# EDGAR Filing Document

**Accession Number:** 0000819118
**File Stem:** 0000819118-25-000284
**Filing Date:** 2025-6
**Character Count:** 982512
**Document Hash:** 5ee2263d3fa215ac48599726c681e43c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000819118-25-000284.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000819118-25-000284

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 119

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**EFFECTIVENESS DATE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY CONCORD STREET TRUST
- **CENTRAL INDEX KEY:** 0000819118

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05251
- **FILM NUMBER:** 251059698

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY INSTITUTIONAL TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Fidelity Large Cap Stock Fund (Series ID: S000055364)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000174182 | Fidelity Large Cap Stock Fund | FLCSX           |

### Fidelity Mid-Cap Stock Fund (Series ID: S000055365)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000174183 | Fidelity Mid-Cap Stock Fund                  | FMCSX           |
| C000174184 | Class K                                      | FKMCX           |
| C000254534 | Fidelity Advisor Mid-Cap Stock Fund: Class C | FMCNX           |
| C000254535 | Fidelity Advisor Mid-Cap Stock Fund: Class Z | FMCWX           |
| C000254536 | Fidelity Advisor Mid-Cap Stock Fund: Class A | FMCHX           |
| C000254537 | Fidelity Advisor Mid-Cap Stock Fund: Class M | FMCJX           |
| C000254538 | Fidelity Advisor Mid-Cap Stock Fund: Class I | FMCQX           |

### Fidelity Series Small Cap Discovery Fund (Series ID: S000055368)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000174188 | Fidelity Series Small Cap Discovery Fund | FJACX           |

### Fidelity Small Cap Stock Fund (Series ID: S000055369)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000174190 | Fidelity Small Cap Stock Fund | FSLCX           |

### Fidelity Small Cap Discovery Fund (Series ID: S000055370)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000174191 | Fidelity Small Cap Discovery Fund | FSCRX           |

### Fidelity Large Cap Stock K6 Fund (Series ID: S000057286)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000182862 | Fidelity Large Cap Stock K6 Fund | FCLKX           |

### Fidelity Small Cap Stock K6 Fund (Series ID: S000057287)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000182863 | Fidelity Small Cap Stock K6 Fund | FKICX           |

### Fidelity Founders Fund (Series ID: S000064789)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000209806 | Fidelity Founders Fund                  | FIFNX           |
| C000209807 | Fidelity Advisor Founders Fund: Class Z | FIFWX           |
| C000209808 | Fidelity Advisor Founders Fund: Class A | FIFOX           |
| C000209809 | Fidelity Advisor Founders Fund: Class C | FIFQX           |
| C000209810 | Fidelity Advisor Founders Fund: Class M | FIFPX           |
| C000209811 | Fidelity Advisor Founders Fund: Class I | FIFVX           |

### Fidelity Mid-Cap Stock K6 Fund (Series ID: S000065697)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000212500 | Fidelity Mid-Cap Stock K6 Fund | FNKFX           |

### Fidelity Series Small Cap Core Fund (Series ID: S000077859)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000238446 | Fidelity Series Small Cap Core Fund | FSSLX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-05251</u>

<u>Fidelity Concord Street Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| Date of fiscal year end: | April 30 |
| Date of reporting period: | April 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Founders Fund<br> **Fidelity Advisor® Founders Fund Class I : FIFVX** <br>|

---

This annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $80  | 0.75% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection and sector positioning were the primary contributors to the fund's performance versus the Russell 3000 Index for the fiscal year, led by information technology. Security selection and an overweight in communication services, primarily within the media & entertainment industry, and picks and an underweight in materials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Netflix (+104%). The company was one of the fund's biggest holdings. The second-largest relative contributor was an overweight in Nvidia (+25%). The company was the fund's biggest holding this period. Another notable relative contributor was an overweight in Palantir Technologies (+453%). This period we decreased our stake in Palantir Technologies.

• In contrast, the biggest detractors from performance versus the benchmark were stock picks and an overweight in the consumer discretionary sector. Also hurting our result were stock picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• Not owning Apple, a benchmark component that gained about 25%, was the fund's biggest individual relative detractor. The second-largest relative detractor was an overweight in Moderna (-74%). Another notable relative detractor was an overweight in Airbnb (-23%).

• Notable changes in positioning include increased exposure to the real estate sector and a lower allocation to information technology.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 14, 2019 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10860<br>| $11890<br>| $18826<br>| $16859<br>| $16581<br>| $21635<br>|
| Russell 3000® Index<br>| $10000 | $10716<br>| $10604<br>| $16003<br>| $15505<br>| $15738<br>| $19248<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109049_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class I | 14.02% | 15.72% | 15.65% |
| Russell 3000® Index | 11.40%<br>| 15.12%<br>| 13.07% |

---

**A** From February 14, 2019

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $175033358<br>|
| Number of Holdings | 150<br>|
| Total Advisory Fee | $1138448<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.3 |
| Consumer Discretionary | 18.4 |
| Financials | 15.2 |
| Communication Services | 15.0 |
| Health Care | 8.3 |
| Industrials | 6.1 |
| Real Estate | 4.2 |
| Energy | 3.2 |
| Materials | 1.3 |
| Consumer Staples | 1.2 |

---

Common Stocks 97.9 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3336_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 87.8 |
| Canada | 4.6 |
| China | 1.8 |
| Germany | 1.7 |
| Brazil | 0.9 |
| Netherlands | 0.9 |
| Italy | 0.8 |
| Spain | 0.7 |
| Taiwan | 0.5 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3336_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 6.7<br>|
| Amazon.com Inc | 5.5<br>|
| NVIDIA Corp | 5.5<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Alphabet Inc Class C | 4.1<br>|
| Berkshire Hathaway Inc Class B | 3.2<br>|
| Netflix Inc | 3.0<br>|
| Apollo Global Management Inc | 2.3<br>|
| Blackrock Inc | 1.9<br>|
| GFL Environmental Inc Subordinate Voting Shares (United States) | 1.8<br>|
|  | 38.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3336_20250430_2.jpg)<br>| ![](img109049_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913296.100 3352-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity Advisor® Mid-Cap Stock Fund Class I : FMCQX** <br>|

---

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period October 8, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I A | $37  | 0.67% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by industrials. Stock picks in consumer discretionary, primarily within the consumer durables & apparel industry, and energy also boosted the fund's relative result.

• A non-benchmark stake in Space Exploration Technologies gained roughly 91% and was the top individual relative contributor. The stock was the fund's biggest holding this period, on average.

• The second-largest relative contributor was an overweight in Vistra (+73%). This period we meaningfully decreased our position in Vistra.

• A non-benchmark stake in GFL Environmental gained approximately 55% and notably helped.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the insurance industry. Stock selection in health care, primarily within the health care equipment & services industry, also hampered the fund's result, as did an overweight in energy.

• Not owning Texas Pacific Land, a benchmark component that gained 117%, was the biggest individual relative detractor.

• Not owning Sprouts Farmers Market, a benchmark component that gained 159%, was a second notable relative detractor.

• A non-benchmark private placement in National Resilience returned approximately -53% and notably hurt.

• Notable changes in positioning include decreased exposure to the utilities sector and a higher allocation to real estate.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 8, 2024 through April 30, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class I<br>| $10000 | $9454<br>|
| S&P MidCap 400® Index<br>| $10000 | $9283<br>|
| S&P 500® Index<br>| $10000 | $9753<br>|
|  | 2024 | 2025 |

---

![](img109060_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6673999452<br>|
| Number of Holdings | 178<br>|
| Total Advisory Fee | $48215380<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.5 |
| Financials | 14.7 |
| Consumer Discretionary | 13.0 |
| Health Care | 10.4 |
| Information Technology | 9.8 |
| Real Estate | 6.8 |
| Materials | 6.7 |
| Energy | 5.3 |
| Consumer Staples | 4.7 |
| Communication Services | 2.3 |
| Utilities | 2.1 |

---

Common Stocks 98.8 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 89.4 |
| Canada | 3.0 |
| Italy | 2.2 |
| United Kingdom | 1.7 |
| Brazil | 0.9 |
| Israel | 0.6 |
| Belgium | 0.6 |
| Thailand | 0.6 |
| Japan | 0.4 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| BJ's Wholesale Club Holdings Inc | 1.6<br>|
| Performance Food Group Co | 1.5<br>|
| AECOM | 1.4<br>|
| Brunello Cucinelli SpA | 1.3<br>|
| Imperial Oil Ltd | 1.3<br>|
| Wintrust Financial Corp | 1.3<br>|
| Jones Lang LaSalle Inc | 1.2<br>|
| Somnigroup International Inc | 1.2<br>|
| RB Global Inc (United States) | 1.2<br>|
| Space Exploration Technologies Corp | 1.2<br>|
|  | 13.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20250430_2.jpg)<br>| ![](img109060_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918474.100 7842-TSRA-0625 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity® Mid-Cap Stock Fund Class K : FKMCX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $61  | 0.59% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by industrials. Stock picks in consumer discretionary, primarily within the consumer durables & apparel industry, and energy also boosted the fund's relative result.

• A non-benchmark stake in Space Exploration Technologies gained roughly 91% and was the top individual relative contributor. The stock was the fund's biggest holding this period, on average.

• The second-largest relative contributor was an overweight in Vistra (+73%). This period we meaningfully decreased our position in Vistra.

• A non-benchmark stake in GFL Environmental gained approximately 55% and notably helped.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the insurance industry. Stock selection in health care, primarily within the health care equipment & services industry, also hampered the fund's result, as did an overweight in energy.

• Not owning Texas Pacific Land, a benchmark component that gained 117%, was the biggest individual relative detractor.

• Not owning Sprouts Farmers Market, a benchmark component that gained 159%, was a second notable relative detractor.

• A non-benchmark private placement in National Resilience returned approximately -53% and notably hurt.

• Notable changes in positioning include decreased exposure to the utilities sector and a higher allocation to real estate.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

April 30, 2015 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $9667<br>| $11307<br>| $12752<br>| $13771<br>| $12077<br>| $19928<br>| $20178<br>| $20413<br>| $22956<br>| $23988<br>|
| S&P MidCap 400® Index<br>| $10000 | $9906<br>| $11932<br>| $13098<br>| $14014<br>| $11920<br>| $20015<br>| $18608<br>| $18856<br>| $22028<br>| $22291<br>|
| S&P 500® Index<br>| $10000 | $10121<br>| $11934<br>| $13517<br>| $15341<br>| $15474<br>| $22589<br>| $22637<br>| $23240<br>| $28507<br>| $31955<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109017_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 4.50% | 14.71% | 9.14% |
| S&P MidCap 400® Index | 1.19%<br>| 13.34%<br>| 8.35% |
| S&P 500® Index | 12.10%<br>| 15.61%<br>| 12.32% |

---

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6673999452<br>|
| Number of Holdings | 178<br>|
| Total Advisory Fee | $48215380<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.5 |
| Financials | 14.7 |
| Consumer Discretionary | 13.0 |
| Health Care | 10.4 |
| Information Technology | 9.8 |
| Real Estate | 6.8 |
| Materials | 6.7 |
| Energy | 5.3 |
| Consumer Staples | 4.7 |
| Communication Services | 2.3 |
| Utilities | 2.1 |

---

Common Stocks 98.8 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 89.4 |
| Canada | 3.0 |
| Italy | 2.2 |
| United Kingdom | 1.7 |
| Brazil | 0.9 |
| Israel | 0.6 |
| Belgium | 0.6 |
| Thailand | 0.6 |
| Japan | 0.4 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| BJ's Wholesale Club Holdings Inc | 1.6<br>|
| Performance Food Group Co | 1.5<br>|
| AECOM | 1.4<br>|
| Brunello Cucinelli SpA | 1.3<br>|
| Imperial Oil Ltd | 1.3<br>|
| Wintrust Financial Corp | 1.3<br>|
| Jones Lang LaSalle Inc | 1.2<br>|
| Somnigroup International Inc | 1.2<br>|
| RB Global Inc (United States) | 1.2<br>|
| Space Exploration Technologies Corp | 1.2<br>|
|  | 13.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 28, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20250430_2.jpg)<br>| ![](img109017_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913246.100 2097-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity Advisor® Mid-Cap Stock Fund Class A : FMCHX** <br>|

---

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period October 8, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A A | $50  | 0.92% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by industrials. Stock picks in consumer discretionary, primarily within the consumer durables & apparel industry, and energy also boosted the fund's relative result.

• A non-benchmark stake in Space Exploration Technologies gained roughly 91% and was the top individual relative contributor. The stock was the fund's biggest holding this period, on average.

• The second-largest relative contributor was an overweight in Vistra (+73%). This period we meaningfully decreased our position in Vistra.

• A non-benchmark stake in GFL Environmental gained approximately 55% and notably helped.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the insurance industry. Stock selection in health care, primarily within the health care equipment & services industry, also hampered the fund's result, as did an overweight in energy.

• Not owning Texas Pacific Land, a benchmark component that gained 117%, was the biggest individual relative detractor.

• Not owning Sprouts Farmers Market, a benchmark component that gained 159%, was a second notable relative detractor.

• A non-benchmark private placement in National Resilience returned approximately -53% and notably hurt.

• Notable changes in positioning include decreased exposure to the utilities sector and a higher allocation to real estate.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 8, 2024 through April 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | |
|:---|:---|:---|
| Class A<br>| $9425 | $8897<br>|
| S&P MidCap 400® Index<br>| $10000 | $9283<br>|
| S&P 500® Index<br>| $10000 | $9753<br>|
|  | 2024 | 2025 |

---

![](img109057_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6673999452<br>|
| Number of Holdings | 178<br>|
| Total Advisory Fee | $48215380<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.5 |
| Financials | 14.7 |
| Consumer Discretionary | 13.0 |
| Health Care | 10.4 |
| Information Technology | 9.8 |
| Real Estate | 6.8 |
| Materials | 6.7 |
| Energy | 5.3 |
| Consumer Staples | 4.7 |
| Communication Services | 2.3 |
| Utilities | 2.1 |

---

Common Stocks 98.8 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 89.4 |
| Canada | 3.0 |
| Italy | 2.2 |
| United Kingdom | 1.7 |
| Brazil | 0.9 |
| Israel | 0.6 |
| Belgium | 0.6 |
| Thailand | 0.6 |
| Japan | 0.4 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| BJ's Wholesale Club Holdings Inc | 1.6<br>|
| Performance Food Group Co | 1.5<br>|
| AECOM | 1.4<br>|
| Brunello Cucinelli SpA | 1.3<br>|
| Imperial Oil Ltd | 1.3<br>|
| Wintrust Financial Corp | 1.3<br>|
| Jones Lang LaSalle Inc | 1.2<br>|
| Somnigroup International Inc | 1.2<br>|
| RB Global Inc (United States) | 1.2<br>|
| Space Exploration Technologies Corp | 1.2<br>|
|  | 13.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20250430_2.jpg)<br>| ![](img109057_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918468.100 7839-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Founders Fund<br> **Fidelity® Founders Fund : FIFNX** <br>|

---

This annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Founders Fund  | $82  | 0.77% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection and sector positioning were the primary contributors to the fund's performance versus the Russell 3000 Index for the fiscal year, led by information technology. Security selection and an overweight in communication services, primarily within the media & entertainment industry, and picks and an underweight in materials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Netflix (+104%). The company was one of the fund's biggest holdings. The second-largest relative contributor was an overweight in Nvidia (+25%). The company was the fund's biggest holding this period. Another notable relative contributor was an overweight in Palantir Technologies (+453%). This period we decreased our stake in Palantir Technologies.

• In contrast, the biggest detractors from performance versus the benchmark were stock picks and an overweight in the consumer discretionary sector. Also hurting our result were stock picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• Not owning Apple, a benchmark component that gained about 25%, was the fund's biggest individual relative detractor. The second-largest relative detractor was an overweight in Moderna (-74%). Another notable relative detractor was an overweight in Airbnb (-23%).

• Notable changes in positioning include increased exposure to the real estate sector and a lower allocation to information technology.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 14, 2019 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Founders Fund<br>| $10000 | $10860<br>| $11890<br>| $18816<br>| $16844<br>| $16559<br>| $21596<br>|
| Russell 3000® Index<br>| $10000 | $10716<br>| $10604<br>| $16003<br>| $15505<br>| $15738<br>| $19248<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109046_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Founders Fund | 14.02% | 15.67% | 15.61% |
| Russell 3000® Index | 11.40%<br>| 15.12%<br>| 13.07% |

---

**A** From February 14, 2019

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $175033358<br>|
| Number of Holdings | 150<br>|
| Total Advisory Fee | $1138448<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.3 |
| Consumer Discretionary | 18.4 |
| Financials | 15.2 |
| Communication Services | 15.0 |
| Health Care | 8.3 |
| Industrials | 6.1 |
| Real Estate | 4.2 |
| Energy | 3.2 |
| Materials | 1.3 |
| Consumer Staples | 1.2 |

---

Common Stocks 97.9 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3336_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 87.8 |
| Canada | 4.6 |
| China | 1.8 |
| Germany | 1.7 |
| Brazil | 0.9 |
| Netherlands | 0.9 |
| Italy | 0.8 |
| Spain | 0.7 |
| Taiwan | 0.5 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3336_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 6.7<br>|
| Amazon.com Inc | 5.5<br>|
| NVIDIA Corp | 5.5<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Alphabet Inc Class C | 4.1<br>|
| Berkshire Hathaway Inc Class B | 3.2<br>|
| Netflix Inc | 3.0<br>|
| Apollo Global Management Inc | 2.3<br>|
| Blackrock Inc | 1.9<br>|
| GFL Environmental Inc Subordinate Voting Shares (United States) | 1.8<br>|
|  | 38.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3336_20250430_2.jpg)<br>| ![](img109046_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913292.100 3336-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Founders Fund<br> **Fidelity Advisor® Founders Fund Class C : FIFQX** <br>|

---

This annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $193  | 1.82% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection and sector positioning were the primary contributors to the fund's performance versus the Russell 3000 Index for the fiscal year, led by information technology. Security selection and an overweight in communication services, primarily within the media & entertainment industry, and picks and an underweight in materials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Netflix (+104%). The company was one of the fund's biggest holdings. The second-largest relative contributor was an overweight in Nvidia (+25%). The company was the fund's biggest holding this period. Another notable relative contributor was an overweight in Palantir Technologies (+453%). This period we decreased our stake in Palantir Technologies.

• In contrast, the biggest detractors from performance versus the benchmark were stock picks and an overweight in the consumer discretionary sector. Also hurting our result were stock picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• Not owning Apple, a benchmark component that gained about 25%, was the fund's biggest individual relative detractor. The second-largest relative detractor was an overweight in Moderna (-74%). Another notable relative detractor was an overweight in Airbnb (-23%).

• Notable changes in positioning include increased exposure to the real estate sector and a lower allocation to information technology.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 14, 2019 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10840<br>| $11750<br>| $18410<br>| $16312<br>| $15876<br>| $20491<br>|
| Russell 3000® Index<br>| $10000 | $10716<br>| $10604<br>| $16003<br>| $15505<br>| $15738<br>| $19248<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109050_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class C (incl. contingent deferred sales charge) | 11.79% | 14.49%<br>| 14.44% |
| Class C | 12.79% | 14.49% | 14.44% |
| Russell 3000® Index | 11.40%<br>| 15.12%<br>| 13.07% |

---

**A** From February 14, 2019

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $175033358<br>|
| Number of Holdings | 150<br>|
| Total Advisory Fee | $1138448<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.3 |
| Consumer Discretionary | 18.4 |
| Financials | 15.2 |
| Communication Services | 15.0 |
| Health Care | 8.3 |
| Industrials | 6.1 |
| Real Estate | 4.2 |
| Energy | 3.2 |
| Materials | 1.3 |
| Consumer Staples | 1.2 |

---

Common Stocks 97.9 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3336_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 87.8 |
| Canada | 4.6 |
| China | 1.8 |
| Germany | 1.7 |
| Brazil | 0.9 |
| Netherlands | 0.9 |
| Italy | 0.8 |
| Spain | 0.7 |
| Taiwan | 0.5 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3336_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 6.7<br>|
| Amazon.com Inc | 5.5<br>|
| NVIDIA Corp | 5.5<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Alphabet Inc Class C | 4.1<br>|
| Berkshire Hathaway Inc Class B | 3.2<br>|
| Netflix Inc | 3.0<br>|
| Apollo Global Management Inc | 2.3<br>|
| Blackrock Inc | 1.9<br>|
| GFL Environmental Inc Subordinate Voting Shares (United States) | 1.8<br>|
|  | 38.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3336_20250430_2.jpg)<br>| ![](img109050_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913294.100 3350-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Founders Fund<br> **Fidelity Advisor® Founders Fund Class Z : FIFWX** <br>|

---

This annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $71  | 0.66% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection and sector positioning were the primary contributors to the fund's performance versus the Russell 3000 Index for the fiscal year, led by information technology. Security selection and an overweight in communication services, primarily within the media & entertainment industry, and picks and an underweight in materials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Netflix (+104%). The company was one of the fund's biggest holdings. The second-largest relative contributor was an overweight in Nvidia (+25%). The company was the fund's biggest holding this period. Another notable relative contributor was an overweight in Palantir Technologies (+453%). This period we decreased our stake in Palantir Technologies.

• In contrast, the biggest detractors from performance versus the benchmark were stock picks and an overweight in the consumer discretionary sector. Also hurting our result were stock picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• Not owning Apple, a benchmark component that gained about 25%, was the fund's biggest individual relative detractor. The second-largest relative detractor was an overweight in Moderna (-74%). Another notable relative detractor was an overweight in Airbnb (-23%).

• Notable changes in positioning include increased exposure to the real estate sector and a lower allocation to information technology.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 14, 2019 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10860<br>| $11910<br>| $18876<br>| $16919<br>| $16657<br>| $21765<br>|
| Russell 3000® Index<br>| $10000 | $10716<br>| $10604<br>| $16003<br>| $15505<br>| $15738<br>| $19248<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109047_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 14.11% | 15.83% | 15.77% |
| Russell 3000® Index | 11.40%<br>| 15.12%<br>| 13.07% |

---

**A** From February 14, 2019

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $175033358<br>|
| Number of Holdings | 150<br>|
| Total Advisory Fee | $1138448<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.3 |
| Consumer Discretionary | 18.4 |
| Financials | 15.2 |
| Communication Services | 15.0 |
| Health Care | 8.3 |
| Industrials | 6.1 |
| Real Estate | 4.2 |
| Energy | 3.2 |
| Materials | 1.3 |
| Consumer Staples | 1.2 |

---

Common Stocks 97.9 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3336_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 87.8 |
| Canada | 4.6 |
| China | 1.8 |
| Germany | 1.7 |
| Brazil | 0.9 |
| Netherlands | 0.9 |
| Italy | 0.8 |
| Spain | 0.7 |
| Taiwan | 0.5 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3336_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 6.7<br>|
| Amazon.com Inc | 5.5<br>|
| NVIDIA Corp | 5.5<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Alphabet Inc Class C | 4.1<br>|
| Berkshire Hathaway Inc Class B | 3.2<br>|
| Netflix Inc | 3.0<br>|
| Apollo Global Management Inc | 2.3<br>|
| Blackrock Inc | 1.9<br>|
| GFL Environmental Inc Subordinate Voting Shares (United States) | 1.8<br>|
|  | 38.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3336_20250430_2.jpg)<br>| ![](img109047_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913297.100 3353-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity Advisor® Mid-Cap Stock Fund Class Z : FMCWX** <br>|

---

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period October 8, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z A | $30  | 0.56% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by industrials. Stock picks in consumer discretionary, primarily within the consumer durables & apparel industry, and energy also boosted the fund's relative result.

• A non-benchmark stake in Space Exploration Technologies gained roughly 91% and was the top individual relative contributor. The stock was the fund's biggest holding this period, on average.

• The second-largest relative contributor was an overweight in Vistra (+73%). This period we meaningfully decreased our position in Vistra.

• A non-benchmark stake in GFL Environmental gained approximately 55% and notably helped.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the insurance industry. Stock selection in health care, primarily within the health care equipment & services industry, also hampered the fund's result, as did an overweight in energy.

• Not owning Texas Pacific Land, a benchmark component that gained 117%, was the biggest individual relative detractor.

• Not owning Sprouts Farmers Market, a benchmark component that gained 159%, was a second notable relative detractor.

• A non-benchmark private placement in National Resilience returned approximately -53% and notably hurt.

• Notable changes in positioning include decreased exposure to the utilities sector and a higher allocation to real estate.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 8, 2024 through April 30, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class Z<br>| $10000 | $9461<br>|
| S&P MidCap 400® Index<br>| $10000 | $9283<br>|
| S&P 500® Index<br>| $10000 | $9753<br>|
|  | 2024 | 2025 |

---

![](img109061_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6673999452<br>|
| Number of Holdings | 178<br>|
| Total Advisory Fee | $48215380<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.5 |
| Financials | 14.7 |
| Consumer Discretionary | 13.0 |
| Health Care | 10.4 |
| Information Technology | 9.8 |
| Real Estate | 6.8 |
| Materials | 6.7 |
| Energy | 5.3 |
| Consumer Staples | 4.7 |
| Communication Services | 2.3 |
| Utilities | 2.1 |

---

Common Stocks 98.8 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 89.4 |
| Canada | 3.0 |
| Italy | 2.2 |
| United Kingdom | 1.7 |
| Brazil | 0.9 |
| Israel | 0.6 |
| Belgium | 0.6 |
| Thailand | 0.6 |
| Japan | 0.4 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| BJ's Wholesale Club Holdings Inc | 1.6<br>|
| Performance Food Group Co | 1.5<br>|
| AECOM | 1.4<br>|
| Brunello Cucinelli SpA | 1.3<br>|
| Imperial Oil Ltd | 1.3<br>|
| Wintrust Financial Corp | 1.3<br>|
| Jones Lang LaSalle Inc | 1.2<br>|
| Somnigroup International Inc | 1.2<br>|
| RB Global Inc (United States) | 1.2<br>|
| Space Exploration Technologies Corp | 1.2<br>|
|  | 13.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20250430_2.jpg)<br>| ![](img109061_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918476.100 7843-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Series Small Cap Discovery Fund<br> **Fidelity® Series Small Cap Discovery Fund : FJACX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Small Cap Discovery Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Small Cap Discovery Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000 Index for the fiscal year, especially within the health care sector. Stock picks in information technology - primarily among software & services firms - and materials hurt as well.

• The biggest individual relative detractor was an outsized stake in Owens & Minor (-66%). The stock was not held at period end. An overweight in ASGN (-48%), one of the fund's largest holdings this period, also hurt. Exposure to Civitas Resources (-50%) proved detrimental as well, though the position was sold prior to April 30.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials, primarily within the commercial & professional services industry. An overweight in consumer staples, especially consumer staples distribution & retail firms, also boosted relative performance.

• The fund's stake in Genpact gained 66% and was the top individual relative contributor, in addition to being the largest holding as period end. A position in Ciena gained approximately 47% and also helped, though we decreased exposure to the stock prior to the end of April. Another notable relative contributor was Lumentum Holdings (+34%), one of the fund's largest investments at period end. All these contributors were non-benchmark positions.

• Notable changes in positioning include increased exposure to the financials sector and a lower allocation to materials firms.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

April 30, 2015 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Small Cap Discovery Fund<br>| $10000 | $9518<br>| $11003<br>| $11810<br>| $12716<br>| $10152<br>| $18163<br>| $17732<br>| $17553<br>| $20751<br>| $19635<br>|
| Russell 2000® Index<br>| $10000 | $9406<br>| $11816<br>| $13179<br>| $13787<br>| $11527<br>| $20163<br>| $16762<br>| $16151<br>| $18302<br>| $18462<br>|
| Russell 3000® Index<br>| $10000 | $9982<br>| $11837<br>| $13382<br>| $15079<br>| $14922<br>| $22520<br>| $21819<br>| $22146<br>| $27085<br>| $30174<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109008_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series Small Cap Discovery Fund | -5.38% | 14.10% | 6.98% |
| Russell 2000® Index | 0.87%<br>| 9.88%<br>| 6.32% |
| Russell 3000® Index | 11.40%<br>| 15.12%<br>| 11.68% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1634308077<br>|
| Number of Holdings | 141<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 80%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.0 |
| Financials | 23.8 |
| Information Technology | 16.8 |
| Consumer Discretionary | 9.6 |
| Health Care | 7.1 |
| Consumer Staples | 4.7 |
| Energy | 4.5 |
| Materials | 3.5 |
| Utilities | 2.0 |
| Real Estate | 0.5 |
| Communication Services | 0.0 |

---

Common Stocks 98.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2615_20250430_AA.jpg) <br>|

---

Common Stocks - 98.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.5 <br>

---

| | |
|:---|:---|
| United States | 92.4 |
| Canada | 3.2 |
| India | 1.6 |
| Puerto Rico | 1.4 |
| Thailand | 1.2 |
| Bailiwick Of Guernsey | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2615_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bailiwick Of Guernsey - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Genpact Ltd | 5.2<br>|
| Performance Food Group Co | 4.4<br>|
| Insight Enterprises Inc | 3.1<br>|
| Lumentum Holdings Inc | 2.2<br>|
| FirstCash Holdings Inc | 2.2<br>|
| Crocs Inc | 2.2<br>|
| Webster Financial Corp | 2.1<br>|
| Maximus Inc | 2.0<br>|
| Old National Bancorp/IN | 2.0<br>|
| Primerica Inc | 2.0<br>|
|  | 27.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2615_20250430_2.jpg)<br>| ![](img109008_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913282.100 2615-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Small Cap Stock Fund<br> **Fidelity® Small Cap Stock Fund : FSLCX** <br>|

---

This annual shareholder report contains information about Fidelity® Small Cap Stock Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Small Cap Stock Fund  | $89  | 0.86% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000 Index for the fiscal year, led by the consumer discretionary sector. Picks in financials and industrials also helped.

• The fund's non-benchmark stake in Ciena gained 44% and was the top individual relative contributor. Though we decreased exposure to the stock, it remained one of our biggest holdings this period. An overweight in Baldwin Insurance (+56%), one of the fund's biggest holdings, also helped. A non-benchmark stake in Lumentum Holdings (+37%) was another plus. The company was one of our largest positions.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in health care. Investment choices among communication services firms also hampered the fund's result, as did picks and an overweight in materials.

• The biggest individual relative detractor was an outsized position in Owens & Minor (-65%), though the stock was no longer held at period end. A stake in Tronox Holdings (-40%) hurt as well. The position was sold prior to April 30. Non-benchmark exposure to Olin (-22%) also proved detrimental to performance. The stock was not held at period end.

• Notable changes in positioning include increased exposure to the financials sector and a lower allocation to energy firms.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

April 30, 2015 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Small Cap Stock Fund<br>| $10000 | $9721<br>| $11222<br>| $12387<br>| $13213<br>| $10986<br>| $18503<br>| $16000<br>| $15467<br>| $17587<br>| $18507<br>|
| Russell 2000® Index<br>| $10000 | $9406<br>| $11816<br>| $13179<br>| $13787<br>| $11527<br>| $20163<br>| $16762<br>| $16151<br>| $18302<br>| $18462<br>|
| Russell 3000® Index<br>| $10000 | $9982<br>| $11837<br>| $13382<br>| $15079<br>| $14922<br>| $22520<br>| $21819<br>| $22146<br>| $27085<br>| $30174<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img108998_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Small Cap Stock Fund | 5.23% | 10.99% | 6.35% |
| Russell 2000® Index | 0.87%<br>| 9.88%<br>| 6.32% |
| Russell 3000® Index | 11.40%<br>| 15.12%<br>| 11.68% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1034044162<br>|
| Number of Holdings | 128<br>|
| Total Advisory Fee | $9885930<br>|
| Portfolio Turnover | 124%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.8 |
| Industrials | 18.1 |
| Information Technology | 13.5 |
| Consumer Discretionary | 12.3 |
| Health Care | 11.5 |
| Consumer Staples | 4.8 |
| Materials | 4.5 |
| Energy | 4.5 |
| Real Estate | 2.8 |
| Utilities | 2.1 |
| Communication Services | 0.0 |

---

Common Stocks 95.9 <br> Domestic Equity Funds 1.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img340_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.2 |

---

---

| | |
|:---|:---|
| United States | 90.3 |
| Canada | 3.2 |
| Israel | 1.3 |
| India | 1.3 |
| Thailand | 1.2 |
| Puerto Rico | 1.1 |
| Taiwan | 0.6 |
| Japan | 0.6 |
| Sweden | 0.3 |
| Netherlands | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img340_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Performance Food Group Co | 3.1<br>|
| Baldwin Insurance Group Inc/The Class A | 2.8<br>|
| FirstCash Holdings Inc | 2.7<br>|
| Grand Canyon Education Inc | 2.3<br>|
| Genpact Ltd | 2.3<br>|
| Lumentum Holdings Inc | 2.2<br>|
| TD SYNNEX Corp | 2.1<br>|
| Laureate Education Inc | 2.1<br>|
| IES Holdings Inc | 1.9<br>|
| iShares Russell 2000 ETF | 1.9<br>|
|  | 23.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img340_20250430_2.jpg)<br>| ![](img108998_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913249.100 340-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Founders Fund<br> **Fidelity Advisor® Founders Fund Class M : FIFPX** <br>|

---

This annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $140  | 1.31% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection and sector positioning were the primary contributors to the fund's performance versus the Russell 3000 Index for the fiscal year, led by information technology. Security selection and an overweight in communication services, primarily within the media & entertainment industry, and picks and an underweight in materials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Netflix (+104%). The company was one of the fund's biggest holdings. The second-largest relative contributor was an overweight in Nvidia (+25%). The company was the fund's biggest holding this period. Another notable relative contributor was an overweight in Palantir Technologies (+453%). This period we decreased our stake in Palantir Technologies.

• In contrast, the biggest detractors from performance versus the benchmark were stock picks and an overweight in the consumer discretionary sector. Also hurting our result were stock picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• Not owning Apple, a benchmark component that gained about 25%, was the fund's biggest individual relative detractor. The second-largest relative detractor was an overweight in Moderna (-74%). Another notable relative detractor was an overweight in Airbnb (-23%).

• Notable changes in positioning include increased exposure to the real estate sector and a lower allocation to information technology.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 14, 2019 through April 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10470<br>| $11406<br>| $17968<br>| $16004<br>| $15653<br>| $20316<br>|
| Russell 3000® Index<br>| $10000 | $10716<br>| $10604<br>| $16003<br>| $15505<br>| $15738<br>| $19248<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109048_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class M (incl. 3.50% sales charge)  | 9.40% | 14.27%<br>| 14.38% |
| Class M (without 3.50% sales charge) | 13.37% | 15.09% | 15.03% |
| Russell 3000® Index | 11.40%<br>| 15.12%<br>| 13.07% |

---

**A** From February 14, 2019

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $175033358<br>|
| Number of Holdings | 150<br>|
| Total Advisory Fee | $1138448<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.3 |
| Consumer Discretionary | 18.4 |
| Financials | 15.2 |
| Communication Services | 15.0 |
| Health Care | 8.3 |
| Industrials | 6.1 |
| Real Estate | 4.2 |
| Energy | 3.2 |
| Materials | 1.3 |
| Consumer Staples | 1.2 |

---

Common Stocks 97.9 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3336_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 87.8 |
| Canada | 4.6 |
| China | 1.8 |
| Germany | 1.7 |
| Brazil | 0.9 |
| Netherlands | 0.9 |
| Italy | 0.8 |
| Spain | 0.7 |
| Taiwan | 0.5 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3336_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 6.7<br>|
| Amazon.com Inc | 5.5<br>|
| NVIDIA Corp | 5.5<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Alphabet Inc Class C | 4.1<br>|
| Berkshire Hathaway Inc Class B | 3.2<br>|
| Netflix Inc | 3.0<br>|
| Apollo Global Management Inc | 2.3<br>|
| Blackrock Inc | 1.9<br>|
| GFL Environmental Inc Subordinate Voting Shares (United States) | 1.8<br>|
|  | 38.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3336_20250430_2.jpg)<br>| ![](img109048_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913295.100 3351-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity Advisor® Mid-Cap Stock Fund Class C : FMCNX** <br>|

---

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period October 8, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C A | $92  | 1.69% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by industrials. Stock picks in consumer discretionary, primarily within the consumer durables & apparel industry, and energy also boosted the fund's relative result.

• A non-benchmark stake in Space Exploration Technologies gained roughly 91% and was the top individual relative contributor. The stock was the fund's biggest holding this period, on average.

• The second-largest relative contributor was an overweight in Vistra (+73%). This period we meaningfully decreased our position in Vistra.

• A non-benchmark stake in GFL Environmental gained approximately 55% and notably helped.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the insurance industry. Stock selection in health care, primarily within the health care equipment & services industry, also hampered the fund's result, as did an overweight in energy.

• Not owning Texas Pacific Land, a benchmark component that gained 117%, was the biggest individual relative detractor.

• Not owning Sprouts Farmers Market, a benchmark component that gained 159%, was a second notable relative detractor.

• A non-benchmark private placement in National Resilience returned approximately -53% and notably hurt.

• Notable changes in positioning include decreased exposure to the utilities sector and a higher allocation to real estate.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 8, 2024 through April 30, 2025.

Initial investment of $10,000. Share class performance includes contingent deferred sales charges in the past one year.

---

| | | |
|:---|:---|:---|
| Class C<br>| $10000 | $9310<br>|
| S&P MidCap 400® Index<br>| $10000 | $9283<br>|
| S&P 500® Index<br>| $10000 | $9753<br>|
|  | 2024 | 2025 |

---

![](img109059_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6673999452<br>|
| Number of Holdings | 178<br>|
| Total Advisory Fee | $48215380<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.5 |
| Financials | 14.7 |
| Consumer Discretionary | 13.0 |
| Health Care | 10.4 |
| Information Technology | 9.8 |
| Real Estate | 6.8 |
| Materials | 6.7 |
| Energy | 5.3 |
| Consumer Staples | 4.7 |
| Communication Services | 2.3 |
| Utilities | 2.1 |

---

Common Stocks 98.8 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 89.4 |
| Canada | 3.0 |
| Italy | 2.2 |
| United Kingdom | 1.7 |
| Brazil | 0.9 |
| Israel | 0.6 |
| Belgium | 0.6 |
| Thailand | 0.6 |
| Japan | 0.4 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| BJ's Wholesale Club Holdings Inc | 1.6<br>|
| Performance Food Group Co | 1.5<br>|
| AECOM | 1.4<br>|
| Brunello Cucinelli SpA | 1.3<br>|
| Imperial Oil Ltd | 1.3<br>|
| Wintrust Financial Corp | 1.3<br>|
| Jones Lang LaSalle Inc | 1.2<br>|
| Somnigroup International Inc | 1.2<br>|
| RB Global Inc (United States) | 1.2<br>|
| Space Exploration Technologies Corp | 1.2<br>|
|  | 13.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20250430_2.jpg)<br>| ![](img109059_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918470.100 7841-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Mid-Cap Stock K6 Fund<br> **Fidelity® Mid-Cap Stock K6 Fund : FNKFX** <br>|

---

This annual shareholder report contains information about Fidelity® Mid-Cap Stock K6 Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Mid-Cap Stock K6 Fund  | $46  | 0.45% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, especially within consumer discretionary, where our picks in consumer durables & apparel helped most. Stock picks in industrials and energy also boosted the fund's relative result.

• The top individual relative contributor was an overweight in Vistra (+74%). This period we decreased our position in Vistra.

• A second notable relative contributor was a non-benchmark stake in GFL Environmental (+57%).

• Another notable relative contributor was an overweight in BJ's Wholesale Club (+57%). The company was among our largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in financials, primarily within the insurance industry. Security selection in health care, primarily within the health care equipment & services industry, also hampered the fund's result, as did an overweight in energy.

• The largest individual relative detractor this period was avoiding Texas Pacific Land, a benchmark component that gained 117%.

• Not owning Sprouts Farmers Market, a benchmark component that gained 159%, was the second-largest relative detractor.

• Another notable relative detractor was a non-benchmark stake in MongoDB (-33%). The stock was not held at period end.

• Notable changes in positioning include decreased exposure to the utilities sector and a higher allocation to real estate.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

June 13, 2019 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Mid-Cap Stock K6 Fund<br>| $10000 | $8826<br>| $14421<br>| $14533<br>| $14798<br>| $16677<br>| $17369<br>|
| S&P MidCap 400® Index<br>| $10000 | $8742<br>| $14678<br>| $13646<br>| $13828<br>| $16154<br>| $16347<br>|
| S&P 500® Index<br>| $10000 | $10241<br>| $14951<br>| $14983<br>| $15382<br>| $18867<br>| $21150<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109015_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Mid-Cap Stock K6 Fund | 4.15% | 14.50% | 9.84% |
| S&P MidCap 400® Index | 1.19%<br>| 13.34%<br>| 8.71% |
| S&P 500® Index | 12.10%<br>| 15.61%<br>| 13.57% |

---

**A** From June 13, 2019

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1018552034<br>|
| Number of Holdings | 178<br>|
| Total Advisory Fee | $4695334<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 22.4 |
| Financials | 14.6 |
| Consumer Discretionary | 13.0 |
| Health Care | 10.1 |
| Information Technology | 9.7 |
| Real Estate | 6.8 |
| Materials | 6.7 |
| Energy | 5.3 |
| Consumer Staples | 4.6 |
| Communication Services | 2.3 |
| Utilities | 2.1 |

---

Common Stocks 97.4 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3462_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |

---

---

| | |
|:---|:---|
| United States | 89.5 |
| Canada | 3.0 |
| Italy | 2.2 |
| United Kingdom | 1.7 |
| Brazil | 0.9 |
| Israel | 0.6 |
| Belgium | 0.6 |
| Thailand | 0.5 |
| Japan | 0.4 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3462_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| BJ's Wholesale Club Holdings Inc | 1.5<br>|
| Performance Food Group Co | 1.5<br>|
| AECOM | 1.5<br>|
| Brunello Cucinelli SpA | 1.3<br>|
| Imperial Oil Ltd | 1.3<br>|
| Wintrust Financial Corp | 1.3<br>|
| Jones Lang LaSalle Inc | 1.2<br>|
| Somnigroup International Inc | 1.2<br>|
| RB Global Inc (United States) | 1.2<br>|
| M&T Bank Corp | 1.1<br>|
|  | 13.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3462_20250430_2.jpg)<br>| ![](img109015_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913304.100 3462-TSRA-0625 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Discovery Fund<br> **Fidelity® Small Cap Discovery Fund : FSCRX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Discovery Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Small Cap Discovery Fund  | $88  | 0.91% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000 Index for the fiscal year, especially within the health care sector. Stock picks in information technology - primarily among software & services firms - and materials hurt as well.

• The biggest individual relative detractor was an outsized stake in Owens & Minor (-66%). The stock was not held at period end. An overweight in ASGN (-48%), one of the fund's largest holdings this period, also hurt. Exposure to Civitas Resources (-50%) proved detrimental as well, though the position was sold prior to April 30.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in industrials, primarily within the commercial & professional services industry. An overweight in consumer staples, especially consumer staples distribution & retail firms, also boosted relative performance. Investment choices among consumer discretionary stocks, particularly in the consumer services industry, stood out to the upside as well. Lastly, the fund's position in cash contributed.

• The fund's stake in Genpact gained 66% and was the top individual relative contributor, in addition to being the largest holding as period end. A position in Ciena gained approximately 46% and also helped, though we decreased exposure to the stock prior to the end of April. Another notable relative contributor was Lumentum Holdings (+33%), one of the fund's largest investments at period end. All these contributors were non-benchmark positions.

