Fidelity Freedom 2010 Fund

QUARTERLY FUND REVIEW | AS OF JUNE 30, 2023

Fidelity Freedom? 2010 Fund

Investment Approach

? Fidelity Freedom? Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when investors expect to retire.

? Except for Fidelity Freedom? Income Fund, each of the Funds seeks high total return until reaching its respective target retirement date; thereafter, each Fund's objective will be to seek high current income and, as a secondary objective, capital appreciation.

? Except for Fidelity Freedom? Income Fund, each Fund's asset allocation strategy becomes increasingly diversified as it approaches its target date ? and beyond. Ultimately, the Funds are expected to merge with Fidelity Freedom Income Fund.

? The Funds employ a disciplined and time-tested investment process focused on helping investors achieve successful retirement outcomes by leveraging the depth and strength of Fidelity's investment research and resources.

PERFORMANCE SUMMARY

Fidelity Freedom 2010 Fund Gross Expense Ratio: 0.48%2

Cumulative

3 Month

YTD

1.03% 5.30%

1 Year

4.25%

Annualized

3 Year

5 Year

10 Year/ LOF1

2.31% 3.42% 4.80%

Bloomberg US Aggregate Bond Index Fidelity Freedom 2010 Composite Index Morningstar Fund Target-Date 2000-2010 % Rank in Morningstar Category (1% = Best) # of Funds in Morningstar Category

-0.84% 1.25% 1.42%

---

2.09% 5.44% 5.50%

---

-0.94% 4.41% 4.86% 67%

114

-3.96% 1.73% 2.48% 63%

107

0.77% 3.66% 3.75% 73%

82

1.52% 4.86% 4.55% 35%

42

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 10/17/1996. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the

most recent fiscal year, or estimated amounts for the current fiscal year in the case of a newly launched fund. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit performance, institutional., or . Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

For definitions and other important information, please see the Definitions and Important Information section of this Fund Review.

FUND INFORMATION

Manager(s): Andrew Dierdorf Brett Sumsion

Trading Symbol: FFFCX

Start Date: October 17, 1996

Size (in millions): $3,772.80

Morningstar Category: Fund Target-Date 2000-2010 Investment performance of the Fidelity Freedom Fund products depends on the performance of the underlying investment options and on the proportion of the assets invested in each underlying investment option. The investment risk of each Fidelity Freedom Fund changes over time as its asset allocation changes. These risks are subject to the asset allocation decisions of the Investment Adviser. Pursuant to the Adviser's ability to use an active asset allocation strategy, investors may be subject to a different risk profile compared to the fund's neutral asset allocation strategy shown in its glide path. The funds are subject to the volatility of the financial markets, including that of 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. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. No target date fund is considered a complete retirement program and there is no guarantee any single fund will provide sufficient retirement income at or through retirement. Principal invested is not guaranteed at any time, including at or after the funds' target dates.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

QUARTERLY FUND REVIEW: Fidelity Freedom? 2010 Fund | AS OF JUNE 30, 2023

Market Update and Portfolio Review

? Continued global economic expansion, amid falling commodity prices and generally disinflationary trends, provided a favorable environment for the prices of riskier assets during the second quarter. Investor optimism about the U.S. consumer outweighed concerns about the potential for continued monetary tightening to slow economic growth. Equities and credit-sensitive fixed income delivered the strongest returns, while rising interest rates resulted in declines for many bond categories. Among the asset classes in the strategic allocation of Fidelity's target-date strategies, U.S. and non-U.S. equities were the strongest, whereas longer-maturity bonds posted declines.

Total Return of Strategic Asset Classes Period Ending June 30, 2023

Q2 2023

YTD 2023

20%

16.2%

15%

10% 8.4%

5% 0% -5%

9.6% 2.5%

1.5% -0.7%

2.4% -1.9%

2.1% -0.8%

3.7% -2.3%

0.2% 3.7%

1.1% 2.3%

-10%

U.S. Equities

Non-U.S.

U.S.

U.S.

U.S.

Long-Term

International

Short-Term

Equities

Short-Term

Long-Term

Investment-

U.S. Treasury

Bond

Debt

Inflation-

Inflation-

Grade Bond

Bond

Protected

Protected

Bond

Bond

You cannot invest directly in an index. Past performance is no guarantee of future results.

