UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05251

Fidelity Concord Street Trust

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	April 30

Date of reporting period:	April 30, 2022

Item 1.

Reports to Stockholders

Fidelity® Mid-Cap Stock Fund

Annual Report

April 30, 2022

Contents

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

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended April 30, 2022	Past 1 year	Past 5 years	Past 10 years
Fidelity® Mid-Cap Stock Fund	1.17%	12.17%	12.21%
Class K	1.26%	12.28%	12.34%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Mid-Cap Stock Fund, a class of the fund, on April 30, 2012.

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

	Period Ending Values
	$31,657	Fidelity® Mid-Cap Stock Fund
	$29,447	S&P MidCap 400® Index

Management's Discussion of Fund Performance

Market Recap: The S&P 500^® index gained 0.21% for the 12 months ending April 30, 2022. After posting a strong result in 2021, large-cap stocks retreated to begin the new year amid several notable headwinds that stoked volatility, uncertainty and investor anxiety. Chief among these was the U.S. Federal Reserve’s accelerated plan to hike interest rates and aggressively wind down its balance sheet in an attempt to rein in historically high inflation. In addition, geopolitical unrest rose as Russia invaded Ukraine in late February and escalated its attack through period end. Other factors influencing stocks included surging commodity prices, rising bond yields, supply constraint and disruption, and the potential for variants of the coronavirus to upend the economy. Against this backdrop, the S&P 500^® index returned -5.17% in January and -2.99% in February, falling on mixed corporate earnings, particularly among some highflying tech firms. Volatility eased in March and the index gained 3.71% for the month. April saw a sharp reversal, with the index returning -8.72% amid clearer signals of the Fed’s intension to tighten monetary policy and angst about the economic toll of “zero-COVID” lockdowns in China. It was the largest monthly decline for the S&P 500^® since March 2020. For the full 12 months, the growth-oriented communication services (-22%) and consumer discretionary (-11%) sectors lagged most. In contrast, energy (+61%) rode a surge in commodity prices and led the market by a wide margin, followed by the defensive consumer staples (+17%) sector.

Comments from Lead Manager John Roth and Co-Manager Nicola Stafford: For the fiscal year ending April 30, 2022, the fund's share classes gained roughly 1%, outperforming the -7.03% result of the benchmark, the S&P MidCap 400 Index. By sector, the top contributor to performance versus the benchmark was an overweighting and security selection in energy. Stock picks and an underweighting in information technology and security selection in financials also bolstered the fund's relative result. Notable relative contributors included energy companies EQT (+72%) and the fund’s non-benchmark positions in Cheniere Energy (+76%), Canadian National Resources (+111%), Hess (+40%) and Imperial Oil (+78%). Conversely, security selection in the consumer discretionary sector detracted, as did positioning in real estate and an overweighting in communication services. Looking at individual stocks, a non-benchmark position in health care equipment & services company Butterfly Network, which returned -75% for the fund, detracted more than any other holding. It also hurt to own non-benchmark stakes in retailing company Coupang, which returned roughly -30% the past year, and Oak Street Health (-7%). We added to the fund’s stake in Oak Street Health the past 12 months. The fund's foreign holdings contributed overall despite the headwind of broad U.S.-dollar strength. Notable changes in fund positioning for the period included increased exposure to the energy sector and a lower allocation to consumer discretionary.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

	% of fund's net assets
EQT Corp.	2.5
Molina Healthcare, Inc.	2.0
First Horizon National Corp.	1.9
Cheniere Energy, Inc.	1.7
American Financial Group, Inc.	1.6
Hess Corp.	1.6
Arch Capital Group Ltd.	1.5
Steel Dynamics, Inc.	1.3
WNS Holdings Ltd. sponsored ADR	1.2
AECOM	1.2
	16.5

Market Sectors as of April 30, 2022

	% of fund's net assets
Financials	18.6
Industrials	17.1
Energy	10.8
Consumer Discretionary	10.3
Real Estate	7.9
Materials	7.4
Health Care	6.9
Information Technology	6.5
Utilities	5.1
Consumer Staples	2.9
Communication Services	2.6

Asset Allocation (% of fund's net assets)

As of April 30, 2022
	Stocks	94.2%
	Convertible Securities	1.8%
	Other Investments	0.1%
	Short-Term Investments and Net Other Assets (Liabilities)	3.9%

Foreign investments - 16.9%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022
	United States of America^*	83.1%
	Canada	4.9%
	Bermuda	4.4%
	United Kingdom	1.6%
	Bailiwick of Jersey	1.3%
	Italy	1.3%
	Germany	0.6%
	Cayman Islands	0.5%
	Ireland	0.5%
	Other	1.8%

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on the country or territory of incorporation and include the effect of futures, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Common Stocks - 93.6%
	Shares	Value (000s)
COMMUNICATION SERVICES - 2.6%
Entertainment - 0.6%
Endeavor Group Holdings, Inc. (a)	1,041,578	$23,696
Endeavor Group Holdings, Inc. (b)	903,765	20,561
		44,257
Media - 2.0%
Interpublic Group of Companies, Inc.	2,224,878	72,576
Liberty Media Corp. Liberty Media Class A (a)	146,742	8,426
Omnicom Group, Inc.	894,783	68,120
		149,122

TOTAL COMMUNICATION SERVICES		193,379

CONSUMER DISCRETIONARY - 9.1%
Auto Components - 0.2%
Magna International, Inc. Class A (sub. vtg.)	225,484	13,589
Automobiles - 0.2%
Aston Martin Lagonda Global Holdings PLC (a)(b)(c)	1,248,650	13,082
Hotels, Restaurants & Leisure - 2.8%
Caesars Entertainment, Inc. (a)	434,311	28,786
Churchill Downs, Inc.	275,135	55,836
Domino's Pizza, Inc.	43,100	14,568
Elior SA (a)(b)	3,095,772	9,453
Sweetgreen, Inc.	213,900	5,487
Wyndham Hotels & Resorts, Inc.	1,012,337	89,045
		203,175
Household Durables - 2.6%
D.R. Horton, Inc.	788,309	54,858
Lennar Corp. Class A	368,383	28,178
Mohawk Industries, Inc. (a)	233,550	32,945
NVR, Inc. (a)	17,661	77,288
		193,269
Internet & Direct Marketing Retail - 0.4%
Coupang, Inc. Class A (a)(c)	1,904,811	24,515
Farfetch Ltd. Class A (a)	380,132	4,257
		28,772
Leisure Products - 0.1%
Peloton Interactive, Inc. Class A (a)(c)	533,996	9,377
Specialty Retail - 0.8%
Best Buy Co., Inc.	255,783	23,003
National Vision Holdings, Inc. (a)(c)	408,593	15,384
Ross Stores, Inc.	223,577	22,306
		60,693
Textiles, Apparel & Luxury Goods - 2.0%
Allbirds, Inc. Class A	284,487	1,445
Brunello Cucinelli SpA	1,492,352	76,384
PVH Corp.	377,332	27,462
Tapestry, Inc.	1,232,616	40,578
		145,869

TOTAL CONSUMER DISCRETIONARY		667,826

CONSUMER STAPLES - 2.6%
Beverages - 0.1%
Boston Beer Co., Inc. Class A (a)	25,010	9,379
Food & Staples Retailing - 0.8%
BJ's Wholesale Club Holdings, Inc. (a)	358,778	23,087
Grocery Outlet Holding Corp. (a)(c)	1,123,524	37,829
		60,916
Food Products - 1.7%
Bunge Ltd.	407,507	46,097
Greencore Group PLC (a)	24,265,029	34,652
Lamb Weston Holdings, Inc.	471,860	31,190
Nomad Foods Ltd. (a)	647,252	11,948
		123,887

TOTAL CONSUMER STAPLES		194,182

ENERGY - 10.7%
Energy Equipment & Services - 0.3%
Noble Corp. (b)	2,887	92
Oceaneering International, Inc. (a)	1,792,026	20,304
		20,396
Oil, Gas & Consumable Fuels - 10.4%
Canadian Natural Resources Ltd.	1,357,468	84,017
Cheniere Energy, Inc.	905,612	122,991
Energy Transfer LP	6,817,979	75,543
EQT Corp.	4,647,880	184,752
Golar LNG Ltd. (a)	1,778,288	39,691
Harbour Energy PLC	4,912,408	30,806
Hess Corp.	1,116,120	115,038
Imperial Oil Ltd.	1,585,225	79,813
Range Resources Corp. (a)	1,332,756	39,903
		772,554

TOTAL ENERGY		792,950

FINANCIALS - 18.6%
Banks - 7.3%
BOK Financial Corp.	738,953	61,281
Comerica, Inc.	803,396	65,798
First Horizon National Corp.	6,250,956	139,896
Huntington Bancshares, Inc.	4,574,634	60,156
M&T Bank Corp.	454,618	75,758
UMB Financial Corp.	550,930	49,683
Wintrust Financial Corp.	959,759	83,806
		536,378
Capital Markets - 2.1%
Cboe Global Markets, Inc.	193,697	21,884
Lazard Ltd. Class A	761,507	24,955
Raymond James Financial, Inc.	393,845	38,384
Sixth Street Specialty Lending, Inc.	1,872,794	41,838
TPG, Inc. (c)	1,056,538	26,836
		153,897
Diversified Financial Services - 0.3%
Equitable Holdings, Inc.	700,523	20,196
Insurance - 7.9%
American Financial Group, Inc.	839,199	116,212
American International Group, Inc.	956,177	55,946
Arch Capital Group Ltd. (a)	2,365,182	108,018
Assurant, Inc.	217,397	39,540
Beazley PLC	4,141,566	22,309
First American Financial Corp.	916,914	53,465
Hartford Financial Services Group, Inc.	667,444	46,674
Hiscox Ltd.	2,756,771	32,735
RenaissanceRe Holdings Ltd.	474,060	68,037
The Travelers Companies, Inc.	233,776	39,990
		582,926
Thrifts & Mortgage Finance - 1.0%
Radian Group, Inc.	3,633,169	77,713

TOTAL FINANCIALS		1,371,110

HEALTH CARE - 6.3%
Health Care Equipment & Supplies - 1.2%
Butterfly Network, Inc. (a)(d)	1,616,474	5,383
Butterfly Network, Inc. Class A (a)(c)	6,295,975	20,966
Hologic, Inc. (a)	892,448	64,247
		90,596
Health Care Providers & Services - 4.2%
Centene Corp. (a)	1,019,633	82,131
Guardant Health, Inc. (a)	269,192	16,609
LifeStance Health Group, Inc.	1,647,011	11,150
Molina Healthcare, Inc. (a)	459,411	144,002
Oak Street Health, Inc. (a)	1,010,708	18,284
Universal Health Services, Inc. Class B	303,972	37,246
		309,422
Life Sciences Tools & Services - 0.1%
10X Genomics, Inc. (a)	86,507	4,132
Pharmaceuticals - 0.8%
Recordati SpA	451,865	21,775
UCB SA	203,475	23,130
Viatris, Inc.	1,508,124	15,579
		60,484

TOTAL HEALTH CARE		464,634

INDUSTRIALS - 16.8%
Aerospace & Defense - 2.7%
BWX Technologies, Inc.	463,142	24,046
Huntington Ingalls Industries, Inc.	228,185	48,544
Space Exploration Technologies Corp.:
Class A (a)(d)(e)	1,396,290	78,192
Class C (a)(d)(e)	20,340	1,139
Woodward, Inc.	418,225	46,205
		198,126
Air Freight & Logistics - 0.5%
GXO Logistics, Inc. (a)	610,004	36,106
Building Products - 2.4%
Builders FirstSource, Inc. (a)	1,281,006	78,872
Fortune Brands Home & Security, Inc.	308,521	21,982
Jeld-Wen Holding, Inc. (a)	656,271	13,644
Owens Corning	659,644	59,981
		174,479
Commercial Services & Supplies - 1.0%
CoreCivic, Inc. (a)	1,908,667	23,725
GFL Environmental, Inc.	609,735	18,368
Stericycle, Inc. (a)	607,084	30,470
		72,563
Construction & Engineering - 1.2%
AECOM	1,281,171	90,399
Electrical Equipment - 2.0%
Acuity Brands, Inc.	326,723	56,353
Regal Rexnord Corp.	431,569	54,913
Sensata Technologies, Inc. PLC	652,224	29,617
Vertiv Holdings Co.	894,791	11,212
		152,095
Industrial Conglomerates - 0.3%
Melrose Industries PLC	14,326,741	20,818
Machinery - 3.2%
Allison Transmission Holdings, Inc.	828,182	31,007
Donaldson Co., Inc.	1,161,827	56,976
Fortive Corp.	637,491	36,656
Kornit Digital Ltd. (a)(c)	182,690	12,149
Oshkosh Corp.	526,074	48,630
Otis Worldwide Corp.	277,509	20,214
PACCAR, Inc.	349,435	29,021
		234,653
Marine - 0.1%
Goodbulk Ltd. (a)(e)	1,410,647	9,029
Professional Services - 1.1%
Clarivate Analytics PLC (a)	644,371	10,104
Leidos Holdings, Inc.	413,917	42,845
Science Applications International Corp.	396,725	33,019
		85,968
Road & Rail - 1.5%
Hertz Global Holdings, Inc. (c)	641,739	12,873
Knight-Swift Transportation Holdings, Inc. Class A	1,335,984	63,980
XPO Logistics, Inc. (a)	610,004	32,812
		109,665
Trading Companies & Distributors - 0.8%
Beacon Roofing Supply, Inc. (a)	983,874	58,668

TOTAL INDUSTRIALS		1,242,569

INFORMATION TECHNOLOGY - 6.5%
Communications Equipment - 0.9%
Ericsson (B Shares)	3,192,763	25,469
Lumentum Holdings, Inc. (a)	453,753	36,849
		62,318
Electronic Equipment & Components - 0.8%
Fabrinet (a)	398,543	39,133
Keysight Technologies, Inc. (a)	132,927	18,646
		57,779
IT Services - 3.2%
Akamai Technologies, Inc. (a)	334,352	37,541
Concentrix Corp.	257,197	40,503
Euronet Worldwide, Inc. (a)	313,054	38,083
Verra Mobility Corp. (a)	2,034,401	28,543
WNS Holdings Ltd. sponsored ADR (a)	1,158,569	90,797
		235,467
Semiconductors & Semiconductor Equipment - 0.6%
SiTime Corp. (a)	165,750	27,940
Skyworks Solutions, Inc.	160,831	18,222
		46,162
Software - 1.0%
Aspen Technology, Inc. (a)	351,078	55,660
Black Knight, Inc. (a)	313,360	20,616
		76,276

TOTAL INFORMATION TECHNOLOGY		478,002

MATERIALS - 7.4%
Chemicals - 1.8%
Cabot Corp.	334,243	22,010
CF Industries Holdings, Inc.	482,649	46,735
LG Chemical Ltd.	57,360	23,368
Nutrien Ltd.	425,392	41,802
		133,915
Containers & Packaging - 1.1%
Avery Dennison Corp.	144,828	26,156
O-I Glass, Inc. (a)	3,724,707	50,209
		76,365
Metals & Mining - 4.5%
Commercial Metals Co.	1,292,813	53,005
Franco-Nevada Corp.	315,681	47,741
Freeport-McMoRan, Inc.	1,136,562	46,088
Lundin Mining Corp.	5,067,622	46,272
Newcrest Mining Ltd.	1,118,614	21,007
Novagold Resources, Inc. (a)	3,577,593	22,307
Steel Dynamics, Inc.	1,133,443	97,193
		333,613

TOTAL MATERIALS		543,893

REAL ESTATE - 7.9%
Equity Real Estate Investment Trusts (REITs) - 6.9%
Apartment Income (REIT) Corp.	790,052	38,847
Cousins Properties, Inc.	1,143,872	41,065
Equity Residential (SBI)	534,448	43,558
Gaming & Leisure Properties	1,189,611	52,795
Healthcare Realty Trust, Inc. (c)	1,501,451	40,659
Healthcare Trust of America, Inc.	1,441,620	43,912
National Retail Properties, Inc.	1,234,888	54,137
Orion Office (REIT), Inc. (c)	75,452	1,013
Realty Income Corp.	754,537	52,335
Spirit Realty Capital, Inc.	1,048,160	45,543
Tanger Factory Outlet Centers, Inc.	1,271,104	20,503
VICI Properties, Inc.	1,852,223	55,215
Welltower, Inc.	225,269	20,457
		510,039
Real Estate Management & Development - 1.0%
Jones Lang LaSalle, Inc. (a)	267,510	58,512
WeWork, Inc. (a)	1,839,423	12,894
		71,406

TOTAL REAL ESTATE		581,445

UTILITIES - 5.1%
Electric Utilities - 3.1%
Alliant Energy Corp.	1,086,644	63,906
FirstEnergy Corp.	981,716	42,518
IDACORP, Inc.	487,612	51,287
OGE Energy Corp.	1,847,094	71,446
		229,157
Gas Utilities - 0.6%
Atmos Energy Corp.	418,211	47,425
Independent Power and Renewable Electricity Producers - 0.9%
The AES Corp.	1,358,170	27,734
Vistra Corp.	1,516,455	37,942
		65,676
Multi-Utilities - 0.5%
NiSource, Inc.	1,147,382	33,412

TOTAL UTILITIES		375,670

TOTAL COMMON STOCKS
(Cost $5,099,565)		6,905,660

Preferred Stocks - 2.4%
Convertible Preferred Stocks - 1.8%
CONSUMER DISCRETIONARY - 0.6%
Textiles, Apparel & Luxury Goods - 0.6%
Bolt Threads, Inc.:
Series D (a)(d)(e)	976,285	17,964
Series E (d)(e)	1,419,309	26,115
		44,079
CONSUMER STAPLES - 0.3%
Food Products - 0.3%
Bowery Farming, Inc. Series C1 (d)(e)	466,468	20,571
HEALTH CARE - 0.6%
Biotechnology - 0.6%
National Resilience, Inc. Series B (a)(d)(e)	711,831	43,279
INDUSTRIALS - 0.3%
Aerospace & Defense - 0.1%
Space Exploration Technologies Corp. Series H (a)(d)(e)	18,837	10,549
Construction & Engineering - 0.2%
Beta Technologies, Inc. Series B, 6.00% (d)(e)	145,591	15,021
TOTAL INDUSTRIALS		25,570

TOTAL CONVERTIBLE PREFERRED STOCKS		133,499

Nonconvertible Preferred Stocks - 0.6%
CONSUMER DISCRETIONARY - 0.6%
Automobiles - 0.6%
Porsche Automobil Holding SE (Germany)	497,759	41,055
TOTAL PREFERRED STOCKS
(Cost $126,014)		174,554

Other - 0.1%
Energy - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f)
(Cost $20,398)	20,397,834	6,128

Money Market Funds - 5.3%
Fidelity Cash Central Fund 0.32% (g)	262,538,037	262,591
Fidelity Securities Lending Cash Central Fund 0.32% (g)(h)	127,204,173	127,217
TOTAL MONEY MARKET FUNDS
(Cost $389,806)		389,808
TOTAL INVESTMENT IN SECURITIES - 101.4%
(Cost $5,635,783)		7,476,150
NET OTHER ASSETS (LIABILITIES) - (1.4)%		(101,378)
NET ASSETS - 100%		$7,374,772

Legend

(a) Non-income producing

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $43,188,000 or 0.6% of net assets.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $224,341,000 or 3.0% of net assets.

(e) Level 3 security

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

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Beta Technologies, Inc. Series B, 6.00%	4/4/22	$15,021
Bolt Threads, Inc. Series D	12/13/17	$15,659
Bolt Threads, Inc. Series E	2/7/20 - 9/2/21	$25,230
Bowery Farming, Inc. Series C1	5/18/21	$28,104
Butterfly Network, Inc.	2/12/21	$16,165
National Resilience, Inc. Series B	12/1/20	$9,724
Space Exploration Technologies Corp. Class A	4/8/16 - 9/11/17	$14,283
Space Exploration Technologies Corp. Class C	9/11/17	$275
Space Exploration Technologies Corp. Series H	8/4/17	$2,543
Utica Shale Drilling Program (non-operating revenue interest)	10/5/16 - 9/1/17	$20,398

Affiliated Central Funds

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.32%	$226,552	$1,344,214	$1,308,174	$168	$--	$(1)	$262,591	0.5%
Fidelity Securities Lending Cash Central Fund 0.32%	122,089	1,099,714	1,094,586	431	--	--	127,217	0.3%
Total	$348,641	$2,443,928	$2,402,760	$599	$--	$(1)	$389,808

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

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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	$193,379	$193,379	$--	$--
Consumer Discretionary	752,960	563,420	145,461	44,079
Consumer Staples	214,753	159,530	34,652	20,571
Energy	792,950	762,144	30,806	--
Financials	1,371,110	1,316,066	55,044	--
Health Care	507,913	419,729	44,905	43,279
Industrials	1,268,139	1,133,391	20,818	113,930
Information Technology	478,002	452,533	25,469	--
Materials	543,893	499,518	44,375	--
Real Estate	581,445	581,445	--	--
Utilities	375,670	375,670	--	--
Other	6,128	--	--	6,128
Money Market Funds	389,808	389,808	--	--
Total Investments in Securities:	$7,476,150	$6,846,633	$401,530	$227,987

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

(Amounts in thousands)
Investments in Securities:
Industrials
Beginning Balance	$75,940
Net Realized Gain (Loss) on Investment Securities	(142)
Net Unrealized Gain (Loss) on Investment Securities	23,570
Cost of Purchases	15,021
Proceeds of Sales	(459)
Amortization/Accretion	--
Transfers into Level 3	--
Transfers out of Level 3	--
Ending Balance	$113,930
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022	$23,570
Other Investments in Securities
Beginning Balance	$43,321
Net Realized Gain (Loss) on Investment Securities	(455)
Net Unrealized Gain (Loss) on Investment Securities	30,990
Cost of Purchases	46,173
Proceeds of Sales	(19)
Amortization/Accretion	6
Transfers into Level 3	7,161
Transfers out of Level 3	(13,120)
Ending Balance	$114,057
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022	$30,541

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

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		April 30, 2022
Assets
Investment in securities, at value (including securities loaned of $119,816) — See accompanying schedule: Unaffiliated issuers (cost $5,245,977)	$7,086,342
Fidelity Central Funds (cost $389,806)	389,808
Total Investment in Securities (cost $5,635,783)		$7,476,150
Cash		6
Restricted cash		677
Foreign currency held at value (cost $1,335)		1,335
Receivable for investments sold		48,074
Receivable for fund shares sold		4,225
Dividends receivable		3,990
Distributions receivable from Fidelity Central Funds		93
Prepaid expenses		3
Other receivables		382
Total assets		7,534,935
Liabilities
Payable for investments purchased	$24,465
Payable for fund shares redeemed	2,703
Accrued management fee	4,561
Other affiliated payables	821
Other payables and accrued expenses	417
Collateral on securities loaned	127,196
Total liabilities		160,163
Net Assets		$7,374,772
Net Assets consist of:
Paid in capital		$5,222,739
Total accumulated earnings (loss)		2,152,033
Net Assets		$7,374,772
Net Asset Value and Maximum Offering Price
Mid-Cap Stock:
Net Asset Value, offering price and redemption price per share ($6,033,786 ÷ 151,838 shares)		$39.74
Class K:
Net Asset Value, offering price and redemption price per share ($1,340,986 ÷ 33,715 shares)		$39.77

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

Statement of Operations

Amounts in thousands		Year ended April 30, 2022
Investment Income
Dividends		$143,072
Income from Fidelity Central Funds (including $431 from security lending)		599
Total income		143,671
Expenses
Management fee
Basic fee	$41,119
Performance adjustment	9,108
Transfer agent fees	8,650
Accounting fees	1,197
Custodian fees and expenses	128
Independent trustees' fees and expenses	27
Registration fees	139
Audit	135
Legal	7
Interest	1
Miscellaneous	33
Total expenses before reductions	60,544
Expense reductions	(226)
Total expenses after reductions		60,318
Net investment income (loss)		83,353
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	759,298
Foreign currency transactions	(247)
Total net realized gain (loss)		759,051
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(750,291)
Fidelity Central Funds	(1)
Assets and liabilities in foreign currencies	(152)
Total change in net unrealized appreciation (depreciation)		(750,444)
Net gain (loss)		8,607
Net increase (decrease) in net assets resulting from operations		$91,960

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended April 30, 2022	Year ended April 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$83,353	$66,028
Net realized gain (loss)	759,051	922,757
Change in net unrealized appreciation (depreciation)	(750,444)	2,344,917
Net increase (decrease) in net assets resulting from operations	91,960	3,333,702
Distributions to shareholders	(977,940)	(464,243)
Share transactions - net increase (decrease)	278,616	(508,597)
Total increase (decrease) in net assets	(607,364)	2,360,862
Net Assets
Beginning of period	7,982,136	5,621,274
End of period	$7,374,772	$7,982,136

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

Financial Highlights

Fidelity Mid-Cap Stock Fund

Years ended April 30,	2022	2021	2020	2019	2018
Selected Per–Share Data
Net asset value, beginning of period	$44.52	$28.96	$35.31	$38.38	$36.62
Income from Investment Operations
Net investment income (loss)^A,^B	.44	.35	.31	.34	.22
Net realized and unrealized gain (loss)	.18	17.71	(4.29)	2.26	4.30
Total from investment operations	.62	18.06	(3.98)	2.60	4.52
Distributions from net investment income	(.48)	(.39)^C	(.35)	(.29)	(.22)
Distributions from net realized gain	(4.91)	(2.10)^C	(2.02)	(5.38)	(2.55)
Total distributions	(5.40)^D	(2.50)^D	(2.37)	(5.67)	(2.76)^D
Net asset value, end of period	$39.74	$44.52	$28.96	$35.31	$38.38
Total Return^E	1.17%	64.86%	(12.42)%	7.90%	12.66%
Ratios to Average Net Assets^B,^F,^G
Expenses before reductions	.79%	.77%	.86%	.68%	.61%
Expenses net of fee waivers, if any	.79%	.77%	.86%	.67%	.61%
Expenses net of all reductions	.79%	.76%	.86%	.67%	.61%
Net investment income (loss)	1.05%	.97%	.90%	.93%	.58%
Supplemental Data
Net assets, end of period (in millions)	$6,034	$6,020	$4,125	$5,373	$5,629
Portfolio turnover rate^H	17%^I	30%^I	36%^I	29%	22%

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

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

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

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

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

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

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

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

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

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

Fidelity Mid-Cap Stock Fund Class K

Years ended April 30,	2022	2021	2020	2019	2018
Selected Per–Share Data
Net asset value, beginning of period	$44.55	$28.98	$35.32	$38.40	$36.64
Income from Investment Operations
Net investment income (loss)^A,^B	.48	.38	.34	.37	.26
Net realized and unrealized gain (loss)	.17	17.72	(4.27)	2.26	4.30
Total from investment operations	.65	18.10	(3.93)	2.63	4.56
Distributions from net investment income	(.51)	(.43)^C	(.39)	(.33)	(.26)
Distributions from net realized gain	(4.93)	(2.10)^C	(2.02)	(5.38)	(2.55)
Total distributions	(5.43)^D	(2.53)	(2.41)	(5.71)	(2.80)^D
Net asset value, end of period	$39.77	$44.55	$28.98	$35.32	$38.40
Total Return^E	1.26%	65.01%	(12.30)%	7.99%	12.78%
Ratios to Average Net Assets^B,^F,^G
Expenses before reductions	.70%	.67%	.76%	.57%	.51%
Expenses net of fee waivers, if any	.70%	.67%	.76%	.57%	.51%
Expenses net of all reductions	.70%	.66%	.76%	.57%	.50%
Net investment income (loss)	1.13%	1.07%	1.00%	1.03%	.69%
Supplemental Data
Net assets, end of period (in millions)	$1,341	$1,962	$1,496	$2,348	$2,354
Portfolio turnover rate^H	17%^I	30%^I	36%^I	29%	22%

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

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

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

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

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

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

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

Notes to Financial Statements

For the period ended April 30, 2022
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. 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 – unadjusted quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input^(a)
Equities	$221,859	Market approach	Transaction price	$56.00 - $560.00 / $98.06	Increase
			Discount rate	2.8%	Decrease
		Market comparable	Enterprise value/Revenue multiple (EV/R)	16.8 – 19.5 / 17.6	Increase
Other	$6,128	Discounted cash flow	Discount rate	10.5%	Decrease

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Mid-Cap Stock Fund

$382

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, redemptions in-kind, losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation	$2,359,154
Gross unrealized depreciation	(526,168)
Net unrealized appreciation (depreciation)	$1,832,986
Tax Cost	$5,643,164

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

Undistributed long-term capital gain	$320,997
Net unrealized appreciation (depreciation) on securities and other investments	$1,831,492

The Fund intends to elect to defer to its next fiscal year $456 of ordinary losses recognized during the period January 1, 2022 to April 30, 2022.

The tax character of distributions paid was as follows:

	April 30, 2022	April 30, 2021
Ordinary Income	$126,776	$ 78,793
Long-term Capital Gains	851,164	385,450
Total	$977,940	$ 464,243

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

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

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

	$ Amount	% of Net Assets
Fidelity Mid-Cap Stock Fund	6,805	.09

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

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Mid-Cap Stock Fund	1,290,613	1,803,172

Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity Mid-Cap Stock Fund	6,705	109,642	278,103	Class K

Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity Mid-Cap Stock Fund	3,001	43,747	117,754	Class K

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Fund as compared to its benchmark index, the S&P MidCap 400 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .64% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

	Amount	% of Class-Level Average Net Assets
Mid-Cap Stock	$7,998	.13
Class K	652	.04
	$8,650

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

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

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

	Amount
Fidelity Mid-Cap Stock Fund	$38

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

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Mid-Cap Stock Fund	Borrower	$49,905	.31%	$1

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Mid-Cap Stock Fund	134,974	46,738	(878)

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

	Amount ($)
Fidelity Mid-Cap Stock Fund	910

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Mid-Cap Stock Fund	$13

7. Security Lending.

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

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Mid-Cap Stock Fund	$46	$16	$–

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $226.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended April 30, 2022	Year ended April 30, 2021
Fidelity Mid-Cap Stock Fund
Distributions to shareholders
Mid-Cap Stock	$764,959	$339,188
Class K	212,981	125,055
Total	$977,940	$464,243

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended April 30, 2022	Year ended April 30, 2021	Year ended April 30, 2022	Year ended April 30, 2021
Fidelity Mid-Cap Stock Fund
Mid-Cap Stock
Shares sold	18,670	9,015	$793,933	$330,874
Reinvestment of distributions	17,246	9,132	719,056	320,090
Shares redeemed	(19,295)	(25,353)	(806,870)	(878,738)
Net increase (decrease)	16,621	(7,206)	$706,119	$(227,774)
Class K
Shares sold	8,198	8,322	$346,641	$294,555
Reinvestment of distributions	5,088	3,563	212,981	125,055
Shares redeemed	(23,612)	(19,469)	(987,125)	(700,433)
Net increase (decrease)	(10,326)	(7,584)	$(427,503)	$(280,823)

11. Other.

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

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Mid-Cap Stock Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 14, 2022

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the trustees oversees 324 funds. Mr. Chiel oversees 190 funds.

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

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

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

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

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

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

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee [Include if document contains trusts for which the individual serves as Trustee and trusts for which he/she does not serve as Trustee: of Name(s) of Trust(s)]

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

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

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

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

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

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

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

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

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

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

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

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity^® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity^® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University’s Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity^® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

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

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

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

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity^® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

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

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity^® funds (2016-2020) and Assistant Treasurer of certain Fidelity^® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity^® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Expenses Paid During Period-^B November 1, 2021 to April 30, 2022
Fidelity Mid-Cap Stock Fund
Mid-Cap Stock	.80%
Actual		$1,000.00	$969.40	$3.91
Hypothetical-^C		$1,000.00	$1,020.83	$4.01
Class K	.71%
Actual		$1,000.00	$969.50	$3.47
Hypothetical-^C		$1,000.00	$1,021.27	$3.56

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

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

^C 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2022, $661,953,268, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% and 0% of the short-term capital gain dividends distributed in June and December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Mid-Cap Stock Fund designates 59% and 89%; Class K designates 56% and 85%; of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Mid-Cap Stock Fund designates 69% and 100%; Class K designates 66% and 99%; of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Mid-Cap Stock Fund designates 32% and 0%; Class K designates 35% and 2%; of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

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

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

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

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

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

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

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.

