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OPENING AN ACCOUNT AND MAKING
CONTRIBUTIONS

You may open an Account only through your financial representative. You or your financial representative can submit your initial contribution online or by mail. A Fidelity Advisor 529 Plan Account must be in the name of only one person (who is referred to as the Participant). The Participant must be a U.S. resident, have a Social Security number or Tax ID, and be 18 years or older at the time an Account is opened and when a contribution is made to an Account. If you do not maintain a U.S. residency, Fidelity may in its sole discretion restrict your right to access any or all of the Fidelity Advisor 529 Plan Account features, products, investments or services. We will accept contributions only by or on behalf of the Participant.

Note that by law, all contributions have to be in the form of a check, electronic transfer, or other form of cash (other than currency). Stocks, bonds, or other property cannot be accepted.

Contributing with a Systematic Investment Plan

Making Individual Contributions

You may contact Fidelity or your financial representative to make contributions:

To set up any of these services, the Participant’s name must be identical on both accounts.

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Making a Transfer or Rollover from Another
Account

529 Plan, Coverdell ESA, and savings bond transfers can have federal tax liability if improperly handled. When making a transfer, be sure that the proceeds are placed into the Fidelity Advisor 529 Plan Account within 60 days of their distribution from the source account.

Also, we need a statement from the source account’s provider that details how much of the distribution is principal and how much is earnings or interest. You or your financial representative can get a statement from the source account’s provider, or you can ask us to do so. If we do not receive this information, we are required by law to consider your entire rollover amount to be earnings, which could increase the tax owed on future withdrawals.

Please make sure the Beneficiary of the new Fidelity Advisor 529 Plan Account is:

Also, according to federal tax law, only one 529 Account per Beneficiary can be rolled over in any twelve month period without changing the Beneficiary. This is true even if the accounts are in different 529 Plans or have different Participants; however, there is no such restriction with respect to any rollover in which the Beneficiary is changed to an eligible member of the family of the original Beneficiary.

See the limitations on changing Beneficiaries on page 23.

Exit Fee Reimbursement

If you rollover from another 529 Plan to the Fidelity Advisor 529 Plan, you may be eligible to receive reimbursement for the actual amount of any exit fee imposed by the other 529 Plan, up to a maximum of $50. Only one rollover per 529 Account is eligible for reimbursement, and your financial representative must notify Fidelity in advance of the rollover in order to qualify.

Fidelity will reimburse you only for an exit fee charged under the terms of the plan. You will not be reimbursed for anything else, such as taxes, contingent deferred sales loads or other sales charges, finders’ fees, or annual account charges imposed as a result of the rollover. The amount of the reimbursement will be credited to the Fidelity Advisor 529 Plan Account into which you make the rollover. It will be treated as a contribution by you to the Account.

Fidelity reserves the right to discontinue the reimbursement program at any time. Certain restrictions apply. Please contact your financial representative to determine whether you are eligible for an exit fee reimbursement on rollovers to the Fidelity Advisor 529 Plan.

DECIDING HOW MUCH TO CONTRIBUTE

Minimum to Open an Account

You can also contribute using special credit card reward points. Contact Fidelity or your financial representative for more information.

Maximum Contribution Without Incurring Gift
or Generation-Skipping Transfer Tax

Gift and generation-skipping transfer tax considerations Gift tax and generation-skipping transfer (GST) tax may be triggered by gifts from one individual to another of more than $18,000 a year. For gift and estate tax purposes, 529 Plan contributions are considered completed gifts.

However, for any Beneficiary, you can contribute up to five times the annual tax-free maximum (currently $95,000 per individual, $190,000 per couple) at one time. As long as you file Form 709 with your federal tax returns for the year the contribution was made, and make no other taxable gifts to the Beneficiary during that year or the next four calendar years, your 529 plan contribution will be treated as five equal annual gifts. It should not trigger gift or GST tax, nor should you have to use any exemptions or credits associated with them.

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Note that the larger your 529 plan contributions, the less you may be able to give in the way of other gifts without incurring gift or GST tax.

Each individual has a $13,990,000 (as of 2025, and indexed for inflation) lifetime exemption equivalent that may be applied to gifts in excess of the gift tax annual exclusion amounts referred to above made after December 31, 2017 and before January 1, 2026, and a $5,600,000 (indexed for inflation) lifetime exemption equivalent that may be applied to gifts made before January 1, 2018 or after December 31, 2025. Each individual has a $13,990,000 estate and generation-skipping tax exemption (as of 2025, subject to annual upwards adjustment for inflation), reduced by the amount of lifetime gifts made by such individual in excess of the annual gift tax exclusion amounts, for death occurring after December 31, 2017 and before January 1, 2026, and a $5,600,000 (indexed for inflation) estate and generation-skipping tax exemption, reduced by the amount of lifetime gifts made by such individual in excess of the annual gift tax exclusion amounts, for death occurring before January 1, 2018 or after December 31, 2025.

