SUPPLEMENT TO THE
SPARTAN(registered trademark) U.S. EQUITY INDEX FUND
A FUND OF FIDELITY CONCORD STREET TRUST
STATEMENT OF ADDITIONAL INFORMATION
APRIL 21, 1999
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"INVESTMENT POLICIES AND LIMITATIONS" SECTION BEGINNING ON PAGE 2.
(iii) The fund may borrow money only (a) from a bank or from a
registered investment company or portfolio for which FMR or an
affiliate serves as investment adviser or (b) by engaging in reverse
repurchase agreements with any party (reverse repurchase agreements
are treated as borrowings for purposes of fundamental investment
limitation (3)).
(v) The fund does not currently intend to lend assets other than
securities to other parties, except by (a) lending money (up to 15% of
the fund's net assets) to a registered investment company or portfolio
for which FMR or an affiliate serves as investment adviser or (b)
acquiring loans, loan participations, or other forms of direct debt
instruments and, in connection therewith assuming any associated
unfunded commitments of the sellers. (This limitation does not apply
to purchases of debt securities or to repurchase agreements.)
THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION ON PAGE 16.
*ABIGAIL P. JOHNSON (37), Member of the Advisory Board of Fidelity
Concord Street Trust (1999), is Vice President of certain Equity Funds
(1997), and is a Director of FMR Corp. (1994). Before assuming her
current responsibilities, Ms. Johnson managed a number of Fidelity
funds. Edward C. Johnson 3d, Trustee and President of the Funds, is
Ms. Johnson's father.
THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN
THE "TRANSFER AND SERVICE AGENT AGREEMENTS" SECTION ON PAGE 21.
The fund has also entered into a service agent agreement with FSC, an
affiliate of FMR. Under the terms of the agreement, FSC calculates the
NAV and dividends for the fund and maintains the fund's portfolio and
general accounting records.
SUPPLEMENT TO THE
FIDELITY U.S. BOND INDEX FUND
APRIL 21, 1999
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"INVESTMENT POLICIES AND LIMITATIONS" SECTION BEGINNING ON PAGE 2.
(iii) The fund may borrow money only (a) from a bank or from a
registered investment company or portfolio for which FMR or an
affiliate serves as investment adviser or (b) by engaging in reverse
repurchase agreements with any party (reverse repurchase agreements
are treated as borrowings for purposes of fundamental investment
limitation (3)).
(v) The fund does not currently intend to lend assets other than
securities to other parties, except by (a) lending money (up to 15% of
the fund's net assets) to a registered investment company or portfolio
for which FMR or an affiliate serves as investment adviser or (b)
acquiring loans, loan participations, or other forms of direct debt
instruments and, in connection therewith, assuming any associated
unfunded commitments of the sellers. (This limitation does not apply
to purchases of debt securities or to repurchase agreements.)
SUPPLEMENT TO THE
SPARTAN(registered trademark) TOTAL MARKET INDEX FUND,
SPARTAN EXTENDED(registered trademark) MARKET INDEX FUND, AND
SPARTAN(registered trademark) INTERNATIONAL INDEX FUND
FUNDS OF FIDELITY CONCORD STREET TRUST
APRIL 21, 1999
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION REPLACES PARAGRAPH (III) FOUND IN
"INVESTMENT POLICIES AND LIMITATIONS" BEGINNING ON PAGE 2.
(iii) The fund may borrow money only (a) from a bank or from a
registered investment company or portfolio for which FMR or an
affiliate serves as investment adviser or (b) by engaging in reverse
repurchase agreements with any party (reverse repurchase agreements
are treated as borrowings for purposes of fundamental investment
limitation (3)).
THE FOLLOWING INFORMATION REPLACES PARAGRAPH (V) FOUND IN
"INVESTMENT POLICIES AND LIMITATIONS" BEGINNING ON PAGE 2.
(v) The fund does not currently intend to lend assets other than
securities to other parties, except by (a) lending money (up to 15% of
the fund's net assets) to a registered investment company or portfolio
for which FMR or an affiliate serves as investment adviser or (b)
acquiring loans, loan participations, or other forms of direct debt
instruments and, in connection therewith, assuming any associated
unfunded commitments of the sellers. (This limitation does not apply
to purchases of debt securities or to repurchase agreements.)
SHARES OF EACH FUND PURCHASED AFTER APRIL 28, 1999 WILL NO LONGER BE
SUBJECT TO A PURCHASE FEE. HOWEVER, EACH FUND WILL DEDUCT A SHORT-TERM
TRADING FEE OF 0.50% FOR SPARTAN TOTAL MARKET INDEX FUND, 0.75% FOR
SPARTAN EXTENDED MARKET INDEX FUND, OR 1.00% FOR SPARTAN INTERNATIONAL
INDEX FUND, FROM THE REDEMPTION AMOUNT IF YOU SELL SHARES PURCHASED
AFTER APRIL 28, 1999 AFTER HOLDING THEM FOR LESS THAN 90 DAYS.
