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 the fees and the annual operating expenses for shares
of the fund are exactly as described in the fee table. This example illustrates
the 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:
|
1
year |
$ |
43 |
|
3
years |
$ |
135 |
|
5
years |
$ |
235 |
|
10
years |
$ |
530 |
Portfolio
Turnover
The
fund will not incur transaction costs, such as commissions, when it buys and
sells shares of underlying Fidelity®
funds (or "turns over" its portfolio), but it could incur transaction costs if
it were to buy and sell other types of securities directly. If the fund were to
buy and sell other types of securities directly, a higher portfolio turnover
rate could indicate higher transaction costs and could result in higher taxes
when fund shares are held in a taxable account. Such costs, if incurred, would
not be reflected in annual operating expenses or in the example and would affect
the fund's performance. During the most recent fiscal year, the fund's portfolio
turnover rate was 19%
of the average value of its portfolio.
Principal
Investment Strategies
- Investing
primarily in a combination of Fidelity®
U.S. equity funds, international equity funds, bond funds, and short-term
funds (underlying Fidelity®
funds).
- Allocating
assets according to a stable neutral asset allocation strategy (approximately
11% in U.S. equity funds, 8% in international equity funds, 43% in U.S.
investment grade bond funds, 5% in international bond funds, 3% in long-term
treasury bond funds, 20% in short-term inflation-protected bond funds, and 10%
in short-term funds). Fidelity Management & Research Company LLC (FMR)
(the Adviser) may modify the fund's neutral asset allocations from time to
time when in the interests of shareholders.
- Buying
and selling futures contracts (both long and short positions) in an effort to
manage cash flows efficiently, remain fully invested, or facilitate asset
allocation.
- Allocating
assets among underlying Fidelity®
funds and futures according to a stable neutral asset allocation of
approximately:
|
|
U.S.
Equity Funds 11% |
|
|
International
Equity Funds 8% |
|
|
International
Bond Funds 5% |
|
|
U.S.
Investment Grade Bond Funds 43% |
|
|
Long-Term
Treasury Bond Funds 3% |
|
|
Long-Term
Inflation-Protected Bond Funds 0% |
|
|
Short-Term
Inflation-Protected Bond Funds 20% |
|
|
Short-Term
Funds 10% |
*
The Adviser may change these percentages over time. As a result of the active
asset allocation strategy (discussed below), actual allocations may differ from
the neutral allocations above. The allocation percentages may not add to 100%
due to rounding.
- The
Adviser, under normal market conditions, will use an active asset allocation
strategy to increase or decrease asset class exposures relative to the neutral
asset allocations reflected above by up to 10% for equity funds, bond funds
and short-term funds to reflect the Adviser's market outlook, which is
primarily focused on the intermediate term. The asset allocations in the pie
chart above are referred to as neutral because they do not reflect any
decisions made by the Adviser to overweight or underweight an asset
class.
- The
Adviser may also make active asset allocations within other asset classes
(such as commodities, high yield debt (also referred to as junk bonds),
floating rate debt, real estate debt, and emerging markets debt) from 0% to
10% of the fund's total assets individually, but no more than 25% in aggregate
within those other asset classes. Such asset classes are not reflected in the
neutral asset allocations reflected in the pie chart above. Emerging markets
include countries that have an emerging stock market as defined by MSCI,
countries or markets with low- to middle-income economies as classified by the
World Bank, and other countries or markets that the Adviser identifies as
having similar emerging markets characteristics.
Principal
Investment Risks
Shareholders
should consider that no target date fund is intended as a complete retirement
program and there is no guarantee that any single fund will provide sufficient
retirement income at or through your retirement. The fund's share price
fluctuates, which means you could lose money by investing in the fund, including
losses near, at or after the target retirement date.
The
fund is subject to risks resulting from the Adviser's asset allocation
decisions. The selection of underlying funds and the allocation of the fund's
assets among various asset classes could cause the fund to lose value or its
results to lag relevant benchmarks or other funds with similar objectives. In
addition, the fund's active asset allocation strategy may cause the fund to have
a risk profile different than that portrayed above from time to time and may
increase losses.
- Investing
in Other Funds.
The
fund bears all risks of investment strategies employed by the underlying funds,
including the risk that the underlying funds will not meet their investment
objectives.
Stock
markets are volatile and can decline significantly in response to adverse
issuer, political, regulatory, market, or economic developments. Different parts
of the market, including different market sectors, and different types of
securities can react differently to these developments.
Interest
rate increases can cause the price of a debt or money market security to
decrease.
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 economic developments and can perform differently from the U.S. market. The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors. Emerging markets can be subject to greater social, economic,
regulatory, and political uncertainties and can be extremely volatile. Foreign
exchange rates also can be extremely volatile.
Market
conditions, interest rates, and economic, regulatory, or financial developments
could significantly affect a single industry or group of related
industries.
The
ability of an issuer of a debt security to repay principal prior to a security's
maturity can cause greater price volatility if interest rates
change.
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.
A
decline in the credit quality of an issuer or a provider of credit support or a
maturity-shortening structure for a security can cause the price of a security
to decrease.
Lower-quality
debt securities (those of less than investment-grade quality, also referred to
as high yield debt securities or junk bonds) and certain types of other
securities involve greater risk of default or price changes due to changes in
the credit quality of the issuer. The value of lower-quality debt securities and
certain types of other securities can be more volatile due to increased
sensitivity to adverse issuer, political, regulatory, market, or economic
developments.
The
performance of an underlying index fund and its index may vary somewhat due to
factors such as fees and expenses of the underlying fund, transaction costs,
sample selection, regulatory restrictions, and timing differences associated
with additions to and deletions from the index. Errors in the construction or
calculation of the index may occur from time to time and may not be identified
and corrected for some period of time, which may have an adverse impact on an
underlying fund and its shareholders.
Some
of the underlying funds in which the fund invests are managed with a passive
investment strategy, attempting to track the performance of an unmanaged index
of securities, regardless of the current or projected performance of an
underlying fund's index or of the actual securities included in the index. This
differs from an actively managed fund, which typically seeks to outperform a
benchmark index. As a result, the performance of these underlying funds could be
lower than actively managed funds that may shift their portfolio assets to take
advantage of market opportunities or lessen the impact of a market decline or a
decline in the value of one or more issuers. An underlying index fund may be
concentrated to approximately the same extent that its index concentrates in the
securities of issuers in a particular industry or group of
industries.
Leverage
can increase market exposure, magnify investment risks, and cause losses to be
realized more quickly.
- Inflation-Protected
Debt Exposure.
Increases
in real interest rates can cause the price of inflation-protected debt
securities to decrease. Interest payments on inflation-protected debt securities
can be unpredictable.
- Commodity-Linked
Investing.
The
value of commodities and commodity-linked investments may be affected by the
performance of the overall commodities markets as well as weather, political,
tax, and other regulatory and market developments. Commodity-linked investments
may be more volatile and less liquid than the underlying commodity, instruments,
or measures.
Investments
in commodity futures contracts are also subject to the risk of the failure of
any of the exchanges on which an underlying fund's positions trade or of its
clearinghouses or counterparties. In addition, certain commodity exchanges limit
fluctuations in certain futures contract prices during a single day by
regulations referred to as "daily price fluctuation limits" or "daily limits."
Under such daily limits, during a single trading day no trades may be executed
at prices beyond the daily limit. If triggered, these limits could prevent the
underlying fund from liquidating unfavorable positions and subject the
underlying fund to losses or prevent it from entering into desired trades during
the particular trading day.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates 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 and a hypothetical composite of market
indexes over various periods of time.
The indexes have characteristics relevant to the fund's investment strategies.
Index descriptions appear in the "Additional Index Information" section of the
prospectus.
Past performance is not an indication of future
performance.
Visit
www.401k.com and
log in for more recent performance information.
Year-by-Year
Returns
|
|
|
|
|
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
|
|
|
|
|
-1.74%
|
10.74%
|
9.00%
|
3.15%
|
-11.30%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
6.41% |
June
30, 2020 |
|
Lowest
Quarter Return |
-6.16% |
June
30, 2022 |
|
Year-to-Date
Return |
3.63% |
March
31, 2023 |
Average
Annual Returns
|
For
the periods ended December 31, 2022 |
Past
1
year |
Past
5
years |
Life
of
class A |
|
Class
K |
-11.30% |
1.65% |
% |
|
Bloomberg
U.S. Aggregate Bond Index
(reflects
no deduction for fees, expenses, or taxes) |
-13.01% |
0.02% |
% |
|
Fidelity
Freedom Income Composite Index℠
(reflects
no deduction for fees or expenses) |
-11.04% |
1.86% |
% |
|
|
|
|
|
Investment
Adviser
FMR
(the Adviser) is the fund's manager.
Portfolio
Manager(s)
Andrew
Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.
Brett
Sumsion (Co-Portfolio Manager) has managed the fund since 2014.
Purchase
and Sale of Shares
Shares
generally are available only to certain employer-sponsored retirement plans and
certain Fidelity health savings accounts that are made available through
employers. For this purpose, employer-sponsored retirement plans generally
include profit sharing, 401(k), 403(b), 457(b), defined benefit, retiree health
savings plans, and similar plans, but generally do not include: retail
retirement or non-retirement accounts; Individual Retirement Accounts (IRAs)
(such as traditional, Roth, SEP, SARSEP, and SIMPLE IRAs); Coverdell Education
Savings Accounts; individual 403(b) accounts that are not part of an employer's
403(b) plan; plans investing through the Fidelity Advisor®
403(b) program; plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition
programs. Plan participants may purchase shares only if shares are eligible for
sale and available through their plan.
You
may buy or sell shares in various ways:
Internet
www.401k.com
Phone
For
Individual Accounts (investing through a retirement plan sponsor or other
institution), refer to your plan materials or contact that institution
directly.
For
Retirement Plan Level Accounts:
Corporate
Clients 1-800-962-1375
"Not
for Profit" Clients 1-800-343-0860
Mail
|
Redemptions:
Fidelity
Investments
P.O.
Box 770001
Cincinnati,
OH 45277-0035 |
Overnight
Express:
Fidelity
Investments
100
Crosby Parkway
Covington,
KY 41015 |
TDD
- Service
for the Deaf and Hearing Impaired
1-800-544-0118
Shares
of the fund are not eligible for purchase by registered investment companies or
business development companies to the extent such acquisition is in reliance on
Rule 12d1-4 under the Investment Company Act of 1940.
The
price to buy one share is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
by the fund to tax-advantaged retirement plan accounts are not taxable currently
(but you may be taxed later, upon withdrawal of your investment from such
account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated 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
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Summary
Fund/Class:
Fidelity
Freedom® 2005 Fund
/K
Investment
Objective
Fidelity
Freedom® 2005 Fund seeks high total return until its target retirement date.
Thereafter the fund's objective will be to seek high current income and, as a
secondary
objective, capital appreciation.
Fee
Table
The
following table describes the fees and expenses that may be incurred when you
buy, hold, and sell shares of the fund. In
addition to the fees and expenses described below, your broker may also require
you to pay brokerage commissions on purchases and sales of certain share classes
of the fund.
Shareholder
fees
|
(fees
paid directly from your investment) |
None |
Annual
Operating Expenses
(expenses
that you pay each year as a % of the value of your investment)
|
Management
fee |
%
A |
|
Distribution
and/or Service (12b-1) fees |
None
|
|
Other
expenses |
0.00%
|
|
Total
annual operating expenses |
%
A |
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 the fees and the annual operating expenses for shares
of the fund are exactly as described in the fee table. This example illustrates
the 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:
|
1
year |
$ |
43 |
|
3
years |
$ |
135 |
|
5
years |
$ |
235 |
|
10
years |
$ |
530 |
Portfolio
Turnover
The
fund will not incur transaction costs, such as commissions, when it buys and
sells shares of underlying Fidelity®
funds (or "turns over" its portfolio), but it could incur transaction costs if
it were to buy and sell other types of securities directly. If the fund were to
buy and sell other types of securities directly, a higher portfolio turnover
rate could indicate higher transaction costs and could result in higher taxes
when fund shares are held in a taxable account. Such costs, if incurred, would
not be reflected in annual operating expenses or in the example and would affect
the fund's performance. During the most recent fiscal year, the fund's portfolio
turnover rate was 20%
of the average value of its portfolio.
