period (in millions) $2,428 $2,354 $2,213 $1,988 $2,588 $2,927 
Portfolio turnover rateK 35%J 22% 27%L 23%L 29% 27% 

 A Calculated based on average shares outstanding during the period.

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

 C Total distributions of $3.88 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.3.757 per share.

 D Total distributions of $1.25 per share is comprised of distributions from net investment income of $.116 and distributions from net realized gain of $1.136 per share.

 E Amount represents less than $.005 per share.

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

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

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

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

 J Annualized

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

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

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


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2018
(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.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.

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

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

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities  $168,638 Market comparable Enterprise value/Sales multiple (EV/S)  2.5 - 9.2 / 4.9 Increase 
   Enterprise value/EBITDA multiple (EV/EBITDA) 6.5 Increase 
   Discount rate 9.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Premium rate 10.0% - 94.0% / 61.0% Increase 
  Market approach Transaction price $10.27 - $169.00 / $60.14 Increase 
Other  $9,756 Discount cash flow Discount rate 13.5% Decrease 
Bank Loan Obligations  $1,573 Recovery value Recovery value 100.0% Increase 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

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 October 31, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $568 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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 foreign currency transactions, partnerships, passive foreign investment companies (PFIC), deferred trustees compensation, 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 $1,763,884 
Gross unrealized depreciation (486,429) 
Net unrealized appreciation (depreciation) $1,277,455 
Tax cost $6,488,720 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund also invests in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Fund's Schedule of Investments.

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

As of period end, the Fund held an investment of $37,174 in these Subsidiaries, representing .48% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

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

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 
Distributions to Shareholders Note to Financial Statements Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,299,926 and $2,073,570, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Mid-Cap Stock as compared to its benchmark index, the S&P MidCap 400 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .46% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Mid-Cap Stock $4,293 .15 
Class K 579 .05 
 $4,872  

 (a) Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .01%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $61 for the period.

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

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $13.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $11 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $1,026. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers, 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. Total security lending income during the period amounted to $228, including $15 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $246 for the period. Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $41.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
October 31, 2018 		Year ended
April 30, 2018 
Distributions to shareholders   
Mid-Cap Stock $235,168 $– 
Class K 99,718 – 
Total $334,886 $– 
From net investment income   
Mid-Cap Stock $– $31,785 
Class K – 15,700 
Total $– $47,485 
From net realized gain   
Mid-Cap Stock $– $375,694 
Class K – 154,033 
Total $– $529,727 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended October 31, 2018 Year ended April 30, 2018 Six months ended October 31, 2018 Year ended April 30, 2018 
Mid-Cap Stock     
Shares sold 3,739 9,051 $145,468 $343,875 
Reinvestment of distributions 5,788 10,324 222,496 386,371 
Shares redeemed (13,847) (26,223) (542,633) (993,169) 
Net increase (decrease) (4,320) (6,848) $(174,669) $(262,923) 
Class K     
Shares sold 8,090 10,639 $314,553 $402,221 
Reinvestment of distributions 2,593 4,532 99,718 169,733 
Shares redeemed (6,354) (14,271) (247,286) (542,924) 
Net increase (decrease) 4,329 900 $166,985 $29,030 

11. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2018 		Ending
Account Value
October 31, 2018 		Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 
Mid-Cap Stock .63%    
Actual  $1,000.00 $1,003.80 $3.18 
Hypothetical-C  $1,000.00 $1,022.03 $3.21 
Class K .52%    
Actual  $1,000.00 $1,004.40 $2.63 
Hypothetical-C  $1,000.00 $1,022.58 $2.65 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Mid-Cap Stock Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

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 fund, 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, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.

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

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

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

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

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

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

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

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.

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

Economies of Scale.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of Fidelity's voluntary expense limitation agreements; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (ix) the impact of recent changes to the money market fund landscape, including the full implementation of money market fund reform and rising interest rates, on Fidelity's money market funds; (x) the funds' share class structures and distribution channels; and (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.

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





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MCS-SANN-1218
1.538556.121

Fidelity® Mid-Cap Stock Fund
Class K



Semi-Annual Report

October 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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

You may also call 1-800-835-5092 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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2018

 % of fund's net assets 
ARAMARK Holdings Corp. 1.8 
Atmos Energy Corp. 1.5 
M&T Bank Corp. 1.4 
Huntington Bancshares, Inc. 1.3 
Amphenol Corp. Class A 1.3 
Leidos Holdings, Inc. 1.3 
Arch Capital Group Ltd. 1.2 
IDACORP, Inc. 1.1 
NVR, Inc. 1.1 
Keysight Technologies, Inc. 1.1 
 13.1 

Top Five Market Sectors as of October 31, 2018

 % of fund's net assets 
Financials 18.8 
Consumer Discretionary 14.6 
Information Technology 10.8 
Industrials 10.7 
Health Care 9.0 

Asset Allocation (% of fund's net assets)

As of October 31, 2018 * 
   Stocks 84.6% 
   Bonds 0.2% 
   Convertible Securities 1.4% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 13.7% 


 * Foreign investments - 15.9%

Schedule of Investments October 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 84.6%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 0.3%   
Entertainment - 0.3%   
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) 8,617,950 $26,974 
CONSUMER DISCRETIONARY - 13.9%   
Automobiles - 0.7%   
Fiat Chrysler Automobiles NV 3,841,800 58,050 
Distributors - 0.4%   
Pool Corp. 187,333 27,304 
Hotels, Restaurants & Leisure - 4.1%   
ARAMARK Holdings Corp. 3,886,340 139,600 
Del Frisco's Restaurant Group, Inc. (a) 1,578,900 10,658 
Drive Shack, Inc. (a) 3,281,878 17,525 
Dunkin' Brands Group, Inc. 400,700 29,075 
U.S. Foods Holding Corp. (a) 2,098,200 61,204 
Wyndham Hotels & Resorts, Inc. 1,160,000 57,176 
  315,238 
Household Durables - 3.2%   
D.R. Horton, Inc. 1,206,433 43,383 
Lennar Corp. Class A 583,900 25,096 
Newell Brands, Inc. 1,189,100 18,883 
NVR, Inc. (a) 39,300 87,994 
Toll Brothers, Inc. 2,111,287 71,066 
  246,422 
Leisure Products - 0.1%   
New Academy Holding Co. LLC unit (a)(c)(d)(e) 294,000 9,843 
Multiline Retail - 1.1%   
Dollar General Corp. 582,200 64,845 
Dollar Tree, Inc. (a) 248,900 20,982 
  85,827 
Specialty Retail - 2.1%   
AutoZone, Inc. (a) 68,000 49,876 
Ross Stores, Inc. 478,500 47,372 
Tiffany & Co., Inc. 338,000 37,619 
Ulta Beauty, Inc. (a) 84,600 23,224 
  158,091 
Textiles, Apparel & Luxury Goods - 2.2%   
Allbirds, Inc. (c)(d) 10,775 591 
Brunello Cucinelli SpA 2,067,300 70,831 
Prada SpA 9,389,700 33,167 
PVH Corp. 311,800 37,662 
Under Armour, Inc. Class A (sub. vtg.) (a)(f) 1,119,400 24,750 
  167,001 
TOTAL CONSUMER DISCRETIONARY  1,067,776 
CONSUMER STAPLES - 2.8%   
Beverages - 0.3%   
Molson Coors Brewing Co. Class B 332,400 21,274 
Food Products - 1.6%   
Amira Nature Foods Ltd. (a)(f) 1,783,275 1,327 
Conagra Brands, Inc. 1,226,900 43,678 
Greencore Group PLC 15,937,084 38,542 
The Hershey Co. 409,600 43,889 
  127,436 
Household Products - 0.5%   
Church & Dwight Co., Inc. 616,646 36,610 
Personal Products - 0.4%   
Coty, Inc. Class A 2,934,798 30,962 
TOTAL CONSUMER STAPLES  216,282 
ENERGY - 6.4%   
Energy Equipment & Services - 1.3%   
Borr Drilling Ltd. (a) 10,814,000 42,077 
Oceaneering International, Inc. (a) 2,016,670 38,196 
TechnipFMC PLC 674,200 17,731 
  98,004 
Oil, Gas & Consumable Fuels - 5.1%   
Cabot Oil & Gas Corp. 1,508,700 36,556 
Cheniere Energy, Inc. (a) 746,000 45,066 
Cimarex Energy Co. 514,200 40,863 
Denbury Resources, Inc. (a) 4,034,200 13,918 
Diamondback Energy, Inc. 246,700 27,719 
GasLog Ltd. 1,179,177 24,126 
Golar LNG Ltd. 1,842,745 49,349 
Kosmos Energy Ltd. (a) 4,074,600 26,444 
Legacy Reserves, Inc. (a) 1,733,100 7,296 
SM Energy Co. 1,451,300 35,325 
The Williams Companies, Inc. 2,270,497 55,241 
Whiting Petroleum Corp. (a) 437,800 16,330 
WPX Energy, Inc. (a) 1,033,100 16,571 
  394,804 
TOTAL ENERGY  492,808 
FINANCIALS - 18.8%   
Banks - 8.5%   
Bank of Hawaii Corp. 319,500 25,062 
Cullen/Frost Bankers, Inc. 699,800 68,524 
First Horizon National Corp. 3,459,600 55,838 
First Republic Bank 439,500 39,990 
Huntington Bancshares, Inc. 7,015,400 100,531 
M&T Bank Corp. 635,500 105,118 
Metro Bank PLC (a)(f) 625,100 17,770 
Prosperity Bancshares, Inc. 936,900 60,927 
Regions Financial Corp. 2,061,224 34,979 
Signature Bank 619,100 68,039 
SunTrust Banks, Inc. 630,900 39,532 
UMB Financial Corp. 631,300 40,309 
  656,619 
Capital Markets - 1.8%   
Cboe Global Markets, Inc. 217,900 24,590 
Northern Trust Corp. 365,200 34,354 
The NASDAQ OMX Group, Inc. 468,900 40,658 
TPG Specialty Lending, Inc. 1,953,812 39,233 
  138,835 
Diversified Financial Services - 0.2%   
Focus Financial Partners, Inc. Class A 452,000 17,266 
Insurance - 6.6%   
Arch Capital Group Ltd. (a) 3,242,100 91,978 
Aspen Insurance Holdings Ltd. 1,279,843 53,600 
Axis Capital Holdings Ltd. 656,600 36,632 
Beazley PLC 2,942,700 19,841 
First American Financial Corp. 823,300 36,497 
FNF Group 1,623,700 54,313 
Hartford Financial Services Group, Inc. 844,000 38,334 
Hiscox Ltd. 967,900 20,141 
Principal Financial Group, Inc. 570,600 26,858 
Reinsurance Group of America, Inc. 592,400 84,340 
Torchmark Corp. 500,300 42,355 
  504,889 
Thrifts & Mortgage Finance - 1.7%   
MGIC Investment Corp. (a) 3,669,433 44,804 
Radian Group, Inc. 4,422,744 84,872 
  129,676 
TOTAL FINANCIALS  1,447,285 
HEALTH CARE - 8.8%   
Health Care Equipment & Supplies - 2.2%   
Boston Scientific Corp. (a) 1,077,400 38,937 
Fisher & Paykel Healthcare Corp. 2,572,575 22,831 
Hologic, Inc. (a) 541,530 21,114 
Integra LifeSciences Holdings Corp. (a) 967,300 51,818 
Wright Medical Group NV (a) 1,155,623 31,179 
  165,879 
Health Care Providers & Services - 3.2%   
Acadia Healthcare Co., Inc. (a)(f) 771,800 32,030 
Amplifon SpA 259,351 4,600 
Henry Schein, Inc. (a) 645,200 53,552 
National Vision Holdings, Inc. 969,767 40,177 
Notre Dame Intermedica Participacoes SA 2,534,100 16,431 
Premier, Inc. (a) 841,800 37,881 
Universal Health Services, Inc. Class B 498,900 60,646 
  245,317 
Health Care Technology - 0.3%   
Cerner Corp. (a) 446,400 25,570 
Life Sciences Tools & Services - 1.2%   
Agilent Technologies, Inc. 401,100 25,987 
Bruker Corp. 803,300 25,167 
Lonza Group AG 135,524 42,616 
  93,770 
Pharmaceuticals - 1.9%   
Amneal Pharmaceuticals, Inc. (a)(f) 1,922,600 35,472 
Catalent, Inc. (a) 1,212,850 48,926 
Nektar Therapeutics (a) 266,200 10,297 
Perrigo Co. PLC 724,200 50,911 
  145,606 
TOTAL HEALTH CARE  676,142 
INDUSTRIALS - 10.7%   
Aerospace & Defense - 3.3%   
HEICO Corp. Class A 329,843 21,987 
Huntington Ingalls Industries, Inc. 317,500 69,367 
KEYW Holding Corp. (a)(f)(g) 4,529,436 35,465 
Kratos Defense & Security Solutions, Inc. (a)(f) 2,851,600 35,731 
Space Exploration Technologies Corp.:   
Class A (a)(c)(d) 139,629 23,597 
Class C (a)(c)(d) 2,034 344 
Teledyne Technologies, Inc. (a) 288,800 63,906 
  250,397 
Air Freight & Logistics - 0.5%   
C.H. Robinson Worldwide, Inc. 421,900 37,562 
Commercial Services & Supplies - 1.2%   
KAR Auction Services, Inc. 714,700 40,695 
Stericycle, Inc. (a) 379,000 18,939 
U.S. Ecology, Inc. 457,981 32,027 
  91,661 
Electrical Equipment - 2.1%   
AMETEK, Inc. 823,092 55,213 
Generac Holdings, Inc. (a) 817,700 41,482 
Melrose Industries PLC 18,157,741 39,142 
Regal Beloit Corp. 379,300 27,196 
  163,033 
Machinery - 2.0%   
Donaldson Co., Inc. 1,499,500 76,894 
Pentair PLC 910,800 36,569 
Rational AG 76,000 44,074 
  157,537 
Marine - 0.3%   
Goodbulk Ltd. (d) 1,505,822 25,634 
Road & Rail - 0.6%   
Genesee & Wyoming, Inc. Class A (a) 551,900 43,727 
Trading Companies & Distributors - 0.7%   
Bunzl PLC 1,798,022 53,112 
TOTAL INDUSTRIALS  822,663 
INFORMATION TECHNOLOGY - 10.3%   
Electronic Equipment & Components - 3.1%   
Amphenol Corp. Class A 1,122,200 100,437 
Fabrinet 1,117,231 48,398 
Keysight Technologies, Inc. (a) 1,528,900 87,270 
  236,105 
IT Services - 5.6%   
Akamai Technologies, Inc. (a) 559,700 40,438 
Fidelity National Information Services, Inc. 544,286 56,660 
First Data Corp. Class A (a) 2,455,073 46,008 
Fiserv, Inc. (a) 612,900 48,603 
FleetCor Technologies, Inc. (a) 129,400 25,884 
Leidos Holdings, Inc. 1,518,400 98,362 
Science Applications International Corp. 519,500 36,110 
WNS Holdings Ltd. sponsored ADR (a) 1,611,800 80,896 
  432,961 
Software - 1.6%   
Aspen Technology, Inc. (a) 8,846 751 
Black Knight, Inc. (a) 657,669 32,075 
Citrix Systems, Inc. 456,400 46,767 
Red Hat, Inc. (a) 257,400 44,180 
  123,773 
TOTAL INFORMATION TECHNOLOGY  792,839 
MATERIALS - 2.6%   
Chemicals - 1.2%   
International Flavors & Fragrances, Inc. 329,500 47,665 
LG Chemical Ltd. 50,300 15,297 
Nutrien Ltd. 493,400 26,120 
  89,082 
Containers & Packaging - 0.6%   
Packaging Corp. of America 271,400 24,917 
WestRock Co. 501,400 21,545 
  46,462 
Metals & Mining - 0.8%   
Franco-Nevada Corp. 342,600 21,397 
Newcrest Mining Ltd. 1,286,984 18,783 
Novagold Resources, Inc. (a) 5,118,176 20,839 
  61,019 
TOTAL MATERIALS  196,563 
REAL ESTATE - 4.1%   
Equity Real Estate Investment Trusts (REITs) - 3.8%   
Apartment Investment & Management Co. Class A 912,500 39,274 
Cousins Properties, Inc. 5,242,791 43,568 
Essex Property Trust, Inc. 262,600 65,855 
Healthcare Realty Trust, Inc. 1,239,500 34,532 
Healthcare Trust of America, Inc. 1,651,900 43,379 
Spirit MTA REIT 396,690 4,249 
Spirit Realty Capital, Inc. 3,966,900 31,021 
VEREIT, Inc. 3,822,100 28,016 
  289,894 
Real Estate Management & Development - 0.3%   
Realogy Holdings Corp. (f) 1,136,000 21,664 
TOTAL REAL ESTATE  311,558 
UTILITIES - 5.9%   
Electric Utilities - 4.1%   
Alliant Energy Corp. 2,027,400 87,138 
IDACORP, Inc. 948,433 88,451 
OGE Energy Corp. 2,171,600 78,503 
Xcel Energy, Inc. 1,346,882 66,011 
  320,103 
Gas Utilities - 1.8%   
Atmos Energy Corp. 1,214,597 113,055 
Spire, Inc. 333,000 24,169 
  137,224 
TOTAL UTILITIES  457,327 
TOTAL COMMON STOCKS   
(Cost $5,235,265)  6,508,217 
Preferred Stocks - 1.4%   
Convertible Preferred Stocks - 1.4%   
CONSUMER DISCRETIONARY - 0.7%   
Leisure Products - 0.5%   
Peloton Interactive, Inc.:   
Series E (a)(c)(d) 1,758,856 25,398 
Series F (c)(d) 748,920 10,815 
  36,213 
Textiles, Apparel & Luxury Goods - 0.2%   
Allbirds, Inc.:   
Series A (c)(d) 4,253 233 
Series B (c)(d) 747 41 
Series C (c)(d) 7,140 392 
Bolt Threads, Inc. Series D (c)(d) 976,285 15,250 
  15,916 
TOTAL CONSUMER DISCRETIONARY  52,129 
HEALTH CARE - 0.2%   
Health Care Equipment & Supplies - 0.2%   
Butterfly Network, Inc. Series D (c)(d) 1,647,945 16,924 
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Space Exploration Technologies Corp. Series H (a)(c)(d) 18,837 3,183 
INFORMATION TECHNOLOGY - 0.5%   
Internet Software & Services - 0.5%   
Lyft, Inc.:   
Series H (c)(d) 357,494 16,929 
Series I (c)(d) 380,095 17,999 
  34,928 
TOTAL CONVERTIBLE PREFERRED STOCKS  107,164 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc. (c)(d) 2,285 125 
TOTAL PREFERRED STOCKS   
(Cost $88,465)  107,289 
 Principal Amount (000s) Value (000s) 
Nonconvertible Bonds - 0.2%   
ENERGY - 0.2%   
Energy Equipment & Services - 0.2%   
Pacific Drilling SA 5.375% 6/1/20(h)(i)   
(Cost $18,080) 26,110 10,966 
Bank Loan Obligations - 0.0%   
ENERGY - 0.0%   
Energy Equipment & Services - 0.0%   
Pacific Drilling SA DIP, term loan 3 month U.S. LIBOR + 7.000% 5.8714% 11/30/18(d)(j)(k)(l)   
(Cost $1,577) 1,573 1,573 
 Shares Value (000s) 
Other - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(d)   
(Cost $20,398) 20,397,834 9,756 
Money Market Funds - 14.7%   
Fidelity Cash Central Fund, 2.23% (m) 1,017,123,871 1,017,327 
Fidelity Securities Lending Cash Central Fund 2.23% (m)(n) 111,036,113 111,047 
TOTAL MONEY MARKET FUNDS   
(Cost $1,128,331)  1,128,374 
TOTAL INVESTMENT IN SECURITIES - 101.0%   
(Cost $6,492,116)  7,766,175 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (75,261) 
NET ASSETS - 100%  $7,690,914 

Legend

 (a) Non-income producing

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

 (c) Restricted securities - 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 $178,394,000 or 2.3% of net assets.

 (d) Level 3 security

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

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

 (g) Affiliated company

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

 (i) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,966,000 or 0.1% of net assets.

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

 (k) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $648,000 and $648,000, respectively.

 (l) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (m) 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 are available on the SEC's website or upon request.

 (n) Includes investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Allbirds, Inc. 10/9/18 $591 
Allbirds, Inc. 10/9/18 $125 
Allbirds, Inc. Series A 10/9/18 $233 
Allbirds, Inc. Series B 10/9/18 $41 
Allbirds, Inc. Series C 10/9/18 $392 
Bolt Threads, Inc. Series D 12/13/17 $15,659 
Butterfly Network, Inc. Series D 5/4/18 $16,924 
Lyft, Inc. Series H 11/22/17 $14,209 
Lyft, Inc. Series I 6/27/18 $17,999 
New Academy Holding Co. LLC unit 8/1/11 $30,988 
Peloton Interactive, Inc. Series E 3/31/17 $9,525 
Peloton Interactive, Inc. Series F 8/30/18 $10,815 
Space Exploration Technologies Corp. Class A 4/8/16 - 9/11/17 $14,283 
Space Exploration Technologies Corp. Class C 9/11/17 $275 
Space Exploration Technologies Corp. Series H 8/4/17 $2,543 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $20,398 
WME Entertainment Parent, LLC Class A 8/16/16 $16,835 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $7,403 
Fidelity Securities Lending Cash Central Fund 244 
Total $7,647 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Goodbulk Ltd. $26,341 $2,737 $7,373 $523 $751 $3,178 $-- 
KEYW Holding Corp. 35,073 -- 16 -- (16) 424 35,465 
Total $61,414 $2,737 $7,389 $523 $735 $3,602 $35,465 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $26,974 $-- $-- $26,974 
Consumer Discretionary 1,120,030 1,057,342 -- 62,688 
Consumer Staples 216,282 216,282 -- -- 
Energy 492,808 492,808 -- -- 
Financials 1,447,285 1,447,285 -- -- 
Health Care 693,066 676,142 -- 16,924 
Industrials 825,846 773,088 -- 52,758 
Information Technology 827,767 792,839 -- 34,928 
Materials 196,563 196,563 -- -- 
Real Estate 311,558 311,558 -- -- 
Utilities 457,327 457,327 -- -- 
Corporate Bonds 10,966 -- 10,966 -- 
Bank Loan Obligations 1,573 -- -- 1,573 
Other 9,756 -- -- 9,756 
Money Market Funds 1,128,374 1,128,374 -- -- 
Total Investments in Securities: $7,766,175 $7,549,608 $10,966 $205,601 

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

(Amounts in thousands)  
Investments in Securities:  
Beginning Balance $120,719 
Net Realized Gain (Loss) on Investment Securities 751 
Net Unrealized Gain (Loss) on Investment Securities 13,728 
Cost of Purchases 51,440 
Proceeds of Sales (7,374) 
Amortization/Accretion (4) 
Transfers into Level 3 26,341 
Transfers out of Level 3 -- 
Ending Balance $205,601 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 $13,728 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities and Other Financial Instruments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

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

United States of America 84.1% 
Bermuda 4.8% 
United Kingdom 1.9% 
Ireland 1.7% 
Italy 1.5% 
Netherlands 1.1% 
Bailiwick of Jersey 1.1% 
Canada 1.0% 
Others (Individually Less Than 1%) 2.8% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  October 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $106,497) — See accompanying schedule:
Unaffiliated issuers (cost $5,305,604) 		$6,602,336  
Fidelity Central Funds (cost $1,128,331) 1,128,374  
Other affiliated issuers (cost $58,181) 35,465  
Total Investment in Securities (cost $6,492,116)  $7,766,175 
Restricted cash  444 
Receivable for investments sold  41,523 
Receivable for fund shares sold  2,662 
Dividends receivable  2,163 
Interest receivable  649 
Distributions receivable from Fidelity Central Funds  1,629 
Prepaid expenses  15 
Other receivables  781 
Total assets  7,816,041 
Liabilities   
Payable for investments purchased $1,287  
Payable for fund shares redeemed 7,748  
Accrued management fee 3,493  
Other affiliated payables 902  
Other payables and accrued expenses 675  
Collateral on securities loaned 111,022  
Total liabilities  125,127 
Net Assets  $7,690,914 
Net Assets consist of:   
Paid in capital  $5,552,387 
Total distributable earnings (loss)  2,138,527 
Net Assets  $7,690,914 
Net Asset Value and Maximum Offering Price   
Mid-Cap Stock:   
Net Asset Value, offering price and redemption price per share ($5,262,526 ÷ 142,347 shares)  $36.97 
Class K:   
Net Asset Value, offering price and redemption price per share ($2,428,388 ÷ 65,639 shares)  $37.00 

