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 811-05251

Fidelity Concord Street Trust

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	April 30

Date of reporting period:	April 30, 2026

Item 1.

Reports to Stockholders


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026
	Fidelity® Small Cap Stock K6 Fund Fidelity® Small Cap Stock K6 Fund : FKICX

This annual shareholder report contains information about Fidelity® Small Cap Stock K6 Fund for the period May 1, 2025 to April 30, 2026. 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	$ 71	0.60%

What affected the Fund's performance this period?

•U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

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

•The biggest individual relative detractor was an overweight in CBIZ (-55%). This period we increased our position in the stock, which was among the fund's biggest holdings. A second notable relative detractor was an overweight in Baldwin Insurance (-45%). The company was among the fund's largest holdings for the 12 months. Another notable relative detractor was avoiding Bloom Energy, a benchmark component that gained roughly 1447%.

•In contrast, the biggest contributor to performance versus the benchmark was stock selection in consumer discretionary. Stock selection and an underweight in information technology, primarily within the technology hardware & equipment industry, also boosted the fund's relative result. Also bolstering relative performance was an overweight in industrials.

•The top individual relative contributor was an overweight in IES Holdings (+221%), which was among the fund's top holdings. The second-largest relative contributor was an overweight in Sanmina (+182%). This period we increased our position in Sanmina, making it the biggest holding at period end. An overweight in Perimeter Solutions (+206%) also contributed. This period we increased our position in Perimeter Solutions. It was among our largest holdings.

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

May 25, 2017 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Fidelity® Small Cap Stock K6 Fund	37.16%	7.07%	10.03%
Russell 2000® Index	44.41%	5.75%	9.67%
Russell 3000® Index	31.01%	11.91%	14.29%

A From May 25, 2017

Visit www.401k.com for more recent performance information.

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.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$18,328,927
Number of Holdings	140
Total Advisory Fee	$99,072
Portfolio Turnover	185%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	20.1
Industrials	18.8
Financials	13.1
Health Care	12.0
Consumer Discretionary	11.5
Materials	9.6
Real Estate	4.0
Energy	3.5
Utilities	3.2
Consumer Staples	2.6
Communication Services	1.0

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.4
	Short-Term Investments and Net Other Assets (Liabilities) - 0.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 89.6
	Thailand - 2.3
	Canada - 1.8
	Japan - 1.2
	Switzerland - 1.1
	Italy - 1.0
	Taiwan - 0.7
	Puerto Rico - 0.7
	Israel - 0.6
	Others - 1.0

TOP HOLDINGS (% of Fund's net assets)
Sanmina Corp	3.4
IES Holdings Inc	2.4
Fabrinet	2.3
Element Solutions Inc	2.2
Perimeter Solutions Inc	2.1
Grand Canyon Education Inc	2.0
Cbiz Inc	1.7
Herc Holdings Inc	1.6
Laureate Education Inc	1.5
Perella Weinberg Partners Class A	1.5
	20.7

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913288.101 2942-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026
	Fidelity® Small Cap Stock Fund Fidelity® Small Cap Stock Fund : FSLCX

This annual shareholder report contains information about Fidelity® Small Cap Stock Fund for the period May 1, 2025 to April 30, 2026. 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	$ 101	0.86%

What affected the Fund's performance this period?

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

•The largest individual relative detractor was an overweight in CBIZ (-55%). This period we increased our stake in CBIZ, which was among the fund's biggest holdings. A second notable relative detractor was an overweight in Baldwin Insurance (-45%). The company was among the fund's largest holdings for the 12 months. Not owning Bloom Energy, a benchmark component that gained approximately 1447%, was another notable relative detractor.

•In contrast, the biggest contributor to performance versus the benchmark was stock selection in consumer discretionary. Security selection and an underweight in information technology, primarily within the technology hardware & equipment industry, also boosted the fund's relative result. Also helping relative performance was an overweight in industrials.

•The top individual relative contributor was an overweight in IES Holdings (+220%). This period we decreased our investment in the stock, which was among our largest holdings. The second-biggest relative contributor was an overweight in Sanmina (+184%). The company was one of the fund's largest holdings at period end. Another notable relative contributor was an overweight in Perimeter Solutions (+203%). This period we increased our position in Perimeter Solutions. It was one of our top holdings.

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Small Cap Stock Fund	35.50%	6.27%	9.94%
Russell 2000® Index	44.41%	5.75%	10.98%
Russell 3000® Index	31.01%	11.91%	14.75%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$1,287,278,588
Number of Holdings	140
Total Advisory Fee	$9,992,369
Portfolio Turnover	159%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	20.0
Industrials	18.4
Financials	12.9
Health Care	12.0
Consumer Discretionary	11.7
Materials	9.6
Real Estate	3.9
Energy	3.6
Utilities	3.4
Consumer Staples	2.6
Communication Services	1.1

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.2
	Short-Term Investments and Net Other Assets (Liabilities) - 0.8

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 89.5
	Thailand - 2.3
	Canada - 1.8
	Japan - 1.2
	Switzerland - 1.2
	Italy - 1.0
	Taiwan - 0.7
	Israel - 0.6
	Puerto Rico - 0.6
	Others - 1.1

TOP HOLDINGS (% of Fund's net assets)
Sanmina Corp	3.4
IES Holdings Inc	2.5
Fabrinet	2.3
Element Solutions Inc	2.3
Perimeter Solutions Inc	2.1
Grand Canyon Education Inc	2.0
Cbiz Inc	1.7
Herc Holdings Inc	1.5
Laureate Education Inc	1.5
Ligand Pharmaceuticals Inc	1.5
	20.8

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913249.101 340-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Small Cap Discovery Fund Fidelity® Small Cap Discovery Fund : FSCRX

This annual shareholder report contains information about Fidelity® Small Cap Discovery Fund for the period May 1, 2025 to April 30, 2026. 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	$ 76	0.66%

What affected the Fund's performance this period?

•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 industrials sector. Picks in health care, primarily the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Further detracting from our result were investment choices and an underweight in materials.

•The biggest individual relative detractor was our non-benchmark stake in Genpact (-30%), where we decreased our investment this period. Still, the company was among the fund's biggest holdings. A non-benchmark stake in Kyndryl Holdings returned -66% and was another notable relative detractor. The stock was not held at period end. An overweight in Insight Enterprises (-47%) also hurt. The company was among the fund's largest holdings this period.

•In contrast, the biggest contributor to performance versus the benchmark was security selection in consumer discretionary, primarily within the consumer services industry. An overweight in industrials and an underweight in real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance.

•The top individual relative contributor was an overweight in IES Holdings (+229%), one of our largest holdings. A second notable relative contributor was an overweight in Sanmina (+184%), another of the fund's biggest holding at period end. An overweight in Fabrinet (+231%) also helped. The stock was among the fund's biggest holdings.

•Notable changes in positioning include higher allocations to the materials and health care sectors.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Small Cap Discovery Fund	31.75%	6.87%	9.50%
Russell 2000® Index	44.41%	5.75%	10.98%
Russell 3000® Index	31.01%	11.91%	14.75%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$2,212,643,209
Number of Holdings	159
Total Advisory Fee	$14,659,187
Portfolio Turnover	64%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	21.8
Information Technology	19.5
Health Care	14.6
Financials	14.5
Consumer Discretionary	12.9
Materials	7.4
Energy	4.2
Consumer Staples	1.0
Utilities	0.7
Real Estate	0.7
Communication Services	0.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 97.7
	Short-Term Investments and Net Other Assets (Liabilities) - 2.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 94.9
	Thailand - 2.8
	Puerto Rico - 1.2
	Canada - 0.3
	Grand Cayman (UK Overseas Ter) - 0.2
	Bailiwick Of Guernsey - 0.2
	Brazil - 0.2
	Netherlands - 0.2

TOP HOLDINGS (% of Fund's net assets)
Sanmina Corp	4.3
IES Holdings Inc	3.4
Old National Bancorp/IN	2.8
Fabrinet	2.8
Lantheus Holdings Inc	2.6
Laureate Education Inc	2.4
Brady Corp Class A	2.3
DXP Enterprises Inc/TX	2.2
Academy Sports & Outdoors Inc	2.2
Ovintiv Inc	1.9
	26.9

How has the Fund changed?

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 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 fee
Performance adjustment fee

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913250.101 384-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026
	Fidelity® Series Small Cap Discovery Fund Fidelity® Series Small Cap Discovery Fund : FJACX

This annual shareholder report contains information about Fidelity® Series Small Cap Discovery Fund for the period May 1, 2025 to April 30, 2026. 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?

•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 industrials sector. Stock picks in health care, primarily the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Further detracting from our result were investment choices and an underweight in materials.

•The fund's non-benchmark stake in Genpact returned about -30% and was the largest individual relative detractor. We decreased our position in Genpact, though the company was the fund's biggest holding this period. A non-benchmark stake in Kyndryl Holdings returned -66% and was a second notable relative detractor. The stock was not held at period end. Another notable relative detractor was an overweight in Insight Enterprises (-47%), one of our largest holdings this period.

•In contrast, the biggest contributor to performance versus the benchmark was stock selection in consumer discretionary. An overweight in industrials and an underweight in real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance.

•The top individual relative contributor was an overweight in IES Holdings (+229%), one of the fund's largest holdings. A second notable relative contributor was an overweight in Sanmina (+184%), the fund's biggest holding at period end. An overweight in Fabrinet (+235%) also helped. The stock was one of our largest holdings.

•Notable changes in positioning include higher allocations to the materials and health care sectors.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Series Small Cap Discovery Fund	32.24%	7.41%	10.56%
Russell 2000® Index	44.41%	5.75%	10.98%
Russell 3000® Index	31.01%	11.91%	14.75%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$1,961,512,239
Number of Holdings	159
Total Advisory Fee	$0
Portfolio Turnover	71%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	21.7
Information Technology	19.9
Health Care	14.8
Financials	13.8
Consumer Discretionary	12.5
Materials	7.4
Energy	4.3
Consumer Staples	1.0
Utilities	0.7
Real Estate	0.7
Communication Services	0.5

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 97.3
	Short-Term Investments and Net Other Assets (Liabilities) - 2.7

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 95.1
	Thailand - 2.8
	Puerto Rico - 1.0
	Canada - 0.3
	Bailiwick Of Guernsey - 0.2
	Netherlands - 0.2
	Grand Cayman (UK Overseas Ter) - 0.2
	Brazil - 0.2

TOP HOLDINGS (% of Fund's net assets)
Sanmina Corp	4.5
IES Holdings Inc	3.5
Fabrinet	2.8
Lantheus Holdings Inc	2.6
Old National Bancorp/IN	2.5
Laureate Education Inc	2.5
DXP Enterprises Inc/TX	2.2
Brady Corp Class A	2.0
Ovintiv Inc	2.0
Academy Sports & Outdoors Inc	1.9
	26.5

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913282.101 2615-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026
	Fidelity® Series Small Cap Core Fund Fidelity® Series Small Cap Core Fund : FSSLX

This annual shareholder report contains information about Fidelity® Series Small Cap Core Fund for the period May 1, 2025 to April 30, 2026. 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?

•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 information technology, where our stock picks in technology hardware & equipment helped most. Stock selection in financials, primarily within the banks industry, and health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also boosted the fund's relative performance.

•The top individual relative contributor was our non-benchmark stake in Lumentum Holdings (+813%). The stock was not held at period end. The second-largest relative contributor was an overweight in IES Holdings (+225%). The company was the fund's biggest holding at period end. Another notable relative contributor was an overweight in Solaris Energy Infrastructure (+214%). This was a stake we established this period. The company was among the fund's largest holdings at period end.

•In contrast, the biggest detractors from performance versus the benchmark were picks and an underweight in materials. Stock selection in industrials, primarily within the commercial & professional services industry, also hampered the fund's result. Also detracting from our result were stock picks and an underweight in energy. Lastly, the fund's position in cash detracted.

•The biggest individual relative detractor was an underweight in Bloom Energy (+1447%). This was a stake we established this period. The company was one of the fund's largest holdings at period end. A second notable relative detractor was an overweight in PAR Technology (-77%). An underweight in Credo Technology (+304%) also detracted. This was a stake we established this period.

•Notable changes in positioning include increased exposure to the materials and information technology sectors.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

November 4, 2022 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	Life of Fund A
Fidelity® Series Small Cap Core Fund	48.45%	14.73%
Russell 2000® Index	44.41%	15.14%
Russell 3000® Index	31.01%	21.43%

A From November 4, 2022

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$1,617,741,549
Number of Holdings	227
Total Advisory Fee	$0
Portfolio Turnover	62%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	19.5
Information Technology	16.8
Financials	16.5
Health Care	15.6
Consumer Discretionary	8.3
Energy	6.1
Real Estate	5.1
Materials	4.3
Communication Services	2.4
Utilities	2.4
Consumer Staples	1.3

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.6
	Canada - 1.4
	Thailand - 1.3
	Israel - 0.9
	Puerto Rico - 0.9
	Taiwan - 0.8
	Norway - 0.8
	Japan - 0.6
	Bahamas (Nassau) - 0.5
	Others - 1.2

TOP HOLDINGS (% of Fund's net assets)
IES Holdings Inc	1.4
Bloom Energy Corp Class A	1.4
Fabrinet	1.3
Sanmina Corp	1.2
TTM Technologies Inc	1.1
Nextpower Inc Class A	1.1
Solaris Energy Infrastructure Inc Class A	1.1
Diodes Inc	1.1
EchoStar Corp Class A	1.1
Chord Energy Corp	1.1
	11.9

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913313.101 6956-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026
	Fidelity® Mid-Cap Stock K6 Fund Fidelity® Mid-Cap Stock K6 Fund : FNKFX

This annual shareholder report contains information about Fidelity® Mid-Cap Stock K6 Fund for the period May 1, 2025 to April 30, 2026. 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	$ 53	0.45%

What affected the Fund's performance this period?

•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 information technology. Stock selection in industrials, within the capital goods industry, also boosted relative performance. Also lifting the fund's relative result was an overweight in energy.

•The top individual relative contributor was an overweight in Ciena (+641%). This period we decreased our stake in Ciena. The company was one of the fund's biggest holdings this period. A non-benchmark stake in Western Digital gained roughly 895% and was a second notable relative contributor. This was a stake we established this period. Another notable relative contributor was an overweight in Lumentum Holdings (+1377%). This period we decreased our stake in Lumentum Holdings.

•In contrast, the biggest detractors from performance versus the benchmark were picks and an overweight in consumer discretionary. Security selection in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also detracting from our result was an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry.

•The largest individual relative detractor was our non-benchmark stake in Brunello Cucinelli (-13%). Not owning MasTec, a benchmark component that gained about 210%, was the second-largest relative detractor. A non-benchmark stake in Molina Healthcare returned -54% and notably hurt. The stock was not held at period end.

•Notable changes in positioning include decreased exposure to the consumer staples sector and a higher allocation to information technology.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

June 13, 2019 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Fidelity® Mid-Cap Stock K6 Fund	34.23%	10.08%	13.08%
S&P MidCap 400® Index	29.49%	7.60%	11.51%
S&P 500® Index	31.05%	13.14%	15.96%

A From June 13, 2019

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$1,388,148,753
Number of Holdings	182
Total Advisory Fee	$5,343,768
Portfolio Turnover	38%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	27.9
Financials	13.1
Information Technology	12.8
Consumer Discretionary	11.1
Health Care	7.9
Energy	7.0
Materials	6.3
Real Estate	5.7
Consumer Staples	2.0
Utilities	1.8
Communication Services	1.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 97.0
	Preferred Stocks - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 88.9
	Canada - 2.9
	Italy - 1.9
	United Kingdom - 1.5
	Thailand - 1.3
	Brazil - 0.8
	Belgium - 0.6
	Germany - 0.4
	Israel - 0.4
	Others - 1.3

TOP HOLDINGS (% of Fund's net assets)
Flex Ltd	2.0
TechnipFMC PLC	1.5
Imperial Oil Ltd	1.5
Jones Lang LaSalle Inc	1.4
Wintrust Financial Corp	1.4
Fabrinet	1.3
Woodward Inc	1.3
Twilio Inc Class A	1.2
XPO Inc	1.2
Comfort Systems USA Inc	1.2
	14.0

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913304.101 3462-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Mid-Cap Stock Fund Fidelity® Mid-Cap Stock Fund : FMCSX

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to April 30, 2026. 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	$ 73	0.62%

What affected the Fund's performance this period?

•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 information technology. Stock picks in industrials, within the capital goods industry, also boosted relative performance. Also helping our relative result was an overweight in energy.

•The top individual relative contributor was an overweight in Ciena (+638%). This period we considerably decreased our share count in Ciena. The company was one of the fund's biggest holdings this period. A non-benchmark stake in Western Digital gained 894% and was a second notable relative contributor. This was an investment we established this period. Another notable relative contributor was an overweight in Lumentum Holdings (+1374%). This period we decreased our stake in Lumentum Holdings.

•In contrast, picks and an overweight in consumer discretionary detracted most from performance versus the benchmark. An underweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result. Also hurting our result was stock selection in communication services, primarily within the media & entertainment industry.

•The largest individual relative detractor was our non-benchmark stake in Brunello Cucinelli (-13%). A second notable relative detractor this period was avoiding MasTec, a benchmark component that gained roughly 210%. Another notable relative detractor was our non-benchmark stake in Molina Healthcare (-54%). The stock was not held at period end.