Principal
Investment Strategies
- Investing
primarily in a combination of Fidelity®
U.S. equity funds, international equity funds, bond funds, and short-term
funds (underlying Fidelity®
funds).
- Allocating
assets according to a neutral asset allocation strategy shown in the glide
path below that adjusts over time until it reaches an allocation similar to
that of the Fidelity Freedom®
Income Fund, approximately 10 to 19 years after the year 2005. Fidelity
Management & Research Company LLC (FMR) (the Adviser) may modify the
fund's neutral asset allocations from time to time when in the interests of
shareholders.
- The
neutral asset allocation shown in the glide path depicts the allocation to
U.S. equity funds, international equity funds, bond funds (including U.S.
investment grade bond, international bond, short-term inflation-protected
bond, long-term inflation-protected bond, and long-term treasury bond), and
short-term funds.
- Buying
and selling futures contracts (both long and short positions) in an effort to
manage cash flows efficiently, remain fully invested, or facilitate asset
allocation.
- The
Adviser, under normal market conditions, will make investments that are
consistent with seeking high total return for several years beyond the fund's
target retirement date in an effort to achieve the fund's overall investment
objective.
- As
of April 1, 2023, the fund's neutral asset allocation to underlying
Fidelity®
funds and futures was approximately:
|
|
U.S.
Equity Funds 12% |
|
|
International
Equity Funds 8% |
|
|
International
Bond Funds 5% |
|
|
U.S.
Investment Grade Bond Funds 43% |
|
|
Long-Term
Treasury Bond Funds 3% |
|
|
Long-Term
Inflation-Protected Bond Funds 0% |
|
|
Short-Term
Inflation-Protected Bond Funds 19% |
|
|
Short-Term
Funds 10% |
*
The Adviser may change these percentages over time. As a result of the active
asset allocation strategy (discussed below), actual allocations may differ from
the neutral allocations above. The allocation percentages may not add to 100%
due to rounding.
- The
Adviser, under normal market conditions, will use an active asset allocation
strategy to increase or decrease asset class exposures relative to the neutral
asset allocations reflected above by up to 10% for equity funds, bond funds
and short-term funds to reflect the Adviser's market outlook, which is
primarily focused on the intermediate term. The asset allocations in the glide
path and pie chart above are referred to as neutral because they do not
reflect any decisions made by the Adviser to overweight or underweight an
asset class.
- The
Adviser may also make active asset allocations within other asset classes
(such as commodities, high yield debt (also referred to as junk bonds),
floating rate debt, real estate debt, and emerging markets debt) from 0% to
10% of the fund's total assets individually, but no more than 25% in aggregate
within those other asset classes. Such asset classes are not reflected in the
neutral asset allocations reflected in the glide path and pie chart above.
Emerging markets include countries that have an emerging stock market as
defined by MSCI, countries or markets with low- to middle-income economies as
classified by the World Bank, and other countries or markets that the Adviser
identifies as having similar emerging markets characteristics.
- Designed
for investors who retired in or within a few years of 2005 (target retirement
date) at or around age 65.
When
the neutral asset allocation of a fund matches Fidelity Freedom® Income
Fund's neutral asset allocation (approximately 10 to 19 years after the year
indicated in the fund's name), the Board of Trustees may combine the fund with
Fidelity Freedom® Income Fund, without shareholder approval, and the fund's
shareholders will become shareholders of Fidelity Freedom® Income
Fund.
Principal
Investment Risks
Shareholders
should consider that no target date fund is intended as a complete retirement
program and there is no guarantee that any single fund will provide sufficient
retirement income at or through your retirement. The fund's share price
fluctuates, which means you could lose money by investing in the fund, including
losses near, at or after the target retirement date.
The
fund is subject to risks resulting from the Adviser's asset allocation
decisions. The selection of underlying funds and the allocation of the fund's
assets among various asset classes could cause the fund to lose value or its
results to lag relevant benchmarks or other funds with similar objectives. In
addition, the fund's active asset allocation strategy may cause the fund to have
a risk profile different than that portrayed above from time to time and may
increase losses.
- Investing
in Other Funds.
The
fund bears all risks of investment strategies employed by the underlying funds,
including the risk that the underlying funds will not meet their investment
objectives.
The
Adviser will continue to invest the fund's assets in equity funds in the years
following the fund's target retirement date in an effort to achieve the fund's
overall investment objective. Stock markets are volatile and can decline
significantly in response to adverse issuer, political, regulatory, market, or
economic developments. Different parts of the market, including different market
sectors, and different types of securities can react differently to these
developments.
Interest
rate increases can cause the price of a debt or money market security to
decrease.
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 economic developments and can perform differently from the U.S. market. The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors. Emerging markets can be subject to greater social, economic,
regulatory, and political uncertainties and can be extremely volatile. Foreign
exchange rates also can be extremely volatile.
Market
conditions, interest rates, and economic, regulatory, or financial developments
could significantly affect a single industry or group of related
industries.
The
ability of an issuer of a debt security to repay principal prior to a security's
maturity can cause greater price volatility if interest rates
change.
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.
A
decline in the credit quality of an issuer or a provider of credit support or a
maturity-shortening structure for a security can cause the price of a security
to decrease.
Lower-quality
debt securities (those of less than investment-grade quality, also referred to
as high yield debt securities or junk bonds) and certain types of other
securities involve greater risk of default or price changes due to changes in
the credit quality of the issuer. The value of lower-quality debt securities and
certain types of other securities can be more volatile due to increased
sensitivity to adverse issuer, political, regulatory, market, or economic
developments.
The
performance of an underlying index fund and its index may vary somewhat due to
factors such as fees and expenses of the underlying fund, transaction costs,
sample selection, regulatory restrictions, and timing differences associated
with additions to and deletions from the index. Errors in the construction or
calculation of the index may occur from time to time and may not be identified
and corrected for some period of time, which may have an adverse impact on an
underlying fund and its shareholders.
Some
of the underlying funds in which the fund invests are managed with a passive
investment strategy, attempting to track the performance of an unmanaged index
of securities, regardless of the current or projected performance of an
underlying fund's index or of the actual securities included in the index. This
differs from an actively managed fund, which typically seeks to outperform a
benchmark index. As a result, the performance of these underlying funds could be
lower than actively managed funds that may shift their portfolio assets to take
advantage of market opportunities or lessen the impact of a market decline or a
decline in the value of one or more issuers. An underlying index fund may be
concentrated to approximately the same extent that its index concentrates in the
securities of issuers in a particular industry or group of
industries.
Leverage
can increase market exposure, magnify investment risks, and cause losses to be
realized more quickly.
- Inflation-Protected
Debt Exposure.
Increases
in real interest rates can cause the price of inflation-protected debt
securities to decrease. Interest payments on inflation-protected debt securities
can be unpredictable.
- Commodity-Linked
Investing.
The
value of commodities and commodity-linked investments may be affected by the
performance of the overall commodities markets as well as weather, political,
tax, and other regulatory and market developments. Commodity-linked investments
may be more volatile and less liquid than the underlying commodity, instruments,
or measures.
Investments
in commodity futures contracts are also subject to the risk of the failure of
any of the exchanges on which an underlying fund's positions trade or of its
clearinghouses or counterparties. In addition, certain commodity exchanges limit
fluctuations in certain futures contract prices during a single day by
regulations referred to as "daily price fluctuation limits" or "daily limits."
Under such daily limits, during a single trading day no trades may be executed
at prices beyond the daily limit. If triggered, these limits could prevent the
underlying fund from liquidating unfavorable positions and subject the
underlying fund to losses or prevent it from entering into desired trades during
the particular trading day.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates 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 and a hypothetical composite of market
indexes over various periods of time.
The indexes have characteristics relevant to the fund's investment strategies.
Index descriptions appear in the "Additional Index Information" section of the
prospectus.
Past performance is not an indication of future
performance.
Visit
www.401k.com and
log in for more recent performance information.
Year-by-Year
Returns
|
|
|
|
|
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
|
|
|
|
|
-2.46%
|
12.33%
|
9.74%
|
3.97%
|
-11.75%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
7.53% |
June
30, 2020 |
|
Lowest
Quarter Return |
-6.52% |
June
30, 2022 |
|
Year-to-Date
Return |
3.64% |
March
31, 2023 |
Average
Annual Returns
|
For
the periods ended December 31, 2022 |
Past
1
year |
Past
5
years |
Life
of
class A |
|
Class
K |
-11.75% |
1.98% |
% |
|
Bloomberg
U.S. Aggregate Bond Index
(reflects
no deduction for fees, expenses, or taxes) |
-13.01% |
0.02% |
% |
|
Fidelity
Freedom 2005 Composite Index℠
(reflects
no deduction for fees or expenses) |
-11.46% |
2.18% |
% |
|
|
|
|
|
Investment
Adviser
FMR
(the Adviser) is the fund's manager.
Portfolio
Manager(s)
Andrew
Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.
Brett
Sumsion (Co-Portfolio Manager) has managed the fund since 2014.
Purchase
and Sale of Shares
Shares
generally are available only to certain employer-sponsored retirement plans and
certain Fidelity health savings accounts that are made available through
employers. For this purpose, employer-sponsored retirement plans generally
include profit sharing, 401(k), 403(b), 457(b), defined benefit, retiree health
savings plans, and similar plans, but generally do not include: retail
retirement or non-retirement accounts; Individual Retirement Accounts (IRAs)
(such as traditional, Roth, SEP, SARSEP, and SIMPLE IRAs); Coverdell Education
Savings Accounts; individual 403(b) accounts that are not part of an employer's
403(b) plan; plans investing through the Fidelity Advisor®
403(b) program; plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition
programs. Plan participants may purchase shares only if shares are eligible for
sale and available through their plan.
You
may buy or sell shares in various ways:
Internet
www.401k.com
Phone
For
Individual Accounts (investing through a retirement plan sponsor or other
institution), refer to your plan materials or contact that institution
directly.
For
Retirement Plan Level Accounts:
Corporate
Clients 1-800-962-1375
"Not
for Profit" Clients 1-800-343-0860
Mail
|
Redemptions:
Fidelity
Investments
P.O.
Box 770001
Cincinnati,
OH 45277-0035 |
Overnight
Express:
Fidelity
Investments
100
Crosby Parkway
Covington,
KY 41015 |
TDD
- Service
for the Deaf and Hearing Impaired
1-800-544-0118
Shares
of the fund are not eligible for purchase by registered investment companies or
business development companies to the extent such acquisition is in reliance on
Rule 12d1-4 under the Investment Company Act of 1940.
The
price to buy one share is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
by the fund to tax-advantaged retirement plan accounts are not taxable currently
(but you may be taxed later, upon withdrawal of your investment from such
account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated 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
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Summary
Fund/Class:
Fidelity
Freedom® 2010 Fund
/K
Investment
Objective
Fidelity
Freedom® 2010 Fund seeks high total return until its target retirement date.
Thereafter the fund's objective will be to seek high current income and, as a
secondary
objective, capital appreciation.
Fee
Table
The
following table describes the fees and expenses that may be incurred when you
buy, hold, and sell shares of the fund. In
addition to the fees and expenses described below, your broker may also require
you to pay brokerage commissions on purchases and sales of certain share classes
of the fund.
Shareholder
fees
|
(fees
paid directly from your investment) |
None |
Annual
Operating Expenses
(expenses
that you pay each year as a % of the value of your investment)
|
Management
fee |
%
A |
|
Distribution
and/or Service (12b-1) fees |
None
|
|
Other
expenses |
0.00%
|
|
Total
annual operating expenses |
%
A |
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 the fees and the annual operating expenses for shares
of the fund are exactly as described in the fee table. This example illustrates
the 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:
|
1
year |
$ |
44 |
|
3
years |
$ |
138 |
|
5
years |
$ |
241 |
|
10
years |
$ |
542 |
Portfolio
Turnover
The
fund will not incur transaction costs, such as commissions, when it buys and
sells shares of underlying Fidelity®
funds (or "turns over" its portfolio), but it could incur transaction costs if
it were to buy and sell other types of securities directly. If the fund were to
buy and sell other types of securities directly, a higher portfolio turnover
rate could indicate higher transaction costs and could result in higher taxes
when fund shares are held in a taxable account. Such costs, if incurred, would
not be reflected in annual operating expenses or in the example and would affect
the fund's performance. During the most recent fiscal year, the fund's portfolio
turnover rate was 20%
of the average value of its portfolio.