Estate tax considerations If a Participant makes an accelerated gift but dies during the five-year period, the portion of the gift allocated to the calendar years after the year of death is considered part of the Participant’s estate for estate tax purposes.

Creditor Protection

The United States Bankruptcy Code provides that contributions to 529 accounts may be protected from creditors in bankruptcy proceedings, subject to certain limitations. Should you file for relief under the Bankruptcy Code, your 529 account will be protected if, at the time the contributions were made, the designated Beneficiary was your child, stepchild, grandchild, or stepgrandchild (including a child, stepchild, grandchild, or stepgrandchild through adoption or foster care), subject to the following limits:

Your own state law may offer additional creditor protections. Consult with an attorney regarding your specific situation.

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Maximum Allowable Contribution

● Adjusted yearly; $621,411 per Beneficiary.

One individual can be the Beneficiary of multiple Accounts in the New Hampshire Higher Education Savings Plan Trust, which includes the Fidelity Advisor 529 Plan Portfolios, but if the total value of those Accounts for a given Beneficiary is at or above the maximum contribution level, you cannot start or add to an Account for that Beneficiary.

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INVESTMENT OPTIONS

The Fidelity Advisor 529 Plan’s investment options consist of a range of professionally managed Portfolios created for the use of education investors. These Portfolios include Age-Based Portfolios, Static Portfolios, Individual Fund Portfolios, and a Stable Value Portfolio.

Fidelity Management & Research Company LLC (FMRCo LLC) the Investment Manager for the Plan’s Portfolios, continually monitors the investments in the Portfolios and may, from time-to-time, add or replace any of the underlying funds or change the target allocations.

The FA 529 Portfolios invest in (1) a mix of stock, bond, and money market Fidelity mutual funds, (2) a single Fidelity mutual fund, or (3) a stable value separately-managed account that may invest in individual securities or Fidelity mutual funds and investment contracts issued by third-party insurance companies or banks. (For simplicity, in this document, we use the terms “stock” and “bond” to indicate the broader universe of equity and debt securities, respectively).

Age-Based Portfolios

These eight Portfolios are keyed to a Beneficiary’s year of birth. Each one has the same investment objective: capital appreciation with reasonable safety of principal, consistent with the ages of the Beneficiaries for whom the Portfolio was designed. The names of most of the Age-Based Portfolios reflect the approximate year that a Beneficiary is anticipated to start college, using the assumption that the Beneficiary will start college at age 18. The one exception is the College Portfolio, which has a fixed target allocation that is designed to be appropriate for the time when a Beneficiary is withdrawing money to attend college.

About every three years, Fidelity creates a new Age-Based Portfolio for the youngest Beneficiaries, and transfers the assets in the oldest Age-Based Portfolio to the College Portfolio. The transfer process usually occurs at the end of the year in which the youngest Beneficiary for whom the Age-Based Portfolio was designed turns 18 years.

The allocations of the Age-Based Portfolios change gradually over time. Except for the College Portfolio, which has a fixed target allocation, each Portfolio begins with a growth-oriented allocation, then gradually shifts to an allocation that is oriented more toward income and capital preservation.

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The allocation path used by these Portfolios is designed to ensure that at any given point in its life cycle, an Age-Based Portfolio will have an allocation that is neither overly aggressive nor overly conservative in relation to its time horizon. The actual asset allocations of the Age-Based Portfolios may vary from the approximate allocations illustrated in the Glide Path chart.

Fidelity may also use its proprietary asset allocation research to make active asset allocation decisions in the Age-Based Portfolios by overweighting or underweighting certain asset classes. Such active asset allocation decisions may better enable the Portfolios to take advantage of short-to-medium term opportunities and market conditions. At any time, the actual asset allocations of the Age-Based Portfolios may vary +/- 10% within Equity (U.S. Equity and Non-U.S. Equity), Bond, and Short-Term Debt Funds from the approximate asset allocations of those Portfolios as illustrated on the Glide Path chart.

Fidelity may also make active asset allocations within other asset classes (including Commodities, High Yield Debt, Floating Rate Debt, Real Estate Debt, and Emerging Markets Debt) of the Age-Based Portfolios from 0% to 10% individually but no more than 25% in aggregate within those other asset classes. Please see page 66 for more detailed information on the asset allocation of the Portfolios.

Static Portfolios

These two Static Portfolios have target allocations that do not change over time and include both an aggressive equity Portfolio as well as a Portfolio with exposure to equity and fixed income securities. Each Portfolio has its own investment objective:

Rather than being keyed to the age of a Beneficiary, the Static Portfolios are intended for use by Participants who want a more active role in determining the asset allocation of their Accounts.

The actual asset class allocations within the asset classes of these Portfolios may vary from time to time without notice.