•Notable changes in positioning include decreased exposure to the consumer staples sector and a higher allocation to information technology.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Mid-Cap Stock Fund	35.19%	10.15%	12.76%
S&P MidCap 400® Index	29.49%	7.60%	11.29%
S&P 500® Index	31.05%	13.14%	15.26%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$8,758,455,678
Number of Holdings	183
Total Advisory Fee	$46,769,790
Portfolio Turnover	35%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	29.4
Financials	12.7
Information Technology	12.6
Consumer Discretionary	10.9
Health Care	7.6
Energy	6.7
Materials	6.2
Real Estate	5.6
Consumer Staples	1.9
Utilities	1.7
Communication Services	1.3

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.6
	Preferred Stocks - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 89.1
	Canada - 2.9
	Italy - 2.0
	United Kingdom - 1.4
	Thailand - 1.3
	Brazil - 0.8
	Belgium - 0.5
	Germany - 0.4
	Israel - 0.4
	Others - 1.2

TOP HOLDINGS (% of Fund's net assets)
Flex Ltd	2.0
Space Exploration Technologies Corp	2.0
Imperial Oil Ltd	1.5
TechnipFMC PLC	1.4
Jones Lang LaSalle Inc	1.4
Wintrust Financial Corp	1.3
Fabrinet	1.3
Woodward Inc	1.3
Twilio Inc Class A	1.2
XPO Inc	1.2
	14.6

How has the Fund changed?

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 fee
Performance adjustment fee

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913247.101 337-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Mid-Cap Stock Fund Fidelity® Mid-Cap Stock Fund Class K : FKMCX

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to April 30, 2026. 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	$ 64	0.55%

What affected the Fund's performance this period?

•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 information technology. Stock picks in industrials, within the capital goods industry, also boosted relative performance. Also helping our relative result was an overweight in energy.

•Notable changes in positioning include decreased exposure to the consumer staples sector and a higher allocation to information technology.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Class K	35.27%	10.24%	12.87%
S&P MidCap 400® Index	29.49%	7.60%	11.29%
S&P 500® Index	31.05%	13.14%	15.26%

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$8,758,455,678
Number of Holdings	183
Total Advisory Fee	$46,769,790
Portfolio Turnover	35%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	29.4
Financials	12.7
Information Technology	12.6
Consumer Discretionary	10.9
Health Care	7.6
Energy	6.7
Materials	6.2
Real Estate	5.6
Consumer Staples	1.9
Utilities	1.7
Communication Services	1.3

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.6
	Preferred Stocks - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 89.1
	Canada - 2.9
	Italy - 2.0
	United Kingdom - 1.4
	Thailand - 1.3
	Brazil - 0.8
	Belgium - 0.5
	Germany - 0.4
	Israel - 0.4
	Others - 1.2

TOP HOLDINGS (% of Fund's net assets)
Flex Ltd	2.0
Space Exploration Technologies Corp	2.0
Imperial Oil Ltd	1.5
TechnipFMC PLC	1.4
Jones Lang LaSalle Inc	1.4
Wintrust Financial Corp	1.3
Fabrinet	1.3
Woodward Inc	1.3
Twilio Inc Class A	1.2
XPO Inc	1.2
	14.6

How has the Fund changed?

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 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 fee
Performance adjustment fee

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913246.101 2097-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026
	Fidelity® Large Cap Stock K6 Fund Fidelity® Large Cap Stock K6 Fund : FCLKX

This annual shareholder report contains information about Fidelity® Large Cap Stock K6 Fund for the period May 1, 2025 to April 30, 2026. 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	$ 54	0.45%

What affected the Fund's performance this period?

•Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark S&P 500 index for the fiscal year, led by industrials. Stock picking in financials and information technology also boosted the fund's relative result.

•The top individual relative contributor was an overweight in GE Vernova (+191%), which was among the fund's largest holdings. A second notable relative contributor was an overweight in GE Aerospace (+45%), also one of the fund's biggest holdings. Another notable relative contributor this period was avoiding Berkshire Hathaway, a benchmark component that returned -11%.

•In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology. Also hurting our result was security selection in real estate and consumer staples, primarily within the food, beverage & tobacco industry. Lastly, the fund's position in cash detracted.

•Not owning Advanced Micro Devices, a benchmark component that gained 264%, was the largest individual relative detractor. A non-benchmark stake in SAP returned about -42% and was a second notable relative detractor. An overweight in Boston Scientific (-44%) also hurt. This period we increased our investment in Boston Scientific.

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

May 25, 2017 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Fidelity® Large Cap Stock K6 Fund	40.52%	16.72%	15.86%
S&P 500® Index	31.05%	13.14%	14.89%

A From May 25, 2017

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$173,852,217
Number of Holdings	181
Total Advisory Fee	$503,901
Portfolio Turnover	18%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	24.2
Industrials	17.3
Financials	11.9
Communication Services	10.6
Health Care	9.2
Energy	8.0
Consumer Discretionary	6.4
Consumer Staples	5.2
Materials	1.0
Utilities	0.7
Real Estate	0.5

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 94.9
	Preferred Stocks - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 5.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 92.2
	Canada - 2.1
	United Kingdom - 2.0
	Belgium - 1.1
	Taiwan - 0.9
	Netherlands - 0.7
	Zambia - 0.3
	Germany - 0.2
	France - 0.2
	Others - 0.3

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	8.0
Boeing Co	4.9
Microsoft Corp	4.6
Wells Fargo & Co	4.0
GE Vernova Inc	3.8
Alphabet Inc Class A	3.8
Exxon Mobil Corp	3.7
GE Aerospace	3.6
Amazon.com Inc	3.5
Alphabet Inc Class C	3.2
	43.1

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913289.101 2954-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Large Cap Stock Fund Fidelity® Large Cap Stock Fund : FLCSX

This annual shareholder report contains information about Fidelity® Large Cap Stock Fund for the period May 1, 2025 to April 30, 2026. 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	$ 88	0.73%

What affected the Fund's performance this period?

•The top individual relative contributor was an overweight in GE Vernova (+193%). The company was among our biggest holdings. The second-largest relative contributor was an overweight in GE Aerospace (+45%). The stock was among our top holdings. Another notable relative contributor was a non-benchmark stake in Imperial Oil (+103%).

•In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology. An overweight in financials also hampered the fund's result. Also hurting our result were picks in real estate. Lastly, the fund's position in cash detracted.

•Not owning Advanced Micro Devices, a benchmark component that gained 264%, was the biggest individual relative detractor. A non-benchmark stake in SAP returned roughly -42% and was a second notable relative detractor. An overweight in Boston Scientific (-44%) also hurt.

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Large Cap Stock Fund	40.53%	16.12%	15.86%
S&P 500® Index	31.05%	13.14%	15.26%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$10,168,906,595
Number of Holdings	186
Total Advisory Fee	$53,824,994
Portfolio Turnover	25%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	24.3
Industrials	17.2
Financials	12.2
Communication Services	10.7
Health Care	9.5
Energy	8.5
Consumer Discretionary	6.4
Consumer Staples	5.2
Materials	1.1
Utilities	0.8
Real Estate	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.3
	Preferred Stocks - 0.2
	Options - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.5

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.9
	Canada - 2.5
	United Kingdom - 2.0
	Belgium - 1.1
	Taiwan - 0.9
	Netherlands - 0.6
	Zambia - 0.3
	Germany - 0.2
	France - 0.2
	Others - 0.3

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	8.0
Boeing Co	4.8
Microsoft Corp	4.7
Wells Fargo & Co	3.9
GE Vernova Inc	3.8
Alphabet Inc Class A	3.8
GE Aerospace	3.6
Exxon Mobil Corp	3.6
Amazon.com Inc	3.5
Alphabet Inc Class C	3.1
	42.8

How has the Fund changed?

Fidelity Advisor® Large Cap Fund merged into Fidelity® Large Cap Stock Fund on November 21st, 2025.

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913248.101 338-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Founders Fund Fidelity® Founders Fund : FIFNX

This annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2025 to April 30, 2026. 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	$ 91	0.80%

What affected the Fund's performance this period?

•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000® Index for the fiscal year, especially within industrials. Security selection in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also hurting our result were stock picks and an overweight in financials.

•The biggest individual relative detractor this period was avoiding Broadcom, a benchmark component that gained approximately 119%. Not owning Micron Technology, a benchmark component that gained about 574%, was a second notable relative detractor. Another notable relative detractor was our stake in ROBLOX (+3%). 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 and an underweight in consumer staples and stock picking and an overweight in materials also boosted the fund's relative performance.

•The top individual relative contributor was an overweight in Alphabet (+137%). The company was the fund's largest holding at period end. A second notable relative contributor was our stake in Oracle (+48%). The stock was not held at period end. An overweight in Coca-Cola Consolidated (+53%) also helped. This period we increased our investment in Coca-Cola Consolidated. The company was one of our biggest holdings at period end.

•Notable changes in positioning include higher allocations to the consumer staples and materials sectors.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

February 14, 2019 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Fidelity® Founders Fund	27.91%	10.85%	17.25%
Russell 3000® Index	31.01%	11.91%	15.40%

A From February 14, 2019

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$212,092,930
Number of Holdings	75
Total Advisory Fee	$1,551,098
Portfolio Turnover	72%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	21.9
Financials	16.3
Communication Services	14.3
Consumer Discretionary	13.9
Industrials	11.7
Consumer Staples	10.0
Materials	5.0
Health Care	2.8
Energy	2.3
Real Estate	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.5
	Preferred Stocks - 0.3
	Short-Term Investments and Net Other Assets (Liabilities) - 1.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 83.1
	Canada - 4.3
	Taiwan - 3.2
	Korea (South) - 2.2
	Netherlands - 1.6
	Italy - 1.3
	Norway - 0.9
	China - 0.9
	Japan - 0.8
	Others - 1.7

TOP HOLDINGS (% of Fund's net assets)
Alphabet Inc Class C	9.5
Amazon.com Inc	6.3
NVIDIA Corp	5.8
Interactive Brokers Group Inc Class A	4.0
Marriott International Inc/MD Class A1	3.2
Taiwan Semiconductor Manufacturing Co Ltd ADR	3.2
GE Aerospace	3.1
Monster Beverage Corp	3.0
Coca-Cola Consolidated Inc	2.9
Microsoft Corp	2.9
	43.9

How has the Fund changed?

The fund modified its principal investment strategies during the reporting period.

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913292.101 3336-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Founders Fund Fidelity Advisor® Founders Fund Class Z : FIFWX

This annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2025 to April 30, 2026. 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	$ 80	0.70%

What affected the Fund's performance this period?

•Notable changes in positioning include higher allocations to the consumer staples and materials sectors.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

February 14, 2019 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Class Z	28.05%	11.00%	17.40%
Russell 3000® Index	31.01%	11.91%	15.40%

A From February 14, 2019

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$212,092,930
Number of Holdings	75
Total Advisory Fee	$1,551,098
Portfolio Turnover	72%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	21.9
Financials	16.3
Communication Services	14.3
Consumer Discretionary	13.9
Industrials	11.7
Consumer Staples	10.0
Materials	5.0
Health Care	2.8
Energy	2.3
Real Estate	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.5
	Preferred Stocks - 0.3
	Short-Term Investments and Net Other Assets (Liabilities) - 1.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 83.1
	Canada - 4.3
	Taiwan - 3.2
	Korea (South) - 2.2
	Netherlands - 1.6
	Italy - 1.3
	Norway - 0.9
	China - 0.9
	Japan - 0.8
	Others - 1.7

TOP HOLDINGS (% of Fund's net assets)
Alphabet Inc Class C	9.5
Amazon.com Inc	6.3
NVIDIA Corp	5.8
Interactive Brokers Group Inc Class A	4.0
Marriott International Inc/MD Class A1	3.2
Taiwan Semiconductor Manufacturing Co Ltd ADR	3.2
GE Aerospace	3.1
Monster Beverage Corp	3.0
Coca-Cola Consolidated Inc	2.9
Microsoft Corp	2.9
	43.9

How has the Fund changed?

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 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 fee
Operating expenses
Performance adjustment fee

The fund modified its principal investment strategies during the reporting period.

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913297.101 3353-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Founders Fund Fidelity Advisor® Founders Fund Class M : FIFPX

This annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2025 to April 30, 2026. 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	$ 153	1.35%

What affected the Fund's performance this period?

•Notable changes in positioning include higher allocations to the consumer staples and materials sectors.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

February 14, 2019 through April 30, 2026.

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

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Class M (incl. 3.50% sales charge)	22.82%	9.50%	16.08%
Class M (without 3.50% sales charge)	27.27%	10.28%	16.66%
Russell 3000® Index	31.01%	11.91%	15.40%

A From February 14, 2019

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$212,092,930
Number of Holdings	75
Total Advisory Fee	$1,551,098
Portfolio Turnover	72%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	21.9
Financials	16.3
Communication Services	14.3
Consumer Discretionary	13.9
Industrials	11.7
Consumer Staples	10.0
Materials	5.0
Health Care	2.8
Energy	2.3
Real Estate	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.5
	Preferred Stocks - 0.3
	Short-Term Investments and Net Other Assets (Liabilities) - 1.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 83.1
	Canada - 4.3
	Taiwan - 3.2
	Korea (South) - 2.2
	Netherlands - 1.6
	Italy - 1.3
	Norway - 0.9
	China - 0.9
	Japan - 0.8
	Others - 1.7

TOP HOLDINGS (% of Fund's net assets)
Alphabet Inc Class C	9.5
Amazon.com Inc	6.3
NVIDIA Corp	5.8
Interactive Brokers Group Inc Class A	4.0
Marriott International Inc/MD Class A1	3.2
Taiwan Semiconductor Manufacturing Co Ltd ADR	3.2
GE Aerospace	3.1
Monster Beverage Corp	3.0
Coca-Cola Consolidated Inc	2.9
Microsoft Corp	2.9
	43.9

How has the Fund changed?

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913295.101 3351-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Founders Fund Fidelity Advisor® Founders Fund Class I : FIFVX

This annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2025 to April 30, 2026. 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	$ 90	0.79%

What affected the Fund's performance this period?

•Notable changes in positioning include higher allocations to the consumer staples and materials sectors.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

February 14, 2019 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Class I	27.96%	10.89%	17.28%
Russell 3000® Index	31.01%	11.91%	15.40%

A From February 14, 2019

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$212,092,930
Number of Holdings	75
Total Advisory Fee	$1,551,098
Portfolio Turnover	72%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	21.9
Financials	16.3
Communication Services	14.3
Consumer Discretionary	13.9
Industrials	11.7
Consumer Staples	10.0
Materials	5.0
Health Care	2.8
Energy	2.3
Real Estate	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.5
	Preferred Stocks - 0.3
	Short-Term Investments and Net Other Assets (Liabilities) - 1.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 83.1
	Canada - 4.3
	Taiwan - 3.2
	Korea (South) - 2.2
	Netherlands - 1.6
	Italy - 1.3
	Norway - 0.9
	China - 0.9
	Japan - 0.8
	Others - 1.7

TOP HOLDINGS (% of Fund's net assets)
Alphabet Inc Class C	9.5
Amazon.com Inc	6.3
NVIDIA Corp	5.8
Interactive Brokers Group Inc Class A	4.0
Marriott International Inc/MD Class A1	3.2
Taiwan Semiconductor Manufacturing Co Ltd ADR	3.2
GE Aerospace	3.1
Monster Beverage Corp	3.0
Coca-Cola Consolidated Inc	2.9
Microsoft Corp	2.9
	43.9

How has the Fund changed?

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 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 fee
Operating expenses
Performance adjustment fee

The fund modified its principal investment strategies during the reporting period.

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913296.101 3352-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Founders Fund Fidelity Advisor® Founders Fund Class C : FIFQX

This annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2025 to April 30, 2026. 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	$ 210	1.85%

What affected the Fund's performance this period?

•Notable changes in positioning include higher allocations to the consumer staples and materials sectors.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

February 14, 2019 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Class C (incl. contingent deferred sales charge)	25.62%	9.71%	16.06%
Class C	26.62%	9.71%	16.06%
Russell 3000® Index	31.01%	11.91%	15.40%

A From February 14, 2019

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$212,092,930
Number of Holdings	75
Total Advisory Fee	$1,551,098
Portfolio Turnover	72%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	21.9
Financials	16.3
Communication Services	14.3
Consumer Discretionary	13.9
Industrials	11.7
Consumer Staples	10.0
Materials	5.0
Health Care	2.8
Energy	2.3
Real Estate	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.5
	Preferred Stocks - 0.3
	Short-Term Investments and Net Other Assets (Liabilities) - 1.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 83.1
	Canada - 4.3
	Taiwan - 3.2
	Korea (South) - 2.2
	Netherlands - 1.6
	Italy - 1.3
	Norway - 0.9
	China - 0.9
	Japan - 0.8
	Others - 1.7

TOP HOLDINGS (% of Fund's net assets)
Alphabet Inc Class C	9.5
Amazon.com Inc	6.3
NVIDIA Corp	5.8
Interactive Brokers Group Inc Class A	4.0
Marriott International Inc/MD Class A1	3.2
Taiwan Semiconductor Manufacturing Co Ltd ADR	3.2
GE Aerospace	3.1
Monster Beverage Corp	3.0
Coca-Cola Consolidated Inc	2.9
Microsoft Corp	2.9
	43.9

How has the Fund changed?