Principal
Investment Strategies
- Investing
primarily in a combination of Fidelity®
U.S. equity funds, international equity funds, bond funds, and short-term
funds (underlying Fidelity®
funds).
- Allocating
assets according to a neutral asset allocation strategy shown in the glide
path below that adjusts over time until it reaches an allocation similar to
that of the Fidelity Freedom®
Income Fund, approximately 10 to 19 years after the year 2010. Fidelity
Management & Research Company LLC (FMR) (the Adviser) may modify the
fund's neutral asset allocations from time to time when in the interests of
shareholders.
- The
neutral asset allocation shown in the glide path depicts the allocation to
U.S. equity funds, international equity funds, bond funds (including U.S.
investment grade bond, international bond, short-term inflation-protected
bond, long-term inflation-protected bond, and long-term treasury bond), and
short-term funds.
- Buying
and selling futures contracts (both long and short positions) in an effort to
manage cash flows efficiently, remain fully invested, or facilitate asset
allocation.
- The
Adviser, under normal market conditions, will make investments that are
consistent with seeking high total return for several years beyond the fund's
target retirement date in an effort to achieve the fund's overall investment
objective.
- As
of April 1, 2023, the fund's neutral asset allocation to underlying
Fidelity®
funds and futures was approximately:
|
|
U.S.
Equity Funds 17% |
|
|
International
Equity Funds 11% |
|
|
International
Bond Funds 5% |
|
|
U.S.
Investment Grade Bond Funds 39% |
|
|
Long-Term
Treasury Bond Funds 3% |
|
|
Long-Term
Inflation-Protected Bond Funds 3% |
|
|
Short-Term
Inflation-Protected Bond Funds 14% |
|
|
Short-Term
Funds 7% |
*
The Adviser may change these percentages over time. As a result of the active
asset allocation strategy (discussed below), actual allocations may differ from
the neutral allocations above. The allocation percentages may not add to 100%
due to rounding.
- The
Adviser, under normal market conditions, will use an active asset allocation
strategy to increase or decrease asset class exposures relative to the neutral
asset allocations reflected above by up to 10% for equity funds, bond funds
and short-term funds to reflect the Adviser's market outlook, which is
primarily focused on the intermediate term. The asset allocations in the glide
path and pie chart above are referred to as neutral because they do not
reflect any decisions made by the Adviser to overweight or underweight an
asset class.
- The
Adviser may also make active asset allocations within other asset classes
(such as commodities, high yield debt (also referred to as junk bonds),
floating rate debt, real estate debt, and emerging markets debt) from 0% to
10% of the fund's total assets individually, but no more than 25% in aggregate
within those other asset classes. Such asset classes are not reflected in the
neutral asset allocations reflected in the glide path and pie chart above.
Emerging markets include countries that have an emerging stock market as
defined by MSCI, countries or markets with low- to middle-income economies as
classified by the World Bank, and other countries or markets that the Adviser
identifies as having similar emerging markets characteristics.
- Designed
for investors who retired in or within a few years of 2010 (target retirement
date) at or around age 65.
When
the neutral asset allocation of a fund matches Fidelity Freedom® Income
Fund's neutral asset allocation (approximately 10 to 19 years after the year
indicated in the fund's name), the Board of Trustees may combine the fund with
Fidelity Freedom® Income Fund, without shareholder approval, and the fund's
shareholders will become shareholders of Fidelity Freedom® Income
Fund.
Principal
Investment Risks
Shareholders
should consider that no target date fund is intended as a complete retirement
program and there is no guarantee that any single fund will provide sufficient
retirement income at or through your retirement. The fund's share price
fluctuates, which means you could lose money by investing in the fund, including
losses near, at or after the target retirement date.
The
fund is subject to risks resulting from the Adviser's asset allocation
decisions. The selection of underlying funds and the allocation of the fund's
assets among various asset classes could cause the fund to lose value or its
results to lag relevant benchmarks or other funds with similar objectives. In
addition, the fund's active asset allocation strategy may cause the fund to have
a risk profile different than that portrayed above from time to time and may
increase losses.
- Investing
in Other Funds.
The
fund bears all risks of investment strategies employed by the underlying funds,
including the risk that the underlying funds will not meet their investment
objectives.
The
Adviser will continue to invest the fund's assets in equity funds in the years
following the fund's target retirement date in an effort to achieve the fund's
overall investment objective. Stock markets are volatile and can decline
significantly in response to adverse issuer, political, regulatory, market, or
economic developments. Different parts of the market, including different market
sectors, and different types of securities can react differently to these
developments.
Interest
rate increases can cause the price of a debt or money market security to
decrease.
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 economic developments and can perform differently from the U.S. market. The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors. Emerging markets can be subject to greater social, economic,
regulatory, and political uncertainties and can be extremely volatile. Foreign
exchange rates also can be extremely volatile.
Market
conditions, interest rates, and economic, regulatory, or financial developments
could significantly affect a single industry or group of related
industries.
The
ability of an issuer of a debt security to repay principal prior to a security's
maturity can cause greater price volatility if interest rates
change.
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.
A
decline in the credit quality of an issuer or a provider of credit support or a
maturity-shortening structure for a security can cause the price of a security
to decrease.
Lower-quality
debt securities (those of less than investment-grade quality, also referred to
as high yield debt securities or junk bonds) and certain types of other
securities involve greater risk of default or price changes due to changes in
the credit quality of the issuer. The value of lower-quality debt securities and
certain types of other securities can be more volatile due to increased
sensitivity to adverse issuer, political, regulatory, market, or economic
developments.
The
performance of an underlying index fund and its index may vary somewhat due to
factors such as fees and expenses of the underlying fund, transaction costs,
sample selection, regulatory restrictions, and timing differences associated
with additions to and deletions from the index. Errors in the construction or
calculation of the index may occur from time to time and may not be identified
and corrected for some period of time, which may have an adverse impact on an
underlying fund and its shareholders.
Some
of the underlying funds in which the fund invests are managed with a passive
investment strategy, attempting to track the performance of an unmanaged index
of securities, regardless of the current or projected performance of an
underlying fund's index or of the actual securities included in the index. This
differs from an actively managed fund, which typically seeks to outperform a
benchmark index. As a result, the performance of these underlying funds could be
lower than actively managed funds that may shift their portfolio assets to take
advantage of market opportunities or lessen the impact of a market decline or a
decline in the value of one or more issuers. An underlying index fund may be
concentrated to approximately the same extent that its index concentrates in the
securities of issuers in a particular industry or group of
industries.
Leverage
can increase market exposure, magnify investment risks, and cause losses to be
realized more quickly.
- Inflation-Protected
Debt Exposure.
Increases
in real interest rates can cause the price of inflation-protected debt
securities to decrease. Interest payments on inflation-protected debt securities
can be unpredictable.
- Commodity-Linked
Investing.
The
value of commodities and commodity-linked investments may be affected by the
performance of the overall commodities markets as well as weather, political,
tax, and other regulatory and market developments. Commodity-linked investments
may be more volatile and less liquid than the underlying commodity, instruments,
or measures.
Investments
in commodity futures contracts are also subject to the risk of the failure of
any of the exchanges on which an underlying fund's positions trade or of its
clearinghouses or counterparties. In addition, certain commodity exchanges limit
fluctuations in certain futures contract prices during a single day by
regulations referred to as "daily price fluctuation limits" or "daily limits."
Under such daily limits, during a single trading day no trades may be executed
at prices beyond the daily limit. If triggered, these limits could prevent the
underlying fund from liquidating unfavorable positions and subject the
underlying fund to losses or prevent it from entering into desired trades during
the particular trading day.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates 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 and a hypothetical composite of market
indexes over various periods of time.
The indexes have characteristics relevant to the fund's investment strategies.
Index descriptions appear in the "Additional Index Information" section of the
prospectus.
Past performance is not an indication of future
performance.
Visit
www.401k.com and
log in for more recent performance information.
Year-by-Year
Returns
|
|
|
|
|
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
|
|
|
|
|
-3.52%
|
14.41%
|
11.19%
|
5.64%
|
-13.18%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
9.21% |
June
30, 2020 |
|
Lowest
Quarter Return |
-8.27% |
March
31, 2020 |
|
Year-to-Date
Return |
4.24% |
March
31, 2023 |
Average
Annual Returns
|
For
the periods ended December 31, 2022 |
Past
1
year |
Past
5
years |
Life
of
class A |
|
Class
K |
-13.18% |
2.40% |
% |
|
Bloomberg
U.S. Aggregate Bond Index
(reflects
no deduction for fees, expenses, or taxes) |
-13.01% |
0.02% |
% |
|
Fidelity
Freedom 2010 Composite Index℠
(reflects
no deduction for fees or expenses) |
-12.90% |
2.58% |
% |
|
|
|
|
|
Investment
Adviser
FMR
(the Adviser) is the fund's manager.
Portfolio
Manager(s)
Andrew
Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.
Brett
Sumsion (Co-Portfolio Manager) has managed the fund since 2014.
Purchase
and Sale of Shares
Shares
generally are available only to certain employer-sponsored retirement plans and
certain Fidelity health savings accounts that are made available through
employers. For this purpose, employer-sponsored retirement plans generally
include profit sharing, 401(k), 403(b), 457(b), defined benefit, retiree health
savings plans, and similar plans, but generally do not include: retail
retirement or non-retirement accounts; Individual Retirement Accounts (IRAs)
(such as traditional, Roth, SEP, SARSEP, and SIMPLE IRAs); Coverdell Education
Savings Accounts; individual 403(b) accounts that are not part of an employer's
403(b) plan; plans investing through the Fidelity Advisor®
403(b) program; plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition
programs. Plan participants may purchase shares only if shares are eligible for
sale and available through their plan.
You
may buy or sell shares in various ways:
Internet
www.401k.com
Phone
For
Individual Accounts (investing through a retirement plan sponsor or other
institution), refer to your plan materials or contact that institution
directly.
For
Retirement Plan Level Accounts:
Corporate
Clients 1-800-962-1375
"Not
for Profit" Clients 1-800-343-0860
Mail
|
Redemptions:
Fidelity
Investments
P.O.
Box 770001
Cincinnati,
OH 45277-0035 |
Overnight
Express:
Fidelity
Investments
100
Crosby Parkway
Covington,
KY 41015 |
TDD
- Service
for the Deaf and Hearing Impaired
1-800-544-0118
Shares
of the fund are not eligible for purchase by registered investment companies or
business development companies to the extent such acquisition is in reliance on
Rule 12d1-4 under the Investment Company Act of 1940.
The
price to buy one share is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
by the fund to tax-advantaged retirement plan accounts are not taxable currently
(but you may be taxed later, upon withdrawal of your investment from such
account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated 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
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Summary
Fund/Class:
Fidelity
Freedom® 2015 Fund
/K
Investment
Objective
Fidelity
Freedom® 2015 Fund seeks high total return until its target retirement date.
Thereafter the fund's objective will be to seek high current income and, as a
secondary
objective, capital appreciation.
Fee
Table
The
following table describes the fees and expenses that may be incurred when you
buy, hold, and sell shares of the fund. In
addition to the fees and expenses described below, your broker may also require
you to pay brokerage commissions on purchases and sales of certain share classes
of the fund.