• Notable changes in positioning include increased exposure to the financials sector and a lower allocation to materials firms.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

April 30, 2015 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Small Cap Discovery Fund<br>| $10000 | $9706<br>| $11236<br>| $11850<br>| $12438<br>| $9716<br>| $17249<br>| $16742<br>| $16438<br>| $19327<br>| $18250<br>|
| Russell 2000® Index<br>| $10000 | $9406<br>| $11816<br>| $13179<br>| $13787<br>| $11527<br>| $20163<br>| $16762<br>| $16151<br>| $18302<br>| $18462<br>|
| Russell 3000® Index<br>| $10000 | $9982<br>| $11837<br>| $13382<br>| $15079<br>| $14922<br>| $22520<br>| $21819<br>| $22146<br>| $27085<br>| $30174<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109000_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Small Cap Discovery Fund | -5.57% | 13.44% | 6.20% |
| Russell 2000® Index | 0.87%<br>| 9.88%<br>| 6.32% |
| Russell 3000® Index | 11.40%<br>| 15.12%<br>| 11.68% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2101294378<br>|
| Number of Holdings | 141<br>|
| Total Advisory Fee | $21374343<br>|
| Portfolio Turnover | 67%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 25.3 |
| Financials | 23.6 |
| Information Technology | 15.8 |
| Consumer Discretionary | 10.3 |
| Health Care | 6.3 |
| Energy | 4.3 |
| Consumer Staples | 4.3 |
| Materials | 3.3 |
| Utilities | 2.0 |
| Real Estate | 0.5 |
| Communication Services | 0.0 |

---

Common Stocks 95.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img384_20250430_AA.jpg) <br>|

---

Common Stocks - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.3 <br>

---

| | |
|:---|:---|
| United States | 92.1 |
| Canada | 3.3 |
| India | 1.7 |
| Puerto Rico | 1.6 |
| Thailand | 1.1 |
| Bailiwick Of Guernsey | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img384_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bailiwick Of Guernsey - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Genpact Ltd | 5.2<br>|
| Performance Food Group Co | 4.0<br>|
| Laureate Education Inc | 3.0<br>|
| Insight Enterprises Inc | 2.7<br>|
| Lumentum Holdings Inc | 2.2<br>|
| Webster Financial Corp | 2.1<br>|
| FirstCash Holdings Inc | 2.1<br>|
| Primerica Inc | 2.0<br>|
| Old National Bancorp/IN | 2.0<br>|
| Crocs Inc | 2.0<br>|
|  | 27.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 28, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img384_20250430_2.jpg)<br>| ![](img109000_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913250.100 384-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity Advisor® Mid-Cap Stock Fund Class M : FMCJX** <br>|

---

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period October 8, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M A | $64  | 1.18% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by industrials. Stock picks in consumer discretionary, primarily within the consumer durables & apparel industry, and energy also boosted the fund's relative result.

• A non-benchmark stake in Space Exploration Technologies gained roughly 91% and was the top individual relative contributor. The stock was the fund's biggest holding this period, on average.

• The second-largest relative contributor was an overweight in Vistra (+73%). This period we meaningfully decreased our position in Vistra.

• A non-benchmark stake in GFL Environmental gained approximately 55% and notably helped.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the insurance industry. Stock selection in health care, primarily within the health care equipment & services industry, also hampered the fund's result, as did an overweight in energy.

• Not owning Texas Pacific Land, a benchmark component that gained 117%, was the biggest individual relative detractor.

• Not owning Sprouts Farmers Market, a benchmark component that gained 159%, was a second notable relative detractor.

• A non-benchmark private placement in National Resilience returned approximately -53% and notably hurt.

• Notable changes in positioning include decreased exposure to the utilities sector and a higher allocation to real estate.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 8, 2024 through April 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | |
|:---|:---|:---|
| Class M<br>| $9650 | $9097<br>|
| S&P MidCap 400® Index<br>| $10000 | $9283<br>|
| S&P 500® Index<br>| $10000 | $9753<br>|
|  | 2024 | 2025 |

---

![](img109058_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6673999452<br>|
| Number of Holdings | 178<br>|
| Total Advisory Fee | $48215380<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.5 |
| Financials | 14.7 |
| Consumer Discretionary | 13.0 |
| Health Care | 10.4 |
| Information Technology | 9.8 |
| Real Estate | 6.8 |
| Materials | 6.7 |
| Energy | 5.3 |
| Consumer Staples | 4.7 |
| Communication Services | 2.3 |
| Utilities | 2.1 |

---

Common Stocks 98.8 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 89.4 |
| Canada | 3.0 |
| Italy | 2.2 |
| United Kingdom | 1.7 |
| Brazil | 0.9 |
| Israel | 0.6 |
| Belgium | 0.6 |
| Thailand | 0.6 |
| Japan | 0.4 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| BJ's Wholesale Club Holdings Inc | 1.6<br>|
| Performance Food Group Co | 1.5<br>|
| AECOM | 1.4<br>|
| Brunello Cucinelli SpA | 1.3<br>|
| Imperial Oil Ltd | 1.3<br>|
| Wintrust Financial Corp | 1.3<br>|
| Jones Lang LaSalle Inc | 1.2<br>|
| Somnigroup International Inc | 1.2<br>|
| RB Global Inc (United States) | 1.2<br>|
| Space Exploration Technologies Corp | 1.2<br>|
|  | 13.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20250430_2.jpg)<br>| ![](img109058_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918472.100 7840-TSRA-0625 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Large Cap Stock Fund<br> **Fidelity® Large Cap Stock Fund : FLCSX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Large Cap Stock Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Large Cap Stock Fund  | $80  | 0.75% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500® index for the fiscal year, especially within industrials, where our stock picks in capital goods helped most. Stock selection in health care also boosted relative performance. Also contributing to our result was an overweight in financials, primarily within the banks industry.

• The top individual relative contributor was an overweight in GE Vernova (+137%). The company was among the fund's largest holdings at period end.

• A second notable relative contributor was an overweight in Wells Fargo (+23%). The stock was the fund's biggest holding at period end.

• An overweight in GE Aerospace (+25%) also contributed. The stock was among our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. Also hurting our result was stock picking in communication services, primarily within the media & entertainment industry, and financials.

• The biggest individual relative detractor was an overweight in Exxon Mobil (-8%). The stock was one of our biggest holdings.

• Not owning Netflix, a benchmark component that gained about 106%, was a second notable relative detractor.

• Not owning Tesla, a benchmark component that gained 54%, was another notable relative detractor.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

April 30, 2015 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Large Cap Stock Fund<br>| $10000 | $9518<br>| $11457<br>| $12712<br>| $13929<br>| $12757<br>| $19657<br>| $19567<br>| $21197<br>| $26299<br>| $29529<br>|
| S&P 500® Index<br>| $10000 | $10121<br>| $11934<br>| $13517<br>| $15341<br>| $15474<br>| $22589<br>| $22637<br>| $23240<br>| $28507<br>| $31955<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109021_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Large Cap Stock Fund | 12.28% | 18.28% | 11.44% |
| S&P 500® Index | 12.10%<br>| 15.61%<br>| 12.32% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4956036008<br>|
| Number of Holdings | 199<br>|
| Total Advisory Fee | $36796316<br>|
| Portfolio Turnover | 17%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Industrials | 19.0 |
| Financials | 17.1 |
| Health Care | 11.7 |
| Communication Services | 9.7 |
| Energy | 8.4 |
| Consumer Staples | 4.5 |
| Consumer Discretionary | 3.0 |
| Materials | 1.5 |
| Utilities | 1.3 |
| Real Estate | 0.9 |

---

Common Stocks 97.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img338_20250430_AA.jpg) <br>|

---

Common Stocks - 97.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.2 <br>

---

| | |
|:---|:---|
| United States | 90.9 |
| Canada | 1.9 |
| Germany | 1.3 |
| Zambia | 1.2 |
| Belgium | 0.9 |
| Netherlands | 0.8 |
| United Kingdom | 0.8 |
| France | 0.7 |
| Taiwan | 0.5 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img338_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Wells Fargo & Co | 6.5<br>|
| Microsoft Corp | 6.3<br>|
| GE Aerospace | 5.6<br>|
| NVIDIA Corp | 5.2<br>|
| Exxon Mobil Corp | 4.5<br>|
| Boeing Co | 4.0<br>|
| GE Vernova Inc | 3.6<br>|
| Meta Platforms Inc Class A | 3.1<br>|
| Bank of America Corp | 2.7<br>|
| Apple Inc | 2.4<br>|
|  | 43.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 28, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img338_20250430_2.jpg)<br>| ![](img109021_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913248.100 338-TSRA-0625 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity® Mid-Cap Stock Fund : FMCSX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Mid-Cap Stock Fund  | $68  | 0.67% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by industrials. Stock picks in consumer discretionary, primarily within the consumer durables & apparel industry, and energy also boosted the fund's relative result.

• A non-benchmark stake in Space Exploration Technologies gained roughly 91% and was the top individual relative contributor. The stock was the fund's biggest holding this period, on average.

• The second-largest relative contributor was an overweight in Vistra (+73%). This period we meaningfully decreased our position in Vistra.

• A non-benchmark stake in GFL Environmental gained approximately 55% and notably helped.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the insurance industry. Stock selection in health care, primarily within the health care equipment & services industry, also hampered the fund's result, as did an overweight in energy.

• Not owning Texas Pacific Land, a benchmark component that gained 117%, was the biggest individual relative detractor.

• Not owning Sprouts Farmers Market, a benchmark component that gained 159%, was a second notable relative detractor.

• A non-benchmark private placement in National Resilience returned approximately -53% and notably hurt.

• Notable changes in positioning include decreased exposure to the utilities sector and a higher allocation to real estate.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

April 30, 2015 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Mid-Cap Stock Fund<br>| $10000 | $9656<br>| $11278<br>| $12707<br>| $13711<br>| $12008<br>| $19796<br>| $20028<br>| $20240<br>| $22744<br>| $23746<br>|
| S&P MidCap 400® Index<br>| $10000 | $9906<br>| $11932<br>| $13098<br>| $14014<br>| $11920<br>| $20015<br>| $18608<br>| $18856<br>| $22028<br>| $22291<br>|
| S&P 500® Index<br>| $10000 | $10121<br>| $11934<br>| $13517<br>| $15341<br>| $15474<br>| $22589<br>| $22637<br>| $23240<br>| $28507<br>| $31955<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109016_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Mid-Cap Stock Fund | 4.40% | 14.61% | 9.03% |
| S&P MidCap 400® Index | 1.19%<br>| 13.34%<br>| 8.35% |
| S&P 500® Index | 12.10%<br>| 15.61%<br>| 12.32% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6673999452<br>|
| Number of Holdings | 178<br>|
| Total Advisory Fee | $48215380<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.5 |
| Financials | 14.7 |
| Consumer Discretionary | 13.0 |
| Health Care | 10.4 |
| Information Technology | 9.8 |
| Real Estate | 6.8 |
| Materials | 6.7 |
| Energy | 5.3 |
| Consumer Staples | 4.7 |
| Communication Services | 2.3 |
| Utilities | 2.1 |

---

Common Stocks 98.8 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 89.4 |
| Canada | 3.0 |
| Italy | 2.2 |
| United Kingdom | 1.7 |
| Brazil | 0.9 |
| Israel | 0.6 |
| Belgium | 0.6 |
| Thailand | 0.6 |
| Japan | 0.4 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| BJ's Wholesale Club Holdings Inc | 1.6<br>|
| Performance Food Group Co | 1.5<br>|
| AECOM | 1.4<br>|
| Brunello Cucinelli SpA | 1.3<br>|
| Imperial Oil Ltd | 1.3<br>|
| Wintrust Financial Corp | 1.3<br>|
| Jones Lang LaSalle Inc | 1.2<br>|
| Somnigroup International Inc | 1.2<br>|
| RB Global Inc (United States) | 1.2<br>|
| Space Exploration Technologies Corp | 1.2<br>|
|  | 13.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 28, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20250430_2.jpg)<br>| ![](img109016_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913247.100 337-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Large Cap Stock K6 Fund<br> **Fidelity® Large Cap Stock K6 Fund : FCLKX** <br>|

---

This annual shareholder report contains information about Fidelity® Large Cap Stock K6 Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Large Cap Stock K6 Fund  | $48  | 0.45% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500® index for the fiscal year, led by industrials, where our stock picks in capital goods helped most. Stock selection in health care and energy also boosted the fund's relative result.

• The top individual relative contributor was an overweight in GE Vernova (+141%). The stock was among our biggest holdings at period end.

• The second-largest relative contributor was an overweight in GE Aerospace (+26%). The stock was among our largest holdings.

• An overweight in Wells Fargo (+23%) also helped. The stock was the fund's biggest holding at period end.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. Also hurting our result was stock selection in communication services, primarily within the media & entertainment industry, and financials.

• The largest individual relative detractor was an overweight in Exxon Mobil (-7%). The company was among our largest holdings.

• Not owning Netflix, a benchmark component that gained roughly 106%, was a second notable relative detractor.

• Another notable relative detractor this period was avoiding Tesla, a benchmark component that gained 54%.

• Notable changes in positioning include a higher allocation to industrials.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 25, 2017 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Large Cap Stock K6 Fund<br>| $10000 | $11065<br>| $12185<br>| $11171<br>| $17207<br>| $17084<br>| $18986<br>| $23677<br>| $26529<br>|
| S&P 500® Index<br>| $10000 | $11159<br>| $12665<br>| $12774<br>| $18648<br>| $18688<br>| $19186<br>| $23534<br>| $26380<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109020_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Large Cap Stock K6 Fund | 12.05% | 18.88% | 13.08% |
| S&P 500® Index | 12.10%<br>| 15.61%<br>| 13.00% |

---

**A** From May 25, 2017

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $55982300<br>|
| Number of Holdings | 177<br>|
| Total Advisory Fee | $269257<br>|
| Portfolio Turnover | 22%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.9 |
| Industrials | 19.3 |
| Financials | 17.4 |
| Health Care | 11.6 |
| Communication Services | 9.6 |
| Energy | 8.7 |
| Consumer Staples | 4.5 |
| Consumer Discretionary | 2.7 |
| Materials | 1.7 |
| Utilities | 1.2 |
| Real Estate | 0.9 |

---

Common Stocks 98.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2954_20250430_AA.jpg) <br>|

---

Common Stocks - 98.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.5 <br>

---

| | |
|:---|:---|
| United States | 90.5 |
| Canada | 2.0 |
| Germany | 1.3 |
| Zambia | 1.3 |
| Belgium | 0.9 |
| United Kingdom | 0.8 |
| Netherlands | 0.8 |
| France | 0.7 |
| Taiwan | 0.5 |
| Others | 1.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2954_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Wells Fargo & Co | 6.6<br>|
| Microsoft Corp | 6.4<br>|
| GE Aerospace | 5.6<br>|
| NVIDIA Corp | 5.3<br>|
| Exxon Mobil Corp | 4.5<br>|
| Boeing Co | 4.1<br>|
| GE Vernova Inc | 3.6<br>|
| Meta Platforms Inc Class A | 3.1<br>|
| Bank of America Corp | 2.8<br>|
| Shell PLC ADR | 2.4<br>|
|  | 44.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2954_20250430_2.jpg)<br>| ![](img109020_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913289.100 2954-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Small Cap Stock K6 Fund<br> **Fidelity® Small Cap Stock K6 Fund : FKICX** <br>|

---

This annual shareholder report contains information about Fidelity® Small Cap Stock K6 Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Small Cap Stock K6 Fund  | $62  | 0.60% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000 Index for the fiscal year, led by the consumer discretionary sector. Picks in financials and industrials also helped.

• The fund's non-benchmark stake in Ciena gained 47% and was the top individual relative contributor. Though we decreased exposure to the stock, it remained one of our biggest holdings this period. Out-of-index exposure to Lumentum Holdings (+40%) also helped. This period we decreased our investment in the firm, yet it continued to be among the fund's largest positions. An overweight in Baldwin Insurance (+59%) was another plus. Despite reducing our allocation to the stock this period, it remained one of our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in health care. Investment choices among communication services firms also hampered the fund's result, as did an overweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry.

• The biggest individual relative detractor was an outsized position in Owens & Minor (-64%), although the stock was no longer held at period end. An outsized stake in Northern Oil And Gas (-37%) hurt as well, though we decreased exposure to the stock the past 12 months. A non-benchmark holding in Olin (-20%) also proved detrimental to performance. The stock was not held at period end.

• Notable changes in positioning include increased exposure to the financials sector and a lower allocation to energy firms.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 25, 2017 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Small Cap Stock K6 Fund<br>| $10000 | $11083<br>| $11795<br>| $9850<br>| $16689<br>| $14596<br>| $14248<br>| $16234<br>| $17125<br>|
| Russell 2000® Index<br>| $10000 | $11281<br>| $11801<br>| $9867<br>| $17258<br>| $14347<br>| $13824<br>| $15665<br>| $15802<br>|
| Russell 3000® Index<br>| $10000 | $11171<br>| $12588<br>| $12457<br>| $18799<br>| $18214<br>| $18488<br>| $22611<br>| $25188<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img108997_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Small Cap Stock K6 Fund | 5.48% | 11.70% | 7.01% |
| Russell 2000® Index | 0.87%<br>| 9.88%<br>| 5.93% |
| Russell 3000® Index | 11.40%<br>| 15.12%<br>| 12.34% |

---

**A** From May 25, 2017

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12040479<br>|
| Number of Holdings | 128<br>|
| Total Advisory Fee | $228919<br>|
| Portfolio Turnover | 133%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.7 |
| Industrials | 18.1 |
| Information Technology | 13.5 |
| Consumer Discretionary | 12.2 |
| Health Care | 11.5 |
| Consumer Staples | 4.8 |
| Materials | 4.6 |
| Energy | 4.5 |
| Real Estate | 2.8 |
| Utilities | 2.2 |
| Communication Services | 0.0 |

---

Common Stocks 95.9 <br> Domestic Equity Funds 1.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2942_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.2 |

---

---

| | |
|:---|:---|
| United States | 90.4 |
| Canada | 3.3 |
| Israel | 1.3 |
| India | 1.3 |
| Thailand | 1.2 |
| Puerto Rico | 1.1 |
| Taiwan | 0.5 |
| Japan | 0.5 |
| Sweden | 0.3 |
| Netherlands | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2942_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Performance Food Group Co | 3.1<br>|
| Baldwin Insurance Group Inc/The Class A | 2.7<br>|
| FirstCash Holdings Inc | 2.6<br>|
| Grand Canyon Education Inc | 2.3<br>|
| Genpact Ltd | 2.3<br>|
| Lumentum Holdings Inc | 2.2<br>|
| TD SYNNEX Corp | 2.2<br>|
| Laureate Education Inc | 2.0<br>|
| iShares Russell 2000 ETF | 1.9<br>|
| IES Holdings Inc | 1.9<br>|
|  | 23.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2942_20250430_2.jpg)<br>| ![](img108997_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913288.100 2942-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Founders Fund<br> **Fidelity Advisor® Founders Fund Class A : FIFOX** <br>|

---

This annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $114  | 1.07% |

---

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection and sector positioning were the primary contributors to the fund's performance versus the Russell 3000 Index for the fiscal year, led by information technology. Security selection and an overweight in communication services, primarily within the media & entertainment industry, and picks and an underweight in materials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Netflix (+104%). The company was one of the fund's biggest holdings. The second-largest relative contributor was an overweight in Nvidia (+25%). The company was the fund's biggest holding this period. Another notable relative contributor was an overweight in Palantir Technologies (+453%). This period we decreased our stake in Palantir Technologies.

• In contrast, the biggest detractors from performance versus the benchmark were stock picks and an overweight in the consumer discretionary sector. Also hurting our result were stock picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• Not owning Apple, a benchmark component that gained about 25%, was the fund's biggest individual relative detractor. The second-largest relative detractor was an overweight in Moderna (-74%). Another notable relative detractor was an overweight in Airbnb (-23%).

• Notable changes in positioning include increased exposure to the real estate sector and a lower allocation to information technology.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 14, 2019 through April 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10226<br>| $11172<br>| $17640<br>| $15746<br>| $15446<br>| $20099<br>|
| Russell 3000® Index<br>| $10000 | $10716<br>| $10604<br>| $16003<br>| $15505<br>| $15738<br>| $19248<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109051_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class A (incl. 5.75% sales charge)  | 7.07% | 14.01%<br>| 14.22% |
| Class A (without 5.75% sales charge) | 13.61% | 15.37% | 15.31% |
| Russell 3000® Index | 11.40%<br>| 15.12%<br>| 13.07% |

---

**A** From February 14, 2019

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $175033358<br>|
| Number of Holdings | 150<br>|
| Total Advisory Fee | $1138448<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.3 |
| Consumer Discretionary | 18.4 |
| Financials | 15.2 |
| Communication Services | 15.0 |
| Health Care | 8.3 |
| Industrials | 6.1 |
| Real Estate | 4.2 |
| Energy | 3.2 |
| Materials | 1.3 |
| Consumer Staples | 1.2 |

---

Common Stocks 97.9 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3336_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 87.8 |
| Canada | 4.6 |
| China | 1.8 |
| Germany | 1.7 |
| Brazil | 0.9 |
| Netherlands | 0.9 |
| Italy | 0.8 |
| Spain | 0.7 |
| Taiwan | 0.5 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3336_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 6.7<br>|
| Amazon.com Inc | 5.5<br>|
| NVIDIA Corp | 5.5<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Alphabet Inc Class C | 4.1<br>|
| Berkshire Hathaway Inc Class B | 3.2<br>|
| Netflix Inc | 3.0<br>|
| Apollo Global Management Inc | 2.3<br>|
| Blackrock Inc | 1.9<br>|
| GFL Environmental Inc Subordinate Voting Shares (United States) | 1.8<br>|
|  | 38.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3336_20250430_2.jpg)<br>| ![](img109051_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913293.100 3349-TSRA-0625 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Series Small Cap Core Fund<br> **Fidelity® Series Small Cap Core Fund : FSSLX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Small Cap Core Fund for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Small Cap Core Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• U.S. equities gained for the 12 months ending April 30, 2025, driven by strong corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 2000 Index for the fiscal year, especially within information technology. Also hurting our result was stock selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and financials.

• The largest individual relative detractor was an overweight in Chord Energy (-46%). This period we increased our stake in Chord Energy. A second notable relative detractor was an underweight in Sprouts Farmers Market (+159%). The stock was not held at period end. Another notable relative detractor was our stake in Keros Therapeutics (-81%). The stock was not held at period end.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in consumer discretionary. Stock picks in industrials and energy also boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Landbridge (+304%). This was a position we established this period. A non-benchmark stake in Dutch Bros gained 91% and was the second-largest relative contributor. This was an investment we established this period. Another notable relative contributor was an overweight in Brinker International (+89%). This was an investment we established this period.

• Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to real estate.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

November 4, 2022 through April 30, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fidelity® Series Small Cap Core Fund<br>| $10000 | $9833<br>| $11289<br>| $10878<br>|
| Russell 2000® Index<br>| $10000 | $9905<br>| $11224<br>| $11322<br>|
| Russell 3000® Index<br>| $10000 | $11026<br>| $13485<br>| $15023<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img109009_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Series Small Cap Core Fund | -3.64% | 3.44% |
| Russell 2000® Index | 0.87%<br>| 5.12% |
| Russell 3000® Index | 11.40%<br>| 17.77% |

---

**A** From November 4, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1281015691<br>|
| Number of Holdings | 222<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 19.9 |
| Industrials | 17.4 |
| Health Care | 15.7 |
| Information Technology | 12.0 |
| Consumer Discretionary | 10.4 |
| Real Estate | 7.2 |
| Energy | 4.6 |
| Materials | 3.6 |
| Consumer Staples | 3.2 |
| Communication Services | 2.3 |
| Utilities | 2.0 |

---

Common Stocks 98.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6956_20250430_AA.jpg) <br>|

---

Common Stocks - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.7 <br>

---

| | |
|:---|:---|
| United States | 94.2 |
| Canada | 1.2 |
| Israel | 1.1 |
| Puerto Rico | 0.9 |
| Bahamas (Nassau) | 0.8 |
| United Kingdom | 0.6 |
| Cameroon | 0.4 |
| Japan | 0.3 |
| Netherlands | 0.3 |
| Taiwan | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6956_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bahamas (Nassau) - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Cameroon - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| FirstCash Holdings Inc | 1.2<br>|
| Wintrust Financial Corp | 1.1<br>|
| Laureate Education Inc | 1.1<br>|
| Applied Industrial Technologies Inc | 1.0<br>|
| Perella Weinberg Partners Class A | 1.0<br>|
| Cadence Bank | 0.9<br>|
| Ensign Group Inc/The | 0.9<br>|
| Cavco Industries Inc | 0.9<br>|
| Grand Canyon Education Inc | 0.9<br>|
| Carpenter Technology Corp | 0.9<br>|
|  | 9.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6956_20250430_2.jpg)<br>| ![](img109009_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913313.100 6956-TSRA-0625 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, April 30, 2025, 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.

<u>Audit Committee Financial Expert</u>

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.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

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 Core 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"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>April 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Large Cap Stock Fund | $42100  | $-  | $7700  | $900  |
| Fidelity Large Cap Stock K6 Fund | $41700  | $-  | $5300  | $800  |
| Fidelity Mid-Cap Stock Fund | $70500  | $-  | $7700  | $1000  |
| Fidelity Series Small Cap Core Fund | $41200  | $-  | $8000  | $900  |
| Fidelity Series Small Cap Discovery Fund | $40700  | $-  | $7500  | $800  |
| Fidelity Small Cap Discovery Fund | $42800  | $-  | $7500  | $900  |
| Fidelity Small Cap Stock Fund | $42700  | $-  | $7500  | $900  |
| Fidelity Small Cap Stock K6 Fund | $43100  | $-  | $5300  | $900  |

---

**<u>April 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Large Cap Stock Fund | $45300  | $- | $7600  | $1000  |
| Fidelity Large Cap Stock K6 Fund | $44800  | $- | $7400  | $1000  |
| Fidelity Mid-Cap Stock Fund | $57000  | $- | $9600  | $1200  |
| Fidelity Series Small Cap Core Fund | $40000  | $- | $7900  | $900  |
| Fidelity Series Small Cap Discovery Fund | $39500  | $- | $7400  | $1000  |
| Fidelity Small Cap Discovery Fund | $41500  | $- | $7400  | $1100  |
| Fidelity Small Cap Stock Fund | $45900  | $- | $7600  | $1100  |
| Fidelity Small Cap Stock K6 Fund | $46200  | $- | $8000  | $1100  |

---

<sup>A</sup> Amounts 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 Founders Fund and Fidelity Mid-Cap Stock K6 Fund (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>April 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Founders Fund | $30700  | $2900  | $7000  | $1000  |
| Fidelity Mid-Cap Stock K6 Fund | $47700  | $3400  | $3600  | $1200  |

---

**<u>April 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Founders Fund | $29600  | $2800  | $6800  | $900  |
| Fidelity Mid-Cap Stock K6 Fund | $57200  | $3600  | $9100  | $1200  |

---

<sup>A</sup> Amounts 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"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | **<u>April 30, 2025</u><sup>A</sup>** | **<u>April 30, 2024</u><sup>A</sup>** |
| Audit-Related Fees | $250000  | $75000  |
| Tax Fees | $- | $- |
| All Other Fees | $3964900 | $935000 |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | **<u>April 30, 2025</u><sup>A</sup>** | **<u>April 30, 2024</u><sup>A</sup>** |
| Audit-Related Fees | $9765100  | $9367800  |
| Tax Fees | $1000  | $61000  |
| All Other Fees | $35000  | $- |

---

<sup>A</sup> 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:

---

| | | |
|:---|:---|:---|
| **<u>Billed By</u>** | **<u>April 30, 2025</u><sup>A</sup>** | **<u>April 30, 2024</u><sup>A</sup>** |
| Deloitte Entities | $4594800  | $5105800  |
| PwC | $14816700  | $14937900  |

---

<sup>A</sup> 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.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

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.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

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).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Founders Fund**

**Annual Report**

**April 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img108978_1.jpg)

![](img108978_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_RFFF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Founders Fund](#Sub_Sec_Fund_3336_RFFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3336_RFFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_RFFF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_RFFF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_RFFF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_RFFF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_RFFF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_RFFF-ANN)** |

---

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Founders Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Canva Inc Class A (a)(b)(c) | 188 | 217140 |
| BRAZIL - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| MercadoLibre Inc (c) | 666 | 1552346 |
| CANADA - 4.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| VerticalScope Holdings Inc Subordinate Voting Shares (c)(d) | 7292 | 24860 |
| Consumer Discretionary - 0.7% |  |  |
| Specialty Retail - 0.7% |  |  |
| Aritzia Inc Subordinate Voting Shares (c) | 35581 | 1251503 |
| Energy - 1.2% |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| Tourmaline Oil Corp  | 49313 | 2178415 |
| Industrials - 0.7% |  |  |
| Professional Services - 0.7% |  |  |
| Thomson Reuters Corp  | 6312 | 1174537 |
| Information Technology - 0.8% |  |  |
| IT Services - 0.8% |  |  |
| CGI Inc Class A  | 1134 | 120244 |
| Shopify Inc Class A (United States) (c) | 13324 | 1265780 |
|  |  | 1386024 |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| Alamos Gold Inc Class A  | 64717 | 1850064 |
| Barrick Gold Corp (United States)  | 9182 | 174825 |
|  |  | 2024889 |
| TOTAL CANADA |  | 8040228 |
| CHINA - 1.7%  |  |  |
| Consumer Discretionary - 1.7% |  |  |
| Broadline Retail - 1.1% |  |  |
| Alibaba Group Holding Ltd ADR  | 8423 | 1005959 |
| JD.com Inc ADR  | 29671 | 967868 |
|  |  | 1973827 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Trip.com Group Ltd ADR  | 17096 | 1008493 |
| TOTAL CHINA |  | 2982320 |
| FRANCE - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Antin Infrastructure Partners SA  | 962 | 11225 |
| GERMANY - 1.7%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Specialty Retail - 0.8% |  |  |
| Auto1 Group SE (c)(e)(f) | 59719 | 1424765 |
| Information Technology - 0.9% |  |  |
| Software - 0.9% |  |  |
| SAP SE ADR  | 5425 | 1585131 |
| TOTAL GERMANY |  | 3009896 |
| INDIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd (c) | 13774 | 42483 |
| ITALY - 0.8%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Brunello Cucinelli SpA  | 9494 | 1066064 |
| Moncler SpA  | 6110 | 374049 |
|  |  | 1440113 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Stevanato Group SpA (d) | 1737 | 36233 |
| TOTAL ITALY |  | 1476346 |
| NETHERLANDS - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.9% |  |  |
| Argenx SE ADR (c) | 2378 | 1534143 |
| SPAIN - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Specialty Retail - 0.7% |  |  |
| Industria de Diseno Textil SA (d) | 21410 | 1145774 |
| SWEDEN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| EQT AB  | 3315 | 95278 |
| SWITZERLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| On Holding AG Class A (c) | 300 | 14433 |
| TAIWAN - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 4798 | 799779 |
| UNITED KINGDOM - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Starling Bank Ltd Class D (a)(b)(c) | 44800 | 144486 |
| UNITED STATES - 85.8%  |  |  |
| Communication Services - 14.9% |  |  |
| Entertainment - 5.1% |  |  |
| Netflix Inc (c) | 4610 | 5217229 |
| ROBLOX Corp Class A (c) | 19952 | 1337782 |
| Spotify Technology SA (c) | 3779 | 2320230 |
|  |  | 8875241 |
| Interactive Media & Services - 9.5% |  |  |
| Alphabet Inc Class C  | 44753 | 7200310 |
| Meta Platforms Inc Class A  | 14697 | 8068653 |
| Reddit Inc Class A (c) | 10856 | 1265484 |
| Reddit Inc Class B (c) | 200 | 23314 |
| Snap Inc Class A (c) | 10059 | 80070 |
|  |  | 16637831 |
| Media - 0.3% |  |  |
| Trade Desk Inc (The) Class A (c) | 10546 | 565582 |
| TOTAL COMMUNICATION SERVICES |  | 26078654 |
| Consumer Discretionary - 12.8% |  |  |
| Automobiles - 1.5% |  |  |
| Tesla Inc (c) | 8997 | 2538594 |
| Broadline Retail - 5.5% |  |  |
| Amazon.com Inc (c) | 52161 | 9619532 |
| Hotels, Restaurants & Leisure - 2.8% |  |  |
| Airbnb Inc Class A (c) | 9926 | 1210178 |
| Cava Group Inc (c) | 10297 | 951752 |
| DoorDash Inc Class A (c) | 1874 | 361476 |
| Dutch Bros Inc Class A (c) | 14871 | 888394 |
| Marriott International Inc/MD Class A1  | 4907 | 1170712 |
| Monarch Casino & Resort Inc  | 956 | 74750 |
| Penn Entertainment Inc (c) | 4238 | 64502 |
| Red Rock Resorts Inc Class A  | 1263 | 53929 |
| Viking Holdings Ltd (c) | 1500 | 61545 |
|  |  | 4837238 |
| Household Durables - 1.3% |  |  |
| DR Horton Inc  | 10831 | 1368389 |
| Garmin Ltd  | 974 | 182010 |
| Lennar Corp Class A  | 2800 | 304108 |
| Toll Brothers Inc  | 3717 | 374934 |
|  |  | 2229441 |
| Specialty Retail - 0.3% |  |  |
| Carvana Co Class A (c) | 2112 | 516067 |
| Revolve Group Inc Class A (c)(d) | 10100 | 200788 |
| Wayfair Inc Class A (c) | 2097 | 63245 |
|  |  | 780100 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Ralph Lauren Corp Class A  | 10666 | 2399317 |
| TOTAL CONSUMER DISCRETIONARY |  | 22404222 |
| Consumer Staples - 1.2% |  |  |
| Beverages - 1.2% |  |  |
| Coca-Cola Co/The  | 22000 | 1596100 |
| Coca-Cola Consolidated Inc  | 417 | 565373 |
|  |  | 2161473 |
| Energy - 2.0% |  |  |
| Oil, Gas & Consumable Fuels - 2.0% |  |  |
| Antero Resources Corp (c) | 79362 | 2764178 |
| Devon Energy Corp  | 2524 | 76755 |
| Energy Transfer LP  | 36300 | 600402 |
|  |  | 3441335 |
| Financials - 15.0% |  |  |
| Banks - 0.4% |  |  |
| Pinnacle Financial Partners Inc  | 7399 | 741676 |
| Capital Markets - 6.4% |  |  |
| Blackrock Inc  | 3589 | 3281279 |
| Blue Owl Capital Inc Class A (d) | 48103 | 891349 |
| Carlyle Group Inc/The  | 25339 | 979099 |
| Charles Schwab Corp/The  | 34549 | 2812289 |
| Intercontinental Exchange Inc  | 5071 | 851776 |
| KKR & Co Inc Class A  | 8753 | 1000205 |
| Morningstar Inc  | 2041 | 581113 |
| Robinhood Markets Inc Class A (c) | 15264 | 749615 |
|  |  | 11146725 |
| Consumer Finance - 0.7% |  |  |
| Capital One Financial Corp  | 7189 | 1295889 |
| NerdWallet Inc Class A (c) | 400 | 3584 |
|  |  | 1299473 |
| Financial Services - 6.4% |  |  |
| Apollo Global Management Inc  | 29428 | 4016333 |
| Berkshire Hathaway Inc Class B (c) | 10506 | 5602325 |
| Block Inc Class A (c) | 15451 | 903420 |
| Corpay Inc (c) | 2310 | 751605 |
| Remitly Global Inc (c) | 200 | 4044 |
|  |  | 11277727 |
| Insurance - 1.1% |  |  |
| Arthur J Gallagher & Co  | 5787 | 1855833 |
| TOTAL FINANCIALS |  | 26321434 |
| Health Care - 7.4% |  |  |
| Biotechnology - 2.1% |  |  |
| Alnylam Pharmaceuticals Inc (c) | 7699 | 2026685 |
| Blueprint Medicines Corp (c) | 1000 | 89500 |
| Celldex Therapeutics Inc (c) | 13416 | 279455 |
| Crinetics Pharmaceuticals Inc (c) | 9000 | 300510 |
| Krystal Biotech Inc (c) | 1473 | 250233 |
| Moderna Inc (c) | 8342 | 238081 |
| Prelude Therapeutics Inc (c) | 300 | 288 |
| TG Therapeutics Inc (c) | 11615 | 528599 |
|  |  | 3713351 |
| Health Care Equipment & Supplies - 2.0% |  |  |
| Glaukos Corp (c) | 3400 | 320450 |
| Masimo Corp (c) | 5916 | 952239 |
| Penumbra Inc (c) | 7712 | 2258382 |
| TransMedics Group Inc (c) | 481 | 44257 |
|  |  | 3575328 |
| Health Care Providers & Services - 0.1% |  |  |
| Joint Corp/The (c)(d) | 1173 | 11742 |
| LifeStance Health Group Inc (c) | 37426 | 245889 |
|  |  | 257631 |
| Health Care Technology - 2.4% |  |  |
| Doximity Inc Class A (c) | 40458 | 2301251 |
| Veeva Systems Inc Class A (c) | 7122 | 1664340 |
|  |  | 3965591 |
| Life Sciences Tools & Services - 0.8% |  |  |
| Bruker Corp  | 12350 | 494741 |
| Danaher Corp  | 4849 | 966551 |
|  |  | 1461292 |
| TOTAL HEALTH CARE |  | 12973193 |
| Industrials - 5.4% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| HEICO Corp Class A  | 6021 | 1209800 |
| Karman Holdings Inc  | 400 | 14300 |
|  |  | 1224100 |
| Air Freight & Logistics - 0.3% |  |  |
| FedEx Corp  | 2610 | 548961 |
| Building Products - 0.4% |  |  |
| Tecnoglass Inc  | 9457 | 674000 |
| Commercial Services & Supplies - 2.9% |  |  |
| Cintas Corp  | 5052 | 1069407 |
| GFL Environmental Inc Subordinate Voting Shares (United States)  | 58717 | 2929978 |
| Veralto Corp  | 1770 | 169743 |
| Waste Connections Inc (United States)  | 3717 | 734591 |
|  |  | 4903719 |
| Construction & Engineering - 0.0% |  |  |
| Bowman Consulting Group Ltd (c) | 3600 | 79632 |
| Professional Services - 0.4% |  |  |
| Paycom Software Inc  | 3248 | 735315 |
| Trading Companies & Distributors - 0.7% |  |  |
| Watsco Inc  | 2776 | 1276516 |
| TOTAL INDUSTRIALS |  | 9442243 |
| Information Technology - 22.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| OSI Systems Inc (c) | 7655 | 1567285 |
| Vontier Corp  | 1083 | 34450 |
|  |  | 1601735 |
| IT Services - 1.3% |  |  |
| Cloudflare Inc Class A (c) | 9096 | 1098615 |
| Coreweave Inc Class A (g) | 3200 | 132160 |
| Coreweave Inc Class A (a)(g) | 202 | 9886 |
| Okta Inc Class A (c) | 9728 | 1091092 |
|  |  | 2331753 |
| Semiconductors & Semiconductor Equipment - 6.6% |  |  |
| Analog Devices Inc  | 9673 | 1885461 |
| Astera Labs Inc (c) | 300 | 19593 |
| NVIDIA Corp  | 88278 | 9615240 |
|  |  | 11520294 |
| Software - 14.0% |  |  |
| Applied Intuition Inc Class A (a)(b) | 270 | 36825 |
| AppLovin Corp Class A (c) | 1995 | 537273 |
| Clear Secure Inc Class A (d) | 23390 | 577265 |
| Confluent Inc Class A (c) | 4000 | 95240 |
| Datadog Inc Class A (c) | 2625 | 268170 |
| HubSpot Inc (c) | 1059 | 647579 |
| Life360 Inc (c)(d) | 25952 | 1113341 |
| Microsoft Corp  | 29270 | 11569260 |
| MicroStrategy Inc Class A (c)(d) | 917 | 348561 |
| nCino Inc (c) | 84 | 1948 |
| Oracle Corp  | 19852 | 2793573 |
| Palantir Technologies Inc Class A (c) | 11822 | 1400198 |
| Pegasystems Inc  | 9220 | 848978 |
| SailPoint Inc  | 1100 | 18876 |
| Salesforce Inc  | 4439 | 1192804 |
| Samsara Inc Class A (c) | 2117 | 83960 |
| Tenable Holdings Inc (c) | 7796 | 238324 |
| Zoom Communications Inc Class A (c) | 21946 | 1701693 |
| Zscaler Inc (c) | 3615 | 817605 |
|  |  | 24291473 |
| TOTAL INFORMATION TECHNOLOGY |  | 39745255 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| MP Materials Corp (c)(d) | 10700 | 261722 |
| Real Estate - 4.2% |  |  |
| Real Estate Management & Development - 1.0% |  |  |
| Zillow Group Inc Class C (c) | 25136 | 1692407 |
| Residential REITs - 1.1% |  |  |
| Camden Property Trust  | 3104 | 353235 |
| Equity Residential  | 21677 | 1523026 |
|  |  | 1876261 |
| Retail REITs - 0.4% |  |  |
| Simon Property Group Inc  | 5779 | 909499 |
| Specialized REITs - 1.7% |  |  |
| Public Storage Operating Co  | 9685 | 2909665 |
| TOTAL REAL ESTATE |  | 7387832 |
| TOTAL UNITED STATES |  | 150217363 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $126,835,632) |  | <br> **171283240** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Series A (a)(b)(c) | 17 | 19635 |
| Canva Inc Series A2 (a)(b)(c) | 3 | 3465 |
| TOTAL AUSTRALIA |  | 23100 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (a)(b)(c) | 638 | 135441 |
| UNITED STATES - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| IT Services - 0.0% |  |  |
| Yanka Industries Inc Series E (a)(b)(c) | 2484 | 6508 |
| Yanka Industries Inc Series F (a)(b)(c) | 12743 | 53648 |
|  |  | 60156 |
| Software - 0.2% |  |  |
| Applied Intuition Inc Series A2 (a)(b) | 352 | 48009 |
| Applied Intuition Inc Series B2 (a)(b) | 171 | 23323 |
| Evozyne Inc Series A (a)(b)(c) | 1000 | 14410 |
| MOLOCO Inc Series A (a)(b)(c) | 3703 | 210849 |
|  |  | 296591 |
| TOTAL UNITED STATES |  | 356747 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $803,323) |  | <br> **515288** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.33 | 4662437 | 4663370 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.33 | 3275716 | 3276043 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $7,939,413) |  |  | **7939413** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.7%**<br> (Cost $135,578,368)<br>| <br>**179737941** |
| **NET OTHER ASSETS (LIABILITIES) - (2.7)%**  | **(4704583)** |
| **NET ASSETS - 100.0%** | **175033358** |

---

**Legend**

(a) Level 3 security

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $913,739 or 0.5% of net assets.

(c) Non-income producing

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

(e) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,424,765 or 0.8% of net assets.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,424,765 or 0.8% of net assets.