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


Statement of Operations

Amounts in thousands  Six months ended October 31, 2018 (Unaudited) 
Investment Income   
Dividends (including $523 earned from other affiliated issuers)  $51,295 
Non-Cash dividends  3,582 
Income from Fidelity Central Funds  7,647 
Total income  62,524 
Expenses   
Management fee   
Basic fee $22,223  
Performance adjustment (3,424)  
Transfer agent fees 4,872  
Accounting and security lending fees 615  
Custodian fees and expenses 90  
Independent trustees' fees and expenses 25  
Registration fees 34  
Audit 33  
Legal 13  
Miscellaneous 31  
Total expenses before reductions 24,512  
Expense reductions (288)  
Total expenses after reductions  24,224 
Net investment income (loss)  38,300 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 855,642  
Fidelity Central Funds (7)  
Other affiliated issuers 735  
Foreign currency transactions (44)  
Total net realized gain (loss)  856,326 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (847,724)  
Fidelity Central Funds (1)  
Other affiliated issuers 3,602  
Assets and liabilities in foreign currencies (16)  
Total change in net unrealized appreciation (depreciation)  (844,139) 
Net gain (loss)  12,187 
Net increase (decrease) in net assets resulting from operations  $50,487 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended October 31, 2018 (Unaudited) Year ended April 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $38,300 $49,254 
Net realized gain (loss) 856,326 681,278 
Change in net unrealized appreciation (depreciation) (844,139) 228,744 
Net increase (decrease) in net assets resulting from operations 50,487 959,276 
Distributions to shareholders (334,886) – 
Distributions to shareholders from net investment income – (47,485) 
Distributions to shareholders from net realized gain – (529,727) 
Total distributions (334,886) (577,212) 
Share transactions - net increase (decrease) (7,684) (233,893) 
Total increase (decrease) in net assets (292,083) 148,171 
Net Assets   
Beginning of period 7,982,997 7,834,826 
End of period $7,690,914 $7,982,997 
Other Information   
Distributions in excess of net investment income end of period  $(5,899) 

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


Financial Highlights

Fidelity Mid-Cap Stock Fund

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2018 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $38.38 $36.62 $34.07 $40.11 $40.26 $33.69 
Income from Investment Operations       
Net investment income (loss)A .17 .22 .22 .21 .18 .10 
Net realized and unrealized gain (loss) .04 4.30 5.19 (1.54) 3.52 7.69 
Total from investment operations .21 4.52 5.41 (1.33) 3.70 7.79 
Distributions from net investment income (.03) (.22) (.27) (.22) (.09) (.08) 
Distributions from net realized gain (1.58) (2.55) (2.59) (4.49) (3.76) (1.14) 
Total distributions (1.62)B (2.76)C (2.86) (4.71) (3.85) (1.22) 
Redemption fees added to paid in capitalA – – –D –D –D –D 
Net asset value, end of period $36.97 $38.38 $36.62 $34.07 $40.11 $40.26 
Total ReturnE,F .38% 12.66% 16.80% (3.44)% 9.83% 23.50% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .63%I .61% .58% .72% .73% .78% 
Expenses net of fee waivers, if any .63%I .61% .58% .72% .72% .78% 
Expenses net of all reductions .62%I .61% .58% .72% .72% .78% 
Net investment income (loss) .90%I .58% .64% .59% .46% .25% 
Supplemental Data       
Net assets, end of period (in millions) $5,263 $5,629 $5,622 $5,136 $5,874 $5,966 
Portfolio turnover rateJ 35%I 22% 27%K 23%K 29% 27% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $1.62 per share is comprised of distributions from net investment income of $.033 and distributions from net realized gain of $1.584 per share.

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

 D Amount represents less than $.005 per share.

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

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

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

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

 I Annualized

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

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

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


Fidelity Mid-Cap Stock Fund Class K

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2018 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $38.40 $36.64 $34.08 $40.12 $40.27 $33.68 
Income from Investment Operations       
Net investment income (loss)A .20 .26 .26 .25 .22 .15 
Net realized and unrealized gain (loss) .03 4.30 5.20 (1.54) 3.51 7.69 
Total from investment operations .23 4.56 5.46 (1.29) 3.73 7.84 
Distributions from net investment income (.05) (.26) (.31) (.26) (.13) (.12) 
Distributions from net realized gain (1.58) (2.55) (2.59) (4.49) (3.76) (1.14) 
Total distributions (1.63) (2.80)B (2.90) (4.75) (3.88)C (1.25)D 
Redemption fees added to paid in capitalA – – –E –E –E –E 
Net asset value, end of period $37.00 $38.40 $36.64 $34.08 $40.12 $40.27 
Total ReturnF,G .44% 12.78% 16.96% (3.33)% 9.92% 23.67% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .52%J .51% .46% .60% .61% .65% 
Expenses net of fee waivers, if any .52%J .51% .46% .60% .61% .65% 
Expenses net of all reductions .52%J .50% .46% .60% .61% .65% 
Net investment income (loss) 1.00%J .69% .76% .71% .57% .39% 
Supplemental Data       
Net assets, end of period (in millions) $2,428 $2,354 $2,213 $1,988 $2,588 $2,927 
Portfolio turnover rateK 35%J 22% 27%L 23%L 29% 27% 

 A Calculated based on average shares outstanding during the period.

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

 C Total distributions of $3.88 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.3.757 per share.

 D Total distributions of $1.25 per share is comprised of distributions from net investment income of $.116 and distributions from net realized gain of $1.136 per share.

 E Amount represents less than $.005 per share.

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

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

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

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

 J Annualized

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

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

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


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2018
(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.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.

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

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

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities  $168,638 Market comparable Enterprise value/Sales multiple (EV/S)  2.5 - 9.2 / 4.9 Increase 
   Enterprise value/EBITDA multiple (EV/EBITDA) 6.5 Increase 
   Discount rate 9.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Premium rate 10.0% - 94.0% / 61.0% Increase 
  Market approach Transaction price $10.27 - $169.00 / $60.14 Increase 
Other  $9,756 Discount cash flow Discount rate 13.5% Decrease 
Bank Loan Obligations  $1,573 Recovery value Recovery value 100.0% Increase 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

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 October 31, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $568 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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 foreign currency transactions, partnerships, passive foreign investment companies (PFIC), deferred trustees compensation, 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 $1,763,884 
Gross unrealized depreciation (486,429) 
Net unrealized appreciation (depreciation) $1,277,455 
Tax cost $6,488,720 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund also invests in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Fund's Schedule of Investments.

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

As of period end, the Fund held an investment of $37,174 in these Subsidiaries, representing .48% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

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

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 
Distributions to Shareholders Note to Financial Statements Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,299,926 and $2,073,570, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Mid-Cap Stock as compared to its benchmark index, the S&P MidCap 400 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .46% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Mid-Cap Stock $4,293 .15 
Class K 579 .05 
 $4,872  

 (a) Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .01%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $61 for the period.

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

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $13.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $11 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $1,026. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers, 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. Total security lending income during the period amounted to $228, including $15 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $246 for the period. Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $41.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
October 31, 2018 		Year ended
April 30, 2018 
Distributions to shareholders   
Mid-Cap Stock $235,168 $– 
Class K 99,718 – 
Total $334,886 $– 
From net investment income   
Mid-Cap Stock $– $31,785 
Class K – 15,700 
Total $– $47,485 
From net realized gain   
Mid-Cap Stock $– $375,694 
Class K – 154,033 
Total $– $529,727 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended October 31, 2018 Year ended April 30, 2018 Six months ended October 31, 2018 Year ended April 30, 2018 
Mid-Cap Stock     
Shares sold 3,739 9,051 $145,468 $343,875 
Reinvestment of distributions 5,788 10,324 222,496 386,371 
Shares redeemed (13,847) (26,223) (542,633) (993,169) 
Net increase (decrease) (4,320) (6,848) $(174,669) $(262,923) 
Class K     
Shares sold 8,090 10,639 $314,553 $402,221 
Reinvestment of distributions 2,593 4,532 99,718 169,733 
Shares redeemed (6,354) (14,271) (247,286) (542,924) 
Net increase (decrease) 4,329 900 $166,985 $29,030 

11. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2018 		Ending
Account Value
October 31, 2018 		Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 
Mid-Cap Stock .63%    
Actual  $1,000.00 $1,003.80 $3.18 
Hypothetical-C  $1,000.00 $1,022.03 $3.21 
Class K .52%    
Actual  $1,000.00 $1,004.40 $2.63 
Hypothetical-C  $1,000.00 $1,022.58 $2.65 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Mid-Cap Stock Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

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 fund, 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, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.

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

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

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

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

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

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

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

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.

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

Economies of Scale.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of Fidelity's voluntary expense limitation agreements; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (ix) the impact of recent changes to the money market fund landscape, including the full implementation of money market fund reform and rising interest rates, on Fidelity's money market funds; (x) the funds' share class structures and distribution channels; and (xi) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.

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





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MCS-K-SANN-1218
1.863350.110

Fidelity® Large Cap Stock Fund



Semi-Annual Report

October 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2018

 % of fund's net assets 
Microsoft Corp. 4.6 
Comcast Corp. Class A 3.5 
Exxon Mobil Corp. 3.5 
Bank of America Corp. 3.3 
Altria Group, Inc. 2.9 
JPMorgan Chase & Co. 2.8 
Apple, Inc. 2.7 
Wells Fargo & Co. 2.1 
Citigroup, Inc. 2.1 
Chevron Corp. 1.9 
 29.4 

Top Five Market Sectors as of October 31, 2018

 % of fund's net assets 
Financials 20.1 
Health Care 16.0 
Information Technology 15.8 
Energy 12.7 
Industrials 9.7 

Asset Allocation (% of fund's net assets)

As of October 31, 2018 * 
   Stocks 97.4% 
   Convertible Securities 0.2% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.3% 


 * Foreign investments - 13.1%

Schedule of Investments October 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 8.2%   
Diversified Telecommunication Services - 1.3%   
AT&T, Inc. 96,785 $2,969 
Verizon Communications, Inc. 634,334 36,214 
  39,183 
Entertainment - 1.3%   
The Walt Disney Co. 215,565 24,753 
Viacom, Inc. Class B (non-vtg.) 80,497 2,574 
Vivendi SA 402,000 9,696 
  37,023 
Interactive Media & Services - 1.0%   
Alphabet, Inc.:   
Class A (a) 13,238 14,437 
Class C (a) 12,364 13,313 
Snap, Inc. Class A (a)(b) 193,700 1,280 
  29,030 
Media - 4.6%   
Charter Communications, Inc. Class A (a) 24,700 7,913 
Comcast Corp. Class A 2,669,888 101,830 
Discovery Communications, Inc. Class A (a)(b) 228,929 7,415 
Interpublic Group of Companies, Inc. 548,913 12,713 
Omnicom Group, Inc. 44,134 3,280 
  133,151 
TOTAL COMMUNICATION SERVICES  238,387 
CONSUMER DISCRETIONARY - 2.7%   
Auto Components - 0.0%   
Gentex Corp. 37,100 781 
Distributors - 0.1%   
LKQ Corp. (a) 64,000 1,745 
Hotels, Restaurants & Leisure - 0.0%   
Drive Shack, Inc. (a) 171,394 915 
Household Durables - 0.2%   
Mohawk Industries, Inc. (a) 28,700 3,580 
NVR, Inc. (a) 630 1,411 
  4,991 
Multiline Retail - 0.4%   
Dollar Tree, Inc. (a) 68,400 5,766 
Target Corp. 80,772 6,755 
  12,521 
Specialty Retail - 2.0%   
L Brands, Inc. 252,836 8,197 
Lowe's Companies, Inc. 295,654 28,152 
Ross Stores, Inc. 16,713 1,655 
Sally Beauty Holdings, Inc. (a) 354,419 6,312 
TJX Companies, Inc. 122,416 13,451 
  57,767 
TOTAL CONSUMER DISCRETIONARY  78,720 
CONSUMER STAPLES - 9.0%   
Beverages - 1.3%   
The Coca-Cola Co. 777,696 37,236 
Food & Staples Retailing - 1.8%   
Walgreens Boots Alliance, Inc. 108,300 8,639 
Walmart, Inc. 434,861 43,608 
  52,247 
Food Products - 0.3%   
The Hershey Co. 88,756 9,510 
Household Products - 1.5%   
Kimberly-Clark Corp. 22,727 2,370 
Procter & Gamble Co. 447,405 39,676 
Spectrum Brands Holdings, Inc. 8,400 546 
  42,592 
Tobacco - 4.1%   
Altria Group, Inc. 1,313,414 85,424 
British American Tobacco PLC sponsored ADR 815,970 35,413 
  120,837 
TOTAL CONSUMER STAPLES  262,422 
ENERGY - 12.6%   
Energy Equipment & Services - 1.7%   
Baker Hughes, a GE Co. Class A 470,993 12,571 
Ensco PLC Class A 234,683 1,676 
National Oilwell Varco, Inc. 297,021 10,930 
Oceaneering International, Inc. (a) 329,784 6,246 
Schlumberger Ltd. 185,300 9,508 
TechnipFMC PLC 328,300 8,634 
Transocean Ltd. (United States) (a) 54,600 601 
  50,166 
Oil, Gas & Consumable Fuels - 10.9%   
BP PLC sponsored ADR 757,906 32,870 
Cabot Oil & Gas Corp. 457,641 11,089 
Cenovus Energy, Inc. (Canada) 4,667,900 39,500 
Chevron Corp. 501,675 56,012 
Enterprise Products Partners LP 10,441 280 
Equinor ASA sponsored ADR 854,722 21,966 
Exxon Mobil Corp. 1,256,687 100,133 
Hess Corp. 10,722 615 
Imperial Oil Ltd. 357,200 11,157 
Kosmos Energy Ltd. (a) 1,191,200 7,731 
Legacy Reserves, Inc. (a) 335,040 1,411 
Suncor Energy, Inc. 621,300 20,841 
Teekay Offshore Partners LP 481,176 1,049 
The Williams Companies, Inc. 504,369 12,271 
  316,925 
TOTAL ENERGY  367,091 
FINANCIALS - 20.1%   
Banks - 13.2%   
Bank of America Corp. 3,481,036 95,728 
BNP Paribas SA 14,500 758 
Citigroup, Inc. 917,351 60,050 
First Hawaiian, Inc. 48,200 1,194 
JPMorgan Chase & Co. 753,898 82,190 
M&T Bank Corp. 24,100 3,986 
PNC Financial Services Group, Inc. 203,274 26,119 
Standard Chartered PLC (United Kingdom) 1,065 7 
SunTrust Banks, Inc. 390,447 24,465 
U.S. Bancorp 486,393 25,424 
Wells Fargo & Co. 1,160,937 61,797 
  381,718 
Capital Markets - 4.6%   
Cboe Global Markets, Inc. 36,800 4,153 
Charles Schwab Corp. 352,736 16,311 
KKR & Co. LP 496,167 11,734 
Morgan Stanley 501,228 22,886 
Northern Trust Corp. 373,269 35,113 
State Street Corp. 615,483 42,314 
Virtu Financial, Inc. Class A 44,400 1,053 
  133,564 
Diversified Financial Services - 0.1%   
KKR Renaissance Co-Invest LP unit (a)(c) 12,717 4,169 
Insurance - 0.8%   
Chubb Ltd. 47,600 5,946 
MetLife, Inc. 294,673 12,138 
The Travelers Companies, Inc. 33,400 4,179 
  22,263 
Thrifts & Mortgage Finance - 1.4%   
MGIC Investment Corp. (a) 916,847 11,195 
Radian Group, Inc. 1,561,053 29,957 
  41,152 
TOTAL FINANCIALS  582,866 
HEALTH CARE - 16.0%   
Biotechnology - 2.0%   
Alexion Pharmaceuticals, Inc. (a) 196,433 22,014 
Alnylam Pharmaceuticals, Inc. (a) 43,999 3,539 
Amgen, Inc. 37,217 7,175 
AnaptysBio, Inc. (a) 6,000 448 
Atara Biotherapeutics, Inc. (a) 87,270 2,982 
Insmed, Inc. (a) 186,004 2,716 
Intercept Pharmaceuticals, Inc. (a) 147,344 14,146 
Mirati Therapeutics, Inc. (a) 56,200 2,100 
Spark Therapeutics, Inc. (a) 46,597 2,096 
TESARO, Inc. (a) 14,877 430 
  57,646 
Health Care Equipment & Supplies - 2.0%   
Boston Scientific Corp. (a) 1,168,543 42,231 
Danaher Corp. 102,358 10,174 
Zimmer Biomet Holdings, Inc. 35,903 4,078 
  56,483 
Health Care Providers & Services - 6.2%   
AmerisourceBergen Corp. 207,703 18,278 
Anthem, Inc. 54,064 14,898 
Cardinal Health, Inc. 393,654 19,919 
Cigna Corp. 122,470 26,185 
CVS Health Corp. 688,705 49,855 
Henry Schein, Inc. (a) 7,400 614 
Humana, Inc. 21,349 6,840 
McKesson Corp. 232,135 28,961 
MEDNAX, Inc. (a) 26,200 1,082 
UnitedHealth Group, Inc. 48,424 12,656 
  179,288 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 532,469 1,315 
Pharmaceuticals - 5.8%   
Allergan PLC 23,538 3,719 
AstraZeneca PLC sponsored ADR 171,020 6,632 
Bayer AG 287,342 22,025 
Eli Lilly & Co. 39,600 4,294 
GlaxoSmithKline PLC sponsored ADR 1,196,516 46,736 
Jazz Pharmaceuticals PLC (a) 108,988 17,309 
Johnson & Johnson 279,951 39,190 
Perrigo Co. PLC 39,800 2,798 
Sanofi SA 59,558 5,322 
Teva Pharmaceutical Industries Ltd. sponsored ADR 610,629 12,200 
The Medicines Company (a) 15,300 356 
TherapeuticsMD, Inc. (a)(b) 1,755,110 8,582 
  169,163 
TOTAL HEALTH CARE  463,895 
INDUSTRIALS - 9.7%   
Aerospace & Defense - 1.7%   
General Dynamics Corp. 47,880 8,263 
Huntington Ingalls Industries, Inc. 3,900 852 
United Technologies Corp. 335,527 41,676 
  50,791 
Air Freight & Logistics - 1.8%   
C.H. Robinson Worldwide, Inc. 81,880 7,290 
FedEx Corp. 20,990 4,625 
United Parcel Service, Inc. Class B 379,546 40,437 
  52,352 
Building Products - 0.0%   
A.O. Smith Corp. 13,100 596 
Commercial Services & Supplies - 0.2%   
ADS Waste Holdings, Inc. (a) 93,474 2,532 
Stericycle, Inc. (a) 53,462 2,671 
  5,203 
Electrical Equipment - 0.6%   
Acuity Brands, Inc. 97,272 12,221 
Hubbell, Inc. Class B 46,703 4,750 
Melrose Industries PLC 453,180 977 
  17,948 
Industrial Conglomerates - 1.7%   
3M Co. 4,600 875 
General Electric Co. 4,777,343 48,251 
  49,126 
Machinery - 0.8%   
Flowserve Corp. 374,327 17,182 
Wabtec Corp. 74,071 6,075 
  23,257 
Professional Services - 0.3%   
Acacia Research Corp. (a) 24,000 79 
IHS Markit Ltd. (a) 140,454 7,378 
  7,457 
Road & Rail - 2.5%   
CSX Corp. 105,116 7,238 
J.B. Hunt Transport Services, Inc. 151,364 16,742 
Knight-Swift Transportation Holdings, Inc. Class A 258,500 8,272 
Norfolk Southern Corp. 90,094 15,120 
Union Pacific Corp. 178,396 26,085 
  73,457 
Trading Companies & Distributors - 0.1%   
Fastenal Co. 41,492 2,133 
TOTAL INDUSTRIALS  282,320 
INFORMATION TECHNOLOGY - 15.6%   
Communications Equipment - 0.9%   
Cisco Systems, Inc. 557,145 25,489 
Electronic Equipment & Components - 0.1%   
Itron, Inc. (a) 76,418 3,984 
IT Services - 3.5%   
IBM Corp. 22,914 2,645 
Interxion Holding N.V. (a) 73,869 4,349 
MasterCard, Inc. Class A 90,737 17,936 
Paychex, Inc. 321,082 21,028 
Unisys Corp. (a) 421,429 7,759 
Visa, Inc. Class A 335,255 46,215 
  99,932 
Semiconductors & Semiconductor Equipment - 2.0%   
Analog Devices, Inc. 26,191 2,192 
Applied Materials, Inc. 232,900 7,658 
Lam Research Corp. 29,700 4,209 
Qualcomm, Inc. 703,065 44,216 
  58,275 
Software - 6.3%   
Micro Focus International PLC 65,800 1,020 
Microsoft Corp. 1,246,016 133,097 
Oracle Corp. 645,300 31,516 
SAP SE sponsored ADR 155,004 16,626 
Ultimate Software Group, Inc. (a) 5,825 1,553 
  183,812 
Technology Hardware, Storage & Peripherals - 2.8%   
Apple, Inc. 352,091 77,059 
Western Digital Corp. 99,500 4,285 
  81,344 
TOTAL INFORMATION TECHNOLOGY  452,836 
MATERIALS - 1.8%   
Chemicals - 1.7%   
CF Industries Holdings, Inc. 114,433 5,496 
DowDuPont, Inc. 51,600 2,782 
International Flavors & Fragrances, Inc. 32,400 4,687 
Intrepid Potash, Inc. (a) 1,293,189 5,108 
LyondellBasell Industries NV Class A 99,262 8,861 
Nutrien Ltd. 304,340 16,111 
The Scotts Miracle-Gro Co. Class A 34,864 2,327 
W.R. Grace & Co. 62,266 4,034 
  49,406 
Metals & Mining - 0.1%   
Lundin Mining Corp. 663,800 2,728 
TOTAL MATERIALS  52,134 
REAL ESTATE - 0.6%   
Equity Real Estate Investment Trusts (REITs) - 0.6%   
American Tower Corp. 34,084 5,311 
Equinix, Inc. 19,128 7,245 
Public Storage 18,571 3,816 
Simon Property Group, Inc. 5,300 973 
  17,345 
UTILITIES - 1.1%   
Electric Utilities - 1.0%   
Duke Energy Corp. 28,100 2,322 
Exelon Corp. 336,277 14,732 
PPL Corp. 157,769 4,796 
Southern Co. 75,839 3,415 
Vistra Energy Corp. (a) 175,999 3,983 
  29,248 
Multi-Utilities - 0.1%   
Sempra Energy 12,700 1,399 
TOTAL UTILITIES  30,647 
TOTAL COMMON STOCKS   
(Cost $2,490,658)  2,828,663 
Convertible Preferred Stocks - 0.2%   
INFORMATION TECHNOLOGY - 0.2%   
Internet Software & Services - 0.2%   
Lyft, Inc. Series I (c)(d)   
(Cost $5,926) 125,143 5,926 
Other - 0.1%   
Energy - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e)   
(Cost $6,968) 6,967,758 3,333 
Money Market Funds - 2.4%   
Fidelity Cash Central Fund, 2.23% (f) 52,403,445 52,414 
Fidelity Securities Lending Cash Central Fund 2.23% (f)(g) 15,923,772 15,925 
TOTAL MONEY MARKET FUNDS   
(Cost $68,339)  68,339 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $2,571,891)  2,906,261 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (3,710) 
NET ASSETS - 100%  $2,902,551 

Legend

 (a) Non-income producing

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

 (c) Restricted securities - 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 $13,427,000 or 0.5% of net assets.