Shareholder
fees
|
(fees
paid directly from your investment) |
None |
Annual
Operating Expenses
(expenses
that you pay each year as a % of the value of your investment)
|
Management
fee |
%
A |
|
Distribution
and/or Service (12b-1) fees |
None
|
|
Other
expenses |
0.00%
|
|
Total
annual operating expenses |
%
A |
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 the fees and the annual operating expenses for shares
of the fund are exactly as described in the fee table. This example illustrates
the 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:
|
1
year |
$ |
47 |
|
3
years |
$ |
148 |
|
5
years |
$ |
258 |
|
10
years |
$ |
579 |
Portfolio
Turnover
The
fund will not incur transaction costs, such as commissions, when it buys and
sells shares of underlying Fidelity®
funds (or "turns over" its portfolio), but it could incur transaction costs if
it were to buy and sell other types of securities directly. If the fund were to
buy and sell other types of securities directly, a higher portfolio turnover
rate could indicate higher transaction costs and could result in higher taxes
when fund shares are held in a taxable account. Such costs, if incurred, would
not be reflected in annual operating expenses or in the example and would affect
the fund's performance. During the most recent fiscal year, the fund's portfolio
turnover rate was 21%
of the average value of its portfolio.
Principal
Investment Strategies
- Investing
primarily in a combination of Fidelity®
U.S. equity funds, international equity funds, bond funds, and short-term
funds (underlying Fidelity®
funds).
- Allocating
assets according to a neutral asset allocation strategy shown in the glide
path below that adjusts over time until it reaches an allocation similar to
that of the Fidelity Freedom®
Income Fund, approximately 10 to 19 years after the year 2015. Fidelity
Management & Research Company LLC (FMR) (the Adviser) may modify the
fund's neutral asset allocations from time to time when in the interests of
shareholders.
- The
neutral asset allocation shown in the glide path depicts the allocation to
U.S. equity funds, international equity funds, bond funds (including U.S.
investment grade bond, international bond, short-term inflation-protected
bond, long-term inflation-protected bond, and long-term treasury bond), and
short-term funds.
- Buying
and selling futures contracts (both long and short positions) in an effort to
manage cash flows efficiently, remain fully invested, or facilitate asset
allocation.
- The
Adviser, under normal market conditions, will make investments that are
consistent with seeking high total return for several years beyond the fund's
target retirement date in an effort to achieve the fund's overall investment
objective.
- As
of April 1, 2023, the fund's neutral asset allocation to underlying
Fidelity®
funds and futures was approximately:
|
|
U.S.
Equity Funds 23% |
|
|
International
Equity Funds 15% |
|
|
International
Bond Funds 5% |
|
|
U.S.
Investment Grade Bond Funds 36% |
|
|
Long-Term
Treasury Bond Funds 3% |
|
|
Long-Term
Inflation-Protected Bond Funds 5% |
|
|
Short-Term
Inflation-Protected Bond Funds 8% |
|
|
Short-Term
Funds 4% |
*
The Adviser may change these percentages over time. As a result of the active
asset allocation strategy (discussed below), actual allocations may differ from
the neutral allocations above. The allocation percentages may not add to 100%
due to rounding.
- The
Adviser, under normal market conditions, will use an active asset allocation
strategy to increase or decrease asset class exposures relative to the neutral
asset allocations reflected above by up to 10% for equity funds, bond funds
and short-term funds to reflect the Adviser's market outlook, which is
primarily focused on the intermediate term. The asset allocations in the glide
path and pie chart above are referred to as neutral because they do not
reflect any decisions made by the Adviser to overweight or underweight an
asset class.
- The
Adviser may also make active asset allocations within other asset classes
(such as commodities, high yield debt (also referred to as junk bonds),
floating rate debt, real estate debt, and emerging markets debt) from 0% to
10% of the fund's total assets individually, but no more than 25% in aggregate
within those other asset classes. Such asset classes are not reflected in the
neutral asset allocations reflected in the glide path and pie chart above.
Emerging markets include countries that have an emerging stock market as
defined by MSCI, countries or markets with low- to middle-income economies as
classified by the World Bank, and other countries or markets that the Adviser
identifies as having similar emerging markets characteristics.
- Designed
for investors who retired in or within a few years of 2015 (target retirement
date) at or around age 65.
When
the neutral asset allocation of a fund matches Fidelity Freedom® Income
Fund's neutral asset allocation (approximately 10 to 19 years after the year
indicated in the fund's name), the Board of Trustees may combine the fund with
Fidelity Freedom® Income Fund, without shareholder approval, and the fund's
shareholders will become shareholders of Fidelity Freedom® Income
Fund.
Principal
Investment Risks
Shareholders
should consider that no target date fund is intended as a complete retirement
program and there is no guarantee that any single fund will provide sufficient
retirement income at or through your retirement. The fund's share price
fluctuates, which means you could lose money by investing in the fund, including
losses near, at or after the target retirement date.
The
fund is subject to risks resulting from the Adviser's asset allocation
decisions. The selection of underlying funds and the allocation of the fund's
assets among various asset classes could cause the fund to lose value or its
results to lag relevant benchmarks or other funds with similar objectives. In
addition, the fund's active asset allocation strategy may cause the fund to have
a risk profile different than that portrayed above from time to time and may
increase losses.
- Investing
in Other Funds.
The
fund bears all risks of investment strategies employed by the underlying funds,
including the risk that the underlying funds will not meet their investment
objectives.
The
Adviser will continue to invest the fund's assets in equity funds in the years
following the fund's target retirement date in an effort to achieve the fund's
overall investment objective. Stock markets are volatile and can decline
significantly in response to adverse issuer, political, regulatory, market, or
economic developments. Different parts of the market, including different market
sectors, and different types of securities can react differently to these
developments.
Interest
rate increases can cause the price of a debt or money market security to
decrease.
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 economic developments and can perform differently from the U.S. market. The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors. Emerging markets can be subject to greater social, economic,
regulatory, and political uncertainties and can be extremely volatile. Foreign
exchange rates also can be extremely volatile.
Market
conditions, interest rates, and economic, regulatory, or financial developments
could significantly affect a single industry or group of related
industries.
The
ability of an issuer of a debt security to repay principal prior to a security's
maturity can cause greater price volatility if interest rates
change.
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.
A
decline in the credit quality of an issuer or a provider of credit support or a
maturity-shortening structure for a security can cause the price of a security
to decrease.
Lower-quality
debt securities (those of less than investment-grade quality, also referred to
as high yield debt securities or junk bonds) and certain types of other
securities involve greater risk of default or price changes due to changes in
the credit quality of the issuer. The value of lower-quality debt securities and
certain types of other securities can be more volatile due to increased
sensitivity to adverse issuer, political, regulatory, market, or economic
developments.
The
performance of an underlying index fund and its index may vary somewhat due to
factors such as fees and expenses of the underlying fund, transaction costs,
sample selection, regulatory restrictions, and timing differences associated
with additions to and deletions from the index. Errors in the construction or
calculation of the index may occur from time to time and may not be identified
and corrected for some period of time, which may have an adverse impact on an
underlying fund and its shareholders.
Some
of the underlying funds in which the fund invests are managed with a passive
investment strategy, attempting to track the performance of an unmanaged index
of securities, regardless of the current or projected performance of an
underlying fund's index or of the actual securities included in the index. This
differs from an actively managed fund, which typically seeks to outperform a
benchmark index. As a result, the performance of these underlying funds could be
lower than actively managed funds that may shift their portfolio assets to take
advantage of market opportunities or lessen the impact of a market decline or a
decline in the value of one or more issuers. An underlying index fund may be
concentrated to approximately the same extent that its index concentrates in the
securities of issuers in a particular industry or group of
industries.
Leverage
can increase market exposure, magnify investment risks, and cause losses to be
realized more quickly.
- Inflation-Protected
Debt Exposure.
Increases
in real interest rates can cause the price of inflation-protected debt
securities to decrease. Interest payments on inflation-protected debt securities
can be unpredictable.
- Commodity-Linked
Investing.
The
value of commodities and commodity-linked investments may be affected by the
performance of the overall commodities markets as well as weather, political,
tax, and other regulatory and market developments. Commodity-linked investments
may be more volatile and less liquid than the underlying commodity, instruments,
or measures.
Investments
in commodity futures contracts are also subject to the risk of the failure of
any of the exchanges on which an underlying fund's positions trade or of its
clearinghouses or counterparties. In addition, certain commodity exchanges limit
fluctuations in certain futures contract prices during a single day by
regulations referred to as "daily price fluctuation limits" or "daily limits."
Under such daily limits, during a single trading day no trades may be executed
at prices beyond the daily limit. If triggered, these limits could prevent the
underlying fund from liquidating unfavorable positions and subject the
underlying fund to losses or prevent it from entering into desired trades during
the particular trading day.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates 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 and a hypothetical composite of market
indexes over various periods of time.
The indexes have characteristics relevant to the fund's investment strategies.
Index descriptions appear in the "Additional Index Information" section of the
prospectus.
Past performance is not an indication of future
performance.
Visit
www.401k.com and
log in for more recent performance information.
Year-by-Year
Returns
|
|
|
|
|
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
|
|
|
|
|
-4.38%
|
16.37%
|
12.50%
|
7.31%
|
-14.53%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
10.83% |
June
30, 2020 |
|
Lowest
Quarter Return |
-10.42% |
March
31, 2020 |
|
Year-to-Date
Return |
4.76% |
March
31, 2023 |
Average
Annual Returns
|
For
the periods ended December 31, 2022 |
Past
1
year |
Past
5
years |
Life
of
class A |
|
Class
K |
-14.53% |
2.80% |
% |
|
Bloomberg
U.S. Aggregate Bond Index
(reflects
no deduction for fees, expenses, or taxes) |
-13.01% |
0.02% |
% |
|
Fidelity
Freedom 2015 Composite Index℠
(reflects
no deduction for fees or expenses) |
-14.37% |
2.97% |
% |
|
|
|
|
|
Investment
Adviser
FMR
(the Adviser) is the fund's manager.
Portfolio
Manager(s)
Andrew
Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.
Brett
Sumsion (Co-Portfolio Manager) has managed the fund since 2014.
Purchase
and Sale of Shares
Shares
generally are available only to certain employer-sponsored retirement plans and
certain Fidelity health savings accounts that are made available through
employers. For this purpose, employer-sponsored retirement plans generally
include profit sharing, 401(k), 403(b), 457(b), defined benefit, retiree health
savings plans, and similar plans, but generally do not include: retail
retirement or non-retirement accounts; Individual Retirement Accounts (IRAs)
(such as traditional, Roth, SEP, SARSEP, and SIMPLE IRAs); Coverdell Education
Savings Accounts; individual 403(b) accounts that are not part of an employer's
403(b) plan; plans investing through the Fidelity Advisor®
403(b) program; plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition
programs. Plan participants may purchase shares only if shares are eligible for
sale and available through their plan.
You
may buy or sell shares in various ways:
Internet
www.401k.com
Phone
For
Individual Accounts (investing through a retirement plan sponsor or other
institution), refer to your plan materials or contact that institution
directly.
For
Retirement Plan Level Accounts:
Corporate
Clients 1-800-962-1375
"Not
for Profit" Clients 1-800-343-0860
Mail
|
Redemptions:
Fidelity
Investments
P.O.
Box 770001
Cincinnati,
OH 45277-0035 |
Overnight
Express:
Fidelity
Investments
100
Crosby Parkway
Covington,
KY 41015 |
TDD
- Service
for the Deaf and Hearing Impaired
1-800-544-0118
Shares
of the fund are not eligible for purchase by registered investment companies or
business development companies to the extent such acquisition is in reliance on
Rule 12d1-4 under the Investment Company Act of 1940.
The
price to buy one share is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
by the fund to tax-advantaged retirement plan accounts are not taxable currently
(but you may be taxed later, upon withdrawal of your investment from such
account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated 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
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Summary
Fund/Class:
Fidelity
Freedom® 2020 Fund
/K
Investment
Objective
Fidelity
Freedom® 2020 Fund seeks high total return until its target retirement date.
Thereafter the fund's objective will be to seek high current income and, as a
secondary
objective, capital appreciation.
Fee
Table
The
following table describes the fees and expenses that may be incurred when you
buy, hold, and sell shares of the fund. In
addition to the fees and expenses described below, your broker may also require
you to pay brokerage commissions on purchases and sales of certain share classes
of the fund.