(g) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $142,046 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Applied Intuition Inc Class A | 7/02/24 | 16118 |
| Applied Intuition Inc Series A2 | 7/02/24 | 21013 |
| Applied Intuition Inc Series B2 | 7/02/24 | 10208 |
| ByteDance Ltd Series E1 | 11/18/20 | 69908 |
| Canva Inc Class A | 3/18/24 - 5/03/24 | 200532 |
| Canva Inc Series A | 9/22/23 | 18133 |
| Canva Inc Series A2 | 9/22/23 | 3200 |
| Evozyne Inc Series A | 4/09/21 | 22470 |
| MOLOCO Inc Series A | 6/26/23 | 222180 |
| Starling Bank Ltd Class D | 6/18/21 - 4/05/22 | 85152 |
| Yanka Industries Inc Series E | 5/15/20 | 30005 |
| Yanka Industries Inc Series F | 4/08/21 | 406206 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Coreweave Inc Class A | 9/24/2025 |
| Coreweave Inc Class A | 9/24/2025 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 4186506 | 53580714 | 53103850 | 167253 | - | - | 4663370 | 4662437 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3514513 | 42234978 | 42473448 | 5558 | - | - | 3276043 | 3275716 | 0.0% |
| Total | 7701019 | 95815692 | 95577298 | 172811 | - | - | 7939413 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 26103514 | 26103514 | - | - |
| Consumer Discretionary | 32215476 | 32215476 | - | - |
| Consumer Staples | 2161473 | 2161473 | - | - |
| Energy | 5619750 | 5619750 | - | - |
| Financials | 26614906 | 26427937 | 42483 | 144486 |
| Health Care | 14543569 | 14543569 | - | - |
| Industrials | 10616780 | 10616780 | - | - |
| Information Technology | 43733329 | 43469478 | - | 263851 |
| Materials | 2286611 | 2286611 | - | - |
| Real Estate | 7387832 | 7387832 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 135441 | - | - | 135441 |
| Information Technology | 379847 | - | - | 379847 |
|  **Money Market Funds** | 7939413 | 7939413 | - | - |
| **Total Investments in Securities:** | 179737941 | 178771833 | 42483 | 923625 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $4,083,636) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $127,638,955) | $171798528 |  |
| Fidelity Central Funds (cost $7,939,413) | 7939413 |  |
| Total Investment in Securities (cost $135,578,368) |  | $179737941 |
| Receivable for fund shares sold |  | 36296 |
| Dividends receivable |  | 19943 |
| Distributions receivable from Fidelity Central Funds |  | 20959 |
| Prepaid expenses |  | 45 |
| **Total assets** |  | 179815184 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $906522 |  |
| Payable for fund shares redeemed | 444467 |  |
| Accrued management fee | 103382 |  |
| Distribution and service plan fees payable | 12939 |  |
| Other payables and accrued expenses | 38472 |  |
| Collateral on securities loaned | 3276044 |  |
| **Total liabilities** |  | 4781826 |
| **Net Assets**  |  | $175033358 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $126506692 |
| Total accumulated earnings (loss) |  | 48526666 |
| **Net Assets** |  | $175033358 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($28,599,622 ÷ 1,324,043 shares)(a) |  | $21.60 |
| Maximum offering price per share (100/94.25 of $21.60) |  | $22.92 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($12,629,365 ÷ 591,472 shares)(a) |  | $21.35 |
| Maximum offering price per share (100/96.50 of $21.35) |  | $22.12 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($2,854,184 ÷ 137,132 shares)(a) |  | $20.81 |
| **Fidelity Founders Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($117,849,784 ÷ 5,397,134 shares) |  | $21.84 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,208,408 ÷ 284,314 shares) |  | $21.84 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,891,995 ÷ 314,042 shares) |  | $21.95 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $1147029 |
| Income from Fidelity Central Funds (including $5,558 from security lending)  |  | 172811 |
| **Total income** |  | 1319840 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $1133801 |  |
| Performance adjustment | 4647 |  |
| Distribution and service plan fees | 177824 |  |
| Custodian fees and expenses | 7285 |  |
| Independent trustees' fees and expenses | 682 |  |
| Registration fees | 95326 |  |
| Audit fees | 49121 |  |
| Legal | 2992 |  |
| Miscellaneous | 4208 |  |
| Total expenses before reductions | 1475886 |  |
| Expense reductions | (469) |  |
| Total expenses after reductions |  | 1475417 |
| **Net Investment income (loss)** |  | (155577) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $21,012)  | 12772641 |  |
| Foreign currency transactions | (1900) |  |
| Total net realized gain (loss) |  | 12770741 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $10,975)  | 3774596 |  |
| Assets and liabilities in foreign currencies | 65 |  |
| Total change in net unrealized appreciation (depreciation) |  | 3774661 |
| **Net gain (loss)** |  | 16545402 |
| **Net increase (decrease) in net assets resulting from operations** |  | $16389825 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(155577) | $(51032) |
| &nbsp;&nbsp;Net realized gain (loss) | 12770741<br>| 2531081<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3774661 | 25992316<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 16389825<br>| 28472365<br>|
| Distributions to shareholders | (5577008)<br>| (98999)<br>|
| Share transactions - net increase (decrease) | 28207614<br>| 14124777<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 39020431<br>| 42498143<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 136012927 | 93514784<br>|
| &nbsp;&nbsp;End of period | $175033358 | $136012927 |

---

**Financial Highlights** 

**Fidelity Advisor® Founders Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.61 | $15.07 | $15.71 | $18.71 | $11.85 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.06)  | (.04)  | .07  | - C,D | (.14)  |
| Net realized and unrealized gain (loss)  | 2.79  | 4.58  | (.38)  | (1.88)  | 7.00  |
| Total from investment operations  | 2.73  | 4.54  | (.31)  | (1.88)  | 6.86  |
| Distributions from net investment income  | -  | -  | (.07)  | (.02)  | -  |
| Distributions from net realized gain  | (.74)  | -  | (.26)  | (1.11)  | -  |
| Total distributions  | (.74)  | -  | (.33)  | (1.12) E | -  |
| Net asset value, end of period  | $21.60 | $19.61 | $15.07 | $15.71 | $18.71 |
| **Total Return** F,G | 13.61% <br>| 30.13%  | (1.90)%  | (10.74)%  | 57.89%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | 1.07%  | 1.06%  | 1.24%  | 1.17%  | 1.25%  |
| Expenses net of fee waivers, if any  | 1.07% <br>| 1.05%  | 1.15%  | 1.15%  | 1.25%  |
| Expenses net of all reductions, if any  | 1.07%  | 1.05%  | 1.15%  | 1.15%  | 1.24%  |
| Net investment income (loss)  | (.28)%  | (.21)%  | .49%  | -% C,J | (.83)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $28600 | $22456 | $13884 | $11013 | $11606 |
| Portfolio turnover rate K | 41% <br>| 31%  | 51%  | 47%  | 57%  |

---

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.19)%.*

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

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

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

G*Total returns do not include the effect of the sales charges.*

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

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

J*Amount represents less than .005%.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Founders Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.43 | $14.97 | $15.62 | $18.62 | $11.82 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.11)  | (.08)  | .03  | (.04) C | (.17)  |
| Net realized and unrealized gain (loss)  | 2.77  | 4.54  | (.38)  | (1.87)  | 6.97  |
| Total from investment operations  | 2.66  | 4.46  | (.35)  | (1.91)  | 6.80  |
| Distributions from net investment income  | -  | -  | (.04)  | -  | -  |
| Distributions from net realized gain  | (.74)  | -  | (.26)  | (1.09)  | -  |
| Total distributions  | (.74)  | -  | (.30)  | (1.09)  | -  |
| Net asset value, end of period  | $21.35 | $19.43 | $14.97 | $15.62 | $18.62 |
| **Total Return** D,E | 13.37% <br>| 29.79%  | (2.20)%  | (10.93)%  | 57.53%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.31%  | 1.29%  | 1.44%  | 1.39%  | 1.46%  |
| Expenses net of fee waivers, if any  | 1.31% <br>| 1.28%  | 1.40%  | 1.38%  | 1.46%  |
| Expenses net of all reductions, if any  | 1.31%  | 1.28%  | 1.40%  | 1.38%  | 1.45%  |
| Net investment income (loss)  | (.52)%  | (.44)%  | .24%  | (.24)% C | (1.04)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $12629 | $14328 | $8354 | $8562 | $7357 |
| Portfolio turnover rate H | 41% <br>| 31%  | 51%  | 47%  | 57%  |

---

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.42)%.*

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

E*Total returns do not include the effect of the sales charges.*

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), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Founders Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.05 | $14.76 | $15.43 | $18.41 | $11.75 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.22)  | (.17)  | (.04)  | (.14) C | (.26)  |
| Net realized and unrealized gain (loss)  | 2.72  | 4.46  | (.37)  | (1.84)  | 6.92  |
| Total from investment operations  | 2.50  | 4.29  | (.41)  | (1.98)  | 6.66  |
| Distributions from net realized gain  | (.74)  | -  | (.26)  | (1.00)  | -  |
| Total distributions  | (.74)  | -  | (.26)  | (1.00)  | -  |
| Net asset value, end of period  | $20.81 | $19.05 | $14.76 | $15.43 | $18.41 |
| **Total Return** D,E | 12.79% <br>| 29.07%  | (2.67)%  | (11.40)%  | 56.68%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.82%  | 1.83%  | 2.01%  | 1.99%  | 2.04%  |
| Expenses net of fee waivers, if any  | 1.82% <br>| 1.83%  | 1.90%  | 1.91%  | 2.00%  |
| Expenses net of all reductions, if any  | 1.82%  | 1.82%  | 1.90%  | 1.91%  | 1.99%  |
| Net investment income (loss)  | (1.03)%  | (.98)%  | (.26)%  | (.76)% C | (1.58)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2854 | $3085 | $1613 | $1717 | $2035 |
| Portfolio turnover rate H | 41% <br>| 31%  | 51%  | 47%  | 57%  |

---

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.95)%.*

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

E*Total returns do not include the effect of the contingent deferred sales charge.*

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), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Founders Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.75 | $15.16 | $15.79 | $18.80 | $11.88 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | - C | .01  | .11  | .05 D | (.09)  |
| Net realized and unrealized gain (loss)  | 2.83  | 4.60  | (.39)  | (1.89)  | 7.01  |
| Total from investment operations  | 2.83  | 4.61  | (.28)  | (1.84)  | 6.92  |
| Distributions from net investment income  | -  | (.02)  | (.09)  | (.04)  | -  |
| Distributions from net realized gain  | (.74)  | -  | (.26)  | (1.13)  | -  |
| Total distributions  | (.74)  | (.02)  | (.35)  | (1.17)  | -  |
| Net asset value, end of period  | $21.84 | $19.75 | $15.16 | $15.79 | $18.80 |
| **Total Return** E | 14.02% <br>| 30.42%  | (1.69)%  | (10.48)%  | 58.25%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .77%  | .80%  | .98%  | .90%  | .97%  |
| Expenses net of fee waivers, if any  | .77% <br>| .79%  | .90%  | .90%  | .97%  |
| Expenses net of all reductions, if any  | .77%  | .79%  | .90%  | .90%  | .97%  |
| Net investment income (loss)  | .02%  | .06%  | .74%  | .25% D | (.56)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $117850 | $84557 | $62601 | $69885 | $96052 |
| Portfolio turnover rate H | 41% <br>| 31%  | 51%  | 47%  | 57%  |

---

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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 .06%.*

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), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Founders Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.75 | $15.16 | $15.79 | $18.81 | $11.88 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | .02  | .11  | .06 C | (.08)  |
| Net realized and unrealized gain (loss)  | 2.82  | 4.60  | (.39)  | (1.89)  | 7.01  |
| Total from investment operations  | 2.83  | 4.62  | (.28)  | (1.83)  | 6.93  |
| Distributions from net investment income  | -  | (.03)  | (.10)  | (.05)  | -  |
| Distributions from net realized gain  | (.74)  | -  | (.26)  | (1.14)  | -  |
| Total distributions  | (.74)  | (.03)  | (.35) D | (1.19)  | -  |
| Net asset value, end of period  | $21.84 | $19.75 | $15.16 | $15.79 | $18.81 |
| **Total Return** E | 14.02% <br>| 30.48%  | (1.64)%  | (10.45)%  | 58.33%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .75%  | .74%  | .88%  | .85%  | .93%  |
| Expenses net of fee waivers, if any  | .75% <br>| .73%  | .88%  | .85%  | .93%  |
| Expenses net of all reductions, if any  | .75%  | .73%  | .88%  | .85%  | .92%  |
| Net investment income (loss)  | .04%  | .12%  | .76%  | .30% C | (.51)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6208 | $4792 | $2899 | $1263 | $1449 |
| Portfolio turnover rate H | 41% <br>| 31%  | 51%  | 47%  | 57%  |

---

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .12%.*

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), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Founders Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.83 | $15.21 | $15.83 | $18.86 | $11.90 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | .04  | .13  | .07 C | (.07)  |
| Net realized and unrealized gain (loss)  | 2.83  | 4.62  | (.39)  | (1.89)  | 7.03  |
| Total from investment operations  | 2.86  | 4.66  | (.26)  | (1.82)  | 6.96  |
| Distributions from net investment income  | -  | (.04)  | (.10)  | (.06)  | -  |
| Distributions from net realized gain  | (.74)  | -  | (.26)  | (1.15)  | -  |
| Total distributions  | (.74)  | (.04)  | (.36)  | (1.21)  | -  |
| Net asset value, end of period  | $21.95 | $19.83 | $15.21 | $15.83 | $18.86 |
| **Total Return** D | 14.11% <br>| 30.66%  | (1.55)%  | (10.37)%  | 58.49%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .66%  | .63%  | .78%  | .76%  | .83%  |
| Expenses net of fee waivers, if any  | .66% <br>| .63%  | .75%  | .75%  | .83%  |
| Expenses net of all reductions, if any  | .66%  | .63%  | .75%  | .75%  | .82%  |
| Net investment income (loss)  | .13%  | .22%  | .89%  | .40% C | (.41)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6892 | $6795 | $4165 | $18186 | $21966 |
| Portfolio turnover rate G | 41% <br>| 31%  | 51%  | 47%  | 57%  |

---

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.*

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 does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Founders Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Founders Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 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. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**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, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are 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 short-term capital gain dividends, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $52067145 |
| **Gross unrealized depreciation**  | <u>(8576875)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$43490270</u> |
| **Tax Cost**  | <u>$136247671</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$5136227</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$43490196</u> |

---

The fund intends to elect to defer to its next fiscal year $99,758 of ordinary losses recognized during the period January 1, 2025 to April 30, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $- | $98999 |
| **Long-term Capital Gains**  | <u>5577008</u> | <u>-</u> |
| **Total**  | <u>$5577008</u> | <u>$98999</u> |

---

**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.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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** | 90038809 | 66941677 |

---

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

---

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

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .72 |
| **Class M** | .71 |
| **Class C** | .72 |
| **Fidelity Founders Fund** | .67 |
| **Class I** | .65 |
| **Class Z** | .56 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Founders Fund** | Russell 3000 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Founders Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was less than .005%.

**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% | 67268 | 2990 |
| **Class M** | .25% | .25% | 77301 | 109 |
| **Class C** | .75% | .25% | <u>33255</u> | <u>4716</u> |
|  |  |  | <u>177824</u> | <u>7815</u> |

---

**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** | 21591 |
| **Class M** | 3549 |
| **Class C**A | <u>262</u> |
|  | <u>25402</u> |

---

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

**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 Founders Fund** | 1008 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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 Founders Fund** | 5887910 | 4998070 | 1267592 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Founders Fund** | 242 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Founders Fund** | 588 | 197 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Founders Fund** | 912566 |

---

**8. Expense Reductions.**

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $469.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Fidelity Founders Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $883447 | $- |
| Class M | 518849 | - |
| Class C | 112181 | - |
| Fidelity Founders Fund | 3641890 | 78648 |
| Class I | 182993 | 6222 |
| Class Z | <u>237648</u> | <u>14129</u> |
| Total  | <u>$5577008</u> | <u>$98999</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **April 30, 2024** | **Year ended** <br> **April 30, 2025**  | **Year ended**<br> **April 30, 2024** |
| **Fidelity Founders Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 338276 | 357562 | $7573309 | $6328363 |
| Reinvestment of distributions | 37460 | - | 880691 | - |
| Shares redeemed | <u>(197095)</u> | <u>(133442)</u> | <u>(4339772)</u> | <u>(2302213)</u> |
| Net increase (decrease) | <u>178641</u> | <u>224120</u> | <u>$4114228</u> | <u>$4026150</u> |
| **Class M** |  |  |  |  |
| Shares sold | 133428 | 221304 | $2941891 | $3818142 |
| Reinvestment of distributions | 21430 | - | 498682 | - |
| Shares redeemed | <u>(300638)</u> | <u>(41973)</u> | <u>(6486249)</u> | <u>(723828)</u> |
| Net increase (decrease) | <u>(145780)</u> | <u>179331</u> | <u>$(3045676)</u> | <u>$3094314</u> |
| **Class C** |  |  |  |  |
| Shares sold | 43765 | 80325 | $972749 | $1343892 |
| Reinvestment of distributions | 4938 | - | 112181 | - |
| Shares redeemed | <u>(73466)</u> | <u>(27722)</u> | <u>(1580466)</u> | <u>(486933)</u> |
| Net increase (decrease) | <u>(24763)</u> | <u>52603</u> | <u>$(495536)</u> | <u>$856959</u> |
| **Fidelity Founders Fund** |  |  |  |  |
| Shares sold | 2494272 | 1292892 | $58023745 | $24261828 |
| Reinvestment of distributions | 141129 | 4059 | 3351822 | 73069 |
| Shares redeemed | <u>(1518670)</u> | <u>(1145208)</u> | <u>(34052548)</u> | <u>(20197581)</u> |
| Net increase (decrease) | <u>1116731</u> | <u>151743</u> | <u>$27323019</u> | <u>$4137316</u> |
| **Class I** |  |  |  |  |
| Shares sold | 113204 | 150025 | $2597868 | $2648431 |
| Reinvestment of distributions | 7659 | 346 | 181903 | 6222 |
| Shares redeemed | <u>(79162)</u> | <u>(99004)</u> | <u>(1851405)</u> | <u>(1764775)</u> |
| Net increase (decrease) | <u>41701</u> | <u>51367</u> | <u>$928366</u> | <u>$889878</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 20903 | 120849 | $478964 | $2052346 |
| Reinvestment of distributions | 9631 | 755 | 229802 | 13644 |
| Shares redeemed | <u>(59142)</u> | <u>(52719)</u> | <u>(1325553)</u> | <u>(945830)</u> |
| Net increase (decrease) | <u>(28608)</u> | <u>68885</u> | <u>$(616787)</u> | <u>$1120160</u> |

---

**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. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Concord Street Trust and 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, 2025, the related statement of operations for the year ended April 30, 2025, the statement of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended April 30, 2025 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, 2025 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 11, 2025

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

**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, 2025, $11,917,827, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 399712835196.11 | 95.27 |
| Withheld  | 19861567939.07 | 4.73 |
| TOTAL  | 419574403135.19 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 398303145670.78 | 94.93 |
| Withheld  | 21271257464.41 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 398848644763.97 | 95.06 |
| Withheld  | 20725758371.21 | 4.94 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 399084917382.24 | 95.12 |
| Withheld  | 20489485752.95 | 4.88 |
| TOTAL  | 419574403135.19 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 398136894294.44 | 94.89 |
| Withheld  | 21437508840.75 | 5.11 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 399535778208.65 | 95.22 |
| Withheld  | 20038624926.54 | 4.78 |
| TOTAL  | 419574403135.19 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 399319643676.69 | 95.17 |
| Withheld  | 20254759458.50 | 4.83 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 398612509964.82 | 95.00 |
| Withheld  | 20961893170.36 | 5.00 |
| TOTAL  | 419574403135.19 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 397517256424.15 | 94.74 |
| Withheld  | 22057146711.03 | 5.26 |
| TOTAL  | 419574403135.19 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 398905166808.58 | 95.07 |
| Withheld  | 20669236326.60 | 4.93 |
| TOTAL  | 419574403135.19 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 398279523899.44 | 94.92 |
| Withheld  | 21294879235.74 | 5.08 |
| TOTAL  | 419574403135.19 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 398393822853.60 | 94.95 |
| Withheld  | 21180580281.58 | 5.05 |
| TOTAL  | 419574403135.19 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 398304955259.60 | 94.93 |
| Withheld  | 21269447875.58 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img108978_4.jpg)<br>

1.9892518.106 RFFF-ANN-0625

**Fidelity® Mid-Cap Stock Fund**

**Annual Report**

**April 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img108970_1.jpg)

![](img108970_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MCS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Mid-Cap Stock Fund](#Sub_Sec_Fund_337_MCS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements337_MCS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MCS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MCS-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCS-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCS-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCS-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCS-ANN)** |

---

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Mid-Cap Stock Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| UCB SA  | 207103 | 37808470 |
| BRAZIL - 0.9%  |  |  |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Wheaton Precious Metals Corp (United States)  | 714767 | 59697340 |
| CANADA - 3.0%  |  |  |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Imperial Oil Ltd (a) | 1247307 | 84133961 |
| South Bow Corp  | 613209 | 15145631 |
|  |  | 99279592 |
| Industrials - 1.2% |  |  |
| Commercial Services & Supplies - 1.2% |  |  |
| RB Global Inc (United States)  | 772517 | 77792462 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Teck Resources Ltd Class B (United States)  | 737654 | 25072859 |
| TOTAL CANADA |  | 202144913 |
| FINLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Amer Sports Inc (b) | 957910 | 23229318 |
| ISRAEL - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Wix.com Ltd (b) | 229343 | 38894279 |
| ITALY - 2.2%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Textiles, Apparel & Luxury Goods - 1.3% |  |  |
| Brunello Cucinelli SpA  | 780606 | 87652758 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 674930 | 39644222 |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Prysmian SpA  | 347051 | 19064278 |
| TOTAL ITALY |  | 146361258 |
| JAPAN - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Capcom Co Ltd  | 860800 | 24918528 |
| NETHERLANDS - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE (b) | 31706 | 20496317 |
| THAILAND - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Fabrinet (b) | 179674 | 36843950 |
| UNITED KINGDOM - 1.7%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Flutter Entertainment PLC (United Kingdom) (b) | 173938 | 41632568 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Nomad Foods Ltd  | 675418 | 13501606 |
| Energy - 0.6% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| TechnipFMC PLC  | 1356896 | 38223760 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Sage Group PLC/The  | 1227607 | 20245894 |
| TOTAL UNITED KINGDOM |  | 113603828 |
| UNITED STATES - 88.2%  |  |  |
| Communication Services - 1.9% |  |  |
| Entertainment - 1.7% |  |  |
| Liberty Media Corp-Liberty Formula One Class A (b) | 309048 | 24893816 |
| Live Nation Entertainment Inc (b) | 338635 | 44852207 |
| TKO Group Holdings Inc Class A  | 243309 | 39637469 |
|  |  | 109383492 |
| Interactive Media & Services - 0.1% |  |  |
| Pinterest Inc Class A (b) | 380039 | 9622587 |
| Media - 0.1% |  |  |
| Magnite Inc (b) | 672900 | 8000781 |
| TOTAL COMMUNICATION SERVICES |  | 127006860 |
| Consumer Discretionary - 10.8% |  |  |
| Diversified Consumer Services - 2.0% |  |  |
| Duolingo Inc Class A (b) | 171978 | 66981992 |
| Service Corp International/US  | 792766 | 63342003 |
|  |  | 130323995 |
| Hotels, Restaurants & Leisure - 2.8% |  |  |
| Aramark  | 489415 | 16361143 |
| Cava Group Inc (b) | 101700 | 9400131 |
| Churchill Downs Inc  | 363264 | 32842698 |
| Domino's Pizza Inc  | 40175 | 19700615 |
| Sportradar Holding AG Class A (b) | 437100 | 10101381 |
| Texas Roadhouse Inc  | 260350 | 43207686 |
| Wyndham Hotels & Resorts Inc  | 642932 | 54842100 |
|  |  | 186455754 |
| Household Durables - 2.6% |  |  |
| DR Horton Inc  | 132356 | 16721857 |
| NVR Inc (b) | 5176 | 36882882 |
| Somnigroup International Inc (a) | 1294900 | 79066594 |
| Toll Brothers Inc  | 420438 | 42409581 |
|  |  | 175080914 |
| Specialty Retail - 2.6% |  |  |
| Burlington Stores Inc (b) | 287989 | 64809045 |
| Chewy Inc Class A (b) | 900700 | 33776250 |
| Floor & Decor Holdings Inc Class A (b) | 359507 | 25683180 |
| Williams-Sonoma Inc  | 322284 | 49783209 |
|  |  | 174051684 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Ralph Lauren Corp Class A  | 99251 | 22326512 |
| Tapestry Inc  | 426150 | 30107498 |
|  |  | 52434010 |
| TOTAL CONSUMER DISCRETIONARY |  | 718346357 |
| Consumer Staples - 4.5% |  |  |
| Beverages - 0.6% |  |  |
| Keurig Dr Pepper Inc  | 1207462 | 41766110 |
| Consumer Staples Distribution & Retail - 3.9% |  |  |
| Albertsons Cos Inc Class A  | 2337400 | 51376052 |
| BJ's Wholesale Club Holdings Inc (b) | 871149 | 102412277 |
| Performance Food Group Co (b) | 1261849 | 101780740 |
|  |  | 255569069 |
| TOTAL CONSUMER STAPLES |  | 297335179 |
| Energy - 3.2% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Kodiak Gas Services Inc  | 554353 | 18853546 |
| Oil, Gas & Consumable Fuels - 2.9% |  |  |
| Cheniere Energy Inc  | 271953 | 62851058 |
| Core Natural Resources Inc  | 232360 | 16778716 |
| Energy Transfer LP  | 2322888 | 38420568 |
| Ovintiv Inc  | 344500 | 11568309 |
| Range Resources Corp  | 1921942 | 65211492 |
|  |  | 194830143 |
| TOTAL ENERGY |  | 213683689 |
| Financials - 14.7% |  |  |
| Banks - 6.2% |  |  |
| East West Bancorp Inc  | 577229 | 49381941 |
| First Citizens BancShares Inc/NC Class A  | 17528 | 31184766 |
| Huntington Bancshares Inc/OH  | 3688212 | 53589720 |
| KeyCorp  | 1278436 | 18971990 |
| M&T Bank Corp  | 437880 | 74334509 |
| Old National Bancorp/IN  | 1878200 | 38672138 |
| Pinnacle Financial Partners Inc  | 323291 | 32406690 |
| Western Alliance Bancorp  | 485638 | 33853825 |
| Wintrust Financial Corp  | 755323 | 83969259 |
|  |  | 416364838 |
| Capital Markets - 4.4% |  |  |
| Blue Owl Capital Inc Class A  | 1784442 | 33065710 |
| Cboe Global Markets Inc  | 219393 | 48661367 |
| Evercore Inc Class A  | 129400 | 26564526 |
| Houlihan Lokey Inc Class A  | 258123 | 41836576 |
| Interactive Brokers Group Inc Class A  | 146800 | 25227580 |
| MarketAxess Holdings Inc  | 60300 | 13361877 |
| Raymond James Financial Inc  | 364796 | 49991644 |
| Stifel Financial Corp  | 645273 | 55293444 |
|  |  | 294002724 |
| Financial Services - 0.6% |  |  |
| Toast Inc Class A (b) | 1104878 | 39311559 |
| Insurance - 3.5% |  |  |
| American Financial Group Inc/OH  | 336180 | 42580559 |
| Arch Capital Group Ltd  | 203442 | 18448120 |
| First American Financial Corp  | 1061003 | 64519592 |
| Hartford Insurance Group Inc/The  | 307137 | 37676496 |
| Reinsurance Group of America Inc  | 374105 | 70073608 |
|  |  | 233298375 |
| TOTAL FINANCIALS |  | 982977496 |
| Health Care - 8.6% |  |  |
| Biotechnology - 1.6% |  |  |
| Arcellx Inc (b) | 118996 | 7728790 |
| Crinetics Pharmaceuticals Inc (b) | 280386 | 9362089 |
| Exact Sciences Corp (b) | 406556 | 18555216 |
| Legend Biotech Corp ADR (b) | 119800 | 4187010 |
| Revolution Medicines Inc (b) | 192400 | 7769112 |
| TG Therapeutics Inc (b) | 191000 | 8692410 |
| United Therapeutics Corp (b) | 169714 | 51438616 |
|  |  | 107733243 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Glaukos Corp (b) | 83800 | 7898149 |
| Inspire Medical Systems Inc (b) | 83741 | 13262900 |
| Insulet Corp (b) | 87231 | 22007509 |
| Masimo Corp (b) | 321359 | 51725945 |
| Merit Medical Systems Inc (b) | 167500 | 15820375 |
| Penumbra Inc (b) | 111900 | 32768796 |
|  |  | 143483674 |
| Health Care Providers & Services - 3.3% |  |  |
| Chemed Corp  | 73292 | 42620031 |
| LifeStance Health Group Inc (b) | 2436726 | 16009290 |
| Molina Healthcare Inc (b) | 130576 | 42699658 |
| Option Care Health Inc (b) | 1132373 | 36586972 |
| Privia Health Group Inc (b) | 615900 | 14461331 |
| Tenet Healthcare Corp (b) | 450124 | 64345226 |
|  |  | 216722508 |
| Health Care Technology - 0.6% |  |  |
| Doximity Inc Class A (b) | 587400 | 33411312 |
| Waystar Holding Corp (b) | 218400 | 8117928 |
|  |  | 41529240 |
| Life Sciences Tools & Services - 1.0% |  |  |
| Avantor Inc (a)(b) | 756730 | 9829923 |
| Bruker Corp  | 537573 | 21535174 |
| Repligen Corp (b) | 250423 | 34555870 |
|  |  | 65920967 |
| TOTAL HEALTH CARE |  | 575389632 |
| Industrials - 21.8% |  |  |
| Aerospace & Defense - 3.7% |  |  |
| Axon Enterprise Inc (b) | 41340 | 25353821 |
| BWX Technologies Inc  | 425105 | 46387458 |
| Huntington Ingalls Industries Inc  | 126605 | 29162196 |
| Space Exploration Technologies Corp (b)(c)(d) | 406206 | 75148110 |
| Woodward Inc  | 366330 | 68712518 |
|  |  | 244764103 |
| Building Products - 2.2% |  |  |
| AAON Inc  | 391820 | 35761411 |
| AZEK Co Inc/The Class A (b) | 690180 | 34205321 |
| Builders FirstSource Inc (b) | 77382 | 9257209 |
| Carlisle Cos Inc  | 169736 | 64411417 |
|  |  | 143635358 |
| Commercial Services & Supplies - 1.1% |  |  |
| CECO Environmental Corp (b) | 596066 | 14180410 |
| GFL Environmental Inc Subordinate Voting Shares  | 1301007 | 64918230 |
|  |  | 79098640 |
| Construction & Engineering - 3.8% |  |  |
| AECOM  | 928524 | 91598894 |
| Centuri Holdings Inc (b) | 741395 | 13315454 |
| Comfort Systems USA Inc  | 142724 | 56739926 |
| EMCOR Group Inc  | 156172 | 62578120 |
| Quanta Services Inc  | 92964 | 27209633 |
|  |  | 251442027 |
| Electrical Equipment - 1.7% |  |  |
| Acuity Inc  | 286178 | 69715823 |
| nVent Electric PLC  | 594314 | 32633782 |
| Vertiv Holdings Co Class A  | 113276 | 9671504 |
|  |  | 112021109 |
| Machinery - 5.3% |  |  |
| Allison Transmission Holdings Inc  | 580154 | 53513405 |
| Atmus Filtration Technologies Inc  | 482970 | 16744570 |
| Chart Industries Inc (b) | 295803 | 39927489 |
| CNH Industrial NV Class A  | 3354000 | 38805780 |
| Crane Co  | 364422 | 58664654 |
| ITT Inc  | 385263 | 52788736 |
| RBC Bearings Inc (b) | 152277 | 50033654 |
| Westinghouse Air Brake Technologies Corp  | 216788 | 40049415 |
|  |  | 350527703 |
| Professional Services - 2.5% |  |  |
| FTI Consulting Inc (b) | 107804 | 17925649 |
| Leidos Holdings Inc  | 335550 | 49386249 |
| Paylocity Holding Corp (b) | 244770 | 47020317 |
| TransUnion  | 623279 | 51707226 |
|  |  | 166039441 |
| Trading Companies & Distributors - 1.5% |  |  |
| Applied Industrial Technologies Inc  | 155702 | 37879183 |
| Watsco Inc  | 153925 | 70780872 |
|  |  | 108660055 |
| TOTAL INDUSTRIALS |  | 1456188436 |
| Information Technology - 8.3% |  |  |
| Communications Equipment - 1.1% |  |  |
| Ciena Corp (b) | 735953 | 49426604 |
| Lumentum Holdings Inc (b) | 417351 | 24640403 |
|  |  | 74067007 |
| Electronic Equipment, Instruments & Components - 2.3% |  |  |
| Belden Inc  | 348567 | 35940743 |
| Coherent Corp (b) | 526970 | 33894710 |
| Flex Ltd (b) | 1990955 | 68369395 |
| Trimble Inc (b) | 258200 | 16044548 |
|  |  | 154249396 |
| IT Services - 0.5% |  |  |
| Kyndryl Holdings Inc (b) | 1083600 | 35130312 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| ON Semiconductor Corp (b) | 224515 | 8913246 |
| Onto Innovation Inc (b) | 269617 | 32885185 |
|  |  | 41798431 |
| Software - 3.7% |  |  |
| Appfolio Inc Class A (b) | 81044 | 16737207 |
| Commvault Systems Inc (b) | 205900 | 34412067 |
| Docusign Inc (b) | 634872 | 51900786 |
| Dynatrace Inc (b) | 1371031 | 64397326 |
| Manhattan Associates Inc (b) | 152137 | 26987582 |
| Monday.com Ltd (b) | 174717 | 49093730 |
|  |  | 243528698 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Pure Storage Inc Class A (b) | 112946 | 5123231 |
| TOTAL INFORMATION TECHNOLOGY |  | 553897075 |
| Materials - 5.5% |  |  |
| Chemicals - 1.1% |  |  |
| Axalta Coating Systems Ltd (b) | 1044043 | 33931398 |
| CF Industries Holdings Inc  | 467587 | 36644793 |
|  |  | 70576191 |
| Construction Materials - 0.6% |  |  |
| Eagle Materials Inc  | 181434 | 41074843 |
| Containers & Packaging - 2.7% |  |  |
| AptarGroup Inc  | 437042 | 65534448 |
| Crown Holdings Inc  | 619934 | 59718242 |
| Graphic Packaging Holding CO  | 1699204 | 43006853 |
| International Paper Co  | 333794 | 15247710 |
|  |  | 183507253 |
| Metals & Mining - 0.6% |  |  |
| Carpenter Technology Corp  | 210600 | 41195466 |
| Paper & Forest Products - 0.5% |  |  |
| Louisiana-Pacific Corp  | 370207 | 31952566 |
| TOTAL MATERIALS |  | 368306319 |
| Real Estate - 6.8% |  |  |
| Health Care REITs - 1.3% |  |  |
| CareTrust REIT Inc  | 789500 | 23108665 |
| Ventas Inc  | 898157 | 62942843 |
|  |  | 86051508 |
| Industrial REITs - 0.5% |  |  |
| Terreno Realty Corp  | 575662 | 32427040 |
| Real Estate Management & Development - 2.0% |  |  |
| Compass Inc Class A (b) | 2440314 | 18839224 |
| Jones Lang LaSalle Inc (b) | 356735 | 81125106 |
| Zillow Group Inc Class C (b) | 503884 | 33926510 |
|  |  | 133890840 |
| Residential REITs - 0.3% |  |  |
| Essex Property Trust Inc  | 89822 | 25073811 |
| Retail REITs - 1.7% |  |  |
| Acadia Realty Trust  | 1045670 | 19972297 |
| Macerich Co/The  | 1028480 | 15077517 |
| NNN REIT Inc  | 1305998 | 53689578 |
| Tanger Inc  | 777792 | 24508226 |
|  |  | 113247618 |
| Specialized REITs - 1.0% |  |  |
| CubeSmart  | 1588290 | 64595754 |
| TOTAL REAL ESTATE |  | 455286571 |
| Utilities - 2.1% |  |  |
| Electric Utilities - 1.0% |  |  |
| IDACORP Inc  | 243517 | 28756923 |
| TXNM Energy Inc  | 687317 | 36565264 |
|  |  | 65322187 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 110538 | 14329040 |
| Multi-Utilities - 0.9% |  |  |
| NiSource Inc  | 1567487 | 61304417 |
| TOTAL UTILITIES |  | 140955644 |
| TOTAL UNITED STATES |  | 5889373258 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,535,201,516) |  | <br> **6593371459** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.5%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| National Resilience Inc Series B (b)(c)(d) | 711831 | 15183355 |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.2% |  |  |
| Beta Technologies Inc Series B, 6% (b)(c)(d) | 145591 | 15068668 |
| TOTAL UNITED STATES |  | 30252023 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $24,744,235) |  | <br> **30252023** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 36671984 | 36679319 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 43874099 | 43878486 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $80,555,454) |  |  | **80557805** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $5,640,501,205)<br>| <br>**6704181287** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(30181835)** |
| **NET ASSETS - 100.0%** | **6673999452** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 400 Midcap Index Contracts (United States) | 8 | Jun 2025 | 2286240 | 119146 | 119146 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% | The notional amount of futures purchased as a percentage of Net Assets is 0.0% |

---

**Legend**

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

(b) Non-income producing

(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $105,400,133 or 1.6% of net assets.

(d) Level 3 security

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Beta Technologies Inc Series B, 6% | 4/04/22 | 15020623 |
| National Resilience Inc Series B | 12/01/20 | 9723611 |
| Space Exploration Technologies Corp | 4/08/16 | 3916638 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 54469472 | 2335842812 | 2353634211 | 3372530 | 1246 | - | 36679319 | 36671984 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 125060060 | 1148139831 | 1229321405 | 178315 | - | - | 43878486 | 43874099 | 0.1% |
| Total | 179529532 | 3483982643 | 3582955616 | 3550845 | 1246 | - | 80557805 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 151925388 | 151925388 | - | - |
| Consumer Discretionary | 870861001 | 870861001 | - | - |
| Consumer Staples | 310836785 | 310836785 | - | - |
| Energy | 351187041 | 351187041 | - | - |
| Financials | 982977496 | 982977496 | - | - |
| Health Care | 673338641 | 652842324 | 20496317 | - |
| Industrials | 1553045176 | 1458832788 | 19064278 | 75148110 |
| Information Technology | 649881198 | 649881198 | - | - |
| Materials | 453076518 | 453076518 | - | - |
| Real Estate | 455286571 | 455286571 | - | - |
| Utilities | 140955644 | 140955644 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 15183355 | - | - | 15183355 |
| Industrials | 15068668 | - | - | 15068668 |
|  **Money Market Funds** | 80557805 | 80557805 | - | - |
| **Total Investments in Securities:** | 6704181287 | 6559220559 | 39560595 | 105400133 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 119146 | 119146 | - | - |
| Total Assets | 119146 | 119146 | - | - |
| **Total Derivative Instruments:** | 119146 | 119146 | - | - |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investement Securities ($)** | **Net Unrealized Gain (Loss) on Investement Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amoritization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2025($)** |
| **Common Stocks** | 137968452 | 121600968 | (11289851) | - | (173131459) | - | - | - | 75148110 | (49925628) |
| **Convertible Preferred Stocks** | 72362710 | (11937303) | (9075944) | - | (21097440) | - | - | - | 30252023 | (19939287) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |  |  |  |

---

**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, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 119146 | 0 |
| **Total Equity Risk**  | 119146 | 0 |
| **Total Value of Derivatives** | 119146 | 0 |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $42,297,138) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,559,945,751) | $6623623482 |  |
| Fidelity Central Funds (cost $80,555,454) | 80557805 |  |
| Total Investment in Securities (cost $5,640,501,205) |  | $6704181287 |
| Segregated cash with brokers for derivative instruments |  | 176915 |
| Cash |  | 6353617 |
| Receivable for investments sold |  | 23826204 |
| Receivable for fund shares sold |  | 1137932 |
| Dividends receivable |  | 3106211 |
| Distributions receivable from Fidelity Central Funds |  | 181693 |
| Prepaid expenses |  | 2148 |
| Other receivables |  | 33697 |
| **Total assets** |  | 6738999704 |
| **Liabilities** |  |  |
| Payable to custodian bank | $2087 |  |
| Payable for investments purchased  | 14347308 |  |
| Payable for fund shares redeemed | 3003859 |  |
| Accrued management fee | 3141021 |  |
| Distribution and service plan fees payable | 534 |  |
| Payable for daily variation margin on futures contracts | 4800 |  |
| Other payables and accrued expenses | 642743 |  |
| Collateral on securities loaned | 43857900 |  |
| **Total liabilities** |  | 65000252 |
| **Net Assets**  |  | $6673999452 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5492994788 |
| Total accumulated earnings (loss) |  | 1181004664 |
| **Net Assets** |  | $6673999452 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($1,140,887 ÷ 28,867 shares)(a) |  | $39.52 |
| Maximum offering price per share (100/94.25 of $39.52) |  | $41.93 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($261,504 ÷ 6,624 shares)(a) |  | $39.48 |
| Maximum offering price per share (100/96.50 of $39.48) |  | $40.91 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($262,789 ÷ 6,661 shares)(a) |  | $39.45 |
| **Mid-Cap Stock :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,102,344,139 ÷ 153,684,416 shares) |  | $39.71 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($553,805,481 ÷ 13,915,157 shares) |  | $39.80 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($296,488 ÷ 7,489 shares) |  | $39.59 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($15,888,164 ÷ 401,455 shares) |  | $39.58 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $92784197 |
| Interest  |  | 87962 |
| Income from Fidelity Central Funds (including $178,315 from security lending)  |  | 3550845 |
| **Total income** |  | 96423004 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $45185229 |  |
| Performance adjustment | 3030151 |  |
| Distribution and service plan fees | 2428 |  |
| Custodian fees and expenses | 92728 |  |
| Independent trustees' fees and expenses | 31380 |  |
| Registration fees | 196735 |  |
| Audit fees | 90362 |  |
| Legal | 6458 |  |
| Interest | 28038 |  |
| Miscellaneous | 105544 |  |
| Total expenses before reductions | 48769053 |  |
| Expense reductions | (81374) |  |
| Total expenses after reductions |  | 48687679 |
| **Net Investment income (loss)** |  | 47735325 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 533522465 |  |
| Redemptions in-kind | 673735591 |  |
| Fidelity Central Funds | 1246 |  |
| Foreign currency transactions | 91818 |  |
| Futures contracts | (2172541) |  |
| Total net realized gain (loss) |  | 1205178579 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (906009135) |  |
| Assets and liabilities in foreign currencies | 44645 |  |
| Futures contracts | 119146 |  |
| Total change in net unrealized appreciation (depreciation) |  | (905845344) |
| **Net gain (loss)** |  | 299333235 |
| **Net increase (decrease) in net assets resulting from operations** |  | $347068560 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $47735325 | $61329343 |
| &nbsp;&nbsp;Net realized gain (loss) | 1205178579<br>| 601626305<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (905845344) | 180422491<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 347068560<br>| 843378139<br>|
| Distributions to shareholders | (647057121)<br>| (191238468)<br>|
| Share transactions - net increase (decrease) | (265910428)<br>| (1279614301)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (565898989)<br>| (627474630)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7239898441 | 7867373071<br>|
| &nbsp;&nbsp;End of period | $6673999452 | $7239898441 |

---

**Financial Highlights** 

**Fidelity Advisor® Mid-Cap Stock Fund Class A**<br>

---

| | |
|:---|:---|
| **Years ended April 30,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $43.51 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .06  |
| Net realized and unrealized gain (loss)  | (2.38) D |
| Total from investment operations  | (2.32)  |
| Distributions from net investment income  | (.34)  |
| Distributions from net realized gain  | (1.33)  |
| Total distributions  | (1.67)  |
| Net asset value, end of period  | $39.52 |
| **Total Return** E,F,G | (5.60)% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | .92% J |
| Expenses net of fee waivers, if any  | .92% J<br>|
| Expenses net of all reductions, if any  | .92% J |
| Net investment income (loss)  | .25% J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $1141 |
| Portfolio turnover rate K | 51% L<br>|

---

A*For the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*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.*

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

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

G*Total returns do not include the effect of the sales charges.*

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

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

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Mid-Cap Stock Fund Class M**<br>

---

| | |
|:---|:---|
| **Years ended April 30,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $43.51 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.01)  |
| Net realized and unrealized gain (loss)  | (2.36) D |
| Total from investment operations  | (2.37)  |
| Distributions from net investment income  | (.33)  |
| Distributions from net realized gain  | (1.33)  |
| Total distributions  | (1.66)  |
| Net asset value, end of period  | $39.48 |
| **Total Return** E,F,G | (5.73)% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | 1.18% J |
| Expenses net of fee waivers, if any  | 1.18% J<br>|
| Expenses net of all reductions, if any  | 1.18% J |
| Net investment income (loss)  | (.03)% J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $262 |
| Portfolio turnover rate K | 51% L<br>|

---

A*For the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*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.*

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

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

G*Total returns do not include the effect of the sales charges.*

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

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

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Mid-Cap Stock Fund Class C**<br>

---

| | |
|:---|:---|
| **Years ended April 30,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $43.51 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.12)  |
| Net realized and unrealized gain (loss)  | (2.37) D |
| Total from investment operations  | (2.49)  |
| Distributions from net investment income  | (.24)  |
| Distributions from net realized gain  | (1.33)  |
| Total distributions  | (1.57)  |
| Net asset value, end of period  | $39.45 |
| **Total Return** E,F,G | (6.00)% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | 1.69% J |
| Expenses net of fee waivers, if any  | 1.69% J<br>|
| Expenses net of all reductions, if any  | 1.69% J |
| Net investment income (loss)  | (.50)% J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $263 |
| Portfolio turnover rate K | 51% L<br>|

---

A*For the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*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.*

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

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

G*Total returns do not include the effect of the contingent deferred sales charge.*

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

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

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity® Mid-Cap Stock Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.66 | $38.06 | $39.74 | $44.52 | $28.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .27  | .33  | .45  | .44  | .35  |
| Net realized and unrealized gain (loss)  | 1.57  | 4.32  | (.09)  | .18  | 17.71  |
| Total from investment operations  | 1.84  | 4.65  | .36  | .62  | 18.06  |
| Distributions from net investment income  | (.31)  | (.37)  | (.27)  | (.48)  | (.39) C |
| Distributions from net realized gain  | (3.48)  | (.68)  | (1.77)  | (4.91)  | (2.10) C |
| Total distributions  | (3.79)  | (1.05)  | (2.04)  | (5.40) D | (2.50) D |
| Net asset value, end of period  | $39.71 | $41.66 | $38.06 | $39.74 | $44.52 |
| **Total Return** E | 4.40% <br>| 12.37%  | 1.06%  | 1.17%  | 64.86%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .67%  | .83%  | .85%  | .79%  | .77%  |
| Expenses net of fee waivers, if any  | .67% <br>| .82%  | .84%  | .79%  | .77%  |
| Expenses net of all reductions, if any  | .67%  | .82%  | .84%  | .79%  | .76%  |
| Net investment income (loss)  | .64%  | .83%  | 1.18%  | 1.05%  | .97%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6102344 | $6431942 | $6853917 | $6033786 | $6020059 |
| Portfolio turnover rate H | 51% I<br>| 27% I | 19% I | 17% I | 30% I |

---

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 mutual funds or ETFs 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), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity® Mid-Cap Stock Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.71 | $38.11 | $39.77 | $44.55 | $28.98 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .31  | .37  | .48  | .48  | .38  |
| Net realized and unrealized gain (loss)  | 1.57  | 4.32  | (.08)  | .17  | 17.72  |
| Total from investment operations  | 1.88  | 4.69  | .40  | .65  | 18.10  |
| Distributions from net investment income  | (.31)  | (.41)  | (.29)  | (.51)  | (.43) C |
| Distributions from net realized gain  | (3.48)  | (.68)  | (1.77)  | (4.93)  | (2.10) C |
| Total distributions  | (3.79)  | (1.09)  | (2.06)  | (5.43) D | (2.53)  |
| Net asset value, end of period  | $39.80 | $41.71 | $38.11 | $39.77 | $44.55 |
| **Total Return** E | 4.50% <br>| 12.46%  | 1.16%  | 1.26%  | 65.01%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .60%  | .73%  | .75%  | .70%  | .67%  |
| Expenses net of fee waivers, if any  | .59% <br>| .72%  | .75%  | .70%  | .67%  |
| Expenses net of all reductions, if any  | .59%  | .72%  | .75%  | .70%  | .66%  |
| Net investment income (loss)  | .73%  | .93%  | 1.28%  | 1.13%  | 1.07%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $553805 | $807956 | $1013456 | $1340986 | $1962077 |
| Portfolio turnover rate H | 51% I<br>| 27% I | 19% I | 17% I | 30% I |

---

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 mutual funds or ETFs 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), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Mid-Cap Stock Fund Class I**<br>

---

| | |
|:---|:---|
| **Years ended April 30,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $43.51 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .12  |
| Net realized and unrealized gain (loss)  | (2.38) D |
| Total from investment operations  | (2.26)  |
| Distributions from net investment income  | (.33)  |
| Distributions from net realized gain  | (1.33)  |
| Total distributions  | (1.66)  |
| Net asset value, end of period  | $39.59 |
| **Total Return** E,F | (5.46)% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .67% I |
| Expenses net of fee waivers, if any  | .67% I<br>|
| Expenses net of all reductions, if any  | .67% I |
| Net investment income (loss)  | .49% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $296 |
| Portfolio turnover rate J | 51% K<br>|

---

A*For the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*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.*

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*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Mid-Cap Stock Fund Class Z**<br>

---

| | |
|:---|:---|
| **Years ended April 30,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $43.51 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .13  |
| Net realized and unrealized gain (loss)  | (2.36) D |
| Total from investment operations  | (2.23)  |
| Distributions from net investment income  | (.38)  |
| Distributions from net realized gain  | (1.33)  |
| Total distributions  | (1.70) E |
| Net asset value, end of period  | $39.58 |
| **Total Return** F,G | (5.39)% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | .56% J |
| Expenses net of fee waivers, if any  | .56% J<br>|
| Expenses net of all reductions, if any  | .56% J |
| Net investment income (loss)  | .57% J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $15888 |
| Portfolio turnover rate K | 51% L<br>|

---

A*For the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*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.*

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.*

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

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

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Notes to Financial Statements**

For the period ended April 30, 2025

**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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on October 8, 2024. The Fund offers Class A, Class M, Class C, Mid-Cap Stock, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. 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.

