Fidelity Freedom K Funds

Transcription

1 Fidelity Freedom K Key Takeaways For the fiscal year ending March 3, 207, Freedom K posted returns ranging from approximately 6% to 6%. Each Fund outperformed its respective Composite index by about to 2 percentage points. Allocation decisions added value versus Composites, largely due to underweighting the investment-grade debt asset class. Overweighting emerging-markets (EM) equity and U.S. high-yield debt also helped. Overall effects from results among underlying investments within asset classes were mixed across. to Composites and given our evolving outlook, we gradually reduced the ' U.S. equity overweighting to end the year with a slight underweight position, a neutral stance in developed-markets (DM) equity and an overweight position in EM equity. We raised the overweightings in commodities and Treasury Inflation-Protected Securities (TIPS). Fidelity remains committed to ongoing excellence in target-date strategies, providing shareholder-focused solutions supported by the firm's strongest capabilities, expertise and resources in all aspects of the investment process. FUND NAMES Fidelity Freedom K Income Fund Fidelity Freedom K 2005 Fund Fidelity Freedom K 200 Fund Fidelity Freedom K 205 Fund Fidelity Freedom K 2020 Fund Fidelity Freedom K 2025 Fund Fidelity Freedom K 2030 Fund Fidelity Freedom K 2035 Fund Fidelity Freedom K 2040 Fund Fidelity Freedom K 2045 Fund Fidelity Freedom K 2050 Fund Fidelity Freedom K 2055 Fund Fidelity Freedom K 2060 Fund Note to Shareholders: Shareholders of Fidelity Freedom K have approved a new pricing structure proposal put forward by the Board of Trustees that reduces the overall expenses that Freedom K Fund shareholders pay (relative to fund expenses as of March 3, 206) and provides for less fluctuation in fund expenses. Under the new structure, each Freedom K Fund will charge shareholders for all of its operating expenses directly, and most expenses that are currently charged by the underlying funds in which Freedom K invest will be eliminated. In addition, each Freedom K Fund is expected to merge into a newly launched K Class associated with the Fidelity Freedom Fund product line. Not FDIC Insured May Lose Value No Bank Guarantee

2 Market Recap Despite bouts of volatility, the MSCI ACWI Index of global equities gained 5.52% for the year ending March 3, 207, surging from November onward on renewed optimism for economic growth before leveling off in March. Earlier on, sentiment had been bolstered by U.S. economic strength, a global rally in energy and other stimuli that helped establish the uptrend. Markets tumbled briefly after Brexit the U.K.'s June vote to exit the European Union. Later, in response to President Trump's surprise victory in November, U.S. stocks hit a series of all-time highs on expectations for reflation and fiscal stimulus. Non-U.S. markets responded similarly. Globally, small-cap stocks bested large-caps, although this trend was reversed for the first quarter of 207. Similarly, value- outperformed growth-oriented stocks across all market capitalizations for the full year, despite a first-quarter 207 reversal. Regionally within the MSCI ACWI, emerging markets (+8%) and Canada (+6%) benefited from rising commodity prices. The U.S. (+7%) also outperformed, as noted. Japan (+5%) lagged the rest of the Asia Pacific group (+8%). Meanwhile, Europe (+2%) and the U.K. (+6%) battled Brexit stress for much of the year. Among sectors, materials (+26%) was helped by promises of increased U.S. infrastructure spending plus a cyclical rebound in commodity prices that also buoyed industrials (+6%) and energy (+6%). Financials (+26%) rode an uptick in interest rates and a late rally in banks. Similarly, technology (+25%) rose on expectations of higher enterprise IT spending. Conversely, telecom services (+%), consumer staples (+5%) and utilities (+5%) lagged as an improved backdrop for riskier assets curbed demand for dividend-rich sectors; real estate (+4%) faced the additional concern of potential future interest rate hikes. Health care (+9%) was hampered by political and regulatory uncertainty. In fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index returned 0.44%. Yields rallied in reaction to Trump's potentially stimulative and inflationary economic agenda, as well as the U.S. Federal Reserve's December rate hike. Within the Bloomberg Barclays index, spread sectors outperformed Treasuries, led by corporate credit. Outside the index, riskier, non-core fixed-income segments such as emerging-markets and U.S. high-yield debt rose strongly; inflation-protected securities also outperformed. BROAD ASSET CLASS RETURNS (%) PERIOD ENDING MARCH 3, 207 P e r f o r m a n c e Best Worst Dispersion of Returns* Calendar- Returns Average Annual Cumulative Mos 3 Mos Source: FMRCo., periods greater than one year are annualized *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 - The BofA Merrill Lynch U.S. High Yield Constrained Index, Floating-Rate Debt - S&P/LSTA Leveraged Performing Loan Index, 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. -0 Treasury Inflation-Protected Securities (TIPS) Index (Series-L), Short-Term Debt - Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index U.S. Equities Non-U.S. Developed-Markets Equities Emerging-Markets Equities Commodities High-Yield Debt Floating-Rate Debt Emerging-Markets Debt Real Estate Debt Investment-Grade Debt Inflation-Protected Debt Short-Term Debt 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

