Fidelity Freedom 2020 Fund

[Pages:11]QUARTERLY FUND REVIEW | AS OF SEPTEMBER 30, 2022

Fidelity Freedom? 2020 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 2020 Fund Gross Expense Ratio: 0.58%2

Cumulative

3 Month

YTD

1 Year

Annualized

3 Year

5 Year

10 Year/ LOF1

-6.18% -20.96% -18.93% 1.14% 2.52% 4.98%

Bloomberg US Aggregate Bond Index Fidelity Freedom 2020 Composite Index Morningstar Fund Target-Date 2020 % Rank in Morningstar Category (1% = Best) # of Funds in Morningstar Category

-4.75% -5.83% -5.16%

---

-14.61% -14.60%

-20.37% -17.70%

-18.77% -16.29%

--

92%

--

156

-3.26% 0.71% 0.79% 42%

146

-0.27% 2.88% 2.49% 62%

119

0.89% 5.35% 4.99% 53%

56

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: FFFDX

Start Date: October 17, 1996

Size (in millions): $16,788.84

Morningstar Category: Fund Target-Date 2020 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? 2020 Fund | AS OF SEPTEMBER 30, 2022

Market Update and Portfolio Review

? During Q3 2022, persistent inflation pressure and a maturing global business cycle weighed on capital markets. Many central banks shifted to a more aggressive pace of tightening, extending a period of volatility amid uncertainty about the level of interest rates. Returns for most asset classes in the strategic allocation of Fidelity's target date strategies were negative, as shown below. Short-term debt was the only asset class to post a positive return, helping to provide balance within Fidelity's target date strategies during the quarter.

Total Return of Strategic Asset Classes Period Ending September 30, 2022

Q3 2022

YTD 2022

0% -20% -40% -60% -80% -100%

-4.6% -24.9%

U.S. Equities

-9.9% -26.4%

-2.6% -4.0%

-7.2% -21.0%

Non-U.S. Equities

U.S. Short-Term

InflationProtected Bond

U.S. Long-Term Inflation-

Protected Bond

-4.8% -14.6% -9.6% -28.8%

U.S. InvestmentGrade Bond

Long-Term U.S. Treasury Bond

-3.2% -13.0%

International Bond

Short-Term Debt

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

? Broad-based declines resulted in absolute performance that was negative during the quarter. Performance for the strategies as of September 30, 2022, is displayed below (net of fees)*.

Returns

Returns

Quarterly Performance for Representative Funds Period Ending September 30, 2022

Fund

Composite Benchmark

0%

-5%

-4.6%

-4.2%

-10% Income

-6.4%

-6.1%

2030

-7.0%

-6.7%

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? 2020 Fund | AS OF SEPTEMBER 30, 2022

Performance Attribution Summary

? Active management decisions detracted from performance relative to the Composite index. Underlying fund managers' investment performance added value, whereas active asset allocation positioning detracted.

? Among underlying fund managers, outperformance came from U.S. and non-U.S. equity managers, as well as investment-grade bond managers. Active asset allocation positioning within equities detracted relative to the Composite index.

Relative Contributors (representative across vintages):

? Most underlying managers outperformed their respective benchmarks during the quarter. The largest contributors to relative performance were Fidelity? Series Investment Grade Bond Fund, as well as U.S. equity funds with a growthoriented investment philosophy.

o Fidelity? Series Investment Grade Bond Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index. The portfolio managers focus on identifying mispriced issuers across fixed income sectors (i.e., corporate bonds, agency mortgage-backed securities, and government-related issuers). Yield-curve positioning, including an underweight to mortgage-backed securities with a maturity of 15-20 years, and an overweight to agency CMBS bonds were key drivers of outperformance during the quarter.

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 and a sustainable business model. Among the fund's leading individual relative contributors during the quarter were overweight positions in consumer discretionary stocks, including lululemon athletica, and Lowe's.

o Fidelity? Series Growth Company Fund outperformed its benchmark, the Russell 3000? Growth Index. The fund's manager, Steve Wymer, emphasizes companies with earnings power and growth that are underestimated by the market. Exposure to health care, a sector characterized by higher growth, was the main contributor in the quarter due to security selection in names such as Karuna Therapeutics and Alnylam Pharmaceuticals. The fund has maintained an overweighting in the biotechnology industry based on a favorable view of long-term earnings growth opportunities, driven by innovation and secular trends.