 (d) Level 3 security

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

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
KKR Renaissance Co-Invest LP unit 7/25/13 $1,342 
Lyft, Inc. Series I 6/27/18 $5,926 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $6,968 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $288 
Fidelity Securities Lending Cash Central Fund 222 
Total $510 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $238,387 $228,691 $9,696 $-- 
Consumer Discretionary 78,720 78,720 -- -- 
Consumer Staples 262,422 262,422 -- -- 
Energy 367,091 367,091 -- -- 
Financials 582,866 578,697 4,169 -- 
Health Care 463,895 436,548 27,347 -- 
Industrials 282,320 282,320 -- -- 
Information Technology 458,762 451,816 1,020 5,926 
Materials 52,134 52,134 -- -- 
Real Estate 17,345 17,345 -- -- 
Utilities 30,647 30,647 -- -- 
Other 3,333 -- -- 3,333 
Money Market Funds 68,339 68,339 -- -- 
Total Investments in Securities: $2,906,261 $2,854,770 $42,232 $9,259 

Other Information

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

United States of America 86.9% 
United Kingdom 4.5% 
Canada 3.1% 
Germany 1.4% 
Others (Individually Less Than 1%) 4.1% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)  October 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $15,349) — See accompanying schedule:
Unaffiliated issuers (cost $2,503,552) 		$2,837,922  
Fidelity Central Funds (cost $68,339) 68,339  
Total Investment in Securities (cost $2,571,891)  $2,906,261 
Restricted cash  116 
Receivable for investments sold  13,109 
Receivable for fund shares sold  13,116 
Dividends receivable  2,392 
Distributions receivable from Fidelity Central Funds  111 
Prepaid expenses  6 
Other receivables  109 
Total assets  2,935,220 
Liabilities   
Payable to custodian bank $864  
Payable for investments purchased 11,722  
Payable for fund shares redeemed 2,351  
Accrued management fee 1,245  
Other affiliated payables 496  
Other payables and accrued expenses 60  
Collateral on securities loaned 15,931  
Total liabilities  32,669 
Net Assets  $2,902,551 
Net Assets consist of:   
Paid in capital  $2,337,223 
Total distributable earnings (loss)  565,328 
Net Assets, for 90,064 shares outstanding  $2,902,551 
Net Asset Value, offering price and redemption price per share ($2,902,551 ÷ 90,064 shares)  $32.23 

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


Statement of Operations

Amounts in thousands  Six months ended October 31, 2018 (Unaudited) 
Investment Income   
Dividends  $35,653 
Income from Fidelity Central Funds  510 
Total income  36,163 
Expenses   
Management fee   
Basic fee $8,323  
Performance adjustment (2,096)  
Transfer agent fees 2,367  
Accounting and security lending fees 454  
Custodian fees and expenses 39  
Independent trustees' fees and expenses 11  
Registration fees 51  
Audit 28  
Legal 8  
Interest 8  
Miscellaneous 16  
Total expenses before reductions 9,209  
Expense reductions (229)  
Total expenses after reductions  8,980 
Net investment income (loss)  27,183 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 146,872  
Redemptions in-kind with affiliated entities 77,760  
Fidelity Central Funds (1)  
Foreign currency transactions (19)  
Total net realized gain (loss)  224,612 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (139,466)  
Assets and liabilities in foreign currencies 8  
Total change in net unrealized appreciation (depreciation)  (139,458) 
Net gain (loss)  85,154 
Net increase (decrease) in net assets resulting from operations  $112,337 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended October 31, 2018 (Unaudited) Year ended April 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $27,183 $72,749 
Net realized gain (loss) 224,612 768,160 
Change in net unrealized appreciation (depreciation) (139,458) (303,300) 
Net increase (decrease) in net assets resulting from operations 112,337 537,609 
Distributions to shareholders (161,374) – 
Distributions to shareholders from net investment income – (59,615) 
Distributions to shareholders from net realized gain – (121,639) 
Total distributions (161,374) (181,254) 
Share transactions   
Proceeds from sales of shares 333,619 3,709,467 
Reinvestment of distributions 141,558 172,362 
Cost of shares redeemed (1,387,982) (5,029,558) 
Net increase (decrease) in net assets resulting from share transactions (912,805) (1,147,729) 
Total increase (decrease) in net assets (961,842) (791,374) 
Net Assets   
Beginning of period 3,864,393 4,655,767 
End of period $2,902,551 $3,864,393 
Other Information   
Undistributed net investment income end of period  $7,335 
Shares   
Sold 10,011 113,746 
Issued in reinvestment of distributions 4,329 5,376 
Redeemed (41,303) (153,033) 
Net increase (decrease) (26,963) (33,911) 

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


Financial Highlights

Fidelity Large Cap Stock Fund

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2018 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $33.02 $30.85 $26.62 $29.28 $27.76 $23.17 
Income from Investment Operations       
Net investment income (loss)A .29 .47 .38 .37 .31 .28 
Net realized and unrealized gain (loss) .77 2.87 4.91 (1.74) 2.92 5.48 
Total from investment operations 1.06 3.34 5.29 (1.37) 3.23 5.76 
Distributions from net investment income (.20) (.38) (.41) (.32) (.27) (.21) 
Distributions from net realized gain (1.65) (.79) (.65) (.97) (1.44) (.96) 
Total distributions (1.85) (1.17) (1.06) (1.29) (1.71) (1.17) 
Net asset value, end of period $32.23 $33.02 $30.85 $26.62 $29.28 $27.76 
Total ReturnB,C 3.13% 10.96% 20.37% (4.82)% 11.97% 25.53% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .59%F .67% .62% .78% .88% .88% 
Expenses net of fee waivers, if any .59%F .67% .62% .77% .88% .88% 
Expenses net of all reductions .58%F .66% .62% .77% .88% .88% 
Net investment income (loss) 1.76%F 1.44% 1.33% 1.38% 1.10% 1.08% 
Supplemental Data       
Net assets, end of period (in millions) $2,903 $3,864 $4,656 $2,580 $3,207 $2,796 
Portfolio turnover rateG 35%F,H 40%H 32% 31% 36%H 31% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

 F Annualized

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

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

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


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2018
(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.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.

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 October 31, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment Income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

Gross unrealized appreciation $535,375 
Gross unrealized depreciation (217,949) 
Net unrealized appreciation (depreciation) $317,426 
Tax cost $2,588,835 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

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

As of period end, the Fund held an investment of $3,449 in this Subsidiary, representing .12% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

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

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities
 		Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A – removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $546,150 and $1,290,736, respectively.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 1,511 shares of the Fund held by an unaffiliated entity were redeemed in-kind for investments and cash with a value of $49,745. The Fund had a net realized gain of $20,788 on investments delivered through the in-kind redemptions. The amount of the redemptions is included in share transactions activity shown in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .40% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .15% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .03%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $15 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's 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 
Borrower $12,517 1.98% $8 

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

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

Prior Fiscal Year Redemptions In-Kind. During the prior period, 39,788 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash, with a value of $1,317,084. The Fund had a net realized gain of $469,876 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $199.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $5,465. 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. Total security lending income during the period amounted to $222, including $46 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $200 for the period. 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, these credits reduced the Fund's custody expenses by $3.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $26.

9. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2018 		Ending
Account Value
October 31, 2018 		Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 
Actual .59% $1,000.00 $1,031.30 $3.02 
Hypothetical-C  $1,000.00 $1,022.23 $3.01 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Large Cap Stock Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

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 fund, 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, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

LCS-SANN-1218
1.465347.121

Fidelity® Small Cap Stock Fund



Semi-Annual Report

October 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2018

 % of fund's net assets 
NICE Systems Ltd. sponsored ADR 2.6 
CBIZ, Inc. 2.4 
Insperity, Inc. 2.0 
Allison Transmission Holdings, Inc. 2.0 
Primerica, Inc. 1.9 
Ebix, Inc. 1.9 
Stamps.com, Inc. 1.9 
SYNNEX Corp. 1.9 
Cable One, Inc. 1.9 
Charles River Laboratories International, Inc. 1.9 
 20.4 

Top Five Market Sectors as of October 31, 2018

 % of fund's net assets 
Financials 17.9 
Information Technology 16.9 
Industrials 16.3 
Consumer Discretionary 16.1 
Health Care 15.9 

Asset Allocation (% of fund's net assets)

As of October 31, 2018 * 
   Stocks 99.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.5% 


 * Foreign investments - 20.7%

Schedule of Investments October 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 2.3%   
Interactive Media & Services - 0.2%   
Mitula Group Ltd. (a) 5,324,265 $2,564 
Media - 2.1%   
Cable One, Inc. 30,612 27,420 
comScore, Inc. (a) 226,203 3,608 
  31,028 
TOTAL COMMUNICATION SERVICES  33,592 
CONSUMER DISCRETIONARY - 16.1%   
Distributors - 0.3%   
Educational Development Corp. 312,990 3,834 
Diversified Consumer Services - 3.0%   
Arco Platform Ltd. Class A 13,500 288 
Career Education Corp. (a) 1,690,451 24,309 
Collectors Universe, Inc. 403,164 5,806 
Laureate Education, Inc. Class A (a) 1,014,643 15,108 
  45,511 
Hotels, Restaurants & Leisure - 2.7%   
Choice Hotels International, Inc. 185,000 13,579 
MTY Food Group, Inc. 519,400 26,798 
  40,377 
Household Durables - 6.1%   
Cavco Industries, Inc. (a) 86,627 17,378 
Helen of Troy Ltd. (a) 174,064 21,605 
LGI Homes, Inc. (a)(b) 396,875 16,982 
New Home Co. LLC (a) 1,020,452 7,276 
Skyline Champion Corp. 207,834 4,953 
TRI Pointe Homes, Inc. (a) 1,832,543 21,807 
  90,001 
Internet & Direct Marketing Retail - 3.1%   
Duluth Holdings, Inc. (a)(b) 453,065 13,923 
Kogan.Com Ltd. (b) 315,000 631 
Points International Ltd. (a) 257,769 3,212 
Stamps.com, Inc. (a) 139,497 28,202 
  45,968 
Specialty Retail - 0.9%   
Boot Barn Holdings, Inc. (a) 262,000 6,466 
Winmark Corp. 41,493 6,377 
  12,843 
TOTAL CONSUMER DISCRETIONARY  238,534 
CONSUMER STAPLES - 3.7%   
Beverages - 1.7%   
National Beverage Corp. (a)(b) 263,000 24,314 
Nichols PLC 31,345 539 
  24,853 
Food & Staples Retailing - 1.8%   
BJ's Wholesale Club Holdings, Inc. 233,300 5,168 
Performance Food Group Co. (a) 387,771 11,369 
Smart & Final Stores, Inc. (a) 2,107,562 10,643 
  27,180 
Food Products - 0.0%   
Armanino Foods of Distinction 380,830 1,066 
Personal Products - 0.2%   
BWX Ltd. (b) 1,526,042 2,745 
TOTAL CONSUMER STAPLES  55,844 
ENERGY - 3.8%   
Energy Equipment & Services - 1.3%   
Dril-Quip, Inc. (a) 379,827 16,165 
Profire Energy, Inc. (a) 1,415,716 3,228 
RigNet, Inc. (a) 8,719 149 
  19,542 
Oil, Gas & Consumable Fuels - 2.5%   
Midstates Petroleum Co., Inc. (a) 804,225 5,798 
Murphy Oil Corp. 535,077 17,048 
World Fuel Services Corp. 430,268 13,769 
  36,615 
TOTAL ENERGY  56,157 
FINANCIALS - 17.9%   
Banks - 3.9%   
Bank of the Ozarks, Inc. 486,221 13,303 
Camden National Corp. 193,778 7,858 
First Citizen Bancshares, Inc. 10,017 4,274 
First Hawaiian, Inc. 380,000 9,416 
Hilltop Holdings, Inc. 384,614 7,654 
Plumas Bancorp 68,046 1,762 
Popular, Inc. 211,148 10,982 
West Bancorp., Inc. 141,413 3,110 
  58,359 
Capital Markets - 4.4%   
Ashford, Inc. 101,521 6,400 
FactSet Research Systems, Inc. 36,892 8,255 
INTL FCStone, Inc. (a) 459,363 20,800 
Morningstar, Inc. 211,577 26,405 
OM Asset Management Ltd. 312,211 3,559 
  65,419 
Consumer Finance - 2.1%   
Encore Capital Group, Inc. (a)(b) 597,754 15,189 
First Cash Financial Services, Inc. 191,758 15,417 
  30,606 
Diversified Financial Services - 0.6%   
Cannae Holdings, Inc. (a) 502,236 9,276 
Insurance - 3.1%   
First American Financial Corp. 287,862 12,761 
Investors Title Co. 20,275 3,690 
Primerica, Inc. 263,216 28,885 
  45,336 
Real Estate Management & Development - 1.3%   
The RMR Group, Inc. 252,062 19,126 
Thrifts & Mortgage Finance - 2.5%   
Essent Group Ltd. (a) 391,911 15,449 
Home Bancorp, Inc. 32,666 1,298 
LendingTree, Inc. (a)(b) 74,000 14,925 
Southern Missouri Bancorp, Inc. 71,943 2,422 
Timberland Bancorp, Inc. 122,381 3,551 
  37,645 
TOTAL FINANCIALS  265,767 
HEALTH CARE - 15.9%   
Biotechnology - 0.5%   
BioGaia AB 18,500 749 
Bioventix PLC 19,000 692 
Essex Bio-Technology Ltd. 2,690,000 1,749 
Ligand Pharmaceuticals, Inc. Class B (a) 11,000 1,813 
Shanghai Haohai Biological Technology Co. Ltd. Class H 415,000 2,170 
  7,173 
Health Care Equipment & Supplies - 3.6%   
Boule Diagnostics AB 17,838 140 
Hamilton Thorne Ltd. (a) 89,600 68 
Kewaunee Scientific Corp. 23,071 660 
LivaNova PLC (a) 205,151 22,975 
Utah Medical Products, Inc. 83,484 7,278 
Varex Imaging Corp. (a) 841,290 21,840 
  52,961 
Health Care Providers & Services - 5.2%   
Chemed Corp. 36,950 11,245 
Guardant Health, Inc. 10,600 355 
HealthSouth Corp. 308,728 20,777 
Magellan Health Services, Inc. (a) 144,851 9,424 
MEDNAX, Inc. (a) 459,736 18,982 
Ship Healthcare Holdings, Inc. 357,900 12,957 
Viemed Healthcare, Inc. (a) 753,800 4,209 
  77,949 
Health Care Technology - 1.5%   
Cegedim SA (a) 2,554 64 
Inovalon Holdings, Inc. Class A (a)(b) 2,381,922 22,414 
  22,478 
Life Sciences Tools & Services - 3.3%   
Charles River Laboratories International, Inc. (a) 223,824 27,266 
ICON PLC (a) 154,036 21,269 
  48,535 
Pharmaceuticals - 1.8%   
Alliance Pharma PLC 15,282,511 13,049 
BioSyent, Inc. (a) 658,308 4,666 
Dechra Pharmaceuticals PLC 248,729 7,268 
Mallinckrodt PLC (a) 85,000 2,130 
  27,113 
TOTAL HEALTH CARE  236,209 
INDUSTRIALS - 16.3%   
Building Products - 2.0%   
Continental Building Products, Inc. (a) 617,151 17,163 
Reliance Worldwide Corp. Ltd. 45,438 161 
Universal Forest Products, Inc. 410,932 11,617 
  28,941 
Commercial Services & Supplies - 2.3%   
Boyd Group Income Fund 226,000 20,654 
Loomis AB (B Shares) 337,467 10,436 
VSE Corp. 103,541 3,247 
  34,337 
Construction & Engineering - 1.1%   
AECOM (a) 539,432 15,719 
Machinery - 4.5%   
AGCO Corp. 273,000 15,299 
Allison Transmission Holdings, Inc. 675,709 29,785 
L.B. Foster Co. Class A (a) 165,672 3,012 
Middleby Corp. (a)(b) 169,598 19,046 
  67,142 
Professional Services - 5.5%   
Asiakastieto Group Oyj (c) 31,000 1,018 
Barrett Business Services, Inc. 124,900 7,859 
CBIZ, Inc. (a) 1,611,445 35,742 
Franklin Covey Co. (a) 213,308 4,765 
Insperity, Inc. 272,400 29,923 
TriNet Group, Inc. (a) 62,058 2,916 
  82,223 
Trading Companies & Distributors - 0.6%   
Textainer Group Holdings Ltd. (a) 752,153 8,823 
Transportation Infrastructure - 0.3%   
Macquarie Infrastructure Co. LLC 137,500 5,081 
TOTAL INDUSTRIALS  242,266 
INFORMATION TECHNOLOGY - 16.9%   
Electronic Equipment & Components - 1.9%   
SYNNEX Corp. 356,126 27,639 
Internet Software & Services - 0.3%   
MSL Solutions Ltd. (a) 5,025,698 641 
Scout24 AG (c) 84,000 3,488 
  4,129 
IT Services - 6.5%   
Cass Information Systems, Inc. 136,891 9,048 
Computer Services, Inc. 91,122 4,562 
CoreLogic, Inc. (a) 592,719 24,076 
Elastic NV 1,500 102 
EVO Payments, Inc. Class A 29,000 688 
Hackett Group, Inc. 544,514 11,146 
Netcompany Group A/S 23,200 767 
Presidio, Inc. 825,726 11,065 
Prodware 127,829 1,412 
Sylogist Ltd. 678,400 6,957 
WEX, Inc. (a) 149,219 26,257 
  96,080 
Software - 8.2%   
Cardlytics, Inc. (a) 135,819 2,874 
Ceridian HCM Holding, Inc. (b) 5,500 209 
CyberArk Software Ltd. (a) 19,500 1,331 
Ebix, Inc. (b) 492,731 28,238 
Enghouse Systems Ltd. 160,400 8,877 
Hansen Technologies Ltd. 3,073,829 7,531 
j2 Global, Inc. 248,546 18,104 
Micro Focus International PLC 598,550 9,279 
NICE Systems Ltd. sponsored ADR (a)(b) 370,163 39,218 
QAD, Inc.:   
Class A 122,227 5,186 
Class B 5,290 165 
StoneCo Ltd. Class A (a) 6,000 172 
Vitec Software Group AB 85,000 778 
  121,962 
Technology Hardware, Storage & Peripherals - 0.0%   
Astro-Med, Inc. 44,123 852 
TOTAL INFORMATION TECHNOLOGY  250,662 
MATERIALS - 3.6%   
Chemicals - 2.6%   
Core Molding Technologies, Inc. 180,897 1,232 
Innospec, Inc. 389,047 26,035 
NewMarket Corp. 21,800 8,414 
Northern Technologies International Corp. 62,785 2,031 
  37,712 
Containers & Packaging - 1.0%   
Silgan Holdings, Inc. 469,191 11,275 
UFP Technologies, Inc. (a) 118,355 4,086 
  15,361 
TOTAL MATERIALS  53,073 
REAL ESTATE - 2.5%   
Equity Real Estate Investment Trusts (REITs) - 1.9%   
CoreSite Realty Corp. 72,000 6,758 
EPR Properties 89,000 6,118 
PS Business Parks, Inc. 15,652 2,044 
Store Capital Corp. 462,000 13,412 
  28,332 
Real Estate Management & Development - 0.6%   
Consolidated-Tomoka Land Co. 104,068 6,028 
FRP Holdings, Inc. (a) 47,725 2,313 
  8,341 
TOTAL REAL ESTATE  36,673 
UTILITIES - 0.5%   
Gas Utilities - 0.5%   
Star Gas Partners LP 838,257 8,014 
TOTAL COMMON STOCKS   
(Cost $1,450,847)  1,476,791 
Money Market Funds - 8.4%   
Fidelity Cash Central Fund, 2.23% (d) 7,644,039 7,646 
Fidelity Securities Lending Cash Central Fund 2.23% (d)(e) 116,280,455 116,292 
TOTAL MONEY MARKET FUNDS   
(Cost $123,938)  123,938 
TOTAL INVESTMENT IN SECURITIES - 107.9%   
(Cost $1,574,785)  1,600,729 
NET OTHER ASSETS (LIABILITIES) - (7.9)%  (116,617) 
NET ASSETS - 100%  $1,484,112 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,506,000 or 0.3% of net assets.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $95 
Fidelity Securities Lending Cash Central Fund 245 
Total $340 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $33,592 $33,592 $-- $-- 
Consumer Discretionary 238,534 238,534 -- -- 
Consumer Staples 55,844 55,844 -- -- 
Energy 56,157 56,157 -- -- 
Financials 265,767 265,767 -- -- 
Health Care 236,209 236,209 -- -- 
Industrials 242,266 242,266 -- -- 
Information Technology 250,662 241,383 9,279 -- 
Materials 53,073 53,073 -- -- 
Real Estate 36,673 36,673 -- -- 
Utilities 8,014 8,014 -- -- 
Money Market Funds 123,938 123,938 -- -- 
Total Investments in Securities: $1,600,729 $1,591,450 $9,279 $-- 

Other Information

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

United States of America 79.3% 
Canada 5.1% 
United Kingdom 3.9% 
Bermuda 3.1% 
Israel 2.7% 
Ireland 1.5% 
Australia 1.1% 
Others (Individually Less Than 1%) 3.3% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)  October 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $113,786) — See accompanying schedule:
Unaffiliated issuers (cost $1,450,847) 		$1,476,791  
Fidelity Central Funds (cost $123,938) 123,938  
Total Investment in Securities (cost $1,574,785)  $1,600,729 
Receivable for investments sold  2,739 
Receivable for fund shares sold  374 
Dividends receivable  882 
Distributions receivable from Fidelity Central Funds  62 
Prepaid expenses  3 
Other receivables  59 
Total assets  1,604,848 
Liabilities   
Payable for investments purchased $2,370  
Payable for fund shares redeemed 1,152  
Accrued management fee 589  
Other affiliated payables 267  
Other payables and accrued expenses 63  
Collateral on securities loaned 116,295  
Total liabilities  120,736 
Net Assets  $1,484,112 
Net Assets consist of:   
Paid in capital  $1,309,063 
Total distributable earnings (loss)  175,049 
Net Assets, for 85,991 shares outstanding  $1,484,112 
Net Asset Value, offering price and redemption price per share ($1,484,112 ÷ 85,991 shares)  $17.26 

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


Statement of Operations

Amounts in thousands  Six months ended October 31, 2018 (Unaudited) 
Investment Income   
Dividends  $7,536 
Income from Fidelity Central Funds  340 
Total income  7,876 
Expenses   
Management fee   
Basic fee $5,680  
Performance adjustment (1,807)  
Transfer agent fees 1,356  
Accounting and security lending fees 261  
Custodian fees and expenses 41  
Independent trustees' fees and expenses 5  
Registration fees 11  
Audit 28  
Legal 4  
Miscellaneous 8  
Total expenses before reductions 5,587  
Expense reductions (89)  
Total expenses after reductions  5,498 
Net investment income (loss)  2,378 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 147,940  
Fidelity Central Funds (3)  
Foreign currency transactions (18)  
Total net realized gain (loss)  147,919 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (182,682)  
Assets and liabilities in foreign currencies 4  
Total change in net unrealized appreciation (depreciation)  (182,678) 
Net gain (loss)  (34,759) 
Net increase (decrease) in net assets resulting from operations  $(32,381) 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended October 31, 2018 (Unaudited) Year ended April 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,378 $6,627 
Net realized gain (loss) 147,919 297,790 
Change in net unrealized appreciation (depreciation) (182,678) (135,729) 
Net increase (decrease) in net assets resulting from operations (32,381) 168,688 
Distributions to shareholders (161,353) – 
Distributions to shareholders from net investment income – (5,830) 
Distributions to shareholders from net realized gain – (145,081) 
Total distributions (161,353) (150,911) 
Share transactions   
Proceeds from sales of shares 46,416 72,556 
Reinvestment of distributions 155,374 145,695 
Cost of shares redeemed (119,414) (417,777) 
Net increase (decrease) in net assets resulting from share transactions 82,376 (199,526) 
Redemption fees – 36 
Total increase (decrease) in net assets (111,358) (181,713) 
Net Assets   
Beginning of period 1,595,470 1,777,183 
End of period $1,484,112 $1,595,470 
Other Information   
Undistributed net investment income end of period  $609 
Shares   
Sold 2,433 3,733 
Issued in reinvestment of distributions 8,273 7,602 
Redeemed (6,265) (21,501) 
Net increase (decrease) 4,441 (10,166) 

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


Financial Highlights

Fidelity Small Cap Stock Fund

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2018 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $19.56 $19.38 $17.48 $19.92 $20.83 $19.78 
Income from Investment Operations       
Net investment income (loss)A .03 .08B .03 .03 .14 .12C 
Net realized and unrealized gain (loss) (.33) 1.86 2.60 (.50)D 2.50 3.24 
Total from investment operations (.30) 1.94 2.63 (.47) 2.64 3.36 
Distributions from net investment income (.01) (.07) –E (.11) (.12) (.06) 
Distributions from net realized gain (1.99) (1.69) (.72) (1.86) (3.43) (2.25) 
Total distributions (2.00) (1.76) (.73)F (1.97) (3.55) (2.31) 
Redemption fees added to paid in capitalA – –E –E –E –E –E 
Net asset value, end of period $17.26 $19.56 $19.38 $17.48 $19.92 $20.83 
Total ReturnG,H (2.38)% 10.39% 15.44% (2.79)%D 14.23% 18.08% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .68%K .82% 1.02% 1.00% .66% .68% 
Expenses net of fee waivers, if any .68%K .82% 1.02% .99% .66% .67% 
Expenses net of all reductions .67%K .81% 1.02% .99% .66% .67% 
Net investment income (loss) .29%K .39%B .14% .17% .71% .57%C 
Supplemental Data       
Net assets, end of period (in millions) $1,484 $1,595 $1,777 $1,956 $1,913 $2,050 
Portfolio turnover rateL 77%K 63%M 48% 59% 64% 50% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .27%.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .43%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.03 per share. Excluding these litigation proceeds, the total return would have been (2.96)%.