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913294.101 3350-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Founders Fund Fidelity Advisor® Founders Fund Class A : FIFOX

This annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2025 to April 30, 2026. 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	$ 125	1.10%

What affected the Fund's performance this period?

•Notable changes in positioning include higher allocations to the consumer staples and materials sectors.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

February 14, 2019 through April 30, 2026.

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

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Class A (incl. 5.75% sales charge)	20.23%	9.25%	15.98%
Class A (without 5.75% sales charge)	27.57%	10.55%	16.94%
Russell 3000® Index	31.01%	11.91%	15.40%

A From February 14, 2019

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$212,092,930
Number of Holdings	75
Total Advisory Fee	$1,551,098
Portfolio Turnover	72%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	21.9
Financials	16.3
Communication Services	14.3
Consumer Discretionary	13.9
Industrials	11.7
Consumer Staples	10.0
Materials	5.0
Health Care	2.8
Energy	2.3
Real Estate	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.5
	Preferred Stocks - 0.3
	Short-Term Investments and Net Other Assets (Liabilities) - 1.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 83.1
	Canada - 4.3
	Taiwan - 3.2
	Korea (South) - 2.2
	Netherlands - 1.6
	Italy - 1.3
	Norway - 0.9
	China - 0.9
	Japan - 0.8
	Others - 1.7

TOP HOLDINGS (% of Fund's net assets)
Alphabet Inc Class C	9.5
Amazon.com Inc	6.3
NVIDIA Corp	5.8
Interactive Brokers Group Inc Class A	4.0
Marriott International Inc/MD Class A1	3.2
Taiwan Semiconductor Manufacturing Co Ltd ADR	3.2
GE Aerospace	3.1
Monster Beverage Corp	3.0
Coca-Cola Consolidated Inc	2.9
Microsoft Corp	2.9
	43.9

How has the Fund changed?

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

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. © 2026 FMR LLC. All rights reserved.
		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 1.9913293.101 3349-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026
	Fidelity® Mid-Cap Stock Fund Fidelity Advisor® Mid-Cap Stock Fund Class A : FMCHX

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to April 30, 2026. 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	$ 111	0.94%

What affected the Fund's performance this period?

•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 information technology. Stock picks in industrials, within the capital goods industry, also boosted relative performance. Also helping our relative result was an overweight in energy.

•Notable changes in positioning include decreased exposure to the consumer staples sector and a higher allocation to information technology.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through April 30, 2026.

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

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	Life of Fund A
Class A (incl. 5.75% sales charge)	27.05%	12.36%
Class A (without 5.75% sales charge)	34.80%	16.71%
S&P MidCap 400® Index	29.49%	12.53%
S&P 500® Index	31.05%	17.05%

A From October 8, 2024

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$8,758,455,678
Number of Holdings	183
Total Advisory Fee	$46,769,790
Portfolio Turnover	35%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	29.4
Financials	12.7
Information Technology	12.6
Consumer Discretionary	10.9
Health Care	7.6
Energy	6.7
Materials	6.2
Real Estate	5.6
Consumer Staples	1.9
Utilities	1.7
Communication Services	1.3

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.6
	Preferred Stocks - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 89.1
	Canada - 2.9
	Italy - 2.0
	United Kingdom - 1.4
	Thailand - 1.3
	Brazil - 0.8
	Belgium - 0.5
	Germany - 0.4
	Israel - 0.4
	Others - 1.2

TOP HOLDINGS (% of Fund's net assets)
Flex Ltd	2.0
Space Exploration Technologies Corp	2.0
Imperial Oil Ltd	1.5
TechnipFMC PLC	1.4
Jones Lang LaSalle Inc	1.4
Wintrust Financial Corp	1.3
Fabrinet	1.3
Woodward Inc	1.3
Twilio Inc Class A	1.2
XPO Inc	1.2
	14.6

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. © 2026 FMR LLC. All rights reserved.
		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 1.9918468.101 7839-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026
	Fidelity® Mid-Cap Stock Fund Fidelity Advisor® Mid-Cap Stock Fund Class M : FMCJX

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to April 30, 2026. 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	$ 139	1.18%

What affected the Fund's performance this period?

•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 information technology. Stock picks in industrials, within the capital goods industry, also boosted relative performance. Also helping our relative result was an overweight in energy.

•Notable changes in positioning include decreased exposure to the consumer staples sector and a higher allocation to information technology.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through April 30, 2026.

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

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	Life of Fund A
Class M (incl. 3.50% sales charge)	29.75%	13.79%
Class M (without 3.50% sales charge)	34.46%	16.43%
S&P MidCap 400® Index	29.49%	12.53%
S&P 500® Index	31.05%	17.05%

A From October 8, 2024

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$8,758,455,678
Number of Holdings	183
Total Advisory Fee	$46,769,790
Portfolio Turnover	35%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	29.4
Financials	12.7
Information Technology	12.6
Consumer Discretionary	10.9
Health Care	7.6
Energy	6.7
Materials	6.2
Real Estate	5.6
Consumer Staples	1.9
Utilities	1.7
Communication Services	1.3

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.6
	Preferred Stocks - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 89.1
	Canada - 2.9
	Italy - 2.0
	United Kingdom - 1.4
	Thailand - 1.3
	Brazil - 0.8
	Belgium - 0.5
	Germany - 0.4
	Israel - 0.4
	Others - 1.2

TOP HOLDINGS (% of Fund's net assets)
Flex Ltd	2.0
Space Exploration Technologies Corp	2.0
Imperial Oil Ltd	1.5
TechnipFMC PLC	1.4
Jones Lang LaSalle Inc	1.4
Wintrust Financial Corp	1.3
Fabrinet	1.3
Woodward Inc	1.3
Twilio Inc Class A	1.2
XPO Inc	1.2
	14.6

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. © 2026 FMR LLC. All rights reserved.
		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 1.9918472.101 7840-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026
	Fidelity® Mid-Cap Stock Fund Fidelity Advisor® Mid-Cap Stock Fund Class C : FMCNX

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to April 30, 2026. 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	$ 198	1.69%

What affected the Fund's performance this period?

•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 information technology. Stock picks in industrials, within the capital goods industry, also boosted relative performance. Also helping our relative result was an overweight in energy.

•Notable changes in positioning include decreased exposure to the consumer staples sector and a higher allocation to information technology.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	Life of Fund A
Class C (incl. contingent deferred sales charge)	32.77%	15.83%
Class C	33.77%	15.83%
S&P MidCap 400® Index	29.49%	12.53%
S&P 500® Index	31.05%	17.05%

A From October 8, 2024

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$8,758,455,678
Number of Holdings	183
Total Advisory Fee	$46,769,790
Portfolio Turnover	35%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	29.4
Financials	12.7
Information Technology	12.6
Consumer Discretionary	10.9
Health Care	7.6
Energy	6.7
Materials	6.2
Real Estate	5.6
Consumer Staples	1.9
Utilities	1.7
Communication Services	1.3

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.6
	Preferred Stocks - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 89.1
	Canada - 2.9
	Italy - 2.0
	United Kingdom - 1.4
	Thailand - 1.3
	Brazil - 0.8
	Belgium - 0.5
	Germany - 0.4
	Israel - 0.4
	Others - 1.2

TOP HOLDINGS (% of Fund's net assets)
Flex Ltd	2.0
Space Exploration Technologies Corp	2.0
Imperial Oil Ltd	1.5
TechnipFMC PLC	1.4
Jones Lang LaSalle Inc	1.4
Wintrust Financial Corp	1.3
Fabrinet	1.3
Woodward Inc	1.3
Twilio Inc Class A	1.2
XPO Inc	1.2
	14.6

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. © 2026 FMR LLC. All rights reserved.
		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 1.9918470.101 7841-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026
	Fidelity® Mid-Cap Stock Fund Fidelity Advisor® Mid-Cap Stock Fund Class I : FMCQX

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to April 30, 2026. 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	$ 81	0.69%

What affected the Fund's performance this period?

•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 information technology. Stock picks in industrials, within the capital goods industry, also boosted relative performance. Also helping our relative result was an overweight in energy.

•Notable changes in positioning include decreased exposure to the consumer staples sector and a higher allocation to information technology.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	Life of Fund A
Class I	35.12%	17.00%
S&P MidCap 400® Index	29.49%	12.53%
S&P 500® Index	31.05%	17.05%

A From October 8, 2024

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$8,758,455,678
Number of Holdings	183
Total Advisory Fee	$46,769,790
Portfolio Turnover	35%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	29.4
Financials	12.7
Information Technology	12.6
Consumer Discretionary	10.9
Health Care	7.6
Energy	6.7
Materials	6.2
Real Estate	5.6
Consumer Staples	1.9
Utilities	1.7
Communication Services	1.3

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.6
	Preferred Stocks - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 89.1
	Canada - 2.9
	Italy - 2.0
	United Kingdom - 1.4
	Thailand - 1.3
	Brazil - 0.8
	Belgium - 0.5
	Germany - 0.4
	Israel - 0.4
	Others - 1.2

TOP HOLDINGS (% of Fund's net assets)
Flex Ltd	2.0
Space Exploration Technologies Corp	2.0
Imperial Oil Ltd	1.5
TechnipFMC PLC	1.4
Jones Lang LaSalle Inc	1.4
Wintrust Financial Corp	1.3
Fabrinet	1.3
Woodward Inc	1.3
Twilio Inc Class A	1.2
XPO Inc	1.2
	14.6

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. © 2026 FMR LLC. All rights reserved.
		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 1.9918474.101 7842-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026
	Fidelity® Mid-Cap Stock Fund Fidelity Advisor® Mid-Cap Stock Fund Class Z : FMCWX

This annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to April 30, 2026. 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	$ 68	0.58%

What affected the Fund's performance this period?

•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 information technology. Stock picks in industrials, within the capital goods industry, also boosted relative performance. Also helping our relative result was an overweight in energy.

•Notable changes in positioning include decreased exposure to the consumer staples sector and a higher allocation to information technology.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through April 30, 2026.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	Life of Fund A
Class Z	35.27%	17.14%
S&P MidCap 400® Index	29.49%	12.53%
S&P 500® Index	31.05%	17.05%

A From October 8, 2024

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$8,758,455,678
Number of Holdings	183
Total Advisory Fee	$46,769,790
Portfolio Turnover	35%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	29.4
Financials	12.7
Information Technology	12.6
Consumer Discretionary	10.9
Health Care	7.6
Energy	6.7
Materials	6.2
Real Estate	5.6
Consumer Staples	1.9
Utilities	1.7
Communication Services	1.3

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.6
	Preferred Stocks - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 89.1
	Canada - 2.9
	Italy - 2.0
	United Kingdom - 1.4
	Thailand - 1.3
	Brazil - 0.8
	Belgium - 0.5
	Germany - 0.4
	Israel - 0.4
	Others - 1.2

TOP HOLDINGS (% of Fund's net assets)
Flex Ltd	2.0
Space Exploration Technologies Corp	2.0
Imperial Oil Ltd	1.5
TechnipFMC PLC	1.4
Jones Lang LaSalle Inc	1.4
Wintrust Financial Corp	1.3
Fabrinet	1.3
Woodward Inc	1.3
Twilio Inc Class A	1.2
XPO Inc	1.2
	14.6

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. © 2026 FMR LLC. All rights reserved.
		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 1.9918476.101 7843-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Large Cap Stock Fund Fidelity Advisor® Large Cap Stock Fund Class A : FLAFX

This annual shareholder report contains information about Fidelity® Large Cap Stock Fund for the period November 13, 2025 to April 30, 2026. 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	$ 49	1.01%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$10,168,906,595
Number of Holdings	186
Total Advisory Fee	$53,824,994
Portfolio Turnover	25%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	24.3
Industrials	17.2
Financials	12.2
Communication Services	10.7
Health Care	9.5
Energy	8.5
Consumer Discretionary	6.4
Consumer Staples	5.2
Materials	1.1
Utilities	0.8
Real Estate	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.3
	Preferred Stocks - 0.2
	Options - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.5

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.9
	Canada - 2.5
	United Kingdom - 2.0
	Belgium - 1.1
	Taiwan - 0.9
	Netherlands - 0.6
	Zambia - 0.3
	Germany - 0.2
	France - 0.2
	Others - 0.3

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	8.0
Boeing Co	4.8
Microsoft Corp	4.7
Wells Fargo & Co	3.9
GE Vernova Inc	3.8
Alphabet Inc Class A	3.8
GE Aerospace	3.6
Exxon Mobil Corp	3.6
Amazon.com Inc	3.5
Alphabet Inc Class C	3.1
	42.8

How has the Fund changed?

This is a summary of certain changes to the Fund since November 13, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Large Cap Fund merged into Fidelity® Large Cap Stock Fund on November 21st, 2025.

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. © 2026 FMR LLC. All rights reserved.
		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 1.9919143.100 9065-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Large Cap Stock Fund Fidelity Advisor® Large Cap Stock Fund Class M : FLAHX

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	$ 61	1.25%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$10,168,906,595
Number of Holdings	186
Total Advisory Fee	$53,824,994
Portfolio Turnover	25%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	24.3
Industrials	17.2
Financials	12.2
Communication Services	10.7
Health Care	9.5
Energy	8.5
Consumer Discretionary	6.4
Consumer Staples	5.2
Materials	1.1
Utilities	0.8
Real Estate	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.3
	Preferred Stocks - 0.2
	Options - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.5

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.9
	Canada - 2.5
	United Kingdom - 2.0
	Belgium - 1.1
	Taiwan - 0.9
	Netherlands - 0.6
	Zambia - 0.3
	Germany - 0.2
	France - 0.2
	Others - 0.3

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	8.0
Boeing Co	4.8
Microsoft Corp	4.7
Wells Fargo & Co	3.9
GE Vernova Inc	3.8
Alphabet Inc Class A	3.8
GE Aerospace	3.6
Exxon Mobil Corp	3.6
Amazon.com Inc	3.5
Alphabet Inc Class C	3.1
	42.8

How has the Fund changed?

Fidelity Advisor® Large Cap Fund merged into Fidelity® Large Cap Stock Fund on November 21st, 2025.

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. © 2026 FMR LLC. All rights reserved.
		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 1.9919145.100 9066-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Large Cap Stock Fund Fidelity Advisor® Large Cap Stock Fund Class C : FLAJX

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	$ 86	1.75%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$10,168,906,595
Number of Holdings	186
Total Advisory Fee	$53,824,994
Portfolio Turnover	25%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	24.3
Industrials	17.2
Financials	12.2
Communication Services	10.7
Health Care	9.5
Energy	8.5
Consumer Discretionary	6.4
Consumer Staples	5.2
Materials	1.1
Utilities	0.8
Real Estate	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.3
	Preferred Stocks - 0.2
	Options - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.5

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.9
	Canada - 2.5
	United Kingdom - 2.0
	Belgium - 1.1
	Taiwan - 0.9
	Netherlands - 0.6
	Zambia - 0.3
	Germany - 0.2
	France - 0.2
	Others - 0.3

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	8.0
Boeing Co	4.8
Microsoft Corp	4.7
Wells Fargo & Co	3.9
GE Vernova Inc	3.8
Alphabet Inc Class A	3.8
GE Aerospace	3.6
Exxon Mobil Corp	3.6
Amazon.com Inc	3.5
Alphabet Inc Class C	3.1
	42.8

How has the Fund changed?

Fidelity Advisor® Large Cap Fund merged into Fidelity® Large Cap Stock Fund on November 21st, 2025.

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. © 2026 FMR LLC. All rights reserved.
		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 1.9919147.100 9067-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Large Cap Stock Fund Fidelity Advisor® Large Cap Stock Fund Class I : FHZTX

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	0.76%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$10,168,906,595
Number of Holdings	186
Total Advisory Fee	$53,824,994
Portfolio Turnover	25%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	24.3
Industrials	17.2
Financials	12.2
Communication Services	10.7
Health Care	9.5
Energy	8.5
Consumer Discretionary	6.4
Consumer Staples	5.2
Materials	1.1
Utilities	0.8
Real Estate	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.3
	Preferred Stocks - 0.2
	Options - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.5

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.9
	Canada - 2.5
	United Kingdom - 2.0
	Belgium - 1.1
	Taiwan - 0.9
	Netherlands - 0.6
	Zambia - 0.3
	Germany - 0.2
	France - 0.2
	Others - 0.3

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	8.0
Boeing Co	4.8
Microsoft Corp	4.7
Wells Fargo & Co	3.9
GE Vernova Inc	3.8
Alphabet Inc Class A	3.8
GE Aerospace	3.6
Exxon Mobil Corp	3.6
Amazon.com Inc	3.5
Alphabet Inc Class C	3.1
	42.8

How has the Fund changed?

Fidelity Advisor® Large Cap Fund merged into Fidelity® Large Cap Stock Fund on November 21st, 2025.