Relative Detractors (representative across vintages):

? Sources of the Fund's underperformance versus the Composite index included equity mandates with a value-oriented investment philosophy.

o Fidelity? Series Stock Selector Large Cap Value Fund trailed its benchmark, the Russell 1000? Value Index. The fund is managed by a team of sector portfolio managers who specialize in security selection within their respective sectors, focusing on high-quality companies with an attractive valuation. Security selection hurt relative performance, primarily within industrials, energy and communication services. Overweight positions in Charter Communications, FedEx, and Cenovus Energy were among the fund's largest individual relative detractors from performance.

o Fidelity? Series International Value Fund trailed its benchmark, the MSCI EAFE Value Index. Portfolio manager Alex Zavratsky seeks to identify attractively valued, high-quality companies that are differentiated by a strong balance sheet and recurring cash-flow generation. For the quarter, notable individual detractors included German defense company Rheinmetall, which faced short-term order issues, and Japan-based companies Sony Group and Toyota Motor.

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

QUARTERLY FUND REVIEW: Fidelity Freedom? 2020 Fund | AS OF SEPTEMBER 30, 2022

Active Asset Allocation:

? Active asset allocation positioning detracted from performance relative to the Composite index. An overweight to nonU.S. equities (both emerging markets and non-U.S. developed markets) and an underweight to U.S. equities and investment-grade bonds were sources of underperformance.

? An allocation to commodities contributed to the Fund's relative result. Although the broad commodity market declined in Q3, real assets outperformed the Composite index in an environment characterized by high inflation.

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 compelling 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 building block managers' investment performance - are intended to provide incremental returns.

? It has been a volatile year to date through three quarters of 2022, with many asset classes experiencing a negative return. While an environment of higher volatility may be uncomfortable, we believe that earning compelling returns over long-term periods requires bearing some risk. As part of our investment process, we identify and invest in assets that we expect to earn long-term returns that are commensurate with these risks. While there is uncertainty in the capital markets, we expect and prepare for it in our process and investment decisions.

? Active asset allocation positions relative to the Composite index continue to emphasize areas of the market that we view as mispriced relative to our view of fair value.

? Our view as of quarter end is that investors are underestimating recessionary risks. During Q3, we reduced the Funds' overweight position in equities. o Within equities, we continue to emphasize non-U.S. equities relative to U.S. equities. In our view, the attractiveness of assets across geographies outside the U.S. is underappreciated by market participants.

o An inflationary environment may be supportive of earnings, but with sales increasing due to higher prices, our view is that investors are underestimating the potential for higher interest rates to reduce valuations and compress multiples for U.S. equities. We believe there is a greater margin of safety in valuations for non-U.S. equity markets.

o With the continued strength in the U.S. dollar leading to a historically high relative valuation, we see nonU.S. assets as providing inexpensive optionality should the dollar weaken from current price levels.

? The recent decline in nominal bonds has brought valuations closer to our view of fair value. During the quarter, we added to duration and ended the quarter with a smaller underweight to investment-grade fixed income.

? While we continue to hold an overweight position in commodities, we have reduced the size of the position as valuations have increased. We believe inflation may persist longer than investors expect, given the backdrop of tight labor markets, higher wages, supply-chain disruption, and rising prices for food and energy.

? 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 offers the potential for favorable risk-adjusted returns.

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

QUARTERLY FUND REVIEW: Fidelity Freedom? 2020 Fund | AS OF SEPTEMBER 30, 2022 ? Within the strategies' U.S. equity allocation, we have reduced the allocation to building block managers with value

benchmarks relative to managers with growth benchmarks. Following a recent period of strong performance for value stocks, we have shifted towards a more balanced allocation across value and growth.

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

QUARTERLY FUND REVIEW: Fidelity Freedom? 2020 Fund | AS OF SEPTEMBER 30, 2022

ASSET ALLOCATION

Asset Class U.S. Equities

Equities Commodities Non-U.S. Equities Developed-Markets Equities Emerging-Markets Equities Bonds U.S. Investment-Grade Bond Long-Term U.S. Treasury Bond U.S. Interm-Term Inflation-Protected Bond U.S. Short-Term Inflation-Protected Bond U.S. Long-Term Inflation-Protected Bond High-Yield Debt Floating-Rate Debt International Bond Emerging-Markets Debt Real Estate Debt Short-Term Debt & Net Other Assets

Portfolio Weight 24.81% 23.46% 1.35% 24.74% 15.34% 9.40% 51.00% 30.52% 4.42% 0.00% 2.02% 8.21% 0.56% 0.11% 4.20% 0.70% 0.28% -0.55%

3-YEAR RISK/RETURN STATISTICS

Beta Standard Deviation Sharpe Ratio Tracking Error Information Ratio R-Squared

Portfolio 1.05

12.26% 0.05 1.69% 0.26 0.98

Index 1.00 11.62% 0.01

----

STRATEGIC GLIDE PATH

100% 80% 60% 40% 20%

Current Year

0% 50

45

40

35

30

25

20

15

YEARS TO RETIREMENT

U.S. Equity Funds

Non-U.S. Equity Funds

10

5

Bond Funds

0

5

10

15

20

YEARS IN RETIREMENT

Short-Term Funds

Source: FMR For illustrative purposes only.

