Fidelity Advisor Freedom 2020 Fund is a target-date mutual fund designed for investors already at or near retirement, aiming to deliver high total return with a secondary emphasis on principal preservation as it moves beyond its target year. The fund operates as a fund-of-funds, allocating primarily across Fidelity U.S. equity funds, international equity funds, bond funds, and short‑term funds, following a neutral glide path that gradually becomes more conservative over time and ultimately aligns with Fidelity Advisor Freedom Income Fund. Its diversified mix currently emphasizes fixed income alongside a meaningful allocation to U.S. and non‑U.S. equities, supplemented by select inflation-protected and international bond exposures to balance income, growth, and risk management in retirement. Launched in 2003, the strategy employs Fidelity’s research platform and a disciplined, time‑tested process tailored to the Target-Date 2020 Morningstar category. The fund’s role in the market is to provide a professionally managed, age‑appropriate asset allocation and ongoing rebalancing for investors seeking a simplified, single‑fund approach to sustaining retirement spending needs while moderating volatility.
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