EFFECTIVE APRIL 29, 1999, THE FOLLOWING INFORMATION REPLACES THE THIRD
PARAGRAPH FOUND IN "PERFORMANCE" ON PAGE 31.
In addition to average annual returns, a fund may quote unaveraged or
cumulative returns reflecting the simple changes in value of an
investment over a stated period. Average annual and cumulative returns
may be quoted as a percentage or as a dollar amount, and may be
calculated for a single investment, a series of investments, or a
series of redemptions, over any time period. Returns may be broken
down into their components of income and capital (including capital
gains and changes in share price) in order to illustrate the
relationship of these factors and their contributions to return.
Returns may be quoted on a before-tax or after-tax basis. Returns may
or may not include the effect of a fund's short-term trading fee or
index account fee. Excluding a fund's short-term trading fee or index
account fee from a return calculation produces a higher return figure.
Returns and other performance information may be quoted numerically or
in a table, graph, or similar information.
EFFECTIVE APRIL 29, 1999, THE FOLLOWING INFORMATION REPLACES SIMILAR
INFORMATION FOUND IN "PERFORMANCE" BEGINNING ON PAGE 31.
CALCULATING HISTORICAL FUND RESULTS. The following table shows
performance for each fund. For Spartan Total Market Index Fund,
Spartan Extended Market Index Fund, and Spartan International Index
Fund, returns do not include the effect of each fund's 0.50%, 0.75% or
1.00%, respectively, short-term trading fee, applicable to shares held
less than 90 days.
HISTORICAL FUND RESULTS. The following table shows each fund's
performance for the fiscal periods ended 1999.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Average Annual Returns Cumulative Returns
One Year Life of Fund* One Year Life of Fund*
Spartan Total Market Index Fund 14.61% 20.48% 14.61% 27.77%
Spartan Extended Market Index -1.33% 4.50% -1.33% 5.96%
Fund
Spartan International Index 6.58% 13.50% 6.58% 18.12%
Fund
</TABLE>
* From November 5, 1997 (commencement of operations).
EFFECTIVE APRIL 29, 1999, THE FOLLOWING INFORMATION REPLACES SIMILAR
INFORMATION FOUND IN "PERFORMANCE" BEGINNING ON PAGE 31.
The following tables show the growth in value of a hypothetical
$10,000 investment in each fund during the life of each fund, assuming
all distributions were reinvested. Returns are based on past results
and are not an indication of future performance. Tax consequences of
different investments (with the exception of foreign tax withholdings)
have not been factored into the figures below.
During the period from November 5, 1997 (commencement of operations)
to February 28, 1999, a hypothetical $10,000 investment in Spartan
Total Market Index Fund would have grown to $12,777.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
SPARTAN TOTAL MARKET INDEX FUND
Fiscal Year Ended Value of Initial $10,000 Value of Reinvested Dividend Value of Reinvested Capital Total Value
Investment Distributions Gain Distributions
1999 $ 12,520 $ 138 $ 119 $ 12,777
1998* $ 11,112 $ 36 $ 0 $ 11,148
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SPARTAN TOTAL MARKET INDEX FUND INDEXES
Fiscal Year Ended S&P 500 DJIA Cost of Living**
1999 $ 13,397 $ 12,368 $ 10,179
1998* $ 11,189 $ 11,168 $ 10,019
</TABLE>
* From November 5, 1997 (commencement of operations).
** From month-end closest to initial investment date.
Explanatory Notes: With an initial investment of $10,000 in Spartan
Total Market Index on November 5, 1997, the net amount invested in
fund shares was $10,000. The cost of the initial investment ($10,000)
together with the aggregate cost of reinvested dividends and capital
gain distributions for the period covered (their cash value at the
time they were reinvested) amounted to $10,238. If distributions had
not been reinvested, the amount of distributions earned from the fund
over time would have been smaller, and cash payments for the period
would have amounted to $124 for dividends and $112 for capital gain
distributions. The fund did not distribute any capital gains during
the period. The figures in the table do not include the effect of the
fund's 0.50% purchase fee (which was in effect during the period
November 5, 1997 through April 28, 1999) or its 0.50% short-term
trading fee applicable to shares purchased after April 28, 1999 and
held less than 90 days.
During the period from November 5, 1997 (commencement of operations)
to February 28, 1999, a hypothetical $10,000 investment in Spartan
Extended Market Index Fund would have grown to $10,596.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
SPARTAN EXTENDED MARKET INDEX
FUND
Fiscal Year Ended Value of Initial $10,000 Value of Reinvested Dividend Value of Reinvested Capital Total Value
Investment Distributions Gain Distributions
1999 $ 10,268 $ 119 $ 209 $ 10,596
1998* $ 10,708 $ 30 $ 0 $ 10,738
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SPARTAN EXTENDED MARKET INDEX INDEXES
FUND
Fiscal Year Ended S&P 500 DJIA Cost of Living**
1999 $ 13,397 $ 12,368 $ 10,179
1998* $ 11,189 $ 11,168 $ 10,019
</TABLE>
* From November 5, 1997 (commencement of operations).