Fidelity Investments

MCS-ANN-0622
1.703594.124

Fidelity® Large Cap Stock Fund

Annual Report

April 30, 2022

Contents

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2022	Past 1 year	Past 5 years	Past 10 years
Fidelity® Large Cap Stock Fund	(0.46)%	11.30%	12.66%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Large Cap Stock Fund on April 30, 2012.

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

	Period Ending Values
	$32,932	Fidelity® Large Cap Stock Fund
	$36,005	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Matt Fruhan: For the fiscal year, the fund returned -0.46%, underperforming the 0.21% result of the benchmark S&P 500^® index. Versus the benchmark, security selection was the primary detractor, especially in the capital goods area of the industrials sector. Also hampering our relative result was stock selection and an underweighting in information technology and stock selection and an overweighting in financials. The biggest individual relative detractor was an overweight position in General Electric (-29%). General Electric was among our biggest holdings. Another notable relative detractor was an outsized stake in Comcast (-28%), which was among the fund's largest holdings. Another notable relative detractor was our lighter-than-benchmark stake in Apple (+21%). The company was among our top holdings. Conversely, the biggest contributor to performance versus the benchmark was an overweighting in energy. An underweighting in consumer discretionary also bolstered the fund's relative result. Also helping relative performance was security selection in the health care sector, especially within the health care equipment & services industry. The biggest individual relative contributor was an overweight position in Exxon Mobil (+57%). Exxon Mobil was among the fund's largest holdings. Also adding value was our lighter-than-benchmark stake in Amazon.com, which returned about -28%. This was a position we established the past year. Another key contributor was our out-of-benchmark position in Cenovus Energy (+139%). The fund's foreign holdings contributed overall, despite the headwind of broad U.S.-dollar strength. Notable changes in positioning include increased exposure to the energy sector and a lower allocation to consumer discretionary.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

	% of fund's net assets
Exxon Mobil Corp.	6.6
Microsoft Corp.	6.5
General Electric Co.	5.5
Wells Fargo & Co.	5.1
Apple, Inc.	3.4
Bank of America Corp.	3.0
Altria Group, Inc.	2.4
Comcast Corp. Class A	2.3
Bristol-Myers Squibb Co.	2.2
Hess Corp.	2.0
	39.0

Market Sectors as of April 30, 2022

	% of fund's net assets
Information Technology	19.0
Financials	16.4
Health Care	14.8
Industrials	13.5
Energy	12.5
Communication Services	8.7
Consumer Staples	6.3
Consumer Discretionary	4.3
Materials	3.0
Real Estate	0.8
Utilities	0.4

Asset Allocation (% of fund's net assets)

As of April 30, 2022^*
	Stocks	99.6%
	Other Investments	0.1%
	Short-Term Investments and Net Other Assets (Liabilities)	0.3%

* Foreign investments - 10.9%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022
	United States of America^*	89.1%
	Canada	3.0%
	United Kingdom	1.9%
	Germany	1.8%
	Netherlands	1.3%
	France	0.6%
	Bailiwick of Jersey	0.4%
	Japan	0.3%
	Sweden	0.3%
	Other	1.3%

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares	Value (000s)
COMMUNICATION SERVICES - 8.7%
Diversified Telecommunication Services - 0.4%
Cellnex Telecom SA (a)	74,081	$3,453
Verizon Communications, Inc.	170,961	7,915
		11,368
Entertainment - 1.6%
Activision Blizzard, Inc.	65,015	4,915
Nintendo Co. Ltd. ADR	122,863	7,001
The Walt Disney Co. (b)	180,654	20,166
Universal Music Group NV	618,656	14,357
		46,439
Interactive Media & Services - 3.9%
Alphabet, Inc.:
Class A (b)	18,459	42,127
Class C (b)	16,732	38,472
Match Group, Inc. (b)	12,900	1,021
Meta Platforms, Inc. Class A (b)	127,168	25,493
Snap, Inc. Class A (b)	135,671	3,861
		110,974
Media - 2.8%
Comcast Corp. Class A	1,639,415	65,183
Interpublic Group of Companies, Inc.	422,405	13,779
		78,962

TOTAL COMMUNICATION SERVICES		247,743

CONSUMER DISCRETIONARY - 4.3%
Auto Components - 0.4%
BorgWarner, Inc.	344,224	12,678
Automobiles - 0.1%
General Motors Co. (b)	64,883	2,460
Hotels, Restaurants & Leisure - 1.6%
Booking Holdings, Inc. (b)	11,735	25,938
Expedia, Inc. (b)	49,987	8,735
Marriott International, Inc. Class A	54,286	9,637
Starbucks Corp.	36,690	2,739
		47,049
Household Durables - 0.8%
Mohawk Industries, Inc. (b)	69,722	9,835
Sony Group Corp. sponsored ADR	43,089	3,708
Whirlpool Corp.	43,162	7,835
		21,378
Internet & Direct Marketing Retail - 0.2%
Amazon.com, Inc. (b)	2,494	6,199
Specialty Retail - 1.2%
Lowe's Companies, Inc.	174,407	34,485

TOTAL CONSUMER DISCRETIONARY		124,249

CONSUMER STAPLES - 6.3%
Beverages - 1.8%
Diageo PLC sponsored ADR	75,280	14,957
Keurig Dr. Pepper, Inc.	244,634	9,149
The Coca-Cola Co.	443,856	28,678
		52,784
Food & Staples Retailing - 1.4%
Costco Wholesale Corp.	3,599	1,914
Performance Food Group Co. (b)	104,319	5,138
Sysco Corp.	259,031	22,142
U.S. Foods Holding Corp. (b)	136,664	5,141
Walmart, Inc.	43,089	6,592
		40,927
Food Products - 0.2%
Lamb Weston Holdings, Inc.	60,684	4,011
Household Products - 0.2%
Colgate-Palmolive Co.	3,099	239
Spectrum Brands Holdings, Inc.	72,879	6,200
		6,439
Tobacco - 2.7%
Altria Group, Inc.	1,245,069	69,188
Swedish Match Co. AB	1,023,532	8,152
		77,340

TOTAL CONSUMER STAPLES		181,501

ENERGY - 12.4%
Oil, Gas & Consumable Fuels - 12.4%
Canadian Natural Resources Ltd.	94,075	5,823
Cenovus Energy, Inc. (Canada)	2,281,625	42,182
EQT Corp.	70,382	2,798
Exxon Mobil Corp.	2,201,420	187,672
Harbour Energy PLC	1,049,825	6,583
Hess Corp.	561,496	57,873
Imperial Oil Ltd.	130,769	6,584
Kosmos Energy Ltd. (b)	2,786,052	18,834
Phillips 66 Co.	84,678	7,347
Tourmaline Oil Corp.	356,906	18,381
		354,077
FINANCIALS - 16.4%
Banks - 11.9%
Bank of America Corp.	2,422,434	86,432
JPMorgan Chase & Co.	229,729	27,420
M&T Bank Corp.	36,993	6,165
PNC Financial Services Group, Inc.	197,460	32,798
Truist Financial Corp.	462,733	22,373
U.S. Bancorp	393,440	19,105
Wells Fargo & Co.	3,342,598	145,838
		340,131
Capital Markets - 2.9%
KKR & Co. LP	274,186	13,975
Morgan Stanley	186,796	15,054
Northern Trust Corp.	293,534	30,249
Raymond James Financial, Inc.	83,873	8,174
State Street Corp.	253,323	16,965
		84,417
Consumer Finance - 0.4%
Discover Financial Services	90,571	10,186
Insurance - 0.2%
Chubb Ltd.	33,802	6,978
Thrifts & Mortgage Finance - 1.0%
MGIC Investment Corp.	596,055	7,784
Radian Group, Inc.	986,930	21,110
		28,894

TOTAL FINANCIALS		470,606

HEALTH CARE - 14.8%
Biotechnology - 0.5%
ADC Therapeutics SA (b)	48,389	570
Alnylam Pharmaceuticals, Inc. (b)	34,946	4,663
Argenx SE ADR (b)	2,999	862
Crinetics Pharmaceuticals, Inc. (b)	83,178	1,690
Insmed, Inc. (b)	135,619	2,980
Intercept Pharmaceuticals, Inc. (b)(c)	198,890	3,125
Vaxcyte, Inc. (b)	34,991	847
Verve Therapeutics, Inc.	27,193	406
		15,143
Health Care Equipment & Supplies - 1.6%
Abbott Laboratories	12,996	1,475
Becton, Dickinson & Co.	31,376	7,756
Boston Scientific Corp. (b)	816,414	34,379
iRhythm Technologies, Inc. (b)	300	37
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	135,170	3,485
		47,132
Health Care Providers & Services - 6.3%
Cardinal Health, Inc.	268,125	15,565
Centene Corp. (b)	25,290	2,037
Cigna Corp.	150,493	37,139
Covetrus, Inc. (b)	87,296	1,205
CVS Health Corp.	332,805	31,993
Guardant Health, Inc. (b)	50,587	3,121
Humana, Inc.	10,897	4,844
McKesson Corp.	120,873	37,423
Oak Street Health, Inc. (b)	43,189	781
UnitedHealth Group, Inc.	91,899	46,735
		180,843
Life Sciences Tools & Services - 0.2%
Danaher Corp.	19,595	4,921
Pharmaceuticals - 6.2%
Bayer AG	425,247	28,011
Bristol-Myers Squibb Co.	831,300	62,572
Eli Lilly & Co.	33,691	9,842
GlaxoSmithKline PLC sponsored ADR	755,794	34,222
Johnson & Johnson	202,884	36,612
Pliant Therapeutics, Inc. (b)	44,289	260
Sanofi SA sponsored ADR	107,872	5,636
Viatris, Inc.	34,691	358
		177,513

TOTAL HEALTH CARE		425,552

INDUSTRIALS - 13.4%
Aerospace & Defense - 2.7%
Airbus Group NV	128,966	14,118
General Dynamics Corp.	39,006	9,226
Huntington Ingalls Industries, Inc.	24,995	5,317
MTU Aero Engines AG	11,797	2,379
Raytheon Technologies Corp.	48,768	4,629
Safran SA	22,994	2,470
The Boeing Co. (b)	264,024	39,297
		77,436
Air Freight & Logistics - 2.0%
FedEx Corp.	61,357	12,194
United Parcel Service, Inc. Class B	244,796	44,058
		56,252
Airlines - 0.1%
Copa Holdings SA Class A (b)	9,298	701
Ryanair Holdings PLC sponsored ADR (b)	27,993	2,444
		3,145
Building Products - 0.2%
Johnson Controls International PLC	74,980	4,489
Commercial Services & Supplies - 0.2%
ACV Auctions, Inc. Class A (b)	349,108	4,661
Electrical Equipment - 0.9%
Acuity Brands, Inc.	53,714	9,265
Hubbell, Inc. Class B	34,246	6,690
Regal Rexnord Corp.	4,199	534
Vertiv Holdings Co.	840,979	10,537
		27,026
Industrial Conglomerates - 5.7%
3M Co.	37,557	5,416
General Electric Co.	2,117,235	157,840
		163,256
Machinery - 1.0%
Cummins, Inc.	17,695	3,348
Epiroc AB (A Shares)	12,597	255
Flowserve Corp.	171,425	5,607
Fortive Corp.	87,977	5,059
Otis Worldwide Corp.	56,425	4,110
PACCAR, Inc.	17,995	1,494
Stanley Black & Decker, Inc.	24,593	2,955
Westinghouse Air Brake Tech Co.	72,573	6,525
		29,353
Professional Services - 0.1%
Acacia Research Corp. (b)	24,000	113
Equifax, Inc.	10,897	2,218
		2,331
Road & Rail - 0.5%
Knight-Swift Transportation Holdings, Inc. Class A	298,854	14,312
Trading Companies & Distributors - 0.0%
Beijer Ref AB (B Shares)	47,388	772

TOTAL INDUSTRIALS		383,033

INFORMATION TECHNOLOGY - 19.0%
Electronic Equipment & Components - 0.2%
Mirion Technologies, Inc. (d)	671,520	5,298
IT Services - 4.3%
Amadeus IT Holding SA Class A (b)	87,776	5,500
Edenred SA	198,047	9,946
Fidelity National Information Services, Inc.	126,267	12,519
Genpact Ltd.	107,468	4,328
Global Payments, Inc.	15,696	2,150
IBM Corp.	33,191	4,388
MasterCard, Inc. Class A	24,786	9,007
PayPal Holdings, Inc. (b)	80,880	7,112
Sabre Corp. (b)	569,051	5,958
Snowflake, Inc. (b)	1,900	326
Twilio, Inc. Class A (b)	57,185	6,394
Unisys Corp. (b)	385,821	5,483
Visa, Inc. Class A	230,623	49,153
		122,264
Semiconductors & Semiconductor Equipment - 2.7%
Analog Devices, Inc.	32,981	5,092
Applied Materials, Inc.	64,935	7,166
Intel Corp.	270,527	11,792
Lam Research Corp.	10,197	4,749
Marvell Technology, Inc.	119,446	6,937
Qualcomm, Inc.	305,473	42,672
		78,408
Software - 8.3%
Adobe, Inc. (b)	12,097	4,790
Autodesk, Inc. (b)	27,602	5,225
Coupa Software, Inc. (b)	3,299	285
DocuSign, Inc. (b)	25,393	2,057
DoubleVerify Holdings, Inc. (b)	47,088	1,024
Dynatrace, Inc. (b)	92,390	3,544
Elastic NV (b)	83,078	6,326
Microsoft Corp.	676,169	187,650
PTC, Inc. (b)	31,391	3,585
Salesforce.com, Inc. (b)	9,198	1,618
SAP SE sponsored ADR	201,666	20,328
Workday, Inc. Class A (b)	9,298	1,922
		238,354
Technology Hardware, Storage & Peripherals - 3.5%
Apple, Inc.	620,007	97,744
Samsung Electronics Co. Ltd.	65,110	3,451
		101,195

TOTAL INFORMATION TECHNOLOGY		545,519

MATERIALS - 3.0%
Chemicals - 0.7%
Axalta Coating Systems Ltd. (b)	111,171	2,820
DuPont de Nemours, Inc.	271,629	17,908
		20,728
Metals & Mining - 2.3%
First Quantum Minerals Ltd.	542,264	15,546
Freeport-McMoRan, Inc.	958,342	38,861
Glencore Xstrata PLC	1,863,911	11,485
		65,892

TOTAL MATERIALS		86,620

REAL ESTATE - 0.8%
Equity Real Estate Investment Trusts (REITs) - 0.8%
American Tower Corp.	30,738	7,408
Equinix, Inc.	1,124	808
Simon Property Group, Inc.	122,568	14,463
		22,679
UTILITIES - 0.4%
Electric Utilities - 0.4%
Entergy Corp.	26,493	3,149
PG&E Corp. (b)	101,800	1,288
Southern Co.	91,376	6,706
		11,143
Multi-Utilities - 0.0%
Sempra Energy	7,262	1,172

TOTAL UTILITIES		12,315

TOTAL COMMON STOCKS
(Cost $2,071,682)		2,853,894

Preferred Stocks - 0.1%
Convertible Preferred Stocks - 0.0%
COMMUNICATION SERVICES - 0.0%
Interactive Media & Services - 0.0%
Reddit, Inc. Series E (d)(e)	3,600	143
Nonconvertible Preferred Stocks - 0.1%
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
Embraer SA sponsored ADR (b)	348,509	3,963
TOTAL PREFERRED STOCKS
(Cost $4,301)		4,106

Other - 0.1%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f)
(Cost $6,968)	6,967,758	2,093

Money Market Funds - 0.1%
Fidelity Cash Central Fund 0.32% (g)	530	1
Fidelity Securities Lending Cash Central Fund 0.32% (g)(h)	2,426,682	2,427
TOTAL MONEY MARKET FUNDS
(Cost $2,428)		2,428
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $2,085,379)		2,862,521
NET OTHER ASSETS (LIABILITIES) - 0.2%		6,763
NET ASSETS - 100%		$2,869,284

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,453,000 or 0.1% of net assets.

(b) Non-income producing

(e) Level 3 security

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Mirion Technologies, Inc.	6/16/21	$6,715
Reddit, Inc. Series E	5/18/21	$153
Utica Shale Drilling Program (non-operating revenue interest)	10/5/16 - 9/1/17	$6,968

Affiliated Central Funds

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.32%	$21,341	$295,711	$317,051	$24	$--	$--	$1	0.0%
Fidelity Securities Lending Cash Central Fund 0.32%	39,925	381,124	418,622	1,896	--	--	2,427	0.0%
Total	$61,266	$676,835	$735,673	$1,920	$--	$--	$2,428

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$247,886	$229,933	$17,810	$143
Consumer Discretionary	124,249	124,249	--	--
Consumer Staples	181,501	173,349	8,152	--
Energy	354,077	347,494	6,583	--
Financials	470,606	470,606	--	--
Health Care	425,552	397,541	28,011	--
Industrials	386,996	367,002	19,994	--
Information Technology	545,519	526,622	18,897	--
Materials	86,620	75,135	11,485	--
Real Estate	22,679	22,679	--	--
Utilities	12,315	12,315	--	--
Other	2,093	--	--	2,093
Money Market Funds	2,428	2,428	--	--
Total Investments in Securities:	$2,862,521	$2,749,353	$110,932	$2,236

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)		April 30, 2022
Assets
Investment in securities, at value (including securities loaned of $2,349) — See accompanying schedule: Unaffiliated issuers (cost $2,082,951)	$2,860,093
Fidelity Central Funds (cost $2,428)	2,428
Total Investment in Securities (cost $2,085,379)		$2,862,521
Restricted cash		231
Receivable for investments sold		15,642
Receivable for fund shares sold		4,480
Dividends receivable		3,125
Distributions receivable from Fidelity Central Funds		12
Prepaid expenses		1
Other receivables		1
Total assets		2,886,013
Liabilities
Payable for investments purchased	$1,237
Payable for fund shares redeemed	5,866
Accrued management fee	985
Notes payable to affiliates	5,756
Other affiliated payables	437
Other payables and accrued expenses	19
Collateral on securities loaned	2,429
Total liabilities		16,729
Net Assets		$2,869,284
Net Assets consist of:
Paid in capital		$2,048,971
Total accumulated earnings (loss)		820,313
Net Assets		$2,869,284
Net Asset Value, offering price and redemption price per share ($2,869,284 ÷ 73,580.7 shares)		$39.00

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

Statement of Operations

Amounts in thousands		Year ended April 30, 2022
Investment Income
Dividends		$52,116
Non-Cash dividends		17,258
Income from Fidelity Central Funds (including $1,896 from security lending)		1,920
Total income		71,294
Expenses
Management fee
Basic fee	$16,016
Performance adjustment	(4,962)
Transfer agent fees	4,231
Accounting fees	897
Custodian fees and expenses	43
Independent trustees' fees and expenses	10
Registration fees	90
Audit	60
Legal	6
Miscellaneous	14
Total expenses before reductions	16,405
Expense reductions	(87)
Total expenses after reductions		16,318
Net investment income (loss)		54,976
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	102,420
Foreign currency transactions	7
Total net realized gain (loss)		102,427
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(173,398)
Unfunded commitments	(1,251)
Assets and liabilities in foreign currencies	(74)
Total change in net unrealized appreciation (depreciation)		(174,723)
Net gain (loss)		(72,296)
Net increase (decrease) in net assets resulting from operations		$(17,320)

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended April 30, 2022	Year ended April 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$54,976	$43,004
Net realized gain (loss)	102,427	87,979
Change in net unrealized appreciation (depreciation)	(174,723)	959,927
Net increase (decrease) in net assets resulting from operations	(17,320)	1,090,910
Distributions to shareholders	(142,957)	(102,667)
Share transactions
Proceeds from sales of shares	694,858	535,535
Reinvestment of distributions	104,823	83,076
Cost of shares redeemed	(739,260)	(810,677)
Net increase (decrease) in net assets resulting from share transactions	60,421	(192,066)
Total increase (decrease) in net assets	(99,856)	796,177
Net Assets
Beginning of period	2,969,140	2,172,963
End of period	$2,869,284	$2,969,140
Other Information
Shares
Sold	16,637	16,432
Issued in reinvestment of distributions	2,547	2,540
Redeemed	(17,865)	(24,878)
Net increase (decrease)	1,319	(5,906)

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

Financial Highlights

Fidelity Large Cap Stock Fund


Years ended April 30,	2022	2021	2020	2019	2018
Selected Per–Share Data
Net asset value, beginning of period	$41.09	$27.80	$32.11	$33.02	$30.85
Income from Investment Operations
Net investment income (loss)^A,^B	.75^C	.57	.63	.63	.47
Net realized and unrealized gain (loss)	(.86)	14.10	(3.12)	2.17	2.87
Total from investment operations	(.11)	14.67	(2.49)	2.80	3.34
Distributions from net investment income	(.77)	(.65)	(.62)	(.53)^D	(.38)
Distributions from net realized gain	(1.21)	(.73)	(1.20)	(3.18)^D	(.79)
Total distributions	(1.98)	(1.38)	(1.82)	(3.71)	(1.17)
Net asset value, end of period	$39.00	$41.09	$27.80	$32.11	$33.02
Total Return^E	(.46)%	54.08%	(8.41)%	9.57%	10.96%
Ratios to Average Net Assets^B,^F,^G
Expenses before reductions	.54%	.48%	.47%	.63%	.67%
Expenses net of fee waivers, if any	.53%	.48%	.47%	.63%	.67%
Expenses net of all reductions	.53%	.48%	.47%	.62%	.66%
Net investment income (loss)	1.80%^C	1.73%	2.05%	1.96%	1.44%
Supplemental Data
Net assets, end of period (in millions)	$2,869	$2,969	$2,173	$2,796	$3,864
Portfolio turnover rate^H	15%^I	18%	32%^I	35%^I	40%^I

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

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

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

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

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

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

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

Notes to Financial Statements

For the period ended April 30, 2022
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations in "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Book-tax differences are primarily due to foreign currency transactions, 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	$946,590
Gross unrealized depreciation	(184,507)
Net unrealized appreciation (depreciation)	$762,083
Tax Cost	$2,100,438

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

Undistributed ordinary income	$10,632
Undistributed long-term capital gain	$47,812
Net unrealized appreciation (depreciation) on securities and other investments	$761,870

The tax character of distributions paid was as follows:

	April 30, 2022	April 30, 2021
Ordinary Income	$71,263	$ 50,946
Long-term Capital Gains	71,694	51,721
Total	$142,957	$ 102,667

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

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

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable.

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

	$ Amount	% of Net Assets
Utica Shale Drilling Program (non-operating revenue interest)	2,324	.08

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Large Cap Stock Fund	440,138	445,841

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)
Fidelity Large Cap Stock Fund	19	409	779

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .36% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .14% of average net assets.

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

	Amount
Fidelity Large Cap Stock Fund	$6

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. Any open loans, including accrued interest, at period end are presented under the caption Notes payable to affiliates" in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Large Cap Stock Fund	Borrower	$7,157	.42%	$-^(a)

(a) Amount represents less than five hundred dollars

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Large Cap Stock Fund	48,430	34,508	9,325

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

	Amount ($)
Fidelity Large Cap Stock Fund	323

6. Committed Line of Credit.

	Amount
Fidelity Large Cap Stock Fund	$5

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Large Cap Stock Fund	$117	$3	$–

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $87.

9. Other.

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Large Cap Stock Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian, brokers, and issuers of privately offered securities; when replies were not received from brokers or issuers of privately offered securities, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 14, 2022

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 324 funds. Mr. Chiel oversees 190 funds.

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Expenses Paid During Period-^B November 1, 2021 to April 30, 2022
Fidelity Large Cap Stock Fund	.54%
Actual		$1,000.00	$933.80	$2.59
Hypothetical-^C		$1,000.00	$1,022.12	$2.71

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

^C 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2022, $ 101,178,911, or, if subsequently determined to be different, the net capital gain of such year.

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

The fund designates 48% and 74% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 65% and 83% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1% and 2% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

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

Fidelity Investments

LCS-ANN-0622
1.703546.124

Fidelity® Small Cap Stock Fund

Annual Report

April 30, 2022

Contents

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2022	Past 1 year	Past 5 years	Past 10 years
Fidelity® Small Cap Stock Fund	(13.53)%	7.35%	9.08%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Stock Fund on April 30, 2012.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.

	Period Ending Values
	$23,851	Fidelity® Small Cap Stock Fund
	$26,078	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Marc Grow: For the fiscal year ending April 30, 2022, the fund returned -13.53%, outperforming the -16.87% result of the benchmark Russell 2000^® Index. The primary contributor to performance versus the benchmark was security selection in the industrials sector, especially capital goods firms. Stock picks and an underweighting among health care stocks, primarily driven by the pharmaceuticals, biotechnology & life sciences industry, further lifted the fund's relative result. The biggest individual relative contributor was an overweight position in Builders FirstSource (+28%), one of the fund's largest holdings this period. Also adding value was our outsized stake in Antero Resources, which gained about 70% and was a position we established the past 12 months. Non-benchmark exposure to LPL Financial Holdings, one of the fund's biggest positions this past year, rose 21% and also proved beneficial. Conversely, the largest detractor from performance versus the benchmark was stock selection in the consumer discretionary sector, especially among retailing companies. Weak picks in information technology, primarily within the software & services industry, also hampered the portfolio's relative return, as did the fund’s foreign holdings, which detracted overall, partly due to a broadly strong U.S. dollar. Meanwhile, Semler Scientific, the portfolio's biggest individual detractor, returned approximately -59% this period, followed by BHG Group, which returned -56% the past year but was sold during the period. Another notable relative detractor was Kogan.com, where shares of the firm returned roughly -51% the past 12 months. Kogan.com also was sold this past year. All these relative detractors were non-benchmark positions. Meaningful changes in positioning include a lower allocation to the consumer discretionary and information technology sectors.

Note to Shareholders: On February 17, 2022, Marc Grow assumed management responsibilities for the fund, succeeding Kip Johann-Berkel.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

	% of fund's net assets
Antero Resources Corp.	3.0
Concentrix Corp.	2.1
Insight Enterprises, Inc.	2.1
StoneX Group, Inc.	2.1
Jones Lang LaSalle, Inc.	2.1
BJ's Wholesale Club Holdings, Inc.	2.1
Boston Beer Co., Inc. Class A	1.9
Kforce, Inc.	1.9
Walker & Dunlop, Inc.	1.9
Owens & Minor, Inc.	1.8
	21.0

Market Sectors as of April 30, 2022

	% of fund's net assets
Health Care	16.7
Industrials	16.5
Financials	15.7
Information Technology	12.7
Energy	8.1
Consumer Discretionary	8.0
Consumer Staples	6.1
Real Estate	5.1
Materials	3.3
Communication Services	2.6
Investment Companies	1.8
Utilities	1.3

Asset Allocation (% of fund's net assets)

As of April 30, 2022^*
	Stocks	97.9%
	Short-Term Investments and Net Other Assets (Liabilities)	2.1%

* Foreign investments - 2.3%

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares	Value (000s)
COMMUNICATION SERVICES - 2.6%
Interactive Media & Services - 0.5%
Outbrain, Inc. (a)	92,831	$835
ZipRecruiter, Inc. (b)	213,033	4,795
		5,630
Media - 2.1%
Nexstar Broadcasting Group, Inc. Class A	56,984	9,027
TechTarget, Inc. (b)	107,668	7,247
Thryv Holdings, Inc. (a)(b)	394,936	10,201
		26,475

TOTAL COMMUNICATION SERVICES		32,105

CONSUMER DISCRETIONARY - 8.0%
Auto Components - 0.6%
Fox Factory Holding Corp. (b)	83,418	6,830
Hotels, Restaurants & Leisure - 3.6%
Brinker International, Inc. (b)	162,644	5,909
Churchill Downs, Inc.	77,600	15,748
Hilton Grand Vacations, Inc. (b)	198,067	9,275
Planet Fitness, Inc. (b)	178,200	14,261
		45,193
Household Durables - 1.6%
Cavco Industries, Inc. (b)	62,031	14,655
LGI Homes, Inc. (b)	20,126	1,886
Traeger, Inc. (a)(b)	664,845	3,982
		20,523
Leisure Products - 0.8%
Clarus Corp.	470,970	10,526
Specialty Retail - 0.6%
Murphy U.S.A., Inc.	33,354	7,791
Textiles, Apparel & Luxury Goods - 0.8%
Crocs, Inc. (b)	82,719	5,495
Kontoor Brands, Inc.	118,884	4,723
		10,218

TOTAL CONSUMER DISCRETIONARY		101,081

CONSUMER STAPLES - 6.1%
Beverages - 1.9%
Boston Beer Co., Inc. Class A (b)	63,446	23,792
Food & Staples Retailing - 4.2%
BJ's Wholesale Club Holdings, Inc. (b)	412,129	26,521
Grocery Outlet Holding Corp. (a)(b)	454,206	15,293
Performance Food Group Co. (b)	221,216	10,895
		52,709

TOTAL CONSUMER STAPLES		76,501

ENERGY - 8.1%
Energy Equipment & Services - 1.0%
Liberty Oilfield Services, Inc. Class A (b)	814,585	13,147
Oil, Gas & Consumable Fuels - 7.1%
Antero Resources Corp. (b)	1,056,288	37,181
Brigham Minerals, Inc. Class A	286,231	7,093
Enviva, Inc.	127,473	10,751
Magnolia Oil & Gas Corp. Class A	500,729	11,637
Northern Oil & Gas, Inc.	355,071	8,870
PDC Energy, Inc.	196,766	13,722
		89,254

TOTAL ENERGY		102,401

FINANCIALS - 15.7%
Banks - 2.3%
Independent Bank Group, Inc.	215,928	14,640
Metropolitan Bank Holding Corp. (b)	134,007	11,933
Union Bankshares, Inc.	76,071	2,320
		28,893
Capital Markets - 6.0%
Bridge Investment Group Holdings, Inc. (a)	796,140	14,952
LPL Financial	109,015	20,481
P10, Inc. (a)(b)	1,072,123	12,973
StoneX Group, Inc. (b)	395,565	26,811
Titanium OYJ	36,622	508
		75,725
Consumer Finance - 2.2%
Encore Capital Group, Inc. (b)	305,380	17,654
Nelnet, Inc. Class A	118,387	9,716
		27,370
Insurance - 1.5%
Primerica, Inc.	952	123
Selective Insurance Group, Inc.	167,568	13,801
Tiptree, Inc.	490,274	5,702
		19,626
Thrifts & Mortgage Finance - 3.7%
Axos Financial, Inc. (b)	309,828	11,736
Enact Holdings, Inc.	461,270	10,877
Hingham Institution for Savings	957	309
Walker & Dunlop, Inc.	194,837	23,334
		46,256

TOTAL FINANCIALS		197,870

HEALTH CARE - 16.7%
Biotechnology - 1.0%
Avid Bioservices, Inc. (b)	94,893	1,277
Blueprint Medicines Corp. (b)	63,583	3,710
Cullinan Oncology, Inc. (b)	236,414	2,319
Exelixis, Inc. (b)	65,657	1,467
Instil Bio, Inc. (b)	330,178	2,334
Mirati Therapeutics, Inc. (b)	24,148	1,492
		12,599
Health Care Equipment & Supplies - 4.4%
Envista Holdings Corp. (b)	346,043	13,710
Figs, Inc. Class A (a)(b)	586,118	9,179
Heska Corp. (b)	64,779	7,115
Integer Holdings Corp. (b)	83,019	6,241
Pro-Dex, Inc. (b)	11,511	174
Semler Scientific, Inc. (b)	183,951	8,460
TransMedics Group, Inc. (a)(b)	265,985	5,575
UFP Technologies, Inc. (b)	80,222	5,509
		55,963
Health Care Providers & Services - 4.6%
Acadia Healthcare Co., Inc. (b)	190,982	12,964
Chemed Corp.	32,855	16,145
Owens & Minor, Inc.	653,004	23,175
R1 RCM, Inc. (b)	259,932	5,854
		58,138
Health Care Technology - 2.2%
Evolent Health, Inc. (b)	811,866	22,343
Phreesia, Inc. (b)	220,476	5,044
		27,387
Life Sciences Tools & Services - 4.2%
Maravai LifeSciences Holdings, Inc. (b)	158,785	4,879
Medpace Holdings, Inc. (b)	163,301	21,812
Nanostring Technologies, Inc. (b)	121,896	2,289
Pacific Biosciences of California, Inc. (a)(b)	325,688	2,065
Syneos Health, Inc. (b)	292,339	21,367
		52,412
Pharmaceuticals - 0.3%
Arvinas Holding Co. LLC (b)	20,655	1,135
Harrow Health, Inc. (b)	317,676	2,151
		3,286