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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $75148110  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA) | 31.5 | Increase |
| Convertible Preferred Stocks | $30252023  | Market comparable  | Enterprise value/Revenue multiple (EV/R) | 11.0 | Increase |
|  |  | Market approach  | Discount rate | 60.0% | Decrease |
|  |  |  | Transaction price | $60.73 | Increase |

---

*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, 2025, 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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** | $33697 |

---

**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, 2025, 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 futures contracts, 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**  | $1491053282 |
| **Gross unrealized depreciation**  | <u>(417177737)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1073875545</u> |
| **Tax Cost**  | <u>$5630305742</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$7363807</u> |
| **Undistributed long-term capital gain**  | <u>$105796588</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1067844269</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $53136542 | $70000981 |
| **Long-term Capital Gains**  | <u>593920579</u> | <u>121237487</u> |
| **Total**  | <u>$647057121</u> | <u>$191238468</u> |

---

**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.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a 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 a fund. Counterparty credit risk related to exchange-traded 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. Futures contracts were used to manage 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 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.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any 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 Mid-Cap Stock Fund** | 4385137701 | 3718616793 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Mid-Cap Stock Fund** | 35197354 | 673735591 | 1542618986 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Mid-Cap Stock Fund** | 3712015 | 51953099 | 148354288 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .68 |
| **Class M** | .68 |
| **Class C** | .68 |
| **Mid-Cap Stock** | .64 |
| **Class K** | .55 |
| **Class I** | .68 |
| **Class Z** | .55 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .67 |
| **Class M** | .66 |
| **Class C** | .66 |
| **Mid-Cap Stock** | .62 |
| **Class K** | .54 |
| **Class I** | .67 |
| **Class Z** | .55 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

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

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Mid-Cap Stock. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .04%.

**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% | 897 | 265 |
| **Class M** | .25% | .25% | 488 | 281 |
| **Class C** | .75% | .25% | <u>1043</u> | <u>773</u> |
|  |  |  | <u>2428</u> | <u>1319</u> |

---

**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, no sales charge amounts were retained by FDC.

**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** | 125056 |

---

**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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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 | 8077435 | 5.43% | 28038 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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** | 399576301 | 263412417 | 47264622 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Mid-Cap Stock Fund** | 10793 |

---

**8. 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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 19674 | - | - |

---

**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. During the period, custodian credits reduced the Fund's expenses by $2,013.

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 $79,361.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **April 30, 2025A** | **Year ended**<br> **April 30, 2024** |
| **Fidelity Mid-Cap Stock Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $17897 | $- |
| Class M | 7061 | - |
| Class C | 4830 | - |
| Mid-Cap Stock | 582431461 | 166009865 |
| Class K | 63990167 | 25228603 |
| Class I | 3937 | - |
| Class Z | <u>601768</u> | <u>-</u> |
| Total  | <u>$647057121</u> | <u>$191238468</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

**11. 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** <br> **April 30, 2025A**  | **Year ended**<br> **April 30, 2024** | **Year ended** <br> **April 30, 2025A**  | **Year ended**<br> **April 30, 2024** |
| **Fidelity Mid-Cap Stock Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 33071 | - | $1415802 | $- |
| Reinvestment of distributions | 421 | - | 17896 | - |
| Shares redeemed | <u>(4625)</u> | <u>-</u> | <u>(178153)</u> | <u>-</u> |
| Net increase (decrease) | <u>28867</u> | <u>-</u> | <u>$1255545</u> | <u>$</u> <u>-</u> |
| **Class M** |  |  |  |  |
| Shares sold | 6930 | - | $292570 | $- |
| Reinvestment of distributions | 166 | - | 7061 | - |
| Shares redeemed | <u>(472)</u> | <u>-</u> | <u>(17133)</u> | <u>-</u> |
| Net increase (decrease) | <u>6624</u> | <u>-</u> | <u>$282498</u> | <u>$</u> <u>-</u> |
| **Class C** |  |  |  |  |
| Shares sold | 6548 | - | $280449 | $- |
| Reinvestment of distributions | <u>113</u> | <u>-</u> | <u>4830</u> | <u>-</u> |
| Net increase (decrease) | <u>6661</u> | <u>-</u> | <u>$285279</u> | <u>$</u> <u>-</u> |
| **Mid-Cap Stock** |  |  |  |  |
| Shares sold | 46952083 | 16640031 | $2031852315 | $655841195 |
| Reinvestment of distributions | 13064357 | 3833120 | 530969302 | 152079694 |
| Shares redeemed | <u>(60741094)</u> | <u>(46165752)</u> | <u>(2608825148)</u> | <u>(1799019801)</u> |
| Net increase (decrease) | <u>(724654)</u> | <u>(25692601)</u> | <u>$(46003531)</u> | <u>$(991098912)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 2044009 | 3399924 | $87250786 | $133437626 |
| Reinvestment of distributions | 1579252 | 635310 | 63990167 | 25224683 |
| Shares redeemed | <u>(9078006)</u> | <u>(11261693)</u> | <u>(392079692)</u> | <u>(447177698)</u> |
| Net increase (decrease) | <u>(5454745)</u> | <u>(7226459)</u> | <u>$(240838739)</u> | <u>$(288515389)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 8551 | - | $369454 | $- |
| Reinvestment of distributions | 92 | - | 3937 | - |
| Shares redeemed | <u>(1154)</u> | <u>-</u> | <u>(43829)</u> | <u>-</u> |
| Net increase (decrease) | <u>7489</u> | <u>-</u> | <u>$329562</u> | <u>$</u> <u>-</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 437569 | - | $20237150 | $- |
| Reinvestment of distributions | 12692 | - | 540055 | - |
| Shares redeemed | <u>(48806)</u> | <u>-</u> | <u>(1998247)</u> | <u>-</u> |
| Net increase (decrease) | <u>401455</u> | <u>-</u> | <u>$18778958</u> | <u>$</u> <u>-</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

**12. 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.

**13. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity 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, 2025, 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, 2025, 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, 2025, 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 11, 2025

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

**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, 2025, $524,755,307, or, if subsequently determined to be different, the net capital gain of such year.

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

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

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 399712835196.11 | 95.27 |
| Withheld  | 19861567939.07 | 4.73 |
| TOTAL  | 419574403135.19 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 398303145670.78 | 94.93 |
| Withheld  | 21271257464.41 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 398848644763.97 | 95.06 |
| Withheld  | 20725758371.21 | 4.94 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 399084917382.24 | 95.12 |
| Withheld  | 20489485752.95 | 4.88 |
| TOTAL  | 419574403135.19 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 398136894294.44 | 94.89 |
| Withheld  | 21437508840.75 | 5.11 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 399535778208.65 | 95.22 |
| Withheld  | 20038624926.54 | 4.78 |
| TOTAL  | 419574403135.19 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 399319643676.69 | 95.17 |
| Withheld  | 20254759458.50 | 4.83 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 398612509964.82 | 95.00 |
| Withheld  | 20961893170.36 | 5.00 |
| TOTAL  | 419574403135.19 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 397517256424.15 | 94.74 |
| Withheld  | 22057146711.03 | 5.26 |
| TOTAL  | 419574403135.19 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 398905166808.58 | 95.07 |
| Withheld  | 20669236326.60 | 4.93 |
| TOTAL  | 419574403135.19 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 398279523899.44 | 94.92 |
| Withheld  | 21294879235.74 | 5.08 |
| TOTAL  | 419574403135.19 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 398393822853.60 | 94.95 |
| Withheld  | 21180580281.58 | 5.05 |
| TOTAL  | 419574403135.19 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 398304955259.60 | 94.93 |
| Withheld  | 21269447875.58 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img108970_4.jpg)<br>

1.703594.127 MCS-ANN-0625

**Fidelity® Large Cap Stock Fund**

**Annual Report**

**April 30, 2025**

![](img108974_1.jpg)

![](img108974_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_LCS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Large Cap Stock Fund](#Sub_Sec_Fund_338_LCS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements338_LCS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_LCS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_LCS-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LCS-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LCS-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LCS-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LCS-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Large Cap Stock Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.8%** | &nbsp;&nbsp;**Common Stocks - 97.8%** | &nbsp;&nbsp;**Common Stocks - 97.8%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| UCB SA  | 243200 | 44398295 |
| CANADA - 1.9%  |  |  |
| Energy - 1.6% |  |  |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| Athabasca Oil Corp (b) | 2267300 | 7466663 |
| Imperial Oil Ltd  | 904388 | 61003221 |
| MEG Energy Corp  | 744815 | 10448805 |
|  |  | 78918689 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Bombardier Inc Class B (b) | 225100 | 14878218 |
| TOTAL CANADA |  | 93796907 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Ivanhoe Mine Ltd Class A (b) | 989200 | 8782684 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Class B ADR (c) | 187200 | 12439440 |
| FRANCE - 0.7%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Pernod Ricard SA  | 112500 | 12135372 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Airbus SE  | 118887 | 20174000 |
| TOTAL FRANCE |  | 32309372 |
| GERMANY - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Software - 1.3% |  |  |
| SAP SE ADR (d) | 218278 | 63778649 |
| ITALY - 0.2%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Davide Campari-Milano NV (c) | 692100 | 4644155 |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Ryanair Holdings PLC ADR  | 59277 | 2836997 |
| TOTAL ITALY |  | 7481152 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Advantest Corp  | 91300 | 3819622 |
| NETHERLANDS - 0.8%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Universal Music Group NV  | 639563 | 18806651 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (b) | 5390 | 3477305 |
| Merus NV (b) | 49800 | 2266398 |
|  |  | 5743703 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ASML Holding NV depository receipt  | 13100 | 8751848 |
| BE Semiconductor Industries NV  | 78500 | 8380643 |
|  |  | 17132491 |
| TOTAL NETHERLANDS |  | 41682845 |
| PORTUGAL - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 62500 | 968361 |
| SPAIN - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Cellnex Telecom SA (e)(f) | 239152 | 9678325 |
| SWITZERLAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Galderma Group AG  | 50420 | 5858458 |
| TAIWAN - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 149284 | 24884150 |
| UNITED KINGDOM - 0.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| JD Sports Fashion PLC  | 1827500 | 1913823 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.3% |  |  |
| Diageo PLC ADR  | 126959 | 14221947 |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 154300 | 6719765 |
| TOTAL CONSUMER STAPLES |  | 20941712 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| 3i Group PLC  | 46900 | 2658810 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Rolls-Royce Holdings PLC  | 1431900 | 14494371 |
| TOTAL UNITED KINGDOM |  | 40008716 |
| UNITED STATES - 88.7%  |  |  |
| Communication Services - 9.1% |  |  |
| Entertainment - 0.4% |  |  |
| Walt Disney Co/The  | 220029 | 20011637 |
| Interactive Media & Services - 7.4% |  |  |
| Alphabet Inc Class A  | 686880 | 109076545 |
| Alphabet Inc Class C  | 594441 | 95639612 |
| Meta Platforms Inc Class A (d) | 276879 | 152006571 |
| Snap Inc Class A (b) | 1243272 | 9896445 |
|  |  | 366619173 |
| Media - 1.3% |  |  |
| Comcast Corp Class A  | 1834890 | 62753238 |
| TOTAL COMMUNICATION SERVICES |  | 449384048 |
| Consumer Discretionary - 3.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rivian Automotive Inc Class A (b)(c) | 169300 | 2312637 |
| Broadline Retail - 0.4% |  |  |
| Amazon.com Inc (b) | 104744 | 19316888 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| Booking Holdings Inc (d) | 8301 | 42329124 |
| Marriott International Inc/MD Class A1 (d) | 42428 | 10122472 |
| Starbucks Corp  | 121683 | 9740724 |
|  |  | 62192320 |
| Household Durables - 0.5% |  |  |
| Somnigroup International Inc  | 328800 | 20076528 |
| Whirlpool Corp (c) | 53774 | 4101881 |
|  |  | 24178409 |
| Specialty Retail - 0.7% |  |  |
| Lowe's Cos Inc  | 141110 | 31546552 |
| Restoration Hardware Inc (b) | 17400 | 3202122 |
|  |  | 34748674 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Lululemon Athletica Inc (b) | 5200 | 1408004 |
| NIKE Inc Class B  | 63690 | 3592116 |
|  |  | 5000120 |
| TOTAL CONSUMER DISCRETIONARY |  | 147749048 |
| Consumer Staples - 3.8% |  |  |
| Beverages - 1.5% |  |  |
| Coca-Cola Co/The  | 494358 | 35865673 |
| Keurig Dr Pepper Inc  | 963299 | 33320512 |
| Monster Beverage Corp (b) | 64200 | 3859704 |
|  |  | 73045889 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Performance Food Group Co (b) | 94614 | 7631565 |
| Sysco Corp  | 192392 | 13736789 |
| Target Corp  | 107392 | 10384806 |
| US Foods Holding Corp (b) | 109065 | 7161208 |
| Walmart Inc (d) | 107271 | 10432105 |
|  |  | 49346473 |
| Food Products - 0.0% |  |  |
| Lamb Weston Holdings Inc  | 32354 | 1708615 |
| Personal Care Products - 0.8% |  |  |
| Estee Lauder Cos Inc/The Class A  | 167600 | 10049296 |
| Kenvue Inc  | 1353016 | 31931178 |
|  |  | 41980474 |
| Tobacco - 0.5% |  |  |
| Philip Morris International Inc  | 135700 | 23253552 |
| TOTAL CONSUMER STAPLES |  | 189335003 |
| Energy - 6.8% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Tidewater Inc (b)(c) | 94200 | 3409098 |
| Oil, Gas & Consumable Fuels - 6.7% |  |  |
| Exxon Mobil Corp  | 2089621 | 220726666 |
| Hess Corp  | 3400 | 438770 |
| Shell PLC ADR  | 1741600 | 112298368 |
|  |  | 333463804 |
| TOTAL ENERGY |  | 336872902 |
| Financials - 17.0% |  |  |
| Banks - 12.1% |  |  |
| Bank of America Corp  | 3295195 | 131412377 |
| JPMorgan Chase & Co (d) | 172858 | 42284524 |
| M&T Bank Corp  | 122284 | 20758932 |
| PNC Financial Services Group Inc/The  | 260905 | 41924824 |
| Truist Financial Corp  | 194200 | 7445628 |
| US Bancorp  | 749194 | 30222486 |
| Wells Fargo & Co  | 4528198 | 321547341 |
|  |  | 595596112 |
| Capital Markets - 2.0% |  |  |
| Charles Schwab Corp/The  | 114598 | 9328277 |
| KKR & Co Inc Class A  | 328378 | 37523755 |
| Moody's Corp  | 10000 | 4531200 |
| Morgan Stanley  | 63062 | 7278616 |
| MSCI Inc  | 900 | 490599 |
| Northern Trust Corp  | 397078 | 37317390 |
| Raymond James Financial Inc  | 29933 | 4102018 |
|  |  | 100571855 |
| Financial Services - 2.5% |  |  |
| Acacia Research Corp (b)(g) | 24000 | 74159 |
| Apollo Global Management Inc  | 27800 | 3794144 |
| Corpay Inc (b) | 17200 | 5596364 |
| Global Payments Inc  | 36450 | 2781500 |
| Mastercard Inc Class A  | 32713 | 17928687 |
| PayPal Holdings Inc (b) | 87144 | 5737561 |
| Visa Inc Class A (d) | 259748 | 89742934 |
|  |  | 125655349 |
| Insurance - 0.4% |  |  |
| Arthur J Gallagher & Co  | 35700 | 11448633 |
| Chubb Ltd  | 30506 | 8727156 |
|  |  | 20175789 |
| TOTAL FINANCIALS |  | 841999105 |
| Health Care - 10.3% |  |  |
| Biotechnology - 0.6% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 38546 | 10146849 |
| Exact Sciences Corp (b) | 304400 | 13892816 |
| Gilead Sciences Inc  | 35100 | 3739554 |
| Vaxcyte Inc (b) | 93485 | 3350502 |
|  |  | 31129721 |
| Health Care Equipment & Supplies - 1.8% |  |  |
| Abbott Laboratories  | 84065 | 10991499 |
| Becton Dickinson & Co  | 33384 | 6913493 |
| Boston Scientific Corp (b)(d) | 634444 | 65265254 |
| Masimo Corp (b) | 28000 | 4506880 |
| Solventum Corp (b) | 53488 | 3536626 |
|  |  | 91213752 |
| Health Care Providers & Services - 4.2% |  |  |
| Cardinal Health Inc  | 173868 | 24565809 |
| Cigna Group/The (d) | 139069 | 47289023 |
| Humana Inc  | 95465 | 25034742 |
| McKesson Corp (d) | 54043 | 38521310 |
| UnitedHealth Group Inc  | 159033 | 65432538 |
|  |  | 200843422 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Bruker Corp  | 60000 | 2403600 |
| Danaher Corp  | 83634 | 16670765 |
| Thermo Fisher Scientific Inc  | 14200 | 6091800 |
|  |  | 25166165 |
| Pharmaceuticals - 3.2% |  |  |
| Bristol-Myers Squibb Co  | 282506 | 14181801 |
| Eli Lilly & Co (d) | 39297 | 35326038 |
| GSK PLC ADR  | 1058501 | 42181265 |
| Haleon PLC ADR  | 3476137 | 35282791 |
| Johnson & Johnson  | 141780 | 22161632 |
| Merck & Co Inc  | 128000 | 10905600 |
|  |  | 160039127 |
| TOTAL HEALTH CARE |  | 508392187 |
| Industrials - 17.8% |  |  |
| Aerospace & Defense - 11.0% |  |  |
| Boeing Co (b) | 1069713 | 196014210 |
| GE Aerospace (d) | 1383771 | 278885208 |
| General Dynamics Corp  | 47492 | 12923523 |
| Howmet Aerospace Inc  | 35300 | 4891874 |
| Huntington Ingalls Industries Inc  | 76922 | 17718213 |
| RTX Corp  | 21200 | 2673956 |
| Spirit AeroSystems Holdings Inc Class A (b) | 919301 | 33094836 |
| Standardaero Inc  | 2500 | 67550 |
|  |  | 546269370 |
| Air Freight & Logistics - 0.9% |  |  |
| United Parcel Service Inc Class B  | 488487 | 46552811 |
| Commercial Services & Supplies - 0.2% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 154900 | 7729270 |
| Veralto Corp  | 21144 | 2027709 |
|  |  | 9756979 |
| Construction & Engineering - 0.1% |  |  |
| Centuri Holdings Inc (b) | 122600 | 2201896 |
| EMCOR Group Inc  | 6100 | 2444270 |
|  |  | 4646166 |
| Electrical Equipment - 4.3% |  |  |
| GE Vernova Inc (d) | 481692 | 178621028 |
| Hubbell Inc  | 30545 | 11093333 |
| Vertiv Holdings Co Class A (d) | 285945 | 24413984 |
|  |  | 214128345 |
| Ground Transportation - 0.2% |  |  |
| Knight-Swift Transportation Holdings Inc  | 265019 | 10380794 |
| Machinery - 1.0% |  |  |
| Allison Transmission Holdings Inc  | 70400 | 6493696 |
| Chart Industries Inc (b) | 30995 | 4183705 |
| Cummins Inc  | 21743 | 6388963 |
| Deere & Co  | 17100 | 7926877 |
| Donaldson Co Inc  | 75500 | 4962615 |
| Nordson Corp  | 28200 | 5345874 |
| Otis Worldwide Corp  | 60460 | 5820484 |
| Stanley Black & Decker Inc  | 28617 | 1717592 |
| Toro Co/The  | 14400 | 983232 |
| Westinghouse Air Brake Technologies Corp  | 24672 | 4557905 |
|  |  | 48380943 |
| Trading Companies & Distributors - 0.1% |  |  |
| Watsco Inc  | 7000 | 3218880 |
| TOTAL INDUSTRIALS |  | 883334288 |
| Information Technology - 18.6% |  |  |
| IT Services - 0.0% |  |  |
| EPAM Systems Inc (b) | 8700 | 1365117 |
| Semiconductors & Semiconductor Equipment - 8.7% |  |  |
| Applied Materials Inc  | 70546 | 10631988 |
| Broadcom Inc  | 460600 | 88651682 |
| First Solar Inc (b) | 85800 | 10795356 |
| Lam Research Corp  | 130660 | 9364402 |
| Marvell Technology Inc  | 502987 | 29359351 |
| Micron Technology Inc  | 230900 | 17767755 |
| NVIDIA Corp  | 2346540 | 255585137 |
| Teradyne Inc  | 39400 | 2923874 |
|  |  | 425079545 |
| Software - 7.5% |  |  |
| Adobe Inc (b) | 86047 | 32265904 |
| Autodesk Inc (b) | 53520 | 14677860 |
| Intuit Inc  | 16496 | 10350745 |
| Microsoft Corp  | 788793 | 311778321 |
| Oracle Corp  | 35400 | 4981488 |
|  |  | 374054318 |
| Technology Hardware, Storage & Peripherals - 2.4% |  |  |
| Apple Inc (d) | 570918 | 121320075 |
| TOTAL INFORMATION TECHNOLOGY |  | 921819055 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Air Products and Chemicals Inc  | 33600 | 9108624 |
| Mosaic Co/The  | 33006 | 1003382 |
| Sherwin-Williams Co/The  | 1499 | 529027 |
|  |  | 10641033 |
| Real Estate - 0.9% |  |  |
| Industrial REITs - 0.1% |  |  |
| Terreno Realty Corp  | 62100 | 3498093 |
| Residential REITs - 0.1% |  |  |
| Sun Communities Inc  | 48800 | 6072184 |
| Specialized REITs - 0.7% |  |  |
| American Tower Corp (d) | 75547 | 17029049 |
| Crown Castle Inc  | 156593 | 16561276 |
| Equinix Inc  | 1121 | 964901 |
|  |  | 34555226 |
| TOTAL REAL ESTATE |  | 44125503 |
| Utilities - 1.3% |  |  |
| Electric Utilities - 1.1% |  |  |
| Duke Energy Corp  | 28300 | 3453166 |
| Edison International  | 45100 | 2413301 |
| Entergy Corp  | 52830 | 4393871 |
| PG&E Corp  | 128900 | 2129428 |
| Southern Co/The (d) | 455586 | 41863798 |
|  |  | 54253564 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 40300 | 5224089 |
| Multi-Utilities - 0.1% |  |  |
| Sempra  | 49300 | 3661511 |
| TOTAL UTILITIES |  | 63139164 |
| TOTAL UNITED STATES |  | 4396791336 |
| ZAMBIA - 1.2%  |  |  |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| First Quantum Minerals Ltd (b) | 4403366 | 59122519 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,080,036,342) |  | <br> **4845800831** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.33 | 63188187 | 63200825 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.33 | 23320455 | 23322787 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $86,523,612) |  |  | **86523612** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 1.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 1.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 1.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 1.1%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/22/2025  | 4.22 | 731000 | 729191 |
| US Treasury Bills 0% 6/26/2025  | 4.23 | 1250000 | 1241760 |
| US Treasury Bills 0% 7/17/2025 (d) | 4.25 to 4.26 | 44721000 | 44321026 |
| US Treasury Bills 0% 7/3/2025  | 4.19 | 5829000 | 5786208 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $52,076,008) |  |  | **52078185** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $3,218,635,962)<br>| <br>**4984402628** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(28366620)** |
| **NET ASSETS - 100.0%** | **4956036008** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| American Tower Corp | Chicago Board Options Exchange | 73 | 1645493 | 230.00 | 06/20/25 | (42705) |
| Apple Inc | Chicago Board Options Exchange | 283 | 6013750 | 215.00 | 06/20/25 | (270265) |
| Apple Inc | Chicago Board Options Exchange | 169 | 3591250 | 230.00 | 06/20/25 | (59150) |
| Booking Holdings Inc | Chicago Board Options Exchange | 9 | 4589352 | 5000.00 | 06/20/25 | (253800) |
| Booking Holdings Inc | Chicago Board Options Exchange | 9 | 4589352 | 5300.00 | 06/20/25 | (116595) |
| Booking Holdings Inc | Chicago Board Options Exchange | 10 | 5099280 | 5500.00 | 06/20/25 | (60000) |
| Boston Scientific Corp | Chicago Board Options Exchange | 1299 | 13362813 | 105.00 | 06/20/25 | (399443) |
| Cigna Group/The | Chicago Board Options Exchange | 140 | 4760560 | 360.00 | 06/20/25 | (88900) |
| Eli Lilly & Co | Chicago Board Options Exchange | 76 | 6832020 | 890.00 | 07/18/25 | (498180) |
| GE Aerospace | Chicago Board Options Exchange | 1409 | 28396986 | 210.00 | 06/20/25 | (820743) |
| GE Aerospace | Chicago Board Options Exchange | 685 | 13805490 | 220.00 | 06/20/25 | (161660) |
| GE Vernova Inc | Chicago Board Options Exchange | 485 | 17984770 | 380.00 | 06/20/25 | (1151875) |
| JPMorgan Chase & Co | Chicago Board Options Exchange | 856 | 20939472 | 250.00 | 06/20/25 | (650560) |
| JPMorgan Chase & Co | Chicago Board Options Exchange | 196 | 4794552 | 260.00 | 06/20/25 | (70560) |
| Marriott International Inc/MD Class A1 | Chicago Board Options Exchange | 68 | 1622344 | 260.00 | 06/20/25 | (24820) |
| McKesson Corp | Chicago Board Options Exchange | 49 | 3492671 | 720.00 | 05/16/25 | (103880) |
| McKesson Corp | Chicago Board Options Exchange | 50 | 3563950 | 760.00 | 06/20/25 | (68750) |
| Meta Platforms Inc Class A | Chicago Board Options Exchange | 129 | 7082100 | 650.00 | 06/20/25 | (79335) |
| SAP SE ADR | Chicago Board Options Exchange | 215 | 6282085 | 280.00 | 06/20/25 | (399900) |
| Southern Co/The | Chicago Board Options Exchange | 708 | 6505812 | 97.50 | 06/20/25 | (44250) |
| Vertiv Holdings Co Class A | Chicago Board Options Exchange | 287 | 2450406 | 90.00 | 06/20/25 | (179375) |
| Visa Inc Class A | Chicago Board Options Exchange | 257 | 8879350 | 360.00 | 06/20/25 | (141350) |
| Walmart Inc | Chicago Board Options Exchange | 323 | 3141175 | 100.00 | 06/20/25 | (100130) |
|  |  |  |  |  |  | (5786226) |
| Put Options |  |  |  |  |  |  |
| Amazon.com Inc | Chicago Board Options Exchange | 800 | 14753600 | 160.00 | 06/20/25 | (238000) |
| Meta Platforms Inc Class A | Chicago Board Options Exchange | 100 | 5490000 | 445.00 | 06/20/25 | (51250) |
| NVIDIA Corp | Chicago Board Options Exchange | 1450 | 15793400 | 80.00 | 06/20/25 | (127600) |
| UnitedHealth Group Inc | Chicago Board Options Exchange | 100 | 4114400 | 400.00 | 06/20/25 | (141750) |
| Vertiv Holdings Co Class A | Chicago Board Options Exchange | 200 | 1707600 | 60.00 | 06/20/25 | (14400) |
|  |  |  |  |  |  | (573000) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(6359226)** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing

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

(d) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $184,224,718.

(e) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $9,678,325 or 0.2% of net assets.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,678,325 or 0.2% of net assets.

(g) 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 $74,159 or 0.0% of net assets.

(h) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Acacia Research Corp | 2/16/12 | 882000 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 169119151 | 625398243 | 731316407 | 9198415 | (162) | - | 63200825 | 63188187 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 12932524 | 233943119 | 223552856 | 31680 | - | - | 23322787 | 23320455 | 0.1% |
| Total | 182051675 | 859341362 | 954869263 | 9230095 | (162) | - | 86523612 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 477869024 | 449384048 | 28484976 | - |
| Consumer Discretionary | 149662871 | 149662871 | - | - |
| Consumer Staples | 227056242 | 222412087 | 4644155 | - |
| Energy | 416759952 | 415791591 | 968361 | - |
| Financials | 844657915 | 841999105 | 2658810 | - |
| Health Care | 576832083 | 576832083 | - | - |
| Industrials | 935717874 | 901049503 | 34668371 | - |
| Information Technology | 1031433967 | 1027614345 | 3819622 | - |
| Materials | 78546236 | 78546236 | - | - |
| Real Estate | 44125503 | 44125503 | - | - |
| Utilities | 63139164 | 63139164 | - | - |
|  **U.S. Treasury Obligations** | 52078185 | - | 52078185 | - |
|  **Money Market Funds** | 86523612 | 86523612 | - | - |
| **Total Investments in Securities:** | 4984402628 | 4857080148 | 127322480 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (6359226) | (6359226) | - | - |
| Total Liabilities | (6359226) | (6359226) | - | - |
| **Total Derivative Instruments:** | (6359226) | (6359226) | - | - |

---

**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, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | 0 | (6359226) |
| **Total Equity Risk**  | 0 | (6359226) |
| **Total Value of Derivatives** | 0 | (6359226) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $22,990,198) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,132,112,350) | $4897879016 |  |
| Fidelity Central Funds (cost $86,523,612) | 86523612 |  |
| Total Investment in Securities (cost $3,218,635,962) |  | $4984402628 |
| Receivable for investments sold |  | 2966825 |
| Receivable for fund shares sold |  | 4009747 |
| Dividends receivable |  | 3200244 |
| Distributions receivable from Fidelity Central Funds |  | 212120 |
| Prepaid expenses |  | 1372 |
| Other receivables |  | 12727 |
| **Total assets** |  | 4994805663 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3648981 |  |
| Payable for fund shares redeemed | 2279605 |  |
| Accrued management fee | 3088264 |  |
| Written options, at value (premium received $5,553,764) | 6359226 |  |
| Other payables and accrued expenses | 70791 |  |
| Collateral on securities loaned | 23322788 |  |
| **Total liabilities** |  | 38769655 |
| **Net Assets**  |  | $4956036008 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3068424549 |
| Total accumulated earnings (loss) |  | 1887611459 |
| **Net Assets** |  | $4956036008 |
| **Net Asset Value**, offering price and redemption price per share ($4,956,036,008 ÷ 93,371,228 shares) |  | $53.08 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $69789403 |
| Interest  |  | 126162 |
| Income from Fidelity Central Funds (including $31,680 from security lending)  |  | 9230095 |
| **Total income** |  | 79145660 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $30860169 |  |
| Performance adjustment | 5936147 |  |
| Custodian fees and expenses | 164414 |  |
| Independent trustees' fees and expenses | 20318 |  |
| Registration fees | 118080 |  |
| Audit fees | 56927 |  |
| Legal | 7403 |  |
| Miscellaneous | 95844 |  |
| **Total expenses** |  | 37259302 |
| **Net Investment income (loss)** |  | 41886358 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 187128623 |  |
| Fidelity Central Funds | (162) |  |
| Foreign currency transactions | (70773) |  |
| Written options | 5782733 |  |
| Total net realized gain (loss) |  | 192840421 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 277112711 |  |
| Assets and liabilities in foreign currencies | 48567 |  |
| Written options | (805462) |  |
| Total change in net unrealized appreciation (depreciation) |  | 276355816 |
| **Net gain (loss)** |  | 469196237 |
| **Net increase (decrease) in net assets resulting from operations** |  | $511082595 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $41886358 | $34874504 |
| &nbsp;&nbsp;Net realized gain (loss) | 192840421<br>| 163512270<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 276355816 | 541572957<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 511082595<br>| 739959731<br>|
| Distributions to shareholders | (208537305)<br>| (94232663)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1450948276 | 978359048 |
| Reinvestment of distributions | 140096428<br>| 68651272<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1127401138) | (528136922) |
| **Net increase (decrease) in net assets resulting from share transactions** | 463643566<br>| 518873398<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 766188856<br>| 1164600466<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4189847152 | 3025246686<br>|
| &nbsp;&nbsp;End of period | $4956036008 | $4189847152 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 27432962 | 21439488 |
| Issued in reinvestment of distributions | 2672664<br>| 1560291<br>|
| &nbsp;&nbsp;Redeemed | (21560247) | (12016855) |
| &nbsp;&nbsp;Net increase (decrease) | 8545379 | 10982924 |

---

**Financial Highlights** 

**Fidelity® Large Cap Stock Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $49.39 | $40.97 | $39.00 | $41.09 | $27.80 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .45  | .46  | .49  | .75 C | .57  |
| Net realized and unrealized gain (loss)  | 5.56  | 9.24  | 2.64  | (.86)  | 14.10  |
| Total from investment operations  | 6.01  | 9.70  | 3.13  | (.11)  | 14.67  |
| Distributions from net investment income  | (.46)  | (.48)  | (.48)  | (.77)  | (.65)  |
| Distributions from net realized gain  | (1.86)  | (.79)  | (.68)  | (1.21)  | (.73)  |
| Total distributions  | (2.32)  | (1.28) D | (1.16)  | (1.98)  | (1.38)  |
| Net asset value, end of period  | $53.08 | $49.39 | $40.97 | $39.00 | $41.09 |
| **Total Return** E | 12.28% <br>| 24.07%  | 8.33%  | (.46)%  | 54.08%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .75%  | .84%  | .76%  | .54%  | .48%  |
| Expenses net of fee waivers, if any  | .75% <br>| .83%  | .76%  | .53%  | .48%  |
| Expenses net of all reductions, if any  | .75%  | .83%  | .76%  | .53%  | .48%  |
| Net investment income (loss)  | .85%  | 1.04%  | 1.29%  | 1.80% C | 1.73%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4956036 | $4189847 | $3025247 | $2869284 | $2969140 |
| Portfolio turnover rate H | 17% <br>| 17%  | 8% I | 15% I | 18%  |

---

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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*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), derivatives or securities that mature within one year from acquisition.* 

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

**Notes to Financial Statements**

For the period ended April 30, 2025

**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.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price 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, 2025 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**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, 2025, 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 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 foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales and options.

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**  | $1928847792 |
| **Gross unrealized depreciation**  | <u>(169992452)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1758855340</u> |
| **Tax Cost**  | <u>$3219188062</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$12117378</u> |
| **Undistributed long-term capital gain**  | <u>$116857489</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1758636590</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $54543650 | $35590470 |
| **Long-term Capital Gains**  | <u>153993655</u> | <u>58642193</u> |
| **Total**  | <u>$208537305</u> | <u>$94232663</u> |

---

**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.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a 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 a fund. Counterparty credit risk related to exchange-traded 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.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Large Cap Stock Fund** |  |  |
| **Equity Risk** |  |  |
| Purchased Options | (65938) | - |
| Written Options | <u>5782733</u> | <u>(805462)</u> |
| **Total Equity Risk** | <u>5716795</u> | <u>(805462)</u> |
| Totals | <u>5716795</u> | <u>(805462)</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. Exchange-traded options were used to manage exposure to the market.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period unless an average notional amount is presented.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Large Cap Stock Fund** | 1155244663 | 791584254 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Large Cap Stock Fund** | .66 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Large Cap Stock Fund** | .62 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Large Cap Stock Fund** | S&P 500 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .12%.

**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 Large Cap Stock Fund** | 13890 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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 Large Cap Stock Fund** | 126171680 | 31241005 | 5339362 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Large Cap Stock Fund** | 7139 |

---

**8. 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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Large Cap Stock Fund** | 3350 | 316 | - |

---

**9. Other.**

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

**10. Risk and Uncertainties.**

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

**11. Proposed Reorganization.**

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Advisor Large Cap Fund. In addition, the Board approved the creation of additional classes of shares that will commence operations on November 13, 2025. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Large Cap Fund in exchange for corresponding shares of the Fund equal in value to the net assets of Fidelity Advisor Large Cap Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Advisor Large Cap Fund access to a larger portfolio with a similar investment objective.