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. © 2026 FMR LLC. All rights reserved.
		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 1.9919149.100 9068-TSRA-0626


	ANNUAL SHAREHOLDER REPORT \| AS OF APRIL 30, 2026	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Large Cap Stock Fund Fidelity Advisor® Large Cap Stock Fund Class Z : FLAZX

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	$ 32	0.64%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

Key Fund Statistics

(as of April 30, 2026)

KEY FACTS
Fund Size	$10,168,906,595
Number of Holdings	186
Total Advisory Fee	$53,824,994
Portfolio Turnover	25%

What did the Fund invest in?
(as of April 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	24.3
Industrials	17.2
Financials	12.2
Communication Services	10.7
Health Care	9.5
Energy	8.5
Consumer Discretionary	6.4
Consumer Staples	5.2
Materials	1.1
Utilities	0.8
Real Estate	0.6

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.3
	Preferred Stocks - 0.2
	Options - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 3.5

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.9
	Canada - 2.5
	United Kingdom - 2.0
	Belgium - 1.1
	Taiwan - 0.9
	Netherlands - 0.6
	Zambia - 0.3
	Germany - 0.2
	France - 0.2
	Others - 0.3

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	8.0
Boeing Co	4.8
Microsoft Corp	4.7
Wells Fargo & Co	3.9
GE Vernova Inc	3.8
Alphabet Inc Class A	3.8
GE Aerospace	3.6
Exxon Mobil Corp	3.6
Amazon.com Inc	3.5
Alphabet Inc Class C	3.1
	42.8

How has the Fund changed?

Fidelity Advisor® Large Cap Fund merged into Fidelity® Large Cap Stock Fund on November 21st, 2025.

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. © 2026 FMR LLC. All rights reserved.
		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 1.9919151.100 9069-TSRA-0626

Item 2.

Code of Ethics

As of the end of the period, April 30, 2026, Fidelity Concord Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Karen B. Peetz is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Peetz is independent for purposes of Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services

Fees and Services

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

Services Billed by Deloitte Entities

April 30, 2026 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Large Cap Stock Fund	$56,700	$-	$9,500	$100
Fidelity Large Cap Stock K6 Fund	$41,600	$-	$5,300	$100
Fidelity Mid-Cap Stock Fund	$54,200	$-	$9,500	$200
Fidelity Series Small Cap Core Fund	$41,200	$-	$8,000	$100
Fidelity Series Small Cap Discovery Fund	$40,700	$-	$7,500	$100
Fidelity Small Cap Discovery Fund	$42,700	$-	$7,500	$100
Fidelity Small Cap Stock Fund	$42,700	$-	$9,300	$100
Fidelity Small Cap Stock K6 Fund	$43,100	$-	$5,300	$100

April 30, 2025 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Large Cap Stock Fund	$42,100	$-	$7,700	$900
Fidelity Large Cap Stock K6 Fund	$41,700	$-	$5,300	$800
Fidelity Mid-Cap Stock Fund	$70,400	$-	$7,700	$1,000
Fidelity Series Small Cap Core Fund	$41,200	$-	$8,000	$900
Fidelity Series Small Cap Discovery Fund	$40,700	$-	$7,500	$800
Fidelity Small Cap Discovery Fund	$42,800	$-	$7,500	$900
Fidelity Small Cap Stock Fund	$42,700	$-	$7,500	$900
Fidelity Small Cap Stock K6 Fund	$43,100	$-	$5,300	$900

^AAmounts may reflect rounding.

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

Services Billed by PwC

April 30, 2026 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Founders Fund	$30,700	$500	$7,000	$100
Fidelity Mid-Cap Stock K6 Fund	$39,800	$600	$3,600	$200

April 30, 2025 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Founders Fund	$30,700	$2,900	$7,000	$1,000
Fidelity Mid-Cap Stock K6 Fund	$47,600	$3,400	$3,600	$1,200

^AAmounts may reflect rounding.

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

Services Billed by Deloitte Entities


	April 30, 2026^A	April 30, 2025^A
Audit-Related Fees	$154,800	$250,000
Tax Fees	$-	$-
All Other Fees	$-	$3,964,900

^A Amounts may reflect rounding.

Services Billed by PwC


	April 30, 2026^A	April 30, 2025^A
Audit-Related Fees	$9,428,700	$9,765,100
Tax Fees	$1,000	$1,000
All Other Fees	$-	$35,000

^A Amounts may reflect rounding.

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

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

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

Assurance services must be performed by an independent public accountant.

* * *

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


Billed By	April 30, 2026^A	April 30, 2025^A
Deloitte Entities	$2,715,000	$4,594,800
PwC	$14,653,100	$14,816,700

^A Amounts may reflect rounding

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

Audit Committee Pre-Approval Policies and Procedures

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

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

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

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

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

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

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.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Fidelity® Small Cap Stock K6 Fund

Annual Report

April 30, 2026

Contents

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

Fidelity® Small Cap Stock K6 Fund

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

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

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

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

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

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.

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, 2026

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value ($)
BRAZIL - 0.2%
Materials - 0.2%
Metals & Mining - 0.2%
ERO Copper Corp (b)	1,684	43,527
CANADA - 1.8%
Health Care - 0.1%
Biotechnology - 0.1%
Xenon Pharmaceuticals Inc (b)	434	24,321
Industrials - 0.1%
Electrical Equipment - 0.1%
Electrovaya Inc (United States) (b)	2,500	23,150
Information Technology - 0.2%
Electronic Equipment, Instruments & Components - 0.2%
Kraken Robotics Inc (b)	5,225	30,042
Materials - 0.7%
Metals & Mining - 0.7%
G Mining Ventures Corp (b)	1,407	48,766
Major Drilling Group International Inc (b)	6,677	77,026
TOTAL MATERIALS		125,792
Utilities - 0.7%
Gas Utilities - 0.7%
Brookfield Infrastructure Corp (United States) (a)	3,554	131,499
TOTAL CANADA		334,804
ISRAEL - 0.6%
Information Technology - 0.6%
Electronic Equipment, Instruments & Components - 0.3%
Next Vision Stabilized Systems Ltd	432	49,520
Software - 0.3%
Cellebrite DI Ltd (b)	4,504	58,552
TOTAL ISRAEL		108,072
ITALY - 1.0%
Consumer Discretionary - 1.0%
Hotels, Restaurants & Leisure - 0.5%
Lottomatica Group Spa	3,000	88,305
Leisure Products - 0.5%
Sanlorenzo SpA/Ameglia (a)	2,300	89,620
TOTAL ITALY		177,925
JAPAN - 1.2%
Information Technology - 1.2%
Semiconductors & Semiconductor Equipment - 1.2%
SUMCO Corp	13,336	212,771
KOREA (SOUTH) - 0.4%
Communication Services - 0.4%
Entertainment - 0.4%
Pearl Abyss Corp (b)	2,000	80,256
NETHERLANDS - 0.1%
Health Care - 0.1%
Biotechnology - 0.1%
Newamsterdam Pharma Co NV (b)	578	16,507
PUERTO RICO - 0.7%
Financials - 0.7%
Financial Services - 0.7%
EVERTEC Inc	4,076	120,364
SPAIN - 0.3%
Consumer Discretionary - 0.3%
Automobile Components - 0.3%
CIE Automotive SA	1,700	57,861
SWITZERLAND - 1.1%
Consumer Discretionary - 1.1%
Automobile Components - 1.1%
Garrett Motion Inc	8,147	208,645
TAIWAN - 0.7%
Information Technology - 0.7%
Semiconductors & Semiconductor Equipment - 0.7%
Silicon Motion Technology Corp ADR	615	134,550
THAILAND - 2.3%
Information Technology - 2.3%
Electronic Equipment, Instruments & Components - 2.3%
Fabrinet (b)	599	409,399
UNITED STATES - 89.0%
Communication Services - 0.6%
Media - 0.6%
EchoStar Corp Class A (a)(b)	956	117,721
Consumer Discretionary - 9.1%
Distributors - 0.3%
GigaCloud Technology Inc Class A (b)	1,310	58,282
Diversified Consumer Services - 4.1%
Covista Inc (b)	929	107,039
Grand Canyon Education Inc (b)	2,063	348,792
Laureate Education Inc (b)	9,102	273,925
		729,756
Hotels, Restaurants & Leisure - 1.7%
Brinker International Inc (b)	898	136,712
Lindblad Expeditions Holdings Inc (b)	4,517	83,700
Pursuit Attractions and Hospitality Inc (a)(b)	2,335	98,257
		318,669
Household Durables - 1.5%
Cavco Industries Inc (b)	312	158,184
KB Home	2,300	121,877
		280,061
Leisure Products - 0.7%
YETI Holdings Inc (b)	3,355	132,388
Specialty Retail - 0.3%
Bob's Discount Furniture Inc	5,091	54,677
Textiles, Apparel & Luxury Goods - 0.5%
Steven Madden Ltd	2,440	91,646
TOTAL CONSUMER DISCRETIONARY		1,665,479
Consumer Staples - 2.6%
Consumer Staples Distribution & Retail - 2.1%
Performance Food Group Co (b)	2,153	194,976
Sprouts Farmers Market Inc (b)	2,400	196,440
		391,416
Tobacco - 0.5%
Turning Point Brands Inc	1,072	86,489
TOTAL CONSUMER STAPLES		477,905
Energy - 3.5%
Energy Equipment & Services - 2.0%
Flowco Holdings Inc Class A	7,970	197,896
Noble Corp PLC	3,175	162,020
		359,916
Oil, Gas & Consumable Fuels - 1.5%
Chord Energy Corp	1,244	181,126
Gulfport Energy Corp (b)	546	105,127
		286,253
TOTAL ENERGY		646,169
Financials - 12.4%
Banks - 5.6%
Ameris Bancorp	2,232	190,278
Community Financial System Inc	3,254	206,173
CVB Financial Corp	9,248	188,381
First Bancorp/Southern Pines NC	3,390	195,739
Old National Bancorp/IN	10,347	248,018
		1,028,589
Capital Markets - 2.2%
Perella Weinberg Partners Class A (a)	11,920	271,061
Victory Capital Holdings Inc Class A	1,623	127,422
		398,483
Consumer Finance - 2.2%
EZCORP Inc Class A (b)	3,580	117,352
FirstCash Holdings Inc	855	186,579
SLM Corp	4,515	104,206
		408,137
Insurance - 2.4%
Baldwin Insurance Group Inc/The Class A (a)(b)	11,645	264,574
Primerica Inc	643	180,857
		445,431
TOTAL FINANCIALS		2,280,640
Health Care - 11.8%
Biotechnology - 2.8%
Cogent Biosciences Inc (b)	1,388	49,677
Dianthus Therapeutics Inc (b)	756	66,377
Disc Medicine Inc (b)	453	29,875
Kiniksa Pharmaceuticals International Plc Class A (b)	675	36,302
Mirum Pharmaceuticals Inc (b)	358	34,837
Nuvalent Inc Class A (b)	436	43,722
Olema Pharmaceuticals Inc (b)	1,500	21,614
Praxis Precision Medicines Inc (b)	139	44,317
Spyre Therapeutics Inc (b)	817	60,826
Twist Bioscience Corp (b)	638	37,291
Upstream Bio Inc (b)	2,365	21,710
Vaxcyte Inc (b)	761	43,560
Viridian Therapeutics Inc (b)	1,747	23,550
		513,658
Health Care Equipment & Supplies - 1.8%
Lantheus Holdings Inc (b)	2,106	178,210
LivaNova PLC (b)	744	44,714
Merit Medical Systems Inc (b)	381	25,976
TransMedics Group Inc (a)(b)	806	81,237
		330,137
Health Care Providers & Services - 3.9%
BrightSpring Health Services Inc (b)	3,244	155,615
Ensign Group Inc/The	690	128,816
Guardian Pharmacy Services Inc Class A (a)(b)	3,516	130,444
Hims & Hers Health Inc Class A (a)(b)	1,000	27,169
LifeStance Health Group Inc (b)	26,036	197,093
PACS Group Inc (b)	2,170	72,804
		711,941
Life Sciences Tools & Services - 0.6%
10X Genomics Inc Class A (b)	1,300	28,665
Charles River Laboratories International Inc (b)	457	76,305
		104,970
Pharmaceuticals - 2.7%
Crinetics Pharmaceuticals Inc (b)	1,481	57,433
Enliven Therapeutics Inc (b)	1,156	47,662
Ligand Pharmaceuticals Inc (b)	1,166	267,539
Phibro Animal Health Corp Class A	1,346	71,580
Structure Therapeutics Inc ADR (b)	544	22,549
Trevi Therapeutics Inc (b)	2,405	33,093
		499,856
TOTAL HEALTH CARE		2,160,562
Industrials - 18.7%
Aerospace & Defense - 2.1%
Carpenter Technology Corp	105	44,961
Karman Holdings Inc (b)	1,400	95,172
Leonardo DRS Inc	846	34,373
Loar Holdings Inc (a)(b)	1,125	63,135
Mercury Systems Inc (b)	458	36,141
Park Aerospace Corp	1,203	40,734
V2X Inc (b)	962	65,233
		379,749
Air Freight & Logistics - 1.1%
Hub Group Inc Class A	4,420	193,729
Building Products - 0.8%
Gibraltar Industries Inc (b)	1,884	73,533
Tecnoglass Inc	1,527	65,783
		139,316
Construction & Engineering - 5.4%
Cardinal Infrastructure Group Inc Class A (a)	1,245	66,022
Construction Partners Inc Class A (b)	1,237	152,967
IES Holdings Inc (b)	685	441,196
Legence Corp Class A	741	64,437
WillScot Holdings Corp (a)	11,825	267,718
		992,340
Electrical Equipment - 1.6%
Forgent Power Solutions Inc Class A	6,247	235,012
Nextpower Inc Class A (b)	445	53,013
		288,025
Machinery - 3.1%
Enpro Inc	573	167,058
Hillman Solutions Corp (b)	13,038	106,390
SPX Technologies Inc (b)	639	139,883
Terex Corp	2,403	149,467
		562,798
Passenger Airlines - 0.2%
Alaska Air Group Inc (a)(b)	1,010	39,500
Professional Services - 1.7%
Cbiz Inc (a)(b)	10,274	313,357
Trading Companies & Distributors - 2.7%
DXP Enterprises Inc/TX (b)	925	157,944
EVI Industries Inc	2,000	37,140
Herc Holdings Inc	2,337	296,612
		491,696
TOTAL INDUSTRIALS		3,400,510
Information Technology - 15.1%
Electronic Equipment, Instruments & Components - 6.7%
Advanced Energy Industries Inc	641	246,086
Bel Fuse Inc Class B	100	27,584
OSI Systems Inc (b)	411	117,924
Sanmina Corp (b)	2,759	600,966
TTM Technologies Inc (b)	1,448	229,103
		1,221,663
IT Services - 0.7%
DigitalOcean Holdings Inc (b)	1,363	131,434
Semiconductors & Semiconductor Equipment - 4.2%
Axcelis Technologies Inc (b)	1,629	226,610
Diodes Inc (b)	2,176	233,158
Semtech Corp (b)	1,453	152,638
Veeco Instruments Inc (a)(b)	3,200	159,520
		771,926
Software - 2.9%
Adeia Inc	4,734	150,778
Braze Inc Class A (b)	4,017	88,494
Riot Platforms Inc (b)	10,234	176,434
Terawulf Inc (b)	4,938	107,303
		523,009
Technology Hardware, Storage & Peripherals - 0.6%
GPGI Inc Class A	7,212	111,281
TOTAL INFORMATION TECHNOLOGY		2,759,313
Materials - 8.7%
Chemicals - 5.1%
Element Solutions Inc	9,474	403,498
Minerals Technologies Inc	1,951	140,355
Perimeter Solutions Inc (b)	12,760	386,628
		930,481
Construction Materials - 1.9%
Eagle Materials Inc	570	119,763
James Hardie Industries PLC (b)	7,936	166,577
Suncrete Inc (c)	4,200	65,519
		351,859
Metals & Mining - 1.7%
Coeur Mining Inc (b)	8,949	160,814
Commercial Metals Co	2,145	147,919
		308,733
TOTAL MATERIALS		1,591,073
Real Estate - 4.0%
Health Care REITs - 1.2%
CareTrust REIT Inc	5,761	227,271
Industrial REITs - 0.8%
Terreno Realty Corp	2,242	146,178
Real Estate Management & Development - 1.1%
Compass Inc Class A (b)	25,810	195,382
Retail REITs - 0.9%
Acadia Realty Trust	7,485	161,826
TOTAL REAL ESTATE		730,657
Utilities - 2.5%
Electric Utilities - 0.7%
IDACORP Inc	900	132,965
Gas Utilities - 1.8%
Southwest Gas Holdings Inc	1,310	123,206
UGI Corp	5,847	211,018
		334,224
TOTAL UTILITIES		467,189
TOTAL UNITED STATES		16,297,218
TOTAL COMMON STOCKS (Cost $14,342,201)		18,201,899

Money Market Funds - 10.7%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (d)	3.69	135,043	135,070
Fidelity Securities Lending Cash Central Fund (d)(e)	3.69	1,835,078	1,835,262
TOTAL MONEY MARKET FUNDS (Cost $1,970,332)			1,970,332

TOTAL INVESTMENT IN SECURITIES - 110.1% (Cost $16,312,533)	20,172,231
NET OTHER ASSETS (LIABILITIES) - (10.1)%	(1,843,304)
NET ASSETS - 100.0%	18,328,927

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 $65,519 or 0.4% of net assets.