 E Amount represents less than $.005 per share.

 F Total distributions of $.73 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.723 per share.

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

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

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

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

 K Annualized

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

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

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


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2018
(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.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.

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 October 31, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

Gross unrealized appreciation $192,352 
Gross unrealized depreciation (166,910) 
Net unrealized appreciation (depreciation) $25,442 
Tax cost $1,575,287 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $619,944 and $679,008, respectively.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 2,482 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $49,431. The Fund had a net realized gain of $13,272 on investments delivered through the in-kind redemptions. The amount of the redemptions is included in share transactions activity shown in the accompanying Statement of Changes in Net. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .47% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .16% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .03%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $25 for the period.

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

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

Prior Fiscal Year Redemptions In-Kind. During the prior period, 2,452 shares of the Fund held by an unaffiliated entity were redeemed in-kind for investments and cash with a value of $46,842. The Fund had a net realized gain of $14,026 on investments delivered through the in-kind redemptions. The amount of the redemptions is included in share transactions activity shown in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,064. 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. Total security lending income during the period amounted to $245, including $8 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $79 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.

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

9. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2018 		Ending
Account Value
October 31, 2018 		Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 
Actual .68% $1,000.00 $976.20 $3.39 
Hypothetical-C  $1,000.00 $1,021.78 $3.47 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Small Cap Stock Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

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 fund, 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, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SLCX-SANN-1218
1.711817.120

Fidelity® Small Cap Discovery Fund



Semi-Annual Report

October 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2018

 % of fund's net assets 
Store Capital Corp. 2.9 
SYNNEX Corp. 2.8 
Silgan Holdings, Inc. 2.7 
Conduent, Inc. 2.7 
j2 Global, Inc. 2.6 
Enstar Group Ltd. 2.5 
ShawCor Ltd. Class A 2.5 
First Citizen Bancshares, Inc. Class A 2.4 
Prosperity Bancshares, Inc. 2.3 
ADS Waste Holdings, Inc. 2.3 
 25.7 

Top Five Market Sectors as of October 31, 2018

 % of fund's net assets 
Financials 19.5 
Information Technology 15.7 
Industrials 15.3 
Consumer Discretionary 13.8 
Health Care 9.4 

Asset Allocation (% of fund's net assets)

As of October 31, 2018* 
   Stocks 99.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.7% 


 * Foreign investments - 19.6%

Schedule of Investments October 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%   
 Shares Value 
COMMUNICATION SERVICES - 3.3%   
Diversified Telecommunication Services - 1.2%   
Atlantic Tele-Network, Inc. 500,000 $42,245,000 
Entertainment - 2.1%   
Cinemark Holdings, Inc. 1,750,000 72,747,500 
TOTAL COMMUNICATION SERVICES  114,992,500 
CONSUMER DISCRETIONARY - 13.8%   
Distributors - 1.4%   
PALTAC Corp. 1,000,000 51,047,990 
Hotels, Restaurants & Leisure - 3.4%   
Cedar Fair LP (depositary unit) 1,000,000 51,260,000 
Hilton Grand Vacations, Inc. (a) 2,500,000 67,175,000 
  118,435,000 
Household Durables - 5.2%   
LGI Homes, Inc. (a)(b)(c) 1,200,000 51,348,000 
Taylor Morrison Home Corp. (a) 4,500,000 74,430,000 
TRI Pointe Homes, Inc. (a)(b) 5,000,000 59,500,000 
  185,278,000 
Specialty Retail - 2.0%   
Aaron's, Inc. Class A 1,500,000 70,695,000 
Textiles, Apparel & Luxury Goods - 1.8%   
Emerald Expositions Events, Inc. (c) 4,262,828 62,322,545 
TOTAL CONSUMER DISCRETIONARY  487,778,535 
CONSUMER STAPLES - 2.7%   
Food Products - 0.8%   
Inghams Group Ltd. (b) 10,000,000 27,617,850 
Tobacco - 1.9%   
Universal Corp. 1,000,000 67,860,000 
TOTAL CONSUMER STAPLES  95,477,850 
ENERGY - 5.0%   
Energy Equipment & Services - 4.4%   
Oil States International, Inc. (a)(c) 3,000,000 66,810,000 
ShawCor Ltd. Class A (c) 5,000,000 90,698,469 
  157,508,469 
Oil, Gas & Consumable Fuels - 0.6%   
PDC Energy, Inc. (a) 250,000 10,612,500 
Riviera Resources, Inc. (a) 75,851 1,617,143 
Roan Resources, Inc. (a) 500,000 8,135,000 
  20,364,643 
TOTAL ENERGY  177,873,112 
FINANCIALS - 19.5%   
Banks - 12.6%   
Cullen/Frost Bankers, Inc. 400,000 39,168,000 
First Citizen Bancshares, Inc. 166,835 71,176,816 
First Citizen Bancshares, Inc. Class A 200,000 85,326,000 
First Hawaiian, Inc. 3,000,000 74,340,000 
Hilltop Holdings, Inc. 2,750,000 54,725,000 
Popular, Inc. 750,000 39,007,500 
Prosperity Bancshares, Inc. 1,250,000 81,287,500 
  445,030,816 
Diversified Financial Services - 0.5%   
Cannae Holdings, Inc. (a) 1,000,000 18,470,000 
Insurance - 6.4%   
Amerisafe, Inc. 750,000 48,817,500 
Enstar Group Ltd. (a) 500,000 90,800,000 
First American Financial Corp. 1,750,000 77,577,500 
Sul America SA unit 1,500,000 9,995,969 
  227,190,969 
TOTAL FINANCIALS  690,691,785 
HEALTH CARE - 9.4%   
Health Care Equipment & Supplies - 2.9%   
Hill-Rom Holdings, Inc. 700,000 58,856,000 
Integra LifeSciences Holdings Corp. (a) 800,000 42,856,000 
  101,712,000 
Health Care Providers & Services - 2.2%   
Magellan Health Services, Inc. (a) 650,000 42,289,000 
Ship Healthcare Holdings, Inc. 1,000,000 36,203,306 
  78,492,306 
Life Sciences Tools & Services - 2.2%   
Charles River Laboratories International, Inc. (a) 650,000 79,183,000 
Pharmaceuticals - 2.1%   
Prestige Brands Holdings, Inc. (a) 2,000,000 72,320,000 
TOTAL HEALTH CARE  331,707,306 
INDUSTRIALS - 15.3%   
Aerospace & Defense - 1.2%   
Ultra Electronics Holdings PLC 2,335,100 42,920,343 
Airlines - 2.2%   
Spirit Airlines, Inc. (a) 1,500,000 77,850,000 
Commercial Services & Supplies - 5.8%   
ABM Industries, Inc. 2,000,000 61,500,000 
ADS Waste Holdings, Inc. (a) 3,000,000 81,270,000 
Cimpress NV (a) 500,000 62,495,000 
  205,265,000 
Electrical Equipment - 1.0%   
Regal Beloit Corp. 500,000 35,850,000 
Machinery - 1.8%   
Apergy Corp. (a) 1,000,000 38,990,000 
Mueller Industries, Inc. 1,000,000 24,350,000 
  63,340,000 
Marine - 0.5%   
MPC Container Ships ASA (a) 3,381,000 16,283,732 
Professional Services - 1.0%   
Capita Group PLC 22,000,000 36,176,895 
FTI Consulting, Inc. (a) 10,479 724,204 
  36,901,099 
Road & Rail - 1.1%   
Genesee & Wyoming, Inc. Class A (a) 500,000 39,615,000 
Trading Companies & Distributors - 0.7%   
Beacon Roofing Supply, Inc. (a) 100,000 2,791,000 
Diploma PLC 200,000 3,361,666 
Fortress Transportation & Infrastructure Investors LLC 1,000,000 16,650,000 
  22,802,666 
TOTAL INDUSTRIALS  540,827,840 
INFORMATION TECHNOLOGY - 15.7%   
Communications Equipment - 1.0%   
InterDigital, Inc. 500,000 35,475,000 
Electronic Equipment & Components - 5.1%   
SYNNEX Corp. 1,250,000 97,012,500 
Tech Data Corp. (a) 1,000,000 70,660,000 
TTM Technologies, Inc. (a) 1,000,000 11,700,000 
  179,372,500 
IT Services - 5.7%   
Conduent, Inc. (a) 5,000,000 95,500,000 
EVERTEC, Inc. 1,000,000 26,080,000 
Presidio, Inc. (c) 5,000,000 67,000,000 
Tucows, Inc. (a)(b) 250,700 12,580,126 
  201,160,126 
Software - 3.6%   
Hansen Technologies Ltd. 1,230,311 3,014,507 
j2 Global, Inc. 1,250,000 91,050,000 
Micro Focus International PLC 2,000,000 31,004,433 
  125,068,940 
Technology Hardware, Storage & Peripherals - 0.3%   
Elecom Co. Ltd. 500,000 11,866,885 
TOTAL INFORMATION TECHNOLOGY  552,943,451 
MATERIALS - 6.1%   
Chemicals - 1.1%   
Tronox Ltd. Class A 3,500,000 40,075,000 
Construction Materials - 2.3%   
Wienerberger AG 3,500,000 80,554,068 
Containers & Packaging - 2.7%   
Silgan Holdings, Inc. 4,000,000 96,120,000 
TOTAL MATERIALS  216,749,068 
REAL ESTATE - 8.2%   
Equity Real Estate Investment Trusts (REITs) - 8.2%   
CareTrust (REIT), Inc. 4,000,000 70,640,000 
CorePoint Lodging, Inc. 1,000,000 16,370,000 
Corporate Office Properties Trust (SBI) 2,500,000 64,600,000 
iStar Financial, Inc. (b)(c) 3,552,565 37,301,933 
Store Capital Corp. 3,500,000 101,605,000 
  290,516,933 
UTILITIES - 0.3%   
Electric Utilities - 0.3%   
Portland General Electric Co. 200,000 9,016,000 
TOTAL COMMON STOCKS   
(Cost $3,257,641,178)  3,508,574,380 
 Principal Amount Value 
Nonconvertible Bonds - 0.0%   
INDUSTRIALS - 0.0%   
Machinery - 0.0%   
Mueller Industries, Inc. 6% 3/1/27
(Cost $443,000) 		443,000 424,173 
 Shares Value 
Money Market Funds - 2.4%   
Fidelity Cash Central Fund, 2.23% (d) 24,022,870 24,027,674 
Fidelity Securities Lending Cash Central Fund 2.23% (d)(e) 59,686,994 59,692,963 
TOTAL MONEY MARKET FUNDS   
(Cost $83,720,637)  83,720,637 
TOTAL INVESTMENT IN SECURITIES - 101.7%   
(Cost $3,341,804,815)  3,592,719,190 
NET OTHER ASSETS (LIABILITIES) - (1.7)%  (59,125,185) 
NET ASSETS - 100%  $3,533,594,005 

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $383,181 
Fidelity Securities Lending Cash Central Fund 188,899 
Total $572,080 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Other Affiliated Issuers

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

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Amerisafe, Inc. $59,300,000 $-- $16,535,054 $440,000 $11,753,665 $(5,701,111) $-- 
CareTrust (REIT), Inc. 59,445,000 -- 8,907,329 1,742,500 1,142,829 18,959,500 -- 
Emerald Expositions Events, Inc. 86,715,000 -- 4,858,599 635,305 (258,983) (19,274,873) 62,322,545 
iStar Financial, Inc. 36,023,009 -- -- 319,731 -- 1,278,924 37,301,933 
LGI Homes, Inc. -- 53,473,258 -- -- -- (2,125,258) 51,348,000 
Oil States International, Inc. 125,825,000 -- 16,373,595 -- 2,487,218 (45,128,623) 66,810,000 
Presidio, Inc. 76,600,000 -- -- 200,000 -- (9,600,000) 67,000,000 
Prestige Brands Holdings, Inc. 88,320,000 -- 37,322,024 -- (14,231,695) 35,553,719 -- 
ShawCor Ltd. Class A 96,732,739 -- -- 986,238 -- (6,034,270) 90,698,469 
Super Micro Computer, Inc. 44,250,000 -- 37,794,678 -- (22,789,634) 16,334,312 -- 
Total $673,210,748 $53,473,258 $121,791,279 $4,323,774 $(21,896,600) $(15,737,680) $375,480,947 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2018, 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 $114,992,500 $114,992,500 $-- $-- 
Consumer Discretionary 487,778,535 487,778,535 -- -- 
Consumer Staples 95,477,850 95,477,850 -- -- 
Energy 177,873,112 177,873,112 -- -- 
Financials 690,691,785 690,691,785 -- -- 
Health Care 331,707,306 331,707,306 -- -- 
Industrials 540,827,840 540,827,840 -- -- 
Information Technology 552,943,451 521,939,018 31,004,433 -- 
Materials 216,749,068 216,749,068 -- -- 
Real Estate 290,516,933 290,516,933 -- -- 
Utilities 9,016,000 9,016,000 -- -- 
Corporate Bonds 424,173 -- 424,173 -- 
Money Market Funds 83,720,637 83,720,637 -- -- 
Total Investments in Securities: $3,592,719,190 $3,561,290,584 $31,428,606 $-- 

Other Information

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

United States of America 80.4% 
United Kingdom 3.2% 
Japan 2.7% 
Bermuda 2.5% 
Canada 2.5% 
Austria 2.3% 
Australia 2.0% 
Puerto Rico 1.8% 
Netherlands 1.8% 
Others (Individually Less Than 1%) 0.8% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $57,962,558) — See accompanying schedule:
Unaffiliated issuers (cost $2,817,862,912) 		$3,133,517,605  
Fidelity Central Funds (cost $83,720,638) 83,720,638  
Other affiliated issuers (cost $440,221,265) 375,480,947  
Total Investment in Securities (cost $3,341,804,815)  $3,592,719,190 
Receivable for investments sold  7,932,495 
Receivable for fund shares sold  1,010,385 
Dividends receivable  2,633,561 
Interest receivable  4,430 
Distributions receivable from Fidelity Central Funds  100,165 
Prepaid expenses  8,375 
Other receivables  95,951 
Total assets  3,604,504,552 
Liabilities   
Payable for investments purchased $3,623,289  
Payable for fund shares redeemed 5,614,576  
Accrued management fee 1,275,962  
Other affiliated payables 642,269  
Other payables and accrued expenses 60,932  
Collateral on securities loaned 59,693,519  
Total liabilities  70,910,547 
Net Assets  $3,533,594,005 
Net Assets consist of:   
Paid in capital  $2,822,263,285 
Total distributable earnings (loss)  711,330,720 
Net Assets, for 144,979,423 shares outstanding  $3,533,594,005 
Net Asset Value, offering price and redemption price per share ($3,533,594,005 ÷ 144,979,423 shares)  $24.37 

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


Statement of Operations

  Six months ended October 31, 2018 (Unaudited) 
Investment Income   
Dividends (including $4,323,774 earned from other affiliated issuers)  $32,075,789 
Interest  68,026 
Income from Fidelity Central Funds  572,080 
Total income  32,715,895 
Expenses   
Management fee   
Basic fee $14,571,496  
Performance adjustment (5,205,215)  
Transfer agent fees 3,509,743  
Accounting and security lending fees 525,586  
Custodian fees and expenses 46,469  
Independent trustees' fees and expenses 13,245  
Registration fees 30,702  
Audit 28,414  
Legal 5,835  
Miscellaneous 18,093  
Total expenses before reductions 13,544,368  
Expense reductions (182,135)  
Total expenses after reductions  13,362,233 
Net investment income (loss)  19,353,662 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 461,844,154  
Fidelity Central Funds (1,009)  
Other affiliated issuers (21,896,600)  
Foreign currency transactions (141,581)  
Total net realized gain (loss)  439,804,964 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (612,833,086)  
Affiliated issuers (15,737,680)  
Assets and liabilities in foreign currencies 13,173  
Total change in net unrealized appreciation (depreciation)  (628,557,593) 
Net gain (loss)  (188,752,629) 
Net increase (decrease) in net assets resulting from operations  $(169,398,967) 

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


Statement of Changes in Net Assets

 Six months ended October 31, 2018 (Unaudited) Year ended April 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $19,353,662 $31,111,783 
Net realized gain (loss) 439,804,964 1,124,609,868 
Change in net unrealized appreciation (depreciation) (628,557,593) (878,434,661) 
Net increase (decrease) in net assets resulting from operations (169,398,967) 277,286,990 
Distributions to shareholders (607,456,548) – 
Distributions to shareholders from net investment income – (30,365,108) 
Distributions to shareholders from net realized gain – (642,336,031) 
Total distributions (607,456,548) (672,701,139) 
Share transactions   
Proceeds from sales of shares 132,720,245 368,900,524 
Reinvestment of distributions 565,110,222 617,878,103 
Cost of shares redeemed (894,832,783) (1,716,978,022) 
Net increase (decrease) in net assets resulting from share transactions (197,002,316) (730,199,395) 
Redemption fees – 91,951 
Total increase (decrease) in net assets (973,857,831) (1,125,521,593) 
Net Assets   
Beginning of period 4,507,451,836 5,632,973,429 
End of period $3,533,594,005 $4,507,451,836 
Other Information   
Undistributed net investment income end of period  $6,957,019 
Shares   
Sold 4,890,093 12,052,303 
Issued in reinvestment of distributions 20,914,516 20,441,252 
Redeemed (33,048,798) (56,034,178) 
Net increase (decrease) (7,244,189) (23,540,623) 

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


Financial Highlights

Fidelity Small Cap Discovery Fund

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2018 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $29.61 $32.05 $27.81 $30.62 $30.77 $27.46 
Income from Investment Operations       
Net investment income (loss)A .12 .19 .20 .15 .11 .05 
Net realized and unrealized gain (loss) (1.23) 1.53 4.18 (.99) 3.00 5.10 
Total from investment operations (1.11) 1.72 4.38 (.84) 3.11 5.15 
Distributions from net investment income (.06) (.19) (.14) (.15) (.08) (.03) 
Distributions from net realized gain (4.07) (3.97) – (1.82) (3.18) (1.81) 
Total distributions (4.13) (4.16) (.14) (1.97) (3.26) (1.84) 
Redemption fees added to paid in capitalA – –B –B –B –B –B 
Net asset value, end of period $24.37 $29.61 $32.05 $27.81 $30.62 $30.77 
Total ReturnC,D (5.13)% 5.46% 15.76% (2.94)% 10.62% 19.26% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .64%G .69% .87% 1.01% 1.06% 1.01% 
Expenses net of fee waivers, if any .64%G .69% .87% 1.01% 1.06% 1.01% 
Expenses net of all reductions .63%G .68% .87% 1.00% 1.05% 1.01% 
Net investment income (loss) .92%G .61% .66% .53% .36% .15% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,533,594 $4,507,452 $5,632,973 $5,330,816 $6,052,079 $6,457,900 
Portfolio turnover rateH 37%G 41% 18% 25% 13% 17% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

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

 G Annualized

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

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


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2018

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

Gross unrealized appreciation $592,506,269 
Gross unrealized depreciation (341,591,894) 
Net unrealized appreciation (depreciation) $250,914,375 
Tax cost $3,341,804,815 

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $765,739,327 and $1,535,754,191, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .44% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .17% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .02%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $34,555 for the period.

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

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5,738 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $4,897,568. 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. Total security lending income during the period amounted to $188,899, including $2,055 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $155,414 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,644.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $25,077.

9. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2018 		Ending
Account Value
October 31, 2018 		Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 
Actual .64% $1,000.00 $948.70 $3.14 
Hypothetical-C  $1,000.00 $1,021.98 $3.26 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Small Cap Discovery Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

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 fund, 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, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SMR-SANN-1218
1.749363.118

Fidelity® Series Small Cap Discovery Fund



Semi-Annual Report

October 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2018

 % of fund's net assets 
First Citizen Bancshares, Inc. 3.4 
j2 Global, Inc. 2.8 
Store Capital Corp. 2.8 
Cinemark Holdings, Inc. 2.6 
Spirit Airlines, Inc. 2.5 
SYNNEX Corp. 2.5 
Conduent, Inc. 2.4 
First Hawaiian, Inc. 2.4 
Prestige Brands Holdings, Inc. 2.3 
First American Financial Corp. 2.2 
 25.9 

Top Five Market Sectors as of October 31, 2018

 % of fund's net assets 
Financials 19.4 
Industrials 18.1 
Information Technology 16.3 
Consumer Discretionary 12.3 
Health Care 11.1 

Asset Allocation (% of fund's net assets)

As of October 31, 2018 * 
   Stocks 99.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.0% 


 * Foreign investments - 16.5%

Schedule of Investments October 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%   
 Shares Value 
COMMUNICATION SERVICES - 3.7%   
Diversified Telecommunication Services - 1.1%   
Atlantic Tele-Network, Inc. 200,000 $16,898,000 
Entertainment - 2.6%   
Cinemark Holdings, Inc. 1,000,000 41,570,000 
TOTAL COMMUNICATION SERVICES  58,468,000 
CONSUMER DISCRETIONARY - 12.3%   
Hotels, Restaurants & Leisure - 3.8%   
Cedar Fair LP (depositary unit) 500,000 25,630,000 
Hilton Grand Vacations, Inc. (a) 1,250,000 33,587,500 
  59,217,500 
Household Durables - 4.9%   
LGI Homes, Inc. (a)(b) 500,000 21,395,000 
Meritage Homes Corp. (a) 250,000 9,312,500 
Taylor Morrison Home Corp. (a) 1,750,000 28,945,000 
TRI Pointe Homes, Inc. (a) 1,500,000 17,850,000 
  77,502,500 
Specialty Retail - 2.2%   
Aaron's, Inc. Class A 750,000 35,347,500 
Textiles, Apparel & Luxury Goods - 1.4%   
Emerald Expositions Events, Inc. 1,500,000 21,930,000 
TOTAL CONSUMER DISCRETIONARY  193,997,500 
CONSUMER STAPLES - 1.2%   
Food Products - 1.2%   
Inghams Group Ltd. 3,500,000 9,666,247 
Post Holdings, Inc. (a) 100,000 8,842,000 
  18,508,247 
ENERGY - 4.2%   
Energy Equipment & Services - 3.6%   
Oil States International, Inc. (a) 1,200,000 26,724,000 
ShawCor Ltd. Class A 1,051,745 19,078,332 
Total Energy Services, Inc. 1,458,030 10,554,921 
  56,357,253 
Oil, Gas & Consumable Fuels - 0.6%   
PDC Energy, Inc. (a) 250,000 10,612,500 
TOTAL ENERGY  66,969,753 
FINANCIALS - 19.4%   
Banks - 13.3%   
BOK Financial Corp. 300,000 25,719,000 
Cullen/Frost Bankers, Inc. 200,000 19,584,000 
First Citizen Bancshares, Inc. 125,000 53,328,751 
First Hawaiian, Inc. 1,500,000 37,170,000 
Hilltop Holdings, Inc. 1,000,000 19,900,000 
Popular, Inc. 400,000 20,804,000 
Prosperity Bancshares, Inc. 500,000 32,515,000 
  209,020,751 
Capital Markets - 2.5%   
Monex Group, Inc. (b) 3,000,000 11,831,435 
OM Asset Management Ltd. 2,500,000 28,500,000 
  40,331,435 
Diversified Financial Services - 0.6%   
Cannae Holdings, Inc. (a) 500,000 9,235,000 
Insurance - 3.0%   
Enstar Group Ltd. (a) 50,000 9,080,000 
First American Financial Corp. 800,000 35,464,000 
Sul America SA unit 400,000 2,665,592 
  47,209,592 
TOTAL FINANCIALS  305,796,778 
HEALTH CARE - 11.1%   
Health Care Equipment & Supplies - 4.1%   
Hill-Rom Holdings, Inc. 350,000 29,428,000 
Integra LifeSciences Holdings Corp. (a) 350,000 18,749,500 
LivaNova PLC (a) 150,000 16,798,500 
  64,976,000 
Health Care Providers & Services - 3.1%   
Civitas Solutions, Inc. (a)(c) 2,329,845 33,689,559 
Magellan Health Services, Inc. (a) 230,000 14,963,800 
  48,653,359 
Life Sciences Tools & Services - 1.6%   
Charles River Laboratories International, Inc. (a) 200,000 24,364,000 
Pharmaceuticals - 2.3%   
Prestige Brands Holdings, Inc. (a) 1,000,000 36,160,000 
TOTAL HEALTH CARE  174,153,359 
INDUSTRIALS - 18.1%   
Aerospace & Defense - 0.8%   
Ultra Electronics Holdings PLC 700,500 12,875,551 
Airlines - 2.5%   
Spirit Airlines, Inc. (a) 750,000 38,925,000 
Commercial Services & Supplies - 6.9%   
ABM Industries, Inc. 1,000,000 30,750,000 
ADS Waste Holdings, Inc. (a) 1,000,000 27,090,000 
Cimpress NV (a) 250,000 31,247,500 
Knoll, Inc. 1,000,000 19,850,000 
  108,937,500 
Electrical Equipment - 1.4%   
Regal Beloit Corp. 300,000 21,510,000 
Machinery - 2.5%   
Apergy Corp. (a) 500,000 19,495,000 
Mueller Industries, Inc. 800,000 19,480,000 
  38,975,000 
Marine - 0.6%   
MPC Container Ships ASA (a) 2,000,000 9,632,494 
Professional Services - 1.0%   
Capita Group PLC 10,000,000 16,444,043 
Road & Rail - 1.5%   
Genesee & Wyoming, Inc. Class A (a) 300,000 23,769,000 
Trading Companies & Distributors - 0.9%   
Beacon Roofing Supply, Inc. (a) 50,000 1,395,500 
Fortress Transportation & Infrastructure Investors LLC 750,000 12,487,500 
  13,883,000 
TOTAL INDUSTRIALS  284,951,588 
INFORMATION TECHNOLOGY - 16.3%   
Communications Equipment - 1.1%   
InterDigital, Inc. 250,000 17,737,500 
Electronic Equipment & Components - 5.1%   
SYNNEX Corp. 500,000 38,805,000 
Tech Data Corp. (a) 500,000 35,330,000 
TTM Technologies, Inc. (a) 500,000 5,850,000 
  79,985,000 
IT Services - 6.1%   
Computer Services, Inc. 313,024 15,673,112 
Conduent, Inc. (a) 2,000,000 38,200,000 
EVERTEC, Inc. 350,000 9,128,000 
Presidio, Inc. 2,200,000 29,480,000 
Tucows, Inc. (a)(b) 100,000 5,018,000 
  97,499,112 
Software - 3.6%   
Hansen Technologies Ltd. 507,694 1,243,951 
j2 Global, Inc. 600,000 43,704,000 
Micro Focus International PLC 750,000 11,626,662 
  56,574,613 
Technology Hardware, Storage & Peripherals - 0.4%   
Elecom Co. Ltd. 250,000 5,933,443 
TOTAL INFORMATION TECHNOLOGY  257,729,668 
MATERIALS - 4.2%   
Chemicals - 0.7%   
Tronox Ltd. Class A 1,000,000 11,450,000 
Construction Materials - 1.5%   
Wienerberger AG 1,000,000 23,015,448 
Containers & Packaging - 2.0%   
Silgan Holdings, Inc. 1,300,000 31,239,000 
TOTAL MATERIALS  65,704,448 
REAL ESTATE - 8.0%   
Equity Real Estate Investment Trusts (REITs) - 8.0%   
CareTrust (REIT), Inc. 1,000,000 17,660,000 
CorePoint Lodging, Inc. 500,000 8,185,000 
Corporate Office Properties Trust (SBI) 1,000,000 25,840,000 
iStar Financial, Inc. 1,000,000 10,500,000 
Spirit Realty Capital, Inc. 2,500,000 19,550,000 
Store Capital Corp. 1,500,000 43,545,000 
  125,280,000 
UTILITIES - 0.5%   
Gas Utilities - 0.5%   
Southwest Gas Holdings, Inc. 100,000 7,727,000 
TOTAL COMMON STOCKS   
(Cost $1,497,182,016)  1,559,286,341 
 Principal Amount Value 
Nonconvertible Bonds - 0.0%   
INDUSTRIALS - 0.0%   
Machinery - 0.0%   
Mueller Industries, Inc. 6% 3/1/27
(Cost $280,000) 		280,000 268,100 
 Shares Value 
Money Market Funds - 3.3%   
Fidelity Cash Central Fund, 2.23% (d) 15,728,170 15,731,316 
Fidelity Securities Lending Cash Central Fund 2.23% (d)(e) 36,517,741 36,521,393 
TOTAL MONEY MARKET FUNDS   
(Cost $52,252,709)  52,252,709 
TOTAL INVESTMENT IN SECURITIES - 102.3%   
(Cost $1,549,714,725)  1,611,807,150 
NET OTHER ASSETS (LIABILITIES) - (2.3)%  (36,210,139) 
NET ASSETS - 100%  $1,575,597,011 

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $215,949 
Fidelity Securities Lending Cash Central Fund 214,133 
Total $430,082 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Other Affiliated Issuers

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

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Civitas Solutions, Inc. $35,625,000 $-- $2,795,289 $-- $(345,034) $1,204,882 $33,689,559 
Total $35,625,000 $-- $2,795,289 $-- $(345,034) $1,204,882 $33,689,559 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2018, 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 $58,468,000 $58,468,000 $-- $-- 
Consumer Discretionary 193,997,500 193,997,500 -- -- 
Consumer Staples 18,508,247 18,508,247 -- -- 
Energy 66,969,753 66,969,753 -- -- 
Financials 305,796,778 305,796,778 -- -- 
Health Care 174,153,359 174,153,359 -- -- 
Industrials 284,951,588 284,951,588 -- -- 
Information Technology 257,729,668 246,103,006 11,626,662 -- 
Materials 65,704,448 65,704,448 -- -- 
Real Estate 125,280,000 125,280,000 -- -- 
Utilities 7,727,000 7,727,000 -- -- 
Corporate Bonds 268,100 -- 268,100 -- 
Money Market Funds 52,252,709 52,252,709 -- -- 
Total Investments in Securities: $1,611,807,150 $1,599,912,388 $11,894,762 $-- 

Other Information

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

United States of America 83.5% 
United Kingdom 5.3% 
Netherlands 2.0% 
Puerto Rico 1.9% 
Canada 1.9% 
Austria 1.5% 
Australia 1.4% 
Japan 1.1% 
Others (Individually Less Than 1%) 1.4% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $35,496,259) — See accompanying schedule:
Unaffiliated issuers (cost $1,458,622,996) 		$1,525,864,882  
Fidelity Central Funds (cost $52,252,709) 52,252,709  
Other affiliated issuers (cost $38,839,020) 33,689,559  
Total Investment in Securities (cost $1,549,714,725)  $1,611,807,150 
Foreign currency held at value (cost $56,590)  56,590 
Receivable for investments sold  59 
Receivable for fund shares sold  2,822,160 
Dividends receivable  571,817 
Interest receivable  2,831 
Distributions receivable from Fidelity Central Funds  65,575 
Other receivables  170,812 
Total assets  1,615,496,994 
Liabilities   
Payable for investments purchased $1,379,847  
Payable for fund shares redeemed 1,986,095  
Other payables and accrued expenses 12,980  
Collateral on securities loaned 36,521,061  
Total liabilities  39,899,983 
Net Assets  $1,575,597,011 
Net Assets consist of:   
Paid in capital  $1,412,487,924 
Total distributable earnings (loss)  163,109,087 
Net Assets  $1,575,597,011 
Net Asset Value and Maximum Offering Price   
Net Asset Value, offering price and redemption price per share ($1,575,597,011 ÷ 142,123,257 shares)  $11.09 

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


Statement of Operations

  Six months ended October 31, 2018 (Unaudited) 
Investment Income   
Dividends  $12,159,352 
Non-Cash dividends  2,113,923 
Interest  40,837 
Income from Fidelity Central Funds  430,082 
Total income  14,744,194 
Expenses   
Custodian fees and expenses $19,301  
Independent trustees' fees and expenses 5,225  
Miscellaneous 2,270  
Total expenses  26,796 
Net investment income (loss)  14,717,398 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 86,748,453  
Fidelity Central Funds (824)  
Other affiliated issuers (345,034)  
Foreign currency transactions (4,440)  
Total net realized gain (loss)  86,398,155 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (187,559,046)  
Affiliated issuers 1,204,882  
Assets and liabilities in foreign currencies 5,984  
Total change in net unrealized appreciation (depreciation)  (186,348,180) 
Net gain (loss)  (99,950,025) 
Net increase (decrease) in net assets resulting from operations  $(85,232,627) 

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


Statement of Changes in Net Assets

 Six months ended October 31, 2018 (Unaudited) Year ended April 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $14,717,398 $19,300,450 
Net realized gain (loss) 86,398,155 193,792,080 
Change in net unrealized appreciation (depreciation) (186,348,180) (93,337,372) 
Net increase (decrease) in net assets resulting from operations (85,232,627) 119,755,158 
Distributions to shareholders (102,202,678) – 
Distributions to shareholders from net investment income – (20,661,296) 
Total distributions (102,202,678) (20,661,296) 
Share transactions - net increase (decrease) 48,578,551 (50,275,058) 
Total increase (decrease) in net assets (138,856,754) 48,818,804 
Net Assets   
Beginning of period 1,714,453,765 1,665,634,961 
End of period $1,575,597,011 $1,714,453,765 
Other Information   
Undistributed net investment income end of period  $4,801,162 

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


Financial Highlights

Fidelity Series Small Cap Discovery Fund

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2018 2018 2017 2016 2015 2014 A 
Selected Per–Share Data       
Net asset value, beginning of period $12.40 $11.69 $10.16 $11.23 $10.16 $10.00 
Income from Investment Operations       
Net investment income (loss)B .10 .14 .09C .03 .02 .02 
Net realized and unrealized gain (loss) (.67) .71 1.49 (.54) 1.28 .15 
Total from investment operations (.57) .85 1.58 (.51) 1.30 .17 
Distributions from net investment income (.05) (.14) (.05) (.02) (.02) (.01) 
Distributions from net realized gain (.69) – – (.54) (.21) – 
Total distributions (.74) (.14) (.05) (.56) (.23) (.01) 
Net asset value, end of period $11.09 $12.40 $11.69 $10.16 $11.23 $10.16 
Total ReturnD,E (5.24)% 7.33% 15.60% (4.82)% 12.92% 1.70% 
Ratios to Average Net AssetsF,G       
Expenses before reductions - %H,I .06% .87% .96% .97% .97%H 
Expenses net of fee waivers, if any - %H,I .06% .87% .96% .97% .97%H 
Expenses net of all reductions - %H,I .05% .86% .95% .97% .96%H 
Net investment income (loss) 1.69%H 1.15% .80%C .29% .17% .35%H 
Supplemental Data       
Net assets, end of period (000 omitted) $1,575,597 $1,714,454 $652,818 $614,362 $659,747 $572,515 
Portfolio turnover rateJ 47%H 44% 24% 35% 28% 29%K,L 

 A For the period November 7, 2013 (commencement of operations) to April 30, 2014.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .40%.

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

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

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

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

 H Annualized

 I Amount represents less than .005%.

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

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

 L Amount not annualized.

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


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2018

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 of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective August 28, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were exchanged for shares of Series Small Cap Discovery.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.

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

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

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 October 31, 2018, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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 $213,459,697 
Gross unrealized depreciation (151,367,272) 
Net unrealized appreciation (depreciation) $62,092,425 
Tax cost $1,549,714,725 

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 
Distributions to Shareholders Note to Financial Statements Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $399,646,202 and $441,906,982, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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. The Fund placed a portion of its portfolio transactions 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 $13,265 for the period.

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

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,271 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $1,776,372. 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. Total security lending income during the period amounted to $214,133, including $237 from securities loaned to FCM.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
October 31, 2018 		Year ended
April 30, 2018 
Distributions to shareholders   
Series Small Cap Discovery $102,202,678 $– 
Total $102,202,678 $– 
From net investment income   
Series Small Cap Discovery $– $15,635,148 
Class F – 5,026,148 
Total $– $20,661,296 

9. Share Transactions.

Transactions for each class of shares were as follows:

 Shares Shares Dollars Dollars 
 Six months ended October 31, 2018 Year ended April 30, 2018 Six months ended October 31, 2018 Year ended April 30, 2018 
Series Small Cap Discovery     
Shares sold 4,241,300 96,171,488 $51,668,726 $1,101,331,795 
Reinvestment of distributions 8,255,467 1,267,885 102,202,678 15,635,148 
Shares redeemed (8,660,052) (15,019,418) (105,292,853) (180,378,441) 
Net increase (decrease) 3,836,715 82,419,955 $48,578,551 $936,588,502 
Class F     
Shares sold – 2,548,036 $– $29,763,723 
Reinvestment of distributions – 428,852 – 5,026,148 
Shares redeemed – (89,584,939) – (1,021,653,431) 
Net increase (decrease) – (86,608,051) $– $(986,863,560) 

10. Other.

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

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2018 		Ending
Account Value
October 31, 2018 		Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 
Series Small Cap Discovery - %C    
Actual  $1,000.00 $947.60 $-D 
Hypothetical-E  $1,000.00 $1,025.21 $-D 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Series Small Cap Discovery Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders, including the expense cap arrangement currently in place for the fund; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

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 fund, 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, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

XS4-SANN-1218
1.968032.104

Fidelity® Event Driven Opportunities Fund



Semi-Annual Report

October 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2018

 % of fund's net assets 
CorePoint Lodging, Inc. 10.8 
Zooplus AG 8.3 
AO World PLC 7.7 
Alliance Data Systems Corp. 7.5 
Brighthouse Financial, Inc. 3.3 
WisdomTree Investments, Inc. 3.3 
SLM Corp. 3.3 
KKR & Co. LP 3.1 
Waddell & Reed Financial, Inc. Class A 3.0 
Mellanox Technologies Ltd. 2.2 
 52.5 

Top Five Market Sectors as of October 31, 2018

 % of fund's net assets 
Information Technology 30.6 
Consumer Discretionary 18.6 
Financials 16.0 
Real Estate 12.2 
Industrials 2.4 

Asset Allocation (% of fund's net assets)

As of October 31, 2018 * 
   Stocks and Equity Futures 94.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.5% 


 * Foreign investments - 26.9%

Schedule of Investments October 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 81.9%   
 Shares Value 
CONSUMER DISCRETIONARY - 18.6%   
Hotels, Restaurants & Leisure - 0.0%   
Wyndham Hotels & Resorts, Inc. 800 $39,432 
Household Durables - 0.4%   
Hamilton Beach Brands Holding Co. Class A 62,171 1,443,611 
Internet & Direct Marketing Retail - 16.0%   
AO World PLC (a) 15,908,656 27,126,148 
Boohoo.Com PLC (a) 14,100 38,370 
Ocado Group PLC (a) 6,600 72,146 
Zooplus AG (a)(b) 175,071 28,990,607 
  56,227,271 
Multiline Retail - 0.0%   
Avenue Supermarts Ltd. (a)(c) 2,161 39,093 
Specialty Retail - 2.2%   
Cars.com, Inc. (a) 286,748 7,486,990 
TOTAL CONSUMER DISCRETIONARY  65,236,397 
CONSUMER STAPLES - 0.0%   
Food Products - 0.0%   
SunOpta, Inc. (a) 6,688 49,625 
ENERGY - 0.0%   
Energy Equipment & Services - 0.0%   
Exterran Corp. (a) 1,626 33,967 
FINANCIALS - 16.0%   
Capital Markets - 12.7%   
Brighthouse Financial, Inc. (a) 293,419 11,628,195 
Interactive Brokers Group, Inc. 700 34,587 
KKR & Co. LP 453,673 10,729,366 
Waddell & Reed Financial, Inc. Class A (b) 552,613 10,538,330 
WisdomTree Investments, Inc. 1,493,070 11,601,154 
  44,531,632 
Consumer Finance - 3.3%   
Encore Capital Group, Inc. (a) 978 24,851 
SLM Corp. (a) 1,137,400 11,533,236 
  11,558,087 
Diversified Financial Services - 0.0%   
Rafael Holdings, Inc. (a) 33,900 275,946 
TOTAL FINANCIALS  56,365,665 
INDUSTRIALS - 2.4%   
Airlines - 1.3%   
AirAsia Group BHD 6,783,100 4,263,246 
Ryanair Holdings PLC sponsored ADR (a) 500 41,400 
Wizz Air Holdings PLC (a)(c) 1,361 44,726 
  4,349,372 
Machinery - 1.1%   
Momentum Group AB Class B 392,244 3,943,378 
TOTAL INDUSTRIALS  8,292,750 
INFORMATION TECHNOLOGY - 30.6%   
Communications Equipment - 0.0%   
Carvana Co. Class A (a)(b) 700 27,125 
Electronic Equipment & Components - 4.3%   
Cardtronics PLC (a) 270,652 7,350,908 
Knowles Corp. (a) 473,700 7,664,466 
  15,015,374 
IT Services - 11.7%   
Alliance Data Systems Corp. 127,770 26,343,619 
Conduent, Inc. (a) 369,932 7,065,701 
DXC Technology Co. 403 29,350 
Perspecta, Inc. 306,951 7,517,230 
  40,955,900 
Semiconductors & Semiconductor Equipment - 6.4%   
Marvell Technology Group Ltd. 446,000 7,318,860 
Mellanox Technologies Ltd. (a) 91,800 7,774,542 
Versum Materials, Inc. 232,893 7,350,103 
  22,443,505 
Software - 4.3%   
Black Knight, Inc. (a) 158,618 7,735,800 
LogMeIn, Inc. 442 38,065 
Micro Focus International PLC sponsored ADR 2,338 35,865 
Symantec Corp. 411,600 7,470,540 
  15,280,270 
Technology Hardware, Storage & Peripherals - 3.9%   
3D Systems Corp. (a)(b) 508,983 6,148,515 
Diebold Nixdorf, Inc. (b) 66,890 260,871 
Seagate Technology LLC 179,997 7,241,279 
  13,650,665 
TOTAL INFORMATION TECHNOLOGY  107,372,839 
Media & Entertainment - 2.1%   
Media - 2.1%   
comScore, Inc. (a) 461,332 7,358,245 
REAL ESTATE - 12.2%   
Equity Real Estate Investment Trusts (REITs) - 12.2%   
CorePoint Lodging, Inc. 2,325,720 38,072,038 
JBG SMITH Properties 130,341 4,885,181 
  42,957,219 
Real Estate Management & Development - 0.0%   
Midland Holdings Ltd. 16,000 2,693 
TOTAL REAL ESTATE  42,959,912 
TOTAL COMMON STOCKS   
(Cost $307,050,499)  287,669,400 
 Principal Amount Value 
U.S. Treasury Obligations - 0.8%   
U.S. Treasury Bills, yield at date of purchase 2.01% to 2.3% 11/8/18 to 1/24/19 (d)   
(Cost $2,852,482) 2,860,000 2,852,357 
 Shares Value 
Money Market Funds - 27.1%   
Fidelity Cash Central Fund, 2.23% (e) 73,093,724 $73,108,343 
Fidelity Securities Lending Cash Central Fund 2.23% (e)(f) 21,992,926 21,995,125 
TOTAL MONEY MARKET FUNDS   
(Cost $95,102,546)  95,103,468 
TOTAL INVESTMENT IN SECURITIES - 109.8%   
(Cost $405,005,527)  385,625,225 
NET OTHER ASSETS (LIABILITIES) - (9.8)%  (34,471,268) 
NET ASSETS - 100%  $351,153,957 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini Russell 2000 Index Contracts (United States) 80 Dec. 2018 $6,047,600 $(811,535) $(811,535) 
CME E-mini S&P 500 Index Contracts (United States) 283 Dec. 2018 38,362,065 (2,736,246) (2,736,246) 
TOTAL FUTURES CONTRACTS     $(3,547,781) 

The notional amount of futures purchased as a percentage of Net Assets is 12.6%

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $83,819 or 0.0% of net assets.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,031,474.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $657,619 
Fidelity Securities Lending Cash Central Fund 334,152 
Total $991,771 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2018, 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 $7,358,245 $7,358,245 $-- $-- 
Consumer Discretionary 65,236,397 65,236,397 -- -- 
Consumer Staples 49,625 49,625 -- -- 
Energy 33,967 33,967 -- -- 
Financials 56,365,665 56,365,665 -- -- 
Industrials 8,292,750 8,292,750 -- -- 
Information Technology 107,372,839 107,372,839 -- -- 
Real Estate 42,959,912 42,959,912 -- -- 
U.S. Government and Government Agency Obligations 2,852,357 -- 2,852,357 -- 
Money Market Funds 95,103,468 95,103,468 -- -- 
Total Investments in Securities: $385,625,225 $382,772,868 $2,852,357 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(3,547,781) $(3,547,781) $-- $-- 
Total Liabilities $(3,547,781) $(3,547,781) $-- $-- 
Total Derivative Instruments: $(3,547,781) $(3,547,781) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $4,056,768 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2018. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(3,547,781) 
Total Equity Risk 0 (3,547,781) 
Total Value of Derivatives $0 $(3,547,781) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).