Fidelity Freedom Funds invest in a diversified mix of Fidelity U.S. equity, non-U.S. equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom Funds follows an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom Funds are generally expected to reach their most conservative allocation 10?19 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration.

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

QUARTERLY FUND REVIEW: Fidelity Freedom? 2020 Fund | AS OF SEPTEMBER 30, 2022

Freedom Fund Portfolio - All Vintages

PERFORMANCE SUMMARY:

Cumulative

Annualized

Periods ending September 30, 2022

3

Month

YTD

1 Year

3 Year

5 Year

10 Year/ LOF1

Inception Date

Fidelity Freedom Income Fund Gross Expense Ratio: 0.47%2

-4.64% -14.17% -13.46% -0.45% 1.27% 2.62%

10/17/1996

Fidelity Freedom Income Composite Index

-4.21% -13.65% -12.39% -0.52% 1.59% 2.71%

Fidelity Freedom 2005 Fund Gross Expense Ratio: 0.47%2

-4.74% -14.77% -13.85% 0.01% 1.66% 3.48%

11/06/2003

Fidelity Freedom 2005 Composite Index

-4.29% -14.20% -12.77% -0.14% 1.98% 3.67%

Fidelity Freedom 2010 Fund Gross Expense Ratio: 0.49%2

-5.12% -16.82% -15.54% 0.47% 2.01% 4.17%

10/17/1996

Fidelity Freedom 2010 Composite Index

-4.78% -16.25% -14.40% 0.19% 2.33% 4.45%

Fidelity Freedom 2015 Fund Gross Expense Ratio: 0.54%2

-5.60% -18.90% -17.24% 0.85% 2.30% 4.61%

11/06/2003

Fidelity Freedom 2015 Composite Index

-5.30% -18.32% -16.05% 0.49% 2.65% 4.93%

Fidelity Freedom 2020 Fund Gross Expense Ratio: 0.58%2

-6.18% -20.96% -18.93% 1.14% 2.52% 4.98%

10/17/1996

Fidelity Freedom 2020 Composite Index

-5.83% -20.37% -17.70% 0.71% 2.88% 5.35%

Fidelity Freedom 2025 Fund Gross Expense Ratio: 0.62%2

-6.43% -21.99% -19.79% 1.54% 2.79% 5.57%

11/06/2003

Fidelity Freedom 2025 Composite Index

-6.09% -21.42% -18.50% 1.04% 3.17% 6.04%

Fidelity Freedom 2030 Fund Gross Expense Ratio: 0.66%2

-6.42% -22.64% -20.17% 2.30% 3.34% 6.26%

10/17/1996

Fidelity Freedom 2030 Composite Index

-6.14% -22.02% -18.83% 1.70% 3.75% 6.78%

Fidelity Freedom 2035 Fund Gross Expense Ratio: 0.71%2

-6.60% -24.20% -21.21% 3.39% 3.97% 7.00%

11/06/2003

Fidelity Freedom 2035 Composite Index

-6.36% -23.55% -19.74% 2.66% 4.41% 7.63%

Fidelity Freedom 2040 Fund Gross Expense Ratio: 0.75%2

-6.87% -25.53% -22.16% 3.95% 4.21% 7.17%

09/06/2000

Fidelity Freedom 2040 Composite Index

-6.67% -24.89% -20.62% 3.17% 4.70% 7.84%

Fidelity Freedom 2045 Fund Gross Expense Ratio: 0.75%2

-7.05% -25.72% -22.39% 3.86% 4.17% 7.20%

06/01/2006

Fidelity Freedom 2045 Composite Index

-6.71% -25.02% -20.75% 3.11% 4.67% 7.88%

Fidelity Freedom 2050 Fund Gross Expense Ratio: 0.75%2

-6.98% -25.72% -22.37% 3.87% 4.17% 7.23%

06/01/2006

Fidelity Freedom 2050 Composite Index

-6.71% -25.02% -20.75% 3.11% 4.67% 7.91%

Fidelity Freedom 2055 Fund Gross Expense Ratio: 0.75%2

-6.94% -25.72% -22.34% 3.88% 4.18% 7.31%

06/01/2011

Fidelity Freedom 2055 Composite Index

-6.71% -25.02% -20.75% 3.11% 4.67% 8.02%

Fidelity Freedom 2060 Fund Gross Expense Ratio: 0.75%2

-6.94% -25.73% -22.30% 3.86% 4.17% 5.86%

08/05/2014

Fidelity Freedom 2060 Composite Index

-6.71% -25.02% -20.75% 3.11% 4.67% 6.02%

Fidelity Freedom 2065 Fund Gross Expense Ratio: 0.75%2

-6.92% -25.68% -22.32% 3.84%

--

3.38%

06/28/2019

Fidelity Freedom 2065 Composite Index

-6.71% -25.02% -20.75% 3.11% 4.67% 3.06%

1 Life of Fund (LOF) if performance is less than 10 years.

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.