TOTAL HEALTH CARE		209,785

INDUSTRIALS - 16.5%
Aerospace & Defense - 0.8%
Cadre Holding, Inc.	156,059	3,961
Vectrus, Inc. (b)	153,875	5,555
		9,516
Building Products - 3.4%
Builders FirstSource, Inc. (b)	346,583	21,339
CSW Industrials, Inc.	117,543	12,402
Hayward Holdings, Inc. (a)(b)	554,986	8,824
		42,565
Construction & Engineering - 2.1%
IES Holdings, Inc. (b)	156,838	4,595
NV5 Global, Inc. (b)	66,283	7,941
Willscot Mobile Mini Holdings (b)	406,188	14,257
		26,793
Electrical Equipment - 1.2%
Atkore, Inc. (b)	98,186	9,436
GrafTech International Ltd.	695,977	6,319
		15,755
Machinery - 1.0%
Hurco Companies, Inc.	211,932	6,013
Mueller Industries, Inc.	115,947	6,279
		12,292
Professional Services - 5.7%
CACI International, Inc. Class A (b)	77,629	20,595
Franklin Covey Co. (b)	108,787	4,359
Kelly Partners Group Holdings Ltd.	522,215	1,852
Kforce, Inc.	335,656	23,513
TriNet Group, Inc. (b)	239,647	21,257
		71,576
Trading Companies & Distributors - 2.3%
Custom Truck One Source, Inc. Class A (b)	1,234,399	8,110
GMS, Inc. (b)	428,378	20,541
Teqnion AB	8,064	96
		28,747

TOTAL INDUSTRIALS		207,244

INFORMATION TECHNOLOGY - 12.7%
Electronic Equipment & Components - 3.6%
Insight Enterprises, Inc. (b)	270,523	26,882
Mirion Technologies, Inc. Class A (a)(b)	1,116,296	8,808
TD SYNNEX Corp.	98,096	9,818
		45,508
IT Services - 5.6%
Cass Information Systems, Inc.	63,667	2,465
Concentrix Corp.	171,674	27,035
Cyxtera Technologies, Inc. Class A (b)	1,035,148	12,453
ECIT A/S	2,923,904	2,193
ExlService Holdings, Inc. (b)	149,861	20,404
Priority Technology Holdings, Inc. (b)	1,232,419	5,916
		70,466
Semiconductors & Semiconductor Equipment - 0.5%
SiTime Corp. (b)	36,820	6,207
Software - 1.9%
ChannelAdvisor Corp. (b)	717,646	10,413
Elastic NV (b)	63,561	4,840
Five9, Inc. (b)	43,705	4,812
Orn Software A/S (b)	1,328,523	533
Sikri Holding A/S (b)	254,251	2,485
		23,083
Technology Hardware, Storage & Peripherals - 1.1%
Avid Technology, Inc. (b)	436,745	13,849

TOTAL INFORMATION TECHNOLOGY		159,113

MATERIALS - 3.3%
Chemicals - 2.6%
Hawkins, Inc.	156,266	5,826
Intrepid Potash, Inc. (b)	78,035	5,976
Sisecam Resources LP	167,284	3,376
Valvoline, Inc.	551,589	16,675
		31,853
Metals & Mining - 0.7%
Commercial Metals Co.	219,720	9,009

TOTAL MATERIALS		40,862

REAL ESTATE - 5.1%
Equity Real Estate Investment Trusts (REITs) - 1.9%
Plymouth Industrial REIT, Inc.	16,798	405
Sunstone Hotel Investors, Inc. (b)	625,100	7,657
Terreno Realty Corp.	226,500	16,478
		24,540
Real Estate Management & Development - 3.2%
Cushman & Wakefield PLC (b)	759,539	13,596
Jones Lang LaSalle, Inc. (b)	121,658	26,610
		40,206

TOTAL REAL ESTATE		64,746

UTILITIES - 1.3%
Independent Power and Renewable Electricity Producers - 1.3%
NextEra Energy Partners LP (a)	252,641	16,841
TOTAL COMMON STOCKS
(Cost $1,132,908)		1,208,549

Money Market Funds - 6.8%
Fidelity Cash Central Fund 0.32% (c)	25,810,450	25,816
Fidelity Securities Lending Cash Central Fund 0.32% (c)(d)	59,154,163	59,160
TOTAL MONEY MARKET FUNDS
(Cost $84,976)		84,976

Equity Funds - 1.8%
Small Blend Funds - 1.8%
iShares Russell 2000 Index ETF (a)
(Cost $25,027)	124,500	23,026
TOTAL INVESTMENT IN SECURITIES - 104.7%
(Cost $1,242,911)		1,316,551
NET OTHER ASSETS (LIABILITIES) - (4.7)%		(58,889)
NET ASSETS - 100%		$1,257,662

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

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

(b) Non-income producing

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

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

Affiliated Central Funds

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.32%	$5,087	$435,218	$414,489	$10	$--	$--	$25,816	0.0%
Fidelity Securities Lending Cash Central Fund 0.32%	112,864	626,764	680,468	1,770	--	--	59,160	0.2%
Total	$117,951	$1,061,982	$1,094,957	$1,780	$--	$--	$84,976

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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable.

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds^(a)	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Qleanair Holding AB	$6,218	$--	$3,805	$109	$(2,000)	$(413)	$--
Total	$6,218	$--	$3,805	$109	$(2,000)	$(413)	$--

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

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$32,105	$32,105	$--	$--
Consumer Discretionary	101,081	101,081	--	--
Consumer Staples	76,501	76,501	--	--
Energy	102,401	102,401	--	--
Financials	197,870	197,362	508	--
Health Care	209,785	209,785	--	--
Industrials	207,244	205,296	1,948	--
Information Technology	159,113	153,902	5,211	--
Materials	40,862	40,862	--	--
Real Estate	64,746	64,746	--	--
Utilities	16,841	16,841	--	--
Money Market Funds	84,976	84,976	--	--
Equity Funds	23,026	23,026	--	--
Total Investments in Securities:	$1,316,551	$1,308,884	$7,667	$--

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)		April 30, 2022
Assets
Investment in securities, at value (including securities loaned of $56,388) — See accompanying schedule: Unaffiliated issuers (cost $1,157,935)	$1,231,575
Fidelity Central Funds (cost $84,976)	84,976
Total Investment in Securities (cost $1,242,911)		$1,316,551
Receivable for investments sold		15,046
Receivable for fund shares sold		112
Dividends receivable		424
Distributions receivable from Fidelity Central Funds		18
Prepaid expenses		1
Total assets		1,332,152
Liabilities
Payable to custodian bank	$67
Payable for investments purchased	13,758
Payable for fund shares redeemed	546
Accrued management fee	730
Other affiliated payables	201
Other payables and accrued expenses	33
Collateral on securities loaned	59,155
Total liabilities		74,490
Net Assets		$1,257,662
Net Assets consist of:
Paid in capital		$1,187,931
Total accumulated earnings (loss)		69,731
Net Assets		$1,257,662
Net Asset Value, offering price and redemption price per share ($1,257,662 ÷ 76,494 shares)		$16.44

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

Statement of Operations

Amounts in thousands		Year ended April 30, 2022
Investment Income
Dividends (including $109 earned from other affiliated issuers)		$13,537
Income from Fidelity Central Funds (including $1,770 from security lending)		1,780
Total income		15,317
Expenses
Management fee
Basic fee	$10,336
Performance adjustment	594
Transfer agent fees	2,158
Accounting fees	478
Custodian fees and expenses	89
Independent trustees' fees and expenses	5
Registration fees	27
Audit	58
Legal	6
Miscellaneous	7
Total expenses before reductions	13,758
Expense reductions	(45)
Total expenses after reductions		13,713
Net investment income (loss)		1,604
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	198,073
Affiliated issuers	(2,000)
Foreign currency transactions	105
Total net realized gain (loss)		196,178
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(394,285)
Affiliated issuers	(413)
Unfunded commitments	22
Assets and liabilities in foreign currencies	(25)
Total change in net unrealized appreciation (depreciation)		(394,701)
Net gain (loss)		(198,523)
Net increase (decrease) in net assets resulting from operations		$(196,919)

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended April 30, 2022	Year ended April 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,604	$(731)
Net realized gain (loss)	196,178	227,421
Change in net unrealized appreciation (depreciation)	(394,701)	466,004
Net increase (decrease) in net assets resulting from operations	(196,919)	692,694
Distributions to shareholders	(317,546)	–
Share transactions
Proceeds from sales of shares	55,957	85,348
Reinvestment of distributions	306,087	–
Cost of shares redeemed	(199,191)	(265,746)
Net increase (decrease) in net assets resulting from share transactions	162,853	(180,398)
Total increase (decrease) in net assets	(351,612)	512,296
Net Assets
Beginning of period	1,609,274	1,096,978
End of period	$1,257,662	$1,609,274
Other Information
Shares
Sold	2,697	4,424
Issued in reinvestment of distributions	15,213	–
Redeemed	(9,667)	(14,529)
Net increase (decrease)	8,243	(10,105)

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

Financial Highlights

Fidelity Small Cap Stock Fund


Years ended April 30,	2022	2021	2020	2019	2018
Selected Per–Share Data
Net asset value, beginning of period	$23.58	$14.00	$16.89	$19.56	$19.38
Income from Investment Operations
Net investment income (loss)^A,^B	.02	(.01)	.05	.12^C	.08^D
Net realized and unrealized gain (loss)	(2.57)	9.59	(2.88)	.90	1.86
Total from investment operations	(2.55)	9.58	(2.83)	1.02	1.94
Distributions from net investment income	(.05)	–	(.06)	(.06)	(.07)
Distributions from net realized gain	(4.54)	–	–	(3.64)	(1.69)
Total distributions	(4.59)	–	(.06)	(3.69)^E	(1.76)
Redemption fees added to paid in capital^A	–	–	–	–	–^F
Net asset value, end of period	$16.44	$23.58	$14.00	$16.89	$19.56
Total Return^G	(13.53)%	68.43%	(16.85)%	6.66%	10.39%
Ratios to Average Net Assets^B,^H,^I
Expenses before reductions	.90%	.88%	.91%	.67%	.82%
Expenses net of fee waivers, if any	.89%	.88%	.91%	.67%	.82%
Expenses net of all reductions	.89%	.86%	.90%	.67%	.81%
Net investment income (loss)	.10%	(.05)%	.27%	.66%^C	.39%^D
Supplemental Data
Net assets, end of period (in millions)	$1,258	$1,609	$1,097	$1,515	$1,595
Portfolio turnover rate^J	135%^K	123%^K	65%^K	66%^K	63%^K

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

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

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

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

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

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

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

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

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

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

Notes to Financial Statements

For the period ended April 30, 2022
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, 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 – unadjusted quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

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

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

Gross unrealized appreciation	$170,020
Gross unrealized depreciation	(99,149)
Net unrealized appreciation (depreciation)	$70,871
Tax Cost	$1,245,679

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

Undistributed long-term capital gain	$85,740
Net unrealized appreciation (depreciation) on securities and other investments	$70,094

The Fund intends to elect to defer to the next fiscal year $83,641 of capital losses recognized during the period November 1, 2021 to April 30, 2022, and ordinary losses of $2,462 recognized during the period January 1, 2022 to April 30, 2022.

The tax character of distributions paid was as follows:

	April 30, 2022	April 30, 2021
Ordinary Income	$112,045	$ -
Long-term Capital Gains	205,501	-
Total	$317,546	$ -

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Small Cap Stock Fund	2,047,298	2,208,478

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)
Fidelity Small Cap Stock Fund	174	621	3,033

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)
Fidelity Small Cap Stock Fund	171	1,250	3,201

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .71% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

	Amount
Fidelity Small Cap Stock Fund	$100

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Small Cap Stock Fund	107,022	105,062	20,020

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

	Amount ($)
Fidelity Small Cap Stock Fund	31

6. Committed Line of Credit.

	Amount
Fidelity Small Cap Stock Fund	$3

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Small Cap Stock Fund	$179	$8	$957

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by less than five-hundred dollars.

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

9. Other.

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Small Cap Stock Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 14, 2022

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 324 funds. Mr. Chiel oversees 190 funds.

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Expenses Paid During Period-^B November 1, 2021 to April 30, 2022
Fidelity Small Cap Stock Fund	.88%
Actual		$1,000.00	$822.30	$3.98
Hypothetical-^C		$1,000.00	$1,020.43	$4.41

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

^C 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2022, $201,681,880, or, if subsequently determined to be different, the net capital gain of such year.

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

The fund designates 22% and 8% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 30% and 11% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1% and 3% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

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

Fidelity Investments

SLCX-ANN-0622
1.703590.124

Fidelity® Small Cap Discovery Fund

Annual Report

April 30, 2022

Contents

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2022	Past 1 year	Past 5 years	Past 10 years
Fidelity® Small Cap Discovery Fund	(2.94)%	8.30%	10.84%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Discovery Fund on April 30, 2012.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.

	Period Ending Values
	$27,981	Fidelity® Small Cap Discovery Fund
	$26,078	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Derek Janssen: For the fiscal year ending April 30, 2022, the fund returned -2.94%, notably outperforming the -16.87% result of the benchmark Russell 2000^® Index. The top contributors to performance versus the benchmark were security selection and an underweighting in the health care sector. Picks among industrials stocks, along with investment choices and an overweighting in financials, also lifted the fund's relative result. Also, the fund’s foreign holdings contributed overall, despite the headwind of broad U.S.-dollar strength. The portfolio’s non-benchmark stake in Rheinmetall was the top individual relative contributor, driven by a rise of 118%. We increased our stake in the company the past 12 months. Further aiding performance was the fund's out-of-benchmark position in Jones Lang LaSalle, one of our biggest holdings, which gained 17% this period. Another notable relative contributor was an overweighting in Brigham Minerals (+56%). In contrast, the primary detractors from performance versus the benchmark included an underweighting and stock selection in energy. Picks among materials companies and smaller-than-benchmark exposure to consumer staples also hindered the fund's relative return. Our non-benchmark stake in Ollie’s Bargain Outlet Holdings was the fund's largest individual relative detractor, due to its -48% result. Further hampering performance was our outsized stake in Cimpress, which returned -47%. Also holding back performance was our overweighting in Rent-A-Center, which returned roughly -57%. We added to our position the past year.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

	% of fund's net assets
Insight Enterprises, Inc.	3.5
Jones Lang LaSalle, Inc.	3.0
Valvoline, Inc.	2.8
Concentrix Corp.	2.8
Beacon Roofing Supply, Inc.	2.8
ASGN, Inc.	2.6
First American Financial Corp.	2.5
Enstar Group Ltd.	2.5
Capcom Co. Ltd.	2.5
Rheinmetall AG	2.3
	27.3

Market Sectors as of April 30, 2022

	% of fund's net assets
Industrials	18.3
Financials	17.6
Health Care	13.1
Information Technology	13.0
Consumer Discretionary	11.3
Real Estate	8.9
Materials	5.4
Communication Services	5.2
Consumer Staples	2.6
Energy	2.1
Utilities	2.0

Asset Allocation (% of fund's net assets)

As of April 30, 2022 *
	Stocks	99.5%
	Short-Term Investments and Net Other Assets (Liabilities)	0.5%

*Foreign investments - 25%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022
	United States of America^*	75.0%
	Canada	5.7%
	Bermuda	5.2%
	Japan	4.4%
	Germany	2.3%
	United Kingdom	2.2%
	Ireland	1.7%
	Austria	1.1%
	Cayman Islands	1.1%
	Other	1.3%

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentage are based on country or territory of incorporation and include the effect of futures, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares	Value
COMMUNICATION SERVICES - 5.2%
Entertainment - 2.5%
Capcom Co. Ltd.	3,000,000	$79,161,354
Interactive Media & Services - 1.8%
Dip Corp.	1,000,000	32,602,838
Ziff Davis, Inc. (a)	300,000	26,508,000
		59,110,838
Media - 0.9%
Cogeco Communications, Inc. (b)	250,000	20,530,884
Emerald Holding, Inc. (a)(c)	3,750,000	10,087,500
		30,618,384

TOTAL COMMUNICATION SERVICES		168,890,576

CONSUMER DISCRETIONARY - 11.3%
Auto Components - 1.9%
Adient PLC (a)	650,000	22,191,000
Patrick Industries, Inc.	650,000	40,462,500
		62,653,500
Diversified Consumer Services - 2.1%
Adtalem Global Education, Inc. (a)	1,200,000	35,172,000
OneSpaWorld Holdings Ltd. (a)(b)	1,500,000	15,060,000
Perdoceo Education Corp. (a)	1,500,000	16,770,000
		67,002,000
Hotels, Restaurants & Leisure - 0.9%
Hilton Grand Vacations, Inc. (a)	600,000	28,098,000
Household Durables - 3.9%
Helen of Troy Ltd. (a)(b)	225,000	48,264,750
LGI Homes, Inc. (a)(b)	400,000	37,484,000
Tempur Sealy International, Inc.	1,500,000	40,665,000
		126,413,750
Multiline Retail - 0.7%
Ollie's Bargain Outlet Holdings, Inc. (a)	490,100	23,549,305
Specialty Retail - 1.8%
America's Car Mart, Inc. (a)(b)	200,000	16,170,000
Rent-A-Center, Inc. (b)	1,250,000	30,150,000
Winmark Corp.	50,000	10,160,000
		56,480,000

TOTAL CONSUMER DISCRETIONARY		364,196,555

CONSUMER STAPLES - 2.6%
Food & Staples Retailing - 1.0%
BJ's Wholesale Club Holdings, Inc. (a)	500,000	32,175,000
Food Products - 1.6%
Lamb Weston Holdings, Inc.	600,000	39,660,000
TreeHouse Foods, Inc. (a)	350,000	11,025,000
		50,685,000

TOTAL CONSUMER STAPLES		82,860,000

ENERGY - 2.1%
Energy Equipment & Services - 0.4%
ShawCor Ltd. Class A (a)	3,500,000	13,240,961
Oil, Gas & Consumable Fuels - 1.7%
Brigham Minerals, Inc. Class A	2,200,000	54,516,000

TOTAL ENERGY		67,756,961

FINANCIALS - 17.6%
Banks - 5.1%
BOK Financial Corp. (b)	750,000	62,197,500
Cullen/Frost Bankers, Inc.	500,000	66,145,000
First Hawaiian, Inc.	1,500,000	35,415,000
		163,757,500
Capital Markets - 1.3%
BrightSphere Investment Group, Inc.	2,000,000	40,080,000
Consumer Finance - 2.2%
FirstCash Holdings, Inc.	900,000	71,802,000
Diversified Financial Services - 0.8%
Cannae Holdings, Inc. (a)	1,200,000	26,880,000
Insurance - 8.2%
Assurant, Inc.	400,000	72,752,000
Enstar Group Ltd. (a)	344,600	81,239,450
First American Financial Corp.	1,400,000	81,634,000
Primerica, Inc.	214,147	27,744,885
		263,370,335

TOTAL FINANCIALS		565,889,835

HEALTH CARE - 13.1%
Biotechnology - 1.9%
Cerevel Therapeutics Holdings (a)	493,500	14,449,680
Cullinan Oncology, Inc. (a)	388,100	3,807,261
Erasca, Inc.	1,164,900	8,480,472
Exelixis, Inc. (a)	897,800	20,056,852
Instil Bio, Inc. (a)	988,900	6,991,523
Mirati Therapeutics, Inc. (a)	148,700	9,188,173
		62,973,961
Health Care Equipment & Supplies - 2.0%
Envista Holdings Corp. (a)	1,500,000	59,430,000
Utah Medical Products, Inc.	50,000	4,229,500
		63,659,500
Health Care Providers & Services - 5.3%
AdaptHealth Corp. (a)	1,000,000	12,660,000
Owens & Minor, Inc.	2,000,000	70,980,000
Premier, Inc.	1,300,000	47,073,000
R1 RCM, Inc. (a)	1,750,000	39,410,000
		170,123,000
Life Sciences Tools & Services - 2.3%
Syneos Health, Inc. (a)	1,000,000	73,090,000
Pharmaceuticals - 1.6%
Arvinas Holding Co. LLC (a)	206,400	11,345,808
Prestige Brands Holdings, Inc. (a)	750,000	40,995,000
		52,340,808

TOTAL HEALTH CARE		422,187,269

INDUSTRIALS - 18.3%
Aerospace & Defense - 2.3%
Rheinmetall AG	325,000	73,262,850
Commercial Services & Supplies - 1.8%
Cimpress PLC (a)	600,000	30,306,000
The Brink's Co.	450,000	26,527,500
		56,833,500
Marine - 0.5%
Eagle Bulk Shipping, Inc.	250,000	15,560,000
Professional Services - 6.7%
ASGN, Inc. (a)	725,000	82,251,250
BGSF, Inc. (b)	6,216	75,897
Insperity, Inc.	500,000	53,025,000
Kforce, Inc.	750,000	52,537,500
Persol Holdings Co. Ltd.	1,500,000	29,759,453
		217,649,100
Road & Rail - 2.4%
TFI International, Inc.	500,000	40,240,000
TFI International, Inc. (Canada)	475,000	38,210,018
		78,450,018
Trading Companies & Distributors - 4.6%
Beacon Roofing Supply, Inc. (a)	1,500,000	89,445,000
Univar Solutions, Inc. (a)	2,000,000	58,240,000
		147,685,000

TOTAL INDUSTRIALS		589,440,468

INFORMATION TECHNOLOGY - 13.0%
Electronic Equipment & Components - 5.4%
Insight Enterprises, Inc. (a)	1,150,000	114,275,500
TD SYNNEX Corp.	233,000	23,320,970
TTM Technologies, Inc. (a)	2,750,000	38,362,500
		175,958,970
IT Services - 5.3%
Computer Services, Inc.	550,009	27,984,458
Concentrix Corp.	575,318	90,601,079
Genpact Ltd.	1,000,000	40,270,000
Tucows, Inc. (a)(b)	200,000	11,524,000
		170,379,537
Semiconductors & Semiconductor Equipment - 2.1%
Cirrus Logic, Inc. (a)	448,300	33,981,140
Ichor Holdings Ltd. (a)	1,200,000	34,932,000
		68,913,140
Software - 0.2%
Consensus Cloud Solutions, Inc. (a)	99,999	5,271,947

TOTAL INFORMATION TECHNOLOGY		420,523,594

MATERIALS - 5.4%
Chemicals - 2.8%
Valvoline, Inc.	3,000,000	90,690,000
Construction Materials - 2.3%
Eagle Materials, Inc.	100,000	12,332,000
RHI Magnesita NV	817,845	24,331,685
Wienerberger AG	1,300,000	36,696,190
		73,359,875
Metals & Mining - 0.3%
ERO Copper Corp. (a)	750,000	10,783,093

TOTAL MATERIALS		174,832,968

REAL ESTATE - 8.9%
Equity Real Estate Investment Trusts (REITs) - 3.7%
CareTrust (REIT), Inc.	1,000,000	16,210,000
Corporate Office Properties Trust (SBI)	1,000,000	26,690,000
Douglas Emmett, Inc.	2,000,000	58,920,000
iStar Financial, Inc.	1,000,000	16,840,000
		118,660,000
Real Estate Management & Development - 5.2%
Cushman & Wakefield PLC (a)	3,900,000	69,810,000
Jones Lang LaSalle, Inc. (a)	450,000	98,428,500
		168,238,500

TOTAL REAL ESTATE		286,898,500

UTILITIES - 2.0%
Gas Utilities - 2.0%
Brookfield Infrastructure Corp. A Shares (b)	900,000	63,828,000
TOTAL COMMON STOCKS
(Cost $2,684,585,689)		3,207,304,726

Money Market Funds - 3.2%
Fidelity Cash Central Fund 0.32% (d)	30,502,996	30,509,097
Fidelity Securities Lending Cash Central Fund 0.32% (d)(e)	72,551,289	72,558,544
TOTAL MONEY MARKET FUNDS
(Cost $103,067,641)		103,067,641
TOTAL INVESTMENT IN SECURITIES - 102.7%
(Cost $2,787,653,330)		3,310,372,367
NET OTHER ASSETS (LIABILITIES) - (2.7)%		(86,957,294)
NET ASSETS - 100%		$3,223,415,073

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.32%	$28,804,687	$750,498,279	$748,793,869	$32,521	$--	$--	$30,509,097	0.1%
Fidelity Securities Lending Cash Central Fund 0.32%	90,852,362	662,441,616	680,735,434	839,844	--	--	72,558,544	0.2%
Total	$119,657,049	$1,412,939,895	$1,429,529,303	$872,365	$--	$--	$103,067,641

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Emerald Holding, Inc.	$23,281,500	$--	$2,257,177	$--	$(6,202,540)	$(4,734,283)	$10,087,500
Total	$23,281,500	$--	$2,257,177	$--	$(6,202,540)	$(4,734,283)	$10,087,500

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$168,890,576	$57,126,384	$111,764,192	$--
Consumer Discretionary	364,196,555	364,196,555	--	--
Consumer Staples	82,860,000	82,860,000	--	--
Energy	67,756,961	67,756,961	--	--
Financials	565,889,835	565,889,835	--	--
Health Care	422,187,269	422,187,269	--	--
Industrials	589,440,468	486,418,165	103,022,303	--
Information Technology	420,523,594	420,523,594	--	--
Materials	174,832,968	113,805,093	61,027,875	--
Real Estate	286,898,500	286,898,500	--	--
Utilities	63,828,000	63,828,000	--	--
Money Market Funds	103,067,641	103,067,641	--	--
Total Investments in Securities:	$3,310,372,367	$3,034,557,997	$275,814,370	$--

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2022
Assets
Investment in securities, at value (including securities loaned of $68,819,981) — See accompanying schedule: Unaffiliated issuers (cost $2,627,104,869)	$3,197,217,226
Fidelity Central Funds (cost $103,067,641)	103,067,641
Other affiliated issuers (cost $57,480,820)	10,087,500
Total Investment in Securities (cost $2,787,653,330)		$3,310,372,367
Cash		186,463
Foreign currency held at value (cost $2)		2
Receivable for investments sold		5,049,308
Receivable for fund shares sold		795,113
Dividends receivable		1,895,799
Distributions receivable from Fidelity Central Funds		18,099
Prepaid expenses		1,053
Total assets		3,318,318,204
Liabilities
Payable for investments purchased	$18,130,188
Payable for fund shares redeemed	1,313,905
Accrued management fee	2,360,898
Other affiliated payables	522,458
Other payables and accrued expenses	20,536
Collateral on securities loaned	72,555,146
Total liabilities		94,903,131
Net Assets		$3,223,415,073
Net Assets consist of:
Paid in capital		$2,477,879,894
Total accumulated earnings (loss)		745,535,179
Net Assets		$3,223,415,073
Net Asset Value, offering price and redemption price per share ($3,223,415,073 ÷ 119,686,537 shares)		$26.93

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

Statement of Operations

		Year ended April 30, 2022
Investment Income
Dividends		$31,769,294
Income from Fidelity Central Funds (including $839,844 from security lending)		872,365
Total income		32,641,659
Expenses
Management fee
Basic fee	$22,460,187
Performance adjustment	4,086,553
Transfer agent fees	4,755,164
Accounting fees	972,729
Custodian fees and expenses	43,698
Independent trustees' fees and expenses	11,379
Registration fees	81,348
Audit	55,278
Legal	2,818
Interest	107
Miscellaneous	13,367
Total expenses before reductions	32,482,628
Expense reductions	(95,538)
Total expenses after reductions		32,387,090
Net investment income (loss)		254,569
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	352,842,604
Affiliated issuers	(6,202,540)
Foreign currency transactions	(58,581)
Total net realized gain (loss)		346,581,483
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(448,105,712)
Affiliated issuers	(4,734,283)
Assets and liabilities in foreign currencies	(176,857)
Total change in net unrealized appreciation (depreciation)		(453,016,852)
Net gain (loss)		(106,435,369)
Net increase (decrease) in net assets resulting from operations		$(106,180,800)

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

Statement of Changes in Net Assets

	Year ended April 30, 2022	Year ended April 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$254,569	$8,229,433
Net realized gain (loss)	346,581,483	232,719,322
Change in net unrealized appreciation (depreciation)	(453,016,852)	1,186,275,077
Net increase (decrease) in net assets resulting from operations	(106,180,800)	1,427,223,832
Distributions to shareholders	(204,471,823)	(71,928,795)
Share transactions
Proceeds from sales of shares	626,285,083	546,900,503
Reinvestment of distributions	188,581,982	68,198,120
Cost of shares redeemed	(451,388,087)	(680,544,829)
Net increase (decrease) in net assets resulting from share transactions	363,478,978	(65,446,206)
Total increase (decrease) in net assets	52,826,355	1,289,848,831
Net Assets
Beginning of period	3,170,588,718	1,880,739,887
End of period	$3,223,415,073	$3,170,588,718
Other Information
Shares
Sold	21,382,243	25,028,945
Issued in reinvestment of distributions	6,434,049	2,841,592
Redeemed	(15,421,417)	(30,486,651)
Net increase (decrease)	12,394,875	(2,616,114)

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

Financial Highlights

Fidelity Small Cap Discovery Fund


Years ended April 30,	2022	2021	2020	2019	2018
Selected Per–Share Data
Net asset value, beginning of period	$29.55	$17.11	$23.60	$29.61	$32.05
Income from Investment Operations
Net investment income (loss)^A,^B	–	.08	.18	.32^C	.19
Net realized and unrealized gain (loss)	(.74)	13.03	(4.94)	.68	1.53
Total from investment operations	(.74)	13.11	(4.76)	1.00	1.72
Distributions from net investment income	(.03)	(.07)^D	(.19)	(.22)	(.19)
Distributions from net realized gain	(1.85)	(.60)^D	(1.54)	(6.78)	(3.97)
Total distributions	(1.88)	(.67)	(1.73)	(7.01)^E	(4.16)
Redemption fees added to paid in capital^A	–	–	–	–	–^F
Net asset value, end of period	$26.93	$29.55	$17.11	$23.60	$29.61
Total Return^G	(2.94)%	77.54%	(21.89)%	4.96%	5.46%
Ratios to Average Net Assets^B,^H,^I
Expenses before reductions	.98%	.62%	.61%	.61%	.69%
Expenses net of fee waivers, if any	.97%	.62%	.61%	.61%	.69%
Expenses net of all reductions	.97%	.61%	.61%	.60%	.68%
Net investment income (loss)	.01%	.33%	.81%	1.29%^C	.61%
Supplemental Data
Net assets, end of period (000 omitted)	$3,223,415	$3,170,589	$1,880,740	$3,019,025	$4,507,452
Portfolio turnover rate^J	26%	33%	52%	32%	41%

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

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

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

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

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

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

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

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

Notes to Financial Statements

For the period ended April 30, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

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

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

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

Gross unrealized appreciation	$801,923,593
Gross unrealized depreciation	(279,828,594)
Net unrealized appreciation (depreciation)	$522,094,999
Tax Cost	$2,788,277,368

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

Undistributed long-term capital gain	$226,743,381
Net unrealized appreciation (depreciation) on securities and other investments	$521,964,709

The Fund intends to elect to defer to its next fiscal year $3,172,912 of ordinary losses recognized during the period January 1, 2022 to April 30, 2022.

