Strategy. Investing primarily in a combination of Fidelity U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity funds) to seek to achieve the fund's investment objective consistent with a payment strategy to be administered through a complementary systematic withdrawal plan. Allocating assets according to a stable neutral asset allocation strategy (approximately 11% in U.S. equity funds, 8% in international equity funds, 43% in U.S. investment grade bond funds, 5% in international bond funds, 3% in long-term treasury bond funds, 20% in short-term inflation-protected bond funds, and 10% in short-term funds). Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. Buying … Show more… Investing primarily in a combination of Fidelity U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity funds) to seek to achieve the fund's investment objective consistent with a payment strategy to be administered through a complementary systematic withdrawal plan. Allocating assets according to a stable neutral asset allocation strategy (approximately 11% in U.S. equity funds, 8% in international equity funds, 43% in U.S. investment grade bond funds, 5% in international bond funds, 3% in long-term treasury bond funds, 20% in short-term inflation-protected bond funds, and 10% in short-term funds). Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation. Allocating assets among underlying Fidelity funds and futures according to a stable neutral asset allocation of approximately: U.S. Equity Funds 11% International Equity Funds 8% International Bond Funds 5% U.S. Investment Grade Bond Funds 43% Long-Term Treasury Bond Funds 3% Long-Term Inflation-Protected Bond Funds 0% Short-Term Inflation-Protected Bond Funds 20% Short-Term Funds 10% * The Adviser may change these percentages over time. As a result of the active asset allocation strategy (discussed below), actual allocations may differ from the neutral allocations above. The allocation percentages may not add to 100% due to rounding. The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the pie chart above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class. The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the pie chart above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics. The fund's investment objective is intended to support a payment strategy designed to be implemented through a shareholder's voluntary participation in a complementary systematic withdrawal plan that will enable shareholders to receive regular payments from the fund based on their expected required minimum distributions from certain types of retirement accounts as mandated by the Internal Revenue Code. However, shareholders may invest in the fund and not participate in the plan. Investors should refer to the "Features and Policies" section of the prospectus for a summary of how the payment strategy and plan are designed to operate. Proposed Reorganization. The Board of Trustees of Fidelity Income Fund has unanimously approved an Agreement and Plan of Reorganization ("Agreement") between Fidelity Simplicity RMD Income Fund ? and Fidelity Freedom Blend Income Fund pursuant to which Fidelity Simplicity RMD Income Fund ? would be reorganized on a tax-free basis with and into the retail class of Fidelity Freedom Blend Income Fund. As a result, shareholders of Fidelity Simplicity RMD Income Fund ? would receive shares of Fidelity Freedom Blend Income Fund. The Agreement provides for the transfer of all of the assets of Fidelity Simplicity RMD Income Fund ? in exchange for shares of Fidelity Freedom Blend Income Fund equal in value to the net assets of Fidelity Simplicity RMD Income Fund ? and the assumption by Fidelity Freedom Blend Income Fund of all of the liabilities of Fidelity Simplicity RMD Income Fund ? . After the exchange, Fidelity Simplicity RMD Income Fund ? will distribute Fidelity Freedom Blend Income Fund shares to its shareholders pro rata, in liquidation of Fidelity Simplicity RMD Income Fund ? . As a result, shareholders of Fidelity Simplicity RMD Income Fund ? will become shareholders of Fidelity Freedom Blend Income Fund (these transactions are collectively referred to as the "Reorganization"). A Special Meeting (a "Meeting") of the Shareholders of Fidelity Simplicity RMD Income Fund ? is expected to be held during the fourth quarter of 2024 and approval of the Agreement will be voted on at that time. A combined proxy statement and prospectus containing more information with respect to the Reorganization will be provided to shareholders of record of Fidelity Simplicity RMD Income Fund ? in advance of the Meeting. If the Agreement is approved at the Meeting and certain conditions required by the Agreement are satisfied, the Reorganization is expected to take place on or about January 10, 2025. If shareholder approval of the Agreement is delayed due to failure to meet a quorum or otherwise, the Reorganization will become effective, if approved, as soon as practicable thereafter. In connection with seeking shareholder approval of the Agreement, effective the close of business on August 8, 2024, new positions in Fidelity Simplicity RMD Income Fund ? may no longer be opened. Shareholders of Fidelity Simplicity RMD Income Fund ? on that date may continue to add to their fund positions existing on that date. Investors who did not own shares of Fidelity Simplicity RMD Income Fund ? on August 8, 2024 generally will not be allowed to buy shares of Fidelity Simplicity RMD Income Fund ? except that new Fidelity Simplicity RMD Income Fund ? positions may be opened: 1) by participants in most group employer retirement plans (and their successor plans) if Fidelity Simplicity RMD Income Fund ? had been established (or was in the process of being established) as an investment option under the plans (or under another plan sponsored by the same employer) by August 8, 2024, 2) for accounts managed on a discretionary basis by certain registered investment advisers that have discretionary assets of at least $500 million invested in mutual funds and have included Fidelity Simplicity RMD Income Fund ? in their discretionary account program since August 8, 2024, 3) by a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, 4) by a portfolio manager of Fidelity Simplicity RMD Income Fund ? , and 5) by a fee deferral plan offered to trustees of certain Fidelity funds, if Fidelity Simplicity RMD Income Fund ? is an investment option under the plan. These restrictions generally will apply to investments made directly with Fidelity and investments made through intermediaries. Investors may be required to demonstrate eligibility to buy shares of Fidelity Simplicity RMD Income Fund ? before an investment is accepted. Effective after the close of business on or about January 9, 2025, new positions in Fidelity Simplicity RMD Income Fund ? may no longer be opened. Existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until Fidelity Simplicity RMD Income Fund's Reorganization takes place. If shareholder approval of the Agreement cannot be achieved for Fidelity Simplicity RMD Income Fund?, the Board of Trustees has approved a plan of liquidation for Fidelity Simplicity RMD Income Fund ? . Prior to such liquidation Fidelity Simplicity RMD Income Fund's assets will be managed to provide for sufficient liquidity to meet redemptions prior to liquidation. The foregoing is not a solicitation of any proxy. For a free copy of the Proxy Statement describing the Reorganization (and containing important information about fees, expenses and risk considerations) and a Prospectus for Fidelity Freedom Blend Income Fund please call 1-800-544-8544. The prospectus/proxy statement will also be available for free on the Securities and Exchange Commission's web site (www.sec.gov). Show less