SUPPLEMENT TO THE FIDELITY FREEDOM FUNDS(registered trademark)' MAY
27, 2000 PROSPECTUS
The following information supplements the information found under the
heading "Principal Investment Risks" for each Freedom Fund in the
"Investment Summary" section beginning on page 8.
(small solid bullet) TECHNOLOGY INDUSTRY CONCENTRATION. The technology
industries can be significantly affected by obsolescence of existing
technology, short product cycles, falling prices and profits, and
competition from new market entrants.
The following information replaces similar information found under the
heading "Fee Table" in the "Fund Summary" section beginning on page
13.
The combined total expense ratios of each Freedom Fund (calculated as
a percentage of average net assets) are as follows:
Combined total expense ratio Combined total expense ratio
after expense reimbursements before expense
and expense reductions for reimbursements and expense
each Freedom Fund and the reductions for each Freedom
underlying Fidelity funds Fund and the underlying
Fidelity funds
Freedom Income 0.64% 0.68%
Freedom 2000 0.70% 0.74%
Freedom 2010 0.76% 0.81%
Freedom 2020 0.79% 0.84%
Freedom 2030 0.81% 0.86%
The following information supplements the information found under the
heading "Description of Underlying Fidelity Funds" in the "Investment
Details" section on page 23 for Fidelity OTC Portfolio.
FMR will invest more than 25% of the fund's total assets in the
technology sector.
Because the fund is considered non-diversified, FMR may invest a
significant percentage of the fund's assets in a single issuer.
The following information supplements the information found under the
heading "Principal Investment Risks" in the "Investment Details"
section beginning on page 28.
INDUSTRY CONCENTRATION. Market conditions, interest rates, and
economic, regulatory, or financial developments could significantly
affect a group of related industries, and the securities of companies
in that group of related industries could react similarly to these or
other developments.
The TECHNOLOGY industries can be significantly affected by
obsolescence of existing technology, short product cycles, falling
prices and profits, and competition from new market entrants.
SUPPLEMENT TO THE
FIDELITY FREEDOM FUNDS(registered trademark)
MAY 27, 2000
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"INVESTMENT POLICIES AND LIMITATIONS" SECTION ON PAGE 3.
In accordance with each Freedom Fund's investment program as set forth
in the prospectus, a Freedom Fund may invest more than 25% of its
assets in any one underlying Fidelity fund. However, each of the
underlying Fidelity funds in which a Freedom Fund may invest (other
than Fidelity Money Market Trust: Retirement Money Market Portfolio
and Fidelity OTC Portfolio) will not concentrate more than 25% of its
total assets in any one industry, except that Fidelity Money Market
Trust: Retirement Money Market Portfolio will invest more than 25% of
its total assets in the financial services industry and Fidelity OTC
Portfolio will invest more than 25% of its total assets in the
technology industry.
THE FOLLOWING INFORMATION HAS BEEN REMOVED FROM THE "TRUSTEES AND
OFFICERS" SECTION BEGINNING ON PAGE 38.
MATTHEW N. KARSTETTER (38), is Deputy Treasurer of Fidelity Freedom
2000 Fund, Fidelity Freedom 2010 Fund, Fidelity Freedom 2020 Fund,
Fidelity Freedom 2030 Fund, and Fidelity Freedom Income Fund (1998).
He also serves as Deputy Treasurer of other Fidelity funds (1998) and
is an employee of FMR (1998). Before joining FMR, Mr. Karstetter
served as Vice President of Investment Accounting and Treasurer of IDS
Mutual Funds at American Express Financial Advisors (1996-1998). Prior
to 1996, Mr. Karstetter was Vice President, Mutual Fund Services at
State Street Bank & Trust (1991-1996).