3 Q&A Andrew Dierdorf Co-Manager Fund Facts Freedom K Fund Trading Symbol Start Date Brett Sumsion Co-Manager Size (in millions) Income FFKAX 07/02/2009 $, FFKVX 07/02/2009 $ FFKCX 07/02/2009 $2, FKVFX 07/02/2009 $5, FFKDX 07/02/2009 $6, FKTWX 07/02/2009 $4, FFKEX 07/02/2009 $7, FKTHX 07/02/2009 $, FFKFX 07/02/2009 $2, FFKGX 07/02/2009 $7, FFKHX 07/02/2009 $6, FDENX 06/0/20 $2, FDKNX 08/05/204 $257.0 Investment Approach Fidelity Freedom K (the ) 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 K Income Fund, each of the 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 K Income Fund, each Fund's asset allocation strategy becomes increasingly conservative as it approaches its target date and beyond. Ultimately, the are expected to merge with Fidelity Freedom K Income Fund. The 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- Managers Andrew Dierdorf and Brett Sumsion Q: Brett, how did the perform for the fiscal year ending March 3, 207 B.S. For the year, each Freedom K Fund posted a gain, ranging from roughly 6% for Freedom K Income Fund to 6% for longer-dated, starting with Freedom K 2035 Fund. Each Fund topped its respective Composite index by approximately to 2 percentage points. We also would draw attention to peer comparisons. (For specific Fund results, please refer to the Fiscal Performance Summaries.) Q: Please tell us about equity-market performance the past 2 months B.S. The U.S. bellwether S&P 500 gained 7.7% for the year, rising sharply from early November through February 207 amid optimism for President Trump's pro-business agenda. Investors bid up asset prices in anticipation of faster U.S. growth relative to the rest of the world, a stronger U.S. dollar and an improved outlook for smaller U.S. businesses relative to large ones. Perhaps in recognition of a slower and more uncertain outlook for U.S. policy changes than originally anticipated, many of these relative trades reversed near period end as the new administration faced tests of its domestic policy. U.S. equity markets reacted with uncertainty to efforts by Congress to replace the Affordable Care Act, then rallied after those efforts failed partly on expectations that Republicans may move on to other priorities, namely tax reform, which could more broadly affect stocks. Looking mostly at the period's final three months, a weaker U.S. dollar helped non-u.s. equities to lead a global stockmarket rally, with EM equity surpassing U.S. large-cap's trailing one-year result for the first time in several years. Q: And how about bond markets B.S. The Bloomberg Barclays U.S. Aggregate Bond Index returned 0.44% for the year. Bond yields declined early on and reached an all-time low shortly after the U.K.'s late- June "Brexit" vote to exit the European Union. Bond yields began to rise heading into the U.S. presidential election, and rallied strongly thereafter, as many bond investors viewed then-president-elect Donald Trump's economic 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