NOTES:

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Domestic Equity Portfolios:

FA 529 Dividend Growth Portfolio - invests in the Fidelity Advisor Dividend Growth Fund

FA 529 Equity Growth Portfolio - invests in the Fidelity Advisor Equity Growth Fund

FA 529 Equity Income Portfolio - invests in the Fidelity Advisor Equity Income Fund

FA 529 Growth Opportunities Portfolio - invests in the Fidelity Advisor Growth Opportunities Fund

FA 529 New Insights Portfolio - invests in the Fidelity Advisor New Insights Fund

FA 529 Small Cap Portfolio - invests in the Fidelity Advisor Small Cap Fund

FA 529 Stock Selector Mid Cap Portfolio - invests in the Fidelity Advisor Stock Selector Mid Cap Fund

FA 529 Value Strategies Portfolio - invests in the Fidelity Advisor Value Strategies Fund

International Equity Portfolio:

FA 529 Diversified International Portfolio - invests in the Fidelity Advisor Diversified International Fund

The Stable Value Portfolio seeks the preservation of principal while earning a level of income that is consistent with principal preservation. The Portfolio is composed of a stable value separately-managed account that may invest in individual securities or actively-managed and/or index Fidelity mutual funds and investment contracts issued by third-party insurance companies or banks. Fidelity has entered into contractual arrangements with third-party insurance providers on behalf of the Trust, which is the Policyholder of the insurance contracts, to help the Stable Value Portfolio provide a steady, positive annual rate of rate. The insurance contract is made by the insurance companies to the Policyholder not to the Participants.

Asset Allocation Portfolios:

FA 529 Asset Manager 60% Portfolio - invests in the Fidelity Asset Manager 60% - Fidelity Advisor Asset Manager 60% - Class I

FA 529 Strategic Dividend & Income Portfolio - invests in the Fidelity Strategic Dividend & Income^® Fund - Fidelity Advisor Strategic Dividend & Income^® Fund - Class I

FA 529 Sustainable Multi-Asset Portfolio - invests in the Fidelity Sustainable Multi-Asset Fund - Fidelity Advisor Sustainable
Multi-Asset Fund - Class I

Fixed Income Portfolios:

FA 529 High Income Portfolio - invests in the Fidelity Advisor High Income Fund

FA 529 Inflation-Protected Bond Portfolio - invests in the Fidelity Inflation-Protected Bond Index Fund

FA 529 Limited Term Bond Portfolio - invests in the Fidelity Advisor Limited Term Bond Fund

FA 529 Strategic Income Portfolio - invests in the Fidelity Advisor Strategic Income Fund

FA 529 Total Bond Portfolio - invests in the Fidelity Total Bond Fund - Fidelity Advisor Total Bond Fund - Class I

For more information on the investment manager and terms of the Fidelity Advisor 529 Plan agreements between the State of New Hampshire and Fidelity, see page 64.

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CHOOSING YOUR INVESTMENTS

Although federal law does not let 529 Participants take a hands-on role in directing their 529 Account’s investments, the Fidelity Advisor 529 Plan does offer you some flexibility to select among the investment options.

The first step for you and your financial representative is to decide whether you would prefer to follow an age-based strategy (the simplest option) or create a custom strategy of your own.

Deciding Which Strategy is Right for You

Age-based strategy With this strategy, your entire account will be invested in the Age-Based Portfolio that corresponds to your Beneficiary’s birth year. Each Portfolio becomes increasingly more conservative over time as the Beneficiary approaches college age.

Custom strategy With this strategy, you choose among Age-Based, Static, Individual Fund, and Stable Value Portfolios, and your allocation to each Portfolio.

Changing Your Strategy or Allocation

Unless you change it, the strategy you select when you set up your Account will remain in place for the life of the Account. Any Age-Based Portfolios will shift allocation according to the allocation path described earlier, until being rolled into the College Portfolio; any Static, Individual Fund,

and Stable Value Portfolios will retain their specified allocations.

Although the age-based strategy is designed to eliminate the need for strategy change, you may want to review your selected strategy on a periodic basis. There is no prohibition on changing to a custom strategy. Conversely, although it is recommended that custom strategies be reviewed and updated periodically, there is no obligation to do so.

With either strategy, however, there are limitations on how often a strategy or an allocation can be changed. In general, you should periodically assess, and if appropriate, adjust your investment choices with your time horizon, risk tolerance, and investment objectives in mind.

Exchanging Units among Portfolios. An exchange of Units involves the redemption of all or a portion of the Units of one Portfolio and the purchase of Units of another Portfolio. You have the privilege of exchanging Units of a Portfolio for a Class of Units of another Portfolio. Such transactions are subject to eligibility requirements of the applicable class of Units of a Portfolio and may be subject to applicable sales loads and/or CDSCs. Please note the cross-share exchanges count towards the annual limit of two investment strategy changes per calendar year. An exchange between Unit classes of the same Portfolio generally is a non-taxable event and are available as follows:

Class A: Units of Class A may be exchanged for Class I Units.