Shareholder
fees
|
(fees
paid directly from your investment) |
None |
Annual
Operating Expenses
(expenses
that you pay each year as a % of the value of your investment)
|
Management
fee |
%
A |
|
Distribution
and/or Service (12b-1) fees |
None
|
|
Other
expenses |
0.00%
|
|
Total
annual operating expenses |
%
A |
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 the fees and the annual operating expenses for shares
of the fund are exactly as described in the fee table. This example illustrates
the 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:
|
1
year |
$ |
51 |
|
3
years |
$ |
160 |
|
5
years |
$ |
280 |
|
10
years |
$ |
628 |
Portfolio
Turnover
The
fund will not incur transaction costs, such as commissions, when it buys and
sells shares of underlying Fidelity®
funds (or "turns over" its portfolio), but it could incur transaction costs if
it were to buy and sell other types of securities directly. If the fund were to
buy and sell other types of securities directly, a higher portfolio turnover
rate could indicate higher transaction costs and could result in higher taxes
when fund shares are held in a taxable account. Such costs, if incurred, would
not be reflected in annual operating expenses or in the example and would affect
the fund's performance. During the most recent fiscal year, the fund's portfolio
turnover rate was 23%
of the average value of its portfolio.
Principal
Investment Strategies
- Investing
primarily in a combination of Fidelity®
U.S. equity funds, international equity funds, bond funds, and short-term
funds (underlying Fidelity®
funds).
- Allocating
assets according to a neutral asset allocation strategy shown in the glide
path below that adjusts over time until it reaches an allocation similar to
that of the Fidelity Freedom®
Income Fund, approximately 10 to 19 years after the year 2020. Fidelity
Management & Research Company LLC (FMR) (the Adviser) may modify the
fund's neutral asset allocations from time to time when in the interests of
shareholders.
- The
neutral asset allocation shown in the glide path depicts the allocation to
U.S. equity funds, international equity funds, bond funds (including U.S.
investment grade bond, international bond, short-term inflation-protected
bond, long-term inflation-protected bond, and long-term treasury bond), and
short-term funds.
- Buying
and selling futures contracts (both long and short positions) in an effort to
manage cash flows efficiently, remain fully invested, or facilitate asset
allocation.
- The
Adviser, under normal market conditions, will make investments that are
consistent with seeking high total return for several years beyond the fund's
target retirement date in an effort to achieve the fund's overall investment
objective.
- As
of April 1, 2023, the fund's neutral asset allocation to underlying
Fidelity®
funds and futures was approximately:
|
|
U.S.
Equity Funds 28% |
|
|
International
Equity Funds 19% |
|
|
International
Bond Funds 5% |
|
|
U.S.
Investment Grade Bond Funds 32% |
|
|
Long-Term
Treasury Bond Funds 4% |
|
|
Long-Term
Inflation-Protected Bond Funds 8% |
|
|
Short-Term
Inflation-Protected Bond Funds 3% |
|
|
Short-Term
Funds 2% |
*
The Adviser may change these percentages over time. As a result of the active
asset allocation strategy (discussed below), actual allocations may differ from
the neutral allocations above. The allocation percentages may not add to 100%
due to rounding.
- The
Adviser, under normal market conditions, will use an active asset allocation
strategy to increase or decrease asset class exposures relative to the neutral
asset allocations reflected above by up to 10% for equity funds, bond funds
and short-term funds to reflect the Adviser's market outlook, which is
primarily focused on the intermediate term. The asset allocations in the glide
path and pie chart above are referred to as neutral because they do not
reflect any decisions made by the Adviser to overweight or underweight an
asset class.
- The
Adviser may also make active asset allocations within other asset classes
(such as commodities, high yield debt (also referred to as junk bonds),
floating rate debt, real estate debt, and emerging markets debt) from 0% to
10% of the fund's total assets individually, but no more than 25% in aggregate
within those other asset classes. Such asset classes are not reflected in the
neutral asset allocations reflected in the glide path and pie chart above.
Emerging markets include countries that have an emerging stock market as
defined by MSCI, countries or markets with low- to middle-income economies as
classified by the World Bank, and other countries or markets that the Adviser
identifies as having similar emerging markets characteristics.
- Designed
for investors who retired in or within a few years of 2020 (target retirement
date) at or around age 65.
When
the neutral asset allocation of a fund matches Fidelity Freedom® Income
Fund's neutral asset allocation (approximately 10 to 19 years after the year
indicated in the fund's name), the Board of Trustees may combine the fund with
Fidelity Freedom® Income Fund, without shareholder approval, and the fund's
shareholders will become shareholders of Fidelity Freedom® Income
Fund.
Principal
Investment Risks
Shareholders
should consider that no target date fund is intended as a complete retirement
program and there is no guarantee that any single fund will provide sufficient
retirement income at or through your retirement. The fund's share price
fluctuates, which means you could lose money by investing in the fund, including
losses near, at or after the target retirement date.
The
fund is subject to risks resulting from the Adviser's asset allocation
decisions. The selection of underlying funds and the allocation of the fund's
assets among various asset classes could cause the fund to lose value or its
results to lag relevant benchmarks or other funds with similar objectives. In
addition, the fund's active asset allocation strategy may cause the fund to have
a risk profile different than that portrayed above from time to time and may
increase losses.
- Investing
in Other Funds.
The
fund bears all risks of investment strategies employed by the underlying funds,
including the risk that the underlying funds will not meet their investment
objectives.
The
Adviser will continue to invest the fund's assets in equity funds in the years
following the fund's target retirement date in an effort to achieve the fund's
overall investment objective. Stock markets are volatile and can decline
significantly in response to adverse issuer, political, regulatory, market, or
economic developments. Different parts of the market, including different market
sectors, and different types of securities can react differently to these
developments.
Interest
rate increases can cause the price of a debt or money market security to
decrease.
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 economic developments and can perform differently from the U.S. market. The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors. Emerging markets can be subject to greater social, economic,
regulatory, and political uncertainties and can be extremely volatile. Foreign
exchange rates also can be extremely volatile.
Market
conditions, interest rates, and economic, regulatory, or financial developments
could significantly affect a single industry or group of related
industries.
The
ability of an issuer of a debt security to repay principal prior to a security's
maturity can cause greater price volatility if interest rates
change.
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.
A
decline in the credit quality of an issuer or a provider of credit support or a
maturity-shortening structure for a security can cause the price of a security
to decrease.
Lower-quality
debt securities (those of less than investment-grade quality, also referred to
as high yield debt securities or junk bonds) and certain types of other
securities involve greater risk of default or price changes due to changes in
the credit quality of the issuer. The value of lower-quality debt securities and
certain types of other securities can be more volatile due to increased
sensitivity to adverse issuer, political, regulatory, market, or economic
developments.
The
performance of an underlying index fund and its index may vary somewhat due to
factors such as fees and expenses of the underlying fund, transaction costs,
sample selection, regulatory restrictions, and timing differences associated
with additions to and deletions from the index. Errors in the construction or
calculation of the index may occur from time to time and may not be identified
and corrected for some period of time, which may have an adverse impact on an
underlying fund and its shareholders.
Some
of the underlying funds in which the fund invests are managed with a passive
investment strategy, attempting to track the performance of an unmanaged index
of securities, regardless of the current or projected performance of an
underlying fund's index or of the actual securities included in the index. This
differs from an actively managed fund, which typically seeks to outperform a
benchmark index. As a result, the performance of these underlying funds could be
lower than actively managed funds that may shift their portfolio assets to take
advantage of market opportunities or lessen the impact of a market decline or a
decline in the value of one or more issuers. An underlying index fund may be
concentrated to approximately the same extent that its index concentrates in the
securities of issuers in a particular industry or group of
industries.
Leverage
can increase market exposure, magnify investment risks, and cause losses to be
realized more quickly.
"Growth"
stocks can perform differently from the market as a whole and other types of
stocks and can be more volatile than other types of stocks.
"Value"
stocks can perform differently from the market as a whole and other types of
stocks and can continue to be undervalued by the market for long periods of
time.
- Inflation-Protected
Debt Exposure.
Increases
in real interest rates can cause the price of inflation-protected debt
securities to decrease. Interest payments on inflation-protected debt securities
can be unpredictable.
- Commodity-Linked
Investing.
The
value of commodities and commodity-linked investments may be affected by the
performance of the overall commodities markets as well as weather, political,
tax, and other regulatory and market developments. Commodity-linked investments
may be more volatile and less liquid than the underlying commodity, instruments,
or measures.
Investments
in commodity futures contracts are also subject to the risk of the failure of
any of the exchanges on which an underlying fund's positions trade or of its
clearinghouses or counterparties. In addition, certain commodity exchanges limit
fluctuations in certain futures contract prices during a single day by
regulations referred to as "daily price fluctuation limits" or "daily limits."
Under such daily limits, during a single trading day no trades may be executed
at prices beyond the daily limit. If triggered, these limits could prevent the
underlying fund from liquidating unfavorable positions and subject the
underlying fund to losses or prevent it from entering into desired trades during
the particular trading day.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates 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 and a hypothetical composite of market
indexes over various periods of time.
The indexes have characteristics relevant to the fund's investment strategies.
Index descriptions appear in the "Additional Index Information" section of the
prospectus.
Past performance is not an indication of future
performance.
Visit
www.401k.com and
log in for more recent performance information.
Year-by-Year
Returns
|
|
|
|
|
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
|
|
|
|
|
-5.16%
|
18.14%
|
13.76%
|
9.02%
|
-16.03%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
12.41% |
June
30, 2020 |
|
Lowest
Quarter Return |
-12.35% |
March
31, 2020 |
|
Year-to-Date
Return |
5.33% |
March
31, 2023 |
Average
Annual Returns
|
For
the periods ended December 31, 2022 |
Past
1
year |
Past
5
years |
Life
of
class A |
|
Class
K |
-16.03% |
3.14% |
% |
|
Bloomberg
U.S. Aggregate Bond Index
(reflects
no deduction for fees, expenses, or taxes) |
-13.01% |
0.02% |
% |
|
Fidelity
Freedom 2020 Composite Index℠
(reflects
no deduction for fees or expenses) |
-15.86% |
3.29% |
% |
|
|
|
|
|
Investment
Adviser
FMR
(the Adviser) is the fund's manager.
Portfolio
Manager(s)
Andrew
Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.
Brett
Sumsion (Co-Portfolio Manager) has managed the fund since 2014.
Purchase
and Sale of Shares
Shares
generally are available only to certain employer-sponsored retirement plans and
certain Fidelity health savings accounts that are made available through
employers. For this purpose, employer-sponsored retirement plans generally
include profit sharing, 401(k), 403(b), 457(b), defined benefit, retiree health
savings plans, and similar plans, but generally do not include: retail
retirement or non-retirement accounts; Individual Retirement Accounts (IRAs)
(such as traditional, Roth, SEP, SARSEP, and SIMPLE IRAs); Coverdell Education
Savings Accounts; individual 403(b) accounts that are not part of an employer's
403(b) plan; plans investing through the Fidelity Advisor®
403(b) program; plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition
programs. Plan participants may purchase shares only if shares are eligible for
sale and available through their plan.
You
may buy or sell shares in various ways:
Internet
www.401k.com
Phone
For
Individual Accounts (investing through a retirement plan sponsor or other
institution), refer to your plan materials or contact that institution
directly.
For
Retirement Plan Level Accounts:
Corporate
Clients 1-800-962-1375
"Not
for Profit" Clients 1-800-343-0860
Mail
|
Redemptions:
Fidelity
Investments
P.O.
Box 770001
Cincinnati,
OH 45277-0035 |
Overnight
Express:
Fidelity
Investments
100
Crosby Parkway
Covington,
KY 41015 |
TDD
- Service
for the Deaf and Hearing Impaired
1-800-544-0118
Shares
of the fund are not eligible for purchase by registered investment companies or
business development companies to the extent such acquisition is in reliance on
Rule 12d1-4 under the Investment Company Act of 1940.