4 agenda as stimulative and potentially inflationary. Yields also rode the Fed's December decision to raise policy interest rates, as well as its signal for hikes in 207. Bond yields then moderated to begin 207: returns were positive in both January and February, aided by coupon (stated interest) income, and roughly flat in March. Within the Bloomberg Barclays index, investment-grade corporate credit, up roughly 3%, led major bond segments. Meanwhile, Treasuries returned about -%. Outside the index, TIPS rose about %. Many riskier non-core debt segments rose much higher. Most notably, U.S. high-yield debt posted a double-digit gain that rivaled the result of the S&P 500. Also, floating-rate debt rounded to a double-digit gain, with EM debt not far behind. Q: Andrew, what influenced the ' relative performance for the 2-month period A.D. Versus Composite indexes, asset allocation added value for the year, most notably from underweighting the investment-grade debt asset class and overweighting emerging-markets equity. Allocations to high-yield debt also helped, offset somewhat by allocations to commodity securities that, despite a positive result, underperformed most Composites and thus generally detracted. All of the ' out-of-index fixed-income allocations outperformed the core fixed-income result. Moreover, in all cases save for inflation-protected debt, underlying investments in these portfolio diversifiers outperformed their specific benchmarks. In some cases, the allocations were modest and thus exerted small influence individually but collectively these exposures provided diversification from an asset allocation perspective, while Fidelity portfolio managers added further value via positive effects from their active-management efforts. Q: Would you please offer some more detail regarding noteworthy Fund investments A.D. Drilling down to the individual-investment level, core holding Fidelity Series Investment Grade Bond Fund led the Bloomberg Barclays U.S. Aggregate Bond Index by 2 percentage points. Its portfolio management team seeks to add value through sector positioning and security selection, and to manage risk by keeping portfolio duration roughly in line with that of the Bloomberg Barclays index. Fidelity Series Emerging Markets Fund, focused on "best of breed" growth stocks the management team sees as underappreciated by the market, topped its related benchmark by 4 percentage points, while our EM debt investment albeit minor led its specific benchmark by 6 percentage points. Security selection within Fidelity Series High Income Fund, up about 7%, helped that investment to outperform as well. In the U.S. equity sleeve, small- and mid-cap investments detracted, offsetting positive selection effects from largecap growth investments. Non-U.S. equity investments also detracted, underperforming fund-specific benchmarks. Here, Fidelity Series International Value Fund lagged its fund-level benchmark by roughly 7 percentage points. Despite a turnaround so far in 207, much of the year proved challenging for managers focused on higher quality and value: global growth was uncertain for much of the period, and investors gravitated toward typically moredefensive areas with less regard for valuation. Freedom K offer a set of structured and disciplined portfolios diversified across multiple asset class exposures stocks and bonds; U.S. and non-u.s.; large, small, value and growth. We believe this diversified investment strategy can help mitigate short-term segment swings, smooth overall returns over time and provide participants with an effective approach to retirement saving. Q: What is your outlook as of March 3 A.D. Overall, in our view, potential future risks include a trend toward a reversal in globalization; market volatility as central banks evaluate policy; and a rapidly strengthening U.S. dollar. In addition, we continue to monitor China's economy for signs of a "hard landing." Later, I'll dig more deeply into some of the underpinnings of this outlook and how it affects the ' strategic and active positioning. In response to our evolving capital-markets views, during the year we gradually reduced the ' overweighting in the U.S. equity asset class, ending the period with a slight underweighting. We similarly reduced the non-u.s. DM equity underweighting, finishing more or less neutral with Composite benchmarks. At the same time, we increased the ' overweighting to EM equity, which we view as out of favor and undervalued. We also have been raising allocations to commodities and inflation-protected debt. While past performance does not guarantee future results, it was gratifying to see a general affirmation of Fidelity's active-management philosophy. In constructing multiasset-class portfolios, we believe the main driver of positive outcomes is strategic asset allocation actively decided, skillfully applied. Active management among underlying investments offers additional potential to outperform indexes, and the market environment going forward may offer more opportunity for active managers. We believe the long-term power of incremental and above-benchmark compounding returns can help shareholders increase their ability to achieve their most important life goals. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

