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Supplement to the Fidelity AdvisorR Worldwide Fund Institutional Class December 30, 2013 Prospectus component of the management fee rate for Fidelity Advisor Worldwide Fund from 0.45% to 0.424%. Effective August 1, 2014, the Adviser reduced the individual fund fee rate The following information replaces similar information for the fund found in the Fund Summary" section on page 3. Annual operating expenses (expenses that you pay each year as a % of the value of your investment) Management fee (fluctuates based on the fund's performance relative to a securities market index) 0.80% Distribution and/or Service (12bĆ1) fees None Other expenses 0.34% Total annual operating expenses 1.14% 1 year $ 116 3 years $ 362 5 years $ 628 10 years $ 1,386 Effective July 1, 2014, the following information replaces similar information found in the ShareĆ holder Information" section under the heading Buying Shares" beginning on page 13. Institutional Class shares are ofĆ fered to: employee benefit plans generally inĆ clude profit sharing, 401(k), and 403(b) plans, but do not include: IRAs; SIMPLE, SEP, or SARSEP plans; plans covering selfĆemployed individuals and their employees (forĆ merly Keogh/H.R. 10 plans); health savings accounts; or plans investing through the Fidelity Advisor 403(b) program; 1. Employee benefit plans investing through an intermediary and emĆ ployee benefit plans not recordĆ kept by Fidelity. For this purpose, AWLDIĆ14Ć02 (PAGE 1 OF 2) 1.899556.108 August 1, 2014 2. Insurance company separate accounts; 3. BrokerĆdealer, registered investĆ ment adviser, insurance company, trust institution and bank trust deĆ partment managed account programs that charge an assetĆbased fee; 8. EmployerĆsponsored health savings accounts investing through an interĆ mediary; and 9. Destiny Planholders who exchange, or have exchanged, from Class O to Institutional Class of Fidelity Advisor funds. 4. Current or former Trustees or offiĆ cers of a Fidelity fund or current or retired officers, directors, or regular employees of FMR LLC or FIL LimitĆ ed or their direct or indirect subsidĆ iaries (Fidelity Trustee or employee), spouses of Fidelity Trustees or emĆ ployees, Fidelity Trustees or emĆ ployees acting as a custodian for a minor child, or persons acting as trustee of a trust for the sole benefit of the minor child of a Fidelity TrustĆ ee or employee; 5. Any state, county, or city, or any governmental instrumentality, deĆ partment, authority or agency; 6. Charitable organizations (as defined for purposes of Section 501(c)(3) of the Internal Revenue Code) or charitable remainder trusts or life income pools estabĆ lished for the benefit of a charitable organization; 7. Qualified tuition programs for which Fidelity serves as investment manager, or mutual funds managed by Fidelity or other parties; (PAGE 2 OF 2) FidelityR Worldwide Fund Class/Ticker Fidelity AdvisorR Worldwide Fund Institutional/FWIFX Prospectus December 30, 2013 Like securities of all mutual funds, these securities have not been approved or disapproved by the Securities and ExĆ change Commission, and the Securities and Exchange Commission has not deĆ termined if this prospectus is accurate or complete. Any representation to the conĆ trary is a criminal offense. 245 Summer Street, Boston, MA 02210 Contents Fund Summary 3 FidelityR Worldwide Fund Fund Basics 7 9 Investment Details Valuing Shares Shareholder Information 11 Additional Information about the Purchase and Sale of Shares 17 Exchanging Shares 18 Account Features and Policies 20 Dividends and Capital Gain Distributions 21 Tax Consequences Fund Services 22 Fund Management 24 Fund Distribution Appendix 26 Financial Highlights 27 Additional Index Information Prospectus 2 Fund Summary Fund/Class: FidelityR Worldwide Fund/Fidelity AdvisorR Worldwide Fund Institutional Investment Objective Fee Table The fund seeks growth of capital. The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) Redemption fee on shares held less than 30 days (as a % of amount redeemed) 1.00% Annual operating expenses (expenses that you pay each year as a % of the value of your investment) Management fee (fluctuates based on the fund's performance relative to a securities market index) 0.83% Distribution and/or Service (12bĆ1) fees None Other expenses 0.34% Total annual operating expenses 1.17% effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: This example helps compare the cost of investing in the fund with the cost of investing in other funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the 1 year $ 119 3 years $ 372 5 years $ 644 10 years $ 1,420 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells seĆ curities (or turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the 3 Prospectus Fund Summary Ć continued uncertainties and can be extremely volĆ atile. Foreign exchange rates also can be extremely volatile. example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 161% of the average value of its portfolio. S IssuerĆSpecific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Principal Investment Strategies S Investing in securities issued throughĆ out the world. An investment in the fund is not a deĆ posit of a bank and is not insured or guaranteed by the Federal Deposit InĆ surance Corporation or any other govĆ ernment agency. You could lose money by investing in the fund. S Normally investing primarily in comĆ mon stocks. S Allocating investments across differĆ ent countries and regions. S Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. Performance The following information is intended to help you understand the risks of investĆ ing in the fund. The information illusĆ trates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Index Information section of the prospectus. Past performance (beĆ fore and after taxes) is not an indication of future performance. Principal Investment Risks S Stock Market Volatility. Stock marĆ kets are volatile and can decline signifiĆ cantly in response to adverse issuer, political, regulatory, market, or economĆ ic developments. Different parts of the market, including different market secĆ tors, and different types of securities can react differently to these developments. Visit www.advisor.fidelity.com for upĆ dated return information. S Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economĆ ic developments and can perform differĆ ently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political Prospectus 4 YearĆbyĆYear Returns Calendar Years 2010 2011 2012 17.02% -6.79% 18.65% Percentage (%) 20 10 0 -10 During the periods shown in the chart: Highest Quarter Return Lowest Quarter Return YearĆtoĆDate Return Returns Average Annual Returns AfterĆtax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual afterĆtax returns may differ Quarter ended 15.83% -16.77% 20.76% September 30, 2010 September 30, 2011 September 30, 2013 depending on your individual circumĆ stances. The afterĆtax returns shown are not relevant if you hold your shares in a retirement account or in another taxĆ deferred arrangement. For the periods ended December 31, 2012 Past 1 year Life of classA Return Before Taxes 18.65% 18.47% Return After Taxes on Distributions 18.45% 18.36% Return After Taxes on Distributions and Sale of Fund Shares 12.39% 16.22% 16.34% 17.64% Institutional Class MSCIR World Index (reflects no deduction for fees or expenses) AĂFrom February 19, 2009. Investment Adviser Portfolio Manager(s) Fidelity Management & Research ComĆ pany (FMR) (the Adviser) is the fund's manager. FMR Co., Inc. (FMRC), Fidelity Management & Research (U.K.) Inc. (FMR U.K.), and other investment advisĆ ers serve as subĆadvisers for the fund. William Kennedy (lead portfolio managĆ er) has managed the fund since January 2006. Stephen DuFour (coĆmanager) has managed the fund since October 2007. 