** From month-end closest to initial investment date.
Explanatory Notes: With an initial investment of $10,000 in Spartan
Extended Market Index on November 5, 1997, the net amount invested in
fund shares was $10,000. The cost of the initial investment ($10,000)
together with the aggregate cost of reinvested dividends and capital
gain distributions for the period covered (their cash value at the
time they were reinvested) amounted to $10,326. If distributions had
not been reinvested, the amount of distributions earned from the fund
over time would have been smaller, and cash payments for the period
would have amounted to $116 for dividends and $208 for capital gain
distributions. The fund did not distribute any capital gains during
the period. The figures in the table do not include the effect of the
fund's 0.75% purchase fee (which was in effect during the period
November 5, 1997 through April 28, 1999) or its 0.75% short-term
trading fee applicable to shares purchased after April 28, 1999 and
held less than 90 days.
During the period from November 5, 1997 (commencement of operations)
to February 28, 1999, a hypothetical $10,000 investment in Spartan
International Index Fund would have grown to $11,812.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
SPARTAN INTERNATIONAL INDEX
Fiscal Year Ended Value of Initial $10,000 Value of Reinvested Dividend Value of Reinvested Capital Total Value
Investment Distributions Gain Distributions
1999 $ 11,536 $ 223 $ 53 $ 11,812
1998* $ 11,056 $ 27 $ 0 $ 11,083
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SPARTAN INTERNATIONAL INDEX INDEXES
Fiscal Year Ended S&P 500 DJIA Cost of Living**
1999 $ 13,397 $ 12,368 $ 10,179
1998* $ 11,189 $ 11,168 $ 10,019
</TABLE>
* From November 5, 1997 (commencement of operations).
** From month-end closest to initial investment date.
Explanatory Notes: With an initial investment of $10,000 in Spartan
International Index on November 5, 1997, the net amount invested in
fund shares was $10,000. The cost of the initial investment ($10,000)
together with the aggregate cost of reinvested dividends and capital
gain distributions for the period covered (their cash value at the
time they were reinvested) amounted to $10,270. If distributions had
not been reinvested, the amount of distributions earned from the fund
over time would have been smaller, and cash payments for the period
would have amounted to $216 for dividends and $52 for capital gain
distributions. The fund did not distribute any capital gains during
the period. The figures in the table do not include the effect of the
fund's 1.00% purchase fee (which was in effect during the period
November 5, 1997 through April 28, 1999) or its 1.00% short-term
trading fee applicable to shares purchased after April 28, 1999 and
held less than 90 days.
EFFECTIVE APRIL 29, 1999, THE FOLLOWING INFORMATION REPLACES THE
SECOND PARAGRAPH FOUND IN "ADDITIONAL PURCHASE, EXCHANGE AND
REDEMPTION INFORMATION" ON PAGE 35.
Each fund, in its discretion, may determine to issue its shares "in
kind" in exchange for securities held by the purchaser having a value,
determined in accordance with the fund's policies for valuation of
portfolio securities, equal to the purchase price of the fund shares
issued. A fund will accept for in kind purchases only securities or
other instruments that are appropriate under its investment objective
and policies. In addition, a fund generally will not accept securities
of any issuer unless they are liquid, have a readily ascertainable
market value, and are not subject to restrictions on resale. All
dividends, distributions, and subscription or other rights associated
with the securities become the property of the fund, along with the
securities. Shares purchased in exchange for securities in kind
generally cannot be redeemed for fifteen days following the exchange
in order to allow time for the transfer to settle.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN
"TRUSTEES AND OFFICERS" BEGINNING ON PAGE 36.
The Trustees, Members of the Advisory Board, and executive officers
of the trust are listed below. The Board of Trustees governs each fund
and is responsible for protecting the interests of shareholders. The
Trustees are experienced executives who meet periodically throughout
the year to oversee each fund's activities, review contractual
arrangements with companies that provide services to each fund, and
review each fund's performance. Except as indicated, each individual
has held the office shown or other offices in the same company for the
last five years. All persons named as Trustees and Members of the
Advisory Board also serve in similar capacities for other funds
advised by FMR or its affiliates. The business address of each
Trustee, Member of the Advisory Board, and officer who is an
"interested person" (as defined in the 1940 Act) is 82 Devonshire
Street, Boston, Massachusetts 02109, which is also the address of FMR.
The business address of all the other Trustees is Fidelity
Investments, P.O. Box 9235, Boston, Massachusetts 02205-9235. Those
Trustees who are "interested persons" by virtue of their affiliation
with the trust, FMR or BT are indicated by an asterisk (*).
