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Adam Banker (617) 563-7940 adam.banker@

FIDELITY INVESTMENTS? BRINGS EVEN GREATER VALUE TO INDEX TARGET DATE INVESTMENT PRODUCTS

Fidelity? Cuts Expenses on Freedom Index Funds and FIAM Index Target Date Commingled Pools

BOSTON, June 5, 2019 ? Fidelity Investments, one of the largest and most diversified global financial services firms with $7.6 trillion in total client assets and $2.7 trillion in managed assets, continues to deliver even greater value for tens of millions of investors. Today, the company announced a 14% price reduction on the entry-level share classes of the Fidelity Freedom Index Funds and Fidelity Institutional Asset Management (FIAM) Index Target Date Commingled Pools. Entry-level share classes are those with the lowest minimum investment for a fund or commingled pool.

With this action, 21 of the 22 Fidelity Freedom Index Funds will have total net expenses lower than comparable Vanguard index target date funds1. The expense reductions are expected to save current Fidelity Freedom Index Fund shareholders approximately $3.2 million annually (calculated based on Fidelity Freedom Index Fund assets as of 4/30/19.)

"At Fidelity, we have a long history of providing investors with a wide array of highquality products at a great value to help them meet their investment goals," said Eric Kaplan, head of Target-Date Product. "These target date index fund expense reductions build on that legacy, providing our tens of millions of customers -- individual investors, workplace retirement plan sponsors and participants, and financial advisors -- an even more compelling value proposition."

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1 The Fidelity Freedom Index Income Fund, Investor Share Class, has the same expenses as its Vanguard counterpart: 12 basis points. Sources: Fidelity prospectus, 5/30/2019, Vanguard prospectus, 1/28/2019.

Reduced Pricing for Fidelity Freedom Index Funds & FIAM Target Date Commingled Pools / Page 2

The following prices are effective as of June 1, 2019:

Fidelity Freedom Index Funds - Investor Classes expenses were reduced to 0.12% (or just 12 cents for every $1,000 invested) from 0.14%. Pricing for Institutional Premium Class remains at an industry leading 0.08%. Investors and workplace retirement plan sponsors do not need to take any action to receive the new pricing. The savings will be automatically applied to eligible accounts.

Fidelity Freedom Index Funds

New Net Expense Previous Net Expense

Investor 0.12% 0.14%

Share Class Institutional Premium 0.08% 0.08%

FIAM Index Target Date Commingled Pools investors in the entry-level share class are now eligible for a lower price: 0.12%, down from 0.14%. Pricing of the other FIAM Index Target Date Commingled Pool share classes remain unchanged. Fidelity's goal is to have affected accounts adjusted to the lower fee schedule by the end of the year, following a re-contracting period. The new fee schedule is shown below:

FIAM Index Target Date Commingled Pools

$0-$100M

$100M-200M

$200M$1,000M

$1,000M$2,000M

$2,000M+

New Net Expense

0.12%

0.08%

0.07%

0.06%

0.05%

Previous Net Expense

0.14%

0.08%

0.07%

0.06%

0.05%

Note: The dollar ranges of the share classes shown above reflect the total investment of all participants in a

workplace retirement plan in the FIAM Index Target Date Commingled Pool

About Fidelity Freedom Index Funds The Fidelity Freedom Index Funds and FIAM Index Target Date Commingled Pools are co-

managed by Finola McGuire Foley, Andrew Dierdorf and Brett Sumsion, who are supported by Fidelity's global investment and research teams. Fidelity is dedicated to remaining at the forefront of target date design and innovation, reflecting its long-term commitment to serving millions of investors saving for their retirement.

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Reduced Pricing for Fidelity Freedom Index Funds & FIAM Target Date Commingled Pools / Page 3

"Our investment process is focused on helping investors solve the challenge of growing

their retirement savings during their earning years, supporting their income needs through their

retirement years, and balancing market volatility throughout their lifetimes," said Finola McGuire

Foley, portfolio manager, Fidelity Investments.

About Fidelity Investments Fidelity's mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $7.6 trillion, including managed assets of $2.7 trillion as of April 30, 2019, we focus on meeting the unique needs of a diverse set of customers: helping more than 30 million people invest their own life savings, 22,000 businesses manage employee benefit programs, as well as providing more than 13,500 financial advisory firms with investment and technology solutions to invest their own clients' money. Privately held for more than 70 years, Fidelity employs more than 40,000 associates who are focused on the longterm success of our customers. For more information about Fidelity Investments, visit .

# # #

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.

Past performance is no guarantee of future results.

Diversification and asset allocation does not ensure a profit or guarantee against loss.

The investment risk of each Target Date strategy changes over time as its asset allocation changes. These risks are subject to the asset allocation decisions of the portfolio manager. Except for the index portfolios, pursuant to the portfolio manager's ability to use an active asset allocation strategy, investors may be subject to a different risk profile compared to the portfolio's neutral asset allocation strategy shown in its glide path. The 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, commodity-linked and foreign securities. Fixed income investments entail issuer default and credit risk, inflation risk, and interest rate risk (as interest rates rise, bond prices usually fall and vice versa). This effect is usually more pronounced for longerterm securities. Leverage can increase market exposure, magnify investment risks, and cause

losses to be realized more quickly. No target date strategy is considered a complete retirement program and there is no guarantee any single offering will provide sufficient retirement income at or through retirement. Principal invested is not guaranteed at any

time, including at or after the portfolios' target dates.

Target Date Funds are an asset mix of stocks, bonds and other investments that automatically becomes more conservative as the fund approaches its target retirement date

and beyond. Principal invested is not guaranteed.

Reduced Pricing for Fidelity Freedom Index Funds & FIAM Target Date Commingled Pools / Page 4

The FIAM Target Date commingled pools are commingled pools of the FIAM Group Trust for Employee Benefit Plans and are managed by Fidelity Institutional Asset Management Trust Company, a trust company organized under the laws of the State of New Hampshire.

The FIAM Target Date commingled pools are not mutual funds.

The FIAM Target Date Commingled Pools are not mutual funds. FIAM products and services may be presented by Fidelity Investments Institutional Services Company, Inc., or

Fidelity Brokerage Services, LLC, Member NYSE, SIPC, each a non-exclusive financial intermediary that is affiliated with FIAM, or Fidelity Investments Canada ULC and FIL

Limited, all of which are compensated for such services.

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

Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917

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

888634.1.0 ? 2019 FMR LLC. All rights reserved.

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