5 Prospectus Fund Summary Ć continued Purchase and Sale of Shares Initial Purchase Minimum You may buy or sell shares through a reĆ tirement account or through an investĆ ment professional. You may buy or sell shares in various ways: $100 The fund may waive or lower purchase minimums in other circumstances. Tax Information Internet www.advisor.fidelity.com Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary inĆ come or capital gains, and may also be subject to state or local taxes, unless you are investing through a taxĆadvantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account). Phone To reach a Fidelity representative 1Ć877Ć208Ć0098 Mail Overnight Express: Fidelity Investments 100 Crosby Parkway Covington, KY 41015 Payments to BrokerĆDealers and Other Financial Intermediaries The price to buy one share is its net asĆ set value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form. The fund, the Adviser, Fidelity DistribuĆ tors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, brokerĆdealers, reĆ tirement plan sponsors, administrators, or serviceĆproviders (who may be affiliĆ ated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediĆ ary and your investment professional to recommend the fund over another inĆ vestment. Ask your investment profesĆ sional or visit your intermediary's web site for more information. The price to sell one share is its NAV, minus the shortĆterm redemption fee, if applicable. Shares will be sold at the NAV next calculated after an order is reĆ ceived in proper form, minus the shortĆ term redemption fee, if applicable. The fund is open for business each day the New York Stock Exchange (NYSE) is open. Prospectus $500 Through a regular investment plan established at the time the fund position is opened Institutional Class eligibility requireĆ ments are listed in the Additional InforĆ mation about the Purchase and Sale of Shares section of the prospectus. Fidelity Investments P.O. Box 770002 Cincinnati, OH 45277Ć0081 $2,500 For Fidelity Advisor Traditional IRA, Roth IRA, Rollover IRA, Simplified Employee PensionĆIRA, and Keogh accounts 6 Fund Basics Investment Details Description of Principal Security Types Investment Objective Equity securities represent an ownerĆ ship interest, or the right to acquire an ownership interest, in an issuer. DifferĆ ent types of equity securities provide different voting and dividend rights and priority in the event of the bankruptcy of the issuer. Equity securities include common stocks, preferred stocks, conĆ vertible securities, and warrants. Fidelity Worldwide Fund seeks growth of capital. Principal Investment Strategies The Adviser invests the fund's assets in securities issued throughout the world, including the United States. The AdvisĆ er normally invests the fund's assets priĆ marily in common stocks. Principal Investment Risks The Adviser normally allocates the fund's investments across different countries and regions. Many factors affect the fund's perforĆ mance. The fund's share price changes daily based on changes in market condiĆ tions and interest rates and in response to other economic, political, or financial developments. The fund's reaction to these developments will be affected by the types of securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund's levĆ el of investment in the securities of that issuer. When you sell your shares they may be worth more or less than what you paid for them, which means that you could lose money by investing in the fund. In buying and selling securities for the fund, the Adviser relies on fundamental analysis, which involves a bottomĆup asĆ sessment of a company's potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and economic and market conditions. In addition to the principal investment strategies discussed above, the Adviser may lend the fund's securities to brokerĆ dealers or other institutions to earn inĆ come for the fund. The Adviser may also use various techĆ niques, such as buying and selling fuĆ tures contracts and exchange traded funds, to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. The following factors can significantly affect the fund's performance: Stock Market Volatility. The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations, especially in foreign markets, can be dramatic over the short as well as long term, and differĆ ent parts of the market, including differĆ ent market sectors, and different types of equity securities can react differently to If the Adviser's strategies do not work as intended, the fund may not achieve its objective. 7 Prospectus Fund Basics Ć continued markets. The extent of economic develĆ opment; political stability; market depth, infrastructure, and capitalizaĆ tion; and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater social, economic, regĆ ulatory, and political uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. these developments. For example, stocks of companies in one sector can react difĆ ferently from those in another, large cap stocks can react differently from small cap stocks, and growth" stocks can react differently from value" stocks. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographĆ ic region, or the market as a whole. Changes in the financial condition of a single issuer can impact the market as a whole. Terrorism and related geoĆ political risks have led, and may in the future lead, to increased shortĆterm marĆ ket volatility and may have adverse longĆ term effects on world economies and markets generally. Global economies and financial markets are becoming increasingly interconnectĆ ed, which increases the possibilities that conditions in one country or region might adversely impact issuers or providĆ ers in, or foreign exchange rates with, a different country or region. Foreign Exposure. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or reguĆ latory conditions in foreign countries. These risks include fluctuations in forĆ eign exchange rates; withholding or othĆ er taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and discloĆ sure standards of some foreign markets. All of these factors can make foreign inĆ vestments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market. IssuerĆSpecific Changes. Changes in the financial condition of an issuer or counterparty, changes in specific ecoĆ nomic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can increase the risk of deĆ fault by an issuer or counterparty, which can affect a security's or instrument's value. The value of securities of smaller, less wellĆknown issuers can be more volĆ atile than that of larger issuers. In response to market, economic, politiĆ cal, or other conditions, a fund may temporarily use a different investment strategy for defensive purposes. If the fund does so, different factors could afĆ fect its performance and the fund may not achieve its investment objective. Investing in emerging markets can inĆ volve risks in addition to and greater than those generally associated with inĆ vesting in more developed foreign Prospectus 8 the fund invests (referred to as underĆ lying funds). Shares of underlying funds are valued at their respective NAVs. Other assets (as well as assets held by an underlying Fidelity nonĆmoney marĆ ket fund) are valued primarily on the basis of market quotations, official closĆ ing prices, or information furnished by a pricing service. Certain shortĆterm secuĆ rities are valued on the basis of amorĆ tized cost. If market quotations, official closing prices, or information furnished by a pricing service are not readily availĆ able or, in the Adviser's opinion, are deemed unreliable for a security, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. For example, if, in the Adviser's opinion, a security's value has been materially affected by events occurring before a fund's pricing time but after the close of the exchange or market on which the security is principally traded, then that security will be fair valued in good faith by the Adviser in accordance with appliĆ cable fair value pricing policies. Fair value pricing will be used for high yield debt securities when available pricing information is determined to be stale or for other reasons not to accurately reflect fair value. Assets held by an underlying Fidelity money market fund are valued on the basis of amortized cost. Fundamental Investment Policies The following is fundamental, that is, subject to change only by shareholder approval: Fidelity Worldwide Fund seeks growth of capital. Valuing Shares The fund is open for business each day the NYSE is open. NAV is the value of a single share. Fidelity normally calculates NAV as of the close of business of the NYSE, norĆ mally 4:00 p.m. Eastern time. The fund's assets normally are valued as of this time for the purpose of computing NAV. Fidelity calculates NAV separately for each class of shares of a multiple class fund. NAV is not calculated and the fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as perĆ mitted by the Securities and Exchange Commission (SEC). To the extent that the fund's assets are traded in other markets on days when the fund is not open for business, the value of the fund's assets may be afĆ fected on those days. In addition, tradĆ ing in some of the fund's assets may not occur on days when the fund is open for business. Arbitrage opportunities may exist when trading in a portfolio security or securiĆ ties is halted and does not resume beĆ fore a fund calculates its NAV. These arbitrage opportunities may enable shortĆterm traders to dilute the NAV of longĆterm investors. Securities trading NAV is calculated using the values of other openĆend funds, if any, in which 9 Prospectus Fund Basics Ć continued in overseas markets present time zone arbitrage opportunities when events affecting portfolio security values ocĆ cur after the close of the overseas marĆ kets but prior to the close of the U.S. market. Fair valuation of a fund's portĆ folio securities can serve to reduce arĆ bitrage opportunities available to shortĆterm traders, but there is no asĆ surance that fair value pricing policies will prevent dilution of NAV by shortĆ term traders. Policies regarding excessive trading may not be effective to prevent shortĆ term NAV arbitrage trading, particularĆ ly in regard to omnibus accounts. Fair value pricing is based on subjecĆ tive judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold. Prospectus 10 Shareholder Information Additional Information about the Purchase and Sale of Shares Excessive trading of fund shares can harm shareholders in various ways, inĆ cluding reducing the returns to longĆ term shareholders by increasing costs to the fund (such as brokerage commisĆ sions or spreads paid to dealers who sell money market instruments), disrupting portfolio management strategies, and diluting the value of the shares in cases in which fluctuations in markets are not fully priced into the fund's NAV. As used in this prospectus, the term shares" generally refers to the shares offered through this prospectus. General Information You may buy or sell shares through a reĆ tirement account or an investment proĆ fessional. When you invest through a retirement account or an investment professional, the procedures for buying, selling, and exchanging shares and the account features, policies, and fees may differ. Additional fees may apply to your investment in shares, including a transĆ action fee if you buy or sell shares through a broker or other investment professional. The fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restricĆ tive on excessive trading than those stated in this prospectus. Excessive Trading Policy The Board of Trustees has adopted poliĆ cies designed to discourage excessive trading of fund shares. Excessive tradĆ ing activity in a fund is measured by the number of roundtrip transactions in a shareholder's account and each class of a multiple class fund is treated sepaĆ rately. A roundtrip transaction occurs when a shareholder sells fund shares (including exchanges) within 30 days of the purchase date. You should include the following information with any order: S Your name S Your account number S Type of transaction requested S Name(s) of fund(s) and class(es) S Dollar amount or number of shares Shareholders with two or more roundtrip transactions in a single fund within a rolling 90Ćday period will be blocked from making additional purchases or exĆ change purchases of the fund for 85 days. Shareholders with four or more roundtrip transactions across all Fidelity funds within any rolling 12Ćmonth period will be blocked for at least 85 days from additional purchases or exchange purĆ chases across all Fidelity funds. Any roundtrip within 12 months of the expiĆ ration of a multiĆfund block will initiate Certain methods of contacting Fidelity may be unavailable or delayed (for exĆ ample, during periods of unusual market activity). In addition, the level and type of service available may be restricted. Frequent Purchases and Redemptions The fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excesĆ sive trading, at any time. 11 Prospectus Shareholder Information Ć continued another multiĆfund block. Repeat offendĆ ers may be subject to longĆterm or perĆ manent blocks on purchase or exchange purchase transactions in any account unĆ der the shareholder's control at any time. In addition to enforcing these roundtrip limitations, the fund may in its discretion restrict, reject, or cancel any purchases or exchanges that, in the Adviser's opinĆ ion, may be disruptive to the manageĆ ment of the fund or otherwise not be in the fund's interests. Omnibus Accounts Omnibus accounts, in which shares are held in the name of an intermediary on behalf of multiple investors, are a common form of holding shares among retirement plans and financial intermeĆ diaries such as brokers, advisers, and thirdĆparty administrators. Individual trades in omnibus accounts are often not disclosed to the fund, making it difficult to determine whether a particular shareĆ holder is engaging in excessive trading. Excessive trading in omnibus accounts is likely to go undetected by the fund and