497 1 main.htm

Supplement to the
Fidelity Freedom Funds®
May 30, 2007
Prospectus

The following information replaces similar information found under the heading "Fee Table" in the "Fund Summary" section on page 33.

Freedom 2045

Management fee

None

Distribution and/or Service (12b-1) fees

None

Other expenses

0.00%

Acquired fund fees and expenses

0.83%

Total annual fund operating expensesA

0.83%

Freedom 2050

Management fee

None

Distribution and/or Service (12b-1) fees

None

Other expenses

0.00%

Acquired fund fees and expenses

0.84%

Total annual fund operating expensesA

0.84%

A Differs from the ratios of expenses to average net assets in the Financial Highlights section because the total annual operating expenses shown above include acquired fund fees and expenses.

The following information replaces similar information found under the heading "Fee Table" in the "Fund Summary" section beginning on page 34.

Freedom 2045

1 year

$ 85

3 years

$ 265

5 years

$ 460

10 years

$ 1,025

Freedom 2050

1 year

$ 86

3 years

$ 268

5 years

$ 466

10 years

$ 1,037

FF-07-03 June 15, 2007
1.708110.139

Supplement to the
Fidelity Freedom Funds®
May 30, 2007
Prospectus

The following information replaces similar information found under the heading "Fee Table" in the "Fund Summary" section on page 20.

Freedom 2045

Management fee

None

Distribution and/or Service (12b-1) fees

None

Other expenses

0.00%

Acquired fund fees and expenses

0.83%

Total annual fund operating expensesA

0.83%

Freedom 2050

Management fee

None

Distribution and/or Service (12b-1) fees

None

Other expenses

0.00%

Acquired fund fees and expenses

0.84%

Total annual fund operating expensesA

0.84%

A Differs from the ratios of expenses to average net assets in the Financial Highlights section because the total annual operating expenses shown above include acquired fund fees and expenses.

The following information replaces similar information found under the heading "Fee Table" in the "Fund Summary" section on page 21.

Freedom 2045

1 year

$ 85

3 years

$ 265

5 years

$ 460

10 years

$ 1,025

Freedom 2050

1 year

$ 86

3 years

$ 268

5 years

$ 466

10 years

$ 1,037

FF-07-03L June 15, 2007
1.808379.109

Supplement to the
Fidelity Advisor Freedom Funds®
Class A, Class T, Class B, and Class C
May 30, 2007
Prospectus

The following information replaces similar information found under the heading "Fee Table" in the "Fund Summary" section on page 29.

Advisor
Freedom 2045

Management fee

None

None

None

None

Distribution and/or Service (12b-1) fees

0.25%

0.50%

1.00%

1.00%

Other expenses

0.00%

0.00%

0.00%

0.00%

Acquired fund fees and expensesA

0.82%

0.82%

0.82%

0.82%

Total annual class operating expensesB,C

1.07%

1.32%

1.82%

1.82%

Advisor
Freedom 2050

Management fee

None

None

None

None

Distribution and/or Service (12b-1) fees

0.25%

0.50%

1.00%

1.00%

Other expenses

0.00%

0.00%

0.00%

0.00%

Acquired fund fees and expensesA

0.82%

0.82%

0.82%

0.82%

Total annual class operating expensesB,C

1.07%

1.32%

1.82%

1.82%

A Based on estimated amounts for the current fiscal year.

B Differs from the ratios of expenses to average net assets in the Financial Highlights section because the total annual operating expenses shown above include acquired fund fees and expenses.

C FMR has voluntarily agreed to reimburse Class A, Class T, Class B, and Class C of each fund to the extent that total operating expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed the following rates:

Class A

Effective
Date

Class T

Effective
Date

Class B

Effective
Date

Class C

Effective
Date

Advisor Freedom 2045

0.25%

6/1/06

0.50%

6/1/06

1.00%

6/1/06

1.00%

6/1/06

Advisor Freedom 2050

0.25%

6/1/06

0.50%

6/1/06

1.00%

6/1/06

1.00%

6/1/06

These arrangements may be discontinued by FMR at any time.