The tax character of distributions paid was as follows:

	April 30, 2022	April 30, 2021
Ordinary Income	$30,235,534	$ 10,275,543
Long-term Capital Gains	174,236,289	61,653,252
Total	$204,471,823	$ 71,928,795

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Small Cap Discovery Fund	1,053,334,445	851,598,513

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .80% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

	% of Average Net Assets
Fidelity Small Cap Discovery Fund	.03

	Amount
Fidelity Small Cap Discovery Fund	$21,564

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Small Cap Discovery Fund	Borrower	$3,954,667	.33%	$107

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Small Cap Discovery Fund	137,329,132	73,525,454	43,853,356

6. Committed Line of Credit.

	Amount
Fidelity Small Cap Discovery Fund	$5,423

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Small Cap Discovery Fund	$90,817	$3	$–

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $56.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $95,482.

9. Other.

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

	Strategic Advisers Fidelity U.S. Total Stock Fund
Fidelity Small Cap Discovery Fund	19%

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

Fund	% of shares held
Fidelity Small Cap Discovery Fund	21%

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Small Cap Discovery Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Small Cap Discovery Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 14, 2022

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust fund and, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the trustees oversees 324 funds. Mr. Chiel overseas 190 funds.

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Expenses Paid During Period-^B November 1, 2021 to April 30, 2022
Fidelity Small Cap Discovery Fund	1.01%
Actual		$1,000.00	$908.40	$4.78
Hypothetical-^C		$1,000.00	$1,019.79	$5.06

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

^C 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2022, $323,722,148, or, if subsequently determined to be different, the net capital gain of such year.

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

The fund designates 76% and 63% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 100% and 79% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section1(h)(11) of the Internal Revenue Code.

The fund designates 1% and 7% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

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

Fidelity Investments

SMR-ANN-0622
1.757239.121

Fidelity® Series Small Cap Discovery Fund

Annual Report

April 30, 2022

Contents

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2022	Past 1 year	Past 5 years	Life of fund^A
Fidelity® Series Small Cap Discovery Fund	(2.37)%	10.01%	8.75%

^A From November 7, 2013

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Series Small Cap Discovery Fund on November 7, 2013, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.

	Period Ending Values
	$20,363	Fidelity® Series Small Cap Discovery Fund
	$19,319	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Derek Janssen: For the fiscal year ending April 30, 2022, the fund returned -2.37%, outperforming the -16.87% result of the benchmark Russell 2000^® Index. The top contributors to performance versus the benchmark were security selection and an underweighting in the health care sector. Picks among industrials stocks, along with investment choices and an overweighting in financials, also lifted the fund's relative result. Also, the fund’s foreign holdings contributed overall, despite the headwind of broad U.S.-dollar strength. The portfolio's largest individual relative contributor was an outsized stake in Brigham Minerals, which gained roughly 56% the past year. Further aiding performance was the fund's non-benchmark stake in Rheinmetall, which rose 118%. We added to our stake in the company the past 12 months. A non-benchmark stake in Jones Lang LaSalle, one of our biggest holdings this period, gained 17% and added value on a relative basis as well. Conversely, the primary detractors from performance versus the benchmark included an underweighting and stock selection in energy. Picks among materials companies and smaller-than-benchmark exposure to consumer staples also hindered the fund’s relative return. Our non-benchmark stake in Ollie’s Bargain Outlet Holdings was the portfolio's largest individual relative detractor, due to its -48% result. Further hampering performance was our overweighting in Cimpress, which returned -47%. Another key detractor was our out-of-benchmark position in RHI Magnesita (-51%). Notable changes in positioning this period include a higher allocation to the communication services and consumer discretionary sectors.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

	% of fund's net assets
Insight Enterprises, Inc.	3.4
Beacon Roofing Supply, Inc.	3.2
Syneos Health, Inc.	2.8
Valvoline, Inc.	2.8
Cushman & Wakefield PLC	2.8
Concentrix Corp.	2.7
First American Financial Corp.	2.7
Douglas Emmett, Inc.	2.5
FirstCash Holdings, Inc.	2.5
Kforce, Inc.	2.4
	27.8

Market Sectors as of April 30, 2022

	% of fund's net assets
Industrials	18.5
Information Technology	15.2
Financials	14.4
Health Care	13.1
Consumer Discretionary	11.8
Real Estate	9.0
Materials	5.4
Communication Services	4.5
Energy	3.4
Consumer Staples	2.1
Utilities	1.5

Asset Allocation (% of fund's net assets)

As of April 30, 2022 *
	Stocks	98.9%
	Short-Term Investments and Net Other Assets (Liabilities)	1.1%

* Foreign investments - 25%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022
	United States of America^*	75.0%
	Canada	5.8%
	Bermuda	4.7%
	Japan	4.1%
	United Kingdom	2.8%
	Ireland	2.5%
	Germany	1.7%
	Austria	1.2%
	Cayman Islands	1.1%
	Other	1.1%

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value
COMMUNICATION SERVICES - 4.5%
Entertainment - 1.8%
Capcom Co. Ltd.	900,000	$23,748,406
Interactive Media & Services - 1.7%
Dip Corp.	325,000	10,595,922
Ziff Davis, Inc. (a)	125,000	11,045,000
		21,640,922
Media - 1.0%
Cogeco Communications, Inc.	100,000	8,212,354
Emerald Holding, Inc. (a)(b)	1,923,000	5,172,870
		13,385,224

TOTAL COMMUNICATION SERVICES		58,774,552

CONSUMER DISCRETIONARY - 11.8%
Auto Components - 2.5%
Adient PLC (a)	500,000	17,070,000
Patrick Industries, Inc.	250,000	15,562,500
		32,632,500
Diversified Consumer Services - 2.6%
Adtalem Global Education, Inc. (a)	552,282	16,187,385
OneSpaWorld Holdings Ltd. (a)(b)	750,000	7,530,000
Perdoceo Education Corp. (a)	850,000	9,503,000
		33,220,385
Hotels, Restaurants & Leisure - 0.3%
Hilton Grand Vacations, Inc. (a)	100,000	4,683,000
Household Durables - 3.6%
Helen of Troy Ltd. (a)	85,000	18,233,350
LGI Homes, Inc. (a)	100,000	9,371,000
Tempur Sealy International, Inc.	700,000	18,977,000
		46,581,350
Multiline Retail - 1.1%
Ollie's Bargain Outlet Holdings, Inc. (a)(b)	294,000	14,126,700
Specialty Retail - 1.7%
America's Car Mart, Inc. (a)	75,000	6,063,750
Rent-A-Center, Inc.	400,000	9,648,000
Winmark Corp. (b)	30,000	6,096,000
		21,807,750

TOTAL CONSUMER DISCRETIONARY		153,051,685

CONSUMER STAPLES - 2.1%
Food & Staples Retailing - 0.5%
BJ's Wholesale Club Holdings, Inc. (a)	100,000	6,435,000
Food Products - 1.6%
Lamb Weston Holdings, Inc.	250,000	16,525,000
TreeHouse Foods, Inc.(a)	118,500	3,732,750
		20,257,750

TOTAL CONSUMER STAPLES		26,692,750

ENERGY - 3.4%
Energy Equipment & Services - 1.1%
ShawCor Ltd. Class A (a)	1,500,000	5,674,697
Total Energy Services, Inc. (a)	1,355,330	8,514,002
		14,188,699
Oil, Gas & Consumable Fuels - 2.3%
Brigham Minerals, Inc. Class A	1,200,000	29,736,000

TOTAL ENERGY		43,924,699

FINANCIALS - 14.4%
Banks - 3.3%
BOK Financial Corp.	150,000	12,439,500
Cullen/Frost Bankers, Inc.	100,000	13,229,000
First Hawaiian, Inc. (b)	750,000	17,707,500
		43,376,000
Capital Markets - 0.8%
BrightSphere Investment Group, Inc.	500,000	10,020,000
Consumer Finance - 2.5%
FirstCash Holdings, Inc.	400,000	31,912,000
Diversified Financial Services - 0.9%
Cannae Holdings, Inc. (a)	550,000	12,320,000
Insurance - 6.9%
Assurant, Inc.	100,000	18,188,000
Enstar Group Ltd. (a)	98,400	23,197,800
First American Financial Corp.	600,000	34,986,000
Primerica, Inc.	100,000	12,956,000
		89,327,800

TOTAL FINANCIALS		186,955,800

HEALTH CARE - 13.1%
Biotechnology - 2.1%
Cerevel Therapeutics Holdings (a)(b)	212,500	6,222,000
Cullinan Oncology, Inc. (a)	164,600	1,614,726
Erasca, Inc. (b)	491,100	3,575,208
Exelixis, Inc. (a)	381,800	8,529,412
Instil Bio, Inc. (a)	431,500	3,050,705
Mirati Therapeutics, Inc. (a)	63,300	3,911,307
		26,903,358
Health Care Equipment & Supplies - 1.6%
Envista Holdings Corp. (a)	450,000	17,829,000
Utah Medical Products, Inc.	32,219	2,725,405
		20,554,405
Health Care Providers & Services - 5.4%
AdaptHealth Corp. (a)	300,000	3,798,000
Owens & Minor, Inc.	700,000	24,843,000
Premier, Inc.	600,000	21,726,000
R1 RCM, Inc. (a)	850,000	19,142,000
		69,509,000
Life Sciences Tools & Services - 2.8%
Syneos Health, Inc. (a)	500,000	36,545,000
Pharmaceuticals - 1.2%
Arvinas Holding Co. LLC (a)	86,000	4,727,420
Prestige Brands Holdings, Inc. (a)	200,000	10,932,000
		15,659,420

TOTAL HEALTH CARE		169,171,183

INDUSTRIALS - 18.5%
Aerospace & Defense - 1.7%
Rheinmetall AG	100,000	22,542,415
Commercial Services & Supplies - 2.1%
Cimpress PLC (a)	300,000	15,153,000
The Brink's Co.	200,000	11,790,000
		26,943,000
Marine - 0.3%
Eagle Bulk Shipping, Inc.	75,000	4,668,000
Professional Services - 7.6%
ASGN, Inc. (a)	225,000	25,526,250
BGSF, Inc. (b)	4,124	50,354
Insperity, Inc.	200,000	21,210,000
Kforce, Inc.	450,000	31,522,500
Persol Holdings Co. Ltd.	1,000,000	19,839,636
		98,148,740
Road & Rail - 2.2%
TFI International, Inc. (b)	225,000	18,108,000
TFI International, Inc. (Canada)	125,000	10,055,268
		28,163,268
Trading Companies & Distributors - 4.6%
Beacon Roofing Supply, Inc. (a)(b)	700,000	41,741,000
Univar Solutions, Inc. (a)	600,000	17,472,000
		59,213,000

TOTAL INDUSTRIALS		239,678,423

INFORMATION TECHNOLOGY - 15.2%
Electronic Equipment & Components - 5.5%
Insight Enterprises, Inc. (a)	450,000	44,716,502
TD SYNNEX Corp.	125,000	12,511,250
TTM Technologies, Inc. (a)	1,000,000	13,950,000
		71,177,752
IT Services - 7.2%
Computer Services, Inc.	600,000	30,528,000
Concentrix Corp.	225,000	35,433,000
Genpact Ltd.	500,000	20,135,000
Tucows, Inc. (a)(b)	125,000	7,202,500
		93,298,500
Semiconductors & Semiconductor Equipment - 2.3%
Cirrus Logic, Inc. (a)	200,000	15,160,000
Ichor Holdings Ltd. (a)(b)	500,000	14,555,000
		29,715,000
Software - 0.2%
Consensus Cloud Solutions, Inc. (a)(b)	41,666	2,196,632

TOTAL INFORMATION TECHNOLOGY		196,387,884

MATERIALS - 5.4%
Chemicals - 2.8%
Valvoline, Inc.	1,200,000	36,276,000
Construction Materials - 2.2%
Eagle Materials, Inc.	25,000	3,083,000
RHI Magnesita NV	347,230	10,330,430
Wienerberger AG	550,000	15,525,311
		28,938,741
Metals & Mining - 0.4%
ERO Copper Corp. (a)	350,000	5,032,110

TOTAL MATERIALS		70,246,851

REAL ESTATE - 9.0%
Equity Real Estate Investment Trusts (REITs) - 4.1%
CareTrust (REIT), Inc.	150,000	2,431,500
Corporate Office Properties Trust (SBI)	400,000	10,676,000
Douglas Emmett, Inc.	1,100,000	32,406,000
iStar Financial, Inc. (b)	500,000	8,420,000
		53,933,500
Real Estate Management & Development - 4.9%
Cushman & Wakefield PLC (a)(b)	2,000,000	35,800,000
Jones Lang LaSalle, Inc. (a)	125,000	27,341,250
		63,141,250

TOTAL REAL ESTATE		117,074,750

UTILITIES - 1.5%
Gas Utilities - 1.5%
Brookfield Infrastructure Corp. A Shares	275,000	19,503,000
TOTAL COMMON STOCKS
(Cost $1,071,889,312)		1,281,461,577

Money Market Funds - 4.9%
Fidelity Cash Central Fund 0.32% (c)	26,277,048	26,282,304
Fidelity Securities Lending Cash Central Fund 0.32% (c)(d)	36,687,876	36,691,544
TOTAL MONEY MARKET FUNDS
(Cost $62,973,848)		62,973,848
TOTAL INVESTMENT IN SECURITIES - 103.8%
(Cost $1,134,863,160)		1,344,435,425
NET OTHER ASSETS (LIABILITIES) - (3.8)%		(49,096,691)
NET ASSETS - 100%		$1,295,338,734

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.32%	$25,339,770	$291,543,159	$290,600,625	$7,956	$--	$--	$26,282,304	0.1%
Fidelity Securities Lending Cash Central Fund 0.32%	29,199,568	433,200,507	425,708,531	280,474	--	--	36,691,544	0.1%
Total	$54,539,338	$724,743,666	$716,309,156	$288,430	$--	$--	$62,973,848

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$58,774,552	$24,430,224	$34,344,328	$--
Consumer Discretionary	153,051,685	153,051,685	--	--
Consumer Staples	26,692,750	26,692,750	--	--
Energy	43,924,699	43,924,699	--	--
Financials	186,955,800	186,955,800	--	--
Health Care	169,171,183	169,171,183	--	--
Industrials	239,678,423	197,296,372	42,382,051	--
Information Technology	196,387,884	196,387,884	--	--
Materials	70,246,851	44,391,110	25,855,741	--
Real Estate	117,074,750	117,074,750	--	--
Utilities	19,503,000	19,503,000	--	--
Money Market Funds	62,973,848	62,973,848	--	--
Total Investments in Securities:	$1,344,435,425	$1,241,853,305	$102,582,120	$--

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2022
Assets
Investment in securities, at value (including securities loaned of $34,744,518) — See accompanying schedule: Unaffiliated issuers (cost $1,071,889,312)	$1,281,461,577
Fidelity Central Funds (cost $62,973,848)	62,973,848
Total Investment in Securities (cost $1,134,863,160)		$1,344,435,425
Cash		336
Foreign currency held at value (cost $1)		1
Receivable for investments sold		9,002,786
Receivable for fund shares sold		8,218
Dividends receivable		737,215
Distributions receivable from Fidelity Central Funds		9,440
Total assets		1,354,193,421
Liabilities
Payable for investments purchased	$10,967,648
Payable for fund shares redeemed	11,194,090
Other payables and accrued expenses	6,374
Collateral on securities loaned	36,686,575
Total liabilities		58,854,687
Net Assets		$1,295,338,734
Net Assets consist of:
Paid in capital		$933,648,802
Total accumulated earnings (loss)		361,689,932
Net Assets		$1,295,338,734
Net Asset Value, offering price and redemption price per share ($1,295,338,734 ÷ 103,725,697 shares)		$12.49

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

Statement of Operations

		Year ended April 30, 2022
Investment Income
Dividends		$14,668,464
Income from Fidelity Central Funds (including $280,474 from security lending)		288,430
Total income		14,956,894
Expenses
Custodian fees and expenses	$23,968
Independent trustees' fees and expenses	5,254
Interest	469
Total expenses		29,691
Net investment income (loss)		14,927,203
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	236,522,878
Foreign currency transactions	22,793
Total net realized gain (loss)		236,545,671
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(273,785,972)
Assets and liabilities in foreign currencies	(71,848)
Total change in net unrealized appreciation (depreciation)		(273,857,820)
Net gain (loss)		(37,312,149)
Net increase (decrease) in net assets resulting from operations		$(22,384,946)

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

Statement of Changes in Net Assets

	Year ended April 30, 2022	Year ended April 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$14,927,203	$14,474,209
Net realized gain (loss)	236,545,671	228,816,940
Change in net unrealized appreciation (depreciation)	(273,857,820)	565,350,903
Net increase (decrease) in net assets resulting from operations	(22,384,946)	808,642,052
Distributions to shareholders	(250,809,683)	(39,141,065)
Share transactions
Proceeds from sales of shares	89,113,211	57,902,454
Reinvestment of distributions	250,809,683	39,141,065
Cost of shares redeemed	(281,945,014)	(508,195,446)
Net increase (decrease) in net assets resulting from share transactions	57,977,880	(411,151,927)
Total increase (decrease) in net assets	(215,216,749)	358,349,060
Net Assets
Beginning of period	1,510,555,483	1,152,206,423
End of period	$1,295,338,734	$1,510,555,483
Other Information
Shares
Sold	6,359,345	4,810,989
Issued in reinvestment of distributions	17,981,032	3,244,336
Redeemed	(19,966,035)	(40,612,429)
Net increase (decrease)	4,374,342	(32,557,104)

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

Financial Highlights

Fidelity Series Small Cap Discovery Fund


Years ended April 30,	2022	2021	2020	2019	2018
Selected Per–Share Data
Net asset value, beginning of period	$15.20	$8.73	$11.70	$12.40	$11.69
Income from Investment Operations
Net investment income (loss)^A,^B	.14	.12	.15	.20^C	.14
Net realized and unrealized gain (loss)	(.33)	6.68	(2.35)	.59	.71
Total from investment operations	(.19)	6.80	(2.20)	.79	.85
Distributions from net investment income	(.14)	(.12)	(.16)	(.19)	(.14)
Distributions from net realized gain	(2.38)	(.21)	(.61)	(1.30)	–
Total distributions	(2.52)	(.33)	(.77)	(1.49)	(.14)
Net asset value, end of period	$12.49	$15.20	$8.73	$11.70	$12.40
Total Return^D	(2.37)%	78.91%	(20.16)%	7.68%	7.33%
Ratios to Average Net Assets^B,^E,^F
Expenses before reductions	- %^G	- %^G	- %^G	- %^G	.06%
Expenses net of fee waivers, if any	- %^G	- %^G	- %^G	- %^G	.06%
Expenses net of all reductions	- %^G	- %^G	- %^G	- %^G	.05%
Net investment income (loss)	1.01%	1.03%	1.38%	1.73%^C	1.15%
Supplemental Data
Net assets, end of period (000 omitted)	$1,295,339	$1,510,555	$1,152,206	$1,707,498	$1,714,454
Portfolio turnover rate^H	25%	28%	51%	41%	44%

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

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

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

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

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

^G Amount represents less than .005%.

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

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

Notes to Financial Statements

For the period ended April 30, 2022

1. Organization.

Fidelity Series Small Cap Discovery Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

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

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

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

Gross unrealized appreciation	$328,595,444
Gross unrealized depreciation	(119,468,812)
Net unrealized appreciation (depreciation)	$209,126,632
Tax Cost	$1,135,308,793

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

Undistributed ordinary income	$3,608,664
Undistributed long-term capital gain	$151,112,331
Net unrealized appreciation (depreciation) on securities and other investments	$209,069,939

The Fund intends to elect to defer to its next fiscal year $2,101,002 of capital losses recognized during the period November 1, 2021 to April 30, 2022.

The tax character of distributions paid was as follows:

	April 30, 2022	April 30, 2021
Ordinary Income	$83,266,754	$ 14,603,546
Long-term Capital Gains	167,542,929	24,537,519
Total	$250,809,683	$ 39,141,065

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Series Small Cap Discovery Fund	360,162,162	550,165,306

5. Fees and Other Transactions with Affiliates.

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

	Amount
Fidelity Series Small Cap Discovery Fund	$11,345

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Series Small Cap Discovery Fund	Borrower	$7,865,857	.31%	$469

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Series Small Cap Discovery Fund	48,050,908	53,423,115	34,419,645

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Series Small Cap Discovery Fund	$30,334	$710	$–

8. Other.

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

9. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Series Small Cap Discovery Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2022

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 324 funds. Mr. Chiel oversees 190 funds.

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Expenses Paid During Period-^B November 1, 2021 to April 30, 2022
Fidelity Series Small Cap Discovery Fund	- %^C
Actual		$1,000.00	$910.30	$-^D
Hypothetical-^E		$1,000.00	$1,024.79	$-^D

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

^C Amount represents less than .005%.

^D Amount represents less than $.005.

^E 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2022, $224,925,044, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 3% and 32% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 7% and 41% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section1(h)(11) of the Internal Revenue Code.

The fund designates 1% and 6% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

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

Fidelity Investments

XS4-ANN-0622
1.968029.108

Fidelity® Large Cap Stock K6 Fund

Annual Report

April 30, 2022

Contents

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2022	Past 1 year	Life of fund^A
Fidelity® Large Cap Stock K6 Fund	(0.72)%	11.46%

^A From May 25, 2017

$10,000 Over Life of Fund

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

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

	Period Ending Values
	$17,084	Fidelity® Large Cap Stock K6 Fund
	$18,688	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Matt Fruhan: For the fiscal year, the fund returned -0.72%, trailing the 0.21% result of the benchmark S&P 500^® index. Versus the benchmark, security selection was the primary detractor. The capital goods area of the industrials sector also hurt. Also hampering performance was stock selection and an overweighting in financials and stock picks and an underweighting in information technology. The fund's biggest individual relative detractor was an overweighting in General Electric, which returned -28% the past 12 months. The company was among our largest holdings. Also hampering performance was our outsized stake in Comcast, which returned -28%. Comcast was one of the fund's biggest holdings. Also hurting relative performance was an underweighting in Apple, which gained roughly 21%. The company was among our largest holdings. In contrast, the largest contributor to performance versus the benchmark was an overweighting in energy. An underweighting in consumer discretionary also boosted the fund's relative performance. Also helping were stock picks in the health care sector, primarily driven by the health care equipment & services industry. The fund's top individual relative contributor was an overweighting in Exxon Mobil, which gained 57% the past year. The company was among the fund's biggest holdings. Also lifting performance was an underweighting in Amazon.com, which returned approximately -28%. This was a position we established the past 12 months. The fund's non-benchmark stake in Cenovus Energy gained about 140%. We decreased our stake in the company the past 12 months. The fund's foreign holdings contributed overall, despite the headwind of broad U.S.-dollar strength. Notable changes in positioning include increased exposure to the energy sector and a lower allocation to consumer discretionary.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

	% of fund's net assets
Exxon Mobil Corp.	6.5
Microsoft Corp.	6.4
General Electric Co.	5.4
Wells Fargo & Co.	5.0
Apple, Inc.	3.4
Bank of America Corp.	2.9
Altria Group, Inc.	2.4
Comcast Corp. Class A	2.2
Bristol-Myers Squibb Co.	2.2
Hess Corp.	2.0
	38.4

Market Sectors as of April 30, 2022

	% of fund's net assets
Information Technology	18.6
Financials	16.1
Health Care	14.5
Industrials	13.5
Energy	12.5
Communication Services	8.5
Consumer Staples	6.2
Consumer Discretionary	4.2
Materials	3.2
Real Estate	0.8
Utilities	0.4

Asset Allocation (% of fund's net assets)

As of April 30, 2022^*
	Stocks	98.5%
	Short-Term Investments and Net Other Assets (Liabilities)	1.5%

* Foreign investments - 11.8%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022
	United States of America^*	88.2%
	Canada	3.7%
	United Kingdom	1.9%
	Germany	1.8%
	Netherlands	1.4%
	France	0.6%
	Bailiwick of Jersey	0.4%
	Japan	0.3%
	Sweden	0.3%
	Other	1.4%

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares	Value
COMMUNICATION SERVICES - 8.5%
Diversified Telecommunication Services - 0.4%
Cellnex Telecom SA (a)	1,119	$52,157
Verizon Communications, Inc.	2,520	116,676
		168,833
Entertainment - 1.6%
Activision Blizzard, Inc.	926	70,006
Nintendo Co. Ltd. ADR	1,809	103,077
The Walt Disney Co. (b)	2,836	316,583
Universal Music Group NV	9,131	211,898
		701,564
Interactive Media & Services - 3.8%
Alphabet, Inc.:
Class A (b)	288	657,271
Class C (b)	257	590,928
Match Group, Inc. (b)	350	27,703
Meta Platforms, Inc. Class A (b)	1,952	391,317
Snap, Inc. Class A (b)	2,129	60,591
		1,727,810
Media - 2.7%
Comcast Corp. Class A	25,276	1,004,974
Interpublic Group of Companies, Inc.	6,251	203,908
		1,208,882

TOTAL COMMUNICATION SERVICES		3,807,089

CONSUMER DISCRETIONARY - 4.2%
Auto Components - 0.4%
BorgWarner, Inc.	5,382	198,219
Automobiles - 0.1%
General Motors Co. (b)	1,014	38,441
Hotels, Restaurants & Leisure - 1.6%
Booking Holdings, Inc. (b)	184	406,697
Expedia, Inc. (b)	766	133,859
Marriott International, Inc. Class A	850	150,892
Starbucks Corp.	536	40,007
		731,455
Household Durables - 0.7%
Mohawk Industries, Inc. (b)	1,114	157,141
Sony Group Corp. sponsored ADR	610	52,491
Whirlpool Corp.	691	125,430
		335,062
Internet & Direct Marketing Retail - 0.2%
Amazon.com, Inc. (b)	37	91,968
Specialty Retail - 1.2%
Lowe's Companies, Inc.	2,615	517,064

TOTAL CONSUMER DISCRETIONARY		1,912,209

CONSUMER STAPLES - 6.2%
Beverages - 1.8%
Diageo PLC sponsored ADR	1,178	234,045
Keurig Dr. Pepper, Inc.	3,653	136,622
The Coca-Cola Co.	6,568	424,358
		795,025
Food & Staples Retailing - 1.4%
Costco Wholesale Corp.	56	29,776
Performance Food Group Co. (b)	1,529	75,303
Sysco Corp.	3,932	336,107
U.S. Foods Holding Corp. (b)	2,036	76,594
Walmart, Inc.	616	94,242
		612,022
Food Products - 0.1%
Lamb Weston Holdings, Inc.	866	57,243
Household Products - 0.2%
Colgate-Palmolive Co.	88	6,780
Spectrum Brands Holdings, Inc.	1,110	94,428
		101,208
Tobacco - 2.7%
Altria Group, Inc.	19,490	1,083,059
Swedish Match Co. AB	15,662	124,744
		1,207,803

TOTAL CONSUMER STAPLES		2,773,301

ENERGY - 12.5%
Oil, Gas & Consumable Fuels - 12.5%
Canadian Natural Resources Ltd.	1,478	91,477
Cenovus Energy, Inc. (Canada)	35,548	657,195
EQT Corp.	1,018	40,466
Exxon Mobil Corp.	34,343	2,927,732
Harbour Energy PLC	14,675	92,027
Hess Corp.	8,793	906,295
Imperial Oil Ltd.	2,010	101,200
Kosmos Energy Ltd. (b)	42,302	285,962
Phillips 66 Co.	1,291	112,007
Tourmaline Oil Corp.	8,454	435,384
		5,649,745
FINANCIALS - 16.1%
Banks - 11.5%
Bank of America Corp.	37,088	1,323,300
JPMorgan Chase & Co.	3,532	421,580
M&T Bank Corp.	576	95,985
PNC Financial Services Group, Inc.	3,039	504,778
Truist Financial Corp.	6,788	328,200
U.S. Bancorp	5,799	281,599
Wells Fargo & Co.	51,628	2,252,530
		5,207,972
Capital Markets - 2.8%
KKR & Co. LP	4,078	207,856
Morgan Stanley	2,888	232,744
Northern Trust Corp.	4,530	466,817
Raymond James Financial, Inc.	1,238	120,655
State Street Corp.	3,866	258,906
		1,286,978
Consumer Finance - 0.4%
Discover Financial Services	1,446	162,617
Insurance - 0.3%
Chubb Ltd.	559	115,406
Thrifts & Mortgage Finance - 1.1%
MGIC Investment Corp.	4,014	52,423
Radian Group, Inc.	20,802	444,955
		497,378

TOTAL FINANCIALS		7,270,351

HEALTH CARE - 14.5%
Biotechnology - 0.6%
ADC Therapeutics SA (b)	1,760	20,715
Alnylam Pharmaceuticals, Inc. (b)	575	76,722
Argenx SE ADR (b)	81	23,273
Crinetics Pharmaceuticals, Inc. (b)	1,220	24,790
Insmed, Inc. (b)	1,980	43,501
Intercept Pharmaceuticals, Inc. (b)(c)	2,958	46,470
Vaxcyte, Inc. (b)	965	23,363
Verve Therapeutics, Inc.	7	104
		258,938
Health Care Equipment & Supplies - 1.5%
Abbott Laboratories	204	23,154
Becton, Dickinson & Co.	423	104,561
Boston Scientific Corp. (b)	12,323	518,922
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	2,064	53,210
		699,847
Health Care Providers & Services - 6.1%
Cardinal Health, Inc.	4,118	239,050
Centene Corp. (b)	329	26,501
Cigna Corp.	2,215	546,618
Covetrus, Inc. (b)	1,283	17,705
CVS Health Corp.	5,249	504,586
Guardant Health, Inc. (b)	788	48,620
Humana, Inc.	142	63,128
McKesson Corp.	1,875	580,519
Oak Street Health, Inc. (b)	611	11,053
UnitedHealth Group, Inc.	1,406	715,021
		2,752,801
Life Sciences Tools & Services - 0.2%
Danaher Corp.	279	70,065
Pharmaceuticals - 6.1%
Bayer AG	6,685	440,348
Bristol-Myers Squibb Co.	12,958	975,349
Eli Lilly & Co.	509	148,694
GlaxoSmithKline PLC sponsored ADR	11,902	538,923
Johnson & Johnson	3,091	557,802
Pliant Therapeutics, Inc. (b)	1,426	8,356
Sanofi SA sponsored ADR	1,645	85,951
Viatris, Inc.	509	5,258
		2,760,681

TOTAL HEALTH CARE		6,542,332

INDUSTRIALS - 13.3%
Aerospace & Defense - 2.6%
Airbus Group NV	1,954	213,908
General Dynamics Corp.	548	129,618
Huntington Ingalls Industries, Inc.	417	88,713
MTU Aero Engines AG	163	32,872
Raytheon Technologies Corp.	703	66,722
Safran SA	319	34,260
The Boeing Co. (b)	4,065	605,035
		1,171,128
Air Freight & Logistics - 2.0%
FedEx Corp.	917	182,245
United Parcel Service, Inc. Class B	3,882	698,682
		880,927
Airlines - 0.1%
Copa Holdings SA Class A (b)	100	7,537
Ryanair Holdings PLC sponsored ADR (b)	379	33,094
		40,631
Building Products - 0.1%
Johnson Controls International PLC	1,094	65,498
Commercial Services & Supplies - 0.1%
ACV Auctions, Inc. Class A (b)	5,109	68,205
Electrical Equipment - 1.3%
Acuity Brands, Inc.	1,149	198,180
Hubbell, Inc. Class B	480	93,773
Regal Rexnord Corp.	104	13,233
Vertiv Holdings Co.	21,021	263,393
		568,579
Industrial Conglomerates - 5.6%
3M Co.	642	92,589
General Electric Co.	32,704	2,438,083
		2,530,672
Machinery - 0.9%
Cummins, Inc.	223	42,189
Epiroc AB (A Shares)	103	2,088
Flowserve Corp.	2,541	83,116
Fortive Corp.	1,307	75,153
Otis Worldwide Corp.	808	58,855
PACCAR, Inc.	319	26,493
Stanley Black & Decker, Inc.	351	42,173
Westinghouse Air Brake Tech Co.	1,008	90,629
		420,696
Professional Services - 0.1%
Equifax, Inc.	208	42,332
Road & Rail - 0.5%
Knight-Swift Transportation Holdings, Inc. Class A	4,511	216,032
Trading Companies & Distributors - 0.0%
Beijer Ref AB (B Shares)	738	12,018

