Fidelity Freedom Index Funds

PORTFOLIO MANAGER Q&A | AS OF MARCH 31, 2021

Fidelity Freedom? Index Funds

Key Takeaways

? For the fiscal year ending March 31, 2021, the Investor Class shares of

each Fidelity Freedom? Index Fund posted a gain, ranging from 9.72% for Fidelity Freedom? Index Income Fund to 49.93% for Fidelity Freedom? Index 2050 Fund. Each Fund performed roughly in line with its Composite index.

? U.S. equities and non-U.S. equities were the top asset classes the past

12 months, a period that was marked by increased optimism for improved economic growth, coordinated monetary and fiscal response from the U.S. government, and the potential for rising inflationary pressure.

? Among fixed-income assets, inflation-protected bonds produced a

solid single-digit gain, whereas investment-grade bonds and shortterm debt securities delivered results that were only slightly positive, and long-term U.S. Treasuries had a negative return.

? Co-Portfolio Managers Andrew Dierdorf, Brett Sumsion and Finola

McGuire Foley believe that although the path of COVID-19 and the historic global monetary and fiscal responses are likely to have longlasting effects on the global economy, the diversification of the Funds' strategic asset allocation can help investors navigate capital market uncertainty.

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

Fidelity Freedom Index 2065 Fund

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

PORTFOLIO MANAGER Q&A | AS OF MARCH 31, 2021

Market Recap

For the 12 months ending March 31, 2021, global financial markets were influenced by a number of factors, including elevated volatility resulting from the early-2020 outbreak and spread of COVID-19. The pandemic coincided with equities suffering one of the quickest declines on record, followed by a historic rebound through March 31 that took place along with global economies reopening, ongoing fiscal and monetary stimulus, and the widespread distribution of COVID-19 vaccines. Many economists raised their expectations for a strong recovery, as opposed to the sluggish rebound they had been anticipating.

Within this environment, the MSCI ACWI (All Country World Index) ex USA Index gained 49.62% for the 12 months. Canada (+61%) and emerging markets (+59%) fared best among regions. Asia Pacific ex Japan (+52%) also topped the broader market. Conversely, the U.K. (+34%) and Japan (+40%) notably lagged and Europe ex U.K. gained about 50%. By sector, information technology (+83%) led the way. Materials (+77%), consumer discretionary (+66%) and industrials (+58%) also outperformed. In contrast, notable laggards included consumer staples and health care (+23% each), utilities and real estate (+29% each).

The Dow Jones U.S. Total Stock Market Index gained 62.68%. Among sectors, consumer discretionary (+98%), energy and materials (+83% each), industrials (+74%), and information technology (+70%) performed best. In contrast, utilities (+19%) fared worst, followed by consumer staples (+31%). Small-cap stocks, as measured by the Russell 2000? Index (+94.85%), topped the large-cap-oriented S&P 500? index (+56.35%). From a style standpoint, value stocks outpaced growth in the smallercap segment of the market, while growth topped value among large-caps. Commodities, as measured by the Bloomberg Barclays Commodity Index Total Return, rose 35.04%.

Within fixed income, U.S. taxable investment-grade bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 0.71% the past 12 months. Treasury InflationProtected Securities (+8.12%) and corporate bonds (+7.88%) outperformed the broader investment-grade bond index. Longterm (-15.80%) and short-term (+0.13%) U.S. Treasuries underperformed, as did government-related assets (-4.26%). Commercial mortgage-backed securities (+4.36%) and assetbacked securities (+4.57%) each lagged, whereas leveraged loans (+21.93%), high-yield bonds (+20.31%) and emergingmarket debt (+14.29%) stood out.