Other Information

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

United States of America 73.1% 
United Kingdom 9.8% 
Germany 8.3% 
Israel 2.2% 
Bermuda 2.1% 
Ireland 2.1% 
Malaysia 1.3% 
Sweden 1.1% 
Others (Individually Less Than 1%) 0.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $19,280,675) — See accompanying schedule:
Unaffiliated issuers (cost $309,902,981) 		$290,521,757  
Fidelity Central Funds (cost $95,102,546) 95,103,468  
Total Investment in Securities (cost $405,005,527)  $385,625,225 
Receivable for investments sold  11,027,086 
Receivable for fund shares sold  224,481 
Dividends receivable  161,302 
Distributions receivable from Fidelity Central Funds  163,288 
Receivable for daily variation margin on futures contracts  345,500 
Prepaid expenses  922 
Other receivables  31,320 
Total assets  397,579,124 
Liabilities   
Payable for investments purchased $5,204,559  
Payable for fund shares redeemed 18,867,414  
Accrued management fee 258,442  
Other affiliated payables 76,238  
Other payables and accrued expenses 26,074  
Collateral on securities loaned 21,992,440  
Total liabilities  46,425,167 
Net Assets  $351,153,957 
Net Assets consist of:   
Paid in capital  $352,124,319 
Total distributable earnings (loss)  (970,362) 
Net Assets, for 27,690,781 shares outstanding  $351,153,957 
Net Asset Value, offering price and redemption price per share ($351,153,957 ÷ 27,690,781 shares)  $12.68 

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


Statement of Operations

  Six months ended October 31, 2018 (Unaudited) 
Investment Income   
Dividends  $3,008,737 
Interest  25,532 
Income from Fidelity Central Funds (including $334,152 from security lending)  991,771 
Total income  4,026,040 
Expenses   
Management fee   
Basic fee $1,933,233  
Performance adjustment 49,747  
Transfer agent fees 395,656  
Accounting and security lending fees 92,491  
Custodian fees and expenses 8,582  
Independent trustees' fees and expenses 1,398  
Registration fees 19,393  
Audit 19,824  
Legal 2,858  
Miscellaneous 1,413  
Total expenses before reductions 2,524,595  
Expense reductions (45,801)  
Total expenses after reductions  2,478,794 
Net investment income (loss)  1,547,246 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 18,330,025  
Fidelity Central Funds 1,117  
Foreign currency transactions 12,475  
Futures contracts 1,842,568  
Total net realized gain (loss)  20,186,185 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (58,756,687)  
Fidelity Central Funds 1  
Assets and liabilities in foreign currencies (556)  
Futures contracts (2,071,701)  
Total change in net unrealized appreciation (depreciation)  (60,828,943) 
Net gain (loss)  (40,642,758) 
Net increase (decrease) in net assets resulting from operations  $(39,095,512) 

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


Statement of Changes in Net Assets

 Six months ended October 31, 2018 (Unaudited) Year ended April 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,547,246 $291,935 
Net realized gain (loss) 20,186,185 52,170,544 
Change in net unrealized appreciation (depreciation) (60,828,943) (1,870,427) 
Net increase (decrease) in net assets resulting from operations (39,095,512) 50,592,052 
Distributions to shareholders (11,227,746) – 
Distributions to shareholders from net investment income – (242,124) 
Distributions to shareholders from net realized gain – (39,805,952) 
Total distributions (11,227,746) (40,048,076) 
Share transactions   
Proceeds from sales of shares 63,977,656 238,513,115 
Reinvestment of distributions 10,489,600 37,303,360 
Cost of shares redeemed (139,243,984) (175,498,394) 
Net increase (decrease) in net assets resulting from share transactions (64,776,728) 100,318,081 
Total increase (decrease) in net assets (115,099,986) 110,862,057 
Net Assets   
Beginning of period 466,253,943 355,391,886 
End of period $351,153,957 $466,253,943 
Other Information   
Undistributed net investment income end of period  $5,114 
Shares   
Sold 4,465,976 16,783,267 
Issued in reinvestment of distributions 722,424 2,726,787 
Redeemed (10,130,571) (12,397,405) 
Net increase (decrease) (4,942,171) 7,112,649 

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


Financial Highlights

Fidelity Event Driven Opportunities Fund

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2018 2018 2017 2016 2015 2014 A 
Selected Per–Share Data       
Net asset value, beginning of period $14.29 $13.93 $11.04 $11.36 $10.57 $10.00 
Income from Investment Operations       
Net investment income (loss)B .05 .01 –C .14D .06 .03E 
Net realized and unrealized gain (loss) (1.32) 1.71 3.12 (.35)F .95G .55H 
Total from investment operations (1.27) 1.72 3.12 (.21) 1.01 .58 
Distributions from net investment income – (.01) (.09)I (.06) (.06) (.01) 
Distributions from net realized gain (.34) (1.35) (.14)I (.05) (.16) – 
Total distributions (.34) (1.36) (.23) (.11) (.22) (.01) 
Net asset value, end of period $12.68 $14.29 $13.93 $11.04 $11.36 $10.57 
Total ReturnJ,K (9.21)% 12.89% 28.57% (1.89)%F 9.64%G 5.77%H 
Ratios to Average Net AssetsL,M       
Expenses before reductions 1.10%N 1.12% 1.11% 1.06% 1.13% 1.52%N 
Expenses net of fee waivers, if any 1.10%N 1.12% 1.11% 1.06% 1.13% 1.30%N 
Expenses net of all reductions 1.08%N 1.10% 1.10% 1.04% 1.12% 1.30%N 
Net investment income (loss) .67%N .07% .01% 1.31%D .58% .82%E,N 
Supplemental Data       
Net assets, end of period (000 omitted) $351,154 $466,254 $355,392 $168,612 $193,389 $60,572 
Portfolio turnover rateO 72%N 89% 117% 111% 119% 56%P 

 A For the period December 12, 2013 (commencement of operations) to April 30, 2014.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

 E Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .28%.

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

 G Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 9.57%.

 H Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 5.67%.

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

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

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

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

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

 N Annualized

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

 P Amount not annualized.

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


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2018

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2018, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, market discount, 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 $17,824,389 
Gross unrealized depreciation (37,654,069) 
Net unrealized appreciation (depreciation) $(19,829,680) 
Tax cost $405,454,905 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities
 		Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A – removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

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

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $137,695,387 and $221,940,726, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .86% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .17% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .04%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $5,973 for the period.

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

7. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $614 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds and includes $12,531 from securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $42,926 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $657.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $2,218.

10. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee, which was eliminated effective August 1, 2018, is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2018 		Ending
Account Value
October 31, 2018 		Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 
Actual 1.10% $1,000.00 $907.90 $5.29 
Hypothetical-C  $1,000.00 $1,019.66 $5.60 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Event Driven Opportunities Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

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 fund, 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, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

EDO-SANN-1218
1.9585359.104

Fidelity Advisor® Event Driven Opportunities Fund
Class A, Class M, Class C, Class I and Class Z



Semi-Annual Report

October 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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

You may also call 1-877-208-0098 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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2018

 % of fund's net assets 
CorePoint Lodging, Inc. 11.1 
Zooplus AG 8.7 
AO World PLC 8.4 
Alliance Data Systems Corp. 8.1 
Brighthouse Financial, Inc. 3.6 
SLM Corp. 3.4 
WisdomTree Investments, Inc. 3.3 
Waddell & Reed Financial, Inc. Class A 3.3 
KKR & Co. LP 3.2 
Knowles Corp. 2.3 
 55.4 

Top Five Market Sectors as of October 31, 2018

 % of fund's net assets 
Information Technology 31.6 
Consumer Discretionary 19.6 
Financials 16.9 
Real Estate 12.3 
Industrials 2.5 

Asset Allocation (% of fund's net assets)

As of October 31, 2018* 
   Stocks and Equity Futures 96.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.1% 


 * Foreign investments - 28.0%

Schedule of Investments October 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 84.9%   
 Shares Value 
CONSUMER DISCRETIONARY - 19.6%   
Hotels, Restaurants & Leisure - 0.0%   
Wyndham Hotels & Resorts, Inc. 100 $4,929 
Household Durables - 0.4%   
Hamilton Beach Brands Holding Co. Class A 6,300 146,286 
Internet & Direct Marketing Retail - 17.1%   
AO World PLC (a) 1,699,161 2,897,271 
Boohoo.Com PLC (a) 1,300 3,538 
Ocado Group PLC (a) 634 6,930 
Zooplus AG (a)(b) 18,290 3,028,704 
  5,936,443 
Multiline Retail - 0.0%   
Avenue Supermarts Ltd. (a)(c) 220 3,980 
Specialty Retail - 2.1%   
Cars.com, Inc. (a)(b) 26,983 704,526 
TOTAL CONSUMER DISCRETIONARY  6,796,164 
CONSUMER STAPLES - 0.0%   
Food Products - 0.0%   
SunOpta, Inc. (a) 718 5,328 
ENERGY - 0.0%   
Energy Equipment & Services - 0.0%   
Exterran Corp. (a) 66 1,379 
FINANCIALS - 16.9%   
Capital Markets - 13.4%   
Brighthouse Financial, Inc. (a) 31,235 1,237,843 
Interactive Brokers Group, Inc. 100 4,941 
KKR & Co. LP 47,254 1,117,557 
Waddell & Reed Financial, Inc. Class A (b) 59,239 1,129,688 
WisdomTree Investments, Inc. 147,097 1,142,944 
  4,632,973 
Consumer Finance - 3.4%   
Encore Capital Group, Inc. (a) 135 3,430 
SLM Corp. (a) 116,548 1,181,797 
  1,185,227 
Diversified Financial Services - 0.1%   
Rafael Holdings, Inc. (a) 3,500 28,490 
TOTAL FINANCIALS  5,846,690 
INDUSTRIALS - 2.5%   
Airlines - 1.3%   
AirAsia Group BHD 701,800 441,088 
Ryanair Holdings PLC sponsored ADR (a) 50 4,140 
Wizz Air Holdings PLC (a)(c) 102 3,352 
  448,580 
Machinery - 1.2%   
Momentum Group AB Class B 41,266 414,863 
TOTAL INDUSTRIALS  863,443 
INFORMATION TECHNOLOGY - 31.6%   
Communications Equipment - 0.0%   
Carvana Co. Class A (a) 100 3,875 
Electronic Equipment & Components - 4.5%   
Cardtronics PLC (a) 27,578 749,018 
Knowles Corp. (a) 49,303 797,723 
  1,546,741 
IT Services - 12.5%   
Alliance Data Systems Corp. 13,573 2,798,481 
Conduent, Inc. (a) 38,277 731,091 
DXC Technology Co. 46 3,350 
Perspecta, Inc. 32,448 794,652 
  4,327,574 
Semiconductors & Semiconductor Equipment - 6.3%   
Marvell Technology Group Ltd. 44,166 724,764 
Mellanox Technologies Ltd. (a) 8,848 749,337 
Versum Materials, Inc. 23,087 728,626 
  2,202,727 
Software - 4.3%   
Black Knight, Inc. (a) 15,119 737,354 
LogMeIn, Inc. 67 5,770 
Micro Focus International PLC sponsored ADR 262 4,019 
Symantec Corp. 41,100 745,965 
  1,493,108 
Technology Hardware, Storage & Peripherals - 4.0%   
3D Systems Corp. (a)(b) 53,900 651,112 
Diebold Nixdorf, Inc. (b) 6,647 25,923 
Seagate Technology LLC 17,843 717,824 
  1,394,859 
TOTAL INFORMATION TECHNOLOGY  10,968,884 
Media & Entertainment - 2.0%   
Media - 2.0%   
comScore, Inc. (a) 44,212 705,181 
REAL ESTATE - 12.3%   
Equity Real Estate Investment Trusts (REITs) - 12.3%   
CorePoint Lodging, Inc. 235,560 3,856,116 
JBG SMITH Properties 10,864 407,183 
  4,263,299 
TOTAL COMMON STOCKS   
(Cost $32,230,436)  29,450,368 
 Principal Amount Value 
U.S. Treasury Obligations - 0.6%   
U.S. Treasury Bills, yield at date of purchase 2.09% to 2.16% 11/29/18 to 12/27/18 (d)   
(Cost $209,523) 210,000 209,510 
 Shares Value 
Money Market Funds - 27.2%   
Fidelity Cash Central Fund, 2.23% (e) 4,766,456 $4,767,409 
Fidelity Securities Lending Cash Central Fund 2.23% (e)(f) 4,660,832 4,661,298 
TOTAL MONEY MARKET FUNDS   
(Cost $9,428,628)  9,428,707 
Equity Funds - 0.3%   
Domestic Equity Funds - 0.3%   
iShares Russell 3000 Index ETF   
(Cost $87,133) 706 112,671 
TOTAL INVESTMENT IN SECURITIES - 113.0%   
(Cost $41,955,720)  39,201,256 
NET OTHER ASSETS (LIABILITIES) - (13.0)%  (4,524,816) 
NET ASSETS - 100%  $34,676,440 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini Russell 2000 Index Contracts (United States) 7 Dec. 2018 $529,165 $(72,854) $(72,854) 
CME E-mini S&P 500 Index Contracts (United States) 26 Dec. 2018 3,524,430 (249,785) (249,785) 
TOTAL FUTURES CONTRACTS     $(322,639) 

The notional amount of futures purchased as a percentage of Net Assets is 11.7%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $5,703,049.

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) 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 $7,332 or 0.0% of net assets.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $188,563.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $62,385 
Fidelity Securities Lending Cash Central Fund 54,641 
Total $117,026 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2018, 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 $705,181 $705,181 $-- $-- 
Consumer Discretionary 6,796,164 6,796,164 -- -- 
Consumer Staples 5,328 5,328 -- -- 
Energy 1,379 1,379 -- -- 
Financials 5,846,690 5,846,690 -- -- 
Industrials 863,443 863,443 -- -- 
Information Technology 10,968,884 10,968,884 -- -- 
Real Estate 4,263,299 4,263,299 -- -- 
U.S. Government and Government Agency Obligations 209,510 -- 209,510 -- 
Money Market Funds 9,428,707 9,428,707 -- -- 
Equity Funds 112,671 112,671 -- -- 
Total Investments in Securities: $39,201,256 $38,991,746 $209,510 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(322,639) $(322,639) $-- $-- 
Total Liabilities $(322,639) $(322,639) $-- $-- 
Total Derivative Instruments: $(322,639) $(322,639) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $406,214 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2018. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(322,639) 
Total Equity Risk 0 (322,639) 
Total Value of Derivatives $0 $(322,639) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).

Other Information

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

United States of America 72.0% 
United Kingdom 10.6% 
Germany 8.7% 
Israel 2.1% 
Bermuda 2.1% 
Ireland 2.0% 
Malaysia 1.3% 
Sweden 1.2% 
Others (Individually Less Than 1%) 0.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $4,189,528) — See accompanying schedule:
Unaffiliated issuers (cost $32,457,092) 		$29,772,549  
Fidelity Central Funds (cost $9,428,628) 9,428,707  
Total Investment in Securities (cost $41,885,720)  $39,201,256 
Cash  29,778 
Receivable for investments sold  1,115,061 
Receivable for fund shares sold  12,953 
Dividends receivable  17,035 
Distributions receivable from Fidelity Central Funds  13,179 
Receivable for daily variation margin on futures contracts  31,502 
Prepaid expenses  95 
Other receivables  3,429 
Total assets  40,424,288 
Liabilities   
Payable for investments purchased $456,758  
Payable for fund shares redeemed 561,233  
Accrued management fee 25,721  
Distribution and service plan fees payable 7,930  
Other affiliated payables 8,734  
Other payables and accrued expenses 26,371  
Collateral on securities loaned 4,661,101  
Total liabilities  5,747,848 
Net Assets  $34,676,440 
Net Assets consist of:   
Paid in capital  $35,998,104 
Total distributable earnings (loss)  (1,321,664) 
Net Assets  $34,676,440 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($10,691,198 ÷ 861,997 shares)  $12.40 
Maximum offering price per share (100/94.25 of $12.40)  $13.16 
Class M:   
Net Asset Value and redemption price per share ($2,784,384 ÷ 225,616 shares)  $12.34 
Maximum offering price per share (100/96.50 of $12.34)  $12.79 
Class C:   
Net Asset Value and offering price per share ($4,716,375 ÷ 387,746 shares)(a)  $12.16 
Class I:   
Net Asset Value, offering price and redemption price per share ($14,635,825 ÷ 1,173,747 shares)  $12.47 
Class Z:   
Net Asset Value, offering price and redemption price per share ($1,848,658 ÷ 148,213 shares)  $12.47 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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


Statement of Operations

  Six months ended October 31, 2018 (Unaudited) 
Investment Income   
Dividends  $313,487 
Interest  2,572 
Income from Fidelity Central Funds (including $54,641 from security lending)  117,026 
Total income  433,085 
Expenses   
Management fee   
Basic fee $197,842  
Performance adjustment 334  
Transfer agent fees 47,407  
Distribution and service plan fees 51,113  
Accounting and security lending fees 9,603  
Custodian fees and expenses 5,647  
Independent trustees' fees and expenses 141  
Registration fees 22,092  
Audit 22,462  
Legal 2,511  
Miscellaneous 193  
Total expenses before reductions 359,345  
Expense reductions (10,498)  
Total expenses after reductions  348,847 
Net investment income (loss)  84,238 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,177,034  
Fidelity Central Funds 360  
Foreign currency transactions 1,147  
Futures contracts 410,579  
Total net realized gain (loss)  1,589,120 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (5,557,325)  
Fidelity Central Funds (1)  
Assets and liabilities in foreign currencies (110)  
Futures contracts (194,276)  
Total change in net unrealized appreciation (depreciation)  (5,751,712) 
Net gain (loss)  (4,162,592) 
Net increase (decrease) in net assets resulting from operations  $(4,078,354) 

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


Statement of Changes in Net Assets

 Six months ended October 31, 2018 (Unaudited) Year ended April 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $84,238 $(125,323) 
Net realized gain (loss) 1,589,120 3,355,101 
Change in net unrealized appreciation (depreciation) (5,751,712) 351,728 
Net increase (decrease) in net assets resulting from operations (4,078,354) 3,581,506 
Distributions to shareholders (815,259) – 
Distributions to shareholders from net realized gain – (2,300,863) 
Total distributions (815,259) (2,300,863) 
Share transactions - net increase (decrease) (7,470,986) 19,977,448 
Total increase (decrease) in net assets (12,364,599) 21,258,091 
Net Assets   
Beginning of period 47,041,039 25,782,948 
End of period $34,676,440 $47,041,039 
Other Information   
Undistributed net investment income end of period  $626 

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


Financial Highlights

Fidelity Advisor Event Driven Opportunities Fund Class A

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2018 2018 2017 2016 2015 2014 A 
Selected Per–Share Data       
Net asset value, beginning of period $13.97 $13.39 $10.87 $11.26 $10.58 $10.00 
Income from Investment Operations       
Net investment income (loss)B .02 (.05) (.06) .08C .01 .02D 
Net realized and unrealized gain (loss) (1.36) 1.62 2.95 (.36)E .89F .56G 
Total from investment operations (1.34) 1.57 2.89 (.28) .90 .58 
Distributions from net investment income – – (.04) – (.01) – 
Distributions from net realized gain (.23) (.99) (.32) (.11) (.20) – 
Total distributions (.23) (.99) (.37)H (.11) (.22)I – 
Net asset value, end of period $12.40 $13.97 $13.39 $10.87 $11.26 $10.58 
Total ReturnJ,K,L (9.82)% 12.15% 26.97% (2.49)%E 8.55%F 5.80%G 
Ratios to Average Net AssetsM,N       
Expenses before reductions 1.59%O 1.80% 2.34% 2.76% 2.82% 4.76%O 
Expenses net of fee waivers, if any 1.55%O 1.55% 1.55% 1.55% 1.55% 1.55%O 
Expenses net of all reductions 1.53%O 1.53% 1.54% 1.54% 1.53% 1.55%O 
Net investment income (loss) .31%O (.38)% (.53)% .74%C .10% .59%D,O 
Supplemental Data       
Net assets, end of period (000 omitted) $10,691 $11,752 $6,407 $2,513 $2,983 $1,389 
Portfolio turnover rateP 78%O 86% 120% 113% 150% 57%Q 

 A For the period December 12, 2013 (commencement of operations) to April 30, 2014.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .22%.

 D Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.25) %.

 E Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (2.52)%.

 F Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 8.47%.

 G Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 5.70%.

 H Total distributions of $.37 per share is comprised of distributions from net investment income of $.043 and distributions from net realized gain of $.323 per share.

 I Total distributions of $.22 per share is comprised of distributions from net investment income of $.014 and distributions from net realized gain of $.201 per share.

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

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

 L Total returns do not include the effect of the sales charges.

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

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

 O Annualized

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

 Q Amount not annualized.

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


Fidelity Advisor Event Driven Opportunities Fund Class M

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2018 2018 2017 2016 2015 2014 A 
Selected Per–Share Data       
Net asset value, beginning of period $13.91 $13.33 $10.83 $11.25 $10.57 $10.00 
Income from Investment Operations       
Net investment income (loss)B – (.09) (.09) .05C (.02) .01D 
Net realized and unrealized gain (loss) (1.36) 1.63 2.93 (.36)E .89F .56G 
Total from investment operations (1.36) 1.54 2.84 (.31) .87 .57 
Distributions from net investment income – – (.03) – (.01) – 
Distributions from net realized gain (.21) (.96) (.31) (.11) (.18) – 
Total distributions (.21) (.96) (.34) (.11) (.19) – 
Net asset value, end of period $12.34 $13.91 $13.33 $10.83 $11.25 $10.57 
Total ReturnH,I,J (9.95)% 11.91% 26.59% (2.76)%E 8.35%F 5.70%G 
Ratios to Average Net AssetsK,L       
Expenses before reductions 1.86%M 2.10% 2.60% 2.98% 3.18% 4.95%M 
Expenses net of fee waivers, if any 1.80%M 1.80% 1.80% 1.80% 1.80% 1.80%M 
Expenses net of all reductions 1.78%M 1.78% 1.79% 1.79% 1.78% 1.80%M 
Net investment income (loss) .06%M (.63)% (.78)% .49%C (.15)% .34%D,M 
Supplemental Data       
Net assets, end of period (000 omitted) $2,784 $3,149 $2,568 $966 $1,977 $1,631 
Portfolio turnover rateN 78%M 86% 120% 113% 150% 57%O 

 A For the period December 12, 2013 (commencement of operations) to April 30, 2014.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.03) %.

 D Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.50) %.

 E Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (2.79)%.

 F Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 8.27%.

 G Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 5.60%.

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

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

 J Total returns do not include the effect of the sales charges.

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

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

 M Annualized

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

 O Amount not annualized.

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


Fidelity Advisor Event Driven Opportunities Fund Class C

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2018 2018 2017 2016 2015 2014 A 
Selected Per–Share Data       
Net asset value, beginning of period $13.73 $13.18 $10.72 $11.19 $10.55 $10.00 
Income from Investment Operations       
Net investment income (loss)B (.03) (.15) (.15) –C,D (.07) (.01)E 
Net realized and unrealized gain (loss) (1.34) 1.61 2.90 (.36)F .88G .56H 
Total from investment operations (1.37) 1.46 2.75 (.36) .81 .55 
Distributions from net investment income – – (.02) – – – 
Distributions from net realized gain (.20) (.91) (.28) (.11) (.17) – 
Total distributions (.20) (.91) (.29)I (.11) (.17) – 
Net asset value, end of period $12.16 $13.73 $13.18 $10.72 $11.19 $10.55 
Total ReturnJ,K,L (10.19)% 11.39% 25.96% (3.23)%F 7.75%G 5.50%H 
Ratios to Average Net AssetsM,N       
Expenses before reductions 2.35%O 2.55% 3.03% 3.46% 3.63% 5.38%O 
Expenses net of fee waivers, if any 2.30%O 2.30% 2.30% 2.30% 2.30% 2.30%O 
Expenses net of all reductions 2.28%O 2.28% 2.29% 2.29% 2.29% 2.30%O 
Net investment income (loss) (.44)%O (1.13)% (1.28)% (.01)%C (.65)% (.16)%E,O 
Supplemental Data       
Net assets, end of period (000 omitted) $4,716 $5,290 $3,663 $1,046 $1,846 $3,011 
Portfolio turnover rateP 78%O 86% 120% 113% 150% 57%Q 

 A For the period December 12, 2013 (commencement of operations) to April 30, 2014.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.53) %.

 D Amount represents less than $.005 per share.

 E Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.00) %.

 F Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (3.26)%.

 G Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 7.67%.

 H Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 5.40%.

 I Total distributions of $.29 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $.275 per share.

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

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

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

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

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

 O Annualized

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

 Q Amount not annualized.