TOTAL INDUSTRIALS		6,016,718

INFORMATION TECHNOLOGY - 18.6%
IT Services - 4.2%
Amadeus IT Holding SA Class A (b)	1,229	77,013
Edenred SA	2,953	148,306
Fidelity National Information Services, Inc.	1,858	184,221
Genpact Ltd.	1,667	67,130
Global Payments, Inc.	204	27,944
IBM Corp.	523	69,146
MasterCard, Inc. Class A	368	133,724
PayPal Holdings, Inc. (b)	1,250	109,913
Sabre Corp. (b)	8,949	93,696
Snowflake, Inc. (b)	41	7,029
Twilio, Inc. Class A (b)	893	99,855
Unisys Corp. (b)	9,454	134,341
Visa, Inc. Class A	3,418	728,478
		1,880,796
Semiconductors & Semiconductor Equipment - 2.7%
Analog Devices, Inc.	509	78,579
Applied Materials, Inc.	926	102,184
Intel Corp.	4,133	180,157
Lam Research Corp.	155	72,193
Marvell Technology, Inc.	1,690	98,155
Qualcomm, Inc.	4,810	671,909
		1,203,177
Software - 8.2%
Adobe, Inc. (b)	208	82,358
Autodesk, Inc. (b)	434	82,148
Coupa Software, Inc. (b)	1	86
DocuSign, Inc. (b)	462	37,422
DoubleVerify Holdings, Inc. (b)	712	15,486
Dynatrace, Inc. (b)	1,410	54,088
Elastic NV (b)	1,926	146,646
Microsoft Corp.	10,401	2,886,486
PTC, Inc. (b)	480	54,821
Salesforce.com, Inc. (b)	127	22,344
SAP SE sponsored ADR	2,986	300,989
Workday, Inc. Class A (b)	112	23,150
		3,706,024
Technology Hardware, Storage & Peripherals - 3.5%
Apple, Inc.	9,693	1,528,101
Samsung Electronics Co. Ltd.	950	50,360
		1,578,461

TOTAL INFORMATION TECHNOLOGY		8,368,458

MATERIALS - 3.2%
Chemicals - 0.7%
Axalta Coating Systems Ltd. (b)	1,729	43,865
DuPont de Nemours, Inc.	4,102	270,445
		314,310
Metals & Mining - 2.5%
First Quantum Minerals Ltd.	12,636	362,265
Freeport-McMoRan, Inc.	14,768	598,842
Glencore Xstrata PLC	27,295	168,183
		1,129,290

TOTAL MATERIALS		1,443,600

REAL ESTATE - 0.8%
Equity Real Estate Investment Trusts (REITs) - 0.8%
American Tower Corp.	482	116,172
Equinix, Inc.	27	19,415
Simon Property Group, Inc.	1,830	215,940
		351,527
UTILITIES - 0.4%
Electric Utilities - 0.4%
Entergy Corp.	383	45,520
PG&E Corp. (b)	1,600	20,240
Southern Co.	1,359	99,737
		165,497
Multi-Utilities - 0.0%
Sempra Energy	110	17,750

TOTAL UTILITIES		183,247

TOTAL COMMON STOCKS
(Cost $31,829,901)		44,318,577

Preferred Stocks - 0.2%
Convertible Preferred Stocks - 0.0%
COMMUNICATION SERVICES - 0.0%
Interactive Media & Services - 0.0%
Reddit, Inc. Series E (d)(e)	200	7,930
Nonconvertible Preferred Stocks - 0.2%
INDUSTRIALS - 0.2%
Aerospace & Defense - 0.2%
Embraer SA sponsored ADR (b)	5,191	59,022
TOTAL PREFERRED STOCKS
(Cost $65,597)		66,952

Money Market Funds - 1.6%
Fidelity Cash Central Fund 0.32% (f)	688,469	688,607
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g)	47,120	47,125
TOTAL MONEY MARKET FUNDS
(Cost $735,732)		735,732
TOTAL INVESTMENT IN SECURITIES - 100.1%
(Cost $32,631,230)		45,121,261
NET OTHER ASSETS (LIABILITIES) - (0.1)%		(26,610)
NET ASSETS - 100%		$45,094,651

Legend

(b) Non-income producing

(e) Level 3 security

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Reddit, Inc. Series E	5/18/21	$8,495

Affiliated Central Funds

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.32%	$1,425,941	$15,409,026	$16,146,360	$1,295	$--	$--	$688,607	0.0%
Fidelity Securities Lending Cash Central Fund 0.32%	61,708	2,981,537	2,996,120	45,156	--	--	47,125	0.0%
Total	$1,487,649	$18,390,563	$19,142,480	$46,451	$--	$--	$735,732

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$3,815,019	$3,543,034	$264,055	$7,930
Consumer Discretionary	1,912,209	1,912,209	--	--
Consumer Staples	2,773,301	2,648,557	124,744	--
Energy	5,649,745	5,557,718	92,027	--
Financials	7,270,351	7,270,351	--	--
Health Care	6,542,332	6,101,984	440,348	--
Industrials	6,075,740	5,780,594	295,146	--
Information Technology	8,368,458	8,092,779	275,679	--
Materials	1,443,600	1,275,417	168,183	--
Real Estate	351,527	351,527	--	--
Utilities	183,247	183,247	--	--
Money Market Funds	735,732	735,732	--	--
Total Investments in Securities:	$45,121,261	$43,453,149	$1,660,182	$7,930

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2022
Assets
Investment in securities, at value (including securities loaned of $45,559) — See accompanying schedule: Unaffiliated issuers (cost $31,895,498)	$44,385,529
Fidelity Central Funds (cost $735,732)	735,732
Total Investment in Securities (cost $32,631,230)		$45,121,261
Receivable for investments sold		25,006
Receivable for fund shares sold		20,382
Dividends receivable		40,838
Distributions receivable from Fidelity Central Funds		236
Total assets		45,207,723
Liabilities
Payable for investments purchased	$45,874
Payable for fund shares redeemed	2,238
Accrued management fee	17,835
Collateral on securities loaned	47,125
Total liabilities		113,072
Net Assets		$45,094,651
Net Assets consist of:
Paid in capital		$22,847,136
Total accumulated earnings (loss)		22,247,515
Net Assets		$45,094,651
Net Asset Value, offering price and redemption price per share ($45,094,651 ÷ 3,143,798 shares)		$14.34

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

Statement of Operations

		Year ended April 30, 2022
Investment Income
Dividends		$1,132,782
Special dividends		440,434
Income from Fidelity Central Funds (including $45,156 from security lending)		46,451
Total income		1,619,667
Expenses
Management fee	$302,761
Independent trustees' fees and expenses	245
Interest	386
Total expenses before reductions	303,392
Expense reductions	(4)
Total expenses after reductions		303,388
Net investment income (loss)		1,316,279
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	10,273,422
Foreign currency transactions	125
Total net realized gain (loss)		10,273,547
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(8,920,731)
Unfunded commitments	(34,346)
Assets and liabilities in foreign currencies	(182)
Total change in net unrealized appreciation (depreciation)		(8,955,259)
Net gain (loss)		1,318,288
Net increase (decrease) in net assets resulting from operations		$2,634,567

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

Statement of Changes in Net Assets

	Year ended April 30, 2022	Year ended April 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,316,279	$1,302,685
Net realized gain (loss)	10,273,547	5,372,238
Change in net unrealized appreciation (depreciation)	(8,955,259)	24,357,216
Net increase (decrease) in net assets resulting from operations	2,634,567	31,032,139
Distributions to shareholders	(4,803,909)	(2,702,588)
Share transactions
Proceeds from sales of shares	20,163,965	15,873,590
Reinvestment of distributions	4,803,909	2,702,588
Cost of shares redeemed	(49,911,830)	(45,439,438)
Net increase (decrease) in net assets resulting from share transactions	(24,943,956)	(26,863,260)
Total increase (decrease) in net assets	(27,113,298)	1,466,291
Net Assets
Beginning of period	72,207,949	70,741,658
End of period	$45,094,651	$72,207,949
Other Information
Shares
Sold	1,315,652	1,295,616
Issued in reinvestment of distributions	314,054	217,865
Redeemed	(3,172,262)	(3,651,332)
Net increase (decrease)	(1,542,556)	(2,137,851)

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

Financial Highlights

Fidelity Large Cap Stock K6 Fund


Years ended April 30,	2022	2021	2020	2019	2018 ^A
Selected Per–Share Data
Net asset value, beginning of period	$15.41	$10.37	$11.61	$11.00	$10.00
Income from Investment Operations
Net investment income (loss)^B,^C	.30^D	.22	.23	.23	.16
Net realized and unrealized gain (loss)	(.36)^E	5.27	(1.15)	.84	.91
Total from investment operations	(.06)	5.49	(.92)	1.07	1.07
Distributions from net investment income	(.30)	(.25)	(.24)	(.20)	(.05)
Distributions from net realized gain	(.71)	(.20)	(.08)	(.26)	(.01)
Total distributions	(1.01)	(.45)	(.32)	(.46)	(.07)^F
Net asset value, end of period	$14.34	$15.41	$10.37	$11.61	$11.00
Total Return^G,^H	(.72)%	54.03%	(8.32)%	10.12%	10.65%
Ratios to Average Net Assets^C,^I,^J
Expenses before reductions	.45%	.45%	.45%	.45%	.45%^K
Expenses net of fee waivers, if any	.45%	.45%	.45%	.45%	.45%^K
Expenses net of all reductions	.45%	.45%	.45%	.44%	.45%^K
Net investment income (loss)	1.95%^D	1.80%	2.05%	2.09%	1.55%^K
Supplemental Data
Net assets, end of period (000 omitted)	$45,095	$72,208	$70,742	$87,168	$84,217
Portfolio turnover rate^L	18%^M	19%^M	30%^M	49%^M	67%^K,^M

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

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

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

^D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.30%.

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

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

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

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

^K Annualized

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

^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

For the period ended April 30, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

Book-tax differences are primarily due to foreign currency transactions 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	$13,848,602
Gross unrealized depreciation	(1,499,420)
Net unrealized appreciation (depreciation)	$12,349,182
Tax Cost	$32,772,079

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

Undistributed ordinary income	$375,963
Undistributed long-term capital gain	$9,522,562
Net unrealized appreciation (depreciation) on securities and other investments	$12,348,990

The tax character of distributions paid was as follows:

	April 30, 2022	April 30, 2021
Ordinary Income	$2,439,404	$ 1,744,788
Long-term Capital Gains	2,364,505	957,800
Total	$4,803,909	$ 2,702,588

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Large Cap Stock K6 Fund	11,541,973	39,746,685

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

	Shares	Total Proceeds ($)
Fidelity Large Cap Stock K6 Fund	50,506	778,805

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)
Fidelity Large Cap Stock K6 Fund	362,213	1,008,338	4,150,955

5. Fees and Other Transactions with Affiliates.

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

	Amount
Fidelity Large Cap Stock K6 Fund	$455

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Large Cap Stock K6 Fund	Borrower	$375,000	.32%	$3

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Large Cap Stock K6 Fund	1,229,067	5,936,487	1,661,196

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Large Cap Stock K6 Fund	$2,055	$–	$–

8. Bank Borrowings.

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

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Large Cap Stock K6 Fund	$23,760,000	.58%	$383

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $4.

10. Other.

11. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Large Cap Stock K6 Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from May 25, 2017 (commencement of operations) to April 30, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from May 25, 2017 (commencement of operations) to April 30, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 14, 2022

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 324 funds. Mr. Chiel oversees 190.

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Expenses Paid During Period-^B November 1, 2021 to April 30, 2022
Fidelity Large Cap Stock K6 Fund	.45%
Actual		$1,000.00	$932.50	$2.16
Hypothetical-^C		$1,000.00	$1,022.56	$2.26

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

^C 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2022, $9,930,174, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 99.99% and 99.34% of the short-term capital gain dividends distributed in June and December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates 27% and 68% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 34% and 78% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1% and 2% of the dividends distributed in June and December during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

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

Fidelity Investments

LCSK6-ANN-0622
1.9883971.104

Fidelity® Small Cap Stock K6 Fund

Annual Report

April 30, 2022

Contents

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2022	Past 1 year	Life of fund^A
Fidelity® Small Cap Stock K6 Fund	(12.54)%	7.97%

^A From May 25, 2017

$10,000 Over Life of Fund

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

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.

	Period Ending Values
	$14,596	Fidelity® Small Cap Stock K6 Fund
	$14,347	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Marc Grow: For the fiscal year ending April 30, 2022, the fund returned -12.54%, outperforming the -16.87% result of the benchmark Russell 2000^® Index. The top contributors to performance versus the benchmark were stock picks and an underweighting in the health care sector, primarily driven by the pharmaceuticals, biotechnology & life sciences industry. Strong security selection among industrials stocks, especially capital goods firms, also helped. The fund's largest individual relative contributor was an outsized stake in Builders FirstSource, which gained about 28% the past 12 months and was among the fund's biggest holdings this period. Also bolstering performance was our overweighting in Antero Resources, which gained 71% and also was one of the portfolio’s largest holdings as of April 30. Non-benchmark exposure to LPL Financial Holdings, another of the fund’s more sizable positions this past year, rose about 21%. Conversely, the primary detractor from performance versus the benchmark was security selection in the consumer discretionary sector, primarily among retailing companies. Weak picks in information technology, especially within the software & services industry, also hindered the portfolio’s relative return. Also, the fund's foreign holdings detracted overall, in part due to a broadly strong U.S. dollar. Semler Scientific, the top individual relative detractor, returned roughly -59% this period. Further pressuring performance was BHG Group, which returned about -55% the past 12 months and was no longer held at period end. Another notable relative detractor this period was Kogan.com, which returned -51% the past year and was not held at period end. All of these relative detractors were non-benchmark positions. Meaningful changes in positioning include a lower allocation to the consumer discretionary and information technology sectors.

Note to Shareholders: On February 17, 2022, Marc Grow assumed management responsibilities for the fund, succeeding Kip Johann-Berkel.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

	% of fund's net assets
Antero Resources Corp.	2.8
Concentrix Corp.	2.5
StoneX Group, Inc.	2.1
BJ's Wholesale Club Holdings, Inc.	2.1
Jones Lang LaSalle, Inc.	2.1
Insight Enterprises, Inc.	2.1
Kforce, Inc.	1.9
Boston Beer Co., Inc. Class A	1.9
Owens & Minor, Inc.	1.8
Walker & Dunlop, Inc.	1.8
	21.1

Market Sectors as of April 30, 2022

	% of fund's net assets
Health Care	16.4
Financials	15.5
Industrials	15.5
Information Technology	12.4
Energy	8.3
Consumer Discretionary	7.9
Consumer Staples	6.0
Real Estate	5.2
Investment Companies	4.1
Materials	2.8
Communication Services	2.2
Utilities	1.3

Asset Allocation (% of fund's net assets)

As of April 30, 2022^*
	Stocks	97.6%
	Short-Term Investments and Net Other Assets (Liabilities)	2.4%

* Foreign investments - 1.8%

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Common Stocks - 93.5%
	Shares	Value
COMMUNICATION SERVICES - 2.2%
Interactive Media & Services - 0.2%
ZipRecruiter, Inc. (a)	4,215	$94,880
Media - 2.0%
Nexstar Broadcasting Group, Inc. Class A	2,540	402,387
TechTarget, Inc. (a)	4,832	325,242
Thryv Holdings, Inc. (a)(b)	17,364	448,512
		1,176,141

TOTAL COMMUNICATION SERVICES		1,271,021

CONSUMER DISCRETIONARY - 7.9%
Auto Components - 0.5%
Fox Factory Holding Corp. (a)	3,682	301,482
Hotels, Restaurants & Leisure - 3.5%
Brinker International, Inc. (a)	7,156	259,977
Churchill Downs, Inc.	3,300	669,702
Hilton Grand Vacations, Inc. (a)	8,733	408,966
Planet Fitness, Inc. (a)	8,100	648,243
		1,986,888
Household Durables - 1.6%
Cavco Industries, Inc. (a)	2,769	654,176
LGI Homes, Inc. (a)	1,000	93,710
Traeger, Inc. (a)(b)	29,455	176,435
		924,321
Leisure Products - 0.8%
Clarus Corp.	20,730	463,316
Specialty Retail - 0.7%
Murphy U.S.A., Inc.	1,596	372,826
Textiles, Apparel & Luxury Goods - 0.8%
Crocs, Inc. (a)	3,681	244,529
Kontoor Brands, Inc.	5,016	199,286
		443,815

TOTAL CONSUMER DISCRETIONARY		4,492,648

CONSUMER STAPLES - 6.0%
Beverages - 1.9%
Boston Beer Co., Inc. Class A (a)	2,829	1,060,875
Food & Staples Retailing - 4.1%
BJ's Wholesale Club Holdings, Inc. (a)	18,635	1,199,162
Grocery Outlet Holding Corp. (a)(b)	19,994	673,198
Performance Food Group Co. (a)	9,884	486,787
		2,359,147

TOTAL CONSUMER STAPLES		3,420,022

ENERGY - 8.3%
Energy Equipment & Services - 1.1%
Liberty Oilfield Services, Inc. Class A (a)	39,035	630,025
Oil, Gas & Consumable Fuels - 7.2%
Antero Resources Corp. (a)	46,312	1,630,182
Brigham Minerals, Inc. Class A	12,957	321,074
Enviva, Inc.	5,697	480,485
Magnolia Oil & Gas Corp. Class A	30,611	711,400
Northern Oil & Gas, Inc.	15,236	380,595
PDC Energy, Inc.	8,634	602,135
		4,125,871

TOTAL ENERGY		4,755,896

FINANCIALS - 15.5%
Banks - 2.2%
Independent Bank Group, Inc.	9,572	648,982
Metropolitan Bank Holding Corp. (a)	5,893	524,772
Union Bankshares, Inc.	2,878	87,779
		1,261,533
Capital Markets - 6.0%
Bridge Investment Group Holdings, Inc. (b)	35,959	675,310
LPL Financial	4,984	936,344
P10, Inc. (a)(b)	48,426	585,955
StoneX Group, Inc. (a)(b)	18,015	1,221,057
		3,418,666
Consumer Finance - 2.1%
Encore Capital Group, Inc. (a)	13,420	775,810
Nelnet, Inc. Class A (b)	5,415	444,409
		1,220,219
Insurance - 1.6%
Primerica, Inc.	201	26,042
Selective Insurance Group, Inc.	7,532	620,336
Tiptree, Inc.	21,373	248,568
		894,946
Thrifts & Mortgage Finance - 3.6%
Axos Financial, Inc. (a)	14,067	532,858
Enact Holdings, Inc. (b)	21,657	510,672
Walker & Dunlop, Inc.	8,607	1,030,774
		2,074,304

TOTAL FINANCIALS		8,869,668

HEALTH CARE - 16.4%
Biotechnology - 1.0%
Avid Bioservices, Inc. (a)	4,307	57,972
Blueprint Medicines Corp. (a)	2,817	164,372
Cullinan Oncology, Inc. (a)	10,186	99,925
Exelixis, Inc. (a)	2,943	65,747
Instil Bio, Inc. (a)	14,522	102,671
Mirati Therapeutics, Inc. (a)	1,052	65,003
		555,690
Health Care Equipment & Supplies - 4.5%
Envista Holdings Corp. (a)	15,657	620,330
Figs, Inc. Class A (a)	25,682	402,180
Heska Corp. (a)	2,821	309,859
Integer Holdings Corp. (a)	3,681	276,701
Semler Scientific, Inc. (a)	8,305	381,947
TransMedics Group, Inc. (a)(b)	17,442	365,584
UFP Technologies, Inc. (a)	3,623	248,791
		2,605,392
Health Care Providers & Services - 4.5%
Acadia Healthcare Co., Inc. (a)	8,418	571,414
Chemed Corp.	1,445	710,059
Owens & Minor, Inc.	29,529	1,047,984
R1 RCM, Inc. (a)	11,368	256,007
		2,585,464
Health Care Technology - 2.2%
Evolent Health, Inc. (a)(b)	36,638	1,008,278
Phreesia, Inc. (a)(b)	9,924	227,061
		1,235,339
Life Sciences Tools & Services - 4.1%
Maravai LifeSciences Holdings, Inc. (a)	7,115	218,644
Medpace Holdings, Inc. (a)	7,234	966,245
Nanostring Technologies, Inc. (a)	6,004	112,755
Pacific Biosciences of California, Inc. (a)(b)	14,312	90,738
Syneos Health, Inc. (a)	12,900	942,861
		2,331,243
Pharmaceuticals - 0.1%
Arvinas Holding Co. LLC (a)	945	51,947

TOTAL HEALTH CARE		9,365,075

INDUSTRIALS - 15.5%
Aerospace & Defense - 0.7%
Cadre Holding, Inc.	6,841	173,625
Vectrus, Inc. (a)	6,774	244,541
		418,166
Building Products - 3.4%
Builders FirstSource, Inc. (a)	15,685	965,725
CSW Industrials, Inc.	5,257	554,666
Hayward Holdings, Inc. (a)(b)	24,614	391,363
		1,911,754
Construction & Engineering - 2.1%
IES Holdings, Inc. (a)	7,082	207,503
NV5 Global, Inc. (a)	2,858	342,388
Willscot Mobile Mini Holdings (a)	17,912	628,711
		1,178,602
Electrical Equipment - 1.2%
Atkore, Inc. (a)	4,314	414,575
GrafTech International Ltd.	30,523	277,149
		691,724
Machinery - 0.6%
Hurco Companies, Inc.	2,596	73,649
Mueller Industries, Inc.	5,053	273,620
		347,269
Professional Services - 5.3%
CACI International, Inc. Class A (a)	3,531	936,774
Franklin Covey Co. (a)	1,596	63,952
Kelly Partners Group Holdings Ltd.	7,523	26,675
Kforce, Inc.	15,159	1,061,888
TriNet Group, Inc. (a)(b)	10,804	958,315
		3,047,604
Trading Companies & Distributors - 2.2%
Custom Truck One Source, Inc. Class A (a)(b)	54,201	356,101
GMS, Inc. (a)	18,759	899,494
		1,255,595

TOTAL INDUSTRIALS		8,850,714

INFORMATION TECHNOLOGY - 12.4%
Electronic Equipment & Components - 3.5%
Insight Enterprises, Inc. (a)	11,877	1,180,217
Mirion Technologies, Inc. Class A (a)(b)	50,543	398,784
TD SYNNEX Corp.	4,329	433,290
		2,012,291
IT Services - 5.6%
Concentrix Corp.	9,128	1,437,477
Cyxtera Technologies, Inc. Class A (a)	45,521	547,618
ECIT A/S	61,012	45,769
ExlService Holdings, Inc. (a)	6,839	931,130
Priority Technology Holdings, Inc. (a)(b)	51,567	247,522
		3,209,516
Semiconductors & Semiconductor Equipment - 0.5%
SiTime Corp. (a)	1,580	266,341
Software - 1.7%
ChannelAdvisor Corp. (a)	31,728	460,373
Elastic NV (a)	2,839	216,161
Five9, Inc. (a)	1,995	219,650
Sikri Holding A/S (a)	10,106	98,766
		994,950
Technology Hardware, Storage & Peripherals - 1.1%
Avid Technology, Inc. (a)	19,680	624,053

TOTAL INFORMATION TECHNOLOGY		7,107,151

MATERIALS - 2.8%
Chemicals - 2.1%
Hawkins, Inc.	6,814	254,026
Intrepid Potash, Inc. (a)(b)	2,997	229,510
Sisecam Resources LP	304	6,135
Valvoline, Inc.	24,311	734,922
		1,224,593
Metals & Mining - 0.7%
Commercial Metals Co.	9,680	396,880

TOTAL MATERIALS		1,621,473

REAL ESTATE - 5.2%
Equity Real Estate Investment Trusts (REITs) - 1.9%
Plymouth Industrial REIT, Inc.	660	15,919
Sunstone Hotel Investors, Inc. (a)	28,400	347,900
Terreno Realty Corp.	10,300	749,325
		1,113,144
Real Estate Management & Development - 3.3%
Cushman & Wakefield PLC (a)	37,685	674,562
Jones Lang LaSalle, Inc. (a)	5,470	1,196,453
		1,871,015

TOTAL REAL ESTATE		2,984,159

UTILITIES - 1.3%
Independent Power and Renewable Electricity Producers - 1.3%
NextEra Energy Partners LP	11,126	741,659
TOTAL COMMON STOCKS
(Cost $49,486,185)		53,479,486

Money Market Funds - 10.8%
Fidelity Cash Central Fund 0.32% (c)	1,365,628	1,365,902
Fidelity Securities Lending Cash Central Fund 0.32% (c)(d)	4,816,258	4,816,739
TOTAL MONEY MARKET FUNDS
(Cost $6,182,641)		6,182,641

Equity Funds - 4.1%
Small Blend Funds - 4.1%
iShares Russell 2000 Index ETF (b)
(Cost $2,534,878)	12,600	2,330,368
TOTAL INVESTMENT IN SECURITIES - 108.4%
(Cost $58,203,704)		61,992,495
NET OTHER ASSETS (LIABILITIES) - (8.4)%		(4,819,939)
NET ASSETS - 100%		$57,172,556

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.

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

Affiliated Central Funds

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.32%	$240,360	$21,179,316	$20,053,774	$918	$--	$--	$1,365,902	0.0%
Fidelity Securities Lending Cash Central Fund 0.32%	2,798,014	48,225,844	46,207,119	55,394	--	--	4,816,739	0.0%
Total	$3,038,374	$69,405,160	$66,260,893	$56,312	$--	$--	$6,182,641

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$1,271,021	$1,271,021	$--	$--
Consumer Discretionary	4,492,648	4,492,648	--	--
Consumer Staples	3,420,022	3,420,022	--	--
Energy	4,755,896	4,755,896	--	--
Financials	8,869,668	8,869,668	--	--
Health Care	9,365,075	9,365,075	--	--
Industrials	8,850,714	8,824,039	26,675	--
Information Technology	7,107,151	6,962,616	144,535	--
Materials	1,621,473	1,621,473	--	--
Real Estate	2,984,159	2,984,159	--	--
Utilities	741,659	741,659	--	--
Money Market Funds	6,182,641	6,182,641	--	--
Equity Funds	2,330,368	2,330,368	--	--
Total Investments in Securities:	$61,992,495	$61,821,285	$171,210	$--

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2022
Assets
Investment in securities, at value (including securities loaned of $4,569,375) — See accompanying schedule: Unaffiliated issuers (cost $52,021,063)	$55,809,854
Fidelity Central Funds (cost $6,182,641)	6,182,641
Total Investment in Securities (cost $58,203,704)		$61,992,495
Cash		14,819
Foreign currency held at value (cost $42)		42
Receivable for investments sold		616,154
Receivable for fund shares sold		22,432
Dividends receivable		18,957
Distributions receivable from Fidelity Central Funds		2,279
Total assets		62,667,178
Liabilities
Payable for investments purchased	$609,831
Payable for fund shares redeemed	38,432
Accrued management fee	29,809
Collateral on securities loaned	4,816,550
Total liabilities		5,494,622
Net Assets		$57,172,556
Net Assets consist of:
Paid in capital		$52,442,027
Total accumulated earnings (loss)		4,730,529
Net Assets		$57,172,556
Net Asset Value, offering price and redemption price per share ($57,172,556 ÷ 5,225,952 shares)		$10.94

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

Statement of Operations

		Year ended April 30, 2022
Investment Income
Dividends		$610,234
Income from Fidelity Central Funds (including $55,394 from security lending)		56,312
Total income		666,546
Expenses
Management fee	$418,515
Independent trustees' fees and expenses	251
Total expenses before reductions	418,766
Expense reductions	(56)
Total expenses after reductions		418,710
Net investment income (loss)		247,836
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	10,708,964
Foreign currency transactions	5,214
Total net realized gain (loss)		10,714,178
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(18,595,995)
Unfunded commitments	1,081
Assets and liabilities in foreign currencies	(1,159)
Total change in net unrealized appreciation (depreciation)		(18,596,073)
Net gain (loss)		(7,881,895)
Net increase (decrease) in net assets resulting from operations		$(7,634,059)

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

Statement of Changes in Net Assets

	Year ended April 30, 2022	Year ended April 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$247,836	$209,616
Net realized gain (loss)	10,714,178	17,891,330
Change in net unrealized appreciation (depreciation)	(18,596,073)	23,503,619
Net increase (decrease) in net assets resulting from operations	(7,634,059)	41,604,565
Distributions to shareholders	(15,496,196)	(258,445)
Share transactions
Proceeds from sales of shares	9,809,243	13,046,911
Reinvestment of distributions	15,496,196	258,445
Cost of shares redeemed	(20,874,801)	(50,808,620)
Net increase (decrease) in net assets resulting from share transactions	4,430,638	(37,503,264)
Total increase (decrease) in net assets	(18,699,617)	3,842,856
Net Assets
Beginning of period	75,872,173	72,029,317
End of period	$57,172,556	$75,872,173
Other Information
Shares
Sold	815,455	1,036,548
Issued in reinvestment of distributions	1,146,262	20,758
Redeemed	(1,596,861)	(3,994,912)
Net increase (decrease)	364,856	(2,937,606)

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

Financial Highlights

Fidelity Small Cap Stock K6 Fund


Years ended April 30,	2022	2021	2020	2019	2018 ^A
Selected Per–Share Data
Net asset value, beginning of period	$15.61	$9.24	$11.16	$11.02	$10.00
Income from Investment Operations
Net investment income (loss)^B,^C	.05	.03	.06	.08^D	.06
Net realized and unrealized gain (loss)	(1.54)	6.38	(1.88)	.57	1.02
Total from investment operations	(1.49)	6.41	(1.82)	.65	1.08
Distributions from net investment income	(.06)	(.04)	(.10)	(.05)	(.03)
Distributions from net realized gain	(3.13)	–	–	(.46)	(.04)
Total distributions	(3.18)^E	(.04)	(.10)	(.51)	(.06)^E
Net asset value, end of period	$10.94	$15.61	$9.24	$11.16	$11.02
Total Return^F,^G	(12.54)%	69.44%	(16.50)%	6.43%	10.83%
Ratios to Average Net Assets^C,^H,^I
Expenses before reductions	.60%	.60%	.60%	.60%	.60%^J
Expenses net of fee waivers, if any	.60%	.60%	.60%	.60%	.60%^J
Expenses net of all reductions	.60%	.56%	.60%	.59%	.59%^J
Net investment income (loss)	.35%	.27%	.58%	.71%^D	.56%^J
Supplemental Data
Net assets, end of period (000 omitted)	$57,173	$75,872	$72,029	$88,686	$96,525
Portfolio turnover rate^K	148%^L	136%^L	73%^L	75%^L	90%^J,^L

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

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

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

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

^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.

^J Annualized

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

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

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

Notes to Financial Statements

For the period ended April 30, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation	$7,576,419
Gross unrealized depreciation	(3,969,243)
Net unrealized appreciation (depreciation)	$3,607,176
Tax Cost	$58,385,319

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

Undistributed long-term capital gain	$4,787,751
Net unrealized appreciation (depreciation) on securities and other investments	$3,606,399

The Fund intends to elect to defer to its next fiscal year $81,228 of ordinary losses recognized during the period January 1, 2022 to April 30, 2022.

The Fund intends to elect to defer to its next fiscal year $3,582,395 of capital losses recognized during the period November 1, 2021 to April 30, 2022.

The tax character of distributions paid was as follows:

	April 30, 2022	April 30, 2021
Ordinary Income	$6,279,827	$ 258,445
Long-term Capital Gains	9,216,369	–
Total	$15,496,196	$ 258,445

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Small Cap Stock K6 Fund	102,125,614	116,422,570

	Shares	Total Proceeds ($)
Fidelity Small Cap Stock K6 Fund	261,037	3,033,247

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)
Fidelity Small Cap Stock K6 Fund	369,492	1,380,106	4,171,562

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

	Shares	Total Proceeds ($)
Fidelity Small Cap Stock K6 Fund	259,151	3,200,516

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

	Amount
Fidelity Small Cap Stock K6 Fund	$4,946

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Small Cap Stock K6 Fund	4,472,074	4,857,280	850,799

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Small Cap Stock K6 Fund	$5,677	$83	$41,255

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $56.

