Fidelity Freedom Index Funds

PORTFOLIO MANAGER Q&A | AS OF SEPTEMBER 30, 2020

Fidelity Freedom? Index Funds

Key Takeaways

? For the semiannual reporting period ending September 30, 2020, the

Investor Class shares of each Fidelity Freedom? Index Fund posted a gain, ranging from 7.42% for Fidelity Freedom? Index Income Fund to 26.60% for Fidelity Freedom? Index 2050 Fund. Each Fund performed roughly in line with its Composite index.

? U.S. and non-U.S. equities each posted a strong, double-digit gain the

past six months amid a number of factors that provided support for domestic and foreign economies, including rapid and expansive U.S. fiscal-policy responses to the COVID-19 pandemic, aggressive monetary policies by the U.S. Federal Reserve and other central banks around the world, and progress on potential treatments and vaccines for COVID-19.

? Among fixed income assets, credit-sensitive securities and inflation-

protected bonds generally produced solid single-digit returns, whereas long-term Treasury bonds and short-term debt securities delivered returns that were only slightly positive.

? As of September 30, 2020, Co-Portfolio Managers Andrew Dierdorf,

Brett Sumsion and Finola McGuire Foley believe that the path of COVID-19 and the historic global monetary and fiscal responses to it are likely to have long-lasting effects on the global economy, and that the diversification of the Funds' strategic asset allocation will help provide resilience and balance risks over short- and long-term horizons.

FUND NAMES

Fidelity Freedom Index Income Fund Fidelity Freedom Index 2005 Fund Fidelity Freedom Index 2010 Fund Fidelity Freedom Index 2015 Fund Fidelity Freedom Index 2020 Fund Fidelity Freedom Index 2025 Fund Fidelity Freedom Index 2030 Fund Fidelity Freedom Index 2035 Fund Fidelity Freedom Index 2040 Fund Fidelity Freedom Index 2045 Fund Fidelity Freedom Index 2050 Fund Fidelity Freedom Index 2055 Fund Fidelity Freedom Index 2060 Fund

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

PORTFOLIO MANAGER Q&A | AS OF SEPTEMBER 30, 2020

Market Recap

For the six months ending September 30, 2020, financial markets rebounded from the early-2020 outbreak of the coronavirus, which resulted in a shutdown of business activity in many local and foreign economies. Rapid and expansive monetary- and fiscal-policy responses helped to partially offset the economic disruption and coincided with an uptrend for many assets from March 24 through the end of September. Clinical progress on a COVID-19 vaccine breakthrough and signs of economic recovery also provided support for riskier assets.

Non-U.S. equities gained 23.48% for the six months, according to the MSCI ACWI (All Country World Index) ex USA Index, reflecting significant ups and downs related to the pandemic and broad U.S.-dollar weakness. From a regional perspective, emerging markets (+30%), Canada (+28%), and Europe ex U.K. (+25%) led the way. Conversely, the U.K. (+8%) and Japan (+20%) trailed the broader index. By sector, information technology (+42%) stood out, followed by consumer discretionary and materials (+40% each). On the other end of the spectrum, the energy sector (+2%) underperformed by the widest margin, while real estate and financials (+11% each) also notably trailed the index.

The Dow Jones U.S. Total Stock Market Index gained 33.17%, rebounding from a decline in the first quarter of 2020 (-20.96%). U.S. equities gained 22.09% in the second quarter and added 9.07% in the third quarter. Among sectors, consumer discretionary (+64%) was the top performer, followed by tech (+47%) and materials (+41%). Utilities (+7%) and energy (+8%) lagged. Large-cap stocks topped small-caps, while growth outpaced value. Commodities (+14.62%), as represented by the Bloomberg Barclays Commodities Index Total Return, lagged equities.

Turning to fixed income, U.S. taxable investment-grade bonds (the Bloomberg Barclays U.S. Aggregate Bond Index) rose 3.53%. Most spread sectors outperformed Treasuries (+0.65%) in a supportive environment for riskier, higher-yielding assets. Corporate credit (+9.84%) led the way with a nearly double-digit gain. Government-related debt (+4.46%) held in despite relative weakness in agency securities. Securitized sectors were hurt by mortgage-backed securities (+0.78%). Meanwhile, extended (non-core) categories outside the index fared well, especially floating-rate bank loans, high-yield bonds and emerging-markets debt. Treasury Inflation-Protected Securities also outpaced the broader market.