5 Andrew Dierdorf expands on the management team's outlook: "Ongoing structural shifts are expressed via our capital-markets views and quantitative and qualitative assessments that help establish the strategic glide path. Our views also inform the ' active asset allocation positioning over intermediate time frames. 'Active asset allocation' refers to the over-/underweighting of asset classes relative to strategic exposures in each Fund's glide path and Composite index. "We believe financial markets are largely efficient and that fundamentals drive market and security prices over time. We also believe instances arise where market prices diverge from underlying fair values, creating opportunities to improve outcomes through strategic and active investment decisions. "To evaluate active allocation opportunities, we synthesize information from many kinds of research and consider market mispricings via broad categorizations such as: Macro Environment: We think the U.S. economy is experiencing signs of the late phase of the business cycle, including increased inflation risk. EM economies appear positioned to benefit from global growth. We are monitoring changes in global monetary policy and interest rates, which continue to evolve. Valuation: We see EM equity and debt as discounted relative to U.S. counterparts, which seem expensive to us. Our TIPS exposure reflects value we see versus nominal bonds. Market Sentiment: Often contrarian, sentiment remains relatively bearish, especially for EM equity and commodities. This past year, we reduced exposure to U.S. equity in favor of non- U.S. DM equity and inflation-sensitive assets. Bottom-up: Our research suggests U.S. corporate fundamentals, and job and wage growth, remain generally healthy, though our overall outlook is more cautious." 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

6 Fidelity Freedom K Income Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 7.52% 7.6% Equity 5.82% 6.02% Commodity.70%.59% International Equity 0.38% 0.44% Developed-Markets Equity 5.63% 5.55% Emerging-Markets Equity 4.75% 4.88% Bond 44.% 45.83% Investment-Grade Bond 37.34% 37.47% Inflation-Protected Bond 3.79% 3.87% High-Yield Bond.50% 3.07% Floating-Rate 0.25% 0.25% Emerging-Markets Debt 0.75% 0.67% Real Estate Debt 0.48% 0.50% Short-Term & Net Other Assets 27.99% 26.2% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average DJ US Total Stk Mkt.% MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond Contribution (basis points)* 2.7% % 48 BBgBarc 3M t-bill -3.4% 7 FID FF Income Comp Idx 0.0% 203 Net Expenses Total Value Added 98 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% YEARS TO RETIREMENT RETIREMENT YEARS Source: FMRCo. Domestic Equity International Equity Bond Short-Term Fidelity's Freedom invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration. 6 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

