05/27/2022 | Press release | Distributed by Public on 05/27/2022 09:13
Fidelity Advisor Freedom Funds®
Fidelity Advisor Freedom® 2065 Fund
Class/Ticker
A/FDFZX M/FDFVX C/FDFYX I/FDFSX Z/FDFQX
Summary Prospectus
May 28, 2022
Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund (including the fund's SAI) online at institutional.fidelity.com/fafunddocuments. You can also get this information at no cost by calling 1-866-997-1254 or by sending an e-mail request to [email protected]. The fund's prospectus and SAI dated May 28, 2022 are incorporated herein by reference.
245 Summer Street, Boston, MA 02210
Fund/Class:
Fidelity Advisor Freedom® 2065 Fund/A, M, C, I, Z
The fund seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.
Fee TableThe following table describes the fees and expenses that may be incurred when you buy and hold 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.
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity® funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 89 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see "Sales Charge Waiver Policies Applied by Certain Intermediaries" in the "Appendix" section of the prospectus.
Shareholder fees
(fees paid directly from your investment)
Class A | Class M | Class C | Class I | Class Z | |
Maximum sales charge (load) on purchases (as a % of offering price) | 5.75% | 3.50% | None | None | None |
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds) | None(a) | None(a) | 1.00%(b) | None | None |
(a)Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively.
(b)On Class C shares redeemed less than one year after purchase.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
Class A | Class M | Class C | Class I | Class Z | |
Management fee(a) | 0.75% | 0.75% | 0.75% | 0.75% | 0.64% |
Distribution and/or Service (12b-1) fees | 0.25% | 0.50% | 1.00% | None | None |
Other expenses | 0.00% | 0.00% | 0.00% | 0.00% | 0.01%(b) |
Total annual operating expenses(a) | 1.00% | 1.25% | 1.75% | 0.75% | 0.65% |
(a) Adjusted to reflect current fees.
(b) For the period, acquired fund fees and expenses are less than 0.01% and are included in other expenses.
This example helps compare the cost of investing in the fund with the cost of investing in other funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the 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 and if you hold your shares:
Class A | Class M | Class C | Class I | Class Z | ||||||
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
|
1 year | $671 | $671 | $473 | $473 | $278 | $178 | $77 | $77 | $66 | $66 |
3 years | $875 | $875 | $733 | $733 | $551 | $551 | $240 | $240 | $207 | $207 |
5 years | $1,096 | $1,096 | $1,012 | $1,012 | $949 | $949 | $417 | $417 | $361 | $361 |
10 years | $1,729 | $1,729 | $1,808 | $1,808 | $1,864 | $1,864 | $930 | $930 | $807 | $807 |
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 29% of the average value of its portfolio.
Principal Investment StrategiesShareholders 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.
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.
PerformanceThe 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. Prior to June 1, 2017, the fund operated under a different pricing structure. The fund's historical performance prior to June 1, 2017 does not reflect the fund's current pricing structure. Past performance (before and after taxes) is not an indication of future performance.
Visit institutional.fidelity.com for more recent performance information.
Year-by-Year Returns
The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.
During the periods shown in the chart for Class A: | Returns | Quarter ended |
Highest Quarter Return | 18.72% | June 30, 2020 |
Lowest Quarter Return | (20.69)% | March 31, 2020 |
Year-to-Date Return | (6.61)% | March 31, 2022 |
Average Annual Returns
Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
For the periods ended December 31, 2021 | Past 1 year | Life of class(a) |
Class A - Return Before Taxes | 9.08% | 13.92% |
Return After Taxes on Distributions | 7.00% | 12.50% |
Return After Taxes on Distributions and Sale of Fund Shares | 6.07% | 10.48% |
Class M - Return Before Taxes | 11.31% | 14.68% |
Class C - Return Before Taxes | 13.74% | 15.74% |
Class I - Return Before Taxes | 15.91% | 16.92% |
Class Z - Return Before Taxes | 16.06% | 17.04% |
S&P 500® Index (reflects no deduction for fees, expenses, or taxes) |
28.71% | 23.24% |
Fidelity Freedom 2065 Composite Index℠ (reflects no deduction for fees or expenses) |
16.18% | 16.69% |
(a) From June 28, 2019
Investment AdviserFidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Portfolio Manager(s)Andrew Dierdorf (co-manager) has managed the fund since June 2019.
Brett Sumsion (co-manager) has managed the fund since June 2019.