BROAD ASSET CLASS RETURNS (%) PERIOD ENDING SEPTEMBER 30, 2020

2010

Best

19.7

19.2

P

17.5

e

16.8

r f

15.1

o

12.0

r

m

10.4

a n

9.4

c

9.1

e 6.5

5.2

Worst

0.2

--

Dispersion of Returns*

19.5

2011 29.9 8.9 8.7 8.5 7.8 4.4 1.5 1.1 0.1 -12.1 -13.3 -18.2

--

48.1

2012 18.6 18.5 16.6 16.4 15.5 12.7 9.8 5.0 4.2 3.6 0.1 -1.1

--

19.7

Calendar-Year Returns 2013 2014 2015 2016

33.5 21.2 7.4 5.4 0.1 -1.8 -2.0 -2.3 -5.6 -6.6 -9.5 -12.7

--

25.1 16.9 12.5 7.0 6.0 5.5 2.5 1.8 0.9 0.1 -1.8 -4.2 -17.0

4.1 1.2 0.5 0.4 0.2 0.1 0.1 -0.5 -1.2 -2.9 -4.6 -14.6 -24.7

17.5 12.6 11.8 11.6 10.4 10.2 5.3 4.9 4.0 3.0 2.6 1.3 0.3

46.1 42.1 28.8 17.1

2017 37.8 24.5 21.2 9.3 8.5 8.3 7.5 4.7 4.3 3.5 1.9 1.7 0.9

2018 1.9 0.7 0.6 0.0 -0.3 -1.8 -2.3 -4.1 -4.6 -5.3 -11.2 -13.9 -14.2

2019 30.9 22.8 18.9 18.4 14.8 14.4 14.4 10.3 8.7 8.7 7.7 6.9 2.3

36.9 16.1 28.6

Average Annual

Cumulative

5 Year 13.6 9.4 8.2 6.6 6.0 5.6 5.4 5.0 4.2 4.2 3.7 1.2 -3.1

3 Year 11.9 11.5 5.3 5.2 4.6 4.0 3.8 3.3 3.3 2.8 1.7 0.8 -4.2

1 Year 16.3 14.8 10.9 7.7 7.0 4.6 2.5 2.2 1.4 1.1 0.4 -1.2 -8.2

6 Mos 33.2 29.6 21.2 17.4 15.1 14.7 14.6 13.7 7.4 6.4 3.5 0.4 0.1

3 Mos

U.S. Equities 9.7

Non-U.S. Developed9.1 Markets Equities

9.1

Emerging-Markets Equities

5.0

Commodities

4.7

High-Yield Debt

4.3

Floating-Rate Debt

4.3

International Debt

2.5

Emerging-Markets Debt

2.3

Real Estate Debt

1.7

Investment-Grade Debt

0.6

Inflation-Protected Debt

0.1

Short-Term Debt

0.0

Long-Term U.S. Treasury Debt

16.7 16.0 24.5 33.1 9.7

Periods greater than one year are annualized. Source: FMR *Difference between best- and worst-performing asset classes over the given time period 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. Developed-Markets Equities - MSCI World ex USA Net Mass, Emerging-Markets Equities MSCI Emerging Markets Index, Commodities - Bloomberg Commodity Index Total Return, High-Yield Debt - ICE BofA U.S. High Yield Constrained Index, Floating-Rate Debt - S&P/LSTA Leveraged Performing Loan Index, International Debt - Bloomberg Barclays Global Aggregate Credit Ex U.S. Index Hedged (USD), Emerging-Markets Debt - J.P. Morgan Emerging Markets Bond Index Global, Real Estate Debt - Fidelity Real Estate Income Composite Index, Investment-Grade Debt - Bloomberg Barclays U.S. Aggregate Bond Index, Inflation-Protected Debt - Bloomberg Barclays U.S. 1-10 Year Treasury InflationProtected Securities (TIPS) Index (Series-L), Short-Term Debt - Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index, Long-Term U.S. Treasury Debt Bloomberg Barclays U.S. Long Treasury Index

2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF SEPTEMBER 30, 2020

Q&A

Andrew Dierdorf Co-Manager

Brett Sumsion Co-Manager

Finola McGuire Foley Co-Manager

Fund Facts

Freedom Index Fund Income 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060

Trading Symbol FIKFX

FJIFX FKIFX FLIFX FPIFX FQIFX FXIFX FIHFX FBIFX FIOFX FIPFX FDEWX FDKLX

Start Date

10/02/2009 10/02/2009 10/02/2009 10/02/2009 10/02/2009 10/02/2009 10/02/2009 10/02/2009 10/02/2009 10/02/2009 10/02/2009 06/01/2011 08/05/2014

Size (in millions) $718.9 $219.9 $780.3 $1,793.8 $6,216.9 $8,118.8 $9,604.7 $7,180.7 $7,181.9 $5,207.0 $4,728.2 $2,366.1 $904.1

Investment Approach

? Fidelity Freedom? Index Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin gradually withdrawing their investment.

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

? The Funds employ a robust investment process focused on helping investors solve the challenge of investing through retirement by leveraging the depth and strength of Fidelity's investment research and resources.

An interview with Co-Portfolio Managers Andrew Dierdorf, Brett Sumsion and Finola McGuire Foley

Q: Andrew, how did Fidelity Freedom? Index Funds perform for the six months ending September 30, 2020

A.D. The Investor Class shares of the Funds posted strong absolute gains, ranging from 7.42% for Fidelity Freedom? Index Income Fund to 26.60% for Fidelity Freedom? Index 2050 Fund. Each Fund performed roughly in line with its Composite index.