A meeting of shareholders of Fidelity Advisor Large Cap Fund is expected to be held during the third quarter of 2025 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective during November 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Large Cap Stock Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2025, 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, 2025, 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, 2025, 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 12, 2025

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

**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, 2025, $167,221,968 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 during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $5,564,658 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

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

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 399712835196.11 | 95.27 |
| Withheld  | 19861567939.07 | 4.73 |
| TOTAL  | 419574403135.19 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 398303145670.78 | 94.93 |
| Withheld  | 21271257464.41 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 398848644763.97 | 95.06 |
| Withheld  | 20725758371.21 | 4.94 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 399084917382.24 | 95.12 |
| Withheld  | 20489485752.95 | 4.88 |
| TOTAL  | 419574403135.19 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 398136894294.44 | 94.89 |
| Withheld  | 21437508840.75 | 5.11 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 399535778208.65 | 95.22 |
| Withheld  | 20038624926.54 | 4.78 |
| TOTAL  | 419574403135.19 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 399319643676.69 | 95.17 |
| Withheld  | 20254759458.50 | 4.83 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 398612509964.82 | 95.00 |
| Withheld  | 20961893170.36 | 5.00 |
| TOTAL  | 419574403135.19 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 397517256424.15 | 94.74 |
| Withheld  | 22057146711.03 | 5.26 |
| TOTAL  | 419574403135.19 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 398905166808.58 | 95.07 |
| Withheld  | 20669236326.60 | 4.93 |
| TOTAL  | 419574403135.19 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 398279523899.44 | 94.92 |
| Withheld  | 21294879235.74 | 5.08 |
| TOTAL  | 419574403135.19 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 398393822853.60 | 94.95 |
| Withheld  | 21180580281.58 | 5.05 |
| TOTAL  | 419574403135.19 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 398304955259.60 | 94.93 |
| Withheld  | 21269447875.58 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contract and Management Fees** 

**Fidelity Large Cap Stock Fund**

At its January 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for each of the new classes of the fund: Class A, Class M, Class C, Class I and Class Z of the fund (each a New Class and together, the New Classes). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

**Nature, Extent, and Quality of Services Provided.** The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2024 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its January 2025 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the New Classes of the fund under the Amended Contract will continue to benefit the fund's shareholders.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of each New Class of the fund and the estimated total expense ratio of each New Class. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee and proposed maximum class-level management fee rate for Class Z of the fund is below the median fee rate of funds with similar Morningstar classifications. The Board also noted that the projected class-level management fee and proposed maximum class-level management fee rate for Class A, Class M, Class C and Class I of the fund is above the median fee rate of funds with similar Morningstar classifications because the majority of such competitor funds do not have a management fee that covers expenses for services beyond portfolio management. The Board also considered that the estimated total net expense ratio of Class A and Class Z of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure and that the estimated total net expense ratio of Class M, Class C and Class I is above the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure. The Board noted that the estimated total net expense ratio of Class C and Class I of the fund are above the median of its competitor funds due to positive performance fees. The Board noted that the estimated total net expense ratio of Class C is also above the median of its competitor funds because of its 1.00% 12b-1 fee. The Board also noted that although Class I is categorized by Lipper as an Institutional class, Class I has no investment minimum, unlike other funds and classes categorized as institutional. As a result, FMR believes Class I is generally more comparable to retail funds and classes. The Board also considered that the estimated total net expense ratio of Class M is above the median of its competitor funds primarily because of higher 12b-1 fees.

The Board noted that the difference in management fee rates between classes of the fund is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

In connection with its consideration of the New Classes' management fee rates, the Board noted that the fund's management fee is subject to a performance adjustment. The Board further noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2024 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive.

**Economies of Scale.** The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2024 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure for each New Class of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2025.

![](img108974_4.jpg)<br>

1.703546.127 LCS-ANN-0625

**Fidelity® Large Cap Stock K6 Fund**

**Annual Report**

**April 30, 2025**

![](img108973_1.jpg)

![](img108973_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_LCSK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Large Cap Stock K6 Fund](#Sub_Sec_Fund_2954_LCSK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2954_LCSK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_LCSK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_LCSK6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LCSK6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LCSK6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LCSK6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LCSK6-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Large Cap Stock K6 Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| UCB SA  | 2900 | 529420 |
| CANADA - 2.0%  |  |  |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Athabasca Oil Corp (b) | 25000 | 82330 |
| Imperial Oil Ltd  | 11304 | 762483 |
| MEG Energy Corp  | 8900 | 124856 |
|  |  | 969669 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Bombardier Inc Class B (b) | 2500 | 165240 |
| TOTAL CANADA |  | 1134909 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Ivanhoe Mine Ltd Class A (b) | 11700 | 103879 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Class B ADR  | 2200 | 146190 |
| FRANCE - 0.7%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Pernod Ricard SA  | 1255 | 135377 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Airbus SE  | 1422 | 241300 |
| TOTAL FRANCE |  | 376677 |
| GERMANY - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Software - 1.3% |  |  |
| SAP SE ADR  | 2479 | 724339 |
| ITALY - 0.2%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Davide Campari-Milano NV  | 8000 | 53682 |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Ryanair Holdings PLC ADR  | 637 | 30487 |
| TOTAL ITALY |  | 84169 |
| JAPAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Advantest Corp  | 1000 | 41835 |
| NETHERLANDS - 0.8%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| Universal Music Group NV  | 6450 | 189665 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE ADR (b) | 90 | 58063 |
| Merus NV (b) | 600 | 27306 |
|  |  | 85369 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ASML Holding NV depository receipt  | 135 | 90190 |
| BE Semiconductor Industries NV  | 980 | 104625 |
|  |  | 194815 |
| TOTAL NETHERLANDS |  | 469849 |
| SPAIN - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Cellnex Telecom SA (c)(d) | 2501 | 101214 |
| SWITZERLAND - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Galderma Group AG  | 730 | 84821 |
| TAIWAN - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 1566 | 261037 |
| UNITED KINGDOM - 0.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| JD Sports Fashion PLC  | 16200 | 16964 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.3% |  |  |
| Diageo PLC ADR  | 1628 | 182369 |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 1500 | 65325 |
| TOTAL CONSUMER STAPLES |  | 247694 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| 3i Group PLC  | 500 | 28346 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Rolls-Royce Holdings PLC  | 17700 | 179168 |
| TOTAL UNITED KINGDOM |  | 472172 |
| UNITED STATES - 89.0%  |  |  |
| Communication Services - 9.1% |  |  |
| Entertainment - 0.3% |  |  |
| Walt Disney Co/The  | 2394 | 217734 |
| Interactive Media & Services - 7.5% |  |  |
| Alphabet Inc Class A  | 7993 | 1269288 |
| Alphabet Inc Class C  | 6849 | 1101936 |
| Meta Platforms Inc Class A  | 3123 | 1714527 |
| Snap Inc Class A (b) | 14010 | 111520 |
|  |  | 4197271 |
| Media - 1.3% |  |  |
| Comcast Corp Class A  | 20526 | 701989 |
| TOTAL COMMUNICATION SERVICES |  | 5116994 |
| Consumer Discretionary - 2.7% |  |  |
| Automobiles - 0.0% |  |  |
| Rivian Automotive Inc Class A (b)(e) | 1800 | 24587 |
| Broadline Retail - 0.3% |  |  |
| Amazon.com Inc (b) | 952 | 175568 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Booking Holdings Inc  | 78 | 397744 |
| Marriott International Inc/MD Class A1  | 283 | 67518 |
| Starbucks Corp  | 1412 | 113031 |
|  |  | 578293 |
| Household Durables - 0.5% |  |  |
| Somnigroup International Inc  | 3300 | 201498 |
| Whirlpool Corp (e) | 674 | 51413 |
|  |  | 252911 |
| Specialty Retail - 0.8% |  |  |
| Lowe's Cos Inc  | 1672 | 373792 |
| Restoration Hardware Inc (b) | 255 | 46928 |
|  |  | 420720 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Lululemon Athletica Inc (b) | 90 | 24369 |
| NIKE Inc Class B  | 612 | 34517 |
|  |  | 58886 |
| TOTAL CONSUMER DISCRETIONARY |  | 1510965 |
| Consumer Staples - 3.8% |  |  |
| Beverages - 1.5% |  |  |
| Coca-Cola Co/The  | 5674 | 411649 |
| Keurig Dr Pepper Inc  | 11007 | 380732 |
| Monster Beverage Corp (b) | 600 | 36072 |
|  |  | 828453 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Performance Food Group Co (b) | 1098 | 88565 |
| Sysco Corp  | 1977 | 141158 |
| Target Corp  | 1249 | 120778 |
| US Foods Holding Corp (b) | 1289 | 84636 |
| Walmart Inc (f) | 1149 | 111740 |
|  |  | 546877 |
| Food Products - 0.0% |  |  |
| Lamb Weston Holdings Inc  | 100 | 5281 |
| Personal Care Products - 0.8% |  |  |
| Estee Lauder Cos Inc/The Class A  | 1580 | 94736 |
| Kenvue Inc  | 15991 | 377388 |
|  |  | 472124 |
| Tobacco - 0.5% |  |  |
| Philip Morris International Inc  | 1510 | 258754 |
| TOTAL CONSUMER STAPLES |  | 2111489 |
| Energy - 7.0% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Tidewater Inc (b)(e) | 1200 | 43428 |
| Oil, Gas & Consumable Fuels - 6.9% |  |  |
| Exxon Mobil Corp  | 23607 | 2493607 |
| Hess Corp  | 50 | 6453 |
| Shell PLC ADR  | 21100 | 1360528 |
|  |  | 3860588 |
| TOTAL ENERGY |  | 3904016 |
| Financials - 17.3% |  |  |
| Banks - 12.3% |  |  |
| Bank of America Corp  | 38629 | 1540525 |
| JPMorgan Chase & Co (f) | 1832 | 448144 |
| M&T Bank Corp  | 1527 | 259223 |
| PNC Financial Services Group Inc/The  | 3085 | 495729 |
| Truist Financial Corp  | 2000 | 76679 |
| US Bancorp  | 8917 | 359712 |
| Wells Fargo & Co  | 51908 | 3685987 |
|  |  | 6865999 |
| Capital Markets - 2.1% |  |  |
| Charles Schwab Corp/The  | 1402 | 114123 |
| KKR & Co Inc Class A  | 3443 | 393432 |
| Moody's Corp  | 175 | 79296 |
| Morgan Stanley  | 655 | 75600 |
| MSCI Inc  | 15 | 8176 |
| Northern Trust Corp  | 4597 | 432026 |
| Raymond James Financial Inc  | 505 | 69205 |
|  |  | 1171858 |
| Financial Services - 2.5% |  |  |
| Apollo Global Management Inc  | 300 | 40944 |
| Corpay Inc (b) | 200 | 65074 |
| Global Payments Inc  | 415 | 31668 |
| Mastercard Inc Class A  | 378 | 207167 |
| PayPal Holdings Inc (b) | 852 | 56096 |
| Visa Inc Class A (f) | 2841 | 981566 |
|  |  | 1382515 |
| Insurance - 0.4% |  |  |
| Arthur J Gallagher & Co  | 455 | 145914 |
| Chubb Ltd  | 385 | 110141 |
|  |  | 256055 |
| TOTAL FINANCIALS |  | 9676427 |
| Health Care - 10.0% |  |  |
| Biotechnology - 0.7% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 399 | 105033 |
| Exact Sciences Corp (b) | 3600 | 164304 |
| Gilead Sciences Inc  | 400 | 42615 |
| Vaxcyte Inc (b) | 1471 | 52721 |
|  |  | 364673 |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Abbott Laboratories  | 970 | 126828 |
| Becton Dickinson & Co  | 330 | 68340 |
| Boston Scientific Corp (b)(f) | 6531 | 671844 |
| Masimo Corp (b) | 300 | 48287 |
| Solventum Corp (b) | 818 | 54086 |
|  |  | 969385 |
| Health Care Providers & Services - 4.0% |  |  |
| Cardinal Health Inc  | 1829 | 258419 |
| Cigna Group/The (f) | 1505 | 511761 |
| Humana Inc  | 1205 | 315999 |
| McKesson Corp  | 604 | 430525 |
| UnitedHealth Group Inc  | 1760 | 724135 |
|  |  | 2240839 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Bruker Corp  | 400 | 16024 |
| Danaher Corp  | 964 | 192154 |
| Thermo Fisher Scientific Inc  | 140 | 60060 |
|  |  | 268238 |
| Pharmaceuticals - 3.1% |  |  |
| Bristol-Myers Squibb Co  | 3250 | 163150 |
| Eli Lilly & Co  | 380 | 341601 |
| GSK PLC ADR  | 12375 | 493144 |
| Haleon PLC ADR  | 40588 | 411968 |
| Johnson & Johnson  | 1336 | 208830 |
| Merck & Co Inc  | 1500 | 127800 |
|  |  | 1746493 |
| TOTAL HEALTH CARE |  | 5589628 |
| Industrials - 18.1% |  |  |
| Aerospace & Defense - 11.3% |  |  |
| Boeing Co (b) | 12539 | 2297646 |
| GE Aerospace (f) | 15611 | 3146242 |
| General Dynamics Corp  | 561 | 152659 |
| Howmet Aerospace Inc  | 450 | 62361 |
| Huntington Ingalls Industries Inc  | 868 | 199935 |
| RTX Corp  | 200 | 25226 |
| Spirit AeroSystems Holdings Inc Class A (b) | 12900 | 464400 |
| Standardaero Inc (e) | 200 | 5404 |
|  |  | 6353873 |
| Air Freight & Logistics - 0.9% |  |  |
| United Parcel Service Inc Class B  | 5195 | 495084 |
| Commercial Services & Supplies - 0.2% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 1600 | 79838 |
| Veralto Corp  | 339 | 32510 |
|  |  | 112348 |
| Construction & Engineering - 0.1% |  |  |
| Centuri Holdings Inc (b) | 1600 | 28735 |
| Electrical Equipment - 4.3% |  |  |
| GE Vernova Inc (f) | 5385 | 1996866 |
| Hubbell Inc  | 360 | 130745 |
| Vertiv Holdings Co Class A  | 3185 | 271935 |
|  |  | 2399546 |
| Ground Transportation - 0.2% |  |  |
| Knight-Swift Transportation Holdings Inc  | 3039 | 119038 |
| Machinery - 1.0% |  |  |
| Allison Transmission Holdings Inc  | 905 | 83478 |
| Chart Industries Inc (b) | 340 | 45893 |
| Cummins Inc  | 216 | 63469 |
| Deere & Co  | 179 | 82977 |
| Donaldson Co Inc  | 950 | 62444 |
| Nordson Corp  | 335 | 63506 |
| Otis Worldwide Corp  | 594 | 57184 |
| Stanley Black & Decker Inc  | 294 | 17646 |
| Toro Co/The  | 200 | 13656 |
| Westinghouse Air Brake Technologies Corp  | 451 | 83318 |
|  |  | 573571 |
| Trading Companies & Distributors - 0.1% |  |  |
| Watsco Inc  | 70 | 32188 |
| TOTAL INDUSTRIALS |  | 10114383 |
| Information Technology - 18.7% |  |  |
| IT Services - 0.0% |  |  |
| EPAM Systems Inc (b) | 125 | 19614 |
| Semiconductors & Semiconductor Equipment - 8.7% |  |  |
| Applied Materials Inc  | 684 | 103086 |
| Broadcom Inc  | 5240 | 1008543 |
| First Solar Inc (b) | 840 | 105689 |
| Lam Research Corp  | 1330 | 95321 |
| Marvell Technology Inc  | 5832 | 340414 |
| Micron Technology Inc  | 2500 | 192375 |
| NVIDIA Corp  | 27165 | 2958812 |
| Teradyne Inc  | 400 | 29683 |
|  |  | 4833923 |
| Software - 7.6% |  |  |
| Adobe Inc (b) | 1026 | 384729 |
| Autodesk Inc (b) | 699 | 191701 |
| Intuit Inc  | 186 | 116709 |
| Microsoft Corp  | 9042 | 3573942 |
|  |  | 4267081 |
| Technology Hardware, Storage & Peripherals - 2.4% |  |  |
| Apple Inc (f) | 6398 | 1359575 |
| TOTAL INFORMATION TECHNOLOGY |  | 10480193 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Air Products and Chemicals Inc  | 355 | 96237 |
| Mosaic Co/The  | 400 | 12159 |
| Sherwin-Williams Co/The  | 56 | 19764 |
|  |  | 128160 |
| Real Estate - 0.9% |  |  |
| Industrial REITs - 0.1% |  |  |
| Terreno Realty Corp  | 800 | 45064 |
| Residential REITs - 0.1% |  |  |
| Sun Communities Inc  | 580 | 72169 |
| Specialized REITs - 0.7% |  |  |
| American Tower Corp  | 880 | 198361 |
| Crown Castle Inc  | 1886 | 199463 |
| Equinix Inc  | 13 | 11190 |
|  |  | 409014 |
| TOTAL REAL ESTATE |  | 526247 |
| Utilities - 1.2% |  |  |
| Electric Utilities - 1.1% |  |  |
| Duke Energy Corp  | 200 | 24404 |
| Edison International  | 500 | 26755 |
| Entergy Corp  | 558 | 46409 |
| PG&E Corp  | 1600 | 26432 |
| Southern Co/The (f) | 5142 | 472498 |
|  |  | 596498 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Vistra Corp  | 320 | 41482 |
| Multi-Utilities - 0.1% |  |  |
| Sempra  | 700 | 51989 |
| TOTAL UTILITIES |  | 689969 |
| TOTAL UNITED STATES |  | 49848471 |
| ZAMBIA - 1.3%  |  |  |
| Materials - 1.3% |  |  |
| Metals & Mining - 1.3% |  |  |
| First Quantum Minerals Ltd (b) | 53672 | 720636 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $35,380,636) |  | <br> **55099618** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.33 | 639992 | 640120 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.33 | 93416 | 93425 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $733,545) |  |  | **733545** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.5%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/17/2025 (f)<br>(Cost $303,247)<br>| 4.25 | 306000 | **303263** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $36,417,428)<br>| <br>**56136426** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(154126)** |
| **NET ASSETS - 100.0%** | **55982300** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| Apple Inc | Chicago Board Options Exchange | 3 | 63750 | 215.00 | 06/20/25 | (2865) |
| Apple Inc | Chicago Board Options Exchange | 1 | 21250 | 230.00 | 06/20/25 | (350) |
| Boston Scientific Corp | Chicago Board Options Exchange | 13 | 133731 | 105.00 | 06/20/25 | (3998) |
| Cigna Group/The | Chicago Board Options Exchange | 1 | 34004 | 360.00 | 06/20/25 | (635) |
| GE Aerospace | Chicago Board Options Exchange | 16 | 322464 | 210.00 | 06/20/25 | (9320) |
| GE Aerospace | Chicago Board Options Exchange | 7 | 141078 | 220.00 | 06/20/25 | (1652) |
| GE Vernova Inc | Chicago Board Options Exchange | 4 | 148328 | 380.00 | 06/20/25 | (9500) |
| JPMorgan Chase & Co | Chicago Board Options Exchange | 10 | 244620 | 250.00 | 06/20/25 | (7600) |
| Southern Co/The | Chicago Board Options Exchange | 2 | 18378 | 97.50 | 06/20/25 | (125) |
| Visa Inc Class A | Chicago Board Options Exchange | 2 | 69100 | 360.00 | 06/20/25 | (1100) |
| Walmart Inc | Chicago Board Options Exchange | 3 | 29175 | 100.00 | 06/20/25 | (930) |
|  |  |  |  |  |  | (38075) |
| Put Options |  |  |  |  |  |  |
| Meta Platforms Inc Class A | Chicago Board Options Exchange | 1 | 54900 | 445.00 | 06/20/25 | (513) |
| NVIDIA Corp | Chicago Board Options Exchange | 15 | 163380 | 80.00 | 06/20/25 | (1320) |
|  |  |  |  |  |  | (1833) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(39908)** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing

(c) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $101,214 or 0.2% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $101,214 or 0.2% of net assets.

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

(f) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $1,334,894.

(g) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2266355 | 17580485 | 19206720 | 135185 | - | - | 640120 | 639992 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 3488018 | 3394593 | 622 | - | - | 93425 | 93416 | 0.0% |
| Total | 2266355 | 21068503 | 22601313 | 135807 | - | - | 733545 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 5407873 | 5116994 | 290879 | - |
| Consumer Discretionary | 1527929 | 1527929 | - | - |
| Consumer Staples | 2548242 | 2494560 | 53682 | - |
| Energy | 4873685 | 4873685 | - | - |
| Financials | 9704773 | 9676427 | 28346 | - |
| Health Care | 6435428 | 6435428 | - | - |
| Industrials | 10730578 | 10310110 | 420468 | - |
| Information Technology | 11702219 | 11660384 | 41835 | - |
| Materials | 952675 | 952675 | - | - |
| Real Estate | 526247 | 526247 | - | - |
| Utilities | 689969 | 689969 | - | - |
|  **U.S. Treasury Obligations** | 303263 | - | 303263 | - |
|  **Money Market Funds** | 733545 | 733545 | - | - |
| **Total Investments in Securities:** | 56136426 | 54997953 | 1138473 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (39908) | (39908) | - | - |
| Total Liabilities | (39908) | (39908) | - | - |
| **Total Derivative Instruments:** | (39908) | (39908) | - | - |

---

**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, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | 0 | (39908) |
| **Total Equity Risk**  | 0 | (39908) |
| **Total Value of Derivatives** | 0 | (39908) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $89,645) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $35,683,883) | $55402881 |  |
| Fidelity Central Funds (cost $733,545) | 733545 |  |
| Total Investment in Securities (cost $36,417,428) |  | $56136426 |
| Cash |  | 21 |
| Foreign currency held at value (cost $75) |  | 74 |
| Receivable for investments sold |  | 54147 |
| Receivable for fund shares sold |  | 63239 |
| Dividends receivable |  | 27772 |
| Distributions receivable from Fidelity Central Funds |  | 1897 |
| Other receivables |  | 253 |
| **Total assets** |  | 56283829 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $147102 |  |
| Accrued management fee | 20554 |  |
| Written options, at value (premium received $31,539) | 39908 |  |
| Other payables and accrued expenses | 540 |  |
| Collateral on securities loaned | 93425 |  |
| **Total liabilities** |  | 301529 |
| **Net Assets**  |  | $55982300 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $34406117 |
| Total accumulated earnings (loss) |  | 21576183 |
| **Net Assets** |  | $55982300 |
| **Net Asset Value**, offering price and redemption price per share ($55,982,300 ÷ 3,728,803 shares) |  | $15.01 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $817932 |
| Interest  |  | 501 |
| Income from Fidelity Central Funds (including $622 from security lending)  |  | 135807 |
| **Total income** |  | 954240 |
| **Expenses** |  |  |
| Management fee | $269257 |  |
| Independent trustees' fees and expenses | 246 |  |
| Miscellaneous | 980 |  |
| Total expenses before reductions | 270483 |  |
| Expense reductions | (363) |  |
| Total expenses after reductions |  | 270120 |
| **Net Investment income (loss)** |  | 684120 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2858375 |  |
| Foreign currency transactions | (1041) |  |
| Written options | 32004 |  |
| Total net realized gain (loss) |  | 2889338 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2793166 |  |
| Assets and liabilities in foreign currencies | 120 |  |
| Written options | (8369) |  |
| Total change in net unrealized appreciation (depreciation) |  | 2784917 |
| **Net gain (loss)** |  | 5674255 |
| **Net increase (decrease) in net assets resulting from operations** |  | $6358375 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $684120 | $587469 |
| &nbsp;&nbsp;Net realized gain (loss) | 2889338<br>| 1657992<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2784917 | 6837162<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6358375<br>| 9082623<br>|
| Distributions to shareholders | (2787627)<br>| (1218756)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 24535119 | 14299667 |
| Reinvestment of distributions | 2787627<br>| 1218756<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (24642065) | (7137752) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2680681<br>| 8380671<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 6251429<br>| 16244538<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 49730871 | 33486333<br>|
| &nbsp;&nbsp;End of period | $55982300 | $49730871 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1619018 | 1126371 |
| Issued in reinvestment of distributions | 186863<br>| 99040<br>|
| &nbsp;&nbsp;Redeemed | (1616869) | (563723) |
| &nbsp;&nbsp;Net increase (decrease) | 189012 | 661688 |

---

**Financial Highlights** 

**Fidelity® Large Cap Stock K6 Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.05 | $11.63 | $14.34 | $15.41 | $10.37 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .17  | .18  | .19  | .30 C | .22  |
| Net realized and unrealized gain (loss)  | 1.51  | 2.63  | .92 D | (.36)  | 5.27  |
| Total from investment operations  | 1.68  | 2.81  | 1.11  | (.06)  | 5.49  |
| Distributions from net investment income  | (.19)  | (.16)  | (.28)  | (.30)  | (.25)  |
| Distributions from net realized gain  | (.53)  | (.23)  | (3.54)  | (.71)  | (.20)  |
| Total distributions  | (.72)  | (.39)  | (3.82)  | (1.01)  | (.45)  |
| Net asset value, end of period  | $15.01 | $14.05 | $11.63 | $14.34 | $15.41 |
| **Total Return** E | 12.05% <br>| 24.71%  | 11.14%  | (.72)%  | 54.03%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% <br>| .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | 1.14%  | 1.47%  | 1.65%  | 1.95% C | 1.80%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $55982 | $49731 | $33486 | $45095 | $72208 |
| Portfolio turnover rate H | 22% <br>| 14%  | 27% I | 18% I | 19% I |

---

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*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%.*

D*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.*

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), derivatives or securities that mature within one year from acquisition.* 

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

**Notes to Financial Statements**

For the period ended April 30, 2025

**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.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price 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, 2025 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**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, 2025, 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 determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, 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**  | $21055798 |
| **Gross unrealized depreciation**  | <u>(1645200)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$19410598</u> |
| **Tax Cost**  | <u>$36685920</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$262106</u> |
| **Undistributed long-term capital gain**  | <u>$1903488</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$19410590</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $867959 | $499855 |
| **Long-term Capital Gains**  | <u>1919668</u> | <u>718901</u> |
| **Total**  | <u>$2787627</u> | <u>$1218756</u> |

---

**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.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a 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 a fund. Counterparty credit risk related to exchange-traded 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.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Large Cap Stock K6 Fund** | 14415987 | 12426890 |

---

**6. Fees and Other Transactions with Affiliates.**

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

**Brokerage Commissions.** 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 Large Cap Stock K6 Fund** | 412 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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 Large Cap Stock K6 Fund** | 1558668 | 714697 | 138747 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**8. 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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Large Cap Stock K6 Fund** | 64 | - | - |

---

**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 $363.

**10. 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.

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity 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, 2025, 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, 2025, 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, 2025, 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 11, 2025

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

**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, 2025, $2,672,572, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $127,074 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 73%, and 82% 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 93.20%, and 93.17% 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 4.57%, and 1.89% 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 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 399712835196.11 | 95.27 |
| Withheld  | 19861567939.07 | 4.73 |
| TOTAL  | 419574403135.19 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 398303145670.78 | 94.93 |
| Withheld  | 21271257464.41 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 398848644763.97 | 95.06 |
| Withheld  | 20725758371.21 | 4.94 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 399084917382.24 | 95.12 |
| Withheld  | 20489485752.95 | 4.88 |
| TOTAL  | 419574403135.19 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 398136894294.44 | 94.89 |
| Withheld  | 21437508840.75 | 5.11 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 399535778208.65 | 95.22 |
| Withheld  | 20038624926.54 | 4.78 |
| TOTAL  | 419574403135.19 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 399319643676.69 | 95.17 |
| Withheld  | 20254759458.50 | 4.83 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 398612509964.82 | 95.00 |
| Withheld  | 20961893170.36 | 5.00 |
| TOTAL  | 419574403135.19 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 397517256424.15 | 94.74 |
| Withheld  | 22057146711.03 | 5.26 |
| TOTAL  | 419574403135.19 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 398905166808.58 | 95.07 |
| Withheld  | 20669236326.60 | 4.93 |
| TOTAL  | 419574403135.19 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 398279523899.44 | 94.92 |
| Withheld  | 21294879235.74 | 5.08 |
| TOTAL  | 419574403135.19 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 398393822853.60 | 94.95 |
| Withheld  | 21180580281.58 | 5.05 |
| TOTAL  | 419574403135.19 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 398304955259.60 | 94.93 |
| Withheld  | 21269447875.58 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img108973_4.jpg)<br>

1.9883971.107 LCSK6-ANN-0625

**Fidelity® Mid-Cap Stock K6 Fund**

**Annual Report**

**April 30, 2025**

![](img108969_1.jpg)

![](img108969_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MCS-K6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Mid-Cap Stock K6 Fund](#Sub_Sec_Fund_3462_MCS-K6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3462_MCS-K6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MCS-K6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MCS-K6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCS-K6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCS-K6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCS-K6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCS-K6-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Mid-Cap Stock K6 Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.4%** | &nbsp;&nbsp;**Common Stocks - 97.4%** | &nbsp;&nbsp;**Common Stocks - 97.4%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| UCB SA  | 31633 | 5774882 |
| BRAZIL - 0.9%  |  |  |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Wheaton Precious Metals Corp (United States)  | 108933 | 9098084 |
| CANADA - 3.0%  |  |  |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Imperial Oil Ltd (a) | 190133 | 12824944 |
| South Bow Corp  | 90991 | 2247384 |
|  |  | 15072328 |
| Industrials - 1.2% |  |  |
| Commercial Services & Supplies - 1.2% |  |  |
| RB Global Inc (United States)  | 117587 | 11841011 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Teck Resources Ltd Class B (United States)  | 112946 | 3839034 |
| TOTAL CANADA |  | 30752373 |
| FINLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Amer Sports Inc (b) | 145990 | 3540258 |
| ISRAEL - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Wix.com Ltd (b) | 34899 | 5918521 |
| ITALY - 2.2%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Textiles, Apparel & Luxury Goods - 1.3% |  |  |
| Brunello Cucinelli SpA  | 119578 | 13427186 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 102579 | 6025313 |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Prysmian SpA  | 52949 | 2908605 |
| TOTAL ITALY |  | 22361104 |
| JAPAN - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Capcom Co Ltd  | 133100 | 3852993 |
| NETHERLANDS - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE (b) | 4694 | 3034432 |
| THAILAND - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Fabrinet (b) | 27192 | 5575992 |
| UNITED KINGDOM - 1.7%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Flutter Entertainment PLC (United Kingdom) (b) | 26514 | 6346204 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Nomad Foods Ltd  | 105563 | 2110204 |
| Energy - 0.6% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| TechnipFMC PLC  | 206717 | 5823218 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Sage Group PLC/The  | 188493 | 3108657 |
| TOTAL UNITED KINGDOM |  | 17388283 |
| UNITED STATES - 86.9%  |  |  |
| Communication Services - 1.9% |  |  |
| Entertainment - 1.7% |  |  |
| Liberty Media Corp-Liberty Formula One Class A (b) | 47389 | 3817184 |
| Live Nation Entertainment Inc (b) | 51642 | 6839983 |
| TKO Group Holdings Inc Class A  | 37314 | 6078824 |
|  |  | 16735991 |
| Interactive Media & Services - 0.1% |  |  |
| Pinterest Inc Class A (b) | 59661 | 1510616 |
| Media - 0.1% |  |  |
| Magnite Inc (b) | 101600 | 1208023 |
| TOTAL COMMUNICATION SERVICES |  | 19454630 |
| Consumer Discretionary - 10.8% |  |  |
| Diversified Consumer Services - 1.9% |  |  |
| Duolingo Inc Class A (b) | 26194 | 10202039 |
| Service Corp International/US  | 120859 | 9656634 |
|  |  | 19858673 |
| Hotels, Restaurants & Leisure - 2.9% |  |  |
| Aramark  | 75620 | 2527977 |
| Cava Group Inc (b) | 15500 | 1432664 |
| Churchill Downs Inc  | 54914 | 4964775 |
| Domino's Pizza Inc  | 5996 | 2940259 |
| Sportradar Holding AG Class A (b) | 66300 | 1532193 |
| Texas Roadhouse Inc  | 39980 | 6635081 |
| Wyndham Hotels & Resorts Inc  | 98309 | 8385758 |
|  |  | 28418707 |
| Household Durables - 2.6% |  |  |
| DR Horton Inc  | 20670 | 2611447 |
| NVR Inc (b) | 833 | 5935750 |
| Somnigroup International Inc (a) | 194800 | 11894488 |
| Toll Brothers Inc  | 64110 | 6466776 |
|  |  | 26908461 |
| Specialty Retail - 2.6% |  |  |
| Burlington Stores Inc (b) | 44005 | 9902885 |
| Chewy Inc Class A (b) | 135300 | 5073750 |
| Floor & Decor Holdings Inc Class A (b) | 54811 | 3915698 |
| Williams-Sonoma Inc  | 49516 | 7648737 |
|  |  | 26541070 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Ralph Lauren Corp Class A  | 15106 | 3398094 |
| Tapestry Inc  | 65438 | 4623195 |
|  |  | 8021289 |
| TOTAL CONSUMER DISCRETIONARY |  | 109748200 |
| Consumer Staples - 4.4% |  |  |
| Beverages - 0.6% |  |  |
| Keurig Dr Pepper Inc  | 183876 | 6360271 |
| Consumer Staples Distribution & Retail - 3.8% |  |  |
| Albertsons Cos Inc Class A  | 351000 | 7714980 |
| BJ's Wholesale Club Holdings Inc (b) | 132791 | 15610910 |
| Performance Food Group Co (b) | 192761 | 15548102 |
|  |  | 38873992 |
| TOTAL CONSUMER STAPLES |  | 45234263 |
| Energy - 3.2% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Kodiak Gas Services Inc  | 84847 | 2885646 |
| Oil, Gas & Consumable Fuels - 2.9% |  |  |
| Cheniere Energy Inc  | 41413 | 9570959 |
| Core Natural Resources Inc  | 35140 | 2537459 |
| Energy Transfer LP  | 353997 | 5855110 |
| Ovintiv Inc  | 51800 | 1739444 |
| Range Resources Corp  | 292954 | 9939930 |
|  |  | 29642902 |
| TOTAL ENERGY |  | 32528548 |
| Financials - 14.6% |  |  |
| Banks - 6.2% |  |  |
| East West Bancorp Inc  | 88491 | 7570405 |
| First Citizens BancShares Inc/NC Class A  | 2732 | 4860610 |
| Huntington Bancshares Inc/OH  | 565132 | 8211368 |
| KeyCorp  | 194864 | 2891782 |
| M&T Bank Corp  | 66673 | 11318408 |
| Old National Bancorp/IN  | 282600 | 5818734 |
| Pinnacle Financial Partners Inc  | 49209 | 4932710 |
| Western Alliance Bancorp  | 73962 | 5155891 |
| Wintrust Financial Corp  | 114894 | 12772767 |
|  |  | 63532675 |
| Capital Markets - 4.4% |  |  |
| Blue Owl Capital Inc Class A  | 271653 | 5033730 |
| Cboe Global Markets Inc  | 33206 | 7365091 |
| Evercore Inc Class A  | 19600 | 4023684 |
| Houlihan Lokey Inc Class A  | 39371 | 6381252 |
| Interactive Brokers Group Inc Class A  | 22100 | 3797885 |
| MarketAxess Holdings Inc  | 9100 | 2016469 |
| Raymond James Financial Inc  | 55732 | 7637513 |
| Stifel Financial Corp  | 98278 | 8421442 |
|  |  | 44677066 |
| Financial Services - 0.6% |  |  |
| Toast Inc Class A (b) | 168383 | 5991066 |
| Insurance - 3.4% |  |  |
| American Financial Group Inc/OH  | 50296 | 6370491 |
| Arch Capital Group Ltd  | 29663 | 2689841 |
| First American Financial Corp  | 162088 | 9856571 |
| Hartford Insurance Group Inc/The  | 43034 | 5278981 |
| Reinsurance Group of America Inc  | 56995 | 10675734 |
|  |  | 34871618 |
| TOTAL FINANCIALS |  | 149072425 |
| Health Care - 8.6% |  |  |
| Biotechnology - 1.6% |  |  |
| Arcellx Inc (b) | 17604 | 1143380 |
| Crinetics Pharmaceuticals Inc (b) | 41914 | 1399508 |
| Exact Sciences Corp (b) | 65545 | 2991474 |
| Legend Biotech Corp ADR (b) | 18400 | 643080 |
| Revolution Medicines Inc (b) | 29000 | 1171020 |
| TG Therapeutics Inc (b) | 28800 | 1310688 |
| United Therapeutics Corp (b) | 25886 | 7845788 |
|  |  | 16504938 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Glaukos Corp (b) | 12800 | 1206400 |
| Inspire Medical Systems Inc (b) | 12919 | 2046111 |
| Insulet Corp (b) | 13269 | 3347636 |
| Masimo Corp (b) | 45540 | 7330119 |
| Merit Medical Systems Inc (b) | 25300 | 2389585 |
| Penumbra Inc (b) | 16900 | 4948996 |
|  |  | 21268847 |
| Health Care Providers & Services - 3.3% |  |  |
| Chemed Corp  | 11197 | 6511167 |
| LifeStance Health Group Inc (b) | 375079 | 2464269 |
| Molina Healthcare Inc (b) | 19913 | 6511750 |
| Option Care Health Inc (b) | 173127 | 5593733 |
| Privia Health Group Inc (b) | 92000 | 2160160 |
| Tenet Healthcare Corp (b) | 68507 | 9793077 |
|  |  | 33034156 |
| Health Care Technology - 0.6% |  |  |
| Doximity Inc Class A (b) | 88600 | 5039568 |
| Waystar Holding Corp (b) | 32800 | 1219175 |
|  |  | 6258743 |
| Life Sciences Tools & Services - 1.0% |  |  |
| Avantor Inc (a)(b) | 115890 | 1505411 |
| Bruker Corp  | 81065 | 3247464 |
| Repligen Corp (b) | 38294 | 5284189 |
|  |  | 10037064 |
| TOTAL HEALTH CARE |  | 87103748 |
| Industrials - 20.7% |  |  |
| Aerospace & Defense - 2.5% |  |  |
| Axon Enterprise Inc (b) | 6332 | 3883416 |
| BWX Technologies Inc  | 64761 | 7066720 |
| Huntington Ingalls Industries Inc  | 19317 | 4449478 |
| Woodward Inc  | 55439 | 10398693 |
|  |  | 25798307 |
| Building Products - 2.1% |  |  |
| AAON Inc  | 59680 | 5446994 |
| AZEK Co Inc/The Class A (b) | 105120 | 5209747 |
| Builders FirstSource Inc (b) | 12118 | 1449676 |
| Carlisle Cos Inc  | 25218 | 9569727 |
|  |  | 21676144 |
| Commercial Services & Supplies - 1.2% |  |  |
| CECO Environmental Corp (b) | 91148 | 2168411 |
| GFL Environmental Inc Subordinate Voting Shares  | 198342 | 9896958 |
|  |  | 12065369 |
| Construction & Engineering - 3.8% |  |  |
| AECOM  | 141467 | 13955720 |
| Centuri Holdings Inc (b) | 111005 | 1993649 |
| Comfort Systems USA Inc  | 21771 | 8655061 |
| EMCOR Group Inc  | 23973 | 9605981 |
| Quanta Services Inc  | 14136 | 4137466 |
|  |  | 38347877 |
| Electrical Equipment - 1.7% |  |  |
| Acuity Inc  | 43564 | 10612627 |
| nVent Electric PLC  | 91128 | 5003838 |
| Vertiv Holdings Co Class A  | 17474 | 1491930 |
|  |  | 17108395 |
| Machinery - 5.3% |  |  |
| Allison Transmission Holdings Inc  | 87866 | 8104760 |
| Atmus Filtration Technologies Inc  | 72182 | 2502550 |
| Chart Industries Inc (b) | 45063 | 6082604 |
| CNH Industrial NV Class A  | 505000 | 5842850 |
| Crane Co  | 55529 | 8939058 |
| ITT Inc  | 58616 | 8031564 |
| RBC Bearings Inc (b) | 23123 | 7597524 |
| Westinghouse Air Brake Technologies Corp  | 33012 | 6098637 |
|  |  | 53199547 |
| Professional Services - 2.5% |  |  |
| FTI Consulting Inc (b) | 16444 | 2734308 |
| Leidos Holdings Inc  | 51385 | 7562844 |
| Paylocity Holding Corp (b) | 37230 | 7151883 |
| TransUnion  | 96102 | 7972623 |
|  |  | 25421658 |
| Trading Companies & Distributors - 1.6% |  |  |
| Applied Industrial Technologies Inc  | 23805 | 5791280 |
| Watsco Inc  | 23426 | 10772212 |
|  |  | 16563492 |
| TOTAL INDUSTRIALS |  | 210180789 |
| Information Technology - 8.3% |  |  |
| Communications Equipment - 1.1% |  |  |
| Ciena Corp (b) | 110928 | 7449925 |
| Lumentum Holdings Inc (b) | 63626 | 3756479 |
|  |  | 11206404 |
| Electronic Equipment, Instruments & Components - 2.3% |  |  |
| Belden Inc  | 53139 | 5479162 |
| Coherent Corp (b) | 80160 | 5155891 |
| Flex Ltd (b) | 303464 | 10420954 |
| Trimble Inc (b) | 38800 | 2411032 |
|  |  | 23467039 |
| IT Services - 0.5% |  |  |
| Kyndryl Holdings Inc (b) | 163500 | 5300670 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| ON Semiconductor Corp (b) | 33738 | 1339399 |
| Onto Innovation Inc (b) | 40987 | 4999184 |
|  |  | 6338583 |
| Software - 3.7% |  |  |
| Appfolio Inc Class A (b) | 12256 | 2531109 |
| Commvault Systems Inc (b) | 30900 | 5164317 |
| Docusign Inc (b) | 97028 | 7932039 |
| Dynatrace Inc (b) | 210361 | 9880657 |
| Manhattan Associates Inc (b) | 23388 | 4148797 |
| Monday.com Ltd (b) | 26224 | 7368682 |
|  |  | 37025601 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Pure Storage Inc Class A (b) | 18454 | 837073 |
| TOTAL INFORMATION TECHNOLOGY |  | 84175370 |
| Materials - 5.5% |  |  |
| Chemicals - 1.1% |  |  |
| Axalta Coating Systems Ltd (b) | 160233 | 5207572 |
| CF Industries Holdings Inc  | 71607 | 5611841 |
|  |  | 10819413 |
| Construction Materials - 0.6% |  |  |
| Eagle Materials Inc  | 27626 | 6254250 |
| Containers & Packaging - 2.8% |  |  |
| AptarGroup Inc  | 66616 | 9989069 |
| Crown Holdings Inc  | 94779 | 9130061 |
| Graphic Packaging Holding CO  | 258970 | 6554531 |
| International Paper Co  | 51606 | 2357362 |
|  |  | 28031023 |
| Metals & Mining - 0.6% |  |  |
| Carpenter Technology Corp  | 31700 | 6200837 |
| Paper & Forest Products - 0.4% |  |  |
| Louisiana-Pacific Corp  | 56386 | 4866676 |
| TOTAL MATERIALS |  | 56172199 |
| Real Estate - 6.8% |  |  |
| Health Care REITs - 1.3% |  |  |
| CareTrust REIT Inc  | 119300 | 3491911 |
| Ventas Inc  | 136852 | 9590588 |
|  |  | 13082499 |
| Industrial REITs - 0.5% |  |  |
| Terreno Realty Corp  | 88552 | 4988134 |
| Real Estate Management & Development - 2.0% |  |  |
| Compass Inc Class A (b) | 361386 | 2789900 |
| Jones Lang LaSalle Inc (b) | 54340 | 12357460 |
| Zillow Group Inc Class C (b) | 76616 | 5158555 |
|  |  | 20305915 |
| Residential REITs - 0.3% |  |  |
| Essex Property Trust Inc  | 13998 | 3907542 |
| Retail REITs - 1.7% |  |  |
| Acadia Realty Trust  | 158406 | 3025555 |
| Macerich Co/The  | 156615 | 2295976 |
| NNN REIT Inc  | 199095 | 8184795 |
| Tanger Inc  | 118342 | 3728956 |
|  |  | 17235282 |
| Specialized REITs - 1.0% |  |  |
| CubeSmart  | 242789 | 9874229 |
| TOTAL REAL ESTATE |  | 69393601 |
| Utilities - 2.1% |  |  |
| Electric Utilities - 1.0% |  |  |
| IDACORP Inc  | 37091 | 4380076 |
| TXNM Energy Inc  | 105882 | 5632923 |
|  |  | 10012999 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 17142 | 2222117 |
| Multi-Utilities - 0.9% |  |  |
| NiSource Inc  | 238911 | 9343809 |
| TOTAL UTILITIES |  | 21578925 |
| TOTAL UNITED STATES |  | 884642698 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $889,284,244) |  | <br> **991939620** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| National Resilience Inc Series B (b)(c)(d) | 15539 | 331446 |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.2% |  |  |
| Beta Technologies Inc Series B, 6% (b)(c)(d) | 11901 | 1231754 |
| Beta Technologies Inc Series C, 6% (c)(d) | 1500 | 133335 |
|  |  | 1365089 |
| TOTAL UNITED STATES |  | 1696535 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $1,611,794) |  | <br> **1696535** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.7%** | &nbsp;&nbsp;**Money Market Funds - 4.7%** | &nbsp;&nbsp;**Money Market Funds - 4.7%** | &nbsp;&nbsp;**Money Market Funds - 4.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 21612205 | 21616527 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 26647822 | 26650487 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $48,267,014) |  |  | **48267014** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.3%**<br> (Cost $939,163,052)<br>| <br>**1041903169** |
| **NET OTHER ASSETS (LIABILITIES) - (2.3)%**  | **(23351135)** |
| **NET ASSETS - 100.0%** | **1018552034** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 400 Midcap Index Contracts (United States) | 61 | Jun 2025 | 17432580 | 388423 | 388423 |
| The notional amount of futures purchased as a percentage of Net Assets is 1.7% | The notional amount of futures purchased as a percentage of Net Assets is 1.7% | The notional amount of futures purchased as a percentage of Net Assets is 1.7% | The notional amount of futures purchased as a percentage of Net Assets is 1.7% | The notional amount of futures purchased as a percentage of Net Assets is 1.7% | The notional amount of futures purchased as a percentage of Net Assets is 1.7% |

---

**Legend**

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

(b) Non-income producing

(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,696,535 or 0.2% of net assets.