U.S. Equities - Dow Jones U.S. Total Stock Market Index, Non-U.S. Equities - MSCI All Country World ex USA Index (Net MA), U.S. Short-Term Inflation- Protected Bond -

Bloomberg U.S. TIPS 0-5 Years Index, U.S. Long-Term Inflation- Protected Bond - Bloomberg U.S. Treasury Inflation Notes: 5+ Years Index, U.S. Investment- Grade Bond -

Bloomberg U.S. Aggregate Bond Index, Long-Term U.S. Treasury Bond - Bloomberg U.S. Long Treasury Index, International Bond - Bloomberg Global Agg Treasury ex USD,

ex EM, RIC Capped, Float Adjusted USD H Index , Short-Term Debt - Bloomberg U.S. 3-6 Month Treasury Bill Index

? Fidelity's target-date strategies realized positive returns during Q2. Performance for the strategies as of June 30, 2023, is displayed below (net of fees)*

Returns

Returns

Quarterly Performance for Representative Funds Period Ending June 30, 2023

Fund

Composite Benchmark

10%

5%

0.5%

0.7%

0%

-5% Income

3.2%

3.3%

2030

5.2%

5.3%

2050

See the Performance Summary table in this review for performance reporting on all vintages. Funds shown in this chart are representative samples of where a target-date investor might be at various stages of their life. 2 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity Freedom? 2010 Fund | AS OF JUNE 30, 2023

Performance Attribution Summary

? Strategic asset allocation decisions had the greatest effect on performance during the quarter, with equities contributing the most to total returns.

? Underlying managers' investment performance contributed, whereas active asset allocation decisions detracted.

Relative Contributors (representative across vintages):

? Most underlying managers outperformed their respective benchmark during the quarter. Managers with growthoriented benchmarks and investment philosophies were the strongest performers, as growth stocks, as measured by the Russell 3000? Growth Index, gained 12.47% during the quarter, compared to a gain of 4.03% for value stocks, as measured by the Russell 3000? Value Index. The largest individual contributors to relative performance included:

o Fidelity? Series Blue Chip Growth Fund outperformed its benchmark, the Russell 1000? Growth Index. The fund is managed by Sonu Kalra, who invests in companies that he believes have above-average earningsgrowth potential with sustainable business models. Security selection within information technology, including overweights in semiconductor stocks Nvidia and Marvell Technology, meaningfully contributed to performance. Security selection in the industrials and consumer staples sectors, which made up less than 10% of the Fund, also contributed, with Celsius Holdings and Uber Technologies among the leading individual relative contributors.

o Fidelity? Series Growth Company outperformed its benchmark, the Russell 3000? Growth Index. The fund is managed by Steve Wymer, who invests across a spectrum of companies, from blue chip to aggressive growth. Steve focuses on firms operating in well-positioned industries and niches that he believes are capable of delivering persistent sales and earnings growth. Nvidia, which was the largest overweight holding in the fund, meaningfully topped its benchmark. Other top relative contributors included Pure Storage and Wayfair, as well as underweights in AbbVie and UnitedHealth Group.

o Fidelity? Series Emerging Market Opportunities Fund outperformed its benchmark, the MSCI Emerging Markets Index. The fund is managed by a team of sector-based co-portfolio managers who specialize in security selection within their respective sectors. Security selection was positive across most sectors, with financials, materials and industrials contributing the most. At the country level, Brazil was the largest contributor as a result of an overweight allocation and security selection, including XP and Petroleo Brasileiro.

Relative Detractors (representative across vintages):

? Although the aggregate impact of underlying managers was positive across all asset classes, a subset of investment portfolios underperformed. These included:

o Fidelity? Series Value Discovery Fund underperformed its benchmark, the Russell 3000? Value Index. The fund' s manager, Sean Gavin, focuses on companies with above-average returns on invested capital, strong barriers to entry and significant price dislocation. Sector positioning relative to the benchmark detracted the most from relative performance. For example, an underweight in industrials and consumer discretionary and an overweight in utilities weighed on relative performance. Among individual names, avoiding benchmark component Meta Platforms and an out-of-benchmark allocation to Dollar General detracted the most from performance.

o Fidelity? Series Large Cap Stock lagged its benchmark, the S&P 500? index. The fund, managed by Matt Fruhan, emphasizes companies for which long-term normalized earnings and free-cash-flow power are underappreciated by investors. Underweight in two higher-multiple stocks in the information technology sector, Nvidia and Apple, detracted versus the benchmark. In addition, Exxon Mobil, which made up a meaningful portion of the Fund's overweight in energy, hurt the past three months.

