SUPPLEMENT TO THE FIDELITY FREEDOM FUNDS' MAY 21, 1998
PROSPECTUS
Fidelity Government Securities Fund, an underlying fund of the
Fidelity Freedom Funds, has been renamed Fidelity Government Income
Fund.
The following information replaces similar information found under
the heading "Description of the Underlying Fidelity Funds" section on
page 29.
FIDELITY GOVERNMENT INCOME FUND is a fixed-income fund that
seeks high current income, consistent with preservation of principal,
by investing in U.S. Government securities and instruments related to
U.S. Government securities under normal conditions. The benchmark
index for the fund is the Lehman Brothers Government Bond Index, a
market value weighted benchmark of U.S. Government and government
agency securities (other than mortgage securities) with maturities of
one year or more. FMR manages the fund to have similar overall
interest rate risk to the index. As of July 31, 1998, the dollar
weighted average maturity of the fund and index was approximately 8.70
years and 8.90 years, respectively.
In determining a security's maturity for purposes of calculating
the fund's average maturity, an estimate of the average time for its
principal to be paid may be used. This can be substantially shorter
than its stated final maturity.
The fund normally invests only in U.S. Government securities,
repurchase agreements and other instruments related to U.S. Government
securities. FMR normally invests at least 65% of the fund's total
assets in U.S. Government securities and repurchase agreements for
U.S. Government securities. Other instruments may include futures or
options on U.S. Government securities or interests in U. S. Government
securities that have been repackaged by dealers or other third
parties. It is important to note that neither the fund's share price
nor its yield is guaranteed by the U.S. Government.
In managing the fund, FMR selects a benchmark index that is
representative of the universe of securities in which the fund
invests. FMR uses this benchmark as a guide in structuring the fund
and selecting its investments.
FMR allocates among different market sectors (for example,
fixed-rate or adjustable rate mortgages) and different maturities
based on its view of the relative value of each sector or
maturity.
FMR focuses on assembling a portfolio of income-producing bonds
that it believes will provide the best balance between risk and return
within the universe of securities in which the fund may invest. FMR's
evaluation of a potential investment includes an analysis of the
credit quality of the issuer, its structural features, its current
price compared to FMR's estimate of its long-term value, and any
short-term trading opportunities resulting from market
inefficiencies.