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


Fidelity Advisor Event Driven Opportunities Fund Class I

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2018 2018 2017 2016 2015 2014 A 
Selected Per–Share Data       
Net asset value, beginning of period $14.05 $13.45 $10.91 $11.28 $10.59 $10.00 
Income from Investment Operations       
Net investment income (loss)B .04 (.02) (.03) .11C .04 .03D 
Net realized and unrealized gain (loss) (1.37) 1.64 2.96 (.37)E .89F .56G 
Total from investment operations (1.33) 1.62 2.93 (.26) .93 .59 
Distributions from net investment income – – (.05) – (.03) – 
Distributions from net realized gain (.25) (1.02) (.34) (.11) (.21) – 
Total distributions (.25) (1.02) (.39) (.11) (.24) – 
Net asset value, end of period $12.47 $14.05 $13.45 $10.91 $11.28 $10.59 
Total ReturnH,I (9.72)% 12.50% 27.33% (2.31)%E 8.86%F 5.90%G 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 1.28%L 1.46% 1.97% 2.17% 2.63% 4.50%L 
Expenses net of fee waivers, if any 1.28%L 1.30% 1.30% 1.30% 1.30% 1.30%L 
Expenses net of all reductions 1.26%L 1.28% 1.29% 1.28% 1.28% 1.30%L 
Net investment income (loss) .59%L (.13)% (.28)% 1.00%C .35% .84%D,L 
Supplemental Data       
Net assets, end of period (000 omitted) $14,636 $26,849 $13,145 $3,604 $1,990 $1,962 
Portfolio turnover rateM 78%L 86% 120% 113% 150% 57%N 

 A For the period December 12, 2013 (commencement of operations) to April 30, 2014.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .47%.

 D Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.01) %.

 E Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (2.34)%.

 F Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 8.78%.

 G Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 5.80%.

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

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

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

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

 L Annualized

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

 N Amount not annualized.

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


Fidelity Advisor Event Driven Opportunities Fund Class Z

 Six months ended (Unaudited) October 31, 
 2018 A 
Selected Per–Share Data  
Net asset value, beginning of period $13.70 
Income from Investment Operations  
Net investment income (loss)B – 
Net realized and unrealized gain (loss) (1.23) 
Total from investment operations (1.23) 
Net asset value, end of period $12.47 
Total ReturnC,D (8.98)% 
Ratios to Average Net AssetsE,F  
Expenses before reductions 1.00%G 
Expenses net of fee waivers, if any .99%G 
Expenses net of all reductions .97%G 
Net investment income (loss) (.35)%G 
Supplemental Data  
Net assets, end of period (000 omitted) $1,849 
Portfolio turnover rateH 78%G 

 A For the period October 2, 2018 (commencement of sale of shares) to October 31, 2018.

 B Calculated based on average shares outstanding during the period.

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

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

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

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

 G Annualized

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

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


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2018

1. Organization.

Fidelity Advisor Event Driven Opportunities Fund (the Fund) is a non-diversified fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. 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 commenced sale of Class Z shares on October 2, 2018. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs 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 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2018, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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.

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

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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, partnerships, market discount 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 $1,579,567 
Gross unrealized depreciation (4,369,906) 
Net unrealized appreciation (depreciation) $(2,790,339) 
Tax cost $41,991,595 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 
Distributions to Shareholders Note to Financial Statements Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

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

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $15,370,361 and $22,480,588, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .84% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $15,716 $2,641 
Class M .25% .25% 8,232 216 
Class C .75% .25% 27,165 8,212 
   $51,113 $11,069 

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 $6,091 
Class M 527 
Class C(a) 316 
 $6,934 

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

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

 Amount % of Class-Level Average Net Assets(a) 
Class A $15,102 .24 
Class M 4,147 .25 
Class C 6,552 .24 
Class I 21,595 .17 
Class Z 11 .04 
 $47,407  

 (a) Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .04%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $710 for the period.

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

7. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $63 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $2,554 from securities loaned to FCM.

9. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through August 31, 2020. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense Limitations Reimbursement 
Class A 1.55% $2,641 
Class M 1.80% 908 
Class C 2.30% 1,227 
  $4,776 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $5,523 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $25.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $174.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
October 31, 2018 		Year ended
April 30, 2018 
Distributions to shareholders   
Class A $197,817 $– 
Class M 49,425 – 
Class C 78,799 – 
Class I 489,218 – 
Total $815,259 $– 
From net realized gain   
Class A $– $593,053 
Class M – 184,264 
Class C – 298,372 
Class I – 1,225,174 
Total $– $2,300,863 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended October 31, 2018(a) Year ended April 30, 2018 Six months ended October 31, 2018(a) Year ended April 30, 2018 
Class A     
Shares sold 150,273 450,756 $2,100,944 $6,238,605 
Reinvestment of distributions 13,812 44,180 197,240 591,573 
Shares redeemed (143,062) (132,477) (1,876,987) (1,823,574) 
Net increase (decrease) 21,023 362,459 $421,197 $5,006,604 
Class M     
Shares sold 18,758 94,566 $262,023 $1,299,217 
Reinvestment of distributions 3,476 13,813 49,425 184,264 
Shares redeemed (23,026) (74,588) (293,251) (1,015,070) 
Net increase (decrease) (792) 33,791 $18,197 $468,411 
Class C     
Shares sold 69,203 164,128 $950,899 $2,231,576 
Reinvestment of distributions 5,598 22,465 78,655 296,504 
Shares redeemed (72,343) (79,141) (974,333) (1,067,604) 
Net increase (decrease) 2,458 107,452 $55,221 $1,460,476 
Class I     
Shares sold 461,598 1,360,275 $6,477,461 $18,956,142 
Reinvestment of distributions 26,276 57,819 376,796 777,083 
Shares redeemed (1,225,614) (483,947) (16,658,948) (6,691,268) 
Net increase (decrease) (737,740) 934,147 $(9,804,691) $13,041,957 
Class Z     
Shares sold 149,809 – $1,858,737 $– 
Shares redeemed (1,596) – (19,647) – 
Net increase (decrease) 148,213 – $1,839,090 $– 

 (a) Share transactions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to October 31, 2018

12. Other.

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

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018) for Class A, Class M, Class C and Class I, and for the period (October 2, 2018 to October 31, 2018) for Class Z. The hypothetical expense Example is based on an investment of $1,000 invested for one-half year period (May 1, 2018 to October 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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 		Ending
Account Value
October 31, 2018 		Expenses Paid
During Period 
Class A 1.55%    
Actual  $1,000.00 $901.80 $7.43-B 
Hypothetical-C  $1,000.00 $1,017.39 $7.88-D 
Class M 1.80%    
Actual  $1,000.00 $900.50 $8.62-B 
Hypothetical-C  $1,000.00 $1,016.13 $9.15-D 
Class C 2.30%    
Actual  $1,000.00 $898.10 $11.00-B 
Hypothetical-C  $1,000.00 $1,013.61 $11.67-D 
Class I 1.28%    
Actual  $1,000.00 $902.80 $6.14-B 
Hypothetical-C  $1,000.00 $1,018.75 $6.51-D 
Class Z .99%    
Actual  $1,000.00 $910.20 $.78-B 
Hypothetical-C  $1,000.00 $1,020.21 $5.04-D 

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

 B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Class A, Class M, Class C and Class I, and multiplied by 30/365 (to reflect the period October 2, 2018 to October 31, 2018) for Class Z.

 C 5% return per year before expenses

 D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period).

Board Approval of Investment Advisory Contracts

Fidelity Advisor Event Driven Opportunities Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders, including the expense cap arrangement currently in place for the fund; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

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 fund, 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, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

AEDO-SANN-1218
1.9585369.104

Fidelity® Large Cap Stock K6 Fund



Semi-Annual Report

October 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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

You may also call 1-800-835-5092 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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2018

 % of fund's net assets 
Microsoft Corp. 4.6 
Comcast Corp. Class A 3.5 
Exxon Mobil Corp. 3.5 
Bank of America Corp. 3.3 
Altria Group, Inc. 3.0 
JPMorgan Chase & Co. 2.9 
Apple, Inc. 2.7 
Wells Fargo & Co. 2.2 
Citigroup, Inc. 2.1 
Chevron Corp. 2.0 
 29.8 

Top Five Market Sectors as of October 31, 2018

 % of fund's net assets 
Financials 20.1 
Health Care 16.2 
Information Technology 15.9 
Energy 12.6 
Industrials 9.7 

Asset Allocation (% of fund's net assets)

As of October 31, 2018* 
   Stocks 97.9% 
   Convertible Securities 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.9% 


 * Foreign investments - 13.0%

Schedule of Investments October 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%   
 Shares Value 
COMMUNICATION SERVICES - 8.4%   
Diversified Telecommunication Services - 1.4%   
AT&T, Inc. 2,894 $88,788 
Verizon Communications, Inc. 19,649 1,121,761 
  1,210,549 
Entertainment - 1.3%   
The Walt Disney Co. 6,709 770,394 
Viacom, Inc. Class B (non-vtg.) 2,382 76,176 
Vivendi SA 12,400 299,067 
  1,145,637 
Interactive Media & Services - 1.1%   
Alphabet, Inc.:   
Class A (a) 427 465,678 
Class C (a) 406 437,169 
Snap, Inc. Class A (a) 5,900 38,999 
  941,846 
Media - 4.6%   
Charter Communications, Inc. Class A (a) 789 252,772 
Comcast Corp. Class A 82,103 3,131,408 
Discovery Communications, Inc. Class A (a)(b) 7,071 229,030 
Interpublic Group of Companies, Inc. 16,994 393,581 
Omnicom Group, Inc. 1,294 96,170 
  4,102,961 
TOTAL COMMUNICATION SERVICES  7,400,993 
CONSUMER DISCRETIONARY - 2.7%   
Auto Components - 0.0%   
Gentex Corp. 1,100 23,155 
Distributors - 0.1%   
LKQ Corp. (a) 2,000 54,540 
Hotels, Restaurants & Leisure - 0.0%   
Drive Shack, Inc. (a) 5,310 28,355 
Household Durables - 0.2%   
Mohawk Industries, Inc. (a) 900 112,257 
NVR, Inc. (a) 20 44,781 
  157,038 
Multiline Retail - 0.4%   
Dollar Tree, Inc. (a) 2,000 168,600 
Target Corp. 2,539 212,337 
  380,937 
Specialty Retail - 2.0%   
L Brands, Inc. 7,827 253,751 
Lowe's Companies, Inc. 9,005 857,456 
Ross Stores, Inc. 487 48,213 
Sally Beauty Holdings, Inc. (a) 11,061 196,996 
TJX Companies, Inc. 3,817 419,412 
  1,775,828 
TOTAL CONSUMER DISCRETIONARY  2,419,853 
CONSUMER STAPLES - 9.1%   
Beverages - 1.3%   
The Coca-Cola Co. 23,970 1,147,684 
Food & Staples Retailing - 1.8%   
Walgreens Boots Alliance, Inc. 3,400 271,218 
Walmart, Inc. 13,402 1,343,953 
  1,615,171 
Food Products - 0.3%   
The Hershey Co. 2,706 289,948 
Household Products - 1.5%   
Kimberly-Clark Corp. 719 74,992 
Procter & Gamble Co. 13,896 1,232,297 
Spectrum Brands Holdings, Inc. 300 19,485 
  1,326,774 
Tobacco - 4.2%   
Altria Group, Inc. 40,431 2,629,632 
British American Tobacco PLC sponsored ADR 25,126 1,090,468 
  3,720,100 
TOTAL CONSUMER STAPLES  8,099,677 
ENERGY - 12.6%   
Energy Equipment & Services - 1.7%   
Baker Hughes, a GE Co. Class A 14,542 388,126 
Ensco PLC Class A 7,398 52,822 
National Oilwell Varco, Inc. 9,377 345,074 
Oceaneering International, Inc. (a) 10,162 192,468 
Schlumberger Ltd. 5,800 297,598 
TechnipFMC PLC 10,100 265,630 
Transocean Ltd. (United States) (a)(b) 1,700 18,717 
  1,560,435 
Oil, Gas & Consumable Fuels - 10.9%   
BP PLC sponsored ADR 23,278 1,009,567 
Cabot Oil & Gas Corp. 14,746 357,296 
Cenovus Energy, Inc. (Canada) 129,883 1,099,090 
Chevron Corp. 15,475 1,727,784 
Enterprise Products Partners LP 636 17,058 
Equinor ASA sponsored ADR 26,287 675,576 
Exxon Mobil Corp. 38,673 3,081,465 
Hess Corp. 343 19,688 
Imperial Oil Ltd. 10,963 342,435 
Kosmos Energy Ltd. (a) 36,600 237,534 
Legacy Reserves, Inc. (a) 10,653 44,849 
Suncor Energy, Inc. 19,162 642,785 
Teekay Offshore Partners LP 11,448 24,957 
The Williams Companies, Inc. 15,592 379,353 
  9,659,437 
TOTAL ENERGY  11,219,872 
FINANCIALS - 20.1%   
Banks - 13.2%   
Bank of America Corp. 107,587 2,958,643 
BNP Paribas SA 500 26,125 
Citigroup, Inc. 28,357 1,856,249 
First Hawaiian, Inc. 1,400 34,692 
JPMorgan Chase & Co. 23,277 2,537,659 
M&T Bank Corp. 700 115,787 
PNC Financial Services Group, Inc. 6,200 796,638 
Standard Chartered PLC (United Kingdom) 32 225 
SunTrust Banks, Inc. 11,860 743,148 
U.S. Bancorp 15,357 802,710 
Wells Fargo & Co. 35,785 1,904,836 
  11,776,712 
Capital Markets - 4.7%   
Cboe Global Markets, Inc. 1,100 124,135 
Charles Schwab Corp. 11,136 514,929 
KKR & Co. LP 16,059 379,795 
Morgan Stanley 15,498 707,639 
Northern Trust Corp. 11,456 1,077,666 
State Street Corp. 18,835 1,294,906 
Virtu Financial, Inc. Class A 1,400 33,208 
  4,132,278 
Insurance - 0.8%   
Chubb Ltd. 1,500 187,365 
MetLife, Inc. 9,117 375,529 
The Travelers Companies, Inc. 1,000 125,130 
  688,024 
Thrifts & Mortgage Finance - 1.4%   
MGIC Investment Corp. (a) 27,618 337,216 
Radian Group, Inc. 49,369 947,391 
  1,284,607 
TOTAL FINANCIALS  17,881,621 
HEALTH CARE - 16.2%   
Biotechnology - 2.1%   
Alexion Pharmaceuticals, Inc. (a) 6,071 680,377 
Alnylam Pharmaceuticals, Inc. (a) 1,001 80,510 
Amgen, Inc. 1,164 224,408 
AnaptysBio, Inc. (a) 500 37,360 
Atara Biotherapeutics, Inc. (a) 2,430 83,033 
Insmed, Inc. (a) 5,969 87,147 
Intercept Pharmaceuticals, Inc. (a) 5,496 527,671 
Mirati Therapeutics, Inc. (a) 1,700 63,529 
Spark Therapeutics, Inc. (a) 1,373 61,771 
TESARO, Inc. (a) 325 9,386 
  1,855,192 
Health Care Equipment & Supplies - 2.0%   
Boston Scientific Corp. (a) 36,289 1,311,484 
Danaher Corp. 3,203 318,378 
Zimmer Biomet Holdings, Inc. 1,114 126,539 
  1,756,401 
Health Care Providers & Services - 6.2%   
AmerisourceBergen Corp. 6,497 571,736 
Anthem, Inc. 1,641 452,210 
Cardinal Health, Inc. 12,322 623,493 
Cigna Corp. 3,753 802,429 
CVS Health Corp. 21,596 1,563,334 
Henry Schein, Inc. (a) 200 16,600 
Humana, Inc. 625 200,256 
McKesson Corp. 7,097 885,422 
MEDNAX, Inc. (a) 800 33,032 
UnitedHealth Group, Inc. 1,495 390,718 
  5,539,230 
Health Care Technology - 0.1%   
Castlight Health, Inc. Class B (a) 20,322 50,195 
Pharmaceuticals - 5.8%   
Allergan PLC 703 111,081 
AstraZeneca PLC sponsored ADR 5,237 203,091 
Bayer AG 8,802 674,695 
Eli Lilly & Co. 1,200 130,128 
GlaxoSmithKline PLC sponsored ADR 36,790 1,437,017 
Jazz Pharmaceuticals PLC (a) 3,348 531,729 
Johnson & Johnson 8,656 1,211,753 
Perrigo Co. PLC 1,200 84,360 
Sanofi SA 1,758 157,096 
Teva Pharmaceutical Industries Ltd. sponsored ADR 18,952 378,661 
The Medicines Company (a) 600 13,956 
TherapeuticsMD, Inc. (a)(b) 51,131 250,031 
  5,183,598 
TOTAL HEALTH CARE  14,384,616 
INDUSTRIALS - 9.7%   
Aerospace & Defense - 1.7%   
General Dynamics Corp. 1,465 252,830 
Huntington Ingalls Industries, Inc. 100 21,848 
United Technologies Corp. 10,293 1,278,494 
  1,553,172 
Air Freight & Logistics - 1.8%   
C.H. Robinson Worldwide, Inc. 2,569 228,718 
FedEx Corp. 594 130,882 
United Parcel Service, Inc. Class B 11,681 1,244,494 
  1,604,094 
Building Products - 0.0%   
A.O. Smith Corp. 400 18,212 
Commercial Services & Supplies - 0.2%   
ADS Waste Holdings, Inc. (a) 2,887 78,209 
Stericycle, Inc. (a) 1,656 82,750 
  160,959 
Electrical Equipment - 0.6%   
Acuity Brands, Inc. 3,049 383,076 
Hubbell, Inc. Class B 1,447 147,160 
  530,236 
Industrial Conglomerates - 1.7%   
3M Co. 100 19,026 
General Electric Co. 146,944 1,484,134 
  1,503,160 
Machinery - 0.8%   
Flowserve Corp. 11,498 527,758 
Wabtec Corp. 2,330 191,107 
  718,865 
Professional Services - 0.3%   
IHS Markit Ltd. (a) 4,337 227,823 
Road & Rail - 2.5%   
CSX Corp. 3,274 225,448 
J.B. Hunt Transport Services, Inc. 4,778 528,495 
Knight-Swift Transportation Holdings, Inc. Class A 7,900 252,800 
Norfolk Southern Corp. 2,739 459,686 
Union Pacific Corp. 5,472 800,116 
  2,266,545 
Trading Companies & Distributors - 0.1%   
Fastenal Co. 1,108 56,962 
TOTAL INDUSTRIALS  8,640,028 
INFORMATION TECHNOLOGY - 15.7%   
Communications Equipment - 0.9%   
Cisco Systems, Inc. 17,333 792,985 
Electronic Equipment & Components - 0.1%   
Itron, Inc. (a) 2,282 118,983 
IT Services - 3.5%   
IBM Corp. 643 74,221 
Interxion Holding N.V. (a) 2,224 130,927 
MasterCard, Inc. Class A 2,812 555,848 
Paychex, Inc. 9,906 648,744 
Unisys Corp. (a) 13,223 243,435 
Visa, Inc. Class A 10,366 1,428,953 
  3,082,128 
Semiconductors & Semiconductor Equipment - 2.0%   
Analog Devices, Inc. 809 67,721 
Applied Materials, Inc. 7,200 236,736 
Lam Research Corp. 900 127,557 
Qualcomm, Inc. 21,693 1,364,273 
  1,796,287 
Software - 6.3%   
Micro Focus International PLC 2,000 31,004 
Microsoft Corp. 38,488 4,110,903 
Oracle Corp. 19,844 969,181 
SAP SE sponsored ADR 4,743 508,734 
  5,619,822 
Technology Hardware, Storage & Peripherals - 2.9%   
Apple, Inc. 10,960 2,398,706 
Western Digital Corp. 3,100 133,517 
  2,532,223 
TOTAL INFORMATION TECHNOLOGY  13,942,428 
MATERIALS - 1.8%   
Chemicals - 1.7%   
CF Industries Holdings, Inc. 3,509 168,537 
DowDuPont, Inc. 1,600 86,272 
International Flavors & Fragrances, Inc. 1,000 144,660 
Intrepid Potash, Inc. (a) 39,717 156,882 
LyondellBasell Industries NV Class A 3,119 278,433 
Nutrien Ltd. 9,645 510,585 
The Scotts Miracle-Gro Co. Class A 1,041 69,476 
W.R. Grace & Co. 1,949 126,276 
  1,541,121 
Metals & Mining - 0.1%   
Lundin Mining Corp. 19,900 81,780 
TOTAL MATERIALS  1,622,901 
REAL ESTATE - 0.6%   
Equity Real Estate Investment Trusts (REITs) - 0.6%   
American Tower Corp. 1,001 155,966 
Equinix, Inc. 572 216,639 
Public Storage 583 119,789 
Simon Property Group, Inc. 200 36,704 
  529,098 
UTILITIES - 1.0%   
Electric Utilities - 1.0%   
Duke Energy Corp. 800 66,104 
Exelon Corp. 10,481 459,173 
PPL Corp. 4,794 145,738 
Southern Co. 2,351 105,866 
Vistra Energy Corp. (a) 5,377 121,682 
  898,563 
Multi-Utilities - 0.0%   
Sempra Energy 400 44,048 
TOTAL UTILITIES  942,611 
TOTAL COMMON STOCKS   
(Cost $84,921,474)  87,083,698 
Convertible Preferred Stocks - 0.2%   
INFORMATION TECHNOLOGY - 0.2%   
Internet Software & Services - 0.2%   
Lyft, Inc. Series I (c)(d)   
(Cost $172,984) 3,653 172,984 
Money Market Funds - 2.7%   
Fidelity Cash Central Fund, 2.23% (e) 1,862,777 1,863,149 
Fidelity Securities Lending Cash Central Fund 2.23% (e)(f) 515,644 515,696 
TOTAL MONEY MARKET FUNDS   
(Cost $2,378,845)  2,378,845 
TOTAL INVESTMENT IN SECURITIES - 100.8%   
(Cost $87,473,303)  89,635,527 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (722,299) 
NET ASSETS - 100%  $88,913,228 

Legend

 (a) Non-income producing

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

 (c) Restricted securities - 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 $172,984 or 0.2% of net assets.