Class C: Units of Class C may be exchanged for Class A or Class I Units.

Class I: Units of Class I may be exchanged for Class A, if you are no longer eligible for Class I. Class D and Class P Units are not eligible for cross-share exchange transactions.

Federal tax law provides two circumstances under which you may exchange Units among Portfolios within an existing Account:

Your exchange instructions may be to transfer among specified Portfolios in specified amounts on a monthly, quarterly, semi-annual, or annual basis (Dollar Cost Averaging). Each time a Portfolio receives money in a Dollar

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Cost Averaging transfer, it must receive at least $50 unless the Portfolio that is the source for the transfer has less than $50. In that case, we will take the remaining amount in the source Portfolio, and the Dollar Cost Averaging transactions from that Portfolio based on your original instructions will no longer take place. The establishment of the Dollar Cost Averaging would constitute the one exchange per calendar year. Dollar Cost Averaging does not ensure a profit or protect against a loss in a declining market. Please check whether your financial representative’s firm makes this feature available to its customers.

Changing how future contributions will be allocated At any time, you can change the allocation for contributions that are made to an Account in the future. To do so, contact Fidelity at 1-877-208-0098 or your financial representative with your instructions. Be sure to tell us whether the change applies to all future contributions or only to one.

UNDERSTANDING PORTFOLIO STRATEGIES
AND RISKS

Each Portfolio has its own asset allocation and, as a result, its own risk and performance characteristics. When selecting a Portfolio, you and your financial representative will probably want to consider your investment objectives, risk tolerance, time horizon, and other factors you determine to be important.

A Portfolio’s risk and potential return are functions of its relative weightings of stock, bond, and money market investments. In general, the greater a Portfolio’s exposure to stock investments, the higher its risk (especially short-term volatility) and its potential for superior long-term performance. The more exposure a Portfolio has to bond and money market investments, the lower its risk and its potential long-term returns. There are also variations in risk/return levels within the stock and bond categories. For example, international stocks typically have higher risk levels than domestic stocks.

An allocation emphasizing stocks is generally considered appropriate when the investment goal is many years away. As the goal becomes closer, an investor’s concern generally shifts from capital growth to capital preservation, as is reflected in the Age-Based Portfolios’ allocation path. Although an active asset allocation strategy within the Age-Based Portfolios is designed to add value to the Portfolios, there is no guarantee any value will be added, and the strategy may result in losses to the Portfolios or may cause the Portfolios to have a different risk profile from that depicted in the Plan’s asset allocation chart.

Each Portfolio generally intends to remain fully invested. However, to the extent that a Portfolio does hold cash, it

may invest it in short-term collateralized loans called repurchase agreements. If a Portfolio needs more cash than it has on hand, it may borrow from a bank.

Risk Factors that May Affect Portfolio Performance

While these are the major risks associated with each of the Portfolios, in varying degrees, the list is not comprehensive. See page 68 for more complete risk information on the underlying mutual funds.

Market risks Securities prices change every business day, based on investor reactions to economic, political, market, industry, and corporate developments. At times, price changes may be rapid and dramatic. Some factors may affect the market as a whole, while others affect particular industries, firms, or sizes or types of securities. Market risk primarily affects stocks, but also affects high-yield bonds and, to a lesser extent, higher quality bonds.

Interest rate risks A rise in interest rates typically causes bond prices to fall. Bonds with longer maturities and higher credit quality tend to be more sensitive to changes in interest rates, as are mortgage-backed bonds. Short- and long-term interest rates do not necessarily move the same amount or in the same direction.

Money market investments are also affected by interest rates, particularly short-term rates, but in the opposite way: when short-term interest rates fall, money market yields usually fall as well.

Bonds that can be paid off before maturity, such as mortgage-backed securities, tend to be more volatile than other types of debt securities.

Foreign investment risks Foreign stocks and bonds tend to be more volatile, and may be less liquid, than their U.S. counterparts. The reasons can include greater political and social instability, lower market liquidity, higher costs, less stringent investor protections, and inferior information on issuer finances. In addition, the dollar value of most foreign currencies changes daily. All of these risks tend to be higher in emerging markets than in developed markets.

Concentration risks To the extent that a Portfolio is exposed to securities of a single country, region, industry, structure, or size, its performance may be unduly affected by factors common to the type of securities involved.

Issuer risks Changes in an issuer’s business prospects or financial condition, including those resulting from concerns over accounting or corporate governance practices, could significantly affect a Portfolio’s performance if the portfolio has sufficient exposure to those securities.