(d) Level 3 security

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Beta Technologies Inc Series B, 6% | 4/04/22 | 1227826 |
| Beta Technologies Inc Series C, 6% | 10/24/24 | 171705 |
| National Resilience Inc Series B | 12/01/20 | 212263 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 6731834 | 268128060 | 253242666 | 631360 | (701) | - | 21616527 | 21612205 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 13096780 | 261538506 | 247984799 | 29430 | - | - | 26650487 | 26647822 | 0.1% |
| Total | 19828614 | 529666566 | 501227465 | 660790 | (701) | - | 48267014 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 23307623 | 23307623 | - | - |
| Consumer Discretionary | 133061848 | 133061848 | - | - |
| Consumer Staples | 47344467 | 47344467 | - | - |
| Energy | 53424094 | 53424094 | - | - |
| Financials | 149072425 | 149072425 | - | - |
| Health Care | 101938375 | 98903943 | 3034432 | - |
| Industrials | 224930405 | 222021800 | 2908605 | - |
| Information Technology | 98778540 | 98778540 | - | - |
| Materials | 69109317 | 69109317 | - | - |
| Real Estate | 69393601 | 69393601 | - | - |
| Utilities | 21578925 | 21578925 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 331446 | - | - | 331446 |
| Industrials | 1365089 | - | - | 1365089 |
|  **Money Market Funds** | 48267014 | 48267014 | - | - |
| **Total Investments in Securities:** | 1041903169 | 1034263597 | 5943037 | 1696535 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 388423 | 388423 | - | - |
| Total Assets | 388423 | 388423 | - | - |
| **Total Derivative Instruments:** | 388423 | 388423 | - | - |

---

**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, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 388423 | 0 |
| **Total Equity Risk**  | 388423 | 0 |
| **Total Value of Derivatives** | 388423 | 0 |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $25,318,408) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $890,896,038) | $993636155 |  |
| Fidelity Central Funds (cost $48,267,014) | 48267014 |  |
| Total Investment in Securities (cost $939,163,052) |  | $1041903169 |
| Segregated cash with brokers for derivative instruments |  | 1347672 |
| Cash |  | 970809 |
| Foreign currency held at value (cost $299) |  | 297 |
| Receivable for investments sold |  | 3572345 |
| Receivable for fund shares sold |  | 350139 |
| Dividends receivable |  | 445092 |
| Distributions receivable from Fidelity Central Funds |  | 66776 |
| **Total assets** |  | 1048656299 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2202970 |  |
| Payable for fund shares redeemed | 840448 |  |
| Accrued management fee | 367659 |  |
| Payable for daily variation margin on futures contracts | 36600 |  |
| Other payables and accrued expenses | 6536 |  |
| Collateral on securities loaned | 26650052 |  |
| **Total liabilities** |  | 30104265 |
| **Net Assets**  |  | $1018552034 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $915145146 |
| Total accumulated earnings (loss) |  | 103406888 |
| **Net Assets** |  | $1018552034 |
| **Net Asset Value**, offering price and redemption price per share ($1,018,552,034 ÷ 69,057,853 shares) |  | $14.75 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $13278554 |
| Interest  |  | 16980 |
| Income from Fidelity Central Funds (including $29,430 from security lending)  |  | 660790 |
| **Total income** |  | 13956324 |
| **Expenses** |  |  |
| Management fee | $4695334 |  |
| Independent trustees' fees and expenses | 4336 |  |
| Interest | 5326 |  |
| Miscellaneous | 11567 |  |
| Total expenses before reductions | 4716563 |  |
| Expense reductions | (4374) |  |
| Total expenses after reductions |  | 4712189 |
| **Net Investment income (loss)** |  | 9244135 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 73494796 |  |
| Fidelity Central Funds | (701) |  |
| Foreign currency transactions | 4701 |  |
| Futures contracts | (2318278) |  |
| Total net realized gain (loss) |  | 71180518 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (48467968) |  |
| Assets and liabilities in foreign currencies | 4138 |  |
| Futures contracts | 388423 |  |
| Total change in net unrealized appreciation (depreciation) |  | (48075407) |
| **Net gain (loss)** |  | 23105111 |
| **Net increase (decrease) in net assets resulting from operations** |  | $32349246 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9244135 | $10996799 |
| &nbsp;&nbsp;Net realized gain (loss) | 71180518<br>| 17371666<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (48075407) | 81372323<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 32349246<br>| 109740788<br>|
| Distributions to shareholders | (66933877)<br>| (9307425)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 281722921 | 260593698 |
| Reinvestment of distributions | 66678037<br>| 9307425<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (234643236) | (253923755) |
| **Net increase (decrease) in net assets resulting from share transactions** | 113757722<br>| 15977368<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 79173091<br>| 116410731<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 939378943 | 822968212<br>|
| &nbsp;&nbsp;End of period | $1018552034 | $939378943 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 17275181 | 18703595 |
| Issued in reinvestment of distributions | 4223016<br>| 663948<br>|
| &nbsp;&nbsp;Redeemed | (14752446) | (17920946) |
| &nbsp;&nbsp;Net increase (decrease) | 6745751 | 1446597 |

---

**Financial Highlights** 

**Fidelity® Mid-Cap Stock K6 Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.08 | $13.52 | $13.67 | $14.13 | $8.78 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .14  | .18  | .21  | .19  | .15  |
| Net realized and unrealized gain (loss)  | .55  | 1.53  | .03  | (.07)  | 5.37  |
| Total from investment operations  | .69  | 1.71  | .24  | .12  | 5.52  |
| Distributions from net investment income  | (.20)  | (.15)  | (.17)  | (.13)  | (.17)  |
| Distributions from net realized gain  | (.82)  | -  | (.21)  | (.45)  | -  |
| Total distributions  | (1.02)  | (.15)  | (.39) C | (.58)  | (.17)  |
| Net asset value, end of period  | $14.75 | $15.08 | $13.52 | $13.67 | $14.13 |
| **Total Return** D | 4.15% <br>| 12.70%  | 1.82%  | .78%  | 63.39%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% <br>| .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45%  | .45%  | .45%  | .45%  | .44%  |
| Net investment income (loss)  | .89%  | 1.24%  | 1.58%  | 1.35%  | 1.35%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1018552 | $939379 | $822968 | $576537 | $319924 |
| Portfolio turnover rate G | 69% H<br>| 51% H | 34% H | 40% H | 61% H |

---

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

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

**Notes to Financial Statements**

For the period ended April 30, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**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.

**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, 2025, 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 determined in accordance with income tax regulations, which may differ from GAAP.

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $167559529 |
| **Gross unrealized depreciation**  | <u>(65802214)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$101757315</u> |
| **Tax Cost**  | <u>$940145854</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$1936821</u> |
| **Undistributed long-term capital gain**  | <u>$99138</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$101759528</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $13141891 | $9307425 |
| **Long-term Capital Gains**  | <u>53791986</u> | <u>-</u> |
| **Total**  | <u>$66933877</u> | <u>$9307425</u> |

---

**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.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a 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 a fund. Counterparty credit risk related to exchange-traded 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. Futures contracts were used to manage 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 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, unless an average notional amount is presented in the table below.

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **Fidelity Mid-Cap Stock K6 Fund** | 9040714 |

---

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any 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 Mid-Cap Stock K6 Fund** | 708266548 | 743883102 |

---

**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 Mid-Cap Stock K6 Fund** | 4049494 | 71318989 |

---

**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 Mid-Cap Stock K6 Fund** | 4708453 | 61987359 |

---

**6. Fees and Other Transactions with Affiliates.**

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

**Brokerage Commissions.** 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 K6 Fund** | 21631 |

---

**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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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 K6 Fund** | Borrower | 7549400 | 5.08% | 5326 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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 K6 Fund** | 57245652 | 53008184 | 9935920 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**8. 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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 K6 Fund** | 3220 | - | - |

---

**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 $4,374.

**10. 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.

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Concord Street Trust and 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, 2025, the related statement of operations for the year ended April 30, 2025, the statement of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended April 30, 2025 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, 2025 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 11, 2025

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

**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, 2025, $53,891,124, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $323,751 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 71% and 86% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 399712835196.11 | 95.27 |
| Withheld  | 19861567939.07 | 4.73 |
| TOTAL  | 419574403135.19 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 398303145670.78 | 94.93 |
| Withheld  | 21271257464.41 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 398848644763.97 | 95.06 |
| Withheld  | 20725758371.21 | 4.94 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 399084917382.24 | 95.12 |
| Withheld  | 20489485752.95 | 4.88 |
| TOTAL  | 419574403135.19 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 398136894294.44 | 94.89 |
| Withheld  | 21437508840.75 | 5.11 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 399535778208.65 | 95.22 |
| Withheld  | 20038624926.54 | 4.78 |
| TOTAL  | 419574403135.19 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 399319643676.69 | 95.17 |
| Withheld  | 20254759458.50 | 4.83 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 398612509964.82 | 95.00 |
| Withheld  | 20961893170.36 | 5.00 |
| TOTAL  | 419574403135.19 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 397517256424.15 | 94.74 |
| Withheld  | 22057146711.03 | 5.26 |
| TOTAL  | 419574403135.19 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 398905166808.58 | 95.07 |
| Withheld  | 20669236326.60 | 4.93 |
| TOTAL  | 419574403135.19 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 398279523899.44 | 94.92 |
| Withheld  | 21294879235.74 | 5.08 |
| TOTAL  | 419574403135.19 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 398393822853.60 | 94.95 |
| Withheld  | 21180580281.58 | 5.05 |
| TOTAL  | 419574403135.19 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 398304955259.60 | 94.93 |
| Withheld  | 21269447875.58 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img108969_4.jpg)<br>

1.9893890.105 MCS-K6-ANN-0625

**Fidelity® Series Small Cap Discovery Fund**

**Annual Report**

**April 30, 2025**

![](img108965_1.jpg)

![](img108965_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_XS4-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Small Cap Discovery Fund](#Sub_Sec_Fund_2615_XS4-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2615_XS4-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_XS4-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_XS4-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_XS4-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_XS4-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_XS4-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_XS4-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Series Small Cap Discovery Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF GUERNSEY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Super Group SGHC Ltd  | 380100 | 3086412 |
| CANADA - 3.2%  |  |  |
| Energy - 1.6% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| CES Energy Solutions Corp  | 1002400 | 4420856 |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Parkland Corp  | 839771 | 21155699 |
| TOTAL ENERGY |  | 25576555 |
| Utilities - 1.6% |  |  |
| Gas Utilities - 1.6% |  |  |
| Brookfield Infrastructure Corp (United States) (a) | 695609 | 26043601 |
| TOTAL CANADA |  | 51620156 |
| INDIA - 1.6%  |  |  |
| Industrials - 1.6% |  |  |
| Professional Services - 1.6% |  |  |
| WNS Holdings Ltd ADR (b) | 436800 | 26435136 |
| PUERTO RICO - 1.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class C (b) | 190748 | 1049114 |
| Financials - 1.4% |  |  |
| Financial Services - 1.4% |  |  |
| EVERTEC Inc  | 659900 | 22397006 |
| TOTAL PUERTO RICO |  | 23446120 |
| THAILAND - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Fabrinet (b) | 92700 | 19009062 |
| UNITED STATES - 90.9%  |  |  |
| Consumer Discretionary - 9.4% |  |  |
| Diversified Consumer Services - 2.9% |  |  |
| Adtalem Global Education Inc (b) | 48100 | 5108220 |
| Carriage Services Inc  | 293200 | 11716272 |
| Laureate Education Inc (b) | 1454498 | 29191775 |
|  |  | 46016267 |
| Household Durables - 1.9% |  |  |
| Cavco Industries Inc (b) | 14946 | 7381082 |
| Installed Building Products Inc  | 45400 | 7528682 |
| KB Home  | 65000 | 3511950 |
| TopBuild Corp (b) | 31700 | 9375592 |
| Tri Pointe Homes Inc (b) | 107076 | 3292586 |
|  |  | 31089892 |
| Specialty Retail - 2.3% |  |  |
| Abercrombie & Fitch Co Class A (b) | 89400 | 6206148 |
| Academy Sports & Outdoors Inc (a) | 520497 | 19612327 |
| American Eagle Outfitters Inc (a) | 275188 | 2897730 |
| Boot Barn Holdings Inc (b) | 33800 | 3526692 |
| Caleres Inc (a) | 303700 | 4628388 |
| Signet Jewelers Ltd  | 23403 | 1387798 |
|  |  | 38259083 |
| Textiles, Apparel & Luxury Goods - 2.3% |  |  |
| Crocs Inc (b) | 366000 | 35289720 |
| Steven Madden Ltd  | 116100 | 2438100 |
|  |  | 37727820 |
| TOTAL CONSUMER DISCRETIONARY |  | 153093062 |
| Consumer Staples - 4.7% |  |  |
| Beverages - 0.2% |  |  |
| Primo Brands Corp Class A  | 94848 | 3098684 |
| Consumer Staples Distribution & Retail - 4.4% |  |  |
| Performance Food Group Co (b) | 877645 | 70790846 |
| Food Products - 0.1% |  |  |
| Simply Good Foods Co/The (b) | 59700 | 2155767 |
| TOTAL CONSUMER STAPLES |  | 76045297 |
| Energy - 2.9% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Cactus Inc Class A  | 151313 | 5740815 |
| Flowco Holdings Inc Class A (a) | 31300 | 604716 |
|  |  | 6345531 |
| Oil, Gas & Consumable Fuels - 2.5% |  |  |
| Chord Energy Corp  | 91871 | 8289520 |
| Core Natural Resources Inc  | 53200 | 3841572 |
| Gulfport Energy Corp (b) | 43900 | 7572750 |
| Northern Oil & Gas Inc (a) | 363826 | 8840973 |
| Ovintiv Inc  | 237300 | 7968534 |
| Sitio Royalties Corp Class A (a) | 247365 | 4195310 |
|  |  | 40708659 |
| TOTAL ENERGY |  | 47054190 |
| Financials - 22.4% |  |  |
| Banks - 8.5% |  |  |
| BankUnited Inc  | 432685 | 14153126 |
| Cadence Bank  | 513383 | 15021587 |
| Eastern Bankshares Inc  | 161700 | 2412564 |
| FNB Corp/PA  | 1690523 | 22128946 |
| Hanmi Financial Corp  | 566401 | 12953591 |
| Old National Bancorp/IN  | 1601000 | 32964590 |
| Webster Financial Corp  | 713100 | 33729630 |
| Wintrust Financial Corp  | 44600 | 4958182 |
|  |  | 138322216 |
| Capital Markets - 1.8% |  |  |
| Stifel Financial Corp  | 343200 | 29408808 |
| Consumer Finance - 3.5% |  |  |
| FirstCash Holdings Inc  | 265055 | 35506768 |
| SLM Corp  | 735545 | 21264606 |
|  |  | 56771374 |
| Financial Services - 1.5% |  |  |
| HA Sustainable Infrastructure Capital Inc  | 301203 | 7524050 |
| Voya Financial Inc  | 138600 | 8205120 |
| WEX Inc (b) | 82900 | 10807673 |
|  |  | 26536843 |
| Insurance - 7.1% |  |  |
| Assurant Inc  | 96500 | 18599410 |
| Axis Capital Holdings Ltd  | 183800 | 17703616 |
| Baldwin Insurance Group Inc/The Class A (b) | 448086 | 18649339 |
| Primerica Inc  | 117804 | 30872895 |
| Reinsurance Group of America Inc  | 76900 | 14404139 |
| Selective Insurance Group Inc  | 177500 | 15483325 |
|  |  | 115712724 |
| TOTAL FINANCIALS |  | 366751965 |
| Health Care - 7.1% |  |  |
| Biotechnology - 2.3% |  |  |
| Astria Therapeutics Inc (b) | 148979 | 768732 |
| Celldex Therapeutics Inc (a)(b) | 291400 | 6069862 |
| CG oncology Inc (b) | 70300 | 1893882 |
| Cytokinetics Inc (b) | 294500 | 12616380 |
| Day One Biopharmaceuticals Inc (b) | 152000 | 1182560 |
| Disc Medicine Inc (b) | 31700 | 1566614 |
| Janux Therapeutics Inc (b) | 1600 | 53120 |
| Nurix Therapeutics Inc (b) | 93000 | 1072290 |
| Perspective Therapeutics Inc (b) | 176800 | 433160 |
| Soleno Therapeutics Inc (b) | 40600 | 3039316 |
| Travere Therapeutics Inc (b) | 115300 | 2399393 |
| Upstream Bio Inc  | 64100 | 593566 |
| Vaxcyte Inc (b) | 134210 | 4810086 |
| Viridian Therapeutics Inc (b) | 51968 | 704166 |
|  |  | 37203127 |
| Health Care Equipment & Supplies - 1.9% |  |  |
| Haemonetics Corp (b) | 185328 | 11679371 |
| Lantheus Holdings Inc (a)(b) | 180700 | 18854238 |
|  |  | 30533609 |
| Health Care Providers & Services - 2.4% |  |  |
| Addus HomeCare Corp (b) | 37760 | 3947808 |
| BrightSpring Health Services Inc (b) | 273900 | 4801467 |
| Ensign Group Inc/The  | 78800 | 10164412 |
| Pennant Group Inc/The (b) | 206441 | 5289018 |
| Tenet Healthcare Corp (b) | 107983 | 15436170 |
|  |  | 39638875 |
| Pharmaceuticals - 0.5% |  |  |
| Elanco Animal Health Inc (b) | 869400 | 8241912 |
| Enliven Therapeutics Inc (b) | 2949 | 55854 |
|  |  | 8297766 |
| TOTAL HEALTH CARE |  | 115673377 |
| Industrials - 24.4% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| V2X Inc (b) | 411126 | 20457630 |
| Building Products - 2.9% |  |  |
| AZZ Inc  | 58756 | 5097670 |
| Gibraltar Industries Inc (b) | 219701 | 11633168 |
| Tecnoglass Inc (a) | 272217 | 19400906 |
| UFP Industries Inc  | 117409 | 11605880 |
|  |  | 47737624 |
| Commercial Services & Supplies - 3.1% |  |  |
| Brady Corp Class A  | 332275 | 23355610 |
| Brink's Co/The  | 300759 | 26839733 |
|  |  | 50195343 |
| Construction & Engineering - 2.1% |  |  |
| IES Holdings Inc (a)(b) | 155861 | 30654741 |
| Valmont Industries Inc  | 13486 | 3954365 |
|  |  | 34609106 |
| Ground Transportation - 0.3% |  |  |
| ArcBest Corp  | 58758 | 3438518 |
| Proficient Auto Logistics Inc (b) | 51744 | 429993 |
| Universal Logistics Holdings Inc  | 41700 | 906558 |
|  |  | 4775069 |
| Machinery - 2.2% |  |  |
| Blue Bird Corp (b) | 37900 | 1321573 |
| Gates Industrial Corp PLC (b) | 333513 | 6310066 |
| Hillman Solutions Corp Class A (b) | 160300 | 1120497 |
| JBT Marel Corp  | 43700 | 4599862 |
| Mueller Industries Inc  | 159700 | 11747532 |
| Mueller Water Products Inc Class A1  | 122000 | 3201280 |
| REV Group Inc  | 204864 | 6699053 |
| Timken Co/The  | 24600 | 1580550 |
|  |  | 36580413 |
| Professional Services - 10.6% |  |  |
| Cbiz Inc (b) | 118965 | 8101517 |
| ExlService Holdings Inc (b) | 400200 | 19401696 |
| Genpact Ltd  | 1675984 | 84234956 |
| KBR Inc  | 388119 | 20496564 |
| Kforce Inc  | 223265 | 8528723 |
| Maximus Inc  | 495166 | 33156315 |
|  |  | 173919771 |
| Trading Companies & Distributors - 1.9% |  |  |
| DXP Enterprises Inc/TX (b) | 79557 | 7037612 |
| GMS Inc (b) | 258539 | 18940567 |
| Rush Enterprises Inc Class A  | 92609 | 4722133 |
|  |  | 30700312 |
| TOTAL INDUSTRIALS |  | 398975268 |
| Information Technology - 15.6% |  |  |
| Communications Equipment - 2.4% |  |  |
| Ciena Corp (b) | 61093 | 4103006 |
| Lumentum Holdings Inc (b) | 602527 | 35573194 |
|  |  | 39676200 |
| Electronic Equipment, Instruments & Components - 7.2% |  |  |
| Belden Inc  | 134200 | 13837362 |
| ePlus Inc (b) | 173720 | 10833179 |
| Insight Enterprises Inc (a)(b) | 360169 | 49804170 |
| Napco Security Technologies Inc  | 103300 | 2360405 |
| PAR Technology Corp (b) | 28800 | 1681920 |
| Sanmina Corp (b) | 274576 | 21084691 |
| TD SYNNEX Corp  | 165700 | 18359560 |
|  |  | 117961287 |
| IT Services - 2.6% |  |  |
| ASGN Inc (b) | 590080 | 29728230 |
| Kyndryl Holdings Inc (b) | 382900 | 12413618 |
|  |  | 42141848 |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| Aehr Test Systems (a)(b) | 133800 | 1141314 |
| Diodes Inc (b) | 224202 | 8609357 |
| Penguin Solutions Inc (b) | 565834 | 9658786 |
|  |  | 19409457 |
| Software - 2.2% |  |  |
| Core Scientific Inc (a)(b) | 227600 | 1843560 |
| Intapp Inc (b) | 36700 | 1991342 |
| Olo Inc Class A (b) | 322194 | 1997603 |
| SPS Commerce Inc (b) | 57800 | 8294878 |
| Tenable Holdings Inc (b) | 270854 | 8280007 |
| Varonis Systems Inc (b) | 93000 | 3984120 |
| Weave Communications Inc (b) | 700685 | 7427261 |
| Workiva Inc Class A (b) | 34800 | 2619396 |
|  |  | 36438167 |
| TOTAL INFORMATION TECHNOLOGY |  | 255626959 |
| Materials - 3.5% |  |  |
| Chemicals - 0.7% |  |  |
| Hawkins Inc  | 17956 | 2186682 |
| Minerals Technologies Inc  | 182700 | 9425493 |
|  |  | 11612175 |
| Construction Materials - 1.2% |  |  |
| Eagle Materials Inc  | 70500 | 15960495 |
| Knife River Corp (b) | 44900 | 4192762 |
|  |  | 20153257 |
| Metals & Mining - 1.0% |  |  |
| ATI Inc (b) | 156253 | 8497038 |
| Carpenter Technology Corp  | 32000 | 6259520 |
| Constellium SE (b) | 92200 | 932142 |
|  |  | 15688700 |
| Paper & Forest Products - 0.6% |  |  |
| Louisiana-Pacific Corp  | 113300 | 9778923 |
| TOTAL MATERIALS |  | 57233055 |
| Real Estate - 0.5% |  |  |
| Specialized REITs - 0.5% |  |  |
| Outfront Media Inc  | 576145 | 8717074 |
| Utilities - 0.4% |  |  |
| Gas Utilities - 0.4% |  |  |
| UGI Corp  | 200300 | 6567837 |
| TOTAL UNITED STATES |  | 1485738084 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,609,673,855) |  | <br> **1609334970** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 24412518 | 24417400 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 48814461 | 48819342 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $73,236,742) |  |  | **73236742** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.0%**<br> (Cost $1,682,910,597)<br>| <br>**1682571712** |
| **NET OTHER ASSETS (LIABILITIES) - (3.0)%**  | **(48263635)** |
| **NET ASSETS - 100.0%** | **1634308077** |

---

**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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 23535650 | 727481042 | 726599352 | 2706299 | 60 | - | 24417400 | 24412518 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 57595332 | 539708548 | 548484538 | 84605 | - | - | 48819342 | 48814461 | 0.2% |
| Total | 81130982 | 1267189590 | 1275083890 | 2790904 | 60 | - | 73236742 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1049114 | 1049114 | - | - |
| Consumer Discretionary | 156179474 | 156179474 | - | - |
| Consumer Staples | 76045297 | 76045297 | - | - |
| Energy | 72630745 | 72630745 | - | - |
| Financials | 389148971 | 389148971 | - | - |
| Health Care | 115673377 | 115673377 | - | - |
| Industrials | 425410404 | 425410404 | - | - |
| Information Technology | 274636021 | 274636021 | - | - |
| Materials | 57233055 | 57233055 | - | - |
| Real Estate | 8717074 | 8717074 | - | - |
| Utilities | 32611438 | 32611438 | - | - |
|  **Money Market Funds** | 73236742 | 73236742 | - | - |
| **Total Investments in Securities:** | 1682571712 | 1682571712 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $47,578,504) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,609,673,855) | $1609334970 |  |
| Fidelity Central Funds (cost $73,236,742) | 73236742 |  |
| Total Investment in Securities (cost $1,682,910,597) |  | $1682571712 |
| Foreign currency held at value (cost $1) |  | 1 |
| Receivable for investments sold |  | 12008424 |
| Receivable for fund shares sold |  | 298758 |
| Dividends receivable |  | 590627 |
| Distributions receivable from Fidelity Central Funds |  | 191768 |
| **Total assets** |  | 1695661290 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $6640822 |  |
| Payable for fund shares redeemed | 5883441 |  |
| Other payables and accrued expenses | 14577 |  |
| Collateral on securities loaned | 48814373 |  |
| **Total liabilities** |  | 61353213 |
| **Net Assets**  |  | $1634308077 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1606512655 |
| Total accumulated earnings (loss) |  | 27795422 |
| **Net Assets** |  | $1634308077 |
| **Net Asset Value**, offering price and redemption price per share ($1,634,308,077 ÷ 163,142,455 shares) |  | $10.02 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $13703080 |
| Income from Fidelity Central Funds (including $84,605 from security lending)  |  | 2790904 |
| **Total income** |  | 16493984 |
| **Expenses** |  |  |
| Custodian fees and expenses | $44614 |  |
| Independent trustees' fees and expenses | 6122 |  |
| Miscellaneous | 36 |  |
| Total expenses before reductions | 50772 |  |
| Expense reductions | (2623) |  |
| Total expenses after reductions |  | 48149 |
| **Net Investment income (loss)** |  | 16445835 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 86491550 |  |
| Fidelity Central Funds | 60 |  |
| Foreign currency transactions | 12146 |  |
| Total net realized gain (loss) |  | 86503756 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (216989924) |  |
| Assets and liabilities in foreign currencies | 34086 |  |
| Total change in net unrealized appreciation (depreciation) |  | (216955838) |
| **Net gain (loss)** |  | (130452082) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(114006247) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $16445835 | $15393389 |
| &nbsp;&nbsp;Net realized gain (loss) | 86503756<br>| 101327293<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (216955838) | 90012819<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (114006247)<br>| 206733501<br>|
| Distributions to shareholders | (140023638)<br>| (36352612)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 849535221 | 210055809 |
| Reinvestment of distributions | 140023638<br>| 36352612<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (350995254) | (316218152) |
| **Net increase (decrease) in net assets resulting from share transactions** | 638563605<br>| (69809731)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 384533720<br>| 100571158<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1249774357 | 1149203199<br>|
| &nbsp;&nbsp;End of period | $1634308077 | $1249774357 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 74809976 | 18967947 |
| Issued in reinvestment of distributions | 12499751<br>| 3323219<br>|
| &nbsp;&nbsp;Redeemed | (30713924) | (28130153) |
| &nbsp;&nbsp;Net increase (decrease) | 56595803 | (5838987) |

---

**Financial Highlights** 

**Fidelity® Series Small Cap Discovery Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.73 | $10.23 | $12.49 | $15.20 | $8.73 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .12  | .14  | .14  | .14  | .12  |
| Net realized and unrealized gain (loss)  | (.66)  | 1.70  | (.34)  | (.33)  | 6.68  |
| Total from investment operations  | (.54)  | 1.84  | (.20)  | (.19)  | 6.80  |
| Distributions from net investment income  | (.12)  | (.13)  | (.15)  | (.14)  | (.12)  |
| Distributions from net realized gain  | (1.05)  | (.21)  | (1.92)  | (2.38)  | (.21)  |
| Total distributions  | (1.17)  | (.34)  | (2.06) C | (2.52)  | (.33)  |
| Net asset value, end of period  | $10.02 | $11.73 | $10.23 | $12.49 | $15.20 |
| **Total Return** D | (5.38)% <br>| 18.22%  | (1.01)%  | (2.37)%  | 78.91%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.09%  | 1.30%  | 1.31%  | 1.01%  | 1.03%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1634308 | $1249774 | $1149203 | $1295339 | $1510555 |
| Portfolio turnover rate H | 80% <br>| 50%  | 31%  | 25%  | 28%  |

---

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended April 30, 2025

**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.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 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.

**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.

**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, 2025, 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 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 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**  | $180759431 |
| **Gross unrealized depreciation**  | <u>(182977561)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(2218130)</u> |
| **Tax Cost**  | <u>$1684789842</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$4792675</u> |
| **Undistributed long-term capital gain**  | <u>$25213120</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(2210375)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $54223264 | $13766701 |
| **Long-term Capital Gains** | <u>85800374</u> | <u>22585911</u> |
| **Total** | <u>$140023638</u> | <u>$36352612</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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** | 1714952887 | 1167119880 |

---

**5. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Small Cap Discovery Fund** | 28904 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series Small Cap Discovery Fund** | 183948830 | 81414005 | 15956383 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series Small Cap Discovery Fund** | 9351 | 203 | - |

---

**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 $2,623.

**9. Other.**

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

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

**10. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity Series Small Cap 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, 2025, 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, 2025, 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, 2025, 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 11, 2025

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

**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, 2025, $87,390,093, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $2,443,823 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 6% and 60% 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 6.37% and 74.32% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.01% and 1.57% 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 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 399712835196.11 | 95.27 |
| Withheld  | 19861567939.07 | 4.73 |
| TOTAL  | 419574403135.19 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 398303145670.78 | 94.93 |
| Withheld  | 21271257464.41 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 398848644763.97 | 95.06 |
| Withheld  | 20725758371.21 | 4.94 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 399084917382.24 | 95.12 |
| Withheld  | 20489485752.95 | 4.88 |
| TOTAL  | 419574403135.19 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 398136894294.44 | 94.89 |
| Withheld  | 21437508840.75 | 5.11 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 399535778208.65 | 95.22 |
| Withheld  | 20038624926.54 | 4.78 |
| TOTAL  | 419574403135.19 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 399319643676.69 | 95.17 |
| Withheld  | 20254759458.50 | 4.83 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 398612509964.82 | 95.00 |
| Withheld  | 20961893170.36 | 5.00 |
| TOTAL  | 419574403135.19 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 397517256424.15 | 94.74 |
| Withheld  | 22057146711.03 | 5.26 |
| TOTAL  | 419574403135.19 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 398905166808.58 | 95.07 |
| Withheld  | 20669236326.60 | 4.93 |
| TOTAL  | 419574403135.19 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 398279523899.44 | 94.92 |
| Withheld  | 21294879235.74 | 5.08 |
| TOTAL  | 419574403135.19 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 398393822853.60 | 94.95 |
| Withheld  | 21180580281.58 | 5.05 |
| TOTAL  | 419574403135.19 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 398304955259.60 | 94.93 |
| Withheld  | 21269447875.58 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img108965_4.jpg)<br>

1.968029.111 XS4-ANN-0625

**Fidelity® Small Cap Stock K6 Fund**

**Annual Report**

**April 30, 2025**

![](img108960_1.jpg)

![](img108960_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SLCXK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Stock K6 Fund](#Sub_Sec_Fund_2942_SLCXK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2942_SLCXK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SLCXK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SLCXK6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SLCXK6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SLCXK6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SLCXK6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SLCXK6-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Small Cap Stock K6 Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.9%** | &nbsp;&nbsp;**Common Stocks - 95.9%** | &nbsp;&nbsp;**Common Stocks - 95.9%** |
|  | Shares | Value ($)<br>|
| CANADA - 3.3%  |  |  |
| Consumer Staples - 0.9% |  |  |
| Food Products - 0.9% |  |  |
| Lassonde Industries Inc Class A  | 718 | 107945 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| South Bow Corp  | 1301 | 32133 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Xenon Pharmaceuticals Inc (a) | 501 | 19138 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Kraken Robotics Inc (a) | 31444 | 56109 |
| Software - 0.5% |  |  |
| Lumine Group Inc Subordinate Voting Shares (a)(b) | 1977 | 63917 |
| TOTAL INFORMATION TECHNOLOGY |  | 120026 |
| Utilities - 0.9% |  |  |
| Gas Utilities - 0.9% |  |  |
| Brookfield Infrastructure Corp (United States)  | 2801 | 104869 |
| TOTAL CANADA |  | 384111 |
| INDIA - 1.3%  |  |  |
| Industrials - 1.3% |  |  |
| Professional Services - 1.3% |  |  |
| WNS Holdings Ltd ADR (a) | 2505 | 151603 |
| ISRAEL - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Next Vision Stabilized Systems Ltd  | 1191 | 31288 |
| Software - 1.1% |  |  |
| Cellebrite DI Ltd (a) | 6454 | 127725 |
| TOTAL ISRAEL |  | 159013 |
| JAPAN - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Professional Services - 0.5% |  |  |
| BayCurrent Inc  | 1210 | 65199 |
| NETHERLANDS - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Merus NV (a) | 371 | 16883 |
| PUERTO RICO - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Financial Services - 1.1% |  |  |
| EVERTEC Inc  | 4079 | 138441 |
| SWEDEN - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Leisure Products - 0.3% |  |  |
| Asmodee Group AB B Shares  | 3300 | 36361 |
| TAIWAN - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Silicon Motion Technology Corp ADR  | 1331 | 65885 |
| THAILAND - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Fabrinet (a) | 693 | 142107 |
| UNITED STATES - 86.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| GCI Liberty Inc Class A (a)(c) | 6792 | 0 |
| Consumer Discretionary - 11.9% |  |  |
| Diversified Consumer Services - 4.3% |  |  |
| Grand Canyon Education Inc (a) | 1564 | 278971 |
| Laureate Education Inc (a) | 12148 | 243810 |
|  |  | 522781 |
| Household Durables - 1.8% |  |  |
| Installed Building Products Inc (d) | 862 | 142945 |
| KB Home  | 432 | 23341 |
| Tri Pointe Homes Inc (a) | 1778 | 54674 |
|  |  | 220960 |
| Leisure Products - 0.9% |  |  |
| YETI Holdings Inc (a) | 3585 | 102351 |
| Specialty Retail - 2.9% |  |  |
| Abercrombie & Fitch Co Class A (a) | 1160 | 80527 |
| Boot Barn Holdings Inc (a) | 1601 | 167049 |
| Gap Inc/The  | 2890 | 63291 |
| Murphy USA Inc  | 81 | 40384 |
|  |  | 351251 |
| Textiles, Apparel & Luxury Goods - 2.0% |  |  |
| Crocs Inc (a) | 1940 | 187055 |
| Steven Madden Ltd (d) | 2357 | 49497 |
|  |  | 236552 |
| TOTAL CONSUMER DISCRETIONARY |  | 1433895 |
| Consumer Staples - 3.9% |  |  |
| Consumer Staples Distribution & Retail - 3.1% |  |  |
| Performance Food Group Co (a) | 4529 | 365309 |
| Tobacco - 0.8% |  |  |
| Turning Point Brands Inc  | 1654 | 101523 |
| TOTAL CONSUMER STAPLES |  | 466832 |
| Energy - 4.2% |  |  |
| Energy Equipment & Services - 1.6% |  |  |
| Cactus Inc Class A  | 2033 | 77132 |
| Kodiak Gas Services Inc  | 3323 | 113015 |
|  |  | 190147 |
| Oil, Gas & Consumable Fuels - 2.6% |  |  |
| Core Natural Resources Inc (d) | 2123 | 153302 |
| Gulfport Energy Corp (a)(d) | 770 | 132825 |
| Northern Oil & Gas Inc (d) | 1139 | 27678 |
|  |  | 313805 |
| TOTAL ENERGY |  | 503952 |
| Financials - 20.6% |  |  |
| Banks - 8.6% |  |  |
| Connectone Bancorp Inc  | 3594 | 80973 |
| CVB Financial Corp  | 3000 | 55620 |
| Eastern Bankshares Inc  | 10202 | 152214 |
| FNB Corp/PA  | 4500 | 58905 |
| Old National Bancorp/IN  | 7266 | 149607 |
| SouthState Corp  | 2101 | 182325 |
| Synovus Financial Corp  | 2343 | 101499 |
| Webster Financial Corp  | 2680 | 126764 |
| Western Alliance Bancorp  | 1800 | 125478 |
|  |  | 1033385 |
| Capital Markets - 3.5% |  |  |
| MarketAxess Holdings Inc  | 759 | 168187 |
| Perella Weinberg Partners Class A  | 3595 | 61726 |
| Piper Sandler Cos  | 260 | 62691 |
| Stifel Financial Corp  | 1484 | 127164 |
|  |  | 419768 |
| Consumer Finance - 2.6% |  |  |
| FirstCash Holdings Inc  | 2323 | 311189 |
| Insurance - 5.9% |  |  |
| Baldwin Insurance Group Inc/The Class A (a)(d) | 7705 | 320682 |
| Primerica Inc  | 846 | 221711 |
| Selective Insurance Group Inc  | 1982 | 172890 |
|  |  | 715283 |
| TOTAL FINANCIALS |  | 2479625 |
| Health Care - 11.2% |  |  |
| Biotechnology - 4.3% |  |  |
| ADMA Biologics Inc (a) | 2799 | 66616 |
| Catalyst Pharmaceuticals Inc (a) | 2501 | 60749 |
| Celldex Therapeutics Inc (a) | 1073 | 22351 |
| Cogent Biosciences Inc (a) | 2307 | 12019 |
| Crinetics Pharmaceuticals Inc (a) | 1140 | 38065 |
| Dianthus Therapeutics Inc (a) | 802 | 17524 |
| Halozyme Therapeutics Inc (a) | 1797 | 110372 |
| Immunovant Inc (a)(d) | 1383 | 22335 |
| MoonLake Immunotherapeutics Class A (a) | 414 | 17421 |
| Nurix Therapeutics Inc (a) | 950 | 10953 |
| Nuvalent Inc Class A (a) | 591 | 45359 |
| Spyre Therapeutics Inc (a) | 741 | 11285 |
| Upstream Bio Inc  | 1518 | 14057 |
| Vaxcyte Inc (a) | 971 | 34801 |
| Viking Therapeutics Inc (a)(d) | 419 | 12097 |
| Viridian Therapeutics Inc (a) | 1341 | 18171 |
|  |  | 514175 |
| Health Care Equipment & Supplies - 3.4% |  |  |
| Artivion Inc (a) | 1541 | 36506 |
| Ceribell Inc  | 2267 | 36476 |
| Lantheus Holdings Inc (a) | 200 | 20868 |
| Masimo Corp (a) | 387 | 62292 |
| Merit Medical Systems Inc (a) | 1036 | 97850 |
| Penumbra Inc (a) | 194 | 56811 |
| TransMedics Group Inc (a)(d) | 1093 | 100567 |
|  |  | 411370 |
| Health Care Providers & Services - 3.3% |  |  |
| BrightSpring Health Services Inc (a) | 2814 | 49329 |
| Chemed Corp  | 328 | 190736 |
| Ensign Group Inc/The  | 867 | 111834 |
| GeneDx Holdings Corp Class A (a) | 600 | 40110 |
|  |  | 392009 |
| Pharmaceuticals - 0.2% |  |  |
| Enliven Therapeutics Inc (a) | 1186 | 22463 |
| Structure Therapeutics Inc ADR (a) | 466 | 12582 |
|  |  | 35045 |
| TOTAL HEALTH CARE |  | 1352599 |
| Industrials - 16.3% |  |  |
| Aerospace & Defense - 2.9% |  |  |
| Cadre Holdings Inc  | 3638 | 106048 |
| Leonardo DRS Inc (d) | 2234 | 82569 |
| V2X Inc (a) | 3190 | 158734 |
|  |  | 347351 |
| Building Products - 1.2% |  |  |
| Tecnoglass Inc  | 1355 | 96571 |
| UFP Industries Inc  | 481 | 47547 |
|  |  | 144118 |
| Commercial Services & Supplies - 0.3% |  |  |
| Pursuit Attractions and Hospitality Inc (a) | 1344 | 39366 |
| Construction & Engineering - 3.7% |  |  |
| Centuri Holdings Inc (a)(d) | 4907 | 88130 |
| Construction Partners Inc Class A (a) | 1603 | 131670 |
| IES Holdings Inc (a)(d) | 1171 | 230312 |
|  |  | 450112 |
| Ground Transportation - 1.0% |  |  |
| ArcBest Corp  | 1000 | 58520 |
| Knight-Swift Transportation Holdings Inc  | 1100 | 43087 |
| Ryder System Inc  | 112 | 15419 |
|  |  | 117026 |
| Machinery - 1.5% |  |  |
| Chart Industries Inc (a) | 685 | 92461 |
| Mueller Industries Inc  | 244 | 17949 |
| REV Group Inc  | 2063 | 67460 |
|  |  | 177870 |
| Professional Services - 5.5% |  |  |
| Cbiz Inc (a) | 2599 | 176992 |
| ExlService Holdings Inc (a) | 2209 | 107092 |
| Genpact Ltd  | 5460 | 274420 |
| KBR Inc  | 1200 | 63372 |
| UL Solutions Inc Class A (d) | 789 | 45123 |
|  |  | 666999 |
| Trading Companies & Distributors - 0.2% |  |  |
| Custom Truck One Source Inc Class A (a)(d) | 4700 | 18940 |
| TOTAL INDUSTRIALS |  | 1961782 |
| Information Technology - 9.5% |  |  |
| Communications Equipment - 2.7% |  |  |
| Ciena Corp (a) | 917 | 61586 |
| Lumentum Holdings Inc (a)(d) | 4437 | 261960 |
|  |  | 323546 |
| Electronic Equipment, Instruments & Components - 4.5% |  |  |
| Insight Enterprises Inc (a) | 963 | 133164 |
| PAR Technology Corp (a) | 937 | 54721 |
| Sanmina Corp (a) | 1242 | 95373 |
| TD SYNNEX Corp  | 2349 | 260269 |
|  |  | 543527 |
| IT Services - 0.5% |  |  |
| ASGN Inc (a) | 1200 | 60456 |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Penguin Solutions Inc (a)(d) | 5570 | 95080 |
| Software - 1.0% |  |  |
| Olo Inc Class A (a) | 3849 | 23864 |
| Tenable Holdings Inc (a) | 700 | 21398 |
| Weave Communications Inc (a) | 7506 | 79564 |
|  |  | 124826 |
| TOTAL INFORMATION TECHNOLOGY |  | 1147435 |
| Materials - 4.6% |  |  |
| Chemicals - 2.1% |  |  |
| Element Solutions Inc  | 4800 | 97968 |
| Hawkins Inc  | 777 | 94623 |
| Perimeter Solutions Inc  | 5800 | 58754 |
|  |  | 251345 |
| Construction Materials - 1.1% |  |  |
| Eagle Materials Inc  | 559 | 126552 |
| Metals & Mining - 1.4% |  |  |
| Carpenter Technology Corp  | 884 | 172919 |
| TOTAL MATERIALS |  | 550816 |
| Real Estate - 2.8% |  |  |
| Health Care REITs - 0.5% |  |  |
| CareTrust REIT Inc  | 1972 | 57720 |
| Industrial REITs - 0.5% |  |  |
| Terreno Realty Corp  | 1119 | 63033 |
| Retail REITs - 1.3% |  |  |
| Acadia Realty Trust  | 4968 | 94890 |
| Tanger Inc  | 1972 | 62138 |
|  |  | 157028 |
| Specialized REITs - 0.5% |  |  |
| Four Corners Property Trust Inc  | 2014 | 56291 |
| TOTAL REAL ESTATE |  | 334072 |
| Utilities - 1.3% |  |  |
| Electric Utilities - 0.4% |  |  |
| TXNM Energy Inc  | 817 | 43464 |
| Gas Utilities - 0.9% |  |  |
| Southwest Gas Holdings Inc  | 1485 | 107232 |
| TOTAL UTILITIES |  | 150696 |
| TOTAL UNITED STATES |  | 10381704 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,667,641) |  | <br> **11541307** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 1.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 1.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 1.9%** |
|  | Shares | Value ($)<br>|
| iShares Russell 2000 ETF (d)<br>(Cost $223,768)<br>| 1200 | **233832** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 13.7%** | &nbsp;&nbsp;**Money Market Funds - 13.7%** | &nbsp;&nbsp;**Money Market Funds - 13.7%** | &nbsp;&nbsp;**Money Market Funds - 13.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 213901 | 213944 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 1438946 | 1439089 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,653,033) |  |  | **1653033** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 111.5%**<br> (Cost $11,544,442)<br>| <br>**13428172** |
| **NET OTHER ASSETS (LIABILITIES) - (11.5)%**  | **(1387693)** |
| **NET ASSETS - 100.0%** | **12040479** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Non-income producing

(b) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $63,917 or 0.5% of net assets.