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

QUARTERLY FUND REVIEW: Fidelity Freedom? 2020 Fund | AS OF SEPTEMBER 30, 2022

Definitions and Important Information

Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

TOTAL RETURN OF STRATEGIC ASSET CLASS

A graphical representation of market performance and the variations in returns among strategic asset classes, as represented by the following indexes:

Dow Jones U.S. Total Stock Market Index is a float-adjusted market-capitalization-weighted index of all equity securities of U.S. headquartered companies with readily available price data.

MSCI All Country World ex USA Index (Net MA Tax) is a marketcapitalization-weighted index designed to measure the investable equity market performance for global investors of large and midcap stocks in developed and emerging markets, excluding the United States. Index returns are adjusted for tax withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts.

Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index (Series-L) is a market value-weighted index that measures the performance of inflation-protected securities issued by the US Treasury that have a remaining average life of less than 5 years.

Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 5+ Year Index (Series-L) is a market value-weighted index that measures the performance of inflation-protected securities issued by the US Treasury that have a remaining average life of 5 or more.

Bloomberg U.S. Aggregate Bond Index is a broad-based, marketvalue-weighted benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. Sectors in the index include Treasuries, governmentrelated and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Bloomberg U.S. Long Treasury is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of ten years or more.

Bloomberg Global Aggregate Treasury Ex USD Ex EM RIC Capped Float Adjusted Index is a customized subset of the Global Aggregate Treasury Index that meets the same diversification guidelines that a fund must pass to qualify as a regulated investment company (RIC). This multi-currency benchmark includes fixed-rate treasury bonds from developed markets issuers while excluding USD denominated debt. The index also adjusts the par amount outstanding of GBP-, JPY-, and CAD-denominated bonds for Central Bank purchases in each of the respective currencies.

Bloomberg U.S. 3-6 Month Treasury Bills Index is a market-

capitalization-weighted index of investment-grade, fixed-rate public obligations of the U.S. Treasury with remaining maturities from 3 up to (but not including) 6 months, excluding zero coupon strips.

IMPORTANT FUND INFORMATION

Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance.

There are multiple drivers of performance for the Funds. Strategic asset allocation is expected to be the primary source of returns over long-term periods, while incremental excess return can result from active asset allocation and building-block manager decisions. Strategic allocation decisions are based on research and insights related to the factors that influence outcomes over long-term periods, including diversification, capital markets and participant behaviors. We periodically increase the diversification of our strategic asset allocation in an attempt to better navigate capital market uncertainty. Active asset allocation is intended to provide shareholders with exposure to asset classes that are mispriced and may offer additional returns and opportunities for risk mitigation. Active allocation expands the investment opportunity set and provides flexibility to adjust asset class exposures over intermediate-term periods. Allocations to active building-block managers offer shareholders the opportunity to benefit from informational advantages across Fidelity's asset management platform.

INDICES

It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

Fidelity Freedom 2035 Composite Index is a customized blend of the following unmanaged indexes: Bloomberg Global Aggregate Treasury ex USD, ex Emerging Markets, RIC Capped, Float Adjusted Index (Hedged USD), Bloomberg U.S. 3-6 Month Treasury Bill Index, Bloomberg U.S. Long Treasury Bond Index, Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Treasury InflationProtected Securities (TIPS) 0-5 Years Index, Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 5 Years Index, Dow Jones U.S. Total Stock Market Index, and MSCI All Country World ex U.S. Index (Net MANR). The index weightings are adjusted monthly to reflect each funds changing asset allocations. The compositions differed in periods prior to September 1, 2021.

Fidelity Freedom 2040 Composite Index is a customized blend of the following unmanaged indexes: Bloomberg Global Aggregate Treasury ex USD, ex Emerging Markets, RIC Capped, Float Adjusted Index (Hedged USD), Bloomberg U.S. 3-6 Month Treasury Bill Index, Bloomberg U.S. Long Treasury Bond Index, Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Treasury InflationProtected Securities (TIPS) 0-5 Years Index, Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 5 Years Index, Dow Jones U.S. Total Stock Market Index, and MSCI All Country World ex U.S. Index (Net MANR). The index weightings are adjusted monthly to reflect each funds changing asset allocations. The compositions differed in periods prior to September 1, 2021.

Fidelity Freedom 2045 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock

8 |

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