05/27/2022 | Press release | Distributed by Public on 05/27/2022 09:11
Fidelity Freedom® Index Funds
Fidelity Freedom® Index 2050 Fund
Class/Ticker
Institutional Premium/FFOPX Premier/FRLPX
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 www.fidelity.com/funddocuments. You can also get this information at no cost by calling 1-800-FIDELITY 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 Freedom® Index 2050 Fund/Institutional Premium, Premier
The 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 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)
Institutional Premium Class | Premier Class | |
Management fee | 0.08% | 0.06% |
Distribution and/or Service (12b-1) fees | None | None |
Other expenses | 0.00% | 0.00% |
Total annual operating expenses | 0.08% | 0.06% |
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:
Institutional Premium Class | Premier Class | |
1 year | $8 | $6 |
3 years | $26 | $19 |
5 years | $45 | $34 |
10 years | $103 | $77 |
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 12% 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 (before and after taxes) is not an indication of future performance.
Visit www.401k.com and log in (plan accounts) or www.fidelity.com (all other accounts) for more recent performance information.
Year-by-Year Returns
During the periods shown in the chart for Institutional Premium Class: | Returns | Quarter ended |
Highest Quarter Return | 18.10% | June 30, 2020 |
Lowest Quarter Return | (19.14)% | March 31, 2020 |
Year-to-Date Return | (5.85)% | March 31, 2022 |
Average Annual Returns
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 Institutional Premium Class 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 | Past 5 years | Life of class(a) | Inception Date |
Institutional Premium Class - Return Before Taxes | 15.98% | 13.79% | 10.92% | June 24, 2015 |
Return After Taxes on Distributions | 15.29% | 12.47% | 9.74% | June 24, 2015 |
Return After Taxes on Distributions and Sale of Fund Shares | 9.73% | 10.70% | 8.44% | June 24, 2015 |
Premier Class - Return Before Taxes | 16.01% | - | 26.64% | June 24, 2020 |
S&P 500® Index (reflects no deduction for fees, expenses, or taxes) |
28.71% | 18.47% | 15.50% | |
Fidelity Freedom Index 2050 Composite Index℠ (reflects no deduction for fees or expenses) |
16.18% | 13.89% | 11.02% |
(a) From June 24, 2015 for Institutional Premium Class and the Indices; and June 24, 2020 for Premier Class.
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 October 2009.
Brett Sumsion (co-manager) has managed the fund since January 2014.
Finola McGuire Foley (co-manager) has managed the fund since June 2018.
Purchase and Sale of SharesYou may buy or sell shares through a Fidelity® brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:
Internet
Plan Accounts: www.401k.com |
All Other Accounts: www.fidelity.com |
Phone
Plan Accounts:
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
All Other Accounts:
Fidelity Automated Service Telephone (FAST®) 1-800-544-5555
To reach a Fidelity representative 1-800-544-6666
Mail
Plan Accounts: |
Overnight Express:
All Other Accounts: |
Redemptions:
Fidelity InvestmentsTDD- Service for the Deaf and Hearing Impaired
All Accounts:
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.
Institutional Premium Class and Premier Class shares have a minimum initial investment of $5 million and $2 billion, respectively. The fund may waive or lower purchase minimums in other circumstances.
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 1-800-544-8544. 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 Freedom, Fidelity Investments & Pyramid Design, Fidelity, and FAST are registered service marks of FMR LLC. © 2022 FMR LLC. All rights reserved.
Fidelity Freedom Index 2050 Composite Index is a service mark of FMR LLC.
Any third-party marks that may appear above are the marks of their respective owners.
1.9865243.113 | X50-CW-SUM-0522 |
Fidelity Freedom® Index Funds
Fidelity Freedom® Index 2050 Fund
Class/Ticker
Investor/FIPFX
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 www.fidelity.com/funddocuments. You can also get this information at no cost by calling 1-800-FIDELITY 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 Freedom® Index 2050 Fund/Investor
The 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 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 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 | 0.12% | |
Distribution and/or Service (12b-1) fees | None | |
Other expenses | 0.00% | |
Total annual operating expenses | 0.12% |
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 | $12 |
3 years | $39 |
5 years | $68 |
10 years | $154 |
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 12% 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 (before and after taxes) is not an indication of future performance.
Visit www.401k.com and log in (plan accounts) or www.fidelity.com (all other accounts) for more recent performance information.
Year-by-Year Returns
During the periods shown in the chart: | Returns | Quarter ended |
Highest Quarter Return | 18.09% | June 30, 2020 |
Lowest Quarter Return | (19.18)% | March 31, 2020 |
Year-to-Date Return | (5.85)% | March 31, 2022 |
Average Annual Returns
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. 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 | Past 5 years | Past 10 years |
Investor Class | |||
Return Before Taxes | 15.92% | 13.74% | 11.46% |
Return After Taxes on Distributions | 15.30% | 12.44% | 10.57% |
Return After Taxes on Distributions and Sale of Fund Shares | 9.70% | 10.66% | 9.24% |
S&P 500® Index (reflects no deduction for fees, expenses, or taxes) |
28.71% | 18.47% | 16.55% |
Fidelity Freedom Index 2050 Composite Index℠ (reflects no deduction for fees or expenses) |
16.18% | 13.89% | 12.33% |
Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Portfolio Manager(s)Andrew Dierdorf (co-manager) has managed the fund since October 2009.
Brett Sumsion (co-manager) has managed the fund since January 2014.
Finola McGuire Foley (co-manager) has managed the fund since June 2018.
Purchase and Sale of SharesYou may buy or sell shares through a Fidelity® brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:
Internet
Plan Accounts: www.401k.com |
All Other Accounts: www.fidelity.com |
Phone
Plan Accounts:
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
All Other Accounts:
Fidelity Automated Service Telephone (FAST®) 1-800-544-5555
To reach a Fidelity representative 1-800-544-6666
Mail
Plan Accounts: |
Overnight Express:
All Other Accounts: |
Redemptions:
Fidelity InvestmentsTDD- Service for the Deaf and Hearing Impaired
All Accounts:
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 shares of the fund offered in this prospectus.
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 1-800-544-8544. 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 Freedom, Fidelity Investments & Pyramid Design, Fidelity, and FAST are registered service marks of FMR LLC. © 2022 FMR LLC. All rights reserved.
Fidelity Freedom Index 2050 Composite Index is a service mark of FMR LLC.
Any third-party marks that may appear above are the marks of their respective owners.
1.926821.123 | X50-SUM-0522 |