3 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity Freedom? 2010 Fund | AS OF JUNE 30, 2023

Active Asset Allocation:

? Active asset allocation positioning relative to the Composite Index detracted during the quarter. Equity positioning, which favors non-U.S. equities relative to U.S. equities, and an allocation to commodities also detracted.

Outlook and Positioning

? The Fund's glide path and strategic asset allocation reflect our long-term views and insights on participant needs, diversification and capital markets. Our investment process is focused on selecting strategic asset classes that provide appealing long-term returns, independent sources of return and risk, and favorable implementation attributes.

? We expect the glide path and strategic asset allocation of the strategies to have the greatest impact on long-term outcomes, while active management decisions - active asset allocation and the investment performance of building-block managers - are intended to provide incremental returns.

? In the second quarter, active asset allocation positions relative to the Composite index continued to emphasize areas of the market that are mispriced relative to our view of fair value. Our process emphasizes risk management, and we expect that excess returns will be realized for most positions over an intermediate time horizon, typically up to five years.

? An ongoing debate in the capital markets is whether the U.S. Federal Reserve's monetary policy will continue to tighten with the goal of bringing inflation down to the central bank's target and, if so, how the lagged effects of policy tightening will affect the economy. The recent period of banking stress may further tighten financial conditions, and in our view increases the potential for recession, a risk that we believe investors are underestimating. During the quarter, we added exposure to fixed income based on greater risks to economic growth. We continue to position the portfolios with lower active risk relative to long-term expectations.

? Growth in the economy has remained resilient, driven in large part by the consumer, supported by excess savings, a strong labor market and real wage growth. However, many indicators of economic activity are at levels that often coincide with or portend a recession. While we do not expect imminent demand destruction, our view is that current asset prices embed expectations that suggest a continuation of the status quo, creating an expectation gap between our perspective and the views of other investors.

? Within equities, we continue to emphasize non-U.S. stocks relative to U.S. equities, with overweight allocations to both developed and emerging markets.

o Non-U.S. equities are attractively valued relative to U.S. equities, and are discounting weaker economic conditions. We believe a combination of higher earnings yields and potentially improving fundamentals are a tailwind to lower risk premiums in non-U.S. markets. In comparison, U.S. equity valuations do not sufficiently reflect the potential for the economy to slow and profits to compress.

o In addition, non-U.S. assets may benefit from a weakening U.S. dollar, which has experienced a prolonged period of strength driven by superior economic growth in the U.S. and higher interest rates ? two trends that we see as poised to reverse.

? With the Fed focused on fighting inflation via higher interest rates and quantitative tightening, we believe bonds offer more-attractive value than they have in recent years, particularly if economic activity weakens. During the quarter, we added to the Portfolios' allocation to investment-grade bonds and maintained an overweight in longterm Treasuries, resulting in positive duration relative to the Composite index.

? Our current forecasts suggest inflation will prove stickier than investors are expecting, as reflected in break-evens. While there may be near-term periods where disinflationary trends rise, we think there are greater challenges over the intermediate term. We hold a position of less than 1% in commodities to reflect our view that the near-term distribution of outcomes has become more balanced, particularly if we experience weaker economic growth.

4 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity Freedom? 2010 Fund | AS OF JUNE 30, 2023 ? Fidelity's target-date strategies provide exposure to our Asset Management organization's research and insights, with an emphasis on experienced portfolio management teams. The independence of thought and complementary investment processes of building-block managers offer the potential for favorable risk-adjusted returns. ? Heightened volatility and the persistence of uncertainty in the capital markets reinforce the importance of a disciplined investment process. Our target-date strategies are managed with a long-term investment horizon and provide investors with a diversified portfolio that seeks to balance their need for total returns with their sensitivities to many risks ? longevity, market, inflation and deflation. Over the 26 years we have managed target-date funds, this approach has proven to be a prudent and time-tested strategy. Since inception, Fidelity's target-date strategies have achieved successful outcomes, as measured by total returns and investors' tendency to remain invested throughout periods of volatility. We remain focused on researching the key drivers of participant outcomes, including capital markets, diversification and future expectations of participant attributes.

5 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

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