This fund strategically diversifies its holdings across a variety of underlying Fidelity funds, including domestic and international stocks, bonds, and short-term investment vehicles. Its portfolio management team actively adjusts the asset allocation according to a predetermined "glide path" strategy, which progressively shifts the fund's composition over time. This evolution aims to gradually reduce risk, ultimately converging on a more conservative allocation akin to that of the Fidelity Freedom® Income Fund, a transition expected to occur approximately 10 to 19 years beyond its 2055 target date.