may increase costs to the fund and disĆ rupt its portfolio management. Exceptions The following transactions are exempt from the fund's excessive trading policy described above: (i) transactions of $1,000 or less, (ii) systematic withdrawal and/or contribution programs, (iii) manĆ datory retirement distributions, and (iv) transactions initiated by a plan sponsor or sponsors of certain employee benefit plans or other related accounts. In addition, the fund's excessive trading policy does not apply to transactions iniĆ tiated by the trustee or adviser to a donorĆadvised charitable gift fund, qualiĆ fied fund of fund(s), or other strategy funds. A qualified fund of fund(s) is a mutual fund, qualified tuition program, or other strategy fund consisting of qualiĆ fied plan assets that either applies the fund's excessive trading policies to shareĆ holders at the fund of fund(s) level, or demonstrates that the fund of fund(s) has an investment strategy coupled with policies designed to control frequent trading that are reasonably likely to be effective as determined by the fund's Treasurer. Prospectus Under policies adopted by the Board of Trustees, intermediaries will be perĆ mitted to apply the fund's excessive tradĆ ing policy (described above), or their own excessive trading policy if approved by the Adviser. In these cases, the fund will typically not request or receive indiĆ vidual account data but will rely on the intermediary to monitor trading activity in good faith in accordance with its or the fund's policies. Reliance on intermeĆ diaries increases the risk that excessive trading may go undetected. For other inĆ termediaries, the fund will generally monitor trading activity at the omnibus account level to attempt to identify disĆ ruptive trades. The fund may request transaction information, as frequently as daily, from any intermediary at any time, and may apply the fund's policy to transĆ actions that exceed thresholds estabĆ lished by the Board of Trustees. The fund may prohibit purchases of fund shares by an intermediary or by some or all of any intermediary's clients. There is no 12 certification, (ii) a program in which the adviser directs transactions in the acĆ counts participating in the program in concert with changes in a model portĆ folio, and (iii) managed by an adviser who agrees to give the Adviser sufficient information to permit the Adviser to identify the individual accounts in the wrap program. assurance that the Adviser will request data with sufficient frequency to detect or deter excessive trading in omnibus accounts effectively. If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account. Other Information about the Excessive Trading Policy Retirement Plans For employerĆsponsored retirement plans, only participant directed exĆ changes count toward the roundtrip limits. EmployerĆsponsored retirement plan participants whose activity triggers a purchase or exchange block will be permitted one trade every calendar quarter. In the event of a block, employĆ er and participant contributions and loan repayments by the participant may still be invested in the fund. The fund's Treasurer is authorized to suspend the fund's policies during periĆ ods of severe market turbulence or naĆ tional emergency. The fund reserves the right to modify its policies at any time without prior notice. The fund does not knowingly accommoĆ date frequent purchases and redempĆ tions of fund shares by investors, except to the extent permitted by the policies described above. Qualified Wrap Programs In addition to these policies, the fund imposes a shortĆterm redemption fee on redemptions from the fund, which is discussed in Selling Shares." As deĆ scribed in Valuing Shares," the fund also uses fair value pricing to help reĆ duce arbitrage opportunities available to shortĆterm traders. There is no assurĆ ance that the fund's excessive trading policy will be effective, or will successĆ fully detect or deter excessive or disrupĆ tive trading. The fund will monitor aggregate trading activity of adviser transactions to atĆ tempt to identify excessive trading in qualified wrap programs, as defined beĆ low. Excessive trading by an adviser will lead to fund blocks and the wrap proĆ gram will lose its qualified status. TransĆ actions of an adviser will not be matched with clientĆdirected transactions unless the wrap program ceases to be a qualiĆ fied wrap program (but all clientĆ directed transactions will be subject to the fund's excessive trading policy). Buying Shares Institutional Class shares are offered to: A qualified wrap program is: (i) a proĆ gram whose adviser certifies that it has investment discretion over $100 million or more in client assets invested in mutual funds at the time of the 1. Employee benefit plans investing through an intermediary and employee benefit plans not recordkept by Fidelity. 13 Prospectus Shareholder Information Ć continued 8. NonĆU.S. public and private retireĆ ment programs and nonĆU.S. insurance companies, if approved by Fidelity; For this purpose, employee benefit plans generally include profit sharing, 401(k), and 403(b) plans, but do not include: IRAs; SIMPLE, SEP, or SARSEP plans; plans covering selfĆemployed inĆ dividuals and their employees (formerly Keogh/H.R. 10 plans); health savings accounts; or plans investing through the Fidelity Advisor 403(b) program; 9. BrokerĆdealer, registered investment adviser, insurance company, trust instiĆ tution, and bank trust department health savings account programs; and 10. Destiny Planholders who exchange, or have exchanged, from Class O to InĆ stitutional Class of Fidelity Advisor funds. 2. Insurance company separate accounts; 3. BrokerĆdealer, registered investment adviser, insurance company, trust instiĆ tution and bank trust department manĆ aged account programs that charge an assetĆbased fee; The price to buy one share is its NAV. Institutional Class shares are sold withĆ out a sales charge. Shares will be bought at the NAV next calculated after an order is received in proper form. 4. Current or former Trustees or officers of a Fidelity fund or current or retired officers, directors, or regular employees of FMR LLC or FIL Limited or their diĆ rect or indirect subsidiaries (Fidelity Trustee or employee), spouses of Fidelity Trustees or employees, Fidelity Trustees or employees acting as a custoĆ dian for a minor child, or persons acting as trustee of a trust for the sole benefit of the minor child of a Fidelity Trustee or employee; It is the responsibility of your investĆ ment professional to transmit your orĆ der to buy shares to Fidelity before the close of business on the day you place your order. The fund has authorized certain interĆ mediaries to accept orders to buy shares on its behalf. When authorized intermeĆ diaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be bought at the NAV next calculated after the orĆ der is received by the authorized interĆ mediary. Orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corĆ responding orders are received in propĆ er form by the funds of funds. 