Q&A FIDELITY FREEDOM INDEX FUNDS REDUCTION IN …

January 19, 2021

Q&A

FIDELITY FREEDOM INDEX FUNDS REDUCTION IN INVESTMENT MINIMUM ? INSTITUTIONAL PREMIUM SHARE CLASS

HIGHLIGHTS:

? As part of our ongoing commitment to provide investors with exceptional value and choice, effective January 19, 2021, Fidelity is lowering the investment minimum for the Institutional Premium Class of the Fidelity Freedom Index funds by 95 percent: from $100 million to $5 million. By expanding access to this low-cost share class, Fidelity is enabling retirement plan sponsors and other fiduciaries to offer their plan participants even greater value.

Effective January 19, 2021:

Fidelity Freedom Index Funds (all vintages)

Investor Class Institutional Premium Class Premier Class

PREVIOUS Investment Minimum

$0

$100 million $2 billion

NEW Investment Minimum

$0

$5 million

$2 billion

Total Annual Net Expense

0.12% 0.08% 0.06%

? With this action, all Fidelity Freedom Index Funds will have total net expenses equal to or lower than comparable Vanguard index target date funds1, regardless of investment level.

? At Fidelity, we have a long history of providing investors with a wide array of high-quality products at exceptional value to help them meet their investment goals. This 95 percent reduction in the investment minimum for the Institutional Premium Class of Fidelity Freedom Index Funds builds on that legacy and provides millions of customers -- individual investors, workplace retirement plan sponsors and participants, and financial advisors ? an even greater value proposition.

1 The Fidelity Freedom Index Income Fund, Investor Share Class has the same expenses as its Vanguard counterpart: 12 basis points. All other Fidelity Freedom Index Funds have expenses lower than their Vanguard counterparts. Sources: Fidelity prospectus, 1/19/21, and Vanguard prospectus, 1/31/2020

Q&A:

Q1: I understand that Fidelity is lowering the investment minimum on the Institutional Premium Class of the Fidelity Freedom Index Funds. What can you tell me about that?

A: That's correct. As part of our ongoing commitment to provide investors with exceptional value and choice, effective January 19, 2021, Fidelity is lowering the investment minimum for the Institutional Premium Class of the Fidelity Freedom Index funds by 95 percent: from $100 million to $5 million. By expanding access to this low-cost share class, Fidelity is enabling retirement plan sponsors and other fiduciaries to offer their plan participants even greater value.

Effective January 19, 2021:

Fidelity Freedom Index Funds (all vintages)

Investor Class Institutional Premium Class Premier Class

PREVIOUS Investment Minimum

$0

$100 million

$2 billion

NEW Investment Minimum

$0

$5 million

$2 billion

Total Annual Net Expense

0.12% 0.08% 0.06%

With this action, all Fidelity Freedom Index Funds will have total net expenses equal to or lower than comparable Vanguard index target date funds, regardless of investment level.

At Fidelity, we have a long history of providing investors with a wide array of high-quality products at exceptional value to help them meet their investment goals. This 95 percent reduction in the investment minimum for the Institutional Premium Class of Fidelity Freedom Index Funds builds on that legacy and provides millions of customers -- individual investors, workplace retirement plan sponsors and participants, and financial advisors ? an even greater value proposition.

Q2: Why are you making this change?

A: The new lower investment minimum is part of our ongoing commitment to provide investors with great value and choice. At Fidelity, we have a long history of providing investors with a wide array of high-quality products at great value to help them meet their investment goals. This 95 percent reduction in the investment minimum for the Institutional Premium Class of Fidelity Freedom Index Funds builds on that legacy. By expanding access to this low-cost share class, Fidelity is enabling retirement plan sponsors and other fiduciaries to offer their plan participants even greater value.

Q3: When is this change effective and what are the next steps for plan sponsors and fiduciaries seeking to help their plan benefit from the lower investment minimum for the Institutional Premium Class?

A: The lower investment minimum is effective as of January 19, 2021. Fidelity will be communicating with plan sponsors and fiduciaries in the coming weeks to identify timing that aligns with their plans' needs.

Q4: How does the pricing of Fidelity's index target date funds compare with that of your competitors?

A: Pricing comparison with comparable competitor funds is shown in table below:

1 Average pricing ranges from 12-15 basis points Competitor pricing shown is as of 12/31/2020 ? Source: Morningstar

Q5: Is the lower investment minimum for the Institutional Premium temporary?

A: No.

Q6: Is the lower investment minimum for the Institutional Premium Share Class available to workplace retirement plans for which Fidelity does not provide recordkeeping?

A: Yes.

Q7: What are the minimum investment levels and net expenses for the Fidelity Institutional Asset Management (FIAM) Index Target Date Commingled Pools?

A: Please see table below.

Total Plan Investment in

FIAM Index Target Date Commingled Pools $5M-200M $200M-$1B $1B-$2B $2B+

Total Annual Net Expense

0.08%

0.07%

0.06% 0.05%

Q8: Are you introducing any other changes today?

A: Yes. We are lowering the eligibility requirement for retirement plans and fiduciaries interested in offering FIAM Index Target Date Commingled Pools from plans with $200 million or more in total assets to those with $25 million or more in total assets ? the same as that for plans and fiduciaries interested in offering FIAM Blend Target Date Commingled Pools.

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Investing involves risk including the risk of loss.

The Fidelity Freedom Funds and the Fidelity Freedom Index Funds are designed for investors expecting to retire around the year indicated in each Freedom Funds' and Freedom Index Funds' name. The Freedom Funds' and Freedom Index Funds' portfolios are managed to gradually become more

conservative over time as they approach the target date. The investment risk of each Freedom Fund and Freedom Index Fund changes over time as the Freedom Funds' and Freedom Index Funds' portfolios' asset allocation changes. The Freedom Funds' and Freedom Index Funds' portfolios 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, and foreign

securities. Principal invested is not guaranteed at any time, including at or after the Freedom Funds' and Freedom Index Funds' target dates.

Past performance is no guarantee of future results.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917

Fidelity Distributors Company LLC 500 Salem Street, Smithfield, RI 02917

National Financial Services LLC, Member NYSE, SIPC 200 Seaport Boulevard, Boston, MA 02110

962582.1.0 ? 2021 FMR LLC. All rights reserved.

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