7 Fidelity Freedom K Income Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 7.52% 7.6% Equity 5.82% 6.02% Ser Equity-Income - CL F 2.5% 2.54% Ser Growth Company-CL F 2.5% 2.9% Ser Stk Sel LC Val - CL F.79%.66% Ser Growth & Inc - CL F.78%.96% Ser Intrinsic Opp - CL F.60%.57% Ser Oprtc Insights - CL F.8%.25% Ser Blue Chip Growth-CL F.09%.33% Ser All-Sector Eq - CL F.04%.04% Ser Small Cap Opp - CL F 0.93%.03% Ser 000 Value Ind - CL F 0.67% 0.35% Series 00 Index - CL F 0.55% 0.55% Ser Sm Cap Discov - CL F 0.32% 0.34% Ser Real Estate Eq - CL F 0.2% 0.22% Commodity.70%.59% Series Commod Stgy - CL F.70%.59% International Equity 0.38% 0.44% Developed-Markets Equity 5.63% 5.55% Series Intl Value - CL F 2.53% 2.50% Series Intl Growth - CL F 2.53% 2.48% Six Ser Intl Small Cap - CL F 0.57% 0.57% Emerging-Markets Equity 4.75% 4.88% Series Emrg Mkts - CL F 4.75% 4.88% Bond 44.% 45.83% Investment-Grade Bond 37.34% 37.47% Ser Invstm Grd Bd - CL F 37.30% 37.42% Ser Lg Trm Trea Indx CL F 0.04% 0.04% Inflation-Protected Bond 3.79% 3.87% Ser Infl-Pro Bd In - CL F 3.79% 3.87% High-Yield Bond.50% 3.07% Series High Income - CL F.50% 3.07% Floating-Rate 0.25% 0.25% Ser Flt Rt Hgh Inc - CL F 0.25% 0.25% Emerging-Markets Debt 0.75% 0.67% Ser Emrg Mkts Debt - CL F 0.75% 0.67% Real Estate Debt 0.48% 0.50% Series RE Income - CL F 0.48% 0.50% Short-Term & Net Other Assets 27.99% 26.2% Series Govt MM Fnd Cl F 20.95% 7.02% Fid Ser ST Credit Cl F 6.95% 9.0% NET OTHER ASSETS 0.09% 0.0% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Freedom K Income Fund Gross Expense Ratio: 0.44% 2.76% 2.57% 6.3% 3.34% 3.77% 5.43% Bloomberg Barclays U.S. Aggregate Bond Index -2.8% 0.82% 0.44% 2.68% 2.34% 3.86% Fidelity Freedom Income Composite Index.8%.93% 4.5% 3.05% 3.57% 4.68% Morningstar Fund Target-Date Retirement.69% 2.59% 6.03% 2.94% 3.94% -- % Rank in Morningstar Category (% = Best) % 3% 6% -- # of in Morningstar Category Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 07/02/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 7 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

8 Fidelity Freedom K 2005 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 25.4% 26.00% Equity 23.46% 24.3% Commodity.68%.69% International Equity 3.99% 4.33% Developed-Markets Equity 8.22% 8.30% Emerging-Markets Equity 5.77% 6.03% Bond 39.73% 40.94% Investment-Grade Bond 33.43% 33.24% Inflation-Protected Bond 3.32% 3.4% High-Yield Bond.50% 2.88% Floating-Rate 0.25% 0.25% Emerging-Markets Debt 0.75% 0.66% Real Estate Debt 0.48% 0.50% Short-Term & Net Other Assets 2.4% 8.73% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average DJ US Total Stk Mkt.2% 4 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond Contribution (basis points)* 3.0% % 43 BBgBarc 3M t-bill -3.3% 26 FID FF 2005 Comp Idx 0.0% 202 Net Expenses Total Value Added 97 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% YEARS TO RETIREMENT RETIREMENT YEARS Source: FMRCo. Domestic Equity International Equity Bond Short-Term Fidelity's Freedom invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration. 8 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

