SUPPLEMENT TO THE SPARTAN(registered trademark) U.S. EQUITY INDEX FUND
APRIL 21, 1999
PROSPECTUS
SHAREHOLDER MEETING. On or about September 15, 1999, a meeting of the
shareholders of Spartan U.S. Equity Index Fund will be held to approve
various proposals, including approval of the fund's sub-advisory
agreement with BT, approval of a new sub-advisory agreement with BT
and approval of a manager-of-managers arrangement, which, subject to
receipt of an exemptive order from the SEC, would allow FMR, with the
approval of the Board of Trustees, to change sub-advisers and to
modify material terms and conditions of a sub-advisory agreement
without a shareholder vote. Shareholders of record on July 19, 1999
are entitled to vote at the meeting.
For more detailed information concerning the proposals under
consideration, please contact Fidelity at 1-800-544-8888 to request a
free copy of the proxy statement.
The following information replaces similar information found in the
"Fee Table" section on page P-4.
A EFFECTIVE APRIL 18, 1997, FIDELITY MANAGEMENT & RESEARCH COMPANY
(FMR) HAS AGREED TO REIMBURSE THE FUND TO THE EXTENT THAT TOTAL
OPERATING EXPENSES (WITH THE EXCEPTIONS NOTED BELOW) EXCEED 0.19% OF
ITS AVERAGE NET ASSETS. EXPENSES ELIGIBLE FOR REIMBURSEMENT DO NOT
INCLUDE INTEREST, TAXES, BROKERAGE COMMISSIONS, OR EXTRAORDINARY
EXPENSES. IN ADDITION, SUB-ADVISORY FEES PAID BY THE FUND ASSOCIATED
WITH SECURITIES LENDING ARE NOT ELIGIBLE FOR REIMBURSEMENT. THIS
ARRANGEMENT CAN BE DISCONTINUED BY FMR AT ANY TIME AFTER DECEMBER 31,
1999.
The following information replaces the 8th paragraph found under the
heading "Fund Management" in the "Fund Services" section on page P-18.
Effective June 4, 1999, Bankers Trust Corporation and all of its
subsidiaries, including BT, merged with and into a subsidiary of
Deutsche Bank AG. At a meeting held on March 18, 1999, the fund's
Board of Trustees approved a new sub-advisory agreement among the
fund, FMR and BT or its successor by merger that became effective on
June 4, 1999. This agreement will be presented to the fund's
shareholders for approval on September 15, 1999.
The following information replaces similar information found under
the heading "Selling Shares" in the "Shareholder Information" section
on page P-12.
(small solid bullet) Redemption proceeds may be paid in securities
or other assets rather than in cash.
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 9TH PARAGRAPH FOUND IN THE
"PORTFOLIO TRANSACTIONS" SECTION BEGINNING ON PAGE 10.
To the extent permitted by applicable law, BT is authorized to
allocate portfolio transactions in a manner that takes into account
assistance received in the distribution of shares of the funds or
other Fidelity funds and to use the research services of brokerage and
other firms that have provided such assistance. BT may use research
services provided by and place agency transactions with National
Financial Services Corporation (NFSC) and Fidelity Brokerage Services
Japan LLC (FBSJ), indirect subsidiaries of FMR Corp., and BT Brokerage
Corporation and BT Futures Corp., indirect subsidiaries of Deutsche
Bank AG, if the commissions are fair, reasonable, and comparable to
commissions charged by non-affiliated, qualified brokerage firms for
similar services. Prior to December 9, 1997, FMR used research
services provided by and placed agency transactions with Fidelity
Brokerage Services (FBS), an indirect subsidiary of FMR Corp.
THE FOLLOWING INFORMATION REPLACES THE FIRST PARAGRAPH FOUND UNDER
THE HEADING "ADDITIONAL PURCHASE, EXCHANGE AND REDEMPTION INFORMATION"
ON PAGE 15.
Redemption payments may be made in whole or in part in securities
or other property, valued for this purpose as they are valued in
computing the fund's NAV. Shareholders receiving securities or other
property on redemption may realize a gain or loss for tax purposes,
and will incur any costs of sale, as well as the associated
inconveniences.
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 LAST PARAGRAPH FOUND IN THE
"CONTROL OF INVESTMENT ADVISER" SECTION BEGINNING ON PAGE 18.
BT, a New York banking corporation with principal offices at 130
Liberty Street, New York, New York 10006, is a wholly owned subsidiary
of Deutsche Bank AG (effective June 4, 1999), whose principal offices
are Taunusanlage 12, D-60325 Frankfurt am Main, Federal Republic of
Germany. Deutsche Bank AG is a major global banking institution that
is engaged in a wide range of financial services, including investment
management, mutual funds, retail and commercial banking, investment
banking and insurance.
THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND UNDER
THE HEADING "SUB-ADVISER" IN THE "MANAGEMENT CONTRACT" SECTION
BEGINNING ON PAGE 19.
For the fiscal year ended February 28, 1999 and for the fiscal period
from December 5, 1997 to February 28, 1998, FMR paid BT fees of
$775,210 and $142,480, respectively.
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.