(c) Level 3 security

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 278975 | 13381814 | 13446845 | 9586 | - | - | 213944 | 213901 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 260839 | 25968871 | 24790621 | 3464 | - | - | 1439089 | 1438946 | 0.0% |
| Total | 539814 | 39350685 | 38237466 | 13050 | - | - | 1653033 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | - | - | - | - |
| Consumer Discretionary | 1470256 | 1470256 | - | - |
| Consumer Staples | 574777 | 574777 | - | - |
| Energy | 536085 | 536085 | - | - |
| Financials | 2618066 | 2618066 | - | - |
| Health Care | 1388620 | 1388620 | - | - |
| Industrials | 2178584 | 2113385 | 65199 | - |
| Information Technology | 1634466 | 1634466 | - | - |
| Materials | 550816 | 550816 | - | - |
| Real Estate | 334072 | 334072 | - | - |
| Utilities | 255565 | 255565 | - | - |
|  **Domestic Equity Funds** | 233832 | 233832 | - | - |
|  **Money Market Funds** | 1653033 | 1653033 | - | - |
| **Total Investments in Securities:** | 13428172 | 13362973 | 65199 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,387,125) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $9,891,409) | $11775139 |  |
| Fidelity Central Funds (cost $1,653,033) | 1653033 |  |
| Total Investment in Securities (cost $11,544,442) |  | $13428172 |
| Cash |  | 46764 |
| Foreign currency held at value (cost $1) |  | 1 |
| Receivable for investments sold |  | 148415 |
| Receivable for fund shares sold |  | 195 |
| Dividends receivable |  | 1424 |
| Reclaims receivable |  | 9183 |
| Distributions receivable from Fidelity Central Funds |  | 1477 |
| **Total assets** |  | 13635631 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $147353 |  |
| Payable for fund shares redeemed | 1833 |  |
| Accrued management fee | 6604 |  |
| Other payables and accrued expenses | 462 |  |
| Collateral on securities loaned | 1438900 |  |
| **Total liabilities** |  | 1595152 |
| **Net Assets**  |  | $12040479 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $8983894 |
| Total accumulated earnings (loss) |  | 3056585 |
| **Net Assets** |  | $12040479 |
| **Net Asset Value**, offering price and redemption price per share ($12,040,479 ÷ 2,078,514 shares) |  | $5.79 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $324724 |
| Income from Fidelity Central Funds (including $3,464 from security lending)  |  | 13050 |
| **Total income** |  | 337774 |
| **Expenses** |  |  |
| Management fee | $228919 |  |
| Independent trustees' fees and expenses | 187 |  |
| Legal | 120 |  |
| Interest | 1985 |  |
| Miscellaneous | 802 |  |
| Total expenses before reductions | 232013 |  |
| Expense reductions | (68) |  |
| Total expenses after reductions |  | 231945 |
| **Net Investment income (loss)** |  | 105829 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 11817052 |  |
| Foreign currency transactions | 1539 |  |
| Total net realized gain (loss) |  | 11818591 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (4016298) |  |
| Assets and liabilities in foreign currencies | 437 |  |
| Total change in net unrealized appreciation (depreciation) |  | (4015861) |
| **Net gain (loss)** |  | 7802730 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7908559 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $105829 | $186711 |
| &nbsp;&nbsp;Net realized gain (loss) | 11818591<br>| 4179156<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (4015861) | 3539145<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7908559<br>| 7905012<br>|
| Distributions to shareholders | (11262163)<br>| (101525)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 4334813 | 9880273 |
| Reinvestment of distributions | 11262163<br>| 101525<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (59052178) | (23193209) |
| **Net increase (decrease) in net assets resulting from share transactions** | (43455202)<br>| (13211411)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (46808806)<br>| (5407924)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 58849285 | 64257209<br>|
| &nbsp;&nbsp;End of period | $12040479 | $58849285 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 414459 | 924996 |
| Issued in reinvestment of distributions | 1670849<br>| 9830<br>|
| &nbsp;&nbsp;Redeemed | (5314633) | (2216408) |
| &nbsp;&nbsp;Net increase (decrease) | (3229325) | (1281582) |

---

**Financial Highlights** 

**Fidelity® Small Cap Stock K6 Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.09 | $9.75 | $10.94 | $15.61 | $9.24 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | .03  | .02  | .05  | .03  |
| Net realized and unrealized gain (loss)  | 1.23  | 1.33  | (.28)  | (1.54)  | 6.38  |
| Total from investment operations  | 1.26  | 1.36  | (.26)  | (1.49)  | 6.41  |
| Distributions from net investment income  | (.10)  | (.02)  | -  | (.06)  | (.04)  |
| Distributions from net realized gain  | (6.46)  | -  | (.93)  | (3.13)  | -  |
| Total distributions  | (6.56)  | (.02)  | (.93)  | (3.18) C | (.04)  |
| Net asset value, end of period  | $5.79 | $11.09 | $9.75 | $10.94 | $15.61 |
| **Total Return** D | 5.48% <br>| 13.94%  | (2.39)%  | (12.54)%  | 69.44%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .60%  | .60%  | .60%  | .60%  | .60%  |
| Expenses net of fee waivers, if any  | .60% <br>| .60%  | .60%  | .60%  | .60%  |
| Expenses net of all reductions, if any  | .60%  | .60%  | .60%  | .60%  | .56%  |
| Net investment income (loss)  | .27%  | .31%  | .16%  | .35%  | .27%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $12040 | $58849 | $64257 | $57173 | $75872 |
| Portfolio turnover rate G | 133% H<br>| 96%  | 78% H | 148% H | 136% H |

---

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

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 does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

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

**Notes to Financial Statements**

For the period ended April 30, 2025

**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.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs 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, 2025 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 reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**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, 2025, 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 determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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**  | $2083884 |
| **Gross unrealized depreciation**  | <u>(523194)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1560690</u> |
| **Tax Cost**  | <u>$11867482</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$1560365</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1560209</u> |

---

The Fund intends to elect to defer to its next fiscal year $63,992 of capital losses recognized during the period November 1, 2024 to April 30, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $4830166 | $101525 |
| **Long-term Capital Gains**  | <u>6431997</u> | <u>-</u> |
| **Total**  | <u>$11262163</u> | <u>$101525</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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** | 50065257 | 104366541 |

---

**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** | 19812 | 114313 |

---

**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.

**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 Small Cap Stock K6 Fund** | 2535 |

---

**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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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 Small Cap Stock K6 Fund** | Borrower | 1577000 | 5.08% | 1112 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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 Small Cap Stock K6 Fund** | 2586375 | 14456151 | 1586273 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Small Cap Stock K6 Fund** | 347 | 249 | - |

---

**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 Small Cap Stock K6 Fund** | 2949500 | 5.33% | 873 |

---

**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 $68.

**10. 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.

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity 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, 2025, 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, 2025, 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, 2025, 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 11, 2025

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

**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, 2025, $7,039,631, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $6,438 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 99% and 4% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 98.91% and 5.93% of the dividends distributed in June and December, respectively, during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.01% and 0.39% 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 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 399712835196.11 | 95.27 |
| Withheld  | 19861567939.07 | 4.73 |
| TOTAL  | 419574403135.19 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 398303145670.78 | 94.93 |
| Withheld  | 21271257464.41 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 398848644763.97 | 95.06 |
| Withheld  | 20725758371.21 | 4.94 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 399084917382.24 | 95.12 |
| Withheld  | 20489485752.95 | 4.88 |
| TOTAL  | 419574403135.19 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 398136894294.44 | 94.89 |
| Withheld  | 21437508840.75 | 5.11 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 399535778208.65 | 95.22 |
| Withheld  | 20038624926.54 | 4.78 |
| TOTAL  | 419574403135.19 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 399319643676.69 | 95.17 |
| Withheld  | 20254759458.50 | 4.83 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 398612509964.82 | 95.00 |
| Withheld  | 20961893170.36 | 5.00 |
| TOTAL  | 419574403135.19 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 397517256424.15 | 94.74 |
| Withheld  | 22057146711.03 | 5.26 |
| TOTAL  | 419574403135.19 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 398905166808.58 | 95.07 |
| Withheld  | 20669236326.60 | 4.93 |
| TOTAL  | 419574403135.19 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 398279523899.44 | 94.92 |
| Withheld  | 21294879235.74 | 5.08 |
| TOTAL  | 419574403135.19 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 398393822853.60 | 94.95 |
| Withheld  | 21180580281.58 | 5.05 |
| TOTAL  | 419574403135.19 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 398304955259.60 | 94.93 |
| Withheld  | 21269447875.58 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img108960_4.jpg)<br>

1.9883975.107 SLCXK6-ANN-0625

**Fidelity® Small Cap Discovery Fund**

**Annual Report**

**April 30, 2025**

![](img108962_1.jpg)

![](img108962_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SMR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Discovery Fund](#Sub_Sec_Fund_384_SMR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements384_SMR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SMR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SMR-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SMR-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SMR-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SMR-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SMR-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Small Cap Discovery Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.7%** | &nbsp;&nbsp;**Common Stocks - 95.7%** | &nbsp;&nbsp;**Common Stocks - 95.7%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF GUERNSEY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Super Group SGHC Ltd  | 434900 | 3531388 |
| CANADA - 3.3%  |  |  |
| Energy - 1.7% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| CES Energy Solutions Corp  | 1176800 | 5190007 |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Parkland Corp  | 1234800 | 31107358 |
| TOTAL ENERGY |  | 36297365 |
| Utilities - 1.6% |  |  |
| Gas Utilities - 1.6% |  |  |
| Brookfield Infrastructure Corp (United States)  | 896563 | 33567319 |
| TOTAL CANADA |  | 69864684 |
| INDIA - 1.7%  |  |  |
| Industrials - 1.7% |  |  |
| Professional Services - 1.7% |  |  |
| WNS Holdings Ltd ADR (a) | 596141 | 36078453 |
| PUERTO RICO - 1.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class C (a) | 185957 | 1022764 |
| Financials - 1.6% |  |  |
| Financial Services - 1.6% |  |  |
| EVERTEC Inc  | 936113 | 31771675 |
| TOTAL PUERTO RICO |  | 32794439 |
| THAILAND - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Electronic Equipment, Instruments & Components - 1.1% |  |  |
| Fabrinet (a) | 117800 | 24156068 |
| UNITED STATES - 87.8%  |  |  |
| Consumer Discretionary - 10.1% |  |  |
| Diversified Consumer Services - 4.0% |  |  |
| Adtalem Global Education Inc (a) | 65282 | 6932948 |
| Carriage Services Inc  | 378969 | 15143601 |
| Laureate Education Inc (a) | 3087103 | 61958158 |
|  |  | 84034707 |
| Household Durables - 1.7% |  |  |
| Cavco Industries Inc (a) | 18963 | 9364878 |
| Installed Building Products Inc  | 52014 | 8625482 |
| KB Home  | 77000 | 4160310 |
| TopBuild Corp (a) | 36500 | 10795240 |
| Tri Pointe Homes Inc (a) | 128793 | 3960384 |
|  |  | 36906294 |
| Specialty Retail - 2.3% |  |  |
| Abercrombie & Fitch Co Class A (a) | 115300 | 8004126 |
| Academy Sports & Outdoors Inc (b) | 693596 | 26134698 |
| American Eagle Outfitters Inc  | 313397 | 3300070 |
| Boot Barn Holdings Inc (a) | 39018 | 4071138 |
| Caleres Inc (b) | 346600 | 5282184 |
| Signet Jewelers Ltd  | 29900 | 1773070 |
|  |  | 48565286 |
| Textiles, Apparel & Luxury Goods - 2.1% |  |  |
| Crocs Inc (a) | 422232 | 40711609 |
| Steven Madden Ltd  | 142000 | 2982000 |
|  |  | 43693609 |
| TOTAL CONSUMER DISCRETIONARY |  | 213199896 |
| Consumer Staples - 4.3% |  |  |
| Beverages - 0.2% |  |  |
| Primo Brands Corp Class A  | 109412 | 3574490 |
| Consumer Staples Distribution & Retail - 4.0% |  |  |
| Performance Food Group Co (a) | 1054305 | 85040241 |
| Food Products - 0.1% |  |  |
| Simply Good Foods Co/The (a) | 74500 | 2690195 |
| TOTAL CONSUMER STAPLES |  | 91304926 |
| Energy - 2.6% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Cactus Inc Class A  | 174924 | 6636617 |
| Flowco Holdings Inc Class A (b) | 30200 | 583463 |
|  |  | 7220080 |
| Oil, Gas & Consumable Fuels - 2.3% |  |  |
| Chord Energy Corp  | 105900 | 9555357 |
| Core Natural Resources Inc  | 60600 | 4375926 |
| Gulfport Energy Corp (a) | 50300 | 8676750 |
| Northern Oil & Gas Inc (b) | 419283 | 10188577 |
| Ovintiv Inc  | 273800 | 9194204 |
| Sitio Royalties Corp Class A  | 365380 | 6196845 |
|  |  | 48187659 |
| TOTAL ENERGY |  | 55407739 |
| Financials - 22.0% |  |  |
| Banks - 8.6% |  |  |
| BankUnited Inc  | 552137 | 18060401 |
| Cadence Bank  | 791196 | 23150395 |
| Eastern Bankshares Inc  | 204500 | 3051140 |
| FNB Corp/PA  | 2138241 | 27989575 |
| Hanmi Financial Corp  | 710422 | 16247351 |
| Old National Bancorp/IN  | 2046400 | 42135376 |
| Webster Financial Corp  | 912004 | 43137789 |
| Wintrust Financial Corp  | 56439 | 6274324 |
|  |  | 180046351 |
| Capital Markets - 1.8% |  |  |
| Stifel Financial Corp  | 437700 | 37506513 |
| Consumer Finance - 3.3% |  |  |
| FirstCash Holdings Inc  | 319902 | 42854072 |
| SLM Corp  | 895500 | 25888905 |
|  |  | 68742977 |
| Financial Services - 1.5% |  |  |
| HA Sustainable Infrastructure Capital Inc  | 346110 | 8645828 |
| Voya Financial Inc  | 176700 | 10460640 |
| WEX Inc (a)(b) | 95700 | 12476409 |
|  |  | 31582877 |
| Insurance - 6.8% |  |  |
| Assurant Inc  | 111340 | 21459672 |
| Axis Capital Holdings Ltd  | 240100 | 23126432 |
| Baldwin Insurance Group Inc/The Class A (a) | 516909 | 21513753 |
| Primerica Inc  | 164305 | 43059411 |
| Reinsurance Group of America Inc  | 88700 | 16614397 |
| Selective Insurance Group Inc  | 204763 | 17861476 |
|  |  | 143635141 |
| TOTAL FINANCIALS |  | 461513859 |
| Health Care - 6.3% |  |  |
| Biotechnology - 2.1% |  |  |
| Astria Therapeutics Inc (a) | 190315 | 982025 |
| Celldex Therapeutics Inc (a) | 332684 | 6929808 |
| CG oncology Inc (a) | 79700 | 2147118 |
| Cytokinetics Inc (a) | 339700 | 14552748 |
| Day One Biopharmaceuticals Inc (a) | 160700 | 1250246 |
| Disc Medicine Inc (a) | 35100 | 1734642 |
| Janux Therapeutics Inc (a) | 2400 | 79680 |
| Nurix Therapeutics Inc (a) | 110100 | 1269453 |
| Perspective Therapeutics Inc (a) | 205266 | 502902 |
| Soleno Therapeutics Inc (a) | 51900 | 3885234 |
| Travere Therapeutics Inc (a) | 136800 | 2846808 |
| Upstream Bio Inc  | 66400 | 614864 |
| Vaxcyte Inc (a) | 154800 | 5548032 |
| Viridian Therapeutics Inc (a) | 77000 | 1043350 |
|  |  | 43386910 |
| Health Care Equipment & Supplies - 1.8% |  |  |
| Haemonetics Corp (a) | 213801 | 13473739 |
| Lantheus Holdings Inc (a)(b) | 231300 | 24133842 |
|  |  | 37607581 |
| Health Care Providers & Services - 2.0% |  |  |
| Addus HomeCare Corp (a) | 45232 | 4729006 |
| BrightSpring Health Services Inc (a) | 51142 | 896519 |
| Ensign Group Inc/The  | 90876 | 11722095 |
| Pennant Group Inc/The (a) | 234977 | 6020111 |
| Tenet Healthcare Corp (a) | 124600 | 17811570 |
|  |  | 41179301 |
| Pharmaceuticals - 0.4% |  |  |
| Elanco Animal Health Inc (a) | 1138000 | 10788240 |
| Enliven Therapeutics Inc (a) | 4200 | 79548 |
|  |  | 10867788 |
| TOTAL HEALTH CARE |  | 133041580 |
| Industrials - 23.6% |  |  |
| Aerospace & Defense - 1.1% |  |  |
| V2X Inc (a) | 474228 | 23597585 |
| Building Products - 2.7% |  |  |
| AZZ Inc  | 72734 | 6310402 |
| Gibraltar Industries Inc (a) | 270457 | 14320698 |
| Tecnoglass Inc (b) | 314086 | 22384909 |
| UFP Industries Inc  | 135252 | 13369660 |
|  |  | 56385669 |
| Commercial Services & Supplies - 3.0% |  |  |
| Brady Corp Class A  | 394511 | 27730178 |
| Brink's Co/The  | 384549 | 34317153 |
|  |  | 62047331 |
| Construction & Engineering - 2.0% |  |  |
| IES Holdings Inc (a) | 193085 | 37975958 |
| Valmont Industries Inc  | 15300 | 4486266 |
|  |  | 42462224 |
| Ground Transportation - 0.3% |  |  |
| ArcBest Corp  | 70669 | 4135550 |
| Proficient Auto Logistics Inc (a) | 97716 | 812020 |
| Universal Logistics Holdings Inc  | 43701 | 950060 |
|  |  | 5897630 |
| Machinery - 2.1% |  |  |
| Blue Bird Corp (a) | 55251 | 1926602 |
| Gates Industrial Corp PLC (a) | 416395 | 7878193 |
| Hillman Solutions Corp Class A (a) | 210888 | 1474107 |
| JBT Marel Corp  | 49700 | 5231422 |
| Mueller Industries Inc  | 184300 | 13557109 |
| Mueller Water Products Inc Class A1  | 140796 | 3694487 |
| REV Group Inc  | 288621 | 9437907 |
| Timken Co/The  | 25400 | 1631950 |
|  |  | 44831777 |
| Professional Services - 10.7% |  |  |
| Cbiz Inc (a) | 150883 | 10275132 |
| ExlService Holdings Inc (a) | 508400 | 24647232 |
| Genpact Ltd  | 2161312 | 108627541 |
| KBR Inc  | 492933 | 26031792 |
| Kforce Inc  | 434627 | 16602751 |
| Maximus Inc  | 562608 | 37672232 |
|  |  | 223856680 |
| Trading Companies & Distributors - 1.7% |  |  |
| DXP Enterprises Inc/TX (a) | 90985 | 8048533 |
| GMS Inc (a) | 298300 | 21853458 |
| Rush Enterprises Inc Class A  | 104896 | 5348647 |
|  |  | 35250638 |
| TOTAL INDUSTRIALS |  | 494329534 |
| Information Technology - 14.7% |  |  |
| Communications Equipment - 2.4% |  |  |
| Ciena Corp (a) | 73989 | 4969101 |
| Lumentum Holdings Inc (a) | 774586 | 45731558 |
|  |  | 50700659 |
| Electronic Equipment, Instruments & Components - 6.7% |  |  |
| Belden Inc  | 154800 | 15961428 |
| ePlus Inc (a) | 200427 | 12498628 |
| Insight Enterprises Inc (a) | 415494 | 57454510 |
| Napco Security Technologies Inc  | 117300 | 2680305 |
| PAR Technology Corp (a) | 32700 | 1909680 |
| Sanmina Corp (a) | 358509 | 27529906 |
| TD SYNNEX Corp  | 205200 | 22736160 |
|  |  | 140770617 |
| IT Services - 2.5% |  |  |
| ASGN Inc (a) | 720447 | 36296120 |
| Kyndryl Holdings Inc (a) | 487700 | 15811234 |
|  |  | 52107354 |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| Aehr Test Systems (a)(b) | 137400 | 1172022 |
| Diodes Inc (a) | 258681 | 9933350 |
| Penguin Solutions Inc (a)(b) | 652699 | 11141572 |
|  |  | 22246944 |
| Software - 2.0% |  |  |
| Core Scientific Inc (a)(b) | 256600 | 2078460 |
| Intapp Inc (a) | 41067 | 2228295 |
| Olo Inc Class A (a) | 367686 | 2279653 |
| SPS Commerce Inc (a) | 66300 | 9514713 |
| Tenable Holdings Inc (a) | 309922 | 9474316 |
| Varonis Systems Inc (a) | 105800 | 4532472 |
| Weave Communications Inc (a) | 896498 | 9502879 |
| Workiva Inc Class A (a) | 42400 | 3191448 |
|  |  | 42802236 |
| TOTAL INFORMATION TECHNOLOGY |  | 308627810 |
| Materials - 3.3% |  |  |
| Chemicals - 0.7% |  |  |
| Hawkins Inc  | 19817 | 2413314 |
| Minerals Technologies Inc  | 239343 | 12347706 |
|  |  | 14761020 |
| Construction Materials - 1.2% |  |  |
| Eagle Materials Inc  | 81400 | 18428146 |
| Knife River Corp (a) | 51100 | 4771718 |
|  |  | 23199864 |
| Metals & Mining - 0.9% |  |  |
| ATI Inc (a) | 198400 | 10788992 |
| Carpenter Technology Corp  | 37100 | 7257131 |
| Constellium SE (a) | 183112 | 1851262 |
|  |  | 19897385 |
| Paper & Forest Products - 0.5% |  |  |
| Louisiana-Pacific Corp  | 130700 | 11280717 |
| TOTAL MATERIALS |  | 69138986 |
| Real Estate - 0.5% |  |  |
| Specialized REITs - 0.5% |  |  |
| Outfront Media Inc  | 661063 | 10001883 |
| Utilities - 0.4% |  |  |
| Gas Utilities - 0.4% |  |  |
| UGI Corp  | 253044 | 8297313 |
| TOTAL UNITED STATES |  | 1844863526 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,883,647,712) |  | <br> **2011288558** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.3%** | &nbsp;&nbsp;**Money Market Funds - 7.3%** | &nbsp;&nbsp;**Money Market Funds - 7.3%** | &nbsp;&nbsp;**Money Market Funds - 7.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 93253223 | 93271874 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 60626636 | 60632698 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $153,904,572) |  |  | **153904572** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.0%**<br> (Cost $2,037,552,284)<br>| <br>**2165193130** |
| **NET OTHER ASSETS (LIABILITIES) - (3.0)%**  | **(63898752)** |
| **NET ASSETS - 100.0%** | **2101294378** |

---

**Legend**

(a) Non-income producing

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 111809220 | 927159776 | 945698017 | 4569478 | 895 | - | 93271874 | 93253223 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 39722698 | 509871062 | 488961062 | 64717 | - | - | 60632698 | 60626636 | 0.2% |
| Total | 151531918 | 1437030838 | 1434659079 | 4634195 | 895 | - | 153904572 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

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

**Other Affiliated Issuers**

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Mattr Corp | 63930722 | - | 49246977 | - | (21141967) | 6458222 | - | - |
| Total | 63930722 | - | 49246977 | - | (21141967) | 6458222 | - |  |

---

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1022764 | 1022764 | - | - |
| Consumer Discretionary | 216731284 | 216731284 | - | - |
| Consumer Staples | 91304926 | 91304926 | - | - |
| Energy | 91705104 | 91705104 | - | - |
| Financials | 493285534 | 493285534 | - | - |
| Health Care | 133041580 | 133041580 | - | - |
| Industrials | 530407987 | 530407987 | - | - |
| Information Technology | 332783878 | 332783878 | - | - |
| Materials | 69138986 | 69138986 | - | - |
| Real Estate | 10001883 | 10001883 | - | - |
| Utilities | 41864632 | 41864632 | - | - |
|  **Money Market Funds** | 153904572 | 153904572 | - | - |
| **Total Investments in Securities:** | 2165193130 | 2165193130 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $58,720,762) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,883,647,712) | $2011288558 |  |
| Fidelity Central Funds (cost $153,904,572) | 153904572 |  |
| Total Investment in Securities (cost $2,037,552,284) |  | $2165193130 |
| Foreign currency held at value (cost $2) |  | 2 |
| Receivable for investments sold |  | 14373674 |
| Receivable for fund shares sold |  | 1105951 |
| Dividends receivable |  | 872635 |
| Distributions receivable from Fidelity Central Funds |  | 437307 |
| Prepaid expenses |  | 764 |
| **Total assets** |  | 2181983463 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $16379527 |  |
| Payable for fund shares redeemed | 2348745 |  |
| Accrued management fee | 1251136 |  |
| Other payables and accrued expenses | 80376 |  |
| Collateral on securities loaned | 60629301 |  |
| **Total liabilities** |  | 80689085 |
| **Net Assets**  |  | $2101294378 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1911605718 |
| Total accumulated earnings (loss) |  | 189688660 |
| **Net Assets** |  | $2101294378 |
| **Net Asset Value**, offering price and redemption price per share ($2,101,294,378 ÷ 94,746,345 shares) |  | $22.18 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $22492638 |
| Income from Fidelity Central Funds (including $64,717 from security lending)  |  | 4634195 |
| **Total income** |  | 27126833 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $18620685 |  |
| Performance adjustment | 2753658 |  |
| Custodian fees and expenses | 44805 |  |
| Independent trustees' fees and expenses | 10368 |  |
| Registration fees | 68091 |  |
| Audit fees | 56957 |  |
| Legal | 2792 |  |
| Interest | 7690 |  |
| Miscellaneous | 58512 |  |
| Total expenses before reductions | 21623558 |  |
| Expense reductions | (3538) |  |
| Total expenses after reductions |  | 21620020 |
| **Net Investment income (loss)** |  | 5506813 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 218592380 |  |
| Fidelity Central Funds | 895 |  |
| Other affiliated issuers | (21141967) |  |
| Foreign currency transactions | (24769) |  |
| Total net realized gain (loss) |  | 197426539 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (308387915) |  |
| Affiliated issuers  | 6458222 |  |
| Assets and liabilities in foreign currencies | 84551 |  |
| Total change in net unrealized appreciation (depreciation) |  | (301845142) |
| **Net gain (loss)** |  | (104418603) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(98911790) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5506813 | $4299171 |
| &nbsp;&nbsp;Net realized gain (loss) | 197426539<br>| 295140009<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (301845142) | 103525026<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (98911790)<br>| 402964206<br>|
| Distributions to shareholders | (295273715)<br>| (115324597)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 511958193 | 503047090 |
| Reinvestment of distributions | 266250032<br>| 107900583<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (897949560) | (1040709877) |
| **Net increase (decrease) in net assets resulting from share transactions** | (119741335)<br>| (429762204)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (513926840)<br>| (142122595)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2615221218 | 2757343813<br>|
| &nbsp;&nbsp;End of period | $2101294378 | $2615221218 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 21275688 | 19402492 |
| Issued in reinvestment of distributions | 10938899<br>| 4239591<br>|
| &nbsp;&nbsp;Redeemed | (35720230) | (41747091) |
| &nbsp;&nbsp;Net increase (decrease) | (3505643) | (18105008) |

---

**Financial Highlights** 

**Fidelity® Small Cap Discovery Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.62 | $23.70 | $26.93 | $29.55 | $17.11 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .06  | .04  | .06  | - C | .08  |
| Net realized and unrealized gain (loss)  | (1.35)  | 4.06  | (.64)  | (.74)  | 13.03  |
| Total from investment operations  | (1.29)  | 4.10  | (.58)  | (.74)  | 13.11  |
| Distributions from net investment income  | (.06)  | (.03)  | (.04)  | (.03)  | (.07) D |
| Distributions from net realized gain  | (3.09)  | (1.15)  | (2.61)  | (1.85)  | (.60) D |
| Total distributions  | (3.15)  | (1.18)  | (2.65)  | (1.88)  | (.67)  |
| Net asset value, end of period  | $22.18 | $26.62 | $23.70 | $26.93 | $29.55 |
| **Total Return** E | (5.57)% <br>| 17.57%  | (1.82)%  | (2.94)%  | 77.54%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .91%  | 1.10%  | 1.03%  | .98%  | .62%  |
| Expenses net of fee waivers, if any  | .91% <br>| 1.09%  | 1.02%  | .97%  | .62%  |
| Expenses net of all reductions, if any  | .91%  | 1.09%  | 1.02%  | .97%  | .61%  |
| Net investment income (loss)  | .23%  | .17%  | .25%  | .01%  | .33%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2101294 | $2615221 | $2757344 | $3223415 | $3170589 |
| Portfolio turnover rate H | 67% <br>| 45%  | 27%  | 26%  | 33%  |

---

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

D*The amount shown reflects 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.*

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), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended April 30, 2025

**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.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 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.

**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.

**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, 2025, 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 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 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**  | $312699281 |
| **Gross unrealized depreciation**  | <u>(186153784)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$126545497</u> |
| **Tax Cost**  | <u>$2038647633</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$432552</u> |
| **Undistributed long-term capital gain**  | <u>$62686850</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$126569260</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $79224947 | $2717572 |
| **Long-term Capital Gains**  | <u>216048768</u> | <u>112607025</u> |
| **Total**  | <u>$295273715</u> | <u>$115324597</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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** | 1542909367 | 1936046547 |

---

**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.

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Small Cap Discovery Fund** | .84 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Small Cap Discovery Fund** | .78 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Small Cap Discovery Fund** | Russell 2000 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .12%.

**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 Small Cap Discovery Fund** | 33281 |

---

**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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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 Small Cap Discovery Fund** | Borrower | 13651000 | 5.07% | 7690 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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 Small Cap Discovery Fund** | 116851720 | 178390079 | 33599606 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Discovery Fund** | 3515 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Small Cap Discovery Fund** | 7227 | 495 | - |

---

**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 $3,538.

**9. Other.**

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

**10. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity 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, 2025, 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, 2025, 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, 2025, 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 11, 2025

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

**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, 2025, $197,076,260, 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.

The fund designates 26% 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.

The fund designates 32.06% 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 0.06% and 0.00% 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 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 399712835196.11 | 95.27 |
| Withheld  | 19861567939.07 | 4.73 |
| TOTAL  | 419574403135.19 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 398303145670.78 | 94.93 |
| Withheld  | 21271257464.41 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 398848644763.97 | 95.06 |
| Withheld  | 20725758371.21 | 4.94 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 399084917382.24 | 95.12 |
| Withheld  | 20489485752.95 | 4.88 |
| TOTAL  | 419574403135.19 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 398136894294.44 | 94.89 |
| Withheld  | 21437508840.75 | 5.11 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 399535778208.65 | 95.22 |
| Withheld  | 20038624926.54 | 4.78 |
| TOTAL  | 419574403135.19 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 399319643676.69 | 95.17 |
| Withheld  | 20254759458.50 | 4.83 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 398612509964.82 | 95.00 |
| Withheld  | 20961893170.36 | 5.00 |
| TOTAL  | 419574403135.19 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 397517256424.15 | 94.74 |
| Withheld  | 22057146711.03 | 5.26 |
| TOTAL  | 419574403135.19 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 398905166808.58 | 95.07 |
| Withheld  | 20669236326.60 | 4.93 |
| TOTAL  | 419574403135.19 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 398279523899.44 | 94.92 |
| Withheld  | 21294879235.74 | 5.08 |
| TOTAL  | 419574403135.19 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 398393822853.60 | 94.95 |
| Withheld  | 21180580281.58 | 5.05 |
| TOTAL  | 419574403135.19 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 398304955259.60 | 94.93 |
| Withheld  | 21269447875.58 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img108962_4.jpg)<br>

1.757239.124 SMR-ANN-0625

**Fidelity® Small Cap Stock Fund**

**Annual Report**

**April 30, 2025**

![](img108961_1.jpg)

![](img108961_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SLCX-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Stock Fund](#Sub_Sec_Fund_340_SLCX-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements340_SLCX-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SLCX-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SLCX-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SLCX-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SLCX-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SLCX-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SLCX-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Small Cap Stock Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.9%** | &nbsp;&nbsp;**Common Stocks - 95.9%** | &nbsp;&nbsp;**Common Stocks - 95.9%** |
|  | Shares | Value ($)<br>|
| CANADA - 3.2%  |  |  |
| Consumer Staples - 0.9% |  |  |
| Food Products - 0.9% |  |  |
| Lassonde Industries Inc Class A  | 61330 | 9220409 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| South Bow Corp  | 113685 | 2807902 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Xenon Pharmaceuticals Inc (a) | 43800 | 1673160 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Kraken Robotics Inc (a) | 2794706 | 4986926 |
| Software - 0.5% |  |  |
| Lumine Group Inc Subordinate Voting Shares (a)(b) | 172785 | 5586122 |
| TOTAL INFORMATION TECHNOLOGY |  | 10573048 |
| Utilities - 0.9% |  |  |
| Gas Utilities - 0.9% |  |  |
| Brookfield Infrastructure Corp (United States) (c) | 239074 | 8950931 |
| TOTAL CANADA |  | 33225450 |
| INDIA - 1.3%  |  |  |
| Industrials - 1.3% |  |  |
| Professional Services - 1.3% |  |  |
| WNS Holdings Ltd ADR (a) | 215384 | 13035040 |
| ISRAEL - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Next Vision Stabilized Systems Ltd  | 104100 | 2734768 |
| Software - 1.1% |  |  |
| Cellebrite DI Ltd (a) | 564045 | 11162451 |
| TOTAL ISRAEL |  | 13897219 |
| JAPAN - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Professional Services - 0.6% |  |  |
| BayCurrent Inc  | 105788 | 5700239 |
| NETHERLANDS - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Merus NV (a) | 32396 | 1474342 |
| PUERTO RICO - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Financial Services - 1.1% |  |  |
| EVERTEC Inc  | 350362 | 11891286 |
| SWEDEN - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Leisure Products - 0.3% |  |  |
| Asmodee Group AB B Shares  | 288800 | 3182163 |
| TAIWAN - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Silicon Motion Technology Corp ADR  | 116433 | 5763434 |
| THAILAND - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Fabrinet (a) | 59395 | 12179539 |
| UNITED STATES - 86.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| GCI Liberty Inc Class A (a)(d) | 112550 | 1 |
| Consumer Discretionary - 12.0% |  |  |
| Diversified Consumer Services - 4.4% |  |  |
| Grand Canyon Education Inc (a) | 133173 | 23754069 |
| Laureate Education Inc (a) | 1059783 | 21269845 |
|  |  | 45023914 |
| Household Durables - 1.9% |  |  |
| Installed Building Products Inc (c) | 73993 | 12270259 |
| KB Home  | 39796 | 2150178 |
| Tri Pointe Homes Inc (a) | 155792 | 4790604 |
|  |  | 19211041 |
| Leisure Products - 0.7% |  |  |
| YETI Holdings Inc (a) | 307777 | 8787033 |
| Specialty Retail - 3.0% |  |  |
| Abercrombie & Fitch Co Class A (a) | 100300 | 6962826 |
| Boot Barn Holdings Inc (a) | 137689 | 14366470 |
| Gap Inc/The  | 245300 | 5372070 |
| Murphy USA Inc  | 8839 | 4406860 |
|  |  | 31108226 |
| Textiles, Apparel & Luxury Goods - 2.0% |  |  |
| Crocs Inc (a) | 166784 | 16081313 |
| Steven Madden Ltd  | 206000 | 4326000 |
|  |  | 20407313 |
| TOTAL CONSUMER DISCRETIONARY |  | 124537527 |
| Consumer Staples - 3.9% |  |  |
| Consumer Staples Distribution & Retail - 3.1% |  |  |
| Performance Food Group Co (a) | 389534 | 31419813 |
| Tobacco - 0.8% |  |  |
| Turning Point Brands Inc  | 140988 | 8653843 |
| TOTAL CONSUMER STAPLES |  | 40073656 |
| Energy - 4.2% |  |  |
| Energy Equipment & Services - 1.6% |  |  |
| Cactus Inc Class A  | 174182 | 6608465 |
| Kodiak Gas Services Inc  | 284377 | 9671662 |
|  |  | 16280127 |
| Oil, Gas & Consumable Fuels - 2.6% |  |  |
| Core Natural Resources Inc  | 182588 | 13184679 |
| Gulfport Energy Corp (a) | 66093 | 11401043 |
| Northern Oil & Gas Inc (c) | 99567 | 2419478 |
|  |  | 27005200 |
| TOTAL ENERGY |  | 43285327 |
| Financials - 20.7% |  |  |
| Banks - 8.5% |  |  |
| Connectone Bancorp Inc  | 307557 | 6929259 |
| CVB Financial Corp  | 212300 | 3936042 |
| Eastern Bankshares Inc  | 879097 | 13116127 |
| FNB Corp/PA  | 387300 | 5069757 |
| Old National Bancorp/IN  | 628665 | 12944212 |
| SouthState Corp  | 181280 | 15731479 |
| Synovus Financial Corp  | 200581 | 8689169 |
| Webster Financial Corp  | 230800 | 10916840 |
| Western Alliance Bancorp  | 138100 | 9626951 |
|  |  | 86959836 |
| Capital Markets - 3.5% |  |  |
| MarketAxess Holdings Inc  | 64500 | 14292555 |
| Perella Weinberg Partners Class A  | 311579 | 5349811 |
| Piper Sandler Cos  | 22696 | 5472460 |
| Stifel Financial Corp  | 127591 | 10933273 |
|  |  | 36048099 |
| Consumer Finance - 2.7% |  |  |
| FirstCash Holdings Inc  | 210722 | 28228319 |
| Insurance - 6.0% |  |  |
| Baldwin Insurance Group Inc/The Class A (a) | 661707 | 27540245 |
| Primerica Inc  | 72693 | 19050655 |
| Selective Insurance Group Inc  | 170528 | 14875157 |
|  |  | 61466057 |
| TOTAL FINANCIALS |  | 212702311 |
| Health Care - 11.3% |  |  |
| Biotechnology - 4.3% |  |  |
| ADMA Biologics Inc (a) | 243871 | 5804130 |
| Catalyst Pharmaceuticals Inc (a) | 218600 | 5309794 |
| Celldex Therapeutics Inc (a) | 93735 | 1952500 |
| Cogent Biosciences Inc (a) | 204177 | 1063762 |
| Crinetics Pharmaceuticals Inc (a) | 99590 | 3325310 |
| Dianthus Therapeutics Inc (a)(c) | 70100 | 1531685 |
| Halozyme Therapeutics Inc (a) | 153579 | 9432822 |
| Immunovant Inc (a)(c) | 120891 | 1952390 |
| MoonLake Immunotherapeutics Class A (a) | 36196 | 1523128 |
| Nurix Therapeutics Inc (a) | 87600 | 1010028 |
| Nuvalent Inc Class A (a) | 51651 | 3964214 |
| Spyre Therapeutics Inc (a) | 64793 | 986797 |
| Upstream Bio Inc  | 135900 | 1258434 |
| Vaxcyte Inc (a) | 84827 | 3040200 |
| Viking Therapeutics Inc (a)(c) | 36594 | 1056469 |
| Viridian Therapeutics Inc (a) | 117187 | 1587884 |
|  |  | 44799547 |
| Health Care Equipment & Supplies - 3.5% |  |  |
| Artivion Inc (a) | 134690 | 3190806 |
| Ceribell Inc (c) | 198100 | 3187429 |
| Lantheus Holdings Inc (a) | 17100 | 1784214 |
| Masimo Corp (a) | 33796 | 5439804 |
| Merit Medical Systems Inc (a) | 88290 | 8338991 |
| Penumbra Inc (a) | 16898 | 4948410 |
| TransMedics Group Inc (a)(c) | 95489 | 8785943 |
|  |  | 35675597 |
| Health Care Providers & Services - 3.3% |  |  |
| BrightSpring Health Services Inc (a) | 245973 | 4311907 |
| Chemed Corp  | 28060 | 16317171 |
| Ensign Group Inc/The  | 74192 | 9570026 |
| GeneDx Holdings Corp Class A (a) | 51400 | 3436089 |
|  |  | 33635193 |
| Pharmaceuticals - 0.2% |  |  |
| Enliven Therapeutics Inc (a) | 103688 | 1963851 |
| Structure Therapeutics Inc ADR (a) | 40597 | 1096119 |
|  |  | 3059970 |
| TOTAL HEALTH CARE |  | 117170307 |
| Industrials - 16.2% |  |  |
| Aerospace & Defense - 2.9% |  |  |
| Cadre Holdings Inc (c) | 311282 | 9073870 |
| Leonardo DRS Inc  | 190140 | 7027574 |
| V2X Inc (a) | 274370 | 13652652 |
|  |  | 29754096 |
| Building Products - 1.2% |  |  |
| Tecnoglass Inc  | 115387 | 8223631 |
| UFP Industries Inc  | 42000 | 4151700 |
|  |  | 12375331 |
| Commercial Services & Supplies - 0.3% |  |  |
| Pursuit Attractions and Hospitality Inc (a) | 119596 | 3502967 |
| Construction & Engineering - 3.7% |  |  |
| Centuri Holdings Inc (a)(c) | 417067 | 7490523 |
| Construction Partners Inc Class A (a) | 138788 | 11400046 |
| IES Holdings Inc (a)(c) | 100705 | 19806660 |
|  |  | 38697229 |
| Ground Transportation - 1.0% |  |  |
| ArcBest Corp  | 85600 | 5009312 |
| Knight-Swift Transportation Holdings Inc  | 94800 | 3713316 |
| Ryder System Inc  | 9393 | 1293134 |
|  |  | 10015762 |
| Machinery - 1.5% |  |  |
| Chart Industries Inc (a) | 59200 | 7990816 |
| Mueller Industries Inc  | 22190 | 1632296 |
| REV Group Inc  | 180280 | 5895156 |
|  |  | 15518268 |
| Professional Services - 5.5% |  |  |
| Cbiz Inc (a)(c) | 213317 | 14526888 |
| ExlService Holdings Inc (a) | 188581 | 9142407 |
| Genpact Ltd  | 469762 | 23610239 |
| KBR Inc  | 102400 | 5407744 |
| UL Solutions Inc Class A (c) | 67094 | 3837106 |
|  |  | 56524384 |
| Trading Companies & Distributors - 0.1% |  |  |
| Custom Truck One Source Inc Class A (a)(c) | 241270 | 972318 |
| TOTAL INDUSTRIALS |  | 167360355 |
| Information Technology - 9.4% |  |  |
| Communications Equipment - 2.6% |  |  |
| Ciena Corp (a) | 73913 | 4963997 |
| Lumentum Holdings Inc (a) | 379109 | 22382595 |
|  |  | 27346592 |
| Electronic Equipment, Instruments & Components - 4.4% |  |  |
| Insight Enterprises Inc (a) | 82088 | 11351129 |
| PAR Technology Corp (a) | 81889 | 4782318 |
| Sanmina Corp (a) | 105789 | 8123537 |
| TD SYNNEX Corp  | 196343 | 21754804 |
|  |  | 46011788 |
| IT Services - 0.5% |  |  |
| ASGN Inc (a) | 101489 | 5113015 |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Penguin Solutions Inc (a)(c) | 482550 | 8237129 |
| Software - 1.1% |  |  |
| Olo Inc Class A (a) | 336426 | 2085841 |
| Tenable Holdings Inc (a) | 61185 | 1870425 |
| Weave Communications Inc (a) | 656050 | 6954131 |
|  |  | 10910397 |
| TOTAL INFORMATION TECHNOLOGY |  | 97618921 |
| Materials - 4.5% |  |  |
| Chemicals - 2.1% |  |  |
| Element Solutions Inc  | 372500 | 7602725 |
| Hawkins Inc  | 68299 | 8317453 |
| Perimeter Solutions Inc  | 498800 | 5052844 |
|  |  | 20973022 |
| Construction Materials - 1.0% |  |  |
| Eagle Materials Inc  | 47895 | 10842949 |
| Metals & Mining - 1.4% |  |  |
| Carpenter Technology Corp  | 75694 | 14806503 |
| TOTAL MATERIALS |  | 46622474 |
| Real Estate - 2.8% |  |  |
| Health Care REITs - 0.5% |  |  |
| CareTrust REIT Inc  | 175567 | 5138846 |
| Industrial REITs - 0.5% |  |  |
| Terreno Realty Corp  | 97754 | 5506483 |
| Retail REITs - 1.3% |  |  |
| Acadia Realty Trust  | 423558 | 8089958 |
| Tanger Inc  | 172383 | 5431788 |
|  |  | 13521746 |
| Specialized REITs - 0.5% |  |  |
| Four Corners Property Trust Inc  | 175986 | 4918809 |
| TOTAL REAL ESTATE |  | 29085884 |
| Utilities - 1.2% |  |  |
| Electric Utilities - 0.3% |  |  |
| TXNM Energy Inc  | 69982 | 3723041 |
| Gas Utilities - 0.9% |  |  |
| Southwest Gas Holdings Inc  | 126984 | 9169515 |
| TOTAL UTILITIES |  | 12892556 |
| TOTAL UNITED STATES |  | 891349319 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $878,292,505) |  | <br> **991698031** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 1.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 1.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 1.9%** |
|  | Shares | Value ($)<br>|
| iShares Russell 2000 ETF (c)<br>(Cost $18,558,939)<br>| 99500 | **19388570** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.9%** | &nbsp;&nbsp;**Money Market Funds - 7.9%** | &nbsp;&nbsp;**Money Market Funds - 7.9%** | &nbsp;&nbsp;**Money Market Funds - 7.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 23405920 | 23410601 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 58764037 | 58769914 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $82,180,515) |  |  | **82180515** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.7%**<br> (Cost $979,031,959)<br>| <br>**1093267116** |
| **NET OTHER ASSETS (LIABILITIES) - (5.7)%**  | **(59222954)** |
| **NET ASSETS - 100.0%** | **1034044162** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Non-income producing

(b) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $5,586,122 or 0.5% of net assets.

