Strategy And Objective

The Fund seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.Investing primarily in a combination of Fidelity domestic equity funds, international equity funds, bond funds, and short-termfunds (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 Advisor Freedom Income Fund, approximately 10 to 19 years after the year 2005. Fidelity Management & Research Company LLC (the Adviser) may modify the funds 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.The neutral asset allocation shown in the glide path depicts the allocation to domestic equity funds, international equity funds,bond funds (including investment grade debt, inflation-protected debt, and long-term treasury debt), and short-term funds.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, 2020, the fund's neutral asset allocation to underlying Fidelity funds and futures was approximately: Domestic Equity Funds 15% International Equity Funds 10% Investment Grade Bond Funds 43% Long-Term Treasury Bond Funds 3% Inflation-Protected Bond Funds 9% Short-Term Funds 20% 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, international debt, and emerging markets debt) from 0% to 10% of the funds 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.Designed for investors who retired in or within a few years of 2005 (target retirement date) at or around age 65.