Fidelity and Fidelity Advisor Freedom Funds Seek Greater Diversification with Increased International Exposure and Dedicated Use of Extended Asset Classes

BOSTON, September 23, 2009 - Fidelity Investments today announced enhancements to its Freedom Fund product lines and other asset allocation portfolios designed to help ensure that they continue to meet the evolving needs of investors, as well as investment professionals and their clients. The changes are designed to help improve the risk and return characteristics of the funds and benefit the more than five million shareholders who have invested nearly $90 billion in them.

In conjunction with new updates to Fidelity's planning and guidance methodology, the Freedom Fund product lines - Fidelity, Advisor, and VIP -- will begin to increase the proportion of their assets allocated to international equities. In addition, the Fidelity and Fidelity Advisor Freedom Funds will seek further diversification benefits by investing in two new underlying funds with dedicated exposure to commodities and Treasury Inflation-Protected Securities (TIPS) -- Fidelity Series Commodity Strategy Fund and Fidelity Series Inflation-Protected Bond Index Fund .

"Since launching the Freedom Funds in 1996, we have regularly evaluated and tested the asset allocation and portfolio construction methodology, and we've made enhancements to the portfolios from time to time based on our findings," said Derek L. Young, chief investment officer of the Global Asset Allocation group for Fidelity Management & Research Company (FMRCo).

"Several factors have led us to believe that a higher allocation to international equities is warranted for these portfolios. Today, non-U.S. markets account for greater than half the exposure of the aggregate world equity market capitalization . We also have seen diminished risks in long-term overseas investing due to improved foreign market maturity and information flow. Increasing the proportion of equities invested in international markets allows Freedom Fund shareholders to invest in a portfolio that is more reflective of the risks and opportunities presented in an increasingly global economy," continued Young.

Increased International Exposure

Over the next several months, all of the portfolios within Fidelity's Freedom Fund product lines will begin to increase their target exposure to international equity funds, as a percentage of their total target exposure to equity funds, to 30 percent from approximately 20 percent currently. The increased international exposure will be funded by a reduction in the allocation to domestic equity funds.

The increase in international exposure is part of a firm-wide enhancement to Fidelity's planning and guidance tools as well as to other asset allocation portfolios. Other funds that will see a similar modification in their international equity exposures include the Asset Manager series -- including Fidelity, Advisor and VIP versions -- and the Fidelity Four-In-One Index Fund.

Dedicated Commodities and Inflation-Protected Exposure

The Fidelity and Advisor Freedom Fund product lines also will add dedicated exposure to commodities and TIPS. Research shows that including extended asset classes in a carefully constructed portfolio can potentially enhance performance through increased diversification, reduced risk, and protection from inflation. Of course past performance is no guarantee of future performance and diversification does not protect against a loss.

"It's no secret that inflation erodes a portfolio's purchasing power, and historically it has been a factor in some major asset classes, such as stocks and bonds, underperforming their historical averages. A notable dimension of commodities is their historical record in providing inflation protection," said Young. "Adding explicit TIPS exposure can provide a real, inflation-adjusted return as well as additional diversification within the fixed-income asset class."

The table below, using Fidelity Freedom 2020 Fund as an example, illustrates how the changes are expected to modify the asset mix.

Fidelity Freedom 2020 Fund Projected Target Asset Allocation*****

Current Targets Projected Targets Domestic Equity Funds 52% 41% Series Commodity Strategy Fund 0% 7% International Equity Funds 13% 17% Total Domestic Equity and Commodity Funds 65% 65% Bond Funds* 33% 26% Series Inflation-Protected Bond Index Fund 0% 7% Total Bond Funds 33% 33% Short-Term Funds 2% 2% 100% 100%

* Includes investments in Fidelity Strategic Real Return Fund, which currently has some exposure to commodities and TIPS.

** These are projected targets for illustrative purposes that may or may not be reached.

Other funds that will be adding commodities exposure include the Fidelity and Advisor Asset Manager product lines and Fidelity and Advisor Global Balanced Fund.

The Fidelity Freedom K and Fidelity Freedom Index Funds , which are offered only to certain retirement plans for which Workplace Investing provides recordkeeping services, also will feature the higher level of international equity exposure, as well as the dedicated commodities and inflation-protected exposure.

About the Fidelity and Fidelity Advisor Freedom Funds

Fidelity Freedom Funds and Fidelity Advisor Freedom Funds are designed for investors expecting to retire around the year indicated in each fund's name. Except for the Freedom and Fidelity Advisor Freedom Income Fund, the funds' asset allocation strategy becomes increasingly conservative as it approaches the target rate and beyond. Ultimately, they are expected to merge with the Freedom and Fidelity Advisor Freedom Income Fund. The investment risks of each fund changes over time as the funds' asset allocations change. The funds are subject to the volatility of the financial markets, including equity and fixed income investments in the U.S. and abroad and may be subject to risks associated with investing in high yield, small cap, commodity-linked and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with assets under administration of more than $2.9 trillion, including managed assets of $1.4 trillion as of August 31, 2009. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to over 20 million individuals and institutions as well as through 5,000 financial intermediary firms. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, the largest mutual fund supermarket and a leading online brokerage firm. For more information about Fidelity Investments, visit Fidelity.com.

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VIP refers to Variable Insurance Products. VIP Portfolios are available for investment only by the separate accounts of insurance companies.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.fidelity.com for a prospectus containing this information. Read it carefully.

Fidelity Investments Institutional Services Company, Inc.,
82 Devonshire Street, Boston, MA 02109

Fidelity Brokerage Services LLC, Member NYSE, SIPC
900 Salem Street, Smithfield, RI 02917