9. Other.

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Small Cap Stock K6 Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from May 25, 2017 (commencement of operations) to April 30, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, and the results of its operations for the year then ended , the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from May 25, 2017 (commencement of operations) to April 30, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 14, 2022

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 324 funds. Mr. Chiel oversees 190 funds.

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Expenses Paid During Period-^B November 1, 2021 to April 30, 2022
Fidelity Small Cap Stock K6 Fund	.60%
Actual		$1,000.00	$828.30	$2.72
Hypothetical-^C		$1,000.00	$1,021.82	$3.01

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

^C 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2022, $9,880,231, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% and 99.94% of the short-term capital gain dividends distributed in June and December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates 13% and 8% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 21% and 9% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1% and 3% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

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

Fidelity Investments

SLCXK6-ANN-0622
1.9883975.104

Fidelity® Founders Fund

Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Contents

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2022	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	(15.87)%	15.20%
Class M (incl. 3.50% sales charge)	(14.05)%	15.79%
Class C (incl. contingent deferred sales charge)	(12.24)%	16.48%
Fidelity® Founders Fund	(10.48)%	17.65%
Class I	(10.45)%	17.68%
Class Z	(10.37)%	17.81%

^A From February 14, 2019

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

$10,000 Over Life of Fund

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

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

	Period Ending Values
	$16,844	Fidelity® Founders Fund
	$15,505	Russell 3000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Daniel Kelley: For the fiscal year, the fund's share classes (excluding sales charges, if applicable) returned about -11% to -10%, trailing the -3.11% result of the benchmark Russell 3000^® Index. Versus the benchmark, security selection was the primary detractor, especially in the software & services area of the information technology sector. Security selection and an overweighting in consumer discretionary and stock picks in industrials also hurt. Not owning Apple, a benchmark component that gained roughly 21%, was the largest individual relative detractor. Another notable relative detractor was an out-of-benchmark stake in Inditex (-39%). Also holding back performance was our overweighting in Uber Technologies, which returned -45%. We decreased our position the past year. Conversely, the biggest contributor to performance versus the benchmark was an overweighting in energy. Also helping the fund's relative performance was security selection in materials. Lastly, the fund's position in cash helped versus the benchmark. Our top individual relative contributor was an out-of-benchmark stake in Tourmaline Oil (+128%), which we established this period. Also adding value was our outsized stake in Hess, which gained 40%. Another notable relative contributor was an overweighting in Pioneer Natural Resources (+59%), which was one of our top holdings. Tourmaline Oil, Hess and Pioneer Natural Resources were among the fund's biggest holdings as of April 30. Lastly, the fund's foreign holdings contributed, despite the headwind of broad U.S.-dollar strength. Notable changes in positioning include increased exposure to the energy and materials sectors and reduced allocations in the financials, industrials, information technology and consumer discretionary sectors.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

	% of fund's net assets
Alphabet, Inc. Class C	8.2
Microsoft Corp.	6.0
Tourmaline Oil Corp.	5.5
Hess Corp.	5.2
UnitedHealth Group, Inc.	4.4
Pioneer Natural Resources Co.	4.1
Marriott International, Inc. Class A	4.0
Regeneron Pharmaceuticals, Inc.	2.3
Airbnb, Inc. Class A	2.1
NVIDIA Corp.	1.8
	43.6

Market Sectors as of April 30, 2022

	% of fund's net assets
Information Technology	17.6
Consumer Discretionary	15.7
Energy	15.5
Communication Services	12.6
Health Care	10.4
Financials	7.8
Materials	6.4
Real Estate	3.5
Industrials	2.7
Consumer Staples	1.6

Asset Allocation (% of fund's net assets)

As of April 30, 2022 ^*
	Stocks	93.4%
	Convertible Securities	0.4%
	Short-Term Investments and Net Other Assets (Liabilities)	6.2%

* Foreign investments – 18.0%

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Common Stocks - 93.4%
	Shares	Value
COMMUNICATION SERVICES - 12.6%
Entertainment - 1.6%
CTS Eventim AG (a)	8,228	$564,738
Endeavor Group Holdings, Inc. (a)	30,871	702,315
Netflix, Inc. (a)	900	171,324
Roblox Corp. (a)(b)	6,612	202,658
Spotify Technology SA (a)	1,000	101,650
		1,742,685
Interactive Media & Services - 11.0%
Alphabet, Inc. Class C (a)	3,944	9,068,555
Meta Platforms, Inc. Class A (a)	9,949	1,994,476
NerdWallet, Inc.	400	3,960
Snap, Inc. Class A (a)	14,536	413,695
VerticalScope Holdings, Inc.	7,292	111,595
Zoominfo Technologies, Inc. (a)	11,850	561,690
		12,153,971
Media - 0.0%
S4 Capital PLC (a)	1,787	6,759

TOTAL COMMUNICATION SERVICES		13,903,415

CONSUMER DISCRETIONARY - 15.7%
Automobiles - 0.5%
Rivian Automotive, Inc. (b)	1,414	42,759
Tesla, Inc. (a)	608	529,422
		572,181
Hotels, Restaurants & Leisure - 6.3%
Airbnb, Inc. Class A (a)	15,393	2,358,362
Dutch Bros, Inc. (b)	300	14,331
Marriott International, Inc. Class A	24,677	4,380,661
Monarch Casino & Resort, Inc. (a)	754	52,893
Penn National Gaming, Inc. (a)	3,400	124,338
		6,930,585
Household Durables - 1.7%
D.R. Horton, Inc.	15,935	1,108,917
Garmin Ltd.	812	89,109
Lennar Corp. Class A	3,360	257,006
Toll Brothers, Inc.	9,479	439,541
		1,894,573
Internet & Direct Marketing Retail - 2.4%
Amazon.com, Inc. (a)	817	2,030,760
Farfetch Ltd. Class A (a)	9,750	109,200
Revolve Group, Inc. (a)	7,200	304,272
thredUP, Inc. (a)	400	2,636
Wayfair LLC Class A (a)	2,097	161,343
		2,608,211
Specialty Retail - 2.1%
Aritzia, Inc. (a)	32,682	1,163,898
Auto1 Group SE (a)(c)	5,171	54,141
Industria de Diseno Textil SA	53,333	1,118,248
		2,336,287
Textiles, Apparel & Luxury Goods - 2.7%
Capri Holdings Ltd. (a)	15,199	724,992
LVMH Moet Hennessy Louis Vuitton SE	827	535,181
Moncler SpA	9,776	509,268
On Holding AG	300	7,491
Prada SpA	124,105	772,199
Ralph Lauren Corp.	4,406	459,722
		3,008,853

TOTAL CONSUMER DISCRETIONARY		17,350,690

CONSUMER STAPLES - 1.6%
Beverages - 1.2%
Monster Beverage Corp. (a)	14,727	1,261,809
Personal Products - 0.4%
Estee Lauder Companies, Inc. Class A	1,670	440,980
The Beauty Health Co. (a)	2,300	30,130
		471,110

TOTAL CONSUMER STAPLES		1,732,919

ENERGY - 15.5%
Energy Equipment & Services - 0.3%
Tenaris SA sponsored ADR	9,318	281,217
Oil, Gas & Consumable Fuels - 15.2%
Hess Corp.	56,430	5,816,240
Pioneer Natural Resources Co.	19,504	4,534,095
Reliance Industries Ltd.	12,030	435,350
Tourmaline Oil Corp.	117,362	6,044,191
		16,829,876

TOTAL ENERGY		17,111,093

FINANCIALS - 7.8%
Banks - 1.9%
First Foundation, Inc.	11,275	250,531
First Republic Bank	8,594	1,282,397
Pinnacle Financial Partners, Inc.	5,900	457,545
Starling Bank Ltd. Series D (a)(d)(e)	44,800	132,835
		2,123,308
Capital Markets - 2.7%
Antin Infrastructure Partners SA	980	25,459
BlackRock, Inc. Class A	1,951	1,218,751
Charles Schwab Corp.	14,998	994,817
EQT AB	3,279	92,802
Morningstar, Inc.	2,525	639,406
		2,971,235
Consumer Finance - 0.2%
Upstart Holdings, Inc. (a)(b)	1,983	148,765
Diversified Financial Services - 1.1%
Berkshire Hathaway, Inc. Class B (a)	3,884	1,253,872
Insurance - 1.9%
American Financial Group, Inc.	12,186	1,687,517
Arthur J. Gallagher & Co.	722	121,650
BRP Group, Inc. (a)	12,663	292,769
		2,101,936

TOTAL FINANCIALS		8,599,116

HEALTH CARE - 10.4%
Biotechnology - 3.3%
Argenx SE ADR (a)	1,842	529,243
Blueprint Medicines Corp. (a)	872	50,881
Celldex Therapeutics, Inc. (a)	5,436	166,070
Instil Bio, Inc. (a)	4,814	34,035
Prelude Therapeutics, Inc. (a)	300	1,377
Regeneron Pharmaceuticals, Inc. (a)	3,924	2,586,348
Seagen, Inc. (a)	1,677	219,704
TG Therapeutics, Inc. (a)	13,114	91,011
		3,678,669
Health Care Equipment & Supplies - 0.3%
Penumbra, Inc. (a)	2,072	357,544
Health Care Providers & Services - 4.9%
Cross Country Healthcare, Inc. (a)	4,000	74,960
Guardant Health, Inc. (a)	2,678	165,233
Oak Street Health, Inc. (a)	14,113	255,304
The Joint Corp. (a)	1,173	35,800
UnitedHealth Group, Inc.	9,465	4,813,426
		5,344,723
Health Care Technology - 0.1%
Inspire Medical Systems, Inc. (a)	645	132,715
Life Sciences Tools & Services - 1.8%
Bio-Rad Laboratories, Inc. Class A (a)	800	409,648
Bruker Corp.	3,072	176,609
Danaher Corp.	5,488	1,378,201
Stevanato Group SpA	1,700	27,200
		1,991,658

TOTAL HEALTH CARE		11,505,309

INDUSTRIALS - 2.7%
Aerospace & Defense - 0.3%
HEICO Corp. Class A	2,919	340,472
Commercial Services & Supplies - 0.9%
Cintas Corp.	2,249	893,438
Waste Connections, Inc. (United States)	933	128,726
		1,022,164
Machinery - 0.1%
Hydrogen Refueling Solutions (a)(b)	4,875	107,560
Road & Rail - 1.4%
Lyft, Inc. (a)	14,376	468,658
Uber Technologies, Inc. (a)	35,386	1,113,951
		1,582,609

TOTAL INDUSTRIALS		3,052,805

INFORMATION TECHNOLOGY - 17.2%
Electronic Equipment & Components - 0.0%
Vontier Corp.	1,091	27,951
IT Services - 1.5%
Affirm Holdings, Inc. (a)	910	26,117
Block, Inc. Class A unit (a)	1,188	111,639
CGI, Inc. Class A (sub. vtg.) (a)	963	76,791
Globant SA (a)	4,654	1,005,217
Nuvei Corp. (a)(c)	190	10,625
Remitly Global, Inc.	200	2,220
TDCX, Inc. ADR	300	4,155
Twilio, Inc. Class A (a)	3,439	384,549
		1,621,313
Semiconductors & Semiconductor Equipment - 3.2%
Analog Devices, Inc.	10,004	1,544,418
NVIDIA Corp.	11,065	2,052,226
		3,596,644
Software - 12.5%
Adobe, Inc. (a)	3,502	1,386,617
Atlassian Corp. PLC (a)	3,780	849,857
BlackLine, Inc. (a)	1,973	132,290
Confluent, Inc. (b)	11,400	356,136
Crowdstrike Holdings, Inc. (a)	2,161	429,520
GitLab, Inc.	100	4,793
HashiCorp, Inc.	200	9,416
Intuit, Inc.	3,337	1,397,369
Microsoft Corp.	24,092	6,686,012
Momentive Global, Inc. (a)	5,903	93,385
nCino, Inc. (a)	84	3,149
Salesforce.com, Inc. (a)	5,664	996,524
Samsara, Inc.	800	9,872
Synopsys, Inc. (a)	706	202,474
Tenable Holdings, Inc. (a)	4,092	226,001
The Trade Desk, Inc. (a)	6,385	376,204
Workday, Inc. Class A (a)	1,519	313,977
Zscaler, Inc. (a)	1,534	311,003
		13,784,599

TOTAL INFORMATION TECHNOLOGY		19,030,507

MATERIALS - 6.4%
Chemicals - 0.7%
Element Solutions, Inc.	25,117	517,913
Westlake Corp.	2,233	282,586
		800,499
Metals & Mining - 5.7%
ArcelorMittal SA Class A unit GDR (b)	43,965	1,285,537
Barrick Gold Corp.	60,630	1,352,655
First Quantum Minerals Ltd.	58,232	1,669,470
Steel Dynamics, Inc.	23,185	1,988,114
		6,295,776

TOTAL MATERIALS		7,096,275

REAL ESTATE - 3.5%
Equity Real Estate Investment Trusts (REITs) - 3.3%
Alexandria Real Estate Equities, Inc.	2,152	392,008
Camden Property Trust (SBI)	8,361	1,311,757
Equity Residential (SBI)	12,369	1,008,074
Public Storage	2,701	1,003,422
		3,715,261
Real Estate Management & Development - 0.2%
WeWork, Inc. (a)(b)	29,281	205,260

TOTAL REAL ESTATE		3,920,521

TOTAL COMMON STOCKS
(Cost $88,406,354)		103,302,650

Convertible Preferred Stocks - 0.4%
COMMUNICATION SERVICES - 0.0%
Interactive Media & Services - 0.0%
Reddit, Inc. Series E (d)(e)	200	7,930
INFORMATION TECHNOLOGY - 0.4%
IT Services - 0.4%
ByteDance Ltd. Series E1 (a)(d)(e)	638	81,709
Yanka Industries, Inc.:
Series E (a)(d)(e)	2,484	51,841
Series F (d)(e)	12,743	265,946
		399,496
Software - 0.0%
Evozyne LLC Series A (d)(e)	1,000	12,940

TOTAL INFORMATION TECHNOLOGY		412,436

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $537,084)		420,366

Money Market Funds - 8.6%
Fidelity Cash Central Fund 0.32% (f)	7,485,290	7,486,787
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g)	2,063,422	2,063,628
TOTAL MONEY MARKET FUNDS
(Cost $9,550,415)		9,550,415
TOTAL INVESTMENT IN SECURITIES - 102.4%
(Cost $98,493,853)		113,273,431
NET OTHER ASSETS (LIABILITIES) - (2.4)%		(2,646,478)
NET ASSETS - 100%		$110,626,953

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 $64,766 or 0.1% of net assets.

(e) Level 3 security

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ByteDance Ltd. Series E1	11/18/20	$69,908
Evozyne LLC Series A	4/9/21	$22,470
Reddit, Inc. Series E	5/18/21	$8,495
Starling Bank Ltd. Series D	6/18/21 - 4/5/22	$85,152
Yanka Industries, Inc. Series E	5/15/20	$30,005
Yanka Industries, Inc. Series F	4/8/21	$406,206

Affiliated Central Funds

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.32%	$585,108	$40,365,410	$33,463,731	$1,544	$--	$--	$7,486,787	0.0%
Fidelity Securities Lending Cash Central Fund 0.32%	1,248,050	36,444,802	35,629,224	13,270	--	--	2,063,628	0.0%
Total	$1,833,158	$76,810,212	$69,092,955	$14,814	$--	$--	$9,550,415

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$13,911,345	$13,331,918	$571,497	$7,930
Consumer Discretionary	17,350,690	14,361,653	2,989,037	--
Consumer Staples	1,732,919	1,732,919	--	--
Energy	17,111,093	16,675,743	435,350	--
Financials	8,599,116	8,348,020	118,261	132,835
Health Care	11,505,309	11,505,309	--	--
Industrials	3,052,805	2,945,245	107,560	--
Information Technology	19,442,943	18,918,868	111,639	412,436
Materials	7,096,275	7,096,275	--	--
Real Estate	3,920,521	3,920,521	--	--
Money Market Funds	9,550,415	9,550,415	--	--
Total Investments in Securities:	$113,273,431	$108,386,886	$4,333,344	$553,201

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2022
Assets
Investment in securities, at value (including securities loaned of $1,947,684) — See accompanying schedule: Unaffiliated issuers (cost $88,943,438)	$103,723,016
Fidelity Central Funds (cost $9,550,415)	9,550,415
Total Investment in Securities (cost $98,493,853)		$113,273,431
Receivable for fund shares sold		37,200
Dividends receivable		27,461
Distributions receivable from Fidelity Central Funds		2,273
Prepaid expenses		45
Receivable from investment adviser for expense reductions		3,297
Total assets		113,343,707
Liabilities
Payable for investments purchased	$449,721
Payable for fund shares redeemed	80,195
Accrued management fee	59,095
Distribution and service plan fees payable	7,852
Other affiliated payables	20,979
Other payables and accrued expenses	35,284
Collateral on securities loaned	2,063,628
Total liabilities		2,716,754
Net Assets		$110,626,953
Net Assets consist of:
Paid in capital		$94,326,188
Total accumulated earnings (loss)		16,300,765
Net Assets		$110,626,953
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($11,013,342 ÷ 700,942 shares)^(a)		$15.71
Maximum offering price per share (100/94.25 of $15.71)		$16.67
Class M:
Net Asset Value and redemption price per share ($8,561,741 ÷ 548,203 shares)^(a)		$15.62
Maximum offering price per share (100/96.50 of $15.62)		$16.19
Class C:
Net Asset Value and offering price per share ($1,716,796 ÷ 111,290 shares)^(a)		$15.43
Fidelity Founders Fund:
Net Asset Value, offering price and redemption price per share ($69,885,237 ÷ 4,426,370 shares)		$15.79
Class I:
Net Asset Value, offering price and redemption price per share ($1,263,484 ÷ 80,029 shares)		$15.79
Class Z:
Net Asset Value, offering price and redemption price per share ($18,186,353 ÷ 1,148,597 shares)		$15.83

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

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

Statement of Operations

		Year ended April 30, 2022
Investment Income
Dividends		$1,284,270
Special dividends		253,568
Income from Fidelity Central Funds (including $13,270 from security lending)		14,814
Total income		1,552,652
Expenses
Management fee
Basic fee	$708,651
Performance adjustment	71,985
Transfer agent fees	221,341
Distribution and service plan fees	97,864
Accounting fees	52,560
Custodian fees and expenses	9,174
Independent trustees' fees and expenses	473
Registration fees	86,114
Audit	39,148
Legal	838
Miscellaneous	561
Total expenses before reductions	1,288,709
Expense reductions	(13,367)
Total expenses after reductions		1,275,342
Net investment income (loss)		277,310
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	4,996,352
Foreign currency transactions	636
Total net realized gain (loss)		4,996,988
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $2,444)	(18,472,913)
Assets and liabilities in foreign currencies	133
Total change in net unrealized appreciation (depreciation)		(18,472,780)
Net gain (loss)		(13,475,792)
Net increase (decrease) in net assets resulting from operations		$(13,198,482)

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

Statement of Changes in Net Assets

	Year ended April 30, 2022	Year ended April 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$277,310	$(555,043)
Net realized gain (loss)	4,996,988	8,419,458
Change in net unrealized appreciation (depreciation)	(18,472,780)	28,606,543
Net increase (decrease) in net assets resulting from operations	(13,198,482)	36,470,958
Distributions to shareholders	(8,615,166)	–
Share transactions - net increase (decrease)	(8,024,643)	71,623,021
Total increase (decrease) in net assets	(29,838,291)	108,093,979
Net Assets
Beginning of period	140,465,244	32,371,265
End of period	$110,626,953	$140,465,244

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

Financial Highlights

Fidelity Founders Fund Class A

Years ended April 30,	2022	2021	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$18.71	$11.85	$10.85	$10.00
Income from Investment Operations
Net investment income (loss)^B,^C	–^D,^E	(.14)	(.05)^F	(.02)
Net realized and unrealized gain (loss)	(1.88)	7.00	1.05	.87
Total from investment operations	(1.88)	6.86	1.00	.85
Distributions from net investment income	(.02)	–	–^E	–
Distributions from net realized gain	(1.11)	–	–	–
Total distributions	(1.12)^G	–	–^E	–
Net asset value, end of period	$15.71	$18.71	$11.85	$10.85
Total Return^H,^I,^J	(10.74)%	57.89%	9.25%	8.50%
Ratios to Average Net Assets^C,^K,^L
Expenses before reductions	1.17%	1.25%	2.05%	4.81%^M
Expenses net of fee waivers, if any	1.15%	1.25%	1.25%	1.25%^M
Expenses net of all reductions	1.15%	1.24%	1.25%	1.25%^M
Net investment income (loss)	- %^D,^N	(.83)%	(.47)%^F	(.74)%^M
Supplemental Data
Net assets, end of period (000 omitted)	$11,013	$11,606	$1,310	$220
Portfolio turnover rate^O	47%	57%	82%	4%^P

^A For the period February 14, 2019 (commencement of operations) through April 30, 2019.

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

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

^F Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.70) %. These amounts have been revised from previously reported amounts of $.01 per share and (.45) %.

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

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

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

^M Annualized

^N Amount represents less than .005%.

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

^P Amount not annualized.

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

Fidelity Founders Fund Class M

Years ended April 30,	2022	2021	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$18.62	$11.82	$10.85	$10.00
Income from Investment Operations
Net investment income (loss)^B,^C	(.04)^D	(.17)	(.08)^E	(.02)
Net realized and unrealized gain (loss)	(1.87)	6.97	1.05	.87
Total from investment operations	(1.91)	6.80	.97	.85
Distributions from net realized gain	(1.09)	–	–	–
Total distributions	(1.09)	–	–	–
Net asset value, end of period	$15.62	$18.62	$11.82	$10.85
Total Return^F,^G,^H	(10.93)%	57.53%	8.94%	8.50%
Ratios to Average Net Assets^C,^I,^J
Expenses before reductions	1.39%	1.46%	2.14%	5.05%^K
Expenses net of fee waivers, if any	1.38%	1.46%	1.50%	1.50%^K
Expenses net of all reductions	1.38%	1.45%	1.50%	1.50%^K
Net investment income (loss)	(.24)%^D	(1.04)%	(.72)%^E	(.99)%^K
Supplemental Data
Net assets, end of period (000 omitted)	$8,562	$7,357	$695	$205
Portfolio turnover rate^L	47%	57%	82%	4%^M

^A For the period February 14, 2019 (commencement of operations) through April 30, 2019.

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

^E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.95) %. These amounts have been revised from previously reported amounts of $.03 per share and (1.04) %.

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

^K Annualized

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

^M Amount not annualized.

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

Fidelity Founders Fund Class C

Years ended April 30,	2022	2021	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$18.41	$11.75	$10.84	$10.00
Income from Investment Operations
Net investment income (loss)^B,^C	(.14)^D	(.26)	(.13)^E	(.03)
Net realized and unrealized gain (loss)	(1.84)	6.92	1.04	.87
Total from investment operations	(1.98)	6.66	.91	.84
Distributions from net realized gain	(1.00)	–	–	–
Total distributions	(1.00)	–	–	–
Net asset value, end of period	$15.43	$18.41	$11.75	$10.84
Total Return^F,^G,^H	(11.40)%	56.68%	8.39%	8.40%
Ratios to Average Net Assets^C,^I,^J
Expenses before reductions	1.99%	2.04%	2.64%	5.67%^K
Expenses net of fee waivers, if any	1.91%	2.00%	2.00%	2.00%^K
Expenses net of all reductions	1.91%	1.99%	2.00%	2.00%^K
Net investment income (loss)	(.76)%^D	(1.58)%	(1.22)%^E	(1.49)%^K
Supplemental Data
Net assets, end of period (000 omitted)	$1,717	$2,035	$335	$173
Portfolio turnover rate^L	47%	57%	82%	4%^M

^A For the period February 14, 2019 (commencement of operations) through April 30, 2019.

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

^E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.45) %. These amounts have been revised from previously reported amounts of $.03 per share and (1.51) %.

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

^K Annualized

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

^M Amount not annualized.

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

Fidelity Founders Fund

Years ended April 30,	2022	2021	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$18.80	$11.88	$10.86	$10.00
Income from Investment Operations
Net investment income (loss)^B,^C	.05^D	(.09)	(.02)^E	(.01)
Net realized and unrealized gain (loss)	(1.89)	7.01	1.05	.87
Total from investment operations	(1.84)	6.92	1.03	.86
Distributions from net investment income	(.04)	–	(.01)	–
Distributions from net realized gain	(1.13)	–	–	–
Total distributions	(1.17)	–	(.01)	–
Net asset value, end of period	$15.79	$18.80	$11.88	$10.86
Total Return^F,^G	(10.48)%	58.25%	9.49%	8.60%
Ratios to Average Net Assets^C,^H,^I
Expenses before reductions	.90%	.97%	1.70%	3.49%^J
Expenses net of fee waivers, if any	.90%	.97%	1.00%	1.00%^J
Expenses net of all reductions	.90%	.97%	1.00%	1.00%^J
Net investment income (loss)	.25%^D	(.56)%	(.22)%^E	(.48)%^J
Supplemental Data
Net assets, end of period (000 omitted)	$69,885	$96,052	$22,724	$10,595
Portfolio turnover rate^K	47%	57%	82%	4%^L

^A For the period February 14, 2019 (commencement of operations) through April 30, 2019.

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

^E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.45) %. These amounts have been revised from previously reported amounts of $.03 per share and (.52) %.

^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.

^J Annualized

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

^L Amount not annualized.

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

Fidelity Founders Fund Class I

Years ended April 30,	2022	2021	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$18.81	$11.88	$10.86	$10.00
Income from Investment Operations
Net investment income (loss)^B,^C	.06^D	(.08)	(.02)^E	(.01)
Net realized and unrealized gain (loss)	(1.89)	7.01	1.05	.87
Total from investment operations	(1.83)	6.93	1.03	.86
Distributions from net investment income	(.05)	–	(.01)	–
Distributions from net realized gain	(1.14)	–	–	–
Total distributions	(1.19)	–	(.01)	–
Net asset value, end of period	$15.79	$18.81	$11.88	$10.86
Total Return^F,^G	(10.45)%	58.33%	9.49%	8.60%
Ratios to Average Net Assets^C,^H,^I
Expenses before reductions	.85%	.93%	1.63%	4.10%^J
Expenses net of fee waivers, if any	.85%	.93%	1.00%	1.00%^J
Expenses net of all reductions	.85%	.92%	1.00%	1.00%^J
Net investment income (loss)	.30%^D	(.51)%	(.22)%^E	(.48)%^J
Supplemental Data
Net assets, end of period (000 omitted)	$1,263	$1,449	$467	$831
Portfolio turnover rate^K	47%	57%	82%	4%^L

^A For the period February 14, 2019 (commencement of operations) through April 30, 2019.

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

^E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.45) %. These amounts have been revised from previously reported amounts of $.03 per share and (.51) %.

^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.

^J Annualized

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

^L Amount not annualized.

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

Fidelity Founders Fund Class Z

Years ended April 30,	2022	2021	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$18.86	$11.90	$10.86	$10.00
Income from Investment Operations
Net investment income (loss)^B,^C	.07^D	(.07)	(.01)^E	(.01)
Net realized and unrealized gain (loss)	(1.89)	7.03	1.06	.87
Total from investment operations	(1.82)	6.96	1.05	.86
Distributions from net investment income	(.06)	–	(.01)	–
Distributions from net realized gain	(1.15)	–	–	–
Total distributions	(1.21)	–	(.01)	–
Net asset value, end of period	$15.83	$18.86	$11.90	$10.86
Total Return^F,^G	(10.37)%	58.49%	9.67%	8.60%
Ratios to Average Net Assets^C,^H,^I
Expenses before reductions	.76%	.83%	1.51%	3.18%^J
Expenses net of fee waivers, if any	.75%	.83%	.85%	.85%^J
Expenses net of all reductions	.75%	.82%	.85%	.85%^J
Net investment income (loss)	.40%^D	(.41)%	(.07)%^E	(.34)%^J
Supplemental Data
Net assets, end of period (000 omitted)	$18,186	$21,966	$6,839	$5,745
Portfolio turnover rate^K	47%	57%	82%	4%^L

^A For the period February 14, 2019 (commencement of operations) through April 30, 2019.

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

^E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.30) %. These amounts have been revised from previously reported amounts of $.03 per share and (.36) %.

^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.

^J Annualized

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

^L Amount not annualized.

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

Notes to Financial Statements

For the period ended April 30, 2022

1. Organization.

Fidelity Founders Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Founders Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation	$24,025,814
Gross unrealized depreciation	(9,427,521)
Net unrealized appreciation (depreciation)	$14,598,293
Tax Cost	$98,675,138

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

Undistributed long-term capital gain	$1,758,398
Net unrealized appreciation (depreciation) on securities and other investments	$14,598,231

The Fund intends to elect to defer to its next fiscal year $53,420 of ordinary losses recognized during the period January 1, 2022 to April 30, 2022.

The tax character of distributions paid was as follows:

	April 30, 2022	April 30, 2021
Ordinary Income	$2,186,710	$ -
Long-term Capital Gains	6,428,456	–
Total	$8,615,166	$ -

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Founders Fund	62,610,578	85,948,327

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Fidelity Founders Fund as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .58% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$31,888	$3,217
Class M	.25%	.25%	44,844	69
Class C	.75%	.25%	21,132	9,255
			$97,864	$12,541

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	$9,719
Class M	2,036
Class C^(a)	399
	$12,154

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

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

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

	Amount	% of Class-Level Average Net Assets
Class A	$26,151	.21
Class M	15,253	.17
Class C	5,752	.27
Fidelity Founders Fund	163,227	.19
Class I	1,890	.13
Class Z	9,068	.04
	$221,341

	% of Average Net Assets
Fidelity Founders Fund	.04

	Amount
Fidelity Founders Fund	$572

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Founders Fund	3,286,070	4,115,455	156,293

6. Committed Line of Credit.

	Amount
Fidelity Founders Fund	$223

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Founders Fund	$1,404	$707	$–

8. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through August 31, 2023. Some expenses, for example the compensation of the independent Trustees are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.25%/1.15%^(a)	$2,859
Class M	1.50%/1.40%^(a)	–
Class C	2.00%/1.90%^(a)	1,569
Fidelity Founders Fund	1.00%/.90%^(a)	2,919
Class I	1.00%/.90%^(a)	–
Class Z	.85%/.75%^(a)	2,115
		$9,462

(a) Expense limitation effective June 1, 2021.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $9.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,896.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended April 30, 2022	Year ended April 30, 2021
Fidelity Founders Fund
Distributions to shareholders
Class A	$747,250	$–
Class M	497,267	–
Class C	115,574	–
Fidelity Founders Fund	5,710,291	–
Class I	89,527	–
Class Z	1,455,257	–
Total	$8,615,166	$–

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended April 30, 2022	Year ended April 30, 2021	Year ended April 30, 2022	Year ended April 30, 2021
Fidelity Founders Fund
Class A
Shares sold	253,025	675,060	$4,618,532	$10,488,392
Reinvestment of distributions	41,460	–	746,922	–
Shares redeemed	(213,864)	(165,308)	(3,766,580)	(2,717,007)
Net increase (decrease)	80,621	509,752	$1,598,874	$7,771,385
Class M
Shares sold	249,831	380,877	$4,479,685	$5,983,346
Reinvestment of distributions	27,246	–	488,766	–
Shares redeemed	(123,968)	(44,609)	(2,186,221)	(726,698)
Net increase (decrease)	153,109	336,268	$2,782,230	$5,256,648
Class C
Shares sold	55,381	143,699	$1,001,107	$2,238,811
Reinvestment of distributions	6,500	–	115,574	–
Shares redeemed	(61,140)	(61,703)	(1,097,217)	(1,040,624)
Net increase (decrease)	741	81,996	$19,464	$1,198,187
Fidelity Founders Fund
Shares sold	990,019	5,694,058	$17,980,786	$89,195,197
Reinvestment of distributions	300,918	–	5,438,232	–
Shares redeemed	(1,972,420)	(2,499,360)	(35,706,413)	(40,955,656)
Net increase (decrease)	(681,483)	3,194,698	$(12,287,395)	$48,239,541
Class I
Shares sold	30,672	73,859	$574,317	$1,196,566
Reinvestment of distributions	4,742	–	85,719	–
Shares redeemed	(32,428)	(36,170)	(603,024)	(574,950)
Net increase (decrease)	2,986	37,689	$57,012	$621,616
Class Z
Shares sold	266,682	1,302,508	$4,985,303	$19,812,202
Reinvestment of distributions	78,451	–	1,422,488	–
Shares redeemed	(360,989)	(712,817)	(6,602,619)	(11,276,558)
Net increase (decrease)	(15,856)	589,691	$(194,828)	$8,535,644

11. Other.

12. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Founders Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Founders Fund (one of the funds constituting Fidelity Concord Street Trust, referred to hereafter as the “Fund”) as of April 30, 2022, the related statement of operations for the year ended April 30, 2022, the statement of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the three years in the period ended April 30, 2022 and for the period February 14, 2019 (commencement of operations) through April 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2022 and the financial highlights for each of the three years in the period ended April 30, 2022 and for the period February 14, 2019 (commencement of operations) through April 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 14, 2022

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 324 funds. Mr. Chiel oversees 190 funds.