Credit risks The value or yield of a bond or money market security could fall if its credit backing deteriorates. In more

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extreme cases, default or the threat of default could cause a security to lose most or all of its value. Credit risks are higher in high-yield bonds.

Management risks A Portfolio’s performance could suffer if its manager deviates from the Portfolio’s target allocation or chooses mutual funds that underperform.

Market Disruption and Geopolitical risks Geopolitical and other events, including but not limited to pandemics and epidemics, may disrupt securities markets and adversely affect global economies and markets. Those events as well as other changes in non-U.S. and U.S. economic and political conditions could adversely affect the value of a mutual fund’s investments.

Counterparty risk A Portfolio’s performance could be hurt if the counterparty to a repurchase agreement defaults on its commitments to the portfolio.

Borrower risk If a Portfolio borrows from a bank, its performance could be more volatile until the loan is paid off.

Sustainability risks To the extent that a Portfolio is exposed to sustainability mutual funds, the Portfolio bears the risks of investment strategies employed by the underlying sustainability mutual funds, including the risk that the underlying mutual funds will not meet their investment objectives. Application of Fidelity’s Environmental, Sustainability, and Governance (ESG) ratings process and/or sustainable investing exclusion criteria may affect the underlying mutual fund’s exposure to certain issuers, sectors, regions, and countries, and may affect the fund and Portfolio’s performance depending on whether certain investments are in or out of favor. The criteria related to the underlying fund’s ESG ratings process and/or adherence to its sustainable investing exclusion criteria may result in the underlying fund forgoing opportunities to buy certain securities when it might otherwise be advantages to do so, or selling securities for ESG reasons when it might otherwise be disadvantageous for it to do so. As a result, the underlying fund’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive ESG factors. While the underlying fund’s Adviser believes its definitions are reasonable, the decisions it makes may differ with other investors’ or advisers’ views.

Insurance Wrap Contract risk To the extent that a Portfolio is exposed to an insurance wrap contract, the Portfolio is subject to the following risks: (i) default by the wrap contract issuer with the potential result of loss of principal should market value of securities backing the contract be less than book value of the contract, (ii) costs incurred to buy the wrap contracts reduce the Portfolio’s return, (iii) a

terminated wrap contract may be replaced with a contract with less favorable terms or higher costs, (iv) poor market value performance of underlying securities may lead a wrap issuer to exercise its right to terminate the contract, and (v) a wrap contract could terminate, resulting in a loss of book value coverage.

Social Concentration risks The risk that because a mutual fund’s social criteria exclude securities of certain issuers for nonfinancial reasons, the fund may forgo some market opportunities available to funds that do not use such criteria.

CHANGING THE BENEFICIARY

At any time, you can change the Beneficiary of a Fidelity Advisor 529 Plan Account to someone who is recognized by federal tax law as a family member of the original Beneficiary. There should be no federal income tax consequences to such a change (although there could be federal gift or GST tax consequences). You can move money in an Account to an Account for someone who is not a permitted family member, but for tax purposes this is the same as if you had withdrawn the money and not used it to pay for qualified higher education expenses of the Beneficiary; see page 54.

Family Members

For purposes of a 529 plan, a family member is defined as anyone who bears one or more of the following relationships to the original Beneficiary (including through adoption as a child), or, except as noted, is the spouse of anyone who bears such a relationship:

Note that if the new Beneficiary belongs to a younger generation than the original Beneficiary, the original Beneficiary may be liable for gift or GST tax. For more information on gift and GST taxes, see page 13.

To change the Beneficiary on an Account, you or your financial representative will need to complete a Beneficiary

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Change Form and submit the form using the instructions it provides. Unless you tell us otherwise, any money in Static, Individual Fund, or Stable Value Portfolios will remain there, and any money in an Age-Based Portfolio will be transferred to the Age-Based Portfolio that is designated for the new Beneficiary’s birth year (if different from the current Age-Based Portfolio).

You may transfer all assets in an Account to an Account you hold for another Beneficiary, or only a portion of the assets. If you transfer all assets to the other Beneficiary’s Account, you may be charged a prorated administration fee.

CHANGING THE PARTICIPANT

In general, you cannot put your Fidelity Advisor 529 Plan account into anyone else’s name. The Account must remain in the Participant’s name until it is closed or the Participant dies. (There are exceptions for UGMA/UTMA 529 accounts; see sidebar).

If you want someone else to have the money in the Account, you will need to remove the money from the Account and give it to them, paying any taxes that are due (see page 54 for more about taxes).

Naming a “Successor Participant”

If a Participant dies while there is still money in the Account, Fidelity will need to recognize a “Successor Participant” to

take over the Participant’s role. As the Participant, you have the ability to name a Successor Participant, and a Contingent Successor Participant, in the event that one or both is needed.