(d)

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

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Suncrete Inc	3/27/2026	41,999

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	213,944	9,166,813	9,245,698	10,004	11	-	135,070	135,043	0.0%
Fidelity Securities Lending Cash Central Fund	1,439,089	20,254,070	19,857,977	2,244	80	-	1,835,262	1,835,078	0.0%
Total	1,653,033	29,420,883	29,103,675	12,248	91	-	1,970,332

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, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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

Common Stocks
Communication Services	197,977	117,721	80,256	-
Consumer Discretionary	2,109,910	2,109,910	-	-
Consumer Staples	477,905	477,905	-	-
Energy	646,169	646,169	-	-
Financials	2,401,004	2,401,004	-	-
Health Care	2,201,390	2,201,390	-	-
Industrials	3,423,660	3,423,660	-	-
Information Technology	3,654,147	3,441,376	212,771	-
Materials	1,760,392	1,760,392	-	-
Real Estate	730,657	730,657	-	-
Utilities	598,688	598,688	-	-

Money Market Funds	1,970,332	1,970,332	-	-
Total Investments in Securities:	20,172,231	19,879,204	293,027	-

Financial Statements

Statement of Assets and Liabilities
As of April 30, 2026
Assets
Investment in securities, at value (including securities loaned of $1,793,971) - See accompanying schedule:
Unaffiliated issuers (cost $14,342,201)	$	18,201,899
Fidelity Central Funds (cost $1,970,332)		1,970,332


Total Investment in Securities (cost $16,312,533)			$	20,172,231
Receivable for investments sold				95,520
Receivable for fund shares sold				4,716
Dividends receivable				8,343
Distributions receivable from Fidelity Central Funds				772
Total assets				20,281,582
Liabilities
Payable for investments purchased	$	97,925
Payable for fund shares redeemed		10,744
Accrued management fee		8,993
Collateral on securities loaned		1,834,993
Total liabilities				1,952,655
Net Assets			$	18,328,927
Net Assets consist of:
Paid in capital			$	13,734,304
Total accumulated earnings (loss)				4,594,623
Net Assets			$	18,328,927
Net Asset Value, offering price and redemption price per share ($18,328,927 ÷ 2,890,625 shares)			$	6.34

Statement of Operations
Year ended April 30, 2026
Investment Income
Dividends			$	140,969
Income from Fidelity Central Funds (including $2,244 from security lending)				12,248
Security lending				33
Total income				153,250
Expenses
Management fee	$	99,072
Independent trustees' fees and expenses		53
Total expenses before reductions		99,125
Expense reductions		(202)
Total expenses after reductions				98,923
Net Investment income (loss)				54,327
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		2,903,873
Fidelity Central Funds		91
Foreign currency transactions		43
Total net realized gain (loss)				2,904,007
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		1,975,968
Assets and liabilities in foreign currencies		265
Total change in net unrealized appreciation (depreciation)				1,976,233
Net gain (loss)				4,880,240
Net increase (decrease) in net assets resulting from operations			$	4,934,567

Statement of Changes in Net Assets

		Year ended April 30, 2026		Year ended April 30, 2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	54,327	$	105,829
Net realized gain (loss)		2,904,007		11,818,591
Change in net unrealized appreciation (depreciation)		1,976,233		(4,015,861)
Net increase (decrease) in net assets resulting from operations		4,934,567		7,908,559
Distributions to shareholders		(3,396,701)		(11,262,163)

Share transactions
Proceeds from sales of shares		5,070,675		4,334,813
Reinvestment of distributions		3,396,701		11,262,163
Cost of shares redeemed		(3,716,794)		(59,052,178)

Net increase (decrease) in net assets resulting from share transactions		4,750,582		(43,455,202)
Total increase (decrease) in net assets		6,288,448		(46,808,806)

Net Assets
Beginning of period		12,040,479		58,849,285
End of period	$	18,328,927	$	12,040,479

Other Information
Shares
Sold		828,480		414,459
Issued in reinvestment of distributions		597,636		1,670,849
Redeemed		(614,005)		(5,314,633)
Net increase (decrease)		812,111		(3,229,325)

Financial Highlights

Fidelity® Small Cap Stock K6 Fund

Years ended April 30,		2026		2025		2024		2023		2022
Selected Per-Share Data
Net asset value, beginning of period	$	5.79	$	11.09	$	9.75	$	10.94	$	15.61
Income from Investment Operations
Net investment income (loss) A,B		.02		.03		.03		.02		.05
Net realized and unrealized gain (loss)		1.88		1.23		1.33		(.28)		(1.54)
Total from investment operations		1.90		1.26		1.36		(.26)		(1.49)
Distributions from net investment income		(.02)		(.10)		(.02)		-		(.06)
Distributions from net realized gain		(1.33)		(6.46)		-		(.93)		(3.13)
Total distributions		(1.35)		(6.56)		(.02)		(.93)		(3.18) C
Net asset value, end of period	$	6.34	$	5.79	$	11.09	$	9.75	$	10.94
Total Return D		37.16 %		5.48%		13.94%		(2.39)%		(12.54)%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.60%		.60%		.60%		.60%		.60%
Expenses net of fee waivers, if any		.60 %		.60%		.60%		.60%		.60%
Expenses net of all reductions, if any		.60%		.60%		.60%		.60%		.60%
Net investment income (loss)		.33%		.27%		.31%		.16%		.35%
Supplemental Data
Net assets, end of period (000 omitted)	$	18,329	$	12,040	$	58,849	$	64,257	$	57,173
Portfolio turnover rate G		185 % H		133% H		96%		78% H		148% H

ACalculated based on average shares outstanding during the period.

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

CTotal distributions per share do not sum due to rounding.

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

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

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

GAmount 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.

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

Notes to Financial Statements

For the period ended April 30, 2026

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.

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, 2026 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, 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, 2026, 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	$4,483,335
Gross unrealized depreciation	(762,866)
Net unrealized appreciation (depreciation)	$3,720,469
Tax Cost	$16,451,762

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

Undistributed ordinary income	$119,155
Undistributed long-term capital gain	$755,106
Net unrealized appreciation (depreciation) on securities and other investments	$3,720,360

The tax character of distributions paid was as follows:

	April 30, 2026	April 30, 2025
Ordinary Income	$853,530	$4,830,166
Long-term Capital Gains	2,543,171	6,431,997
Total	$3,396,701	$11,262,163

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Small Cap Stock K6 Fund	29,634,835	29,427,031

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	223,199	1,403,921

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

	Shares	Total Proceeds ($)
Fidelity Small Cap Stock K6 Fund	19,812	114,313

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	1,541

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	1,021,890	1,302,196	83,250

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, (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 2027 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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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	197	3	-

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $202.

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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). 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, 2026, 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, 2026, 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 10, 2026

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, 2026, $1,737,912, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 0% and 9% 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 0.00% and 10.28% 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 0.00% and 1.53% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 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)

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

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.

1.9883975.108

SLCXK6-ANN-0626

Fidelity® Small Cap Stock Fund

Annual Report

April 30, 2026

Contents

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

Fidelity® Small Cap Stock Fund

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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, 2026

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares	Value ($)
BRAZIL - 0.2%
Materials - 0.2%
Metals & Mining - 0.2%
ERO Copper Corp (a)	121,300	3,135,306
CANADA - 1.8%
Health Care - 0.1%
Biotechnology - 0.1%
Xenon Pharmaceuticals Inc (a)	33,044	1,851,786
Industrials - 0.1%
Electrical Equipment - 0.1%
Electrovaya Inc (United States) (a)	173,400	1,605,683
Information Technology - 0.2%
Electronic Equipment, Instruments & Components - 0.2%
Kraken Robotics Inc (a)	379,308	2,180,878
Materials - 0.6%
Metals & Mining - 0.6%
G Mining Ventures Corp (a)	102,200	3,542,221
Major Drilling Group International Inc (a)	339,748	3,919,352
TOTAL MATERIALS		7,461,573
Utilities - 0.8%
Gas Utilities - 0.8%
Brookfield Infrastructure Corp (United States)	257,342	9,521,654
TOTAL CANADA		22,621,574
ISRAEL - 0.6%
Information Technology - 0.6%
Electronic Equipment, Instruments & Components - 0.3%
Next Vision Stabilized Systems Ltd	31,955	3,662,995
Software - 0.3%
Cellebrite DI Ltd (a)	330,460	4,295,980
TOTAL ISRAEL		7,958,975
ITALY - 1.0%
Consumer Discretionary - 1.0%
Hotels, Restaurants & Leisure - 0.5%
Lottomatica Group Spa	213,900	6,296,177
Leisure Products - 0.5%
Sanlorenzo SpA/Ameglia (b)	161,200	6,281,187
TOTAL ITALY		12,577,364
JAPAN - 1.2%
Information Technology - 1.2%
Semiconductors & Semiconductor Equipment - 1.2%
SUMCO Corp	961,500	15,340,398
KOREA (SOUTH) - 0.5%
Communication Services - 0.5%
Entertainment - 0.5%
Pearl Abyss Corp (a)	146,200	5,866,721
NETHERLANDS - 0.1%
Health Care - 0.1%
Biotechnology - 0.1%
Newamsterdam Pharma Co NV (a)	41,531	1,186,125
PUERTO RICO - 0.6%
Financials - 0.6%
Financial Services - 0.6%
EVERTEC Inc	267,876	7,910,378
SPAIN - 0.3%
Consumer Discretionary - 0.3%
Automobile Components - 0.3%
CIE Automotive SA	126,100	4,291,921
SWITZERLAND - 1.2%
Consumer Discretionary - 1.2%
Automobile Components - 1.2%
Garrett Motion Inc	579,000	14,828,190
TAIWAN - 0.7%
Information Technology - 0.7%
Semiconductors & Semiconductor Equipment - 0.7%
Silicon Motion Technology Corp ADR	42,996	9,406,665
THAILAND - 2.3%
Information Technology - 2.3%
Electronic Equipment, Instruments & Components - 2.3%
Fabrinet (a)	42,718	29,196,472
UNITED STATES - 88.7%
Communication Services - 0.6%
Media - 0.6%
EchoStar Corp Class A (a)(b)	67,600	8,324,264
Consumer Discretionary - 9.2%
Distributors - 0.3%
GigaCloud Technology Inc Class A (a)	89,400	3,977,406
Diversified Consumer Services - 4.1%
Covista Inc (a)	65,700	7,569,954
Grand Canyon Education Inc (a)	146,319	24,738,154
Laureate Education Inc (a)	644,949	19,409,740
		51,717,848
Hotels, Restaurants & Leisure - 1.8%
Brinker International Inc (a)	60,000	9,134,400
Lindblad Expeditions Holdings Inc (a)	317,541	5,884,034
Pursuit Attractions and Hospitality Inc (a)	166,045	6,987,174
		22,005,608
Household Durables - 1.5%
Cavco Industries Inc (a)	22,100	11,204,700
KB Home	163,000	8,637,370
		19,842,070
Leisure Products - 0.7%
YETI Holdings Inc (a)	239,207	9,439,108
Specialty Retail - 0.3%
Bob's Discount Furniture Inc (b)	364,500	3,914,730
Textiles, Apparel & Luxury Goods - 0.5%
Steven Madden Ltd	186,376	7,000,283
TOTAL CONSUMER DISCRETIONARY		117,897,053
Consumer Staples - 2.6%
Consumer Staples Distribution & Retail - 2.2%
Performance Food Group Co (a)	155,019	14,038,521
Sprouts Farmers Market Inc (a)	169,800	13,898,130
		27,936,651
Tobacco - 0.4%
Turning Point Brands Inc	75,914	6,124,741
TOTAL CONSUMER STAPLES		34,061,392
Energy - 3.6%
Energy Equipment & Services - 2.0%
Flowco Holdings Inc Class A	563,500	13,991,705
Noble Corp PLC (b)	228,600	11,665,458
		25,657,163
Oil, Gas & Consumable Fuels - 1.6%
Chord Energy Corp	89,600	13,045,760
Gulfport Energy Corp (a)	38,614	7,434,740
		20,480,500
TOTAL ENERGY		46,137,663
Financials - 12.3%
Banks - 5.5%
Ameris Bancorp	157,900	13,460,975
Community Financial System Inc (b)	230,192	14,584,965
CVB Financial Corp	654,094	13,323,895
First Bancorp/Southern Pines NC (b)	223,832	12,924,060
Old National Bancorp/IN	695,004	16,659,246
		70,953,141
Capital Markets - 2.1%
Perella Weinberg Partners Class A (b)	801,173	18,218,674
Victory Capital Holdings Inc Class A (b)	114,500	8,989,395
		27,208,069
Consumer Finance - 2.3%
EZCORP Inc Class A (a)	252,300	8,270,394
FirstCash Holdings Inc	61,503	13,421,185
SLM Corp	323,032	7,455,578
		29,147,157
Insurance - 2.4%
Baldwin Insurance Group Inc/The Class A (a)(b)	823,773	18,716,123
Primerica Inc	45,496	12,796,659
		31,512,782
TOTAL FINANCIALS		158,821,149
Health Care - 11.8%
Biotechnology - 2.8%
Cogent Biosciences Inc (a)	98,216	3,515,151
Dianthus Therapeutics Inc (a)(b)	50,725	4,453,655
Disc Medicine Inc (a)	31,600	2,084,020
Kiniksa Pharmaceuticals International Plc Class A (a)	46,000	2,473,880
Mirum Pharmaceuticals Inc (a)	26,600	2,588,446
Nuvalent Inc Class A (a)	30,885	3,097,148
Olema Pharmaceuticals Inc (a)	101,900	1,468,379
Praxis Precision Medicines Inc (a)	10,100	3,220,183
Spyre Therapeutics Inc (a)	58,410	4,348,625
Twist Bioscience Corp (a)(b)	47,000	2,747,150
Upstream Bio Inc (a)	131,691	1,208,922
Vaxcyte Inc (a)	55,236	3,161,709
Viridian Therapeutics Inc (a)	118,337	1,595,183
		35,962,451
Health Care Equipment & Supplies - 1.8%
Lantheus Holdings Inc (a)	148,886	12,598,734
LivaNova PLC (a)	54,800	3,293,480
Merit Medical Systems Inc (a)	27,874	1,900,449
TransMedics Group Inc (a)(b)	54,167	5,459,492
		23,252,155
Health Care Providers & Services - 3.9%
BrightSpring Health Services Inc (a)	227,958	10,935,145
Ensign Group Inc/The	49,210	9,187,015
Guardian Pharmacy Services Inc Class A (a)	248,700	9,226,770
Hims & Hers Health Inc Class A (a)(b)	72,600	1,972,542
LifeStance Health Group Inc (a)	1,754,000	13,277,780
PACS Group Inc (a)	152,200	5,106,310
		49,705,562
Life Sciences Tools & Services - 0.6%
10X Genomics Inc Class A (a)	91,100	2,008,754
Charles River Laboratories International Inc (a)	31,804	5,310,314
		7,319,068
Pharmaceuticals - 2.7%
Crinetics Pharmaceuticals Inc (a)	99,463	3,857,175
Enliven Therapeutics Inc (a)	81,755	3,370,759
Ligand Pharmaceuticals Inc (a)	83,600	19,182,020
Phibro Animal Health Corp Class A	95,200	5,062,736
Structure Therapeutics Inc ADR (a)	36,400	1,508,780
Trevi Therapeutics Inc (a)	170,100	2,340,576
		35,322,046
TOTAL HEALTH CARE		151,561,282
Industrials - 18.3%
Aerospace & Defense - 2.1%
Carpenter Technology Corp	7,397	3,167,395
Karman Holdings Inc (a)(b)	99,400	6,757,212
Leonardo DRS Inc	61,942	2,516,703
Loar Holdings Inc (a)(b)	81,100	4,551,332
Mercury Systems Inc (a)	34,100	2,690,831
Park Aerospace Corp	82,300	2,786,678
V2X Inc (a)	70,534	4,782,911
		27,253,062
Air Freight & Logistics - 1.1%
Hub Group Inc Class A	315,700	13,837,131
Building Products - 0.6%
Gibraltar Industries Inc (a)	81,616	3,185,472
Tecnoglass Inc	103,851	4,473,902
		7,659,374
Construction & Engineering - 5.5%
Cardinal Infrastructure Group Inc Class A	88,100	4,671,943
Construction Partners Inc Class A (a)	87,539	10,825,073
IES Holdings Inc (a)	48,986	31,550,903
Legence Corp Class A	52,400	4,556,704
WillScot Holdings Corp	785,689	17,787,999
		69,392,622
Electrical Equipment - 1.6%
Forgent Power Solutions Inc Class A	443,000	16,665,660
Nextpower Inc Class A (a)	31,500	3,752,595
		20,418,255
Machinery - 3.0%
Enpro Inc	40,500	11,807,775
Hillman Solutions Corp (a)	924,200	7,541,472
SPX Technologies Inc (a)	45,200	9,894,732
Terex Corp	160,276	9,969,167
		39,213,146
Passenger Airlines - 0.2%
Alaska Air Group Inc (a)(b)	78,000	3,050,580
Professional Services - 1.7%
Cbiz Inc (a)(b)	731,542	22,312,031
Trading Companies & Distributors - 2.5%
DXP Enterprises Inc/TX (a)	61,100	10,432,825
EVI Industries Inc (b)	138,148	2,565,408
Herc Holdings Inc (b)	155,963	19,794,824
		32,793,057
TOTAL INDUSTRIALS		235,929,258
Information Technology - 15.0%
Electronic Equipment, Instruments & Components - 6.8%
Advanced Energy Industries Inc	45,900	17,621,469
Bel Fuse Inc Class B	6,800	1,875,712
OSI Systems Inc (a)	29,100	8,349,372
Sanmina Corp (a)	197,314	42,978,935
TTM Technologies Inc (a)	102,500	16,217,550
		87,043,038
IT Services - 0.7%
DigitalOcean Holdings Inc (a)	98,200	9,469,426
Semiconductors & Semiconductor Equipment - 4.1%
Axcelis Technologies Inc (a)	116,400	16,192,404
Diodes Inc (a)	155,700	16,683,255
Semtech Corp (a)(b)	104,000	10,925,200
Veeco Instruments Inc (a)	180,899	9,017,815
		52,818,674
Software - 2.8%
Adeia Inc	313,700	9,991,345
Braze Inc Class A (a)(b)	283,600	6,247,708
Riot Platforms Inc (a)	734,570	12,663,987
Terawulf Inc (a)(b)	351,600	7,640,268
		36,543,308
Technology Hardware, Storage & Peripherals - 0.6%
GPGI Inc Class A	507,800	7,835,354
TOTAL INFORMATION TECHNOLOGY		193,709,800
Materials - 8.8%
Chemicals - 5.2%
Element Solutions Inc	677,447	28,852,468
Minerals Technologies Inc	138,000	9,927,720
Perimeter Solutions Inc (a)	913,014	27,664,324
		66,444,512
Construction Materials - 1.9%
Eagle Materials Inc	40,455	8,500,000
James Hardie Industries PLC (a)	563,000	11,817,370
Suncrete Inc (c)	281,400	4,389,840
		24,707,210
Metals & Mining - 1.7%
Coeur Mining Inc (a)	643,800	11,569,086
Commercial Metals Co	151,700	10,461,232
		22,030,318
TOTAL MATERIALS		113,182,040
Real Estate - 3.9%
Health Care REITs - 1.3%
CareTrust REIT Inc	408,615	16,119,862
Industrial REITs - 0.8%
Terreno Realty Corp	158,629	10,342,611
Real Estate Management & Development - 1.0%
Compass Inc Class A (a)	1,738,948	13,163,836
Retail REITs - 0.8%
Acadia Realty Trust	461,816	9,984,462
TOTAL REAL ESTATE		49,610,771
Utilities - 2.6%
Electric Utilities - 0.7%
IDACORP Inc	63,100	9,322,394
Gas Utilities - 1.9%
Southwest Gas Holdings Inc	92,851	8,732,637
UGI Corp (b)	413,800	14,934,042
		23,666,679
TOTAL UTILITIES		32,989,073
TOTAL UNITED STATES		1,142,223,745
TOTAL COMMON STOCKS (Cost $1,019,251,486)		1,276,543,834