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

(d) Level 3 security

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2755472 | 394337854 | 373682822 | 397051 | 97 | - | 23410601 | 23405920 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 8634007 | 473942130 | 423806223 | 93199 | - | - | 58769914 | 58764037 | 0.2% |
| Total | 11389479 | 868279984 | 797489045 | 490250 | 97 | - | 82180515 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1 | - | - | 1 |
| Consumer Discretionary | 127719690 | 127719690 | - | - |
| Consumer Staples | 49294065 | 49294065 | - | - |
| Energy | 46093229 | 46093229 | - | - |
| Financials | 224593597 | 224593597 | - | - |
| Health Care | 120317809 | 120317809 | - | - |
| Industrials | 186095634 | 180395395 | 5700239 | - |
| Information Technology | 140032161 | 140032161 | - | - |
| Materials | 46622474 | 46622474 | - | - |
| Real Estate | 29085884 | 29085884 | - | - |
| Utilities | 21843487 | 21843487 | - | - |
|  **Domestic Equity Funds** | 19388570 | 19388570 | - | - |
|  **Money Market Funds** | 82180515 | 82180515 | - | - |
| **Total Investments in Securities:** | 1093267116 | 1087566876 | 5700239 | 1 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $65,279,000) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $896,851,444) | $1011086601 |  |
| Fidelity Central Funds (cost $82,180,515) | 82180515 |  |
| Total Investment in Securities (cost $979,031,959) |  | $1093267116 |
| Cash |  | 1727513 |
| Receivable for investments sold |  | 13448901 |
| Receivable for fund shares sold |  | 106997 |
| Dividends receivable |  | 465733 |
| Distributions receivable from Fidelity Central Funds |  | 115010 |
| Prepaid expenses |  | 344 |
| **Total assets** |  | 1109131614 |
| **Liabilities** |  |  |
| Payable to custodian bank | $10 |  |
| Payable for investments purchased  | 15240431 |  |
| Payable for fund shares redeemed | 236302 |  |
| Accrued management fee | 788945 |  |
| Other payables and accrued expenses | 56433 |  |
| Collateral on securities loaned | 58765331 |  |
| **Total liabilities** |  | 75087452 |
| **Net Assets**  |  | $1034044162 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $908204969 |
| Total accumulated earnings (loss) |  | 125839193 |
| **Net Assets** |  | $1034044162 |
| **Net Asset Value**, offering price and redemption price per share ($1,034,044,162 ÷ 59,592,259 shares) |  | $17.35 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $10026504 |
| Income from Fidelity Central Funds (including $93,199 from security lending)  |  | 490250 |
| **Total income** |  | 10516754 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $9454999 |  |
| Performance adjustment | 430931 |  |
| Custodian fees and expenses | 40269 |  |
| Independent trustees' fees and expenses | 4943 |  |
| Registration fees | 28112 |  |
| Audit fees | 56849 |  |
| Legal | 8476 |  |
| Miscellaneous | 21545 |  |
| **Total expenses** |  | 10046124 |
| **Net Investment income (loss)** |  | 470630 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 45135576 |  |
| Redemptions in-kind | 26894 |  |
| Fidelity Central Funds | 97 |  |
| Foreign currency transactions | 11047 |  |
| Total net realized gain (loss) |  | 45173614 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 18005418 |  |
| Assets and liabilities in foreign currencies | 18212 |  |
| Total change in net unrealized appreciation (depreciation) |  | 18023630 |
| **Net gain (loss)** |  | 63197244 |
| **Net increase (decrease) in net assets resulting from operations** |  | $63667874 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $470630 | $506758 |
| &nbsp;&nbsp;Net realized gain (loss) | 45173614<br>| 83510211<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 18023630 | 63841066<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 63667874<br>| 147858035<br>|
| Distributions to shareholders | (21451426)<br>| (211305)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 58116522 | 52725013 |
| Reinvestment of distributions | 20453335<br>| 202023<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (194078535) | (261683410) |
| **Net increase (decrease) in net assets resulting from share transactions** | (115508678)<br>| (208756374)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (73292230)<br>| (61109644)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1107336392 | 1168446036<br>|
| &nbsp;&nbsp;End of period | $1034044162 | $1107336392 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3120669 | 3283167 |
| Issued in reinvestment of distributions | 1053753<br>| 12754<br>|
| &nbsp;&nbsp;Redeemed | (10558278) | (16502923) |
| &nbsp;&nbsp;Net increase (decrease) | (6383856) | (13207002) |

---

**Financial Highlights** 

**Fidelity® Small Cap Stock Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.78 | $14.76 | $16.44 | $23.58 | $14.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | .01  | - C | .02  | (.01)  |
| Net realized and unrealized gain (loss)  | .90  | 2.01  | (.54)  | (2.57)  | 9.59  |
| Total from investment operations  | .91  | 2.02  | (.54)  | (2.55)  | 9.58  |
| Distributions from net investment income  | - D | - C | -  | (.05)  | -  |
| Distributions from net realized gain  | (.34) D | -  | (1.14)  | (4.54)  | -  |
| Total distributions  | (.34)  | - C | (1.14)  | (4.59)  | -  |
| Net asset value, end of period  | $17.35 | $16.78 | $14.76 | $16.44 | $23.58 |
| **Total Return** E | 5.23% <br>| 13.71%  | (3.33)%  | (13.53)%  | 68.43%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .86%  | .87%  | .77%  | .90%  | .88%  |
| Expenses net of fee waivers, if any  | .86% <br>| .86%  | .77%  | .89%  | .88%  |
| Expenses net of all reductions, if any  | .86%  | .86%  | .77%  | .89%  | .86%  |
| Net investment income (loss)  | .04%  | .04%  | (.02)%  | .10%  | (.05)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1034044 | $1107336 | $1168446 | $1257662 | $1609274 |
| Portfolio turnover rate H | 124% I<br>| 78%  | 74% I | 135% I | 123% I |

---

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

D*The amount shown reflects 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.*

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), derivatives or securities that mature within one year from acquisition.* 

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

**Notes to Financial Statements**

For the period ended April 30, 2025

**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.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs 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, 2025 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. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**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, 2025, 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 determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards, 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**  | $150810857 |
| **Gross unrealized depreciation**  | <u>(52248194)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$98562663</u> |
| **Tax Cost**  | <u>$994704453</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$47422554</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$98562848</u> |

---

The Fund intends to elect to defer to its next fiscal year $20,146,208 of capital losses recognized during the period November 1, 2024 to April 30, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $16697275 | $211305 |
| **Long-term Capital Gains** | <u>4754151</u> | <u>-</u> |
| **Total** | <u>$21451426</u> | <u>$211305</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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** | 1429934738 | 1587466824 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Small Cap Stock Fund** | 6592 | 26894 | 114313 |

---

**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.

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Small Cap Stock Fund** | .82 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Small Cap Stock Fund** | .81 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Small Cap Stock Fund** | Russell 2000 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .04%.

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Stock Fund** | 54909 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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 Small Cap Stock Fund** | 85591551 | 148158415 | 3763357 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Stock Fund** | 1695 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Small Cap Stock Fund** | 9955 | 4615 | 622090 |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Stock Fund** | 8479919 |

---

**8. 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.

**9. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity 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, 2025, 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, 2025, 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, 2025, 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 11, 2025

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

**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, 2025, $53,956,780, 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 23% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 37.81% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 2.83% of the dividend distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 399712835196.11 | 95.27 |
| Withheld  | 19861567939.07 | 4.73 |
| TOTAL  | 419574403135.19 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 398303145670.78 | 94.93 |
| Withheld  | 21271257464.41 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 398848644763.97 | 95.06 |
| Withheld  | 20725758371.21 | 4.94 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 399084917382.24 | 95.12 |
| Withheld  | 20489485752.95 | 4.88 |
| TOTAL  | 419574403135.19 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 398136894294.44 | 94.89 |
| Withheld  | 21437508840.75 | 5.11 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 399535778208.65 | 95.22 |
| Withheld  | 20038624926.54 | 4.78 |
| TOTAL  | 419574403135.19 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 399319643676.69 | 95.17 |
| Withheld  | 20254759458.50 | 4.83 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 398612509964.82 | 95.00 |
| Withheld  | 20961893170.36 | 5.00 |
| TOTAL  | 419574403135.19 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 397517256424.15 | 94.74 |
| Withheld  | 22057146711.03 | 5.26 |
| TOTAL  | 419574403135.19 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 398905166808.58 | 95.07 |
| Withheld  | 20669236326.60 | 4.93 |
| TOTAL  | 419574403135.19 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 398279523899.44 | 94.92 |
| Withheld  | 21294879235.74 | 5.08 |
| TOTAL  | 419574403135.19 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 398393822853.60 | 94.95 |
| Withheld  | 21180580281.58 | 5.05 |
| TOTAL  | 419574403135.19 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 398304955259.60 | 94.93 |
| Withheld  | 21269447875.58 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img108961_4.jpg)<br>

1.703590.127 SLCX-ANN-0625

**Fidelity® Series Small Cap Core Fund**

**Annual Report**

**April 30, 2025**

![](img108987_1.jpg)

![](img108987_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SCC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Small Cap Core Fund](#Sub_Sec_Fund_6956_SCC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6956_SCC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SCC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SCC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SCC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SCC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SCC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SCC-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Series Small Cap Core Fund**

**Schedule of Investments April 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** |
|  | Shares | Value ($)<br>|
| BAHAMAS (NASSAU) - 0.8%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Diversified Consumer Services - 0.8% |  |  |
| OneSpaWorld Holdings Ltd  | 600148 | 10022472 |
| CAMEROON - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Golar LNG Ltd (a) | 132985 | 5652527 |
| CANADA - 1.2%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| Xenon Pharmaceuticals Inc (b) | 159816 | 6104971 |
| Utilities - 0.7% |  |  |
| Gas Utilities - 0.7% |  |  |
| Brookfield Infrastructure Corp (United States)  | 236029 | 8836926 |
| TOTAL CANADA |  | 14941897 |
| ISRAEL - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Nova Ltd (b) | 35789 | 7022160 |
| Software - 0.5% |  |  |
| Cellebrite DI Ltd (b) | 340789 | 6744214 |
| TOTAL ISRAEL |  | 13766374 |
| JAPAN - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Allegro MicroSystems Inc (b) | 199511 | 3804675 |
| NETHERLANDS - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Merus NV (b) | 80774 | 3676025 |
| PUERTO RICO - 0.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Liberty Latin America Ltd Class C (b) | 532827 | 2930548 |
| Financials - 0.7% |  |  |
| Banks - 0.2% |  |  |
| Popular Inc  | 29259 | 2791894 |
| Financial Services - 0.5% |  |  |
| EVERTEC Inc  | 181300 | 6153322 |
| TOTAL FINANCIALS |  | 8945216 |
| TOTAL PUERTO RICO |  | 11875764 |
| TAIWAN - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Silicon Motion Technology Corp ADR  | 58606 | 2900997 |
| UNITED KINGDOM - 0.6%  |  |  |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| TechnipFMC PLC  | 205980 | 5802457 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Autolus Therapeutics PLC ADR (b) | 950235 | 1339831 |
| TOTAL UNITED KINGDOM |  | 7142288 |
| UNITED STATES - 92.5%  |  |  |
| Communication Services - 2.1% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Cogent Communications Holdings Inc  | 105266 | 5721207 |
| Entertainment - 1.3% |  |  |
| Cinemark Holdings Inc (a) | 306100 | 9155451 |
| IMAX Corp (a)(b) | 291191 | 7084677 |
|  |  | 16240128 |
| Interactive Media & Services - 0.3% |  |  |
| Angi Inc Class A (b) | 44523 | 510233 |
| IAC Inc Class A (b) | 84791 | 2962598 |
|  |  | 3472831 |
| Media - 0.1% |  |  |
| Magnite Inc (b) | 74000 | 879860 |
| TOTAL COMMUNICATION SERVICES |  | 26314026 |
| Consumer Discretionary - 9.6% |  |  |
| Automobile Components - 1.3% |  |  |
| LCI Industries  | 58258 | 4490526 |
| Modine Manufacturing Co (b) | 78700 | 6425068 |
| Patrick Industries Inc  | 80760 | 6216905 |
|  |  | 17132499 |
| Diversified Consumer Services - 2.0% |  |  |
| Grand Canyon Education Inc (b) | 65374 | 11660760 |
| Laureate Education Inc (b) | 651488 | 13075365 |
|  |  | 24736125 |
| Hotels, Restaurants & Leisure - 1.7% |  |  |
| Brinker International Inc (b) | 53200 | 7144760 |
| Dutch Bros Inc Class A (b) | 81300 | 4856862 |
| Noodles & Co Class A (b) | 19084 | 18702 |
| Red Rock Resorts Inc Class A  | 140020 | 5978854 |
| Sweetgreen Inc Class A (b) | 210100 | 4092748 |
|  |  | 22091926 |
| Household Durables - 1.6% |  |  |
| Cavco Industries Inc (b) | 23662 | 11685479 |
| Installed Building Products Inc (a) | 39200 | 6500536 |
| Newell Brands Inc  | 557000 | 2662460 |
|  |  | 20848475 |
| Leisure Products - 0.6% |  |  |
| Brunswick Corp/DE  | 89520 | 4122396 |
| Latham Group Inc (b) | 664500 | 3631493 |
|  |  | 7753889 |
| Specialty Retail - 2.2% |  |  |
| Academy Sports & Outdoors Inc  | 117477 | 4426533 |
| America's Car-Mart Inc/TX (b) | 98585 | 4674901 |
| Boot Barn Holdings Inc (b) | 75623 | 7890504 |
| Camping World Holdings Inc Class A  | 243232 | 2933378 |
| Murphy USA Inc  | 13661 | 6810965 |
|  |  | 26736281 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Crocs Inc (b) | 32700 | 3152933 |
| TOTAL CONSUMER DISCRETIONARY |  | 122452128 |
| Consumer Staples - 3.2% |  |  |
| Beverages - 1.0% |  |  |
| Boston Beer Co Inc/The Class A (b) | 19606 | 4819155 |
| Primo Brands Corp Class A  | 262538 | 8577116 |
|  |  | 13396271 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Grocery Outlet Holding Corp (b) | 7700 | 129283 |
| Performance Food Group Co (b) | 66798 | 5387927 |
|  |  | 5517210 |
| Food Products - 1.4% |  |  |
| Darling Ingredients Inc (b) | 140600 | 4525914 |
| Simply Good Foods Co/The (b) | 230186 | 8312017 |
| TreeHouse Foods Inc (b) | 166945 | 3888149 |
|  |  | 16726080 |
| Household Products - 0.4% |  |  |
| Energizer Holdings Inc  | 195820 | 5294972 |
| TOTAL CONSUMER STAPLES |  | 40934533 |
| Energy - 3.7% |  |  |
| Energy Equipment & Services - 1.8% |  |  |
| Cactus Inc Class A  | 186648 | 7081425 |
| Flowco Holdings Inc Class A  | 271800 | 5251176 |
| Kodiak Gas Services Inc  | 145900 | 4962059 |
| Liberty Energy Inc Class A  | 332470 | 3823405 |
| Oceaneering International Inc (b) | 135083 | 2397723 |
|  |  | 23515788 |
| Oil, Gas & Consumable Fuels - 1.9% |  |  |
| Chord Energy Corp  | 88711 | 8004394 |
| Gulfport Energy Corp (b) | 52400 | 9039000 |
| Northern Oil & Gas Inc (a) | 214753 | 5218498 |
| Uranium Energy Corp (a)(b) | 387955 | 2036764 |
|  |  | 24298656 |
| TOTAL ENERGY |  | 47814444 |
| Financials - 19.2% |  |  |
| Banks - 10.9% |  |  |
| Associated Banc-Corp  | 268311 | 5918941 |
| BOK Financial Corp  | 62366 | 5810640 |
| Byline Bancorp Inc  | 215647 | 5507624 |
| Cadence Bank  | 407522 | 11924094 |
| Camden National Corp  | 97909 | 3771455 |
| Connectone Bancorp Inc  | 203627 | 4587716 |
| CVB Financial Corp  | 137600 | 2551104 |
| Eastern Bankshares Inc  | 682577 | 10184049 |
| First Foundation Inc  | 566510 | 2843880 |
| First Interstate BancSystem Inc Class A  | 417507 | 10936596 |
| First Northwest Bancorp  | 1890 | 19467 |
| FNB Corp/PA  | 602506 | 7886804 |
| Hancock Whitney Corp  | 64400 | 3354596 |
| Independent Bank Corp/MI  | 218565 | 6657490 |
| Pinnacle Financial Partners Inc  | 61479 | 6162655 |
| SouthState Corp  | 90860 | 7884831 |
| United Community Banks Inc/GA  | 311589 | 8602972 |
| Univest Financial Corp  | 21037 | 621433 |
| Webster Financial Corp  | 218367 | 10328759 |
| Western Alliance Bancorp  | 140498 | 9794116 |
| Wintrust Financial Corp  | 126519 | 14065117 |
|  |  | 139414339 |
| Capital Markets - 4.3% |  |  |
| Bridge Investment Group Holdings Inc Class A  | 65600 | 629104 |
| P10 Inc Class A  | 597383 | 6613030 |
| Perella Weinberg Partners Class A  | 680107 | 11677437 |
| Piper Sandler Cos  | 41175 | 9928116 |
| PJT Partners Inc Class A (a) | 61991 | 8784745 |
| StepStone Group Inc Class A  | 184970 | 9250350 |
| Stifel Financial Corp  | 89877 | 7701560 |
|  |  | 54584342 |
| Consumer Finance - 1.2% |  |  |
| FirstCash Holdings Inc  | 112450 | 15063802 |
| Financial Services - 1.4% |  |  |
| AvidXchange Holdings Inc (b) | 331958 | 2698818 |
| Cannae Holdings Inc  | 227829 | 4034852 |
| HA Sustainable Infrastructure Capital Inc  | 223800 | 5590524 |
| Walker & Dunlop Inc  | 79776 | 6106055 |
|  |  | 18430249 |
| Insurance - 1.4% |  |  |
| Baldwin Insurance Group Inc/The Class A (b) | 136523 | 5682087 |
| Selective Insurance Group Inc  | 78185 | 6820078 |
| TWFG Inc Class A  | 176350 | 5586768 |
|  |  | 18088933 |
| TOTAL FINANCIALS |  | 245581665 |
| Health Care - 14.8% |  |  |
| Biotechnology - 6.8% |  |  |
| ADMA Biologics Inc (b) | 276200 | 6573560 |
| AnaptysBio Inc (a)(b) | 111052 | 2467575 |
| Apogee Therapeutics Inc (b) | 7433 | 291745 |
| Arcellx Inc (b) | 100353 | 6517927 |
| Astria Therapeutics Inc (b) | 338789 | 1748151 |
| Blueprint Medicines Corp (b) | 83441 | 7467970 |
| Celldex Therapeutics Inc (b) | 212628 | 4429041 |
| Cogent Biosciences Inc (a)(b) | 553455 | 2883501 |
| Crinetics Pharmaceuticals Inc (b) | 173645 | 5798007 |
| Cytokinetics Inc (b) | 142751 | 6115453 |
| Day One Biopharmaceuticals Inc (a)(b) | 431400 | 3356292 |
| Immunovant Inc (a)(b) | 239200 | 3863080 |
| Insmed Inc (b) | 112800 | 8121600 |
| Legend Biotech Corp ADR (b) | 36900 | 1289655 |
| Madrigal Pharmaceuticals Inc (a)(b) | 19282 | 6438453 |
| MoonLake Immunotherapeutics Class A (b) | 87405 | 3678002 |
| Perspective Therapeutics Inc (b) | 348800 | 854560 |
| PTC Therapeutics Inc (b) | 103300 | 5148472 |
| Spyre Therapeutics Inc (a)(b) | 100431 | 1529564 |
| Vaxcyte Inc (b) | 138566 | 4966205 |
| Viridian Therapeutics Inc (b) | 252832 | 3425874 |
|  |  | 86964687 |
| Health Care Equipment & Supplies - 3.0% |  |  |
| Glaukos Corp (b) | 40240 | 3792620 |
| Inspire Medical Systems Inc (b) | 33789 | 5351502 |
| iRhythm Technologies Inc (b) | 76198 | 8144804 |
| Masimo Corp (b) | 50094 | 8063130 |
| Merit Medical Systems Inc (b) | 114876 | 10850039 |
| TransMedics Group Inc (b) | 22800 | 2097828 |
| ViewRay Inc (b) | 34227 | 0 |
|  |  | 38299923 |
| Health Care Providers & Services - 3.7% |  |  |
| AMN Healthcare Services Inc (b) | 72500 | 1481174 |
| Ensign Group Inc/The  | 90749 | 11705714 |
| HealthEquity Inc (b) | 75100 | 6437572 |
| LifeStance Health Group Inc (b) | 768165 | 5046844 |
| Option Care Health Inc (b) | 310000 | 10016100 |
| Progyny Inc (b) | 283700 | 6479708 |
| Surgery Partners Inc (b) | 284469 | 6244095 |
|  |  | 47411207 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Repligen Corp (b) | 16334 | 2253929 |
| Pharmaceuticals - 1.2% |  |  |
| Axsome Therapeutics Inc (b) | 61902 | 6950976 |
| Elanco Animal Health Inc (b) | 415100 | 3935147 |
| Enliven Therapeutics Inc (a)(b) | 218989 | 4147652 |
|  |  | 15033775 |
| TOTAL HEALTH CARE |  | 189963521 |
| Industrials - 17.4% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| Cadre Holdings Inc  | 188160 | 5484864 |
| Karman Holdings Inc  | 26500 | 947375 |
| Kratos Defense & Security Solutions Inc (b) | 287668 | 9718864 |
| Rocket Lab USA Inc Class A (a)(b) | 158000 | 3442820 |
| V2X Inc (b) | 108778 | 5412793 |
|  |  | 25006716 |
| Building Products - 2.1% |  |  |
| AZZ Inc  | 110155 | 9557048 |
| Tecnoglass Inc  | 117512 | 8375080 |
| UFP Industries Inc  | 89924 | 8888987 |
|  |  | 26821115 |
| Commercial Services & Supplies - 2.7% |  |  |
| ACV Auctions Inc Class A (b) | 493583 | 7250734 |
| Brady Corp Class A  | 106873 | 7512103 |
| Brink's Co/The  | 123691 | 11038186 |
| VSE Corp  | 78145 | 8949165 |
|  |  | 34750188 |
| Construction & Engineering - 3.2% |  |  |
| Bowman Consulting Group Ltd (b) | 143878 | 3182581 |
| Centuri Holdings Inc (a)(b) | 383397 | 6885810 |
| Construction Partners Inc Class A (b) | 127753 | 10493632 |
| IES Holdings Inc (b) | 41421 | 8146682 |
| Sterling Infrastructure Inc (b) | 67368 | 10066800 |
| Valmont Industries Inc  | 2200 | 645084 |
|  |  | 39420589 |
| Electrical Equipment - 0.6% |  |  |
| NEXTracker Inc Class A (b) | 197768 | 8031358 |
| Machinery - 2.2% |  |  |
| Atmus Filtration Technologies Inc  | 184700 | 6403549 |
| Gates Industrial Corp PLC (b) | 359500 | 6801740 |
| REV Group Inc  | 239511 | 7832010 |
| Terex Corp  | 219059 | 7710877 |
|  |  | 28748176 |
| Professional Services - 2.2% |  |  |
| CRA International Inc  | 55850 | 9058870 |
| ExlService Holdings Inc (b) | 218300 | 10583184 |
| FTI Consulting Inc (b) | 22588 | 3755933 |
| TrueBlue Inc (a)(b) | 228486 | 991629 |
| Verra Mobility Corp Class A (b) | 196500 | 4283700 |
|  |  | 28673316 |
| Trading Companies & Distributors - 2.4% |  |  |
| Applied Industrial Technologies Inc  | 52661 | 12811368 |
| FTAI Aviation Ltd  | 94926 | 10167524 |
| GMS Inc (b) | 60800 | 4454208 |
| Herc Holdings Inc  | 12100 | 1324224 |
| Xometry Inc Class A (a)(b) | 80521 | 2064558 |
|  |  | 30821882 |
| TOTAL INDUSTRIALS |  | 222273340 |
| Information Technology - 10.4% |  |  |
| Communications Equipment - 1.0% |  |  |
| Ciena Corp (b) | 57445 | 3858006 |
| Lumentum Holdings Inc (b) | 143241 | 8456949 |
|  |  | 12314955 |
| Electronic Equipment, Instruments & Components - 2.1% |  |  |
| Advanced Energy Industries Inc  | 59876 | 5832521 |
| Belden Inc  | 84303 | 8692483 |
| Crane NXT Co  | 102684 | 4817933 |
| PAR Technology Corp (b) | 97000 | 5664800 |
| Sanmina Corp (b) | 16800 | 1290072 |
|  |  | 26297809 |
| IT Services - 0.4% |  |  |
| ASGN Inc (b) | 117819 | 5935721 |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| Aehr Test Systems (a)(b) | 294550 | 2512512 |
| Cirrus Logic Inc (b) | 72254 | 6939274 |
| Diodes Inc (b) | 98226 | 3771878 |
| Ichor Holdings Ltd (b) | 214918 | 4251078 |
| MACOM Technology Solutions Holdings Inc (b) | 48433 | 5024924 |
| Onto Innovation Inc (b) | 26139 | 3188174 |
| Penguin Solutions Inc (b) | 323738 | 5526208 |
| Ultra Clean Holdings Inc (b) | 122749 | 2296019 |
|  |  | 33510067 |
| Software - 4.3% |  |  |
| Agilysys Inc (b) | 65650 | 4881078 |
| BlackLine Inc (b) | 143378 | 6771743 |
| Olo Inc Class A (b) | 756100 | 4687820 |
| Rapid7 Inc (b) | 63461 | 1498949 |
| SPS Commerce Inc (b) | 47800 | 6859778 |
| Telos Corp (b) | 41756 | 113993 |
| Tenable Holdings Inc (b) | 226937 | 6937464 |
| Varonis Systems Inc (a)(b) | 232252 | 9949676 |
| Vertex Inc Class A (b) | 166100 | 6648983 |
| Workiva Inc Class A (b) | 96516 | 7264759 |
|  |  | 55614243 |
| TOTAL INFORMATION TECHNOLOGY |  | 133672795 |
| Materials - 3.6% |  |  |
| Chemicals - 0.3% |  |  |
| Element Solutions Inc  | 210679 | 4299959 |
| Tronox Holdings PLC  | 51932 | 280952 |
|  |  | 4580911 |
| Construction Materials - 0.6% |  |  |
| Eagle Materials Inc  | 32473 | 7351562 |
| Containers & Packaging - 0.4% |  |  |
| Graphic Packaging Holding CO  | 228010 | 5770933 |
| Metals & Mining - 1.8% |  |  |
| ATI Inc (b) | 121534 | 6609019 |
| Carpenter Technology Corp  | 58376 | 11418929 |
| Constellium SE (b) | 249601 | 2523466 |
| Warrior Met Coal Inc  | 44350 | 2120817 |
|  |  | 22672231 |
| Paper & Forest Products - 0.5% |  |  |
| Louisiana-Pacific Corp  | 73800 | 6369678 |
| TOTAL MATERIALS |  | 46745315 |
| Real Estate - 7.2% |  |  |
| Diversified REITs - 0.2% |  |  |
| Armada Hoffler Properties Inc Class A  | 436439 | 2954691 |
| Health Care REITs - 0.4% |  |  |
| CareTrust REIT Inc  | 191400 | 5602278 |
| Industrial REITs - 0.9% |  |  |
| LXP Industrial Trust  | 837965 | 6611544 |
| Plymouth Industrial REIT Inc  | 300138 | 4463052 |
|  |  | 11074596 |
| Office REITs - 1.1% |  |  |
| Douglas Emmett Inc  | 462307 | 6393706 |
| Kilroy Realty Corp  | 177100 | 5580421 |
| Postal Realty Trust Inc Class A  | 172118 | 2278842 |
|  |  | 14252969 |
| Real Estate Management & Development - 1.9% |  |  |
| Compass Inc Class A (b) | 1095000 | 8453400 |
| Cushman & Wakefield PLC (b) | 938591 | 8794598 |
| Landbridge Co LLC Class A (a) | 74142 | 5371588 |
|  |  | 22619586 |
| Retail REITs - 1.6% |  |  |
| Curbline Properties Corp  | 257524 | 5894724 |
| Tanger Inc  | 232100 | 7313471 |
| Urban Edge Properties  | 437377 | 7903403 |
|  |  | 21111598 |
| Specialized REITs - 1.1% |  |  |
| Four Corners Property Trust Inc  | 313757 | 8769508 |
| Outfront Media Inc  | 345644 | 5229594 |
|  |  | 13999102 |
| TOTAL REAL ESTATE |  | 91614820 |
| Utilities - 1.3% |  |  |
| Electric Utilities - 0.7% |  |  |
| IDACORP Inc  | 37473 | 4425187 |
| TXNM Energy Inc  | 94000 | 5000800 |
|  |  | 9425987 |
| Gas Utilities - 0.6% |  |  |
| New Jersey Resources Corp  | 122613 | 6000680 |
| Southwest Gas Holdings Inc  | 36200 | 2614002 |
|  |  | 8614682 |
| TOTAL UTILITIES |  | 18040669 |
| TOTAL UNITED STATES |  | 1185407256 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,339,986,230) |  | <br> **1259190275** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.1%** | &nbsp;&nbsp;**Money Market Funds - 8.1%** | &nbsp;&nbsp;**Money Market Funds - 8.1%** | &nbsp;&nbsp;**Money Market Funds - 8.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 32856224 | 32862794 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 70853307 | 70860393 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $103,723,188) |  |  | **103723187** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 106.4%**<br> (Cost $1,443,709,418)<br>| <br>**1362913462** |
| **NET OTHER ASSETS (LIABILITIES) - (6.4)%**  | **(81897771)** |
| **NET ASSETS - 100.0%** | **1281015691** |

---

**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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 6372606 | 413944570 | 387454358 | 1242604 | (23) | (1) | 32862794 | 32856224 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 11092250 | 352422724 | 292654581 | 215024 | - | - | 70860393 | 70853307 | 0.2% |
| Total | 17464856 | 766367294 | 680108939 | 1457628 | (23) | (1) | 103723187 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 29244574 | 29244574 | - | - |
| Consumer Discretionary | 132474600 | 132474600 | - | - |
| Consumer Staples | 40934533 | 40934533 | - | - |
| Energy | 59269428 | 59269428 | - | - |
| Financials | 254526881 | 254526881 | - | - |
| Health Care | 201084348 | 201084348 | - | - |
| Industrials | 222273340 | 222273340 | - | - |
| Information Technology | 154144841 | 154144841 | - | - |
| Materials | 46745315 | 46745315 | - | - |
| Real Estate | 91614820 | 91614820 | - | - |
| Utilities | 26877595 | 26877595 | - | - |
|  **Money Market Funds** | 103723187 | 103723187 | - | - |
| **Total Investments in Securities:** | 1362913462 | 1362913462 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $69,239,798) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,339,986,230) | $1259190275 |  |
| Fidelity Central Funds (cost $103,723,188) | 103723187 |  |
| Total Investment in Securities (cost $1,443,709,418) |  | $1362913462 |
| Segregated cash with brokers for derivative instruments |  | 1253443 |
| Receivable for investments sold |  | 878842 |
| Receivable for fund shares sold |  | 118852 |
| Dividends receivable |  | 131625 |
| Distributions receivable from Fidelity Central Funds |  | 136268 |
| **Total assets** |  | 1365432492 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $753428 |  |
| Payable for fund shares redeemed | 12696608 |  |
| Accrued management fee | 2073 |  |
| Payable for daily variation margin on futures contracts | 100856 |  |
| Other payables and accrued expenses | 3443 |  |
| Collateral on securities loaned | 70860393 |  |
| **Total liabilities** |  | 84416801 |
| **Net Assets**  |  | $1281015691 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1428957165 |
| Total accumulated earnings (loss) |  | (147941474) |
| **Net Assets** |  | $1281015691 |
| **Net Asset Value**, offering price and redemption price per share ($1,281,015,691 ÷ 121,873,740 shares) |  | $10.51 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** | <br> **Year ended April 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $11208198 |
| Interest  |  | 40812 |
| Income from Fidelity Central Funds (including $215,024 from security lending)  |  | 1457628 |
| **Total income** |  | 12706638 |
| **Expenses** |  |  |
| Custodian fees and expenses | $36917 |  |
| Independent trustees' fees and expenses | 4135 |  |
| Proxy fee | 6147 |  |
| Total expenses before reductions | 47199 |  |
| Expense reductions | (14188) |  |
| Total expenses after reductions |  | 33011 |
| **Net Investment income (loss)** |  | 12673627 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (63802751) |  |
| Fidelity Central Funds | (23) |  |
| Futures contracts | (1670227) |  |
| Total net realized gain (loss) |  | (65473001) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (76378467) |  |
| Fidelity Central Funds  | (1) |  |
| Total change in net unrealized appreciation (depreciation) |  | (76378468) |
| **Net gain (loss)** |  | (141851469) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(129177842) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $12673627 | $1564836 |
| &nbsp;&nbsp;Net realized gain (loss) | (65473001)<br>| (260395)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (76378468) | (4419968)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (129177842)<br>| (3115527)<br>|
| Distributions to shareholders | (15287650)<br>| (526397)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1130889247 | 471978517 |
| Reinvestment of distributions | 15287420<br>| 526397<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (194910114) | (24438068) |
| **Net increase (decrease) in net assets resulting from share transactions** | 951266553<br>| 448066846<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 806801061<br>| 444424922<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 474214630 | 29789708<br>|
| &nbsp;&nbsp;End of period | $1281015691 | $474214630 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 93746144 | 41963237 |
| Issued in reinvestment of distributions | 1205910<br>| 50432<br>|
| &nbsp;&nbsp;Redeemed | (15935042) | (2197855) |
| &nbsp;&nbsp;Net increase (decrease) | 79017012 | 39815814 |

---

**Financial Highlights** 

**Fidelity® Series Small Cap Core Fund** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended April 30,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $11.07 | $9.80 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .14  | .14  | .05  |
| Net realized and unrealized gain (loss)  | (.51)  | 1.30 D | (.22)  |
| Total from investment operations  | (.37)  | 1.44  | (.17)  |
| Distributions from net investment income  | (.18)  | (.12)  | (.03)  |
| Distributions from net realized gain  | (.01)  | (.05)  | -  |
| Total distributions  | (.19)  | (.17)  | (.03)  |
| Net asset value, end of period  | $10.51 | $11.07 | $9.80 |
| **Total Return** E,F | (3.64)% <br>| 14.81%  | (1.67)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |
| Expenses before reductions  | -% I | .02%  | .20% J |
| Expenses net of fee waivers, if any  | -% I<br>| -% I | -% I,J |
| Expenses net of all reductions, if any  | -% I | -% I | -% I,J |
| Net investment income (loss)  | 1.15%  | 1.30%  | 1.12% J |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $1281016 | $474215 | $29790 |
| Portfolio turnover rate K | 42% <br>| 90%  | 12% L |

---

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

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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*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.*

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), derivatives or securities that mature within one year from acquisition.* 

L*Amount not annualized.*

**Notes to Financial Statements**

For the period ended April 30, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2025 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**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.

**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, 2025, 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.

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

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

Book-tax differences are primarily due to passive foreign investment companies (PFIC), certain corporate actions 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**  | $101443656 |
| **Gross unrealized depreciation**  | <u>(185358385)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(83914729)</u> |
| **Tax Cost**  | <u>$1446828191</u> |

---

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

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(63778958)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(83914729)</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(56606376) |
| Long-term | <u>(7172582)</u> |
| **Total capital loss carryforward** | <u>$(63778958)</u> |

---

The Fund intends to elect to defer to its next fiscal year $247,785 of ordinary losses recognized during the period January 1, 2025 to April 30, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Ordinary Income**  | $15165165 | $526397 |
| **Long-term Capital Gains**  | <u>122485</u> | <u>-</u> |
| **Total**  | <u>$15287650</u> | <u>$526397</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a 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 a fund. Counterparty credit risk related to exchange-traded 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. Futures contracts were used to manage 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 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.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any 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 Series Small Cap Core Fund** | 1381375086 | 447116683 |

---

**6. Fees and Other Transactions with Affiliates.**

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Small Cap Core Fund** | 17788 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series Small Cap Core Fund** | 117551749 | 42507294 | (2082187) |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**8. 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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series Small Cap Core Fund** | 23246 | - | - |

---

**9. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through August 31, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $10,042.

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 $4,146.

**10. Other.**

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

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

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Series Small Cap Core Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2025, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from November 4, 2022 (commencement of operations) through April 30, 2023, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from November 4, 2022 (commencement of operations) through April 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2025, 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 11, 2025

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

**Distributions** **(Unaudited)**

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

The fund designates $966,563 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 31% and 42% 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 33.57% and 46.29% 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 9.88% and 11.07% 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 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 399712835196.11 | 95.27 |
| Withheld  | 19861567939.07 | 4.73 |
| TOTAL  | 419574403135.19 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 398303145670.78 | 94.93 |
| Withheld  | 21271257464.41 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 398848644763.97 | 95.06 |
| Withheld  | 20725758371.21 | 4.94 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 399084917382.24 | 95.12 |
| Withheld  | 20489485752.95 | 4.88 |
| TOTAL  | 419574403135.19 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 398136894294.44 | 94.89 |
| Withheld  | 21437508840.75 | 5.11 |
| TOTAL  | 419574403135.19 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 399535778208.65 | 95.22 |
| Withheld  | 20038624926.54 | 4.78 |
| TOTAL  | 419574403135.19 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 399319643676.69 | 95.17 |
| Withheld  | 20254759458.50 | 4.83 |
| TOTAL  | 419574403135.19 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 398612509964.82 | 95.00 |
| Withheld  | 20961893170.36 | 5.00 |
| TOTAL  | 419574403135.19 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 397517256424.15 | 94.74 |
| Withheld  | 22057146711.03 | 5.26 |
| TOTAL  | 419574403135.19 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 398905166808.58 | 95.07 |
| Withheld  | 20669236326.60 | 4.93 |
| TOTAL  | 419574403135.19 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 398279523899.44 | 94.92 |
| Withheld  | 21294879235.74 | 5.08 |
| TOTAL  | 419574403135.19 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 398393822853.60 | 94.95 |
| Withheld  | 21180580281.58 | 5.05 |
| TOTAL  | 419574403135.19 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 398304955259.60 | 94.93 |
| Withheld  | 21269447875.58 | 5.07 |
| TOTAL  | 419574403135.19 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img108987_4.jpg)<br>

1.9906191.102 SCC-ANN-0625

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

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

Item 16.

<u>Controls and Procedures</u>

(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 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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.](ex99cert.htm)

(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.](ex99906cert.htm)

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: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | June 20, 2025 |

---

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: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | June 20, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | June 20, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Concord Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 20, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Concord Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 20, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Exhibit EX-99.906CERT

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Concord Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: June 20, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

Dated: June 20, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>