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Expenses Paid During Period-^B November 1, 2021 to April 30, 2022
Fidelity Founders Fund
Class A	1.15%
Actual		$1,000.00	$810.50	$5.16
Hypothetical-^C		$1,000.00	$1,019.09	$5.76
Class M	1.40%
Actual		$1,000.00	$809.80	$6.28
Hypothetical-^C		$1,000.00	$1,017.85	$7.00
Class C	1.90%
Actual		$1,000.00	$807.90	$8.52
Hypothetical-^C		$1,000.00	$1,015.37	$9.49
Fidelity Founders Fund	.90%
Actual		$1,000.00	$811.70	$4.04
Hypothetical-^C		$1,000.00	$1,020.33	$4.51
Class I	.88%
Actual		$1,000.00	$812.00	$3.95
Hypothetical-^C		$1,000.00	$1,020.43	$4.41
Class Z	.75%
Actual		$1,000.00	$812.10	$3.37
Hypothetical-^C		$1,000.00	$1,021.08	$3.76

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

^C 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2022, $ 4,765,543, or, if subsequently determined to be different, the net capital gain of such year.

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

Class A designates 15%, and 100%; Class M designates 16%, and 0%; Class C designates 26%, and 0%; Retail Class designates 13%, and 100%; Class I designates 13%, and 100%; and Class Z designates 12%, and 100%; of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A designates 18%, and 100%; Class M designates 19%, and 0%; Class C designates 31%, and 0%; Retail Class designates 16%, and 100%; Class I designates 15%, and 100%; and Class Z designates 15%, and 100%; of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 9%; Class M designates 10%; Class C designates 16%; Retail Class designates 8%; Class I designates 8%; and Class Z designates 8%; of the dividend distributed in June during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

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

Fidelity Investments

RFFF-ANN-0622
1.9892518.103

Fidelity Flex® Funds

Fidelity Flex® Large Cap Value Fund

Annual Report

April 30, 2022

Contents

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2022	Past 1 year	Life of fund^A
Fidelity Flex® Large Cap Value Fund	4.18%	12.93%

^A From June 27, 2019

$10,000 Over Life of Fund

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

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

	Period Ending Values
	$14,130	Fidelity Flex® Large Cap Value Fund
	$13,230	Russell 1000® Value Index

Management's Discussion of Fund Performance

Comments from the Geode Capital Management, LLC, passive equity index team: For the fiscal year ending April 30, 2022, the fund gained 4.18%, outperforming the 1.32% result of the benchmark Russell 1000^® Value Index. Versus the benchmark, security selection was the primary contributor, especially the software & services area of the information technology sector. Strong picks in materials also lifted the fund's relative result. Also helping were stock picks and an underweighting in the industrials sector, primarily driven by the capital goods industry. The fund's top individual relative contributor was our lighter-than-benchmark stake in Disney, which returned -40% the past year. Also bolstering performance was our overweighting in ConocoPhillips, which gained 93%. Another notable relative contributor was an outsized stake in Marathon Oil (+133%). Conversely, the biggest detractor from performance versus the benchmark was an overweighting in consumer discretionary. An overweighting in the information technology sector, primarily within the software & services industry, also hindered the fund's relative performance. Also hurting the fund's relative performance was an underweighting and security selection in utilities. The fund's largest individual relative detractor was an overweighting in Lennar, which returned approximately -25% the past 12 months. Also hindering performance was an underweighting in Nucor, which gained 91%. Nucor was not held at period end. Also hampering performance was our outsized stake in Intel, which returned about -22%. Intel was one of the fund's biggest holdings the past 12 months. Notable changes in positioning include a higher allocation to the energy and health care sectors.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

	% of fund's net assets
Berkshire Hathaway, Inc. Class B	3.4
Johnson & Johnson	2.7
Exxon Mobil Corp.	2.3
Procter & Gamble Co.	2.2
UnitedHealth Group, Inc.	1.9
JPMorgan Chase & Co.	1.8
Walmart, Inc.	1.6
Chevron Corp.	1.5
Pfizer, Inc.	1.5
Bank of America Corp.	1.4
	20.3

Market Sectors as of April 30, 2022

	% of fund's net assets
Financials	17.9
Health Care	17.7
Information Technology	10.5
Industrials	9.8
Energy	8.7
Consumer Staples	8.4
Consumer Discretionary	5.8
Communication Services	5.6
Materials	4.9
Utilities	4.7
Real Estate	4.2

Asset Allocation (% of fund's net assets)

As of April 30, 2022 ^*
	Stocks and Equity Futures	99.4%
	Short-Term Investments and Net Other Assets (Liabilities)	0.6%

* Foreign investments – 3.3%

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares	Value
COMMUNICATION SERVICES - 5.6%
Diversified Telecommunication Services - 1.7%
AT&T, Inc.	6,211	$117,139
Lumen Technologies, Inc.	3,189	32,081
Verizon Communications, Inc.	21,361	989,014
		1,138,234
Entertainment - 1.3%
Activision Blizzard, Inc.	1,709	129,200
Electronic Arts, Inc.	2,626	309,999
The Walt Disney Co. (a)	3,803	424,529
Warner Bros Discovery, Inc. (a)	2,460	44,649
		908,377
Interactive Media & Services - 1.2%
Alphabet, Inc.:
Class A (a)	144	328,635
Class C (a)	163	374,791
Meta Platforms, Inc. Class A (a)	595	119,280
Twitter, Inc. (a)	575	28,187
		850,893
Media - 1.4%
Altice U.S.A., Inc. Class A (a)	4,390	40,739
Comcast Corp. Class A	13,798	548,608
Liberty Media Corp.:
Liberty Formula One Group Series C (a)	1,523	94,929
Liberty Media Class A (a)	162	9,302
News Corp.:
Class A	11,067	219,791
Class B	2,857	56,883
		970,252

TOTAL COMMUNICATION SERVICES		3,867,756

CONSUMER DISCRETIONARY - 5.8%
Automobiles - 0.3%
Ford Motor Co.	9,155	129,635
Harley-Davidson, Inc.	695	25,333
Thor Industries, Inc.	557	42,638
		197,606
Distributors - 0.6%
Genuine Parts Co.	3,054	397,173
LKQ Corp.	585	29,034
		426,207
Diversified Consumer Services - 0.2%
Service Corp. International	1,680	110,225
Hotels, Restaurants & Leisure - 2.1%
Booking Holdings, Inc. (a)	25	55,258
Expedia, Inc. (a)	834	145,742
International Game Technology PLC	6,342	138,446
McDonald's Corp.	2,499	622,651
MGM Resorts International	1,365	56,020
SeaWorld Entertainment, Inc. (a)	1,788	120,583
Six Flags Entertainment Corp. (a)	1,088	41,638
Travel+Leisure Co.	2,478	137,479
Wendy's Co.	5,671	112,059
		1,429,876
Household Durables - 0.7%
D.R. Horton, Inc.	532	37,022
Lennar Corp. Class A	3,124	238,955
Meritage Homes Corp. (a)	433	35,744
PulteGroup, Inc.	798	33,324
Toll Brothers, Inc.	2,967	137,580
Whirlpool Corp.	93	16,881
		499,506
Internet & Direct Marketing Retail - 0.2%
eBay, Inc.	3,352	174,036
Leisure Products - 0.2%
Brunswick Corp.	1,730	130,805
Multiline Retail - 0.4%
Dollar General Corp.	738	175,297
Macy's, Inc.	2,775	67,072
Target Corp.	267	61,050
		303,419
Specialty Retail - 1.1%
AutoNation, Inc. (a)	1,314	152,306
Dick's Sporting Goods, Inc.	2,135	205,857
Foot Locker, Inc.	2,438	71,458
Lithia Motors, Inc. Class A (sub. vtg.)	959	271,522
Ulta Beauty, Inc. (a)	34	13,491
Williams-Sonoma, Inc.	312	40,710
		755,344
Textiles, Apparel & Luxury Goods - 0.0%
Carter's, Inc.	231	19,459
Crocs, Inc. (a)	78	5,182
		24,641

TOTAL CONSUMER DISCRETIONARY		4,051,665

CONSUMER STAPLES - 8.4%
Beverages - 0.6%
Keurig Dr. Pepper, Inc.	539	20,159
Molson Coors Beverage Co. Class B	678	36,707
The Coca-Cola Co.	5,788	373,963
		430,829
Food & Staples Retailing - 2.2%
Casey's General Stores, Inc.	206	41,468
Kroger Co.	2,406	129,828
Sprouts Farmers Market LLC (a)	2,073	61,775
U.S. Foods Holding Corp. (a)	1,278	48,078
Walgreens Boots Alliance, Inc.	2,925	124,020
Walmart, Inc.	7,249	1,109,025
		1,514,194
Food Products - 2.3%
Archer Daniels Midland Co.	4,619	413,678
Bunge Ltd.	1,077	121,830
Darling Ingredients, Inc. (a)	203	14,898
General Mills, Inc.	3,653	258,377
Mondelez International, Inc.	1,011	65,189
Post Holdings, Inc. (a)	106	7,885
The J.M. Smucker Co.	317	43,407
The Kraft Heinz Co.	10,412	443,864
Tyson Foods, Inc. Class A	2,661	247,899
		1,617,027
Household Products - 2.6%
Colgate-Palmolive Co.	3,828	294,947
Procter & Gamble Co.	9,316	1,495,684
		1,790,631
Personal Products - 0.0%
Coty, Inc. Class A (a)	1,713	13,892
Tobacco - 0.7%
Altria Group, Inc.	3,675	204,220
Philip Morris International, Inc.	2,752	275,200
		479,420

TOTAL CONSUMER STAPLES		5,845,993

ENERGY - 8.7%
Energy Equipment & Services - 0.9%
Baker Hughes Co. Class A	1,829	56,736
Halliburton Co.	4,550	162,071
NOV, Inc.	1,533	27,793
Patterson-UTI Energy, Inc.	564	9,272
Schlumberger Ltd.	8,745	341,142
		597,014
Oil, Gas & Consumable Fuels - 7.8%
Antero Resources Corp. (a)	1,536	54,067
Chevron Corp.	6,733	1,054,859
ConocoPhillips Co.	6,294	601,203
Coterra Energy, Inc.	2,254	64,893
Devon Energy Corp.	3,248	188,936
EOG Resources, Inc.	4,701	548,889
EQT Corp.	2,616	103,986
Exxon Mobil Corp.	18,849	1,606,877
Hess Corp.	1,346	138,732
Kinder Morgan, Inc.	5,281	95,850
Marathon Oil Corp.	7,400	184,408
Marathon Petroleum Corp.	2,520	219,895
Murphy Oil Corp.	2,452	93,372
Occidental Petroleum Corp.	3,390	186,755
Phillips 66 Co.	1,434	124,414
Pioneer Natural Resources Co.	156	36,265
SM Energy Co.	1,032	36,667
Valero Energy Corp.	907	101,112
		5,441,180

TOTAL ENERGY		6,038,194

FINANCIALS - 17.9%
Banks - 6.4%
Bank of America Corp.	27,844	993,474
Citigroup, Inc.	3,027	145,932
Citizens Financial Group, Inc.	5,076	199,994
Comerica, Inc.	458	37,510
East West Bancorp, Inc.	385	27,451
Eastern Bankshares, Inc.	2,634	50,467
Fifth Third Bancorp	8,510	319,380
First Republic Bank	1,072	159,964
Hancock Whitney Corp.	2,297	107,431
Huntington Bancshares, Inc.	2,043	26,865
JPMorgan Chase & Co.	10,573	1,261,993
KeyCorp	917	17,707
PNC Financial Services Group, Inc.	525	87,203
Regions Financial Corp.	8,803	182,398
Synovus Financial Corp.	881	36,597
UMB Financial Corp.	363	32,735
Wells Fargo & Co.	18,168	792,670
		4,479,771
Capital Markets - 3.7%
Ameriprise Financial, Inc.	78	20,708
BlackRock, Inc. Class A	128	79,959
Charles Schwab Corp.	2,473	164,034
Goldman Sachs Group, Inc.	2,073	633,281
Intercontinental Exchange, Inc.	1,210	140,130
Jefferies Financial Group, Inc.	9,562	294,127
Morgan Stanley	7,662	617,481
Northern Trust Corp.	717	73,887
Raymond James Financial, Inc.	3,850	375,221
Stifel Financial Corp.	2,349	145,286
		2,544,114
Consumer Finance - 0.8%
Capital One Financial Corp.	3,127	389,687
Discover Financial Services	840	94,466
Synchrony Financial	1,879	69,166
		553,319
Diversified Financial Services - 3.4%
Berkshire Hathaway, Inc. Class B (a)	7,340	2,369,569
Insurance - 3.5%
American Financial Group, Inc.	264	36,559
American International Group, Inc.	1,988	116,318
Arch Capital Group Ltd. (a)	2,635	120,340
Arthur J. Gallagher & Co.	97	16,344
Assurant, Inc.	56	10,185
Axis Capital Holdings Ltd.	517	29,640
Chubb Ltd.	1,293	266,940
Cincinnati Financial Corp.	575	70,530
Everest Re Group Ltd.	150	41,207
Fidelity National Financial, Inc.	1,652	65,783
First American Financial Corp.	3,307	192,831
Hartford Financial Services Group, Inc.	174	12,168
Loews Corp.	2,325	146,103
Markel Corp. (a)	92	124,502
Marsh & McLennan Companies, Inc.	156	25,225
MetLife, Inc.	6,684	439,005
Old Republic International Corp.	321	7,065
Prudential Financial, Inc.	787	85,397
Selective Insurance Group, Inc.	918	75,606
The Travelers Companies, Inc.	1,452	248,379
W.R. Berkley Corp.	4,297	285,708
		2,415,835
Mortgage Real Estate Investment Trusts - 0.1%
Starwood Property Trust, Inc.	1,601	36,631
Thrifts & Mortgage Finance - 0.0%
Radian Group, Inc.	1,059	22,652

TOTAL FINANCIALS		12,421,891

HEALTH CARE - 17.7%
Biotechnology - 1.9%
Amgen, Inc.	501	116,828
Biogen, Inc. (a)	1,161	240,838
Gilead Sciences, Inc.	10,168	603,369
Incyte Corp. (a)	319	23,912
Regeneron Pharmaceuticals, Inc. (a)	230	151,595
United Therapeutics Corp. (a)	1,120	198,867
		1,335,409
Health Care Equipment & Supplies - 2.1%
Abbott Laboratories	3,341	379,204
Baxter International, Inc.	2,763	196,339
Dentsply Sirona, Inc.	450	17,996
Embecta Corp. (a)	552	16,797
Hologic, Inc. (a)	3,119	224,537
Integra LifeSciences Holdings Corp. (a)	295	18,042
Masimo Corp. (a)	757	85,518
Medtronic PLC	3,824	399,073
Merit Medical Systems, Inc. (a)	97	6,015
Quidel Corp. (a)	498	50,109
Teleflex, Inc.	138	39,416
		1,433,046
Health Care Providers & Services - 5.1%
Anthem, Inc.	1,451	728,300
Centene Corp. (a)	1,578	127,108
Cigna Corp.	371	91,555
CVS Health Corp.	8,049	773,750
DaVita HealthCare Partners, Inc. (a)	237	25,684
Humana, Inc.	230	102,249
Laboratory Corp. of America Holdings	952	228,747
Molina Healthcare, Inc. (a)	197	61,750
Quest Diagnostics, Inc.	284	38,011
Select Medical Holdings Corp.	2,747	62,110
UnitedHealth Group, Inc.	2,608	1,326,298
		3,565,562
Health Care Technology - 0.0%
Cerner Corp.	249	23,316
Life Sciences Tools & Services - 1.9%
Agilent Technologies, Inc.	1,862	222,081
Bio-Rad Laboratories, Inc. Class A (a)	198	101,388
Danaher Corp.	1,412	354,596
IQVIA Holdings, Inc. (a)	135	29,429
Medpace Holdings, Inc. (a)	70	9,350
Thermo Fisher Scientific, Inc.	1,063	587,754
		1,304,598
Pharmaceuticals - 6.7%
Bristol-Myers Squibb Co.	11,063	832,712
Johnson & Johnson	10,246	1,848,993
Merck & Co., Inc.	10,117	897,277
Nektar Therapeutics (a)	1,200	4,956
Pfizer, Inc.	21,310	1,045,682
		4,629,620

TOTAL HEALTH CARE		12,291,551

INDUSTRIALS - 9.8%
Aerospace & Defense - 2.5%
Curtiss-Wright Corp.	842	120,330
General Dynamics Corp.	875	206,964
HEICO Corp. Class A	90	10,498
Hexcel Corp.	373	20,276
Lockheed Martin Corp.	575	248,469
Mercury Systems, Inc. (a)	594	33,139
Moog, Inc. Class A	1,639	130,907
Northrop Grumman Corp.	341	149,835
Parsons Corp. (a)	2,276	84,053
Raytheon Technologies Corp.	3,033	287,862
Textron, Inc.	3,415	236,489
The Boeing Co. (a)	1,497	222,813
		1,751,635
Air Freight & Logistics - 0.2%
FedEx Corp.	715	142,099
Airlines - 0.5%
Alaska Air Group, Inc. (a)	4,293	233,496
Southwest Airlines Co. (a)	2,768	129,321
		362,817
Building Products - 0.6%
A.O. Smith Corp.	302	17,646
Carlisle Companies, Inc.	129	33,457
Johnson Controls International PLC	2,053	122,913
Owens Corning	2,199	199,955
Simpson Manufacturing Co. Ltd.	197	20,423
UFP Industries, Inc.	344	26,615
		421,009
Commercial Services & Supplies - 0.7%
ABM Industries, Inc.	601	29,010
Clean Harbors, Inc. (a)	1,252	131,372
Republic Services, Inc.	2,425	325,605
		485,987
Construction & Engineering - 0.2%
EMCOR Group, Inc.	1,236	131,609
Electrical Equipment - 0.8%
Acuity Brands, Inc.	119	20,525
Atkore, Inc. (a)	490	47,089
Eaton Corp. PLC	1,366	198,097
Emerson Electric Co.	2,982	268,917
nVent Electric PLC	931	31,449
		566,077
Industrial Conglomerates - 0.9%
3M Co.	2,606	375,837
General Electric Co.	572	42,643
Honeywell International, Inc.	918	177,642
		596,122
Machinery - 1.1%
AGCO Corp.	1,486	189,316
Allison Transmission Holdings, Inc.	2,043	76,490
Caterpillar, Inc.	760	160,010
Cummins, Inc.	701	132,622
Deere & Co.	83	31,337
Donaldson Co., Inc.	1,029	50,462
IDEX Corp.	106	20,121
Parker Hannifin Corp.	343	92,891
		753,249
Marine - 0.0%
Matson, Inc.	203	17,462
Professional Services - 0.6%
CoStar Group, Inc. (a)	410	26,084
Jacobs Engineering Group, Inc.	282	39,071
Korn Ferry	2,387	146,657
Leidos Holdings, Inc.	1,013	104,856
Manpower, Inc.	1,303	117,531
ManTech International Corp. Class A	186	14,943
		449,142
Road & Rail - 1.2%
CSX Corp.	6,855	235,401
Norfolk Southern Corp.	752	193,926
Schneider National, Inc. Class B	257	6,073
Union Pacific Corp.	1,110	260,062
Werner Enterprises, Inc.	530	21,004
XPO Logistics, Inc. (a)	1,548	83,267
		799,733
Trading Companies & Distributors - 0.5%
Applied Industrial Technologies, Inc.	519	54,334
MSC Industrial Direct Co., Inc. Class A	2,179	180,552
W.W. Grainger, Inc.	207	103,506
		338,392

TOTAL INDUSTRIALS		6,815,333

INFORMATION TECHNOLOGY - 10.5%
Communications Equipment - 1.7%
Ciena Corp. (a)	582	32,109
Cisco Systems, Inc.	18,852	923,371
Juniper Networks, Inc.	7,019	221,239
Viavi Solutions, Inc. (a)	2,002	28,709
		1,205,428
Electronic Equipment & Components - 1.0%
Arrow Electronics, Inc. (a)	229	26,990
Avnet, Inc.	706	30,824
CDW Corp.	513	83,711
Corning, Inc.	3,191	112,291
Jabil, Inc.	143	8,255
National Instruments Corp.	6,785	245,210
Vontier Corp.	6,159	157,794
		665,075
IT Services - 2.4%
Amdocs Ltd.	4,693	373,985
Bread Financial Holdings, Inc.	1,829	100,229
Cognizant Technology Solutions Corp. Class A	1,086	87,857
DXC Technology Co. (a)	2,653	76,141
ExlService Holdings, Inc. (a)	115	15,657
Fidelity National Information Services, Inc.	2,622	259,971
FleetCor Technologies, Inc. (a)	1,392	347,332
Global Payments, Inc.	365	49,998
GoDaddy, Inc. (a)	672	54,304
IBM Corp.	1,161	153,496
Paychex, Inc.	760	96,315
SolarWinds, Inc.	1,215	15,030
The Western Union Co.	1,422	23,833
WEX, Inc. (a)	53	8,811
Wix.com Ltd. (a)	181	13,658
		1,676,617
Semiconductors & Semiconductor Equipment - 2.4%
Broadcom, Inc.	145	80,387
Cirrus Logic, Inc. (a)	1,032	78,226
Diodes, Inc. (a)	283	20,667
Intel Corp.	19,625	855,454
MACOM Technology Solutions Holdings, Inc. (a)	616	31,385
Micron Technology, Inc.	3,287	224,141
NXP Semiconductors NV	193	32,984
Qorvo, Inc. (a)	400	45,512
Qualcomm, Inc.	1,679	234,540
Semtech Corp. (a)	652	38,859
		1,642,155
Software - 2.7%
Black Knight, Inc. (a)	1,999	131,514
Box, Inc. Class A (a)	9,487	290,492
Dolby Laboratories, Inc. Class A	285	22,079
Dropbox, Inc. Class A (a)	15,937	346,630
Nutanix, Inc. Class A (a)	4,618	115,589
Salesforce.com, Inc. (a)	1,292	227,314
SS&C Technologies Holdings, Inc.	3,191	206,330
Synopsys, Inc. (a)	1,219	349,597
Teradata Corp. (a)	1,035	42,797
VMware, Inc. Class A	1,201	129,756
Workday, Inc. Class A (a)	171	35,346
		1,897,444
Technology Hardware, Storage & Peripherals - 0.3%
Hewlett Packard Enterprise Co.	5,162	79,546
Western Digital Corp. (a)	2,460	130,552
		210,098

TOTAL INFORMATION TECHNOLOGY		7,296,817

MATERIALS - 4.9%
Chemicals - 2.6%
CF Industries Holdings, Inc.	3,402	329,416
Corteva, Inc.	6,155	355,082
Dow, Inc.	7,964	529,606
DuPont de Nemours, Inc.	3,545	233,722
Eastman Chemical Co.	575	59,035
NewMarket Corp.	75	24,346
Olin Corp.	1,887	108,314
The Chemours Co. LLC	1,727	57,112
Westlake Corp.	1,039	131,485
		1,828,118
Construction Materials - 0.2%
Vulcan Materials Co.	759	130,768
Containers & Packaging - 0.8%
International Paper Co.	2,859	132,315
WestRock Co.	8,178	405,056
		537,371
Metals & Mining - 1.2%
Alcoa Corp.	3,844	260,623
Freeport-McMoRan, Inc.	5,476	222,052
Reliance Steel & Aluminum Co.	1,136	225,212
United States Steel Corp.	4,167	127,052
		834,939
Paper & Forest Products - 0.1%
Louisiana-Pacific Corp.	598	38,583

TOTAL MATERIALS		3,369,779

REAL ESTATE - 4.2%
Equity Real Estate Investment Trusts (REITs) - 4.2%
American Homes 4 Rent Class A	5,714	226,332
American Tower Corp.	404	97,372
Apartment Income (REIT) Corp.	1,532	75,328
Apple Hospitality (REIT), Inc.	2,103	37,202
AvalonBay Communities, Inc.	413	93,949
Brixmor Property Group, Inc.	2,665	67,638
Camden Property Trust (SBI)	370	58,049
Crown Castle International Corp.	1,220	225,956
CubeSmart	1,000	47,510
Digitalbridge Group, Inc. (a)	4,275	29,754
Douglas Emmett, Inc.	1,536	45,251
EPR Properties	525	27,573
Equity Residential (SBI)	317	25,836
Extra Space Storage, Inc.	675	128,250
First Industrial Realty Trust, Inc.	646	37,468
Gaming & Leisure Properties	336	14,912
Highwoods Properties, Inc. (SBI)	2,138	87,316
Invitation Homes, Inc.	5,721	227,810
Kilroy Realty Corp.	425	29,750
Kite Realty Group Trust	2,669	59,519
Life Storage, Inc.	251	33,255
LXP Industrial Trust (REIT)	1,040	13,052
National Retail Properties, Inc.	1,120	49,101
National Storage Affiliates Trust	2,475	140,085
Potlatch Corp.	91	5,040
Prologis (REIT), Inc.	372	59,628
Public Storage	486	180,549
Realty Income Corp.	698	48,413
SITE Centers Corp.	428	6,805
Spirit Realty Capital, Inc.	859	37,324
Stag Industrial, Inc.	2,325	86,769
Store Capital Corp.	4,364	124,069
Terreno Realty Corp.	1,340	97,485
Ventas, Inc.	3,717	206,479
Weyerhaeuser Co.	5,011	206,553
		2,937,382
Real Estate Management & Development - 0.0%
Jones Lang LaSalle, Inc. (a)	36	7,874

TOTAL REAL ESTATE		2,945,256

UTILITIES - 4.7%
Electric Utilities - 2.6%
Allete, Inc.	72	4,272
Alliant Energy Corp.	975	57,340
Duke Energy Corp.	4,452	490,432
Eversource Energy	300	26,220
Exelon Corp.	3,087	144,410
Hawaiian Electric Industries, Inc.	3,450	141,830
IDACORP, Inc.	461	48,488
NextEra Energy, Inc.	10,073	715,384
Portland General Electric Co.	2,337	110,610
Southern Co.	477	35,007
Xcel Energy, Inc.	615	45,055
		1,819,048
Gas Utilities - 0.0%
New Jersey Resources Corp.	103	4,445
Multi-Utilities - 2.0%
Ameren Corp.	452	41,991
CMS Energy Corp.	760	52,204
Consolidated Edison, Inc.	2,504	232,221
Public Service Enterprise Group, Inc.	6,676	465,050
Sempra Energy	1,593	257,046
WEC Energy Group, Inc.	3,397	339,870
		1,388,382
Water Utilities - 0.1%
American Water Works Co., Inc.	546	84,128

TOTAL UTILITIES		3,296,003

TOTAL COMMON STOCKS
(Cost $60,798,739)		68,240,238

Money Market Funds - 1.9%
Fidelity Cash Central Fund 0.32% (b)
(Cost $1,279,249)	1,278,994	1,279,249
TOTAL INVESTMENT IN SECURITIES - 100.1%
(Cost $62,077,988)		69,519,487
NET OTHER ASSETS (LIABILITIES) - (0.1)%		(47,487)
NET ASSETS - 100%		$69,472,000

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	4	June 2022	$825,500	$(65,559)	$(65,559)

The notional amount of futures purchased as a percentage of Net Assets is 1.2%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $1,659,469.

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.32%	$3,800,863	$33,193,343	$35,714,957	$1,231	$--	$--	$1,279,249	0.0%
Total	$3,800,863	$33,193,343	$35,714,957	$1,231	$--	$--	$1,279,249

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$3,867,756	$3,867,756	$--	$--
Consumer Discretionary	4,051,665	4,051,665	--	--
Consumer Staples	5,845,993	5,845,993	--	--
Energy	6,038,194	6,038,194	--	--
Financials	12,421,891	12,421,891	--	--
Health Care	12,291,551	12,291,551	--	--
Industrials	6,815,333	6,815,333	--	--
Information Technology	7,296,817	7,296,817	--	--
Materials	3,369,779	3,369,779	--	--
Real Estate	2,945,256	2,945,256	--	--
Utilities	3,296,003	3,296,003	--	--
Money Market Funds	1,279,249	1,279,249	--	--
Total Investments in Securities:	$69,519,487	$69,519,487	$--	$--
Derivative Instruments:
Liabilities
Futures Contracts	$(65,559)	$(65,559)	$--	$--
Total Liabilities	$(65,559)	$(65,559)	$--	$--
Total Derivative Instruments:	$(65,559)	$(65,559)	$--	$--

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2022. 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	$(65,559)
Total Equity Risk	0	(65,559)
Total Value of Derivatives	$0	$(65,559)

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

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2022
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $60,798,739)	$68,240,238
Fidelity Central Funds (cost $1,279,249)	1,279,249
Total Investment in Securities (cost $62,077,988)		$69,519,487
Segregated cash with brokers for derivative instruments		67,200
Receivable for investments sold		668,313
Receivable for fund shares sold		56,466
Dividends receivable		71,984
Distributions receivable from Fidelity Central Funds		258
Total assets		70,383,708
Liabilities
Payable for investments purchased	$739,092
Payable for fund shares redeemed	129,102
Payable for daily variation margin on futures contracts	43,514
Total liabilities		911,708
Net Assets		$69,472,000
Net Assets consist of:
Paid in capital		$59,227,575
Total accumulated earnings (loss)		10,244,425
Net Assets		$69,472,000
Net Asset Value, offering price and redemption price per share ($69,472,000 ÷ 5,471,258 shares)		$12.70

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

Statement of Operations

		Year ended April 30, 2022
Investment Income
Dividends		$1,826,210
Income from Fidelity Central Funds		1,231
Total income		1,827,441
Expenses
Independent trustees' fees and expenses	$314
Total expenses		314
Net investment income (loss)		1,827,127
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	8,179,184
Futures contracts	265,004
Total net realized gain (loss)		8,444,188
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(5,300,409)
Futures contracts	(196,637)
Total change in net unrealized appreciation (depreciation)		(5,497,046)
Net gain (loss)		2,947,142
Net increase (decrease) in net assets resulting from operations		$4,774,269

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

Statement of Changes in Net Assets

	Year ended April 30, 2022	Year ended April 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,827,127	$770,355
Net realized gain (loss)	8,444,188	895,239
Change in net unrealized appreciation (depreciation)	(5,497,046)	14,268,995
Net increase (decrease) in net assets resulting from operations	4,774,269	15,934,589
Distributions to shareholders	(6,717,370)	(409,418)
Share transactions
Proceeds from sales of shares	29,970,999	69,977,231
Reinvestment of distributions	6,717,370	409,418
Cost of shares redeemed	(56,287,615)	(12,876,031)
Net increase (decrease) in net assets resulting from share transactions	(19,599,246)	57,510,618
Total increase (decrease) in net assets	(21,542,347)	73,035,789
Net Assets
Beginning of period	91,014,347	17,978,558
End of period	$69,472,000	$91,014,347
Other Information
Shares
Sold	2,235,373	6,090,967
Issued in reinvestment of distributions	515,106	37,945
Redeemed	(4,209,484)	(1,214,727)
Net increase (decrease)	(1,459,005)	4,914,185

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

Financial Highlights

Fidelity Flex Large Cap Value Fund


Years ended April 30,	2022	2021	2020 ^A
Selected Per–Share Data
Net asset value, beginning of period	$13.13	$8.92	$10.00
Income from Investment Operations
Net investment income (loss)^B,^C	.27	.23	.22
Net realized and unrealized gain (loss)	.29	4.13	(1.10)
Total from investment operations	.56	4.36	(.88)
Distributions from net investment income	(.26)	(.15)	(.18)
Distributions from net realized gain	(.74)	–	(.03)
Total distributions	(.99)^D	(.15)	(.20)^D
Net asset value, end of period	$12.70	$13.13	$8.92
Total Return^E,^F	4.18%	49.29%	(9.15)%
Ratios to Average Net Assets^C,^G,^H
Expenses before reductions	- %^I	- %^I	.01%^J
Expenses net of fee waivers, if any^I	-%	-%	- %^J
Expenses net of all reductions^I	-%	-%	- %^J
Net investment income (loss)	1.99%	2.09%	2.63%^J
Supplemental Data
Net assets, end of period (000 omitted)	$69,472	$91,014	$17,979
Portfolio turnover rate^K	110%	65%	134%^J

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

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

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

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

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

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

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

^I Amount represents less than .005%.