AFF-07-04 June 15, 2007
1.790697.112

The following information replaces similar information found under the heading "Fee Table" in the "Fund Summary" section on page 31.

Class A

Class T

Class B

Class C

Sell All
Shares

Hold
Shares

Sell All
Shares

Hold
Shares

Sell All
Shares

Hold
Shares

Sell All
Shares

Hold
Shares

Advisor Freedom 2045

1 year

$ 678

$ 678

$ 480

$ 480

$ 685

$ 185

$ 285

$ 185

3 years

$ 896

$ 896

$ 754

$ 754

$ 873

$ 573

$ 573

$ 573

5 years

$ 1,131

$ 1,131

$ 1,048

$ 1,048

$ 1,185

$ 985

$ 985

$ 985

10 years

$ 1,806

$ 1,806

$ 1,885

$ 1,885

$ 1,848A

$ 1,848A

$ 2,137

$ 2,137

Advisor Freedom 2050

1 year

$ 678

$ 678

$ 480

$ 480

$ 685

$ 185

$ 285

$ 185

3 years

$ 896

$ 896

$ 754

$ 754

$ 873

$ 573

$ 573

$ 573

5 years

$ 1,131

$ 1,131

$ 1,048

$ 1,048

$ 1,185

$ 985

$ 985

$ 985

10 years

$ 1,806

$ 1,806

$ 1,885

$ 1,885

$ 1,848A

$ 1,848A

$ 2,137

$ 2,137

A Reflects conversion to Class A shares after a maximum of seven years.

The following information found in the "Fund Services" section on page 84 does not apply and has been removed from the prospectus.

The Class A or Class T CDSC will not apply to the redemption of shares:

1. Held by insurance company separate accounts;

2. For plan loans or distributions or exchanges to non-Advisor fund investment options from employee benefit plans (except shares of SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) and 403(b) programs other than Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian;

3. For disability, payment of death benefits, or minimum required distributions starting at age 70 1/2 from Traditional IRAs, Roth IRAs, Rollover IRAs, SIMPLE IRAs, SEPs, SARSEPs, and plans covering a sole-proprietor or self-employed individuals and their employees (formerly Keogh/H.R. 10 plans);

4. Purchased by the Fidelity Investments Charitable Gift Fund; or

5. On which a finder's fee was eligible to be paid to an investment professional at the time of purchase, but was not paid because payment was declined. (To determine your eligibility for this CDSC waiver, please ask your investment professional if he or she received a finder's fee at the time of purchase.)

Supplement to the
Fidelity Advisor Freedom Funds®
Institutional Class
May 30, 2007
Prospectus

The following information replaces similar information found under the heading "Fee Table" in the "Fund Summary" section on page 28.

Advisor Freedom 2045

Management fee

None

Distribution and/or Service (12b-1) fees

None

Other expenses

0.00%

Acquired fund fees and expensesA

0.82%

Total annual class operating expensesB,C

0.82%

Advisor Freedom 2050

Management fee

None

Distribution and/or Service (12b-1) fees

None

Other expenses

0.00%

Acquired fund fees and expensesA

0.82%

Total annual class operating expensesB,C

0.82%

A Based on estimated amounts for the current fiscal year.

B Differs from the ratios of expenses to average net assets in the Financial Highlights section because the total annual operating expenses shown above include acquired fund fees and expenses.

C FMR has voluntarily agreed to reimburse Institutional Class of each fund to the extent that total operating expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed the following rates:

Institutional
Class

Effective
Date

Advisor Freedom 2045

0.00%

6/1/06

Advisor Freedom 2050

0.00%

6/1/06

These arrangements may be discontinued by FMR at any time.

AFFI-07-03 June 15, 2007
1.790698.108

The following information replaces similar information found under the heading "Fee Table" in the "Fund Summary" section on page 30.

Institutional Class

Advisor Freedom 2045

1 year

$ 84

3 years

$ 262

5 years

$ 455

10 years

$ 1,014

Advisor Freedom 2050

1 year

$ 84

3 years

$ 262

5 years

$ 455

10 years

$ 1,014