5. Any state, county, or city, or any govĆ ernmental instrumentality, department, authority or agency; 6. Charitable organizations (as defined for purposes of Section 501(c)(3) of the Internal Revenue Code) or charitable remainder trusts or life income pools established for the benefit of a charitaĆ ble organization; 7. Qualified tuition programs for which Fidelity serves as investment manager, or mutual funds managed by Fidelity or other parties; Prospectus There is no minimum balance or purĆ chase minimum for (i) investments through Portfolio Advisory Services, 14 financial institution will be liable for any losses. (ii) certain Fidelity retirement accounts funded through salary deduction, or fund positions opened with the proĆ ceeds of distributions from such retireĆ ment accounts or from a Fidelity systematic withdrawal service, (iii) inĆ vestments through a mutual fund or a qualified tuition program for which Fidelity serves as investment manager, or (iv) certain mutual fund wrap proĆ gram accounts. An eligible wrap proĆ gram must offer asset allocation services, charge an assetĆbased fee to its participants for asset allocation and/or other advisory services, and meet tradĆ ing and other operational requirements under an appropriate agreement with FDC. In addition, the fund may waive or lower purchase minimums in other circumstances. Under applicable antiĆmoney laundering regulations and other federal regulaĆ tions, purchase orders may be suspendĆ ed, restricted, or canceled and the monies may be withheld. Selling Shares The price to sell one share is its NAV, minus the shortĆterm redemption fee, if applicable. If you sell your shares after holding them less than 30 days, a 1.00% shortĆ term redemption fee may be deducted from the redemption amount. For this purpose, shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. The fees are paid to the fund, not Fidelity, and are designed to help offset the brokerage commissions, market imĆ pact, and other costs associated with shortĆterm shareholder trading. The fund may stop offering shares comĆ pletely or may offer shares only on a limited basis, for a period of time or permanently. If your payment is not received and colĆ lected, your purchase may be canceled and you could be liable for any losses or fees the fund or Fidelity has incurred. The shortĆterm redemption fee does not apply to: (i) redemptions of shares acĆ quired by reinvesting dividends and disĆ tributions; (ii) rollovers, transfers, and changes of account registration within the fund, or transfers between classes of a multiple class fund (if applicable) as long as the money never leaves the fund; and (iii) redemptions in kind. Institutional Class shares can be bought or sold through investment professionĆ als using an automated order placement and settlement system that guarantees payment for orders on a specified date. The fund also permits waivers of the shortĆterm redemption fee for the followĆ ing transactions: Certain financial institutions that meet creditworthiness criteria established by FDC may enter confirmed purchase orĆ ders on behalf of customers by phone, with payment to follow no later than close of business on the next business day. If payment is not received by that time, the order will be canceled and the S Redemptions related to death or due to a divorce decree. S Certain types of IRA account transacĆ tions, including: redemptions pursuant 15 Prospectus Shareholder Information Ć continued The fund reserves the right to modify or eliminate the shortĆterm redemption fee or waivers at any time. Investment adĆ visers or their affiliates may pay shortĆ term redemption fees on behalf of investors in managed accounts. Unitized group accounts consisting of qualified plan assets may be treated as a single account for redemption fee purposes. to systematic withdrawal programs, withdrawals due to disability, return of excess contribution amounts, and reĆ demptions related to payment of custoĆ dian fees. S Certain types of employerĆsponsored and 403(b) retirement plan transacĆ tions, including: loans or hardship withdrawals, minimum required disĆ tributions, redemptions pursuant to sysĆ tematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payĆ ment of plan fees, and redemptions reĆ lated to death, disability, or qualified domestic relations order. Fidelity seeks to identify intermediaries that hold fund shares in omnibus acĆ counts and will refuse their purchase orders if they do not agree to track and remit shortĆterm redemption fees based on the transactions of underlying invesĆ tors. There are no assurances that Fidelity will successfully identify all inĆ termediaries or that the intermediaries will properly assess shortĆterm redempĆ tion fees. S Certain types of transactions in employerĆsponsored and 403(b) retireĆ ment plans recordkept by Fidelity, inĆ cluding redemptions in conjunction with plan sponsor events and redempĆ tions of shares purchased through plan sponsor events, plan contributions or loan repayments. Shares will be sold at the NAV next calĆ culated after an order is received in proper form, minus the shortĆterm reĆ demption fee, if applicable. Normally, redemptions will be processed by the next business day, but it may take up to seven days to pay the redemption proĆ ceeds if making immediate payment would adversely affect the fund. S Redemptions by qualified funds of funds and qualified wrap programs that meet certain criteria, such as advance notice requirements and restrictions on trading frequency, and are approved by the fund's treasurer. It is the responsibility of your investĆ ment professional to transmit your orĆ der to sell shares to Fidelity before the close of business on the day you place your order. The application of shortĆterm redempĆ tion fees and waivers may vary among intermediaries and certain intermediĆ aries may not apply the waivers listed above. If you purchase or sell fund shares through an intermediary, you should contact your intermediary for more information on whether the shortĆ term redemption fee will be applied to redemptions of your shares. Prospectus The fund has authorized certain interĆ mediaries to accept orders to sell shares on its behalf. When authorized intermeĆ diaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be sold at the NAV next calculated after the order 16 above the required minimum to keep your fund position open, except fund positions not subject to balance minimums. is received by the authorized intermediĆ ary, minus the shortĆterm redemption fee, if applicable. Orders by funds of funds for which Fidelity serves as investĆ ment manager will be treated as reĆ ceived by the fund at the same time that the corresponding orders are received in proper form by the funds of funds. S Redemption proceeds (other than exĆ changes) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected. A signature guarantee is designed to protect you and Fidelity from fraud. Fidelity may require that your request be made in writing and include a signaĆ ture guarantee in certain circumstanĆ ces, such as: S Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC. S When you wish to sell more than $100,000 worth of shares. S Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of the fund. S When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address. S You will not receive interest on amounts represented by uncashed reĆ demption checks. S When you are requesting that redempĆ tion proceeds be paid to someone other than the account owner. S Under applicable antiĆmoney launĆ dering regulations and other federal regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld. S In certain situations when the reĆ demption proceeds are being transĆ ferred to a Fidelity account with a different registration. Exchanging Shares You should be able to obtain a signature guarantee from a bank, brokerĆdealer, credit union (if authorized under state law), securities exchange or associaĆ tion, clearing agency, or savings associaĆ tion. A notary public cannot provide a signature guarantee. An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund. As an Institutional Class shareholder, you have the privilege of exchanging Institutional Class shares for InstituĆ tional Class shares of other Fidelity funds that offer Advisor classes of shares or for shares of Fidelity funds. When you place an order to sell shares, note the following: S If you are selling some but not all of your shares, keep your fund balance 17 Prospectus Shareholder Information Ć continued S Exchanges may have tax consequences for you. Through your investment professional, you may also move between certain share classes of the same fund. For more information, see the statement of additional information (SAI) or conĆ sult your investment professional. S If you are exchanging between acĆ counts that are not registered in the same name, address, and taxpayer idenĆ tification number (TIN), there may be additional requirements. However, you should note the following policies and restrictions governing exchanges: S Under applicable antiĆmoney launĆ dering regulations and other federal regulations, exchange requests may be suspended, restricted, canceled, or proĆ cessed and the proceeds may be withheld. S The exchange limit may be modified for accounts held by certain institutionĆ al retirement plans to conform to plan exchange limits and Department of LaĆ bor regulations. See your retirement plan materials for further information. The fund may terminate or modify exĆ change privileges in the future. S The fund may refuse any exchange purchase for any reason. For example, the fund may refuse exchange purĆ chases by any person or group if, in the Adviser's judgment, the fund would be unable to invest the money effectively in accordance with its investment objecĆ tive and policies, or would otherwise potentially be adversely affected. Other funds may have different exĆ change restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund's prospectus for details. Account Features and Policies Features The following features may be available to buy and sell shares of the fund. Visit www.advisor.fidelity.com or contact your investment professional for more information. S Before exchanging into a fund or class, read its prospectus, including any purchase and sale requirements. S The fund or class you are exchanging into must be available for sale in your state. Electronic Funds Transfer (Fidelity Advisor Money LineR): electronic money movement through the Automated Clearing House S To transfer money between a bank account and your fund account. S You can use electronic funds transfer to: - Make periodic (automatic) purchases of shares. - Make periodic (automatic) redemptions of shares. Prospectus 18 Wire: electronic money movement through the Federal Reserve wire system S To transfer money between a bank account and your fund account. You may initiate many transactions by telephone or electronically. Fidelity will not be responsible for any loss, cost, expense, or other liability reĆ sulting from unauthorized transactions if it follows reasonable security proceĆ dures designed to verify the identity of the investor. Fidelity will request perĆ sonalized security codes or other inforĆ mation, and may also record calls. For transactions conducted through the InĆ ternet, Fidelity recommends the use of an Internet browser with 128Ćbit enĆ cryption. You should verify the accuracy of your confirmation statements upon receipt and notify Fidelity immediately of any discrepancies in your account acĆ tivity. If you do not want the ability to sell and exchange by telephone, call Fidelity for instructions. Additional docĆ umentation may be required from corĆ porations, associations, and certain fiduciaries. Policies The following policies apply to you as a shareholder. Statements that Fidelity sends to you include the following: S Confirmation statements (after transĆ actions affecting your fund balance except, to the extent applicable, reinĆ vestment of distributions in the fund or another fund and certain transactions through automatic investment or withĆ drawal programs). S Monthly or quarterly account stateĆ ments (detailing fund balances and all transactions completed during the prior month or quarter). Current regulations allow Fidelity to send a single copy of shareholder docuĆ ments for Fidelity funds, such as proĆ spectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. We will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these docuĆ ments. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any docuĆ ments, please call 1Ć877Ć208Ć0098. We will begin sending individual copies to you within 30 days of receiving your call. You may also be asked to provide addiĆ tional information in order for Fidelity to verify your identity in accordance with requirements under antiĆmoney laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise reĆ quired under these and other federal regulations. In addition, the fund reĆ serves the right to involuntarily redeem an account in the case of: (i) actual or suspected threatening conduct or actual or suspected fraudulent, illegal or 19 Prospectus Shareholder Information Ć continued The fund normally pays dividends and capital gain distributions in December. suspicious activity by the account owner or any other individual associated with the account; or (ii) the failure of the account owner to provide information to the fund related to opening the acĆ counts. Your shares will be sold at the net asset value minus, if applicable, any shortĆterm redemption fee, calculated on the day Fidelity closes your fund position. Distribution Options When you open an account, specify on your application how you want to reĆ ceive your distributions. The following distribution options are available: 1. Reinvestment Option. Any diviĆ dends and capital gain distributions will be automatically reinvested in additionĆ al shares. If you do not indicate a choice on your application, you will be assigned this option. If your fund balance falls below $1,000 worth of shares for any reason, includĆ ing solely due to declines in NAV, and you do not increase your balance, Fidelity may sell all of your shares and send the proceeds to you after providing you with at least 30 days' notice to reesĆ tablish the minimum balance. Your shares will be sold at the NAV, minus the shortĆterm redemption fee, if appliĆ cable, on the day Fidelity closes your fund position. Certain fund positions are not subject to these balance requireĆ ments and will not be closed for failure to maintain a minimum balance. 