Fidelity Freedom 2025 Fund 

The Fidelity Freedom 2025 fund (FFTWX) is designed as a 'fund of funds,' allocating its investments across various Fidelity-managed portfolios. Its holdings are diversified among U.S. stock funds, global stock funds (covering both established and emerging economies), bond funds, and cash equivalent funds. A central component of its design is a dynamic asset allocation strategy, which gradually shifts the portfolio towards a more conservative investment profile over time. This systematic adjustment continues until its investment composition ultimately mirrors that of the Fidelity Freedom® Income Fund. At this projected point, occurring approximately 10 to 19 years beyond 2025, the fund's assets will be distributed as follows: roughly 17% in domestic equities, 7% in international equities, 46% in fixed-income (bond) funds, and 30% in short-term holdings.