The simplest and most reliable way to name a Successor Participant and Contingent Successor Participant is on the Account Application. You can add or change a Successor or Contingent Successor Participant to an existing Account by using a Successor Participant Form. You can access this form by contacting Fidelity at 877-208-0098 or www.institutional.fidelity.com or by contacting your financial representative. Please check whether your financial representative’s firm makes this feature available to its customers.

A Successor or Contingent Successor Participant can be:

Transferring Control to a Successor Participant

If a Participant dies, Fidelity will need the following documents before we can put the Account in a Successor Participant’s name:

If a completed Successor Participant Form exists, the documents should be submitted by the Successor Participant named in the form. If no form exists, the executor/executrix of the Participant’s estate should submit the documents. Fidelity reserves the right to require additional documentation.

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PORTFOLIO PERFORMANCE

The tables on the following pages show the past performance of each class of units for each Portfolio currently available through the Fidelity Advisor 529 Plan. Although past performance is not an indication of future results, it can be valuable for an investor to know.

The figures shown on the following pages reflect the deduction of all applicable Portfolio and mutual fund expenses as well as applicable sales loads. The $20 Annual Account Maintenance Fee has not been deducted from the performance figures. The figures assume that all dividends and other distributions were reinvested in the underlying mutual funds that generated them.

Tracking the Performance of Your Account

At least once a quarter, Fidelity or your financial representative will send you a statement that shows your Account activity and current value. Once a year, Fidelity or your financial representative will send you an annual report, which will show the asset allocation of all of the Plan’s Portfolios, the mutual funds each Portfolio owned and in what percentages, and performance figures for the Portfolios.

You or your financial representative can check current Portfolio performance or request a free annual report by phone at 1-877-208-0098 or online at www.institutional.fidelity.com. The web site also has the most recent daily values for each Class of Units for each Portfolio. You or your financial representative may request a free annual report.

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ACCOUNT AND PORTFOLIO FEES AND EXPENSES

The value of an Account will be reduced by certain fees and expenses. Such fees and expenses may be grouped into two categories. First, there are fees payable under the Participation Agreement between the Participant and the Trust. Second, there are expenses associated with each Portfolio’s investments in the Fidelity funds.

Program Management Fee. Except for the Stable Value Portfolio, there is a 0.10% program management fee paid to Fidelity for its investment management services. This fee is a daily charge by the Trust against the assets of each Portfolio. For the Stable Value Portfolio, the Program Management Fee is a daily charge by the Trust at an annual rate of 0.07% against the assets of the Stable Value Portfolio.

State Assessment. Except for the Stable Value Portfolio, there is a 0.10% “State Assessment” (formerly known as “State Fee”) received by the Trust for its administrative services to the Fidelity Advisor 529 Plan. This assessment is a daily charge by the Trust against the assets of each Portfolio. For the Stable Value Portfolio, the State Assessment is a daily charge by the Trust at an annual rate of 0.01% against the assets of the Stable Value Portfolio.

Portfolio Management Fee. There is a Portfolio Management Fee assessed against the assets of Age-Based and Static Portfolios. This fee will be reduced annually until a Portfolio’s asset allocation aligns and merges with the College Portfolio. The Portfolio Management Fee reduction is reflected on the Portfolio Management Fee Rolldown Schedule detailed on the following pages. The current Portfolio Management Fee is set forth on the FA 529 Plan Fee and Expense Structure tables that follow. There is also a Portfolio Management Fee for the Stable Value Portfolio that is currently assessed at an annual rate of 0.30% of net assets invested in the Stable Value Portfolio.

Stable Value Portfolio Insurance Wrap Fee. There is a Stable Value Portfolio Insurance Wrap Fee (“Insurance Wrap Fee”) that is paid to the third party insurance issuers of the insurance contracts that wrap the underlying investments of the Stable Value Portfolio. This fee is a contractual fee assessed against the long-term assets of the Stable Value Admin Pool and is currently at an annual rate of 0.15% of its net position but may increase or decrease without notice based on the contractual terms with the insurance providers.

Expense ratio. A Portfolio also bears its pro-rata share of the expenses of the underlying mutual funds in which the Portfolio invests. A Portfolio’s expenses may be higher or lower depending on the changes in its allocation among different funds and changes in the funds’ expenses.

The Trust pays Fidelity additional money for distribution of Units. Fidelity in turn pays the firms that sell interests in the

Plan. See “Sale of Units” on page 53 for a description of the fees paid to the firms in connection with the sale of Units.

Annual Account Maintenance Fee There is an Annual Account Maintenance Fee of $20 per Fidelity Advisor 529 Plan Account. The $20 fee is assessed on each anniversary of the date the account was opened. The $20 annual Account fee is waived and not imposed for any year in which:

(i) the Account or a Related Account (defined below) is subject to an election by the Participant to make additional systematic $50 monthly or $150 quarterly investments by electronic funds transfers (including Government Allotments for military personnel) during the entirety of such year;

(ii) the total asset value of the Account and any Related Accounts for a Beneficiary equals or exceeds $25,000. For purposes of this provision, the term “Related Account” means any Account that is established for the same Beneficiary within the trust; or

(iii) FMRCo LLC waives the fee at its discretion.