^J Annualized

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

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

Notes to Financial Statements

For the period ended April 30, 2022

1. Organization.

Fidelity Flex Large Cap Value 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 available only to certain fee-based accounts and advisory programs offered by Fidelity.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

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

Book-tax differences are primarily due to futures contracts 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	$10,034,340
Gross unrealized depreciation	(2,842,225)
Net unrealized appreciation (depreciation)	$7,192,115
Tax Cost	$62,327,372

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

Undistributed ordinary income	$505,612
Undistributed long-term capital gain	$2,546,698
Net unrealized appreciation (depreciation) on securities and other investments	$7,192,115

The tax character of distributions paid was as follows:

	April 30, 2022	April 30, 2021
Ordinary Income	$4,831,731	$ 409,418
Long-term Capital Gains	1,885,640	–
Total	$6,717,371	$ 409,418

4. Derivative Instruments.

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

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

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

Equity Risk

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

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

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

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

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

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

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Flex Large Cap Value Fund	97,644,443	119,159,440

6. Fees and Other Transactions with Affiliates.

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

Sub-Adviser. Geode Capital Management, LLC (Geode), served as sub-adviser for the Fund. Geode provided discretionary investment advisory services to the Fund and was paid by the investment adviser for providing these services. Effective after the close of business on March 18, 2022, Geode transitioned the management of assets and investment advisory services to the investment adviser.

	Amount
Fidelity Flex Large Cap Value Fund	$49

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Flex Large Cap Value Fund	173,245	253,701	64,906

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Other.

In March 2022, the Board of Trustees approved a Plan of Liquidation and Dissolution. The Fund distributed all of its net assets to its shareholders on June 10, 2022. The Fund was closed to new accounts on June 2, 2022, with certain exceptions.

9. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Flex Large Cap Value Fund (one of the funds constituting Fidelity Concord Street Trust, referred to hereafter as the “Fund”) as of April 30, 2022, the related statement of operations for the year ended April 30, 2022, the statement of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the two years in the period ended April 30, 2022 and for the period June 27, 2019 (commencement of operations) through April 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2022 and the financial highlights for each of the two years in the period ended April 30, 2022 and for the period June 27, 2019 (commencement of operations) through April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 14, 2022

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 324 funds. Mr. Chiel oversees 190 funds.

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Expenses Paid During Period-^B November 1, 2021 to April 30, 2022
Fidelity Flex Large Cap Value Fund	- %-^C
Actual		$1,000.00	$979.00	$--^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D

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

^C Amount represents less than .005%.

^D Amount represents less than $.005.

^E 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2022, $4,831,406, or, if subsequently determined to be different, the net capital gain of such year.

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

The fund designates 35% and 31% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 38% and 33% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section1(h)(11) of the Internal Revenue Code.

The fund designates 1% and 3% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

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

Fidelity Investments

FLV-ANN-0622
1.9893832.102

Fidelity® Mid-Cap Stock K6 Fund

Annual Report

April 30, 2022

Contents

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2022	Past 1 year	Life of fund^A
Fidelity® Mid-Cap Stock K6 Fund	0.78%	13.85%

^A From June 13, 2019

$10,000 Over Life of Fund

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

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

	Period Ending Values
	$14,533	Fidelity® Mid-Cap Stock K6 Fund
	$13,646	S&P MidCap 400® Index

Management's Discussion of Fund Performance

Comments from Lead Manager John Roth and Co-Manager Nicola Stafford: For the fiscal year ending April 30, 2022, the fund gained 0.78%, outperforming the -7.03% result of the benchmark, the S&P MidCap 400 Index. By sector, the top contributor to performance versus the benchmark was an overweighting and security selection in energy. Stock picks and an underweighting in information technology and security selection in financials also bolstered the fund's relative result. Notable relative contributors included energy companies EQT (+72%) and the fund’s non-benchmark positions in Cheniere Energy (+77%), Canadian National Resources (+112%), Hess (+41%) and Imperial Oil (+78%). Conversely, security selection in the consumer discretionary sector detracted, as did positioning in real estate and an overweighting in communication services. Looking at individual stocks, a non-benchmark position in health care equipment & services company Butterfly Network, which returned -77% for the fund, detracted more than any other holding. It also hurt to own non-benchmark stakes in retailing company Coupang, which returned roughly -70% the past year, and Oak Street Health (-71%). We added to the fund’s stakes in Coupang and Oak Street Health the past 12 months. The fund's foreign holdings, hurt by a broadly strong U.S. dollar, had no material impact on relative performance. Notable changes in fund positioning for the period included increased exposure to the energy sector and a lower allocation to consumer discretionary.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

	% of fund's net assets
EQT Corp.	2.5
Molina Healthcare, Inc.	2.0
First Horizon National Corp.	1.9
Cheniere Energy, Inc.	1.7
Hess Corp.	1.6
American Financial Group, Inc.	1.6
Arch Capital Group Ltd.	1.5
Steel Dynamics, Inc.	1.3
WNS Holdings Ltd. sponsored ADR	1.3
AECOM	1.3
	16.7

Market Sectors as of April 30, 2022

	% of fund's net assets
Financials	19.2
Industrials	16.3
Energy	11.0
Consumer Discretionary	9.7
Real Estate	8.1
Materials	7.6
Information Technology	6.7
Health Care	6.7
Utilities	5.2
Consumer Staples	2.8
Communication Services	2.7

Asset Allocation (% of fund's net assets)

As of April 30, 2022^*
	Stocks	95.5%
	Convertible Securities	0.5%
	Short-Term Investments and Net Other Assets (Liabilities)	4.0%

* Foreign investment - 17.4%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022
	United States of America^*	82.6%
	Canada	5.1%
	Bermuda	4.6%
	United Kingdom	1.6%
	Bailiwick of Jersey	1.4%
	Italy	1.3%
	Germany	0.6%
	Cayman Islands	0.5%
	Ireland	0.5%
	Other	1.8%

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares	Value
COMMUNICATION SERVICES - 2.7%
Entertainment - 0.6%
Endeavor Group Holdings, Inc. (a)	157,207	$3,576,459
Media - 2.1%
Interpublic Group of Companies, Inc.	178,728	5,830,107
Liberty Media Corp. Liberty Media Class A (a)	11,398	654,473
Omnicom Group, Inc.	71,829	5,468,342
		11,952,922

TOTAL COMMUNICATION SERVICES		15,529,381

CONSUMER DISCRETIONARY - 9.1%
Auto Components - 0.2%
Magna International, Inc. Class A (sub. vtg.)	18,130	1,092,612
Automobiles - 0.2%
Aston Martin Lagonda Global Holdings PLC (a)(b)(c)	98,242	1,029,284
Hotels, Restaurants & Leisure - 2.8%
Caesars Entertainment, Inc. (a)	34,854	2,310,123
Churchill Downs, Inc.	22,094	4,483,756
Domino's Pizza, Inc.	3,400	1,149,200
Elior SA (a)(c)	248,683	759,318
Wyndham Hotels & Resorts, Inc.	81,264	7,147,981
		15,850,378
Household Durables - 2.7%
D.R. Horton, Inc.	63,292	4,404,490
Lennar Corp. Class A	29,588	2,263,186
Mohawk Industries, Inc. (a)	18,771	2,647,837
NVR, Inc. (a)	1,408	6,161,704
		15,477,217
Internet & Direct Marketing Retail - 0.4%
Coupang, Inc. Class A (a)(b)	152,982	1,968,878
Farfetch Ltd. Class A (a)	31,442	352,150
		2,321,028
Leisure Products - 0.1%
Peloton Interactive, Inc. Class A (a)(b)	42,093	739,153
Specialty Retail - 0.8%
Best Buy Co., Inc.	20,548	1,847,882
National Vision Holdings, Inc. (a)(b)	32,738	1,232,586
Ross Stores, Inc.	18,002	1,796,060
		4,876,528
Textiles, Apparel & Luxury Goods - 1.9%
Allbirds, Inc. Class A (b)	24,628	125,110
Brunello Cucinelli SpA	109,510	5,605,119
PVH Corp.	30,304	2,205,525
Tapestry, Inc.	99,038	3,260,331
		11,196,085

TOTAL CONSUMER DISCRETIONARY		52,582,285

CONSUMER STAPLES - 2.7%
Beverages - 0.1%
Boston Beer Co., Inc. Class A (a)	2,024	759,000
Food & Staples Retailing - 0.9%
BJ's Wholesale Club Holdings, Inc. (a)	28,905	1,860,037
Grocery Outlet Holding Corp. (a)(b)	90,268	3,039,324
		4,899,361
Food Products - 1.7%
Bunge Ltd.	32,773	3,707,282
Greencore Group PLC (a)	1,948,731	2,782,921
Lamb Weston Holdings, Inc.	37,863	2,502,744
Nomad Foods Ltd. (a)	52,016	960,215
		9,953,162

TOTAL CONSUMER STAPLES		15,611,523

ENERGY - 11.0%
Energy Equipment & Services - 0.3%
Noble Corp. (c)	68	2,171
Oceaneering International, Inc. (a)	143,939	1,630,829
		1,633,000
Oil, Gas & Consumable Fuels - 10.7%
Canadian Natural Resources Ltd.	108,984	6,745,275
Cheniere Energy, Inc.	71,859	9,759,171
Energy Transfer LP	547,589	6,067,286
EQT Corp.	370,235	14,716,842
Golar LNG Ltd. (a)	142,802	3,187,341
Harbour Energy PLC	394,513	2,473,992
Hess Corp.	89,539	9,228,785
Imperial Oil Ltd.	127,310	6,409,848
Range Resources Corp. (a)	107,015	3,204,029
		61,792,569

TOTAL ENERGY		63,425,569

FINANCIALS - 19.2%
Banks - 7.4%
BOK Financial Corp.	59,302	4,917,915
Comerica, Inc.	64,577	5,288,856
First Horizon National Corp.	496,776	11,117,847
Huntington Bancshares, Inc.	367,406	4,831,389
M&T Bank Corp.	36,519	6,085,526
UMB Financial Corp.	44,247	3,990,194
Wintrust Financial Corp.	75,729	6,612,656
		42,844,383
Capital Markets - 2.2%
Cboe Global Markets, Inc.	15,519	1,753,337
Lazard Ltd. Class A	65,189	2,136,244
Raymond James Financial, Inc.	31,654	3,084,999
Sixth Street Specialty Lending, Inc.	150,715	3,366,973
TPG, Inc. (b)	84,862	2,155,495
		12,497,048
Diversified Financial Services - 0.3%
Equitable Holdings, Inc.	56,271	1,622,293
Insurance - 8.1%
American Financial Group, Inc.	66,500	9,208,920
American International Group, Inc.	76,826	4,495,089
Arch Capital Group Ltd. (a)	187,502	8,563,216
Assurant, Inc.	17,493	3,181,627
Beazley PLC	332,665	1,791,932
First American Financial Corp.	73,633	4,293,540
Hartford Financial Services Group, Inc.	53,629	3,750,276
Hiscox Ltd.	237,029	2,814,548
RenaissanceRe Holdings Ltd.	38,044	5,460,075
The Travelers Companies, Inc.	20,032	3,426,674
		46,985,897
Thrifts & Mortgage Finance - 1.2%
Radian Group, Inc.	310,873	6,649,573

TOTAL FINANCIALS		110,599,194

HEALTH CARE - 6.5%
Health Care Equipment & Supplies - 1.3%
Butterfly Network, Inc. (a)(d)	35,568	118,441
Butterfly Network, Inc. Class A (a)(b)	595,311	1,982,386
Hologic, Inc. (a)	71,696	5,161,395
		7,262,222
Health Care Providers & Services - 4.3%
Centene Corp. (a)	81,860	6,593,823
Guardant Health, Inc. (a)	21,659	1,336,360
LifeStance Health Group, Inc.	130,389	882,734
Molina Healthcare, Inc. (a)	36,870	11,556,902
Oak Street Health, Inc. (a)(b)	81,220	1,469,270
Universal Health Services, Inc. Class B	24,442	2,994,878
		24,833,967
Life Sciences Tools & Services - 0.1%
10X Genomics, Inc. (a)	7,099	339,048
Pharmaceuticals - 0.8%
Recordati SpA	36,321	1,750,250
UCB SA	16,329	1,856,161
Viatris, Inc.	121,144	1,251,418
		4,857,829

TOTAL HEALTH CARE		37,293,066

INDUSTRIALS - 16.1%
Aerospace & Defense - 1.6%
BWX Technologies, Inc.	37,171	1,929,918
Huntington Ingalls Industries, Inc.	17,772	3,780,815
Woodward, Inc.	33,579	3,709,808
		9,420,541
Air Freight & Logistics - 0.5%
GXO Logistics, Inc. (a)	48,953	2,897,528
Building Products - 2.4%
Builders FirstSource, Inc. (a)	102,906	6,335,922
Fortune Brands Home & Security, Inc.	24,815	1,768,069
Jeld-Wen Holding, Inc. (a)	50,536	1,050,643
Owens Corning	53,010	4,820,199
		13,974,833
Commercial Services & Supplies - 1.0%
CoreCivic, Inc. (a)	153,239	1,904,761
GFL Environmental, Inc.	48,982	1,475,580
Stericycle, Inc. (a)	48,715	2,445,006
		5,825,347
Construction & Engineering - 1.3%
AECOM	102,852	7,257,237
Electrical Equipment - 2.1%
Acuity Brands, Inc.	26,135	4,507,765
Regal Rexnord Corp.	34,657	4,409,757
Sensata Technologies, Inc. PLC	52,389	2,378,984
Vertiv Holdings Co.	69,940	876,348
		12,172,854
Industrial Conglomerates - 0.3%
Melrose Industries PLC	1,150,588	1,671,917
Machinery - 3.3%
Allison Transmission Holdings, Inc.	71,390	2,672,842
Donaldson Co., Inc.	93,326	4,576,707
Fortive Corp.	51,193	2,943,598
Kornit Digital Ltd. (a)	14,633	973,095
Oshkosh Corp.	42,289	3,909,195
Otis Worldwide Corp.	22,287	1,623,385
PACCAR, Inc.	28,068	2,331,047
		19,029,869
Marine - 0.1%
Goodbulk Ltd. (a)(e)	74,997	480,031
Professional Services - 1.2%
Clarivate Analytics PLC (a)	46,013	721,484
Leidos Holdings, Inc.	33,293	3,446,158
Science Applications International Corp.	31,890	2,654,205
		6,821,847
Road & Rail - 1.5%
Hertz Global Holdings, Inc. (b)	51,058	1,024,223
Knight-Swift Transportation Holdings, Inc. Class A	107,272	5,137,256
XPO Logistics, Inc. (a)	48,997	2,635,549
		8,797,028
Trading Companies & Distributors - 0.8%
Beacon Roofing Supply, Inc. (a)	78,986	4,709,935

TOTAL INDUSTRIALS		93,058,967

INFORMATION TECHNOLOGY - 6.7%
Communications Equipment - 0.9%
Ericsson (B Shares)	256,444	2,045,712
Lumentum Holdings, Inc. (a)	36,447	2,959,861
		5,005,573
Electronic Equipment & Components - 0.8%
Fabrinet (a)	32,051	3,147,088
Keysight Technologies, Inc. (a)	10,671	1,496,821
		4,643,909
IT Services - 3.3%
Akamai Technologies, Inc. (a)	26,888	3,018,985
Concentrix Corp.	20,703	3,260,308
Euronet Worldwide, Inc. (a)	25,133	3,057,429
Verra Mobility Corp. (a)	163,419	2,292,769
WNS Holdings Ltd. sponsored ADR (a)	93,009	7,289,115
		18,918,606
Semiconductors & Semiconductor Equipment - 0.6%
SiTime Corp. (a)	13,285	2,239,452
Skyworks Solutions, Inc.	12,969	1,469,388
		3,708,840
Software - 1.1%
Aspen Technology, Inc. (a)	28,232	4,475,901
Black Knight, Inc. (a)	25,165	1,655,605
		6,131,506

TOTAL INFORMATION TECHNOLOGY		38,408,434

MATERIALS - 7.6%
Chemicals - 1.8%
Cabot Corp.	26,857	1,768,533
CF Industries Holdings, Inc.	38,740	3,751,194
LG Chemical Ltd.	4,606	1,876,426
Nutrien Ltd.	34,126	3,353,494
		10,749,647
Containers & Packaging - 1.1%
Avery Dennison Corp.	11,681	2,109,589
O-I Glass, Inc. (a)	299,165	4,032,744
		6,142,333
Metals & Mining - 4.7%
Commercial Metals Co.	103,840	4,257,440
Franco-Nevada Corp.	27,002	4,083,563
Freeport-McMoRan, Inc.	91,241	3,699,823
Lundin Mining Corp.	407,007	3,716,337
Newcrest Mining Ltd.	89,834	1,687,025
Novagold Resources, Inc. (a)	312,198	1,946,605
Steel Dynamics, Inc.	89,663	7,688,602
		27,079,395

TOTAL MATERIALS		43,971,375

REAL ESTATE - 8.1%
Equity Real Estate Investment Trusts (REITs) - 7.1%
Apartment Income (REIT) Corp.	63,413	3,118,017
Cousins Properties, Inc.	91,911	3,299,605
Equity Residential (SBI)	42,906	3,496,839
Gaming & Leisure Properties	95,540	4,240,065
Healthcare Realty Trust, Inc. (b)	120,620	3,266,390
Healthcare Trust of America, Inc.	115,749	3,525,715
National Retail Properties, Inc.	99,173	4,347,744
Orion Office (REIT), Inc. (b)	6,235	83,674
Realty Income Corp.	60,650	4,206,684
Spirit Realty Capital, Inc.	84,223	3,659,489
Tanger Factory Outlet Centers, Inc.	102,076	1,646,486
VICI Properties, Inc.	148,774	4,434,953
Welltower, Inc.	18,085	1,642,299
		40,967,960
Real Estate Management & Development - 1.0%
Jones Lang LaSalle, Inc. (a)	21,477	4,697,664
WeWork, Inc. (a)	149,258	1,046,299
		5,743,963

TOTAL REAL ESTATE		46,711,923

UTILITIES - 5.2%
Electric Utilities - 3.2%
Alliant Energy Corp.	87,257	5,131,584
FirstEnergy Corp.	78,816	3,413,521
IDACORP, Inc.	39,194	4,122,425
OGE Energy Corp.	148,320	5,737,018
		18,404,548
Gas Utilities - 0.6%
Atmos Energy Corp.	33,545	3,804,003
Independent Power and Renewable Electricity Producers - 0.9%
The AES Corp.	109,130	2,228,435
Vistra Corp.	121,841	3,048,462
		5,276,897
Multi-Utilities - 0.5%
NiSource, Inc.	92,200	2,684,864

TOTAL UTILITIES		30,170,312

TOTAL COMMON STOCKS
(Cost $503,557,838)		547,362,029

Preferred Stocks - 1.1%
Convertible Preferred Stocks - 0.5%
CONSUMER STAPLES - 0.1%
Food Products - 0.1%
Bowery Farming, Inc. Series C1 (d)(e)	19,457	858,054
HEALTH CARE - 0.2%
Biotechnology - 0.2%
National Resilience, Inc. Series B (a)(d)(e)	15,539	944,771
INDUSTRIALS - 0.2%
Construction & Engineering - 0.2%
Beta Technologies, Inc. Series B, 6.00% (d)(e)	11,901	1,227,826

TOTAL CONVERTIBLE PREFERRED STOCKS		3,030,651

Nonconvertible Preferred Stocks - 0.6%
CONSUMER DISCRETIONARY - 0.6%
Automobiles - 0.6%
Porsche Automobil Holding SE (Germany)	40,020	3,300,847
TOTAL PREFERRED STOCKS
(Cost $5,787,217)		6,331,498

Money Market Funds - 6.4%
Fidelity Cash Central Fund 0.32% (f)	21,366,728	21,371,002
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g)	15,216,003	15,217,524
TOTAL MONEY MARKET FUNDS
(Cost $36,588,526)		36,588,526
TOTAL INVESTMENT IN SECURITIES - 102.4%
(Cost $545,933,581)		590,282,053
NET OTHER ASSETS (LIABILITIES) - (2.4)%		(13,745,177)
NET ASSETS - 100%		$576,536,876

Legend

(a) Non-income producing

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

(e) Level 3 security

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Beta Technologies, Inc. Series B, 6.00%	4/4/22	$1,227,826
Bowery Farming, Inc. Series C1	5/18/21	$1,172,271
Butterfly Network, Inc.	2/12/21	$355,680
National Resilience, Inc. Series B	12/1/20	$212,263

Affiliated Central Funds

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.32%	$9,763,495	$195,176,439	$183,568,932	$12,434	$--	$--	$21,371,002	0.0%
Fidelity Securities Lending Cash Central Fund 0.32%	4,752,459	136,290,165	125,825,100	43,070	--	--	15,217,524	0.0%
Total	$14,515,954	$331,466,604	$309,394,032	$55,504	$--	$--	$36,588,526

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$15,529,381	$15,529,381	$--	$--
Consumer Discretionary	55,883,132	45,188,564	10,694,568	--
Consumer Staples	16,469,577	12,828,602	2,782,921	858,054
Energy	63,425,569	60,951,577	2,473,992	--
Financials	110,599,194	105,992,714	4,606,480	--
Health Care	38,237,837	33,686,655	3,606,411	944,771
Industrials	94,286,793	90,907,019	1,671,917	1,707,857
Information Technology	38,408,434	36,362,722	2,045,712	--
Materials	43,971,375	40,407,924	3,563,451	--
Real Estate	46,711,923	46,711,923	--	--
Utilities	30,170,312	30,170,312	--	--
Money Market Funds	36,588,526	36,588,526	--	--
Total Investments in Securities:	$590,282,053	$555,325,919	$31,445,452	$3,510,682

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2022
Assets
Investment in securities, at value (including securities loaned of $14,414,395) — See accompanying schedule: Unaffiliated issuers (cost $509,345,055)	$553,693,527
Fidelity Central Funds (cost $36,588,526)	36,588,526
Total Investment in Securities (cost $545,933,581)		$590,282,053
Cash		500
Foreign currency held at value (cost $69,880)		69,880
Receivable for investments sold		3,854,100
Receivable for fund shares sold		337,773
Dividends receivable		286,242
Distributions receivable from Fidelity Central Funds		7,596
Other receivables		3,975
Total assets		594,842,119
Liabilities
Payable for investments purchased	$1,949,141
Payable for fund shares redeemed	907,561
Accrued management fee	231,451
Collateral on securities loaned	15,217,090
Total liabilities		18,305,243
Net Assets		$576,536,876
Net Assets consist of:
Paid in capital		$525,163,047
Total accumulated earnings (loss)		51,373,829
Net Assets		$576,536,876
Net Asset Value, offering price and redemption price per share ($576,536,876 ÷ 42,177,797 shares)		$13.67

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

Statement of Operations

		Year ended April 30, 2022
Investment Income
Dividends		$8,785,010
Income from Fidelity Central Funds (including $43,070 from security lending)		55,504
Total income		8,840,514
Expenses
Management fee	$2,209,403
Independent trustees' fees and expenses	1,528
Interest	334
Total expenses before reductions	2,211,265
Expense reductions	(22)
Total expenses after reductions		2,211,243
Net investment income (loss)		6,629,271
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	9,376,227
Foreign currency transactions	(8,940)
Total net realized gain (loss)		9,367,287
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(14,217,221)
Assets and liabilities in foreign currencies	(2,170)
Total change in net unrealized appreciation (depreciation)		(14,219,391)
Net gain (loss)		(4,852,104)
Net increase (decrease) in net assets resulting from operations		$1,777,167

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

Statement of Changes in Net Assets

	Year ended April 30, 2022	Year ended April 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$6,629,271	$2,314,877
Net realized gain (loss)	9,367,287	11,280,555
Change in net unrealized appreciation (depreciation)	(14,219,391)	71,909,385
Net increase (decrease) in net assets resulting from operations	1,777,167	85,504,817
Distributions to shareholders	(17,547,894)	(2,240,902)
Share transactions
Proceeds from sales of shares	380,459,853	176,141,257
Reinvestment of distributions	17,547,894	2,240,902
Cost of shares redeemed	(125,624,170)	(50,156,612)
Net increase (decrease) in net assets resulting from share transactions	272,383,577	128,225,547
Total increase (decrease) in net assets	256,612,850	211,489,462
Net Assets
Beginning of period	319,924,026	108,434,564
End of period	$576,536,876	$319,924,026
Other Information
Shares
Sold	27,206,050	14,380,726
Issued in reinvestment of distributions	1,240,806	198,040
Redeemed	(8,904,637)	(4,297,584)
Net increase (decrease)	19,542,219	10,281,182

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

Financial Highlights

Fidelity Mid-Cap Stock K6 Fund


Years ended April 30,	2022	2021	2020 ^A
Selected Per–Share Data
Net asset value, beginning of period	$14.13	$8.78	$10.00
Income from Investment Operations
Net investment income (loss)^B,^C	.19	.15	.11
Net realized and unrealized gain (loss)	(.07)	5.37	(1.27)
Total from investment operations	.12	5.52	(1.16)
Distributions from net investment income	(.13)	(.17)	(.06)
Distributions from net realized gain	(.45)	–	–
Total distributions	(.58)	(.17)	(.06)
Net asset value, end of period	$13.67	$14.13	$8.78
Total Return^D,^E	.78%	63.39%	(11.74)%
Ratios to Average Net Assets^C,^F,^G
Expenses before reductions	.45%	.45%	.45%^H
Expenses net of fee waivers, if any	.45%	.45%	.45%^H
Expenses net of all reductions	.45%	.44%	.45%^H
Net investment income (loss)	1.35%	1.35%	1.29%^H
Supplemental Data
Net assets, end of period (000 omitted)	$576,537	$319,924	$108,435
Portfolio turnover rate^I	40%^J	61%^J	52%^H,^J

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

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

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

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

^H Annualized

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

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

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

Notes to Financial Statements

For the period ended April 30, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, 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 – unadjusted quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

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

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

Gross unrealized appreciation	$87,421,138
Gross unrealized depreciation	(46,785,738)
Net unrealized appreciation (depreciation)	$40,635,400
Tax Cost	$549,646,653

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

Undistributed ordinary income	$1,748,515
Undistributed long-term capital gain	$8,993,140
Net unrealized appreciation (depreciation) on securities and other investments	$40,632,172

The tax character of distributions paid was as follows:

	April 30, 2022	April 30, 2021
Ordinary Income	$7,952,847	$ 2,240,902
Long-term Capital Gains	9,595,047	–
Total	$17,547,894	$ 2,240,902

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Mid-Cap Stock K6 Fund	201,660,110	180,625,729

	Shares	Total Proceeds ($)
Fidelity Mid-Cap Stock K6 Fund	16,479,320	227,539,776

	Shares	Total Proceeds ($)
Fidelity Mid-Cap Stock K6 Fund	9,393,028	117,754,233

5. Fees and Other Transactions with Affiliates.

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

	Amount
Fidelity Mid-Cap Stock K6 Fund	$3,506

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

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Mid-Cap Stock K6 Fund	Borrower	$21,267,000	.57%	$334

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Mid-Cap Stock K6 Fund	12,477,583	3,272,562	(275,597)

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Mid-Cap Stock K6 Fund	$4,557	$1,754	$–

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $22.

9. Other.

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Mid-Cap Stock K6 Fund (one of the funds constituting Fidelity Concord Street Trust, referred to hereafter as the “Fund”) as of April 30, 2022, the related statement of operations for the year ended April 30, 2022, the statement of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the two years in the period ended April 30, 2022 and for the period June 13, 2019 (commencement of operations) through April 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2022 and the financial highlights for each of the two years in the period ended April 30, 2022 and for the period June 13, 2019 (commencement of operations) through April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 14, 2022

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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 324 funds. Mr. Chiel oversees 190 funds.

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Expenses Paid During Period-^B November 1, 2021 to April 30, 2022
Fidelity Mid-Cap Stock K6 Fund	.45%
Actual		$1,000.00	$967.20	$2.19
Hypothetical-^C		$1,000.00	$1,022.56	$2.26

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

^C 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2022, $12,198,787, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 99.71% of the short-term capital gain dividends distributed in June, during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates 26% and 92% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 34% and 100% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 11% and 0% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

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

Fidelity Investments

MCS-K6-ANN-0622
1.9893890.102

Item 2.

Code of Ethics

As of the end of the period, April 30, 2022, Fidelity Concord Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

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

Item 4.

Principal Accountant Fees and Services

Fees and Services

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

Services Billed by Deloitte Entities

April 30, 2022 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Large Cap Stock Fund	$40,600	$-	$7,300	$1,000
Fidelity Large Cap Stock K6 Fund	$43,700	$-	$7,600	$1,000
Fidelity Mid-Cap Stock Fund	$58,200	$-	$9,100	$1,100
Fidelity Series Small Cap Discovery Fund	$39,800	$-	$7,100	$900
Fidelity Small Cap Discovery Fund	$41,800	$-	$7,400	$1,000
Fidelity Small Cap Stock Fund	$44,800	$-	$7,100	$1,000
Fidelity Small Cap Stock K6 Fund	$48,700	$-	$7,600	$1,000

April 30, 2021 Fees^A


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

^AAmounts may reflect rounding.

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

Services Billed by PwC

April 30, 2022 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Flex Large Cap Value Fund	$35,800	$3,400	$7,100	$1,100
Fidelity Founders Fund	$28,400	$2,700	$6,500	$900
Fidelity Mid-Cap Stock K6 Fund	$47,300	$3,500	$13,500	$1,100

April 30, 2021 Fees^A


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

^AAmounts may reflect rounding.

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

Services Billed by Deloitte Entities


	April 30, 2022^A	April 30, 2021^A
Audit-Related Fees	$-	$-
Tax Fees	$-	$-
All Other Fees	$-	$-

^A Amounts may reflect rounding.

Services Billed by PwC


	April 30, 2022^A	April 30, 2021^A
Audit-Related Fees	$7,914,600	$9,015,700
Tax Fees	$353,200	$14,300
All Other Fees	$-	$-

^A Amounts may reflect rounding.

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

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

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

Assurance services must be performed by an independent public accountant.

* * *

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


Billed By	April 30, 2022^A	April 30, 2021^A
Deloitte Entities	$517,800	$603,400
PwC	$13,457,000	$14,194,000

^A Amounts may reflect rounding.

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

Audit Committee Pre-Approval Policies and Procedures

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

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the

operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

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

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

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

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

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

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

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

Item 11.

Controls and Procedures

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

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

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Fidelity Concord Street Trust


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

Date:	June 21, 2022

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


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

Date:	June 21, 2022


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

Date:	June 21, 2022