Purchase and Sale of SharesYou may buy or sell shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:
Internet
institutional.fidelity.com
Phone
To reach a Fidelity representative 1-877-208-0098
Fidelity Investments P.O. Box 770002 Cincinnati, OH 45277-0081 |
Overnight Express: Fidelity Investments 100 Crosby Parkway Covington, KY 41015 |
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.
Class I and Class Z eligibility requirements are listed in the "Additional Information about the Purchase and Sale of Shares" section of the prospectus.
The price to buy one share of Class A or Class M is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver. The price to buy one share of Class C, Class I, or Class Z is its NAV. Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.
The price to sell one share of Class A, Class M, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC). The price to sell one share of Class I or Class Z is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form, minus any applicable CDSC.
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 InformationDistributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial IntermediariesThe 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.
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity® funds, such as prospectuses, annual and semi-annual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. For certain types of accounts, we will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-877-208-0098. We will begin sending individual copies to you within 30 days of receiving your call.
Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity Advisor Freedom Funds, Fidelity Advisor Freedom, Fidelity Investments & Pyramid Design, and Fidelity are registered service marks of FMR LLC. © 2022 FMR LLC. All rights reserved.
Fidelity Freedom 2065 Composite Index is a service mark of FMR LLC.
Any third-party marks that may appear above are the marks of their respective owners.
1.9894074.104 | AFF65-SUM-0522 |
Fidelity Advisor Freedom Funds®
Fidelity Advisor Freedom® 2065 Fund
Class/Ticker
Z6/FDFRX
Summary Prospectus
May 28, 2022
Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund (including the fund's SAI) online at institutional.fidelity.com/fafunddocuments. You can also get this information at no cost by calling 1-866-997-1254 or by sending an e-mail request to [email protected]. The fund's prospectus and SAI dated May 28, 2022 are incorporated herein by reference.
245 Summer Street, Boston, MA 02210
Fund/Class:
Fidelity Advisor Freedom® 2065 Fund/Z6
The fund seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.
Fee TableThe following table describes the fees and expenses that may be incurred when you buy and hold 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) | 0.49% | |
Distribution and/or Service (12b-1) fees | None | |
Other expenses(b) | 0.01% | |
Total annual operating expenses(a) | 0.50% |
(a) Adjusted to reflect current fees.
(b) For the period, acquired fund fees and expenses are less than 0.01% and are included in other expenses.
This example helps compare the cost of investing in the fund with the cost of investing in other funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the 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 | $159 |
5 years | $278 |
10 years | $625 |
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 29% of the average value of its portfolio.
Principal Investment StrategiesShareholders 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.
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.
PerformanceThe 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 institutional.fidelity.com for more recent performance information.
Year-by-Year Returns
During the periods shown in the chart: | Returns | Quarter ended |
Highest Quarter Return | 18.84% | June 30, 2020 |
Lowest Quarter Return | (20.63)% | March 31, 2020 |
Year-to-Date Return | (6.42)% | March 31, 2022 |
Average Annual Returns
For the periods ended December 31, 2021 | Past 1 year | Life of class(a) |
Class Z6 | 16.24% | 17.22% |
S&P 500® Index (reflects no deduction for fees, expenses, or taxes) |
28.71% | 23.24% |
Fidelity Freedom 2065 Composite Index℠ (reflects no deduction for fees or expenses) |
16.18% | 16.69% |
(a) From June 28, 2019
Investment AdviserFidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Portfolio Manager(s)Andrew Dierdorf (co-manager) has managed the fund since June 2019.
Brett Sumsion (co-manager) has managed the fund since June 2019.
Purchase and Sale of SharesShares 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.
Shares generally are available only to certain employer-sponsored retirement plans. 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 Class Z6 shares of the fund only if Class Z6 shares are eligible for sale and available through their plan. You may buy or sell shares by contacting your employer-sponsored retirement plan.
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 InformationDistributions 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 IntermediariesThe 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. Currently, the Board of Trustees of the fund has not authorized such payments for Class Z6 shares of the fund. Ask your investment professional or visit your intermediary's web site for more information.
Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity Advisor Freedom Funds, Fidelity Advisor Freedom, Fidelity Investments & Pyramid Design, and Fidelity are registered service marks of FMR LLC. © 2022 FMR LLC. All rights reserved.
Fidelity Freedom 2065 Composite Index is a service mark of FMR LLC.
Any third-party marks that may appear above are the marks of their respective owners.
1.9894075.104 | AF65Z6-SUM-0522 |