The Trust pays Fidelity an amount equal to the total of the Annual Account Maintenance Fees collected by the Trust for Accounts held at Fidelity.

You may elect to invest in the Plan through a financial intermediary that maintains a master account (an “Omnibus Account”) with the Plan on behalf of its customers. If you hold your Account through a financial intermediary’s Omnibus Account, your Account may be subject to an alternate annual account maintenance fee and waiver provisions. For Accounts held through a financial intermediary’s Omnibus Account, the alternate annual account maintenance fee is imposed by and paid directly to your financial intermediary. In such instances, FMRCo LLC is authorized to waive the $20 Annual Account Maintenance Fee as noted above. Please contact your financial intermediary for more information on the alternate annual account maintenance fee and waiver provisions related to your accounts.

Class and Portfolio Fees There are also fees that vary by Class of Units and Portfolio. See the tables beginning on page 41 for specific fees associated with each Class of Units for each Portfolio.

Fidelity Management & Research Company LLC (FMRCo LLC), the funds’ investment manager, may reduce the overall expenses of some of the underlying funds in which the portfolios invest. Portfolio expense ratios before and after these fund reductions and ratios for the individual mutual funds, which are factored into the portfolio ratios are shown in the tables on the previous pages.

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Any account fees and expenses are paid to the Trust to provide for the costs of administration of the accounts and such other purposes as the Trustee shall deem appropriate, including the funding of an endowment fund to provide scholarships to the neediest New Hampshire residents attending an eligible post-secondary institution and the costs to hire an independent public auditor to audit the Trust. See “Trust Expenses” on page 64 for more details.

AVAILABILITY OF UNITS

Class D Units are only available if purchased in an Account established before June 25, 2003.

Class A Units

Sales Charges and Concessions In certain circumstances, Fidelity may waive or reduce the sales charges applicable to Class A purchases. These waivers and reductions are at the discretion of the Trustee and may be modified at any time.

To qualify for a Class A sales charge waiver or reduction, you must notify Fidelity in advance of your purchase.

Load Waivers The front-end sales charges will not apply to the purchase of Class A under the following situations:

1. Purchases by any employee of a firm, and any member of the immediate family of such person, if such firm has in effect a Selling Agreement for the Fidelity Advisor 529 Plan with Fidelity Distributors Company LLC;

2. Purchases with “Fidelity 529 College Rewards” generated from the Fidelity Investments College Rewards Card;

3. Purchases through a broker dealer, registered investment adviser, trust institution or bank trust department that charges an asset based fee;

4. Purchases of $10.00 or less; and

5. The initial sales charge on Class A units may be waived for rollovers from other qualified tuition programs if: (i) the assets are directly rolled over from another qualified tuition program or a Coverdell Education Savings Account and (ii) you are purchasing Units through a broker-dealer that has elected to make the sales charge waiver available to certain clients. Check with your financial representative to determine if you are eligible for the waiver before initiating a rollover.

Combined Purchase, Rights of Accumulation, and Letter of Intent The following qualify as an “individual” for purposes of determining eligibility for the Combined Purchase, Rights of Accumulation, and Letter of Intent programs: an individual and spouse purchasing as Participant for his or her own Account and a Trust purchasing as a Participant for a Trust 529 Account. In order to obtain the benefit of a front-end sales charge reduction for which you may be eligible, you may need to inform your financial representative of

other Accounts you or your spouse maintain with your financial representative or other financial representative from the same intermediary.

Combined Purchase If you are a new Participant, you may be able to receive a Class A front-end sales charge reduction when you combine your initial purchase of Class A Units with purchases of: (i) Class A, Class C, Class D and Class P Units of any Fidelity Advisor 529 Plan, (ii) Class A, Class C, and Class P Units of any OklahomaDream 529 Plan, (iii) Class A, Class C, and Class P Units of any CHET Advisor Plan, (iv) Class A, Class M, and Class C shares of any Fidelity fund that offers Advisor classes of shares, and (v) Advisor C Class shares of Fidelity Treasury Money Market Fund.

Class D Units are available only for Accounts established before June 25, 2003.

Purchases may be aggregated across multiple intermediaries on the same day for the purpose of qualifying for the Combined Purchase program.