2. IncomeĆEarned Option. Any capiĆ tal gain distributions will be automatiĆ cally reinvested in additional shares. Any dividends will be paid in cash. 3. Cash Option. Any dividends and capital gain distributions will be paid in cash. 4. Directed DividendsR Option. Any dividends will be automatically invested in the same class of shares of another identically registered Fidelity fund. Any capital gain distributions will be autoĆ matically invested in the same class of shares of another identically registered Fidelity fund, automatically reinvested in additional shares of the fund, or paid in cash. Fidelity may charge a fee for certain services, such as providing historical account documents. Dividends and Capital Gain Distributions The fund earns dividends, interest, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. The fund also realizes capital gains from its inĆ vestments, and distributes these gains (less any losses) to shareholders as capĆ ital gain distributions. Prospectus Not all distribution options may be available for every account and certain restrictions may apply. If the option you prefer is not listed on your account apĆ plication, or if you want to change your current option, contact your investment professional directly or call Fidelity. If you elect to receive distributions paid in cash by check and the U.S. Postal 20 to you when you receive them, regardĆ less of your distribution option. Service does not deliver your checks, your distribution option may be conĆ verted to the Reinvestment Option. You will not receive interest on amounts represented by uncashed distribution checks. Taxes on transactions. Your redempĆ tions, including exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment in the fund generally is the difference between the cost of your shares and the price you receive when you sell them. Tax Consequences As with any investment, your investĆ ment in the fund could have tax conseĆ quences for you. If you are not investing through a taxĆadvantaged retirement account, you should consider these tax consequences. Taxes on distributions. Distributions you receive from the fund are subject to federal income tax, and may also be subject to state or local taxes. For federal tax purposes, certain of the fund's distributions, including dividends and distributions of shortĆterm capital gains, are taxable to you as ordinary inĆ come, while certain of the fund's disĆ tributions, including distributions of longĆterm capital gains, are taxable to you generally as capital gains. A percentĆ age of certain distributions of dividends may qualify for taxation at longĆterm capital gains rates (provided certain holding period requirements are met). If you buy shares when a fund has realĆ ized but not yet distributed income or capital gains, you will be buying a diviĆ dend" by paying the full price for the shares and then receiving a portion of the price back in the form of a taxable distribution. Any taxable distributions you receive from the fund will normally be taxable 21 Prospectus Fund Services Fund Management S Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a subĆadviser for the fund. As of December 31, 2012, FMR H.K. had approximately $7.6 billion in discretionary assets under management. FMR H.K. may provide investment reĆ search and advice on issuers based outĆ side the United States and may also provide investment advisory services for the fund. FMR H.K. is an affiliate of the Adviser. The fund is a mutual fund, an investĆ ment that pools shareholders' money and invests it toward a specified goal. The Adviser is the fund's manager. The address of the Adviser and its affiliates, unless otherwise indicated below, is 245 Summer Street, Boston, MassachuĆ setts 02210. As of December 31, 2012, the Adviser had approximately $1.0 billion in discreĆ tionary assets under management, and approximately $1.67 trillion when comĆ bined with all of its affiliates' assets unĆ der management. S Fidelity Management & Research (JaĆ pan) Inc. (FMR Japan), at Kamiyacho Prime Place, 1Ć17, ToranomonĆ4ĆChome, MinatoĆku, Tokyo, Japan, serves as a subĆadviser for the fund. FMR Japan was organized in 2008 to provide investĆ ment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide inĆ vestment advisory services for the fund. FMR Japan is an affiliate of the Adviser. As the manager, the Adviser has overall responsibility for directing the fund's investments and handling its business affairs. FMRC serves as a subĆadviser for the fund. FMRC has dayĆtoĆday responsibilĆ ity for choosing certain types of investĆ ments for the fund. FMRC is an affiliate of the Adviser. As of December 31, 2012, FMRC had approxiĆ mately $684.7 billion in discretionary assets under management. S FIL Investment Advisors (FIA), at Pembroke Hall, 42 Crow Lane, PemĆ broke HM19, Bermuda, serves as a subĆ adviser for the fund. As of June 30, 2013, FIA had approximately $8.5 billion in discretionary assets under manageĆ ment. FIA may provide investment reĆ search and advice on issuers based outside the United States and may also provide investment advisory services for the fund. Other investment advisers assist the AdĆ viser with foreign investments: S FMR U.K., at 10 Paternoster Square, 4th Floor, London, EC4M 7LS, United Kingdom, serves as a subĆadviser for the fund. As of December 31, 2012, FMR U.K. had approximately $17.7 billion in discretionary assets under management. Currently, FMR U.K. has dayĆtoĆday reĆ sponsibility for choosing certain types of investments for the fund. FMR U.K. is an affiliate of the Adviser. Prospectus S FIL Investment Advisors (UK) LimitĆ ed (FIA(UK)), at Oakhill House, 130 Tonbridge Road, Hildenborough, TN11 9DZ, United Kingdom, serves as a 22 security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarĆ ily represent the views of Fidelity or any other person in the Fidelity organizaĆ tion. Any such views are subject to change at any time based upon market or other conditions and Fidelity disĆ claims any responsibility to update such views. These views may not be relied on as investment advice and, because inĆ vestment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. subĆadviser for the fund. As of June 30, 2013, FIA(UK) had approximately $6.4 billion in discretionary assets under management. FIA(UK) may provide inĆ vestment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. S FIL Investments (Japan) Limited (FIJ), at Shiroyama Trust Tower, 4Ć3Ć1, Toranomon, MinatoĆku, Tokyo 105Ć6019, Japan, serves as a subĆadviser for the fund. As of March 31, 2013, FIJ had approximately $14.0 billion in disĆ cretionary assets under management. FIJ may provide investment research and advice on issuers based outside the United States and may also provide inĆ vestment advisory services for the fund. The fund pays a management fee to the Adviser. The management fee is calcuĆ lated and paid to the Adviser every month. The fee is determined by calcuĆ lating a basic fee and then applying a performance adjustment. The perforĆ mance adjustment either increases or decreases the management fee, dependĆ ing on how well the fund has performed relative to the MSCIR World Index. William Kennedy is lead portfolio manĆ ager of the fund, which he has managed since January 2006. He also manages other funds. Since joining Fidelity InĆ vestments in 1994, Mr. Kennedy has worked as a research analyst and portĆ folio manager. Management fee Stephen DuFour is coĆmanager of the fund, which he has managed since OctoĆ ber 2007. He manages the U.S. portion of the fund and also manages other funds. Since joining Fidelity Investments in 1992, Mr. DuFour has worked as an equiĆ ty