Looking back a bit longer term, returns for the trailing year ranged from 6.97% for Fidelity Freedom? Index Income Fund to 10.38% for Fidelity Freedom? Index 2040 Fund and Fidelity Freedom? Index 2050 Fund. The Funds performed roughly in line with their Composite indexes the past 12 months.

(For specific Fund results, please refer to the Fiscal Performance Summaries.)

Q: What contributed to the Funds' strong absolute results the past six months

A.D. All the asset classes that the Freedom Index Funds invest in generated a positive return, led by strong results in global equity markets and credit-sensitive fixed-income securities.

The strong performance of riskier asset classes extended a rally that began in late March of this year, following a steep decline beginning in late February. These assets got some support from a historically rapid and expansive U.S. fiscalpolicy response to the COVID-19 pandemic that was intended to help offset the economic disruption it caused.

Aggressive monetary policies by the U.S. Federal Reserve, as well as other central banks around the world, also offered support for the capital markets. As the period progressed, governments around the world reopened their economies on various levels, some fully open and others partially open with business restrictions.

This activity led to a rebound in economic growth in the U.S. and abroad. In addition, many companies made progress on potential treatments and vaccines for COVID-19, which improved the economic outlook and boosted investor sentiment.

3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF SEPTEMBER 30, 2020

Q: What should shareholders take away from the strong performance of the Funds

A.D. I think it's important to recognize that the elevated volatility we've seen year to date is a reminder that diversification is an important tool in managing portfolio risk.

Our portfolio management team strives to include asset classes that offer independence of returns, so that the Funds are resilient over short- and long-term horizons and balance many risks. The Funds increasingly rely on diversification as they move through their investment journey and as their time horizon shortens.

We continue to focus on the long-term investment objective of the strategies, drawing on decades of experience to help us navigate such periods of volatility. It's important to keep in mind that the strategic asset allocation of the Funds is designed to endure these short-term ups and downs.

Further, the past several years our strategic investment decisions have emphasized increased portfolio diversification, as we reduced equity exposure and added long-term U.S. Treasury bonds and Treasury InflationProtected Securities (TIPS) to the strategic asset allocation.

While we didn't anticipate the onset of a pandemic in 2020, these investment decisions reflected our view of increasing uncertainty in the capital markets.

return and on keeping participants on track towards their retirement goals. We recognize that it's been a very challenging environment for investors since late February, and it is unsettling when markets are volatile. It's important to recognize that we have been through periods of major market and economic disruption ? and eventual recovery ? before and have a history of persevering. We continue to focus on the long-term investment objective of the Funds, drawing on decades of experience to help shareholders achieve their objectives.

[Editor's note: See the next section of this shareholder update for commentary from Co-Portfolio Manager Finola McGuire Foley on the Funds' diversification.]

Q: Brett, how did your team develop the strategic asset allocation for the Funds

B.S. Let's start with the goal of the target date funds, which is to help retirement investors maintain their standard of living in retirement by balancing risk and reward throughout their lifetime. We expect that the strategic asset allocation of the Funds will be the primary driver of returns. Our strategic allocation decisions are based on research and insights related to the factors that influence outcomes over long-term periods, including diversification, the returns of the capital markets and investors' needs and behaviors.

Our framework for selecting the Funds' strategic asset allocation emphasizes expected long-term returns, diversification that limits exposure to an asset type and risk factor, and consistency of trading costs and liquidity.

For the past several years, as Andrew mentioned, we have increased the diversification of the strategic asset allocation to better navigate uncertainty in the capital markets.

Q: Turning back to you, Andrew, what's your outlook as of September 30

A.D. Our view is that the path of COVID-19 and the historic global monetary and fiscal responses to it are likely to have long-lasting effects on the global economy. We continue to focus our strategic research on the long-term drivers of

4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PORTFOLIO MANAGER Q&A | AS OF SEPTEMBER 30, 2020

Co-Manager Finola McGuire Foley on the importance of diversification for Fidelity Freedom? Index Funds:

"As you can see from the volatility and performance of various financial asset classes so far in 2020, there can be short-term periods when there is significant performance variation. Our research indicates diversification is the best way to manage uncertainty in the capital markets over long-term investment horizons. [Note: As a reminder, diversification does not ensure a profit or guarantee against a loss.] "The Funds invest in assets we believe can provide independent sources of return and risk and provide some protection from unexpected and persistent changes in the global macroeconomic environment. "Our investment process for establishing the strategic asset allocation emphasizes research into retirement investor needs, portfolio diversification and the long-term forces that affect capital markets. We analyze factors that influence participant outcomes over the longer term, such as demographic trends, expectations for growth and inflation, and regulatory dynamics. Because these factors evolve gradually over time, we periodically adjust the glide path to reflect our latest research. "The most recent update Fidelity made to its glide path was in May 2019, when we adjusted the equity composition of the strategic asset allocation from 70% U.S. equities/30% non-U.S. equities to a 60%/40% mix. "As a reminder, the goal of the Funds is to help investors maintain their standard of living in retirement, and we expect that the glide path and strategic asset allocation will primarily drive the Funds' long-term outcomes."

5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

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