The
price to buy one share is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
by the fund to tax-advantaged retirement plan accounts are not taxable currently
(but you may be taxed later, upon withdrawal of your investment from such
account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated 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
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Summary
Fund/Class:
Fidelity
Freedom® 2025 Fund
/K
Investment
Objective
Fidelity
Freedom® 2025 Fund seeks high total return until its target retirement date.
Thereafter the fund's objective will be to seek high current income and, as a
secondary
objective, capital appreciation.
Fee
Table
The
following table describes the fees and expenses that may be incurred when you
buy, hold, and sell shares of the fund. In
addition to the fees and expenses described below, your broker may also require
you to pay brokerage commissions on purchases and sales of certain share classes
of the fund.
Shareholder
fees
|
(fees
paid directly from your investment) |
None |
Annual
Operating Expenses
(expenses
that you pay each year as a % of the value of your investment)
|
Management
fee |
%
A |
|
Distribution
and/or Service (12b-1) fees |
None
|
|
Other
expenses |
0.00%
|
|
Total
annual operating expenses |
%
A |
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 the fees and the annual operating expenses for shares
of the fund are exactly as described in the fee table. This example illustrates
the 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:
|
1
year |
$ |
54 |
|
3
years |
$ |
170 |
|
5
years |
$ |
296 |
|
10
years |
$ |
665 |
Portfolio
Turnover
The
fund will not incur transaction costs, such as commissions, when it buys and
sells shares of underlying Fidelity®
funds (or "turns over" its portfolio), but it could incur transaction costs if
it were to buy and sell other types of securities directly. If the fund were to
buy and sell other types of securities directly, a higher portfolio turnover
rate could indicate higher transaction costs and could result in higher taxes
when fund shares are held in a taxable account. Such costs, if incurred, would
not be reflected in annual operating expenses or in the example and would affect
the fund's performance. During the most recent fiscal year, the fund's portfolio
turnover rate was 24%
of the average value of its portfolio.
Principal
Investment Strategies
- Investing
primarily in a combination of Fidelity®
U.S. equity funds, international equity funds, bond funds, and short-term
funds (underlying Fidelity®
funds).
- Allocating
assets according to a neutral asset allocation strategy shown in the glide
path below that adjusts over time until it reaches an allocation similar to
that of the Fidelity Freedom®
Income Fund, approximately 10 to 19 years after the year 2025. Fidelity
Management & Research Company LLC (FMR) (the Adviser) may modify the
fund's neutral asset allocations from time to time when in the interests of
shareholders.
- The
neutral asset allocation shown in the glide path depicts the allocation to
U.S. equity funds, international equity funds, bond funds (including U.S.
investment grade bond, international bond, short-term inflation-protected
bond, long-term inflation-protected bond, and long-term treasury bond), and
short-term funds.
- Buying
and selling futures contracts (both long and short positions) in an effort to
manage cash flows efficiently, remain fully invested, or facilitate asset
allocation.
- The
Adviser, under normal market conditions, will make investments that are
consistent with seeking high total return for several years beyond the fund's
target retirement date in an effort to achieve the fund's overall investment
objective.
- As
of April 1, 2023, the fund's neutral asset allocation to underlying
Fidelity®
funds and futures was approximately:
|
|
U.S.
Equity Funds 33% |
|
|
International
Equity Funds 22% |
|
|
International
Bond Funds 5% |
|
|
U.S.
Investment Grade Bond Funds 28% |
|
|
Long-Term
Treasury Bond Funds 4% |
|
|
Long-Term
Inflation-Protected Bond Funds 8% |
|
|
Short-Term
Inflation-Protected Bond Funds 0% |
|
|
Short-Term
Funds 0% |
*
The Adviser may change these percentages over time. As a result of the active
asset allocation strategy (discussed below), actual allocations may differ from
the neutral allocations above. The allocation percentages may not add to 100%
due to rounding.
- The
Adviser, under normal market conditions, will use an active asset allocation
strategy to increase or decrease asset class exposures relative to the neutral
asset allocations reflected above by up to 10% for equity funds, bond funds
and short-term funds to reflect the Adviser's market outlook, which is
primarily focused on the intermediate term. The asset allocations in the glide
path and pie chart above are referred to as neutral because they do not
reflect any decisions made by the Adviser to overweight or underweight an
asset class.
- The
Adviser may also make active asset allocations within other asset classes
(such as commodities, high yield debt (also referred to as junk bonds),
floating rate debt, real estate debt, and emerging markets debt) from 0% to
10% of the fund's total assets individually, but no more than 25% in aggregate
within those other asset classes. Such asset classes are not reflected in the
neutral asset allocations reflected in the glide path and pie chart above.
Emerging markets include countries that have an emerging stock market as
defined by MSCI, countries or markets with low- to middle-income economies as
classified by the World Bank, and other countries or markets that the Adviser
identifies as having similar emerging markets characteristics.
- Designed
for investors who anticipate retiring in or within a few years of 2025 (target
retirement date) at or around age 65.
When
the neutral asset allocation of a fund matches Fidelity Freedom® Income
Fund's neutral asset allocation (approximately 10 to 19 years after the year
indicated in the fund's name), the Board of Trustees may combine the fund with
Fidelity Freedom® Income Fund, without shareholder approval, and the fund's
shareholders will become shareholders of Fidelity Freedom® Income
Fund.
Principal
Investment Risks
Shareholders
should consider that no target date fund is intended as a complete retirement
program and there is no guarantee that any single fund will provide sufficient
retirement income at or through your retirement. The fund's share price
fluctuates, which means you could lose money by investing in the fund, including
losses near, at or after the target retirement date.
The
fund is subject to risks resulting from the Adviser's asset allocation
decisions. The selection of underlying funds and the allocation of the fund's
assets among various asset classes could cause the fund to lose value or its
results to lag relevant benchmarks or other funds with similar objectives. In
addition, the fund's active asset allocation strategy may cause the fund to have
a risk profile different than that portrayed above from time to time and may
increase losses.
- Investing
in Other Funds.
The
fund bears all risks of investment strategies employed by the underlying funds,
including the risk that the underlying funds will not meet their investment
objectives.
The
Adviser will continue to invest the fund's assets in equity funds in the years
following the fund's target retirement date in an effort to achieve the fund's
overall investment objective. Stock markets are volatile and can decline
significantly in response to adverse issuer, political, regulatory, market, or
economic developments. Different parts of the market, including different market
sectors, and different types of securities can react differently to these
developments.
Interest
rate increases can cause the price of a debt or money market security to
decrease.
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 economic developments and can perform differently from the U.S. market. The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors. Emerging markets can be subject to greater social, economic,
regulatory, and political uncertainties and can be extremely volatile. Foreign
exchange rates also can be extremely volatile.
Market
conditions, interest rates, and economic, regulatory, or financial developments
could significantly affect a single industry or group of related
industries.
The
ability of an issuer of a debt security to repay principal prior to a security's
maturity can cause greater price volatility if interest rates
change.
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.
A
decline in the credit quality of an issuer or a provider of credit support or a
maturity-shortening structure for a security can cause the price of a security
to decrease.
Lower-quality
debt securities (those of less than investment-grade quality, also referred to
as high yield debt securities or junk bonds) and certain types of other
securities involve greater risk of default or price changes due to changes in
the credit quality of the issuer. The value of lower-quality debt securities and
certain types of other securities can be more volatile due to increased
sensitivity to adverse issuer, political, regulatory, market, or economic
developments.
The
performance of an underlying index fund and its index may vary somewhat due to
factors such as fees and expenses of the underlying fund, transaction costs,
sample selection, regulatory restrictions, and timing differences associated
with additions to and deletions from the index. Errors in the construction or
calculation of the index may occur from time to time and may not be identified
and corrected for some period of time, which may have an adverse impact on an
underlying fund and its shareholders.
Some
of the underlying funds in which the fund invests are managed with a passive
investment strategy, attempting to track the performance of an unmanaged index
of securities, regardless of the current or projected performance of an
underlying fund's index or of the actual securities included in the index. This
differs from an actively managed fund, which typically seeks to outperform a
benchmark index. As a result, the performance of these underlying funds could be
lower than actively managed funds that may shift their portfolio assets to take
advantage of market opportunities or lessen the impact of a market decline or a
decline in the value of one or more issuers. An underlying index fund may be
concentrated to approximately the same extent that its index concentrates in the
securities of issuers in a particular industry or group of
industries.
Leverage
can increase market exposure, magnify investment risks, and cause losses to be
realized more quickly.
"Growth"
stocks can perform differently from the market as a whole and other types of
stocks and can be more volatile than other types of stocks.
"Value"
stocks can perform differently from the market as a whole and other types of
stocks and can continue to be undervalued by the market for long periods of
time.
- Commodity-Linked
Investing.
The
value of commodities and commodity-linked investments may be affected by the
performance of the overall commodities markets as well as weather, political,
tax, and other regulatory and market developments. Commodity-linked investments
may be more volatile and less liquid than the underlying commodity, instruments,
or measures.
Investments
in commodity futures contracts are also subject to the risk of the failure of
any of the exchanges on which an underlying fund's positions trade or of its
clearinghouses or counterparties. In addition, certain commodity exchanges limit
fluctuations in certain futures contract prices during a single day by
regulations referred to as "daily price fluctuation limits" or "daily limits."
Under such daily limits, during a single trading day no trades may be executed
at prices beyond the daily limit. If triggered, these limits could prevent the
underlying fund from liquidating unfavorable positions and subject the
underlying fund to losses or prevent it from entering into desired trades during
the particular trading day.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates 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 and a hypothetical composite of market
indexes over various periods of time.
The indexes have characteristics relevant to the fund's investment strategies.
Index descriptions appear in the "Additional Index Information" section of the
prospectus.
Past performance is not an indication of future
performance.
Visit
www.401k.com and
log in for more recent performance information.
Year-by-Year
Returns
|
|
|
|
|
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
|
|
|
|
|
-5.81%
|
19.57%
|
14.68%
|
10.17%
|
-16.62%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
13.64% |
June
30, 2020 |
|
Lowest
Quarter Return |
-13.85% |
March
31, 2020 |
|
Year-to-Date
Return |
5.73% |
March
31, 2023 |
Average
Annual Returns
|
For
the periods ended December 31, 2022 |
Past
1
year |
Past
5
years |
Life
of
class A |
|
Class
K |
-16.62% |
3.48% |
% |
|
S&P
500® Index
(reflects
no deduction for fees, expenses, or taxes) |
-18.11% |
9.42% |
% |
|
Fidelity
Freedom 2025 Composite Index℠
(reflects
no deduction for fees or expenses) |
-16.51% |
3.63% |
% |
|
|
|
|
|
Investment
Adviser
FMR
(the Adviser) is the fund's manager.
Portfolio
Manager(s)
Andrew
Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.
Brett
Sumsion (Co-Portfolio Manager) has managed the fund since 2014.
Purchase
and Sale of Shares
Shares
generally are available only to certain employer-sponsored retirement plans and
certain Fidelity health savings accounts that are made available through
employers. For this purpose, employer-sponsored retirement plans generally
include profit sharing, 401(k), 403(b), 457(b), defined benefit, retiree health
savings plans, and similar plans, but generally do not include: retail
retirement or non-retirement accounts; Individual Retirement Accounts (IRAs)
(such as traditional, Roth, SEP, SARSEP, and SIMPLE IRAs); Coverdell Education
Savings Accounts; individual 403(b) accounts that are not part of an employer's
403(b) plan; plans investing through the Fidelity Advisor®
403(b) program; plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition
programs. Plan participants may purchase shares only if shares are eligible for
sale and available through their plan.
You
may buy or sell shares in various ways:
Internet
www.401k.com
Phone
For
Individual Accounts (investing through a retirement plan sponsor or other
institution), refer to your plan materials or contact that institution
directly.
For
Retirement Plan Level Accounts:
Corporate
Clients 1-800-962-1375
"Not
for Profit" Clients 1-800-343-0860
Mail
|
Redemptions:
Fidelity
Investments
P.O.