analyst and portfolio manager. = Basic +/fee Performance adjustment The basic fee is calculated by adding a group fee rate to an individual fund fee rate, dividing by twelve, and multiplying the result by the fund's average net asĆ sets throughout the month. The SAI provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio managers. The group fee rate is based on the averĆ age net assets of all the mutual funds advised by FMR. For this purpose, the average net assets of any mutual funds previously advised by FMR that currentĆ ly are advised by Fidelity SelectCo, LLC are included. This rate cannot rise From time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, 23 Prospectus Fund Services Ć continued the fund's management fee rate may fluctuate, the fund's management fee may be higher or lower in the future. above 0.52%, and it drops as total assets under management increase. For October 2013, the group fee rate was 0.25%. The individual fund fee rate is 0.45%. The Adviser pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing subĆ advisory services. The Adviser pays FIA for providing subĆadvisory services, and FIA in turn pays FIA(UK). FIA in turn pays FIJ for providing subĆadvisory services. The basic fee for the fiscal year ended October 31, 2013, was 0.70% of the fund's average net assets. The performance adjustment rate is calĆ culated monthly by comparing over the performance period the fund's perforĆ mance to that of the MSCI World Index. The basis for the Board of Trustees apĆ proving the management contract and subĆadvisory agreements for the fund is available in the fund's annual report for the fiscal period ended October 31, 2013. For the purposes of calculating the perĆ formance adjustment for the fund, the fund's investment performance will be based on the performance of Fidelity Worldwide Fund, a class of shares of the fund that is not offered through this prospectus. To the extent that InstituĆ tional Class has higher expenses, this could result in Institutional Class bearing a larger positive performance adjustment and smaller negative perforĆ mance adjustment than would be the case if Institutional Class's own perforĆ mance were considered. From time to time, the Adviser or its afĆ filiates may agree to reimburse or waive certain fund expenses while retaining the ability to be repaid if expenses fall below the specified limit prior to the end of the fiscal year. Reimbursement or waiver arrangements can decrease expenses and boost performance. Fund Distribution The performance period is the most reĆ cent 36 month period. The fund is composed of multiple classes of shares. All classes of the fund have a common investment objective and investment portfolio. The maximum annualized performance adjustment rate is $0.20% 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 then added to or subĆ tracted from the basic fee. FDC distributes Institutional Class shares. Intermediaries may receive from the AdĆ viser, FDC, and/or their affiliates comĆ pensation for their services intended to result in the sale of Institutional Class shares. This compensation may take the form of payments for additional distributionĆrelated activities and/or The total management fee for the fiscal year ended October 31, 2013, was 0.83% of the fund's average net assets. Because Prospectus 24 No dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those conĆ tained in this prospectus and in the reĆ lated SAI, in connection with the offer contained in this prospectus. If given or made, such other information or repreĆ sentations must not be relied upon as having been authorized by the fund or FDC. This prospectus and the related SAI do not constitute an offer by the fund or by FDC to sell shares of the fund to or to buy shares of the fund from any person to whom it is unlawful to make such offer. shareholder services and payments for educational seminars and training, inĆ cluding seminars sponsored by Fidelity, or by an intermediary. These payments are described in more detail in this secĆ tion and in the SAI. Please speak with your investment proĆ fessional to learn more about any payĆ ments his or her firm may receive from the Adviser, FDC, and/or their affiliates, as well as fees and/or commissions the investment professional charges. You should also consult disclosures made by your investment professional at the time of purchase. Institutional Class has adopted a DisĆ tribution and Service Plan pursuant to Rule 12bĆ1 under the Investment ComĆ pany Act of 1940 (1940 Act) that reĆ cognizes that the Adviser may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of Institutional Class shares and/or shareĆ holder support services. The Adviser, directly or through FDC, may pay signifĆ icant amounts to intermediaries that provide those services. Currently, the Board of Trustees of the fund has authoĆ rized such payments for Institutional Class. If payments made by the Adviser to FDC or to intermediaries under the DistribuĆ tion and Service Plan were considered to be paid out of Institutional Class's asĆ sets on an ongoing basis, they might inĆ crease the cost of your investment and might cost you more than paying other types of sales charges. 25 Prospectus Appendix Financial Highlights investment in shares (assuming reinvestĆ ment of all dividends and distributions). The annual information has been auĆ dited by Deloitte & Touche LLP, indepenĆ dent registered public accounting firm, whose report, along with fund financial statements, is included in the annual reĆ port. Annual reports are available for free upon request. Financial Highlights are intended to help you understand the financial history of fund shares for the past 5 years (or, if shorter, the period of operations). CerĆ tain information reflects financial results for a single share. The total returns in the table represent the rate that an inĆ vestor would have earned (or lost) on an Selected PerĆShare Data and Ratios Years ended October 31, Selected PerĆShare Data Net asset value, beginning of period . . . . . Income from Investment Operations Net investment income (loss)ā D . . . . . . Net realized and unrealized gain (loss) . Total from investment operations . . . . . . . Distributions from net investment income . . Distributions from net realized gain . . . . . Total distributions . . . . . . . . . . . . . . Redemption fees added to paid in capitalāD,ā I . Net asset value, end of period . . . . . . . . 2013 . . .$ 19.78 . . . . . . . . .08 5.68 5.76 (.15) (.08) (.23) Ċ 25.31 . . . . . . . . . . . . . . . .$ Total Returnā B,ā C . . . . . . . . . . . . . . . . . . Ratios to Average Net Assetsā E,ā H Expenses before reductions . . . . . . . . Expenses net of fee waivers, if any . . . . Expenses net of all reductions . . . . . . . Net investment income (loss) . . . . . . . Supplemental Data Net assets, end of period (000 omitted) Portfolio turnover rateā F . . . . . . . . . . A B C D E F G H I . . . . . . . . . . . . 2012 $ 17.98 $ .14 1.74 1.88 (.08) Ċ (.08) Ċ 19.78 2011 $ 17.57 $ .10 .47 .57 (.11) (.05) (.16) Ċ 17.98 2009ā G 2010 $ 15.00 $ .07 2.63 2.70 (.11) (.02) (.13) Ċ 17.57 29.44% 10.49% 3.23% 1.18% 1.18% 1.16% .77% 1.13% 1.13% 1.10% .56% 10.88 $ .06 4.06 4.12 Ċ Ċ Ċ Ċ 15.00 18.08% 1.17% 1.17% 1.14% .37% $ 1.21% 1.21% 1.19% .44% . . . $ 10,639 ... 161% $ 4,291 186% $ 3,086 203% $ 3