Rights of Accumulation If you are an existing Participant, you may be able to receive a Class A front-end sales charge reduction when you add to your purchase of Class A Units the current value of your holdings in (i) Class A, Class C, Class D, and Class P Units of any Fidelity Advisor 529 Plan, (ii) Class A, Class C, and Class P Units of any OklahomaDream 529 Plan, (iii) Class A, Class C, and Class P Units of any CHET Advisor Plan, (iv) Class A, Class M, and Class C shares of any Fidelity fund that offers Advisor classes of shares, (v) Advisor C Class shares of Fidelity Treasury Money Market Fund, (vi) Daily Money Class shares of a fund that offers Daily Money Class shares acquired by exchange from any Fidelity fund that offers Advisor classes of shares, and (vii) Class O shares of Fidelity Advisor Diversified Stock Fund or Fidelity Advisor Capital Development Fund.

The current value of your holdings is determined at the next Unit value without sales charge at the close of business on the day prior to your purchase of Class A Units. The current value of your holdings will be added to your purchase of Class A Units for the purpose of qualifying for the Rights of Accumulation program.

Purchases and holdings may be aggregated across multiple intermediaries for the purpose of qualifying for the Rights of Accumulation program.

Letter of Intent You may receive a Class A Unit front-end sales charge reduction on your purchases of Class A Units made during a 13-month period by signing a Letter of Intent (Letter). Each Class A Unit purchase you make after you sign the Letter will be entitled to the reduced front-end sales charge applicable to the total investment indicated in the Letter. You must file your Letter with Fidelity no later than the date of the initial purchase toward completing your Letter.

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Purchases of the following may be aggregated for the purpose of completing your Letter: (i) Class A, Class C, Class D, and Class P Units of any Fidelity Advisor 529 Plan Portfolio, (ii) Class A and Class M shares of any Fidelity fund that offers Advisor Classes of shares (except those acquired by exchange from Daily Money Class shares of a fund that offers Daily Money Class shares that had been previously exchanged from a Fidelity fund that offers Advisor classes of shares), (iii) Class C shares of any Fidelity fund that offers Advisor classes of shares, and (iv) Advisor C Class shares of Fidelity Treasury Money Market Fund. Reinvested income and capital gain distributions will not be considered purchases for the purpose of completing your Letter.

Your initial purchase toward completing your Letter must be at least 5% of the total investment specified in your Letter.

Fidelity will hold Class A Units in your name in an amount equal to 5% of the total investment specified in your Letter and will restrict those Units. The restricted Units will be released when you complete your Letter. You are not obligated to complete your Letter. If you do not complete your Letter, you must pay the increased front-end sales charges due in accordance with the sales charge schedule in effect when your Units were originally bought. If you do not pay the increased front-end sales charges within 20 days after the date your Letter expires, Fidelity may redeem sufficient restricted Class A Units to pay the applicable front-end sales charge. If you purchase more than the amount specified in your Letter and qualify for additional Class A front-end sales charge reductions, the front-end sales charge will be adjusted to reflect your total purchase at the end of 13 months and the surplus amount will be applied to your purchase of additional Class A Units at the then-current offering price applicable to the total investment.

Purchases may be aggregated across multiple intermediaries for the purpose of qualifying the Letter of Intent Program.

For specific information on the Combined Purchases, Rights of Accumulation, and Letter of Intent policies for the Advisor Fund Classes of shares, please refer to a Fidelity Advisor Fund prospectus.

Reinstatement Privilege If you have sold all or part of your Class A Units, you may reinvest an amount equal to all or a portion of the redemption proceeds in the same class of Units of the Portfolio or another Fidelity Advisor 529 Plan Portfolio, at the Unit value without the sales charge next determined after receipt in proper form of your investment order, provided that such reinvestment is made within 90 days of redemption. Under these circumstances, the dollar amount of the CDSC you paid, if any, on Units will be reimbursed to you by reinvesting that amount in Class A Units as applicable. This privilege may be exercised only once by a Participant with respect to the Portfolio and

certain restrictions may apply. For purposes of the CDSC schedule, the holding period will continue as if the Class A Units had not been redeemed. To qualify for the reinstatement privilege, you must notify Fidelity or your financial representative in writing in advance of your investment.

Contingent Deferred Sales Charge Certain Class A Units sold by investment professionals who receive a finder’s fee will be subject to a contingent deferred sales charge of 1.00% of the lesser of the cost of the Units at the date of purchase or the value of the Units at the time of redemption. The CDSC will be assessed on these Units if they do not remain in the Portfolio for a period of at least one uninterrupted year. In addition, the CDSC will not apply to any amount attributable to (i) investment gains, (ii) redemptions used to pay for a Beneficiary’s qualified higher education expenses, or (iii) redemptions due to a Beneficiary’s death, disability, or receipt of a scholarship or attendance in a U.S. military academy. In determining the applicability and rate of any CDSC at redemption, shares that have been held the longest period of time will be redeemed first. The actual CDSC you pay may be higher or lower than that calculated using this percentage due to rounding. The impact of rounding may vary with the amount of your investment and the size of each Class’s Unit value. See “Sale of Units” on page 53 for a description of finder’s fees.

Class C Units