BROAD ASSET CLASS RETURNS (%) PERIOD ENDING MARCH 31, 2021

2011

Best

29.9

8.9

P

8.7

e

8.5

r f

7.8

o

6.6

r

m

1.5

a n

1.1

c

0.1

e -12.1

Worst

-13.3 -18.2

--

Dispersion of Returns*

48.1

2012 18.6 18.5 16.6 16.4 12.9 12.7 9.8 5.0 4.2 3.6 0.1 -1.1

--

19.7

2013 33.5 21.2 14.7 5.4 0.1 -1.8 -2.0 -2.3 -5.6 -6.6 -9.5 -12.7

--

Calendar-Year Returns 2014 2015 2016 2017

25.1 16.9 12.5 12.1

13.6 4.1 1.2 0.5

17.5 12.6 11.8 11.6

37.8 24.5 21.2 9.3

7.0

0.4 10.4 8.5

6.0

0.2 10.2 8.3

5.5

0.1

5.3

7.5

1.8

0.1

4.9

4.7

0.9

-0.5

4.0

4.3

0.1

-1.2

3.0

3.5

-1.8 -2.9

2.6

1.9

-4.2 -14.6 1.3

1.7

-17.0 -24.7 0.3

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

46.1 42.1 38.3 17.1 36.9 16.1

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

28.6

2020 20.8 18.7 17.7 8.4 7.8 7.5 6.4 6.1 5.9 3.5 3.4 0.7 -3.1

23.9

Average Annual

Cumulative

5 Year 16.6 12.5 9.2 7.9 5.6 5.5 4.7 4.4 3.4 3.1 3.1 2.3 1.2

3 Year 17.0 7.3 6.9 6.6 6.5 5.9 5.2 5.1 4.7 4.3 3.9 1.5 -0.2

1 Year 62.7 58.9 46.1 35.0 25.9 23.2 21.9 14.3 8.1 7.3 0.7 0.1 -15.8

6 Mos 22.6 22.2 20.6 17.8 7.4 7.2 6.0 1.7 0.5 0.1 -0.1 -2.7 -16.1

3 Mos

U.S. Equities 6.9

Non-U.S. Developed6.4 Markets Equities

4.1

Emerging-Markets Equities

2.3

Commodities

1.9

High-Yield Debt

1.6

Floating-Rate Debt

0.9

International Debt

0.1

Emerging-Markets Debt

0.0 -2.1 -3.4 -4.7 -13.5

Real Estate Debt Investment-Grade Debt Inflation-Protected Debt Short-Term Debt Long-Term U.S. Treasury Debt

15.4 17.3 78.5 38.7 20.4

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 MARCH 31, 2021

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 2065

Trading Symbol FIKFX

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

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 06/28/2019

Size (in millions) $998.4 $253.6 $873.9 $2,151.1 $7,536.5 $10,951.6 $13,063.4 $10,637.8 $10,632.2 $8,142.2 $7,334.4 $4,080.2 $1,626.9 $182.5

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.

? 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 diversified 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 disciplined and time-tested investment process focused on helping investors achieve successful retirement outcomes.

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 fiscal year ending March 31, 2021

A.D. The Investor Class shares of each Fidelity Freedom? Index Fund posted a gain, ranging from 9.72% for Fidelity Freedom? Index Income Fund to 49.93% for Fidelity Freedom? Index 2050 Fund. Each Fund performed roughly in line with its Composite index. (For specific results, please refer to the Fiscal Performance Summaries.)

Q: Please describe the market backdrop the past 12 months.

A.D. Strong results in global equities boosted the Funds' performance. Generally speaking, asset classes that are perceived as having higher risk, such as equities, extended a rally that began in the spring of 2020, following a steep decline in March 2020 that coincided with the outbreak and spread of COVID-19 and government-mandated business shutdowns. These assets got some support from a historically rapid and expansive U.S. fiscal-policy response to the COVID-19 pandemic that was intended to help offset the economic disruption it caused. Then, late in 2020, a further tailwind emerged when the U.S. Food and Drug Administration authorized two COVID-19 vaccines, followed by widespread distribution that picked up pace through March 31.

Aggressive monetary policies by the U.S. Federal Reserve and central banks around the world also offered support for the capital markets. As the period progressed, governments around the world reopened their economies to various degrees, 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, and the potential for rising inflationary pressures.

Q: What were the returns for equities, and how did the other asset classes perform

B.S. The Funds' investment in Fidelity? Series Total Market Index Fund, which invests in large- and small-cap stocks, as well as growth and value stocks, gained 62.78% the past 12 months, about in line with the benchmark Dow Jones U.S.

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 MARCH 31, 2021

Total Stock Market Index (+62.68%). Fidelity? Series Global ex U.S. Index Fund, which invests in non-U.S. stocks, rose 49.84%, roughly in line with the 49.62% advance of the MSCI ACWI (All Country World Index) ex U.S.A. Index.

Looking at other asset classes, long-term U.S. Treasury bonds fared worst, as measured by the Bloomberg Barclays U.S. Long-Term Treasury Bond Index (-15.80%). Comparatively, our position in Fidelity? Series Long-Term Treasury Bond Index Fund returned -16.55%.

The Bloomberg Barclays U.S. Aggregate Bond Index, the benchmark for investment-grade bonds, gained 0.71%, compared to 0.34% for our allocation to Fidelity? Series Investment Grade Bond Index Fund.

Inflation-protected securities and short-term securities debt gained 8.12% and 0.13%, respectively, as measured by the Bloomberg Barclays 1-10 TIPS Index and the Bloomberg Barclays 3-6 Month Treasury Bond Index.

Q: What should shareholders be mindful of regarding the performance of the Funds

A.D. I think it's important to recognize that the elevated volatility we've seen the past 12 months 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 to different market environments that may emerge.

Diversification is more prominent in the Funds as investors move through their lifecycle and as their time horizon shortens. We focus on the long-term objective of the strategies, drawing on decades of experience to help us navigate 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, for the past several years our strategic asset allocation has emphasized increased portfolio diversification by reducing equity exposure and adding long-term U.S. Treasury bonds and Treasury Inflation-Protected Securities (TIPS). While we didn't anticipate the onset of a pandemic in 2020 and persisting into 2021, these investment decisions reflected our view of increasing uncertainty in the capital markets.

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 over time.

Q: Turning back to you, Andrew, what's your outlook as of March 31

A.D. Our view is that the path of COVID-19 and the historic global monetary and fiscal responses are likely to have longlasting effects on the global economy.

As such, we believe a diversified portfolio with a strategic allocation may lead to better long-term outcomes.

We continue to focus on the long-term investment objective of the Funds, drawing on decades of investment experience to help participants 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

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 MARCH 31, 2021

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 the past 12 months, there can be short-term periods when there is significant performance variation across asset types. 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."

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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