Box 770001
Cincinnati,
OH 45277-0035 |
Overnight
Express:
Fidelity
Investments
100
Crosby Parkway
Covington,
KY 41015 |
TDD
- Service
for the Deaf and Hearing Impaired
1-800-544-0118
Shares
of the fund are not eligible for purchase by registered investment companies or
business development companies to the extent such acquisition is in reliance on
Rule 12d1-4 under the Investment Company Act of 1940.
The
price to buy one share is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
by the fund to tax-advantaged retirement plan accounts are not taxable currently
(but you may be taxed later, upon withdrawal of your investment from such
account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated 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
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Summary
Fund/Class:
Fidelity
Freedom® 2030 Fund
/K
Investment
Objective
Fidelity
Freedom® 2030 Fund seeks high total return until its target retirement date.
Thereafter the fund's objective will be to seek high current income and, as a
secondary
objective, capital appreciation.
Fee
Table
The
following table describes the fees and expenses that may be incurred when you
buy, hold, and sell shares of the fund. In
addition to the fees and expenses described below, your broker may also require
you to pay brokerage commissions on purchases and sales of certain share classes
of the fund.
Shareholder
fees
|
(fees
paid directly from your investment) |
None |
Annual
Operating Expenses
(expenses
that you pay each year as a % of the value of your investment)
|
Management
fee |
%
A |
|
Distribution
and/or Service (12b-1) fees |
None
|
|
Other
expenses |
0.00%
|
|
Total
annual operating expenses |
%
A |
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 the fees and the annual operating expenses for shares
of the fund are exactly as described in the fee table. This example illustrates
the 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:
|
1
year |
$ |
58 |
|
3
years |
$ |
183 |
|
5
years |
$ |
318 |
|
10
years |
$ |
714 |
Portfolio
Turnover
The
fund will not incur transaction costs, such as commissions, when it buys and
sells shares of underlying Fidelity®
funds (or "turns over" its portfolio), but it could incur transaction costs if
it were to buy and sell other types of securities directly. If the fund were to
buy and sell other types of securities directly, a higher portfolio turnover
rate could indicate higher transaction costs and could result in higher taxes
when fund shares are held in a taxable account. Such costs, if incurred, would
not be reflected in annual operating expenses or in the example and would affect
the fund's performance. During the most recent fiscal year, the fund's portfolio
turnover rate was 25%
of the average value of its portfolio.
Principal
Investment Strategies
- Investing
primarily in a combination of Fidelity®
U.S. equity funds, international equity funds, bond funds, and short-term
funds (underlying Fidelity®
funds).
- Allocating
assets according to a neutral asset allocation strategy shown in the glide
path below that adjusts over time until it reaches an allocation similar to
that of the Fidelity Freedom®
Income Fund, approximately 10 to 19 years after the year 2030. Fidelity
Management & Research Company LLC (FMR) (the Adviser) may modify the
fund's neutral asset allocations from time to time when in the interests of
shareholders.
- The
neutral asset allocation shown in the glide path depicts the allocation to
U.S. equity funds, international equity funds, bond funds (including U.S.
investment grade bond, international bond, short-term inflation-protected
bond, long-term inflation-protected bond, and long-term treasury bond), and
short-term funds.
- Buying
and selling futures contracts (both long and short positions) in an effort to
manage cash flows efficiently, remain fully invested, or facilitate asset
allocation.
- The
Adviser, under normal market conditions, will make investments that are
consistent with seeking high total return for several years beyond the fund's
target retirement date in an effort to achieve the fund's overall investment
objective.
- As
of April 1, 2023, the fund's neutral asset allocation to underlying
Fidelity®
funds and futures was approximately:
|
|
U.S.
Equity Funds 37% |
|
|
International
Equity Funds 24% |
|
|
International
Bond Funds 5% |
|
|
U.S.
Investment Grade Bond Funds 26% |
|
|
Long-Term
Treasury Bond Funds 5% |
|
|
Long-Term
Inflation-Protected Bond Funds 4% |
|
|
Short-Term
Inflation-Protected Bond Funds 0% |
|
|
Short-Term
Funds 0% |
*
The Adviser may change these percentages over time. As a result of the active
asset allocation strategy (discussed below), actual allocations may differ from
the neutral allocations above. The allocation percentages may not add to 100%
due to rounding.
- The
Adviser, under normal market conditions, will use an active asset allocation
strategy to increase or decrease asset class exposures relative to the neutral
asset allocations reflected above by up to 10% for equity funds, bond funds
and short-term funds to reflect the Adviser's market outlook, which is
primarily focused on the intermediate term. The asset allocations in the glide
path and pie chart above are referred to as neutral because they do not
reflect any decisions made by the Adviser to overweight or underweight an
asset class.
- The
Adviser may also make active asset allocations within other asset classes
(such as commodities, high yield debt (also referred to as junk bonds),
floating rate debt, real estate debt, and emerging markets debt) from 0% to
10% of the fund's total assets individually, but no more than 25% in aggregate
within those other asset classes. Such asset classes are not reflected in the
neutral asset allocations reflected in the glide path and pie chart above.
Emerging markets include countries that have an emerging stock market as
defined by MSCI, countries or markets with low- to middle-income economies as
classified by the World Bank, and other countries or markets that the Adviser
identifies as having similar emerging markets characteristics.
- Designed
for investors who anticipate retiring in or within a few years of 2030 (target
retirement date) at or around age 65.
When
the neutral asset allocation of a fund matches Fidelity Freedom® Income
Fund's neutral asset allocation (approximately 10 to 19 years after the year
indicated in the fund's name), the Board of Trustees may combine the fund with
Fidelity Freedom® Income Fund, without shareholder approval, and the fund's
shareholders will become shareholders of Fidelity Freedom® Income
Fund.
Principal
Investment Risks
Shareholders
should consider that no target date fund is intended as a complete retirement
program and there is no guarantee that any single fund will provide sufficient
retirement income at or through your retirement. The fund's share price
fluctuates, which means you could lose money by investing in the fund, including
losses near, at or after the target retirement date.
The
fund is subject to risks resulting from the Adviser's asset allocation
decisions. The selection of underlying funds and the allocation of the fund's
assets among various asset classes could cause the fund to lose value or its
results to lag relevant benchmarks or other funds with similar objectives. In
addition, the fund's active asset allocation strategy may cause the fund to have
a risk profile different than that portrayed above from time to time and may
increase losses.
- Investing
in Other Funds.
The
fund bears all risks of investment strategies employed by the underlying funds,
including the risk that the underlying funds will not meet their investment
objectives.
The
Adviser will continue to invest the fund's assets in equity funds in the years
following the fund's target retirement date in an effort to achieve the fund's
overall investment objective. Stock markets are volatile and can decline
significantly in response to adverse issuer, political, regulatory, market, or
economic developments. Different parts of the market, including different market
sectors, and different types of securities can react differently to these
developments.
Interest
rate increases can cause the price of a debt or money market security to
decrease.
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 economic developments and can perform differently from the U.S. market. The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors. Emerging markets can be subject to greater social, economic,
regulatory, and political uncertainties and can be extremely volatile. Foreign
exchange rates also can be extremely volatile.
Market
conditions, interest rates, and economic, regulatory, or financial developments
could significantly affect a single industry or group of related
industries.
The
ability of an issuer of a debt security to repay principal prior to a security's
maturity can cause greater price volatility if interest rates
change.
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.
A
decline in the credit quality of an issuer or a provider of credit support or a
maturity-shortening structure for a security can cause the price of a security
to decrease.
Lower-quality
debt securities (those of less than investment-grade quality, also referred to
as high yield debt securities or junk bonds) and certain types of other
securities involve greater risk of default or price changes due to changes in
the credit quality of the issuer. The value of lower-quality debt securities and
certain types of other securities can be more volatile due to increased
sensitivity to adverse issuer, political, regulatory, market, or economic
developments.
The
performance of an underlying index fund and its index may vary somewhat due to
factors such as fees and expenses of the underlying fund, transaction costs,
sample selection, regulatory restrictions, and timing differences associated
with additions to and deletions from the index. Errors in the construction or
calculation of the index may occur from time to time and may not be identified
and corrected for some period of time, which may have an adverse impact on an
underlying fund and its shareholders.
Some
of the underlying funds in which the fund invests are managed with a passive
investment strategy, attempting to track the performance of an unmanaged index
of securities, regardless of the current or projected performance of an
underlying fund's index or of the actual securities included in the index. This
differs from an actively managed fund, which typically seeks to outperform a
benchmark index. As a result, the performance of these underlying funds could be
lower than actively managed funds that may shift their portfolio assets to take
advantage of market opportunities or lessen the impact of a market decline or a
decline in the value of one or more issuers. An underlying index fund may be
concentrated to approximately the same extent that its index concentrates in the
securities of issuers in a particular industry or group of
industries.
Leverage
can increase market exposure, magnify investment risks, and cause losses to be
realized more quickly.
"Growth"
stocks can perform differently from the market as a whole and other types of
stocks and can be more volatile than other types of stocks.
"Value"
stocks can perform differently from the market as a whole and other types of
stocks and can continue to be undervalued by the market for long periods of
time.
- Commodity-Linked
Investing.
The
value of commodities and commodity-linked investments may be affected by the
performance of the overall commodities markets as well as weather, political,
tax, and other regulatory and market developments. Commodity-linked investments
may be more volatile and less liquid than the underlying commodity, instruments,
or measures.
Investments
in commodity futures contracts are also subject to the risk of the failure of
any of the exchanges on which an underlying fund's positions trade or of its
clearinghouses or counterparties. In addition, certain commodity exchanges limit
fluctuations in certain futures contract prices during a single day by
regulations referred to as "daily price fluctuation limits" or "daily limits."
Under such daily limits, during a single trading day no trades may be executed
at prices beyond the daily limit. If triggered, these limits could prevent the
underlying fund from liquidating unfavorable positions and subject the
underlying fund to losses or prevent it from entering into desired trades during
the particular trading day.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates 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 and a hypothetical composite of market
indexes over various periods of time.
The indexes have characteristics relevant to the fund's investment strategies.
Index descriptions appear in the "Additional Index Information" section of the
prospectus.
Past performance is not an indication of future
performance.
Visit
www.401k.com and
log in for more recent performance information.
Year-by-Year
Returns
|
|
|
|
|
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
|
|
|
|
|
-6.92%
|
21.87%
|
15.75%
|
11.53%
|
-16.86%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
15.41% |
June
30, 2020 |
|
Lowest
Quarter Return |
-15.90% |
March
31, 2020 |
|
Year-to-Date
Return |
5.95% |
March
31, 2023 |
Average
Annual Returns
|
For
the periods ended December 31, 2022 |
Past
1
year |
Past
5
years |
Life
of
class A |
|
Class
K |
-16.86% |
4.02% |
% |
|
S&P
500® Index
(reflects
no deduction for fees, expenses, or taxes) |
-18.11% |
9.42% |
% |
|
Fidelity
Freedom 2030 Composite Index℠
(reflects
no deduction for fees or expenses) |
-16.76% |
4.16% |
% |
|
|
|
|
|
Investment
Adviser
FMR
(the Adviser) is the fund's manager.
Portfolio
Manager(s)
Andrew
Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.
Brett
Sumsion (Co-Portfolio Manager) has managed the fund since 2014.
Purchase
and Sale of Shares
Shares
generally are available only to certain employer-sponsored retirement plans and
certain Fidelity health savings accounts that are made available through
employers. For this purpose, employer-sponsored retirement plans generally
include profit sharing, 401(k), 403(b), 457(b), defined benefit, retiree health
savings plans, and similar plans, but generally do not include: retail
retirement or non-retirement accounts; Individual Retirement Accounts (IRAs)
(such as traditional, Roth, SEP, SARSEP, and SIMPLE IRAs); Coverdell Education
Savings Accounts; individual 403(b) accounts that are not part of an employer's
403(b) plan; plans investing through the Fidelity Advisor®
403(b) program; plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans); health savings accounts; or qualified tuition
programs. Plan participants may purchase shares only if shares are eligible for
sale and available through their plan.
You
may buy or sell shares in various ways:
Internet
www.401k.com
Phone
For
Individual Accounts (investing through a retirement plan sponsor or other
institution), refer to your plan materials or contact that institution
directly.