Money Market Funds - 7.3%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (d)	3.69	11,855,350	11,857,721
Fidelity Securities Lending Cash Central Fund (d)(e)	3.69	81,979,789	81,987,987
TOTAL MONEY MARKET FUNDS (Cost $93,845,708)			93,845,708

TOTAL INVESTMENT IN SECURITIES - 106.5% (Cost $1,113,097,194)	1,370,389,542
NET OTHER ASSETS (LIABILITIES) - (6.5)%	(83,110,954)
NET ASSETS - 100.0%	1,287,278,588

Legend

(a)	Non-income producing.

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

(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 $4,389,840 or 0.3% of net assets.

(d)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Suncrete Inc	3/27/2026	2,814,000

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	23,410,601	546,582,780	558,136,337	778,758	677	-	11,857,721	11,855,350	0.0%
Fidelity Securities Lending Cash Central Fund	58,769,914	734,346,679	711,128,158	113,678	(448)	-	81,987,987	81,979,789	0.2%
Total	82,180,515	1,280,929,459	1,269,264,495	892,436	229	-	93,845,708

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

Investment Valuation

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

Common Stocks
Communication Services	14,190,985	8,324,264	5,866,721	-
Consumer Discretionary	149,594,528	149,594,528	-	-
Consumer Staples	34,061,392	34,061,392	-	-
Energy	46,137,663	46,137,663	-	-
Financials	166,731,527	166,731,527	-	-
Health Care	154,599,193	154,599,193	-	-
Industrials	237,534,941	237,534,941	-	-
Information Technology	257,793,188	242,452,790	15,340,398	-
Materials	123,778,919	123,778,919	-	-
Real Estate	49,610,771	49,610,771	-	-
Utilities	42,510,727	42,510,727	-	-

Money Market Funds	93,845,708	93,845,708	-	-
Total Investments in Securities:	1,370,389,542	1,349,182,423	21,207,119	-

Financial Statements

Statement of Assets and Liabilities
As of April 30, 2026
Assets
Investment in securities, at value (including securities loaned of $120,296,225) - See accompanying schedule:
Unaffiliated issuers (cost $1,019,251,486)	$	1,276,543,834
Fidelity Central Funds (cost $93,845,708)		93,845,708


Total Investment in Securities (cost $1,113,097,194)			$	1,370,389,542
Foreign currency held at value (cost $169,708)				169,895
Receivable for investments sold				6,334,450
Receivable for fund shares sold				348,848
Dividends receivable				273,711
Distributions receivable from Fidelity Central Funds				63,773
Prepaid expenses				308
Total assets				1,377,580,527
Liabilities
Payable for investments purchased	$	6,414,537
Payable for fund shares redeemed		1,097,675
Accrued management fee		752,268
Other payables and accrued expenses		53,607
Collateral on securities loaned		81,983,852
Total liabilities				90,301,939
Net Assets			$	1,287,278,588
Net Assets consist of:
Paid in capital			$	979,948,608
Total accumulated earnings (loss)				307,329,980
Net Assets			$	1,287,278,588
Net Asset Value, offering price and redemption price per share ($1,287,278,588 ÷ 63,174,694 shares)			$	20.38

Statement of Operations
Year ended April 30, 2026
Investment Income
Dividends			$	10,353,830
Income from Fidelity Central Funds (including $113,678 from security lending)				892,436
Security lending				17,914
Total income				11,264,180
Expenses
Management fee
Basic fee	$	9,447,986
Performance adjustment		544,383
Custodian fees and expenses		46,611
Independent trustees' fees and expenses		3,892
Registration fees		36,263
Audit fees		70,988
Legal		2,623
Miscellaneous		4,053
Total expenses before reductions		10,156,799
Expense reductions		(1,114)
Total expenses after reductions				10,155,685
Net Investment income (loss)				1,108,495
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		206,830,249
Redemptions in-kind		362,073
Fidelity Central Funds		229
Foreign currency transactions		26,228
Total net realized gain (loss)				207,218,779
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		143,057,191
Assets and liabilities in foreign currencies		16,447
Total change in net unrealized appreciation (depreciation)				143,073,638
Net gain (loss)				350,292,417
Net increase (decrease) in net assets resulting from operations			$	351,400,912

Statement of Changes in Net Assets

		Year ended April 30, 2026		Year ended April 30, 2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,108,495	$	470,630
Net realized gain (loss)		207,218,779		45,173,614
Change in net unrealized appreciation (depreciation)		143,073,638		18,023,630
Net increase (decrease) in net assets resulting from operations		351,400,912		63,667,874
Distributions to shareholders		(161,757,811)		(21,451,426)

Share transactions
Proceeds from sales of shares		94,919,697		58,116,522
Reinvestment of distributions		153,656,170		20,453,335
Cost of shares redeemed		(184,984,542)		(194,078,535)

Net increase (decrease) in net assets resulting from share transactions		63,591,325		(115,508,678)
Total increase (decrease) in net assets		253,234,426		(73,292,230)

Net Assets
Beginning of period		1,034,044,162		1,107,336,392
End of period	$	1,287,278,588	$	1,034,044,162

Other Information
Shares
Sold		4,929,326		3,120,669
Issued in reinvestment of distributions		8,314,141		1,053,753
Redeemed		(9,661,032)		(10,558,278)
Net increase (decrease)		3,582,435		(6,383,856)

Financial Highlights

Fidelity® Small Cap Stock Fund

Years ended April 30,		2026		2025		2024		2023		2022
Selected Per-Share Data
Net asset value, beginning of period	$	17.35	$	16.78	$	14.76	$	16.44	$	23.58
Income from Investment Operations
Net investment income (loss) A,B		.02		.01		.01		- C		.02
Net realized and unrealized gain (loss)		5.76		.90		2.01		(.54)		(2.57)
Total from investment operations		5.78		.91		2.02		(.54)		(2.55)
Distributions from net investment income		(.03)		- D		- C		-		(.05)
Distributions from net realized gain		(2.72)		(.34) D		-		(1.14)		(4.54)
Total distributions		(2.75)		(.34)		- C		(1.14)		(4.59)
Net asset value, end of period	$	20.38	$	17.35	$	16.78	$	14.76	$	16.44
Total Return E		35.50 %		5.23%		13.71%		(3.33)%		(13.53)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.86%		.86%		.87%		.77%		.90%
Expenses net of fee waivers, if any		.86 %		.86%		.86%		.77%		.89%
Expenses net of all reductions, if any		.86%		.86%		.86%		.77%		.89%
Net investment income (loss)		.09%		.04%		.04%		(.02)%		.10%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,287,279	$	1,034,044	$	1,107,336	$	1,168,446	$	1,257,662
Portfolio turnover rate H		159 % I		124% I		78%		74% I		135% I

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

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

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

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

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

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

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

Notes to Financial Statements

For the period ended April 30, 2026

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind 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	$308,085,389
Gross unrealized depreciation	(57,144,149)
Net unrealized appreciation (depreciation)	$250,941,240
Tax Cost	$1,119,448,302

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

Undistributed ordinary income	$2,163,762
Undistributed long-term capital gain	$54,208,345
Net unrealized appreciation (depreciation) on securities and other investments	$250,957,872

The tax character of distributions paid was as follows:

	April 30, 2026	April 30, 2025
Ordinary Income	$41,895,442	$16,697,275
Long-term Capital Gains	119,862,369	4,754,151
Total	$161,757,811	$ 21,451,426

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	1,827,986,587	1,909,612,316

Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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	Net realized gain or loss on Affiliated Issuers ($)	Net realized gain or loss on Unaffiliated Issuers ($)	Total net realized gain or loss on Investments ($)	Total Proceeds ($)
Fidelity Small Cap Stock Fund	74,796	-	362,073	362,073	1,403,921

Prior Fiscal Year Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares 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 on Investments ($)	Total Proceeds ($)
Fidelity Small Cap Stock Fund	6,592	26,894	114,313

5. Fees and Other Transactions with Affiliates.

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	.80

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 .05%.

	Amount ($)
Fidelity Small Cap Stock Fund	70,764

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Small Cap Stock Fund	77,128,301	98,997,605	6,559,747

6. Committed Line of Credit.

The line of credit agreement will expire in March 2027 unless extended or renewed.

	Amount ($)
Fidelity Small Cap Stock Fund	1,426

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Fidelity Small Cap Stock Fund	13,705	1,195	-

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	40,017,359

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,114.

9. Other.

10. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity Small Cap Stock 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, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). 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, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2026

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, 2026, $126,648,160, or, if subsequently determined to be different, the net capital gain of such year.

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

The fund designates 0% and 11% 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 0.00% and 14.04% of the dividends distributed in June and December, respectively during the fiscal 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 0.00% and 2.08% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 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)

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

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.

1.703590.128

SLCX-ANN-0626

Fidelity® Small Cap Discovery Fund

Annual Report

April 30, 2026

Contents

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

Fidelity® Small Cap Discovery Fund

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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, 2026