 (d) Level 3 security

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (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 
Lyft, Inc. Series I 6/27/18 $172,984 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $9,999 
Fidelity Securities Lending Cash Central Fund 4,728 
Total $14,727 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2018, 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 $7,400,993 $7,101,926 $299,067 $-- 
Consumer Discretionary 2,419,853 2,419,853 -- -- 
Consumer Staples 8,099,677 8,099,677 -- -- 
Energy 11,219,872 11,219,872 -- -- 
Financials 17,881,621 17,881,621 -- -- 
Health Care 14,384,616 13,552,825 831,791 -- 
Industrials 8,640,028 8,640,028 -- -- 
Information Technology 14,115,412 13,911,424 31,004 172,984 
Materials 1,622,901 1,622,901 -- -- 
Real Estate 529,098 529,098 -- -- 
Utilities 942,611 942,611 -- -- 
Money Market Funds 2,378,845 2,378,845 -- -- 
Total Investments in Securities: $89,635,527 $88,300,681 $1,161,862 $172,984 

Other Information

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

United States of America 87.0% 
United Kingdom 4.5% 
Canada 3.0% 
Germany 1.4% 
Others (Individually Less Than 1%) 4.1% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $499,764) — See accompanying schedule:
Unaffiliated issuers (cost $85,094,458) 		$87,256,682  
Fidelity Central Funds (cost $2,378,845) 2,378,845  
Total Investment in Securities (cost $87,473,303)  $89,635,527 
Cash  12,348 
Receivable for investments sold  108,859 
Receivable for fund shares sold  10,642 
Dividends receivable  71,742 
Distributions receivable from Fidelity Central Funds  2,836 
Other receivables  1,561 
Total assets  89,843,515 
Liabilities   
Payable for investments purchased $370,381  
Payable for fund shares redeemed 9,943  
Accrued management fee 34,216  
Collateral on securities loaned 515,747  
Total liabilities  930,287 
Net Assets  $88,913,228 
Net Assets consist of:   
Paid in capital  $84,502,471 
Total distributable earnings (loss)  4,410,757 
Net Assets, for 7,889,494 shares outstanding  $88,913,228 
Net Asset Value, offering price and redemption price per share ($88,913,228 ÷ 7,889,494 shares)  $11.27 

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


Statement of Operations

  Six months ended October 31, 2018 (Unaudited) 
Investment Income   
Dividends  $997,201 
Income from Fidelity Central Funds  14,727 
Total income  1,011,928 
Expenses   
Management fee $202,273  
Independent trustees' fees and expenses 253  
Commitment fees 111  
Total expenses before reductions 202,637  
Expense reductions (3,695)  
Total expenses after reductions  198,942 
Net investment income (loss)  812,986 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,591,727  
Fidelity Central Funds (106)  
Foreign currency transactions 232  
Total net realized gain (loss)  1,591,853 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 340,867  
Assets and liabilities in foreign currencies 140  
Total change in net unrealized appreciation (depreciation)  341,007 
Net gain (loss)  1,932,860 
Net increase (decrease) in net assets resulting from operations  $2,745,846 

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


Statement of Changes in Net Assets

 Six months ended October 31, 2018 (Unaudited) For the period
May 25, 2017 (commencement of operations) to April 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $812,986 $668,095 
Net realized gain (loss) 1,591,853 310,259 
Change in net unrealized appreciation (depreciation) 341,007 1,821,176 
Net increase (decrease) in net assets resulting from operations 2,745,846 2,799,530 
Distributions to shareholders (771,425) – 
Distributions to shareholders from net investment income – (290,555) 
Distributions to shareholders from net realized gain – (72,639) 
Total distributions (771,425) (363,194) 
Share transactions   
Proceeds from sales of shares 9,152,958 95,862,843 
Reinvestment of distributions 771,425 363,194 
Cost of shares redeemed (7,202,679) (14,445,270) 
Net increase (decrease) in net assets resulting from share transactions 2,721,704 81,780,767 
Total increase (decrease) in net assets 4,696,125 84,217,103 
Net Assets   
Beginning of period 84,217,103 – 
End of period $88,913,228 $84,217,103 
Other Information   
Undistributed net investment income end of period  $358,283 
Shares   
Sold 787,857 8,938,068 
Issued in reinvestment of distributions 67,550 33,168 
Redeemed (621,882) (1,315,267) 
Net increase (decrease) 233,525 7,655,969 

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


Financial Highlights

Fidelity Large Cap Stock K6 Fund

 Six months ended (Unaudited) October 31, Years endedApril 30, 
 2018 2018 A 
Selected Per–Share Data   
Net asset value, beginning of period $11.00 $10.00 
Income from Investment Operations   
Net investment income (loss)B .10 .16 
Net realized and unrealized gain (loss) .27 .91 
Total from investment operations .37 1.07 
Distributions from net investment income (.05) (.05) 
Distributions from net realized gain (.05) (.01) 
Total distributions (.10) (.07)C 
Net asset value, end of period $11.27 $11.00 
Total ReturnD,E 3.36% 10.65% 
Ratios to Average Net AssetsF,G   
Expenses before reductions .45%H .45%H 
Expenses net of fee waivers, if any .45%H .45%H 
Expenses net of all reductions .44%H .45%H 
Net investment income (loss) 1.81%H 1.55%H 
Supplemental Data   
Net assets, end of period (000 omitted) $88,913 $84,217 
Portfolio turnover rateI 48%H 67%H,J 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

 H Annualized

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

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

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


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2018

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.

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 October 31, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

Gross unrealized appreciation $7,247,412 
Gross unrealized depreciation (5,259,522) 
Net unrealized appreciation (depreciation) $1,987,890 
Tax cost $87,647,637 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities
 		Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A – removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $23,913,594 and $20,847,804, respectively.

Prior Fiscal Year Exchanges In-Kind. During the prior period, investments and cash received in-kind through subscriptions totaled $49,744,521 in exchange for 4,593,796 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $740 for the period.

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

Prior Fiscal Year Exchanges In-Kind. During the prior period, an affiliated entity completed an exchange in-kind with the Fund. The affiliated entity delivered investments and cash valued at $28,434,880 in exchange for 2,763,351 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $111 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $241,566. 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. Total security lending income during the period amounted to $4,728, including $2,085 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,640 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $55.

9. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2018 to October 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2018 		Ending
Account Value
October 31, 2018 		Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 
Actual .45% $1,000.00 $1,033.60 $2.31 
Hypothetical-C  $1,000.00 $1,022.94 $2.29 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Large Cap Stock K6 Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

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 fund, 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, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

LCSK6-SANN-1218
1.9883970.101

Fidelity® Small Cap Stock K6 Fund



Semi-Annual Report

October 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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

You may also call 1-800-835-5092 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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2018

 % of fund's net assets 
NICE Systems Ltd. sponsored ADR 2.7 
CBIZ, Inc. 2.4 
Insperity, Inc. 2.1 
Allison Transmission Holdings, Inc. 2.0 
Primerica, Inc. 1.9 
Ebix, Inc. 1.9 
Charles River Laboratories International, Inc. 1.9 
Stamps.com, Inc. 1.9 
Cable One, Inc. 1.9 
SYNNEX Corp. 1.9 
 20.6 

Top Five Market Sectors as of October 31, 2018

 % of fund's net assets 
Financials 18.5 
Information Technology 16.8 
Industrials 16.5 
Consumer Discretionary 16.2 
Health Care 15.9 

Asset Allocation (% of fund's net assets)

As of October 31, 2018* 
   Stocks 100.2% 
 Short-Term Investments and Net Other Assets (Liabilities)** (0.2)% 


 * Foreign investments – 21.0%

 ** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart

Schedule of Investments October 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.2%   
 Shares Value 
COMMUNICATION SERVICES - 2.3%   
Interactive Media & Services - 0.2%   
Mitula Group Ltd. (a) 297,602 $143,308 
Media - 2.1%   
Cable One, Inc. 1,871 1,675,930 
comScore, Inc. (a) 13,561 216,298 
  1,892,228 
TOTAL COMMUNICATION SERVICES  2,035,536 
CONSUMER DISCRETIONARY - 16.2%   
Distributors - 0.3%   
Educational Development Corp. 19,042 233,265 
Diversified Consumer Services - 3.0%   
Arco Platform Ltd. Class A 800 17,048 
Career Education Corp. (a) 100,531 1,445,636 
Collectors Universe, Inc. 23,762 342,173 
Laureate Education, Inc. Class A (a) 60,909 906,935 
  2,711,792 
Hotels, Restaurants & Leisure - 2.7%   
Choice Hotels International, Inc. 11,239 824,943 
MTY Food Group, Inc. 31,397 1,619,875 
  2,444,818 
Household Durables - 6.1%   
Cavco Industries, Inc. (a) 5,280 1,059,221 
Helen of Troy Ltd. (a) 10,720 1,330,566 
LGI Homes, Inc. (a)(b) 23,780 1,017,546 
New Home Co. LLC (a) 62,130 442,987 
Skyline Champion Corp. 12,464 297,017 
TRI Pointe Homes, Inc. (a) 112,004 1,332,848 
  5,480,185 
Internet & Direct Marketing Retail - 3.2%   
Duluth Holdings, Inc. (a)(b) 29,780 915,139 
Kogan.Com Ltd. 18,900 37,877 
Points International Ltd. (a) 15,569 193,990 
Stamps.com, Inc. (a) 8,385 1,695,195 
  2,842,201 
Specialty Retail - 0.9%   
Boot Barn Holdings, Inc. (a) 16,126 397,990 
Winmark Corp. 2,533 389,297 
  787,287 
TOTAL CONSUMER DISCRETIONARY  14,499,548 
CONSUMER STAPLES - 3.7%   
Beverages - 1.7%   
National Beverage Corp. (a)(b) 15,696 1,451,095 
Nichols PLC 2,212 38,028 
  1,489,123 
Food & Staples Retailing - 1.8%   
BJ's Wholesale Club Holdings, Inc. 14,254 315,726 
Performance Food Group Co. (a) 23,672 694,063 
Smart & Final Stores, Inc. (a) 126,889 640,789 
  1,650,578 
Food Products - 0.0%   
Armanino Foods of Distinction 16,598 46,474 
Personal Products - 0.2%   
BWX Ltd. (b) 94,370 169,743 
TOTAL CONSUMER STAPLES  3,355,918 
ENERGY - 3.7%   
Energy Equipment & Services - 1.3%   
Dril-Quip, Inc. (a) 23,102 983,221 
Profire Energy, Inc. (a) 76,791 175,083 
  1,158,304 
Oil, Gas & Consumable Fuels - 2.4%   
Midstates Petroleum Co., Inc. (a) 47,344 341,350 
Murphy Oil Corp. 32,921 1,048,863 
World Fuel Services Corp. 25,277 808,864 
  2,199,077 
TOTAL ENERGY  3,357,381 
FINANCIALS - 18.5%   
Banks - 4.3%   
Bank of the Ozarks, Inc. 29,429 805,177 
Camden National Corp. 17,420 706,381 
First Citizen Bancshares, Inc. 512 218,435 
First Hawaiian, Inc. 22,800 564,984 
Great Western Bancorp, Inc. 1,996 73,153 
Hilltop Holdings, Inc. 24,187 481,321 
Plumas Bancorp 3,999 103,574 
Popular, Inc. 11,968 622,456 
West Bancorp., Inc. 10,817 237,866 
  3,813,347 
Capital Markets - 4.5%   
Ashford, Inc. 6,110 385,174 
FactSet Research Systems, Inc. 2,230 498,985 
INTL FCStone, Inc. (a) 27,261 1,234,378 
Morningstar, Inc. 12,660 1,579,968 
OM Asset Management Ltd. 27,292 311,129 
  4,009,634 
Consumer Finance - 2.0%   
Encore Capital Group, Inc. (a)(b) 36,190 919,588 
First Cash Financial Services, Inc. 11,240 903,696 
  1,823,284 
Diversified Financial Services - 0.6%   
Cannae Holdings, Inc. (a) 30,636 565,847 
Insurance - 3.1%   
First American Financial Corp. 17,386 770,721 
Investors Title Co. 1,246 226,772 
Primerica, Inc. 15,897 1,744,537 
  2,742,030 
Real Estate Management & Development - 1.3%   
The RMR Group, Inc. 15,172 1,151,251 
Thrifts & Mortgage Finance - 2.7%   
Essent Group Ltd. (a) 26,869 1,059,176 
Home Bancorp, Inc. 2,141 85,083 
LendingTree, Inc. (a)(b) 4,480 903,571 
Southern Missouri Bancorp, Inc. 5,128 172,660 
Timberland Bancorp, Inc. 7,449 216,170 
  2,436,660 
TOTAL FINANCIALS  16,542,053 
HEALTH CARE - 15.9%   
Biotechnology - 0.5%   
BioGaia AB 1,000 40,487 
Bioventix PLC 1,089 39,671 
Essex Bio-Technology Ltd. 146,000 94,951 
Ligand Pharmaceuticals, Inc. Class B (a) 664 109,434 
Shanghai Haohai Biological Technology Co. Ltd. Class H 24,100 126,002 
  410,545 
Health Care Equipment & Supplies - 3.6%   
Boule Diagnostics AB 1,300 10,228 
Kewaunee Scientific Corp. 1,494 42,728 
LivaNova PLC (a) 12,696 1,421,825 
Utah Medical Products, Inc. 4,919 428,838 
Varex Imaging Corp. (a) 50,515 1,311,369 
  3,214,988 
Health Care Providers & Services - 5.2%   
Chemed Corp. 2,225 677,134 
Guardant Health, Inc. 623 20,858 
HealthSouth Corp. 18,947 1,275,133 
Magellan Health Services, Inc. (a) 8,825 574,155 
MEDNAX, Inc. (a) 26,498 1,094,102 
Ship Healthcare Holdings, Inc. 22,000 796,473 
Viemed Healthcare, Inc. (a) 43,580 243,316 
  4,681,171 
Health Care Technology - 1.5%   
Cegedim SA (a) 46 1,151 
Inovalon Holdings, Inc. Class A (a)(b) 145,617 1,370,256 
  1,371,407 
Life Sciences Tools & Services - 3.3%   
Charles River Laboratories International, Inc. (a) 14,017 1,707,551 
ICON PLC (a) 9,303 1,284,558 
  2,992,109 
Pharmaceuticals - 1.8%   
Alliance Pharma PLC 925,274 790,034 
BioSyent, Inc. (a) 38,490 272,788 
Dechra Pharmaceuticals PLC 15,174 443,379 
Mallinckrodt PLC (a) 4,509 112,996 
  1,619,197 
TOTAL HEALTH CARE  14,289,417 
INDUSTRIALS - 16.5%   
Building Products - 1.9%   
Continental Building Products, Inc. (a) 37,546 1,044,154 
Reliance Worldwide Corp. Ltd. 2,754 9,771 
Universal Forest Products, Inc. 25,122 710,199 
  1,764,124 
Commercial Services & Supplies - 2.4%   
Boyd Group Income Fund 13,892 1,269,586 
Loomis AB (B Shares) 20,581 636,469 
VSE Corp. 7,303 229,022 
  2,135,077 
Construction & Engineering - 1.0%   
AECOM (a) 32,809 956,054 
Machinery - 4.6%   
AGCO Corp. 16,503 924,828 
Allison Transmission Holdings, Inc. 41,234 1,817,595 
L.B. Foster Co. Class A (a) 11,080 201,434 
Middleby Corp. (a)(b) 10,409 1,168,931 
  4,112,788 
Professional Services - 5.6%   
Asiakastieto Group Oyj (c) 1,200 39,416 
Barrett Business Services, Inc. 7,320 460,574 
CBIZ, Inc. (a) 98,037 2,174,461 
Franklin Covey Co. (a) 12,626 282,065 
Insperity, Inc. 16,996 1,867,011 
TriNet Group, Inc. (a) 3,780 177,622 
  5,001,149 
Trading Companies & Distributors - 0.6%   
Textainer Group Holdings Ltd. (a) 44,131 517,657 
Transportation Infrastructure - 0.4%   
Macquarie Infrastructure Co. LLC 9,211 340,346 
TOTAL INDUSTRIALS  14,827,195 
INFORMATION TECHNOLOGY - 16.8%   
Electronic Equipment & Components - 1.9%   
SYNNEX Corp. 21,509 1,669,313 
Internet Software & Services - 0.3%   
MSL Solutions Ltd. (a) 302,200 38,521 
Scout24 AG (c) 4,800 199,310 
  237,831 
IT Services - 6.5%   
Cass Information Systems, Inc. 7,929 524,107 
Computer Services, Inc. (b) 5,551 277,939 
CoreLogic, Inc. (a) 35,886 1,457,689 
Elastic NV 200 13,600 
EVO Payments, Inc. Class A 1,700 40,358 
Hackett Group, Inc. 33,924 694,424 
Netcompany Group A/S 1,400 46,303 
Presidio, Inc. 49,783 667,092 
Prodware 7,815 86,304 
Sylogist Ltd. 40,728 417,660 
WEX, Inc. (a) 9,034 1,589,623 
  5,815,099 
Software - 8.1%   
Cardlytics, Inc. (a) 3,600 76,176 
CyberArk Software Ltd. (a) 1,192 81,366 
Ebix, Inc. (b) 30,123 1,726,349 
Enghouse Systems Ltd. 9,752 539,732 
Hansen Technologies Ltd. 188,649 462,228 
j2 Global, Inc. 15,048 1,096,096 
Micro Focus International PLC 36,060 559,010 
NICE Systems Ltd. sponsored ADR (a) 22,411 2,374,222 
QAD, Inc. Class A 8,269 350,854 
StoneCo Ltd. Class A (a) 400 11,476 
Vitec Software Group AB 3,612 33,076 
  7,310,585 
Technology Hardware, Storage & Peripherals - 0.0%   
Astro-Med, Inc. 1,700 32,844 
TOTAL INFORMATION TECHNOLOGY  15,065,672 
MATERIALS - 3.6%   
Chemicals - 2.5%   
Core Molding Technologies, Inc. 10,900 74,229 
Innospec, Inc. 23,436 1,568,337 
NewMarket Corp. 1,326 511,783 
Northern Technologies International Corp. 3,420 110,637 
  2,264,986 
Containers & Packaging - 1.1%   
Silgan Holdings, Inc. 28,268 679,280 
UFP Technologies, Inc. (a) 7,089 244,712 
  923,992 
TOTAL MATERIALS  3,188,978 
REAL ESTATE - 2.4%   
Equity Real Estate Investment Trusts (REITs) - 1.9%   
CoreSite Realty Corp. 4,419 414,767 
EPR Properties 5,040 346,450 
PS Business Parks, Inc. 957 124,984 
Store Capital Corp. 28,185 818,211 
  1,704,412 
Real Estate Management & Development - 0.5%   
Consolidated-Tomoka Land Co. 5,936 343,813 
FRP Holdings, Inc. (a) 2,542 123,211 
  467,024 
TOTAL REAL ESTATE  2,171,436 
UTILITIES - 0.6%   
Gas Utilities - 0.6%   
Star Gas Partners LP 51,591 493,210 
TOTAL COMMON STOCKS   
(Cost $93,158,920)  89,826,344 
Money Market Funds - 6.1%   
Fidelity Securities Lending Cash Central Fund 2.23% (d)(e)   
(Cost $5,460,142) 5,459,596 5,460,142 
TOTAL INVESTMENT IN SECURITIES - 106.3%   
(Cost $98,619,062)  95,286,486 
NET OTHER ASSETS (LIABILITIES) - (6.3)%  (5,672,042) 
NET ASSETS - 100%  $89,614,444 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $238,726 or 0.3% of net assets.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $7,143 
Fidelity Securities Lending Cash Central Fund 9,808 
Total $16,951 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2018, 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 $2,035,536 $2,035,536 $-- $-- 
Consumer Discretionary 14,499,548 14,499,548 -- -- 
Consumer Staples 3,355,918 3,355,918 -- -- 
Energy 3,357,381 3,357,381 -- -- 
Financials 16,542,053 16,542,053 -- -- 
Health Care 14,289,417 14,289,417 -- -- 
Industrials 14,827,195 14,827,195 -- -- 
Information Technology 15,065,672 14,506,662 559,010 -- 
Materials 3,188,978 3,188,978 -- -- 
Real Estate 2,171,436 2,171,436 -- -- 
Utilities 493,210 493,210 -- -- 
Money Market Funds 5,460,142 5,460,142 -- -- 
Total Investments in Securities: $95,286,486 $94,727,476 $559,010 $-- 

Other Information

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

United States of America 79.0% 
Canada 5.1% 
United Kingdom 4.1% 
Bermuda 3.3% 
Israel 2.8% 
Ireland 1.5% 
Australia 1.1% 
Others (Individually Less Than 1%) 3.1% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $5,364,667) — See accompanying schedule:
Unaffiliated issuers (cost $93,158,920) 		$89,826,344  
Fidelity Central Funds (cost $5,460,142) 5,460,142  
Total Investment in Securities (cost $98,619,062)  $95,286,486 
Receivable for investments sold  91,086 
Receivable for fund shares sold  32,062 
Dividends receivable  24,544 
Distributions receivable from Fidelity Central Funds  3,050 
Other receivables  4,070 
Total assets  95,441,298 
Liabilities   
Payable to custodian bank $151,121  
Payable for investments purchased 106,900  
Payable for fund shares redeemed 61,592  
Accrued management fee 46,983  
Collateral on securities loaned 5,460,258  
Total liabilities  5,826,854 
Net Assets  $89,614,444 
Net Assets consist of:   
Paid in capital  $89,368,708 
Total distributable earnings (loss)  245,736 
Net Assets, for 8,409,193 shares outstanding  $89,614,444 
Net Asset Value, offering price and redemption price per share ($89,614,444 ÷ 8,409,193 shares)  $10.66 

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


Statement of Operations

  Six months ended October 31, 2018 (Unaudited) 
Investment Income   
Dividends  $455,078 
Income from Fidelity Central Funds  16,951 
Total income  472,029 
Expenses   
Management fee $300,630  
Independent trustees' fees and expenses 281  
Commitment fees 125  
Total expenses before reductions 301,036  
Expense reductions (6,982)  
Total expenses after reductions  294,054 
Net investment income (loss)  177,975 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 3,446,239  
Fidelity Central Funds (124)  
Foreign currency transactions 1,445  
Total net realized gain (loss)  3,447,560 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (6,025,785)  
Assets and liabilities in foreign currencies 648  
Total change in net unrealized appreciation (depreciation)  (6,025,137) 
Net gain (loss)  (2,577,577) 
Net increase (decrease) in net assets resulting from operations  $(2,399,602) 

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


Statement of Changes in Net Assets

 Six months ended October 31, 2018 (Unaudited) For the period
May 25, 2017 (commencement of operations) to April 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $177,975 $255,669 
Net realized gain (loss) 3,447,560 533,022 
Change in net unrealized appreciation (depreciation) (6,025,137) 2,692,391 
Net increase (decrease) in net assets resulting from operations (2,399,602) 3,481,082 
Distributions to shareholders (504,875) – 
Distributions to shareholders from net investment income – (144,088) 
Distributions to shareholders from net realized gain – (186,781) 
Total distributions (504,875) (330,869) 
Share transactions   
Proceeds from sales of shares 4,768,884 103,510,837 
Reinvestment of distributions 504,875 330,869 
Cost of shares redeemed (9,279,977) (10,466,780) 
Net increase (decrease) in net assets resulting from share transactions (4,006,218) 93,374,926 
Total increase (decrease) in net assets (6,910,695) 96,525,139 
Net Assets   
Beginning of period 96,525,139 – 
End of period $89,614,444 $96,525,139 
Other Information   
Undistributed net investment income end of period  $99,776 
Shares   
Sold 412,579 9,698,327 
Issued in reinvestment of distributions 43,374 30,411 
Redeemed (809,570) (965,928) 
Net increase (decrease) (353,617) 8,762,810 

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


Financial Highlights

Fidelity Small Cap Stock K6 Fund

 Six months ended (Unaudited) October 31, Years endedApril 30, 
 2018 2018 A 
Selected Per–Share Data   
Net asset value, beginning of period $11.02 $10.00 
Income from Investment Operations   
Net investment income (loss)B .02 .06 
Net realized and unrealized gain (loss) (.32) 1.02 
Total from investment operations (.30) 1.08 
Distributions from net investment income (.01) (.03) 
Distributions from net realized gain (.05) (.04) 
Total distributions (.06) (.06)C 
Net asset value, end of period $10.66 $11.02 
Total ReturnD,E (2.78)% 10.83% 
Ratios to Average Net AssetsF,G   
Expenses before reductions .60%H .60%H 
Expenses net of fee waivers, if any .60%H .60%H 
Expenses net of all reductions .59%H .59%H 
Net investment income (loss) .36%H .56%H 
Supplemental Data   
Net assets, end of period (000 omitted) $89,614 $96,525 
Portfolio turnover rateI 78%H 90%H,J 

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

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.06 per share is comprised of distributions from net investment income of $.027 and distributions from net realized gain of $.035 per share.

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

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

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

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

 H Annualized

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

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

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


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2018

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.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.

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 October 31, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to partnerships, foreign currency transactions 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 $7,425,507 
Gross unrealized depreciation (10,770,059) 
Net unrealized appreciation (depreciation) $(3,344,552) 
Tax cost $98,631,038 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities
 		Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A – removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $38,382,703 and $41,148,724, respectively.

Prior Fiscal Year Exchanges In-Kind. During the prior period, investments and cash received in-kind through subscriptions totaled $49,431,374 in exchange for 4,449,152 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $1,265 for the period.

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

Prior Fiscal Year Exchanges In-Kind. During the prior period, an affiliated entity completed an exchange in-kind with the Fund. The affiliated entity delivered investments and cash, valued at $46,842,473 in exchange for 4,578,932 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $125 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $953,233. 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. Total security lending income during the period amounted to $9,808, including $736 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $6,957 for the period.

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $25.

9. Other.

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

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds 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 (May 1, 2018 to October 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2018 		Ending
Account Value
October 31, 2018 		Expenses Paid
During Period-B
May 1, 2018
to October 31, 2018 
Actual .60% $1,000.00 $972.20 $2.98 
Hypothetical-C  $1,000.00 $1,022.18 $3.06 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Small Cap Stock K6 Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

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 fund, 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, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SLCXK6-SANN-1218
1.9883974.101

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

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


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

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


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


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


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Concord Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable



assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


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


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


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


Fidelity Concord Street Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

December 26, 2018


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



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

December 26, 2018



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

December 26, 2018