For
Retirement Plan Level Accounts:
Corporate
Clients 1-800-962-1375
"Not
for Profit" Clients 1-800-343-0860
Mail
|
Redemptions:
Fidelity
Investments
P.O.
Box 770001
Cincinnati,
OH 45277-0035 |
Overnight
Express:
Fidelity
Investments
100
Crosby Parkway
Covington,
KY 41015 |
TDD
- Service
for the Deaf and Hearing Impaired
1-800-544-0118
Shares
of the fund are not eligible for purchase by registered investment companies or
business development companies to the extent such acquisition is in reliance on
Rule 12d1-4 under the Investment Company Act of 1940.
The
price to buy one share is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
by the fund to tax-advantaged retirement plan accounts are not taxable currently
(but you may be taxed later, upon withdrawal of your investment from such
account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated 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
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Summary
Fund/Class:
Fidelity
Freedom® 2035 Fund
/K
Investment
Objective
Fidelity
Freedom® 2035 Fund seeks high total return until its target retirement date.
Thereafter the fund's objective will be to seek high current income and, as a
secondary
objective, capital appreciation.
Fee
Table
The
following table describes the fees and expenses that may be incurred when you
buy, hold, and sell shares of the fund. In
addition to the fees and expenses described below, your broker may also require
you to pay brokerage commissions on purchases and sales of certain share classes
of the fund.
Shareholder
fees
|
(fees
paid directly from your investment) |
None |
Annual
Operating Expenses
(expenses
that you pay each year as a % of the value of your investment)
|
Management
fee |
%
A |
|
Distribution
and/or Service (12b-1) fees |
None
|
|
Other
expenses |
0.00%
|
|
Total
annual operating expenses |
%
A |
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 the fees and the annual operating expenses for shares
of the fund are exactly as described in the fee table. This example illustrates
the 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:
|
1
year |
$ |
61 |
|
3
years |
$ |
192 |
|
5
years |
$ |
335 |
|
10
years |
$ |
750 |
Portfolio
Turnover
The
fund will not incur transaction costs, such as commissions, when it buys and
sells shares of underlying Fidelity®
funds (or "turns over" its portfolio), but it could incur transaction costs if
it were to buy and sell other types of securities directly. If the fund were to
buy and sell other types of securities directly, a higher portfolio turnover
rate could indicate higher transaction costs and could result in higher taxes
when fund shares are held in a taxable account. Such costs, if incurred, would
not be reflected in annual operating expenses or in the example and would affect
the fund's performance. During the most recent fiscal year, the fund's portfolio
turnover rate was 23%
of the average value of its portfolio.
Principal
Investment Strategies
- Investing
primarily in a combination of Fidelity®
U.S. equity funds, international equity funds, bond funds, and short-term
funds (underlying Fidelity®
funds).
- Allocating
assets according to a neutral asset allocation strategy shown in the glide
path below that adjusts over time until it reaches an allocation similar to
that of the Fidelity Freedom®
Income Fund, approximately 10 to 19 years after the year 2035. Fidelity
Management & Research Company LLC (FMR) (the Adviser) may modify the
fund's neutral asset allocations from time to time when in the interests of
shareholders.
- The
neutral asset allocation shown in the glide path depicts the allocation to
U.S. equity funds, international equity funds, bond funds (including U.S.
investment grade bond, international bond, short-term inflation-protected
bond, long-term inflation-protected bond, and long-term treasury bond), and
short-term funds.
- Buying
and selling futures contracts (both long and short positions) in an effort to
manage cash flows efficiently, remain fully invested, or facilitate asset
allocation.
- The
Adviser, under normal market conditions, will make investments that are
consistent with seeking high total return for several years beyond the fund's
target retirement date in an effort to achieve the fund's overall investment
objective.
- As
of April 1, 2023, the fund's neutral asset allocation to underlying
Fidelity®
funds and futures was approximately:
|
|
U.S.
Equity Funds 44% |
|
|
International
Equity Funds 30% |
|
|
International
Bond Funds 4% |
|
|
U.S.
Investment Grade Bond Funds 17% |
|
|
Long-Term
Treasury Bond Funds 5% |
|
|
Long-Term
Inflation-Protected Bond Funds 0% |
|
|
Short-Term
Inflation-Protected Bond Funds 0% |
|
|
Short-Term
Funds 0% |
*
The Adviser may change these percentages over time. As a result of the active
asset allocation strategy (discussed below), actual allocations may differ from
the neutral allocations above. The allocation percentages may not add to 100%
due to rounding.
- The
Adviser, under normal market conditions, will use an active asset allocation
strategy to increase or decrease asset class exposures relative to the neutral
asset allocations reflected above by up to 10% for equity funds, bond funds
and short-term funds to reflect the Adviser's market outlook, which is
primarily focused on the intermediate term. The asset allocations in the glide
path and pie chart above are referred to as neutral because they do not
reflect any decisions made by the Adviser to overweight or underweight an
asset class.
- The
Adviser may also make active asset allocations within other asset classes
(such as commodities, high yield debt (also referred to as junk bonds),
floating rate debt, real estate debt, and emerging markets debt) from 0% to
10% of the fund's total assets individually, but no more than 25% in aggregate
within those other asset classes. Such asset classes are not reflected in the
neutral asset allocations reflected in the glide path and pie chart above.
Emerging markets include countries that have an emerging stock market as
defined by MSCI, countries or markets with low- to middle-income economies as
classified by the World Bank, and other countries or markets that the Adviser
identifies as having similar emerging markets characteristics.
- Designed
for investors who anticipate retiring in or within a few years of 2035 (target
retirement date) at or around age 65.
When
the neutral asset allocation of a fund matches Fidelity Freedom® Income
Fund's neutral asset allocation (approximately 10 to 19 years after the year
indicated in the fund's name), the Board of Trustees may combine the fund with
Fidelity Freedom® Income Fund, without shareholder approval, and the fund's
shareholders will become shareholders of Fidelity Freedom® Income
Fund.
Principal
Investment Risks
Shareholders
should consider that no target date fund is intended as a complete retirement
program and there is no guarantee that any single fund will provide sufficient
retirement income at or through your retirement. The fund's share price
fluctuates, which means you could lose money by investing in the fund, including
losses near, at or after the target retirement date.
The
fund is subject to risks resulting from the Adviser's asset allocation
decisions. The selection of underlying funds and the allocation of the fund's
assets among various asset classes could cause the fund to lose value or its
results to lag relevant benchmarks or other funds with similar objectives. In
addition, the fund's active asset allocation strategy may cause the fund to have
a risk profile different than that portrayed above from time to time and may
increase losses.
- Investing
in Other Funds.
The
fund bears all risks of investment strategies employed by the underlying funds,
including the risk that the underlying funds will not meet their investment
objectives.
The
Adviser will continue to invest the fund's assets in equity funds in the years
following the fund's target retirement date in an effort to achieve the fund's
overall investment objective. Stock markets are volatile and can decline
significantly in response to adverse issuer, political, regulatory, market, or
economic developments. Different parts of the market, including different market
sectors, and different types of securities can react differently to these
developments.
Interest
rate increases can cause the price of a debt or money market security to
decrease.
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 economic developments and can perform differently from the U.S. market. The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors. Emerging markets can be subject to greater social, economic,
regulatory, and political uncertainties and can be extremely volatile. Foreign
exchange rates also can be extremely volatile.
- Geographic
Exposure to China.
Because
an underlying fund invests a meaningful portion of its assets in China, the
underlying fund's performance is expected to be closely tied to social,
political, and economic conditions in China and to be more volatile than the
performance of more geographically diversified funds. The fund may obtain
exposure to companies based or operated in China by investing through legal
structures known as variable interest entities (VIEs). Instead of directly
owning the equity securities of a Chinese company, a VIE enters into service and
other contracts with the Chinese company. Although the VIE has no equity
ownership of the Chinese company, the contractual arrangements permit the VIE to
consolidate the Chinese company into its financial statements. Intervention by
the Chinese government with respect to VIEs could significantly affect the
Chinese company's performance and the enforceability of the VIE's contractual
arrangements with the Chinese company.
Market
conditions, interest rates, and economic, regulatory, or financial developments
could significantly affect a single industry or group of related
industries.
The
ability of an issuer of a debt security to repay principal prior to a security's
maturity can cause greater price volatility if interest rates
change.
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.
A
decline in the credit quality of an issuer or a provider of credit support or a
maturity-shortening structure for a security can cause the price of a security
to decrease.
Lower-quality
debt securities (those of less than investment-grade quality, also referred to
as high yield debt securities or junk bonds) and certain types of other
securities involve greater risk of default or price changes due to changes in
the credit quality of the issuer. The value of lower-quality debt securities and
certain types of other securities can be more volatile due to increased
sensitivity to adverse issuer, political, regulatory, market, or economic
developments.
The
performance of an underlying index fund and its index may vary somewhat due to
factors such as fees and expenses of the underlying fund, transaction costs,
sample selection, regulatory restrictions, and timing differences associated
with additions to and deletions from the index. Errors in the construction or
calculation of the index may occur from time to time and may not be identified
and corrected for some period of time, which may have an adverse impact on an
underlying fund and its shareholders.
Some
of the underlying funds in which the fund invests are managed with a passive
investment strategy, attempting to track the performance of an unmanaged index
of securities, regardless of the current or projected performance of an
underlying fund's index or of the actual securities included in the index. This
differs from an actively managed fund, which typically seeks to outperform a
benchmark index. As a result, the performance of these underlying funds could be
lower than actively managed funds that may shift their portfolio assets to take
advantage of market opportunities or lessen the impact of a market decline or a
decline in the value of one or more issuers. An underlying index fund may be
concentrated to approximately the same extent that its index concentrates in the
securities of issuers in a particular industry or group of
industries.
Leverage
can increase market exposure, magnify investment risks, and cause losses to be
realized more quickly.
"Growth"
stocks can perform differently from the market as a whole and other types of
stocks and can be more volatile than other types of stocks.
"Value"
stocks can perform differently from the market as a whole and other types of
stocks and can continue to be undervalued by the market for long periods of
time.
- Commodity-Linked
Investing.
The
value of commodities and commodity-linked investments may be affected by the
performance of the overall commodities markets as well as weather, political,
tax, and other regulatory and market developments. Commodity-linked investments
may be more volatile and less liquid than the underlying commodity, instruments,
or measures.
Investments
in commodity futures contracts are also subject to the risk of the failure of
any of the exchanges on which an underlying fund's positions trade or of its
clearinghouses or counterparties. In addition, certain commodity exchanges limit
fluctuations in certain futures contract prices during a single day by
regulations referred to as "daily price fluctuation limits" or "daily limits."
Under such daily limits, during a single trading day no trades may be executed
at prices beyond the daily limit. If triggered, these limits could prevent the
underlying fund from liquidating unfavorable positions and subject the
underlying fund to losses or prevent it from entering into desired trades during
the particular trading day.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You
could lose money by investing in the fund.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates 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 and a hypothetical composite of market
indexes over various periods of time.
The indexes have characteristics relevant to the fund's investment strategies.
Index descriptions appear in the "Additional Index Information" section of the
prospectus.
Past performance is not an indication of future
performance.
Visit
www.401k.com and
log in for more recent performance information.
Year-by-Year
Returns
|
|
|
|
|
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
|
|
|
|
|
-8.29%
|
24.55%
|
17.26%
|
14.42%
|
-17.56%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
17.85% |
June
30, 2020 |
|
Lowest
Quarter Return |
-19.11% |
March
31, 2020 |
|
Year-to-Date
Return |
6.44% |
March
31, 2023 |
Average
Annual Returns
|
For
the periods ended December 31, 2022 |
Past
1
year |
Past
5
years |
Life
of
class A |
|
Class
K |
-17.56% |
4.79% |
% |
|
S&P
500® Index
(reflects
no deduction for fees, expenses, or taxes) |
-18.11% |
9.42% |
% |
|
Fidelity
Freedom 2035 Composite Index℠
(reflects
no deduction for fees or expenses) |
-17.53% |
4.92% |
% |