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares	Value ($)
BAILIWICK OF GUERNSEY - 0.2%
Consumer Discretionary - 0.2%
Hotels, Restaurants & Leisure - 0.2%
Super Group SGHC Ltd (b)	339,800	4,403,808
BRAZIL - 0.2%
Financials - 0.2%
Financial Services - 0.2%
StoneCo Ltd Class A	390,200	4,284,396
CANADA - 0.3%
Industrials - 0.0%
Electrical Equipment - 0.0%
Electrovaya Inc (United States) (a)	82,127	760,496
Materials - 0.3%
Metals & Mining - 0.3%
Ssr Mining Inc (United States) (a)	180,800	5,208,848
TOTAL CANADA		5,969,344
GRAND CAYMAN (UK OVERSEAS TER) - 0.2%
Financials - 0.2%
Capital Markets - 0.2%
Patria Investments Ltd Class A (b)	376,820	4,864,746
NETHERLANDS - 0.2%
Health Care - 0.2%
Biotechnology - 0.2%
Newamsterdam Pharma Co NV (a)(b)	148,700	4,246,872
PUERTO RICO - 1.2%
Financials - 1.2%
Financial Services - 1.2%
EVERTEC Inc	913,013	26,961,274
THAILAND - 2.8%
Information Technology - 2.8%
Electronic Equipment, Instruments & Components - 2.8%
Fabrinet (a)(b)	89,900	61,443,953
UNITED STATES - 92.6%
Communication Services - 0.4%
Media - 0.4%
EchoStar Corp Class A (a)(b)	97,800	12,043,092
Consumer Discretionary - 12.7%
Broadline Retail - 0.4%
Etsy Inc (a)	120,600	7,759,404
Distributors - 0.8%
GigaCloud Technology Inc Class A (a)	418,645	18,625,516
Diversified Consumer Services - 5.7%
Carriage Services Inc	383,269	18,818,508
Covista Inc (a)	243,396	28,044,087
Grand Canyon Education Inc (a)	44,362	7,500,283
Laureate Education Inc (a)	1,746,999	52,575,935
Stride Inc (a)	183,400	17,819,144
		124,757,957
Hotels, Restaurants & Leisure - 1.0%
Cheesecake Factory Inc/The (b)	351,600	22,105,092
Household Durables - 0.5%
KB Home	198,600	10,523,814
Specialty Retail - 4.1%
Academy Sports & Outdoors Inc	862,196	47,282,829
Bob's Discount Furniture Inc (b)	266,700	2,864,358
Caleres Inc	402,700	5,275,370
Lithia Motors Inc	43,900	12,736,268
Signet Jewelers Ltd	102,000	9,081,060
Urban Outfitters Inc (a)	193,400	13,603,756
		90,843,641
Textiles, Apparel & Luxury Goods - 0.2%
Oxford Industries Inc (b)	79,200	3,392,928
Steven Madden Ltd	52,730	1,980,539
		5,373,467
TOTAL CONSUMER DISCRETIONARY		279,988,891
Consumer Staples - 1.0%
Consumer Staples Distribution & Retail - 1.0%
Sprouts Farmers Market Inc (a)	250,800	20,527,980
Village Super Market Inc Class A	21,200	913,508
TOTAL CONSUMER STAPLES		21,441,488
Energy - 4.2%
Energy Equipment & Services - 1.1%
Cactus Inc Class A	48,359	2,694,563
Flowco Holdings Inc Class A	487,506	12,104,774
Solaris Energy Infrastructure Inc Class A	131,200	9,687,808
		24,487,145
Oil, Gas & Consumable Fuels - 3.1%
Chord Energy Corp	169,100	24,620,960
Gulfport Energy Corp (a)	12,800	2,464,512
Ovintiv Inc	687,100	42,291,005
		69,376,477
TOTAL ENERGY		93,863,622
Financials - 12.9%
Banks - 5.3%
Axos Financial Inc (a)	154,200	14,871,048
Eastern Bankshares Inc	178,551	3,612,087
FNB Corp/PA	455,478	8,130,282
Hancock Whitney Corp	164,600	11,112,146
Old National Bancorp/IN (b)	2,604,800	62,437,056
Pathward Financial Inc	43,300	3,760,172
UMB Financial Corp	96,430	12,166,573
		116,089,364
Capital Markets - 0.7%
Victory Capital Holdings Inc Class A	33,700	2,645,787
WisdomTree Inc (b)	800,300	13,605,100
		16,250,887
Consumer Finance - 3.6%
EZCORP Inc Class A (a)(b)	894,000	29,305,320
FirstCash Holdings Inc	135,947	29,666,354
SLM Corp	902,000	20,818,160
		79,789,834
Financial Services - 0.8%
WEX Inc (a)	116,850	17,566,061
Insurance - 2.5%
Baldwin Insurance Group Inc/The Class A (a)(b)	725,883	16,492,062
First American Financial Corp	280,972	19,704,566
Reinsurance Group of America Inc	88,700	18,756,502
		54,953,130
TOTAL FINANCIALS		284,649,276
Health Care - 14.4%
Biotechnology - 4.2%
Annexon Inc (a)	420,400	2,467,748
Apogee Therapeutics Inc (a)	5,500	455,895
Celldex Therapeutics Inc (a)	408,384	13,427,666
CG oncology Inc (a)	128,600	8,582,764
Cogent Biosciences Inc (a)	385,569	13,799,515
Cytokinetics Inc (a)	82,300	5,264,731
Disc Medicine Inc (a)	35,100	2,314,845
Janux Therapeutics Inc (a)	31,600	454,092
Kiniksa Pharmaceuticals International Plc Class A (a)	102,308	5,502,124
Nurix Therapeutics Inc (a)	171,800	2,869,060
Olema Pharmaceuticals Inc (a)	210,800	3,037,628
Oruka Therapeutics Inc (a)	4,500	307,845
Praxis Precision Medicines Inc (a)	17,200	5,483,876
Travere Therapeutics Inc (a)	195,300	8,226,036
Tyra Biosciences Inc (a)	4,900	170,275
Upstream Bio Inc (a)	75,300	691,254
Vaxcyte Inc (a)	237,500	13,594,500
Viridian Therapeutics Inc (a)	77,000	1,037,960
Zenas Biopharma Inc (a)	259,494	5,013,424
		92,701,238
Health Care Equipment & Supplies - 3.6%
Haemonetics Corp (a)	228,201	13,712,598
Lantheus Holdings Inc (a)	680,982	57,624,697
LivaNova PLC (a)	140,200	8,426,020
		79,763,315
Health Care Providers & Services - 3.8%
Addus HomeCare Corp (a)	81,300	7,877,157
BrightSpring Health Services Inc (a)	369,332	17,716,856
Ensign Group Inc/The	67,776	12,653,101
Option Care Health Inc (a)	611,393	12,429,620
PACS Group Inc (a)	364,000	12,212,200
Park Dental Partners Inc	15,500	272,489
Pennant Group Inc/The (a)	305,374	9,564,314
Progyny Inc (a)	557,620	10,360,580
		83,086,317
Life Sciences Tools & Services - 1.6%
Charles River Laboratories International Inc (a)	30,000	5,009,100
ICON PLC (a)	248,500	29,405,005
		34,414,105
Pharmaceuticals - 1.2%
Alumis Inc (a)	91,800	2,266,542
Amylyx Pharmaceuticals Inc (a)	172,077	2,753,232
Elanco Animal Health Inc (a)	425,581	9,520,247
Enliven Therapeutics Inc (a)	4,200	173,166
MBX Biosciences Inc (a)	54,300	1,640,946
Phibro Animal Health Corp Class A	159,071	8,459,396
Trevi Therapeutics Inc (a)	287,200	3,951,872
		28,765,401
TOTAL HEALTH CARE		318,730,376
Industrials - 21.8%
Aerospace & Defense - 0.6%
Park Aerospace Corp	20,000	677,200
V2X Inc (a)	196,048	13,294,015
		13,971,215
Building Products - 2.0%
AZZ Inc	22,302	3,190,078
Gibraltar Industries Inc (a)	336,688	13,140,933
Griffon Corp	25,700	2,343,069
Resideo Technologies Inc (a)	275,903	11,414,107
Tecnoglass Inc (b)	330,586	14,241,645
		44,329,832
Commercial Services & Supplies - 3.4%
Brady Corp Class A	610,201	49,926,646
Brink's Co/The	245,928	26,252,814
		76,179,460
Construction & Engineering - 5.4%
Cardinal Infrastructure Group Inc Class A (b)	178,429	9,462,090
Granite Construction Inc	159,100	21,807,837
IES Holdings Inc (a)	115,315	74,272,086
Limbach Holdings Inc (a)	66,100	6,594,797
Valmont Industries Inc	11,200	5,690,048
		117,826,858
Electrical Equipment - 0.9%
LSI Industries Inc	7,500	182,325
Nextpower Inc Class A (a)	170,370	20,296,178
		20,478,503
Ground Transportation - 0.3%
ArcBest Corp	42,969	5,481,555
Proficient Auto Logistics Inc (a)	102,316	752,023
Universal Logistics Holdings Inc	43,701	1,052,320
		7,285,898
Machinery - 3.2%
Blue Bird Corp (a)	21,651	1,388,046
Energy Recovery Inc (a)	77,000	852,390
Enpro Inc	34,700	10,116,785
Hillman Solutions Corp (a)	580,913	4,740,250
JBT Marel Corp	30,500	3,602,050
Miller Industries Inc/TN	13,200	633,468
Mueller Industries Inc	105,762	14,323,348
Mueller Water Products Inc Class A1	190,996	5,326,878
SPX Technologies Inc (a)	84,300	18,454,113
Terex Corp	174,831	10,874,488
		70,311,816
Professional Services - 2.3%
Cbiz Inc (a)(b)	869,697	26,525,759
Maximus Inc	374,608	24,581,776
		51,107,535
Trading Companies & Distributors - 3.7%
Core & Main Inc Class A (a)	295,600	14,889,372
DXP Enterprises Inc/TX (a)	285,047	48,671,775
Herc Holdings Inc	81,700	10,369,364
Rush Enterprises Inc Class A	102,858	7,614,578
		81,545,089
TOTAL INDUSTRIALS		483,036,206
Information Technology - 16.7%
Electronic Equipment, Instruments & Components - 8.7%
Bel Fuse Inc Class B	16,182	4,463,643
Belden Inc	151,042	16,989,204
ePlus Inc	72,101	6,106,234
Insight Enterprises Inc (a)	368,303	26,849,289
Itron Inc (a)	36,300	3,041,940
Sanmina Corp (a)	429,609	93,577,432
TD SYNNEX Corp	63,900	14,580,702
TTM Technologies Inc (a)	156,900	24,824,718
		190,433,162
Semiconductors & Semiconductor Equipment - 5.9%
Axcelis Technologies Inc (a)(b)	259,600	36,112,956
Credo Technology Group Holding Ltd (a)	109,100	18,984,491
Diodes Inc (a)	309,098	33,119,851
MKS Inc	21,172	6,007,555
Penguin Solutions Inc (a)	830,180	25,245,774
Veeco Instruments Inc (a)	238,913	11,909,813
		131,380,440
Software - 2.1%
ACI Worldwide Inc (a)	246,608	10,658,398
Adeia Inc	371,080	11,818,898
Bitdeer Technologies Group Class A (a)(b)	189,400	2,138,325
Riot Platforms Inc (a)	601,600	10,371,584
Terawulf Inc (a)(b)	558,300	12,131,859
		47,119,064
TOTAL INFORMATION TECHNOLOGY		368,932,666
Materials - 7.1%
Chemicals - 2.8%
Element Solutions Inc	261,400	11,133,026
HB Fuller Co	90,400	5,471,008
Minerals Technologies Inc	487,500	35,070,750
Perimeter Solutions Inc (a)	337,792	10,235,098
		61,909,882
Construction Materials - 1.1%
Eagle Materials Inc	93,800	19,708,318
Suncrete Inc Class A	252,100	3,932,760
		23,641,078
Containers & Packaging - 0.7%
Silgan Holdings Inc	390,600	15,838,830
Metals & Mining - 2.5%
Century Aluminum Co (a)	45,600	2,710,464
Coeur Mining Inc (a)	1,775,296	31,902,069
Commercial Metals Co	236,300	16,295,248
Constellium SE (a)	120,612	3,772,743
		54,680,524
TOTAL MATERIALS		156,070,314
Real Estate - 0.7%
Real Estate Management & Development - 0.6%
Compass Inc Class A (a)	1,590,000	12,036,300
Specialized REITs - 0.1%
Outfront Media Inc	88,691	2,736,117
TOTAL REAL ESTATE		14,772,417
Utilities - 0.7%
Gas Utilities - 0.7%
UGI Corp	422,344	15,242,395
TOTAL UNITED STATES		2,048,770,743
TOTAL COMMON STOCKS (Cost $1,756,344,464)		2,160,945,136

Money Market Funds - 3.8%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	37,423,667	37,431,152
Fidelity Securities Lending Cash Central Fund (c)(d)	3.69	47,733,253	47,738,026
TOTAL MONEY MARKET FUNDS (Cost $85,169,178)			85,169,178

TOTAL INVESTMENT IN SECURITIES - 101.5% (Cost $1,841,513,642)	2,246,114,314
NET OTHER ASSETS (LIABILITIES) - (1.5)%	(33,471,105)
NET ASSETS - 100.0%	2,212,643,209

Legend

(a)	Non-income producing.

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

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	93,271,874	755,364,268	811,203,750	2,510,655	(1,240)	-	37,431,152	37,423,667	0.1%
Fidelity Securities Lending Cash Central Fund	60,632,698	534,302,668	547,196,763	102,245	(577)	-	47,738,026	47,733,253	0.1%
Total	153,904,572	1,289,666,936	1,358,400,513	2,612,900	(1,817)	-	85,169,178

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

Investment Valuation

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

Common Stocks
Communication Services	12,043,092	12,043,092	-	-
Consumer Discretionary	284,392,699	284,392,699	-	-
Consumer Staples	21,441,488	21,441,488	-	-
Energy	93,863,622	93,863,622	-	-
Financials	320,759,692	320,759,692	-	-
Health Care	322,977,248	322,977,248	-	-
Industrials	483,796,702	483,796,702	-	-
Information Technology	430,376,619	430,376,619	-	-
Materials	161,279,162	161,279,162	-	-
Real Estate	14,772,417	14,772,417	-	-
Utilities	15,242,395	15,242,395	-	-

Money Market Funds	85,169,178	85,169,178	-	-
Total Investments in Securities:	2,246,114,314	2,246,114,314	-	-

Financial Statements

Statement of Assets and Liabilities
As of April 30, 2026
Assets
Investment in securities, at value (including securities loaned of $150,197,063) - See accompanying schedule:
Unaffiliated issuers (cost $1,756,344,464)	$	2,160,945,136
Fidelity Central Funds (cost $85,169,178)		85,169,178


Total Investment in Securities (cost $1,841,513,642)			$	2,246,114,314
Foreign currency held at value (cost $2)				2
Receivable for investments sold				15,726,769
Receivable for fund shares sold				495,875
Dividends receivable				1,947,339
Distributions receivable from Fidelity Central Funds				116,484
Prepaid expenses				631
Total assets				2,264,401,414
Liabilities
Payable for investments purchased	$	644,926
Payable for fund shares redeemed		2,345,323
Accrued management fee		976,568
Other payables and accrued expenses		56,182
Collateral on securities loaned		47,735,206
Total liabilities				51,758,205
Net Assets			$	2,212,643,209
Net Assets consist of:
Paid in capital			$	1,750,287,032
Total accumulated earnings (loss)				462,356,177
Net Assets			$	2,212,643,209
Net Asset Value, offering price and redemption price per share ($2,212,643,209 ÷ 87,059,251 shares)			$	25.42

Statement of Operations
Year ended April 30, 2026
Investment Income
Dividends			$	22,177,786
Income from Fidelity Central Funds (including $102,245 from security lending)				2,612,900
Security lending				26,624
Total income				24,817,310
Expenses
Management fee
Basic fee	$	17,415,416
Performance adjustment		(2,756,229)
Custodian fees and expenses		48,062
Independent trustees' fees and expenses		7,654
Registration fees		52,956
Audit fees		57,544
Legal		2,173
Interest		1,838
Miscellaneous		8,234
Total expenses				14,837,648
Net Investment income (loss)				9,979,662
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		330,090,439
Fidelity Central Funds		(1,817)
Foreign currency transactions		(19,974)
Total net realized gain (loss)				330,068,648
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		276,959,826
Assets and liabilities in foreign currencies		23,828
Total change in net unrealized appreciation (depreciation)				276,983,654
Net gain (loss)				607,052,302
Net increase (decrease) in net assets resulting from operations			$	617,031,964

Statement of Changes in Net Assets

		Year ended April 30, 2026		Year ended April 30, 2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	9,979,662	$	5,506,813
Net realized gain (loss)		330,068,648		197,426,539
Change in net unrealized appreciation (depreciation)		276,983,654		(301,845,142)
Net increase (decrease) in net assets resulting from operations		617,031,964		(98,911,790)
Distributions to shareholders		(304,427,968)		(295,273,715)

Share transactions
Proceeds from sales of shares		234,811,242		511,958,193
Reinvestment of distributions		240,522,073		266,250,032
Cost of shares redeemed		(676,588,480)		(897,949,560)

Net increase (decrease) in net assets resulting from share transactions		(201,255,165)		(119,741,335)
Total increase (decrease) in net assets		111,348,831		(513,926,840)

Net Assets
Beginning of period		2,101,294,378		2,615,221,218
End of period	$	2,212,643,209	$	2,101,294,378

Other Information
Shares
Sold		9,766,772		21,275,688
Issued in reinvestment of distributions		10,272,323		10,938,899
Redeemed		(27,726,189)		(35,720,230)
Net increase (decrease)		(7,687,094)		(3,505,643)

Financial Highlights

Fidelity® Small Cap Discovery Fund

Years ended April 30,		2026		2025		2024		2023		2022
Selected Per-Share Data
Net asset value, beginning of period	$	22.18	$	26.62	$	23.70	$	26.93	$	29.55
Income from Investment Operations
Net investment income (loss) A,B		.11		.06		.04		.06		- C
Net realized and unrealized gain (loss)		6.55		(1.35)		4.06		(.64)		(.74)
Total from investment operations		6.66		(1.29)		4.10		(.58)		(.74)
Distributions from net investment income		(.10)		(.06)		(.03)		(.04)		(.03)
Distributions from net realized gain		(3.32)		(3.09)		(1.15)		(2.61)		(1.85)
Total distributions		(3.42)		(3.15)		(1.18)		(2.65)		(1.88)
Net asset value, end of period	$	25.42	$	22.18	$	26.62	$	23.70	$	26.93
Total Return D		31.75 %		(5.57)%		17.57%		(1.82)%		(2.94)%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.66%		.91%		1.10%		1.03%		.98%
Expenses net of fee waivers, if any		.66 %		.91%		1.09%		1.02%		.97%
Expenses net of all reductions, if any		.66%		.91%		1.09%		1.02%		.97%
Net investment income (loss)		.44%		.23%		.17%		.25%		.01%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,212,643	$	2,101,294	$	2,615,221	$	2,757,344	$	3,223,415
Portfolio turnover rate G		64 %		67%		45%		27%		26%

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

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

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

Notes to Financial Statements

For the period ended April 30, 2026

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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	$554,563,854
Gross unrealized depreciation	(150,640,263)
Net unrealized appreciation (depreciation)	$403,923,591
Tax Cost	$1,842,190,723

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

Undistributed ordinary income	$1,586,903
Undistributed long-term capital gain	$56,798,094
Net unrealized appreciation (depreciation) on securities and other investments	$403,971,182

The tax character of distributions paid was as follows:

	April 30, 2026	April 30, 2025
Ordinary Income	$65,581,613	$79,224,947
Long-term Capital Gains	238,846,355	216,048,768
Total	$304,427,968	$295,273,715

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Small Cap Discovery Fund	1,396,566,363	1,851,905,652

5. Fees and Other Transactions with Affiliates.

	Maximum Management Fee Rate %
Fidelity Small Cap Discovery Fund	.84

	Total Management Fee Rate %
Fidelity Small Cap Discovery Fund	.77

	Performance Adjustment Index
Fidelity Small Cap Discovery Fund	Russell 2000 Index

	Amount ($)
Fidelity Small Cap Discovery Fund	31,907

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	8,411,000	3.93%	1,838

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Small Cap Discovery Fund	73,874,445	141,889,763	34,472,560

6. Committed Line of Credit.

The line of credit agreement will expire in March 2027 unless extended or renewed.

	Amount ($)
Fidelity Small Cap Discovery Fund	2,767

7. Security Lending.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Fidelity Small Cap Discovery Fund	13,847	15	-

	Amount ($)
Fidelity Small Cap Discovery Fund	102,243,135

8. Other.

9. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity Small Cap 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, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). 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, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2026

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, 2026, $258,381,671, or, if subsequently determined to be different, the net capital gain of such year.

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

The fund designates $1,118,410 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 94% and 20% 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 94.06% and 22.99% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.07% and 0.86% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 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)

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

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.

