(Bloomberg) -- Fidelity Investments, the second- largest U.S. mutual fund company, reported a 13% increase in operating income last year as the rally in equities boosted assets.

Earnings, excluding costs such as interest and taxes, climbed to $2.6 billion from $2.3 billion in 2012, the Boston- based company said today in its annual report to shareholders. Revenue rose 7.9% to $13.6 billion.

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