1.757239.125

SMR-ANN-0626

Fidelity® Series Small Cap Discovery Fund

Annual Report

April 30, 2026

Contents

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

Fidelity® Series Small Cap Discovery Fund

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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, 2026

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares	Value ($)
BAILIWICK OF GUERNSEY - 0.2%
Consumer Discretionary - 0.2%
Hotels, Restaurants & Leisure - 0.2%
Super Group SGHC Ltd (b)	316,100	4,096,656
BRAZIL - 0.2%
Financials - 0.2%
Financial Services - 0.2%
StoneCo Ltd Class A	337,400	3,704,652
CANADA - 0.3%
Industrials - 0.0%
Electrical Equipment - 0.0%
Electrovaya Inc (United States) (a)	100,800	933,408
Materials - 0.3%
Metals & Mining - 0.3%
Ssr Mining Inc (United States) (a)	164,000	4,724,840
TOTAL CANADA		5,658,248
GRAND CAYMAN (UK OVERSEAS TER) - 0.2%
Financials - 0.2%
Capital Markets - 0.2%
Patria Investments Ltd Class A (b)	288,057	3,718,816
NETHERLANDS - 0.2%
Health Care - 0.2%
Biotechnology - 0.2%
Newamsterdam Pharma Co NV (a)(b)	137,500	3,927,000
PUERTO RICO - 1.0%
Financials - 1.0%
Financial Services - 1.0%
EVERTEC Inc	693,161	20,469,044
THAILAND - 2.8%
Information Technology - 2.8%
Electronic Equipment, Instruments & Components - 2.8%
Fabrinet (a)	81,500	55,702,805
UNITED STATES - 92.4%
Communication Services - 0.5%
Media - 0.5%
EchoStar Corp Class A (a)(b)	88,900	10,947,145
Consumer Discretionary - 12.3%
Broadline Retail - 0.4%
Etsy Inc (a)	109,400	7,038,796
Distributors - 0.7%
GigaCloud Technology Inc Class A (a)(b)	326,205	14,512,860
Diversified Consumer Services - 5.6%
Carriage Services Inc	294,600	14,464,860
Covista Inc (a)	215,310	24,808,018
Grand Canyon Education Inc (a)	40,366	6,824,680
Laureate Education Inc (a)	1,583,348	47,650,859
Stride Inc (a)(b)	166,400	16,167,424
		109,915,841
Hotels, Restaurants & Leisure - 1.0%
Cheesecake Factory Inc/The (b)	318,900	20,049,243
Household Durables - 0.5%
KB Home	180,200	9,548,798
Specialty Retail - 3.9%
Academy Sports & Outdoors Inc (b)	666,059	36,526,676
Bob's Discount Furniture Inc (b)	233,567	2,508,509
Caleres Inc	316,200	4,142,220
Lithia Motors Inc	41,000	11,894,920
Signet Jewelers Ltd	89,700	7,985,991
Urban Outfitters Inc (a)	182,700	12,851,118
		75,909,434
Textiles, Apparel & Luxury Goods - 0.2%
Oxford Industries Inc (b)	71,800	3,075,912
Steven Madden Ltd	50,359	1,891,484
		4,967,396
TOTAL CONSUMER DISCRETIONARY		241,942,368
Consumer Staples - 1.0%
Consumer Staples Distribution & Retail - 1.0%
Sprouts Farmers Market Inc (a)	219,400	17,957,890
Village Super Market Inc Class A	17,000	732,530
TOTAL CONSUMER STAPLES		18,690,420
Energy - 4.3%
Energy Equipment & Services - 1.1%
Cactus Inc Class A	45,656	2,543,952
Flowco Holdings Inc Class A	378,200	9,390,706
Solaris Energy Infrastructure Inc Class A	119,000	8,786,960
		20,721,618
Oil, Gas & Consumable Fuels - 3.2%
Chord Energy Corp	153,371	22,330,818
Gulfport Energy Corp (a)	11,100	2,137,194
Ovintiv Inc	623,300	38,364,115
		62,832,127
TOTAL ENERGY		83,553,745
Financials - 12.4%
Banks - 4.9%
Axos Financial Inc (a)	139,900	13,491,956
Eastern Bankshares Inc	158,841	3,213,353
FNB Corp/PA	413,222	7,376,013
Hancock Whitney Corp	148,649	10,035,294
Old National Bancorp/IN	2,026,500	48,575,205
Pathward Financial Inc	37,200	3,230,448
UMB Financial Corp	87,451	11,033,693
		96,955,962
Capital Markets - 0.7%
Victory Capital Holdings Inc Class A (b)	31,400	2,465,214
WisdomTree Inc (b)	688,900	11,711,300
		14,176,514
Consumer Finance - 3.6%
EZCORP Inc Class A (a)(b)	810,900	26,581,302
FirstCash Holdings Inc	123,333	26,913,727
SLM Corp	718,451	16,581,849
		70,076,878
Financial Services - 0.8%
WEX Inc (a)	102,200	15,363,726
Insurance - 2.4%
Baldwin Insurance Group Inc/The Class A (a)(b)	637,886	14,492,770
First American Financial Corp	221,245	15,515,912
Reinsurance Group of America Inc	76,900	16,261,274
		46,269,956
TOTAL FINANCIALS		242,843,036
Health Care - 14.6%
Biotechnology - 4.3%
Annexon Inc (a)	396,000	2,324,520
Apogee Therapeutics Inc (a)	4,600	381,294
Celldex Therapeutics Inc (a)(b)	370,400	12,178,752
CG oncology Inc (a)	117,600	7,848,624
Cogent Biosciences Inc (a)	349,711	12,516,157
Cytokinetics Inc (a)	74,900	4,791,353
Disc Medicine Inc (a)	34,300	2,262,085
Janux Therapeutics Inc (a)	24,500	352,065
Kiniksa Pharmaceuticals International Plc Class A (a)	93,528	5,029,936
Nurix Therapeutics Inc (a)	159,200	2,658,640
Olema Pharmaceuticals Inc (a)	202,000	2,910,820
Oruka Therapeutics Inc (a)	4,000	273,640
Praxis Precision Medicines Inc (a)	16,800	5,356,344
Travere Therapeutics Inc (a)	178,500	7,518,420
Tyra Biosciences Inc (a)	4,300	149,425
Upstream Bio Inc (a)	69,306	636,229
Vaxcyte Inc (a)	215,410	12,330,068
Viridian Therapeutics Inc (a)	69,868	941,821
Zenas Biopharma Inc (a)	227,046	4,386,529
		84,846,722
Health Care Equipment & Supplies - 3.6%
Haemonetics Corp (a)	207,028	12,440,313
Lantheus Holdings Inc (a)	592,667	50,151,482
LivaNova PLC (a)	127,200	7,644,719
		70,236,514
Health Care Providers & Services - 3.8%
Addus HomeCare Corp (a)	73,800	7,150,482
BrightSpring Health Services Inc (a)	335,049	16,072,301
Ensign Group Inc/The	61,900	11,556,111
Option Care Health Inc (a)	537,200	10,921,276
PACS Group Inc (a)	330,200	11,078,210
Park Dental Partners Inc	13,500	237,329
Pennant Group Inc/The (a)	284,844	8,921,314
Progyny Inc (a)	505,867	9,399,009
		75,336,032
Life Sciences Tools & Services - 1.6%
Charles River Laboratories International Inc (a)	27,200	4,541,584
ICON PLC (a)	225,400	26,671,582
		31,213,166
Pharmaceuticals - 1.3%
Alumis Inc (a)	80,600	1,990,014
Amylyx Pharmaceuticals Inc (a)	136,730	2,187,680
Elanco Animal Health Inc (a)	386,021	8,635,290
Enliven Therapeutics Inc (a)	2,949	121,587
MBX Biosciences Inc (a)	47,700	1,441,494
Phibro Animal Health Corp Class A	134,320	7,143,138
Trevi Therapeutics Inc (a)	266,900	3,672,544
		25,191,747
TOTAL HEALTH CARE		286,824,181
Industrials - 21.7%
Aerospace & Defense - 0.6%
Park Aerospace Corp	17,400	589,164
V2X Inc (a)	172,127	11,671,932
		12,261,096
Building Products - 1.9%
AZZ Inc	20,456	2,926,026
Gibraltar Industries Inc (a)	287,929	11,237,869
Griffon Corp	22,600	2,060,442
Resideo Technologies Inc (a)	250,270	10,353,670
Tecnoglass Inc	268,817	11,580,636
		38,158,643
Commercial Services & Supplies - 3.2%
Brady Corp Class A	479,246	39,211,908
Brink's Co/The	212,423	22,676,155
		61,888,063
Construction & Engineering - 5.5%
Cardinal Infrastructure Group Inc Class A	146,544	7,771,228
Granite Construction Inc	143,700	19,696,959
IES Holdings Inc (a)	104,639	67,395,888
Limbach Holdings Inc (a)	60,100	5,996,177
Valmont Industries Inc	10,300	5,232,812
		106,093,064
Electrical Equipment - 0.9%
LSI Industries Inc	6,624	161,029
Nextpower Inc Class A (a)	154,540	18,410,351
		18,571,380
Ground Transportation - 0.3%
ArcBest Corp	37,458	4,778,517
Proficient Auto Logistics Inc (a)	55,344	406,778
Universal Logistics Holdings Inc	41,700	1,004,136
		6,189,431
Machinery - 3.2%
Blue Bird Corp (a)	18,900	1,211,679
Energy Recovery Inc (a)	61,500	680,805
Enpro Inc	31,500	9,183,825
Hillman Solutions Corp (a)	529,384	4,319,773
JBT Marel Corp	27,100	3,200,510
Miller Industries Inc/TN	12,000	575,880
Mueller Industries Inc	95,826	12,977,715
Mueller Water Products Inc Class A1	170,500	4,755,245
SPX Technologies Inc (a)	76,500	16,746,616
Terex Corp	154,300	9,597,460
		63,249,508
Professional Services - 2.4%
Cbiz Inc (a)(b)	799,953	24,398,567
Maximus Inc	330,666	21,698,302
		46,096,869
Trading Companies & Distributors - 3.7%
Core & Main Inc Class A (a)	268,100	13,504,197
DXP Enterprises Inc/TX (a)	252,764	43,159,453
Herc Holdings Inc	71,400	9,062,088
Rush Enterprises Inc Class A	93,309	6,907,665
		72,633,403
TOTAL INDUSTRIALS		425,141,457
Information Technology - 17.1%
Electronic Equipment, Instruments & Components - 8.9%
Bel Fuse Inc Class B	15,287	4,216,766
Belden Inc	137,000	15,409,760
ePlus Inc	64,533	5,465,300
Insight Enterprises Inc (a)	326,369	23,792,300
Itron Inc (a)	34,600	2,899,480
Sanmina Corp (a)(b)	399,576	87,035,644
TD SYNNEX Corp	58,000	13,234,440
TTM Technologies Inc (a)	142,300	22,514,706
		174,568,396
Semiconductors & Semiconductor Equipment - 6.0%
Axcelis Technologies Inc (a)(b)	226,400	31,494,504
Credo Technology Group Holding Ltd (a)	99,000	17,226,990
Diodes Inc (a)	280,402	30,045,074
MKS Inc	19,300	5,476,375
Penguin Solutions Inc (a)	751,090	22,840,647
Veeco Instruments Inc (a)	209,469	10,442,030
		117,525,620
Software - 2.2%
ACI Worldwide Inc (a)	233,600	10,096,192
Adeia Inc	326,300	10,392,655
Bitdeer Technologies Group Class A (a)(b)	167,700	1,893,333
Riot Platforms Inc (a)	545,700	9,407,868
Terawulf Inc (a)(b)	506,400	11,004,072
		42,794,120
TOTAL INFORMATION TECHNOLOGY		334,888,136
Materials - 7.1%
Chemicals - 2.9%
Element Solutions Inc	246,900	10,515,471
HB Fuller Co	82,300	4,980,796
Minerals Technologies Inc	432,352	31,103,403
Perimeter Solutions Inc (a)	306,373	9,283,102
		55,882,772
Construction Materials - 1.1%
Eagle Materials Inc	85,400	17,943,394
Suncrete Inc Class A	221,100	3,449,160
		21,392,554
Containers & Packaging - 0.6%
Silgan Holdings Inc	311,800	12,643,490
Metals & Mining - 2.5%
Century Aluminum Co (a)	42,900	2,549,976
Coeur Mining Inc (a)	1,610,300	28,937,091
Commercial Metals Co	214,300	14,778,128
Constellium SE (a)	106,700	3,337,576
		49,602,771
TOTAL MATERIALS		139,521,587
Real Estate - 0.7%
Real Estate Management & Development - 0.6%
Compass Inc Class A (a)	1,393,700	10,550,309
Specialized REITs - 0.1%
Outfront Media Inc	80,585	2,486,047
TOTAL REAL ESTATE		13,036,356
Utilities - 0.7%
Gas Utilities - 0.7%
UGI Corp	383,100	13,826,079
TOTAL UNITED STATES		1,811,214,510
TOTAL COMMON STOCKS (Cost $1,586,110,511)		1,908,491,731

Money Market Funds - 8.3%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	79,473,800	79,489,694
Fidelity Securities Lending Cash Central Fund (c)(d)	3.69	82,457,808	82,466,055
TOTAL MONEY MARKET FUNDS (Cost $161,955,749)			161,955,749

TOTAL INVESTMENT IN SECURITIES - 105.6% (Cost $1,748,066,260)	2,070,447,480
NET OTHER ASSETS (LIABILITIES) - (5.6)%	(108,935,241)
NET ASSETS - 100.0%	1,961,512,239

Legend

(a)	Non-income producing.

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

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	24,417,400	668,888,328	613,813,429	2,233,213	(2,605)	-	79,489,694	79,473,800	0.1%
Fidelity Securities Lending Cash Central Fund	48,819,342	583,185,557	549,537,009	83,985	(1,835)	-	82,466,055	82,457,808	0.2%
Total	73,236,742	1,252,073,885	1,163,350,438	2,317,198	(4,440)	-	161,955,749

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

Investment Valuation

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

Common Stocks
Communication Services	10,947,145	10,947,145	-	-
Consumer Discretionary	246,039,024	246,039,024	-	-
Consumer Staples	18,690,420	18,690,420	-	-
Energy	83,553,745	83,553,745	-	-
Financials	270,735,548	270,735,548	-	-
Health Care	290,751,181	290,751,181	-	-
Industrials	426,074,865	426,074,865	-	-
Information Technology	390,590,941	390,590,941	-	-
Materials	144,246,427	144,246,427	-	-
Real Estate	13,036,356	13,036,356	-	-
Utilities	13,826,079	13,826,079	-	-

Money Market Funds	161,955,749	161,955,749	-	-
Total Investments in Securities:	2,070,447,480	2,070,447,480	-	-

Financial Statements

Statement of Assets and Liabilities
As of April 30, 2026
Assets
Investment in securities, at value (including securities loaned of $146,700,605) - See accompanying schedule:
Unaffiliated issuers (cost $1,586,110,511)	$	1,908,491,731
Fidelity Central Funds (cost $161,955,749)		161,955,749


Total Investment in Securities (cost $1,748,066,260)			$	2,070,447,480
Foreign currency held at value (cost $1)				1
Receivable for investments sold				12,570,424
Receivable for fund shares sold				6,476,011
Dividends receivable				1,531,100
Distributions receivable from Fidelity Central Funds				210,776
Total assets				2,091,235,792
Liabilities
Payable for investments purchased	$	40,604,188
Payable for fund shares redeemed		6,648,890
Other payables and accrued expenses		7,555
Collateral on securities loaned		82,462,920
Total liabilities				129,723,553
Net Assets			$	1,961,512,239
Net Assets consist of:
Paid in capital			$	1,618,272,829
Total accumulated earnings (loss)				343,239,410
Net Assets			$	1,961,512,239
Net Asset Value, offering price and redemption price per share ($1,961,512,239 ÷ 163,637,653 shares)			$	11.99

Statement of Operations
Year ended April 30, 2026
Investment Income
Dividends			$	17,750,263
Income from Fidelity Central Funds (including $83,985 from security lending)				2,317,198
Security lending				29,009
Total income				20,096,470
Expenses
Custodian fees and expenses	$	43,126
Independent trustees' fees and expenses		6,121
Total expenses before reductions		49,247
Expense reductions		(2,600)
Total expenses after reductions				46,647
Net Investment income (loss)				20,049,823
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		165,280,025
Fidelity Central Funds		(4,440)
Foreign currency transactions		(12,532)
Total net realized gain (loss)				165,263,053
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		322,720,105
Assets and liabilities in foreign currencies		17,738
Total change in net unrealized appreciation (depreciation)				322,737,843
Net gain (loss)				488,000,896
Net increase (decrease) in net assets resulting from operations			$	508,050,719

Statement of Changes in Net Assets

		Year ended April 30, 2026		Year ended April 30, 2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	20,049,823	$	16,445,835
Net realized gain (loss)		165,263,053		86,503,756
Change in net unrealized appreciation (depreciation)		322,737,843		(216,955,838)
Net increase (decrease) in net assets resulting from operations		508,050,719		(114,006,247)
Distributions to shareholders		(180,787,742)		(140,023,638)

Share transactions
Proceeds from sales of shares		125,518,707		849,535,221
Reinvestment of distributions		180,787,741		140,023,638
Cost of shares redeemed		(306,365,263)		(350,995,254)

Net increase (decrease) in net assets resulting from share transactions		(58,815)		638,563,605
Total increase (decrease) in net assets		327,204,162		384,533,720

Net Assets
Beginning of period		1,634,308,077		1,249,774,357
End of period	$	1,961,512,239	$	1,634,308,077

Other Information
Shares
Sold		10,742,618		74,809,976
Issued in reinvestment of distributions		16,334,003		12,499,751
Redeemed		(26,581,423)		(30,713,924)
Net increase (decrease)		495,198		56,595,803

Financial Highlights

Fidelity® Series Small Cap Discovery Fund

Years ended April 30,		2026		2025		2024		2023		2022
Selected Per-Share Data
Net asset value, beginning of period	$	10.02	$	11.73	$	10.23	$	12.49	$	15.20
Income from Investment Operations
Net investment income (loss) A,B		.12		.12		.14		.14		.14
Net realized and unrealized gain (loss)		3.00		(.66)		1.70		(.34)		(.33)
Total from investment operations		3.12		(.54)		1.84		(.20)		(.19)
Distributions from net investment income		(.13)		(.12)		(.13)		(.15)		(.14)
Distributions from net realized gain		(1.02)		(1.05)		(.21)		(1.92)		(2.38)
Total distributions		(1.15)		(1.17)		(.34)		(2.06) C		(2.52)
Net asset value, end of period	$	11.99	$	10.02	$	11.73	$	10.23	$	12.49
Total Return D		32.24 %		(5.38)%		18.22%		(1.01)%		(2.37)%
Ratios to Average Net Assets B,E,F
Expenses before reductions G		-%		-%		-%		-%		-%
Expenses net of fee waivers, if any G		- %		-%		-%		-%		-%
Expenses net of all reductions, if any G		-%		-%		-%		-%		-%
Net investment income (loss)		1.09%		1.09%		1.30%		1.31%		1.01%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,961,512	$	1,634,308	$	1,249,774	$	1,149,203	$	1,295,339
Portfolio turnover rate H		71 %		80%		50%		31%		25%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

GAmount represents less than .005%.

HAmount 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, 2026

1. Organization.

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

2. Investments in Fidelity Central Funds.

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