9 Fidelity Freedom K 2005 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 25.4% 26.00% Equity 23.46% 24.3% Ser Equity-Income - CL F 3.73% 3.87% Ser Growth Company-CL F 3.6% 3.29% Ser Stk Sel LC Val - CL F 2.65% 2.5% Ser Growth & Inc - CL F 2.64% 2.96% Ser Intrinsic Opp - CL F 2.38% 2.4% Ser Oprtc Insights - CL F.76%.89% Ser Blue Chip Growth-CL F.62% 2.02% Ser All-Sector Eq - CL F.55%.59% Ser Small Cap Opp - CL F.38%.56% Ser 000 Value Ind - CL F 0.99% 0.54% Series 00 Index - CL F 0.82% 0.84% Ser Sm Cap Discov - CL F 0.47% 0.5% Ser Real Estate Eq - CL F 0.3% 0.33% Commodity.68%.69% Series Commod Stgy - CL F.68%.69% International Equity 3.99% 4.33% Developed-Markets Equity 8.22% 8.30% Series Intl Value - CL F 3.70% 3.74% Series Intl Growth - CL F 3.69% 3.7% Six Ser Intl Small Cap - CL F 0.84% 0.86% Emerging-Markets Equity 5.77% 6.03% Series Emrg Mkts - CL F 5.77% 6.03% Bond 39.73% 40.94% Investment-Grade Bond 33.43% 33.24% Ser Invstm Grd Bd - CL F 33.40% 33.2% Ser Lg Trm Trea Indx CL F 0.03% 0.04% Inflation-Protected Bond 3.32% 3.4% Ser Infl-Pro Bd In - CL F 3.32% 3.4% High-Yield Bond.50% 2.88% Series High Income - CL F.50% 2.88% Floating-Rate 0.25% 0.25% Ser Flt Rt Hgh Inc - CL F 0.25% 0.25% Emerging-Markets Debt 0.75% 0.66% Ser Emrg Mkts Debt - CL F 0.75% 0.66% Real Estate Debt 0.48% 0.50% Series RE Income - CL F 0.48% 0.50% Short-Term & Net Other Assets 2.4% 8.73% Series Govt MM Fnd Cl F 5.8% 2.22% Fid Ser ST Credit Cl F 5.24% 6.39% NET OTHER ASSETS 0.08% 0.09% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Freedom K 2005 Fund Gross Expense Ratio: 0.49% % 3.24% 7.97% 4.05% 4.93% 7.33% Bloomberg Barclays U.S. Aggregate Bond Index -2.8% 0.82% 0.44% 2.68% 2.34% 3.86% Fidelity Freedom 2005 Composite Index 2.26% 2.60% 6.00% 3.80% 4.96% 7.0% Morningstar Fund Target-Date % 3.08% 7.24% 3.60% 5.20% -- % Rank in Morningstar Category (% = Best) % 28% 72% -- # of in Morningstar Category Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 07/02/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 9 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

10 Fidelity Freedom K 200 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 3.22% 32.05% Equity 29.60% 30.43% Commodity.62%.62% International Equity 6.94% 7.24% Developed-Markets Equity 0.29% 0.3% Emerging-Markets Equity 6.66% 6.93% Bond 35.67% 37.03% Investment-Grade Bond 30.0% 29.78% Inflation-Protected Bond 2.68% 2.76% High-Yield Bond.5% 3.07% Floating-Rate 0.25% 0.25% Emerging-Markets Debt 0.74% 0.66% Real Estate Debt 0.49% 0.50% Short-Term & Net Other Assets 6.7% 3.68% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average DJ US Total Stk Mkt.% 6 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond Contribution (basis points)* 3.2% % 42 BBgBarc 3M t-bill -2.9% 2 FID FF 200 Comp Idx 0.0% 92 Net Expenses Total Value Added 87 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% YEARS TO RETIREMENT RETIREMENT YEARS Source: FMRCo. Domestic Equity International Equity Bond Short-Term Fidelity's Freedom invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration. 0 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

11 Fidelity Freedom K 200 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 3.22% 32.05% Equity 29.60% 30.43% Ser Equity-Income - CL F 4.70% 4.83% Ser Growth Company-CL F 4.02% 4.28% Ser Stk Sel LC Val - CL F 3.34% 3.2% Ser Growth & Inc - CL F 3.32% 3.66% Ser Intrinsic Opp - CL F 2.99% 2.98% Ser Oprtc Insights - CL F 2.2% 2.33% Ser Blue Chip Growth-CL F 2.05% 2.49% Ser All-Sector Eq - CL F.95%.99% Ser Small Cap Opp - CL F.74%.92% Ser 000 Value Ind - CL F.25% 0.74% Series 00 Index - CL F.03%.06% Ser Sm Cap Discov - CL F 0.59% 0.62% Ser Real Estate Eq - CL F 0.39% 0.4% Commodity.62%.62% Series Commod Stgy - CL F.62%.62% International Equity 6.94% 7.24% Developed-Markets Equity 0.29% 0.3% Series Intl Value - CL F 4.63% 4.66% Series Intl Growth - CL F 4.6% 4.63% Six Ser Intl Small Cap - CL F.05%.02% Emerging-Markets Equity 6.66% 6.93% Series Emrg Mkts - CL F 6.66% 6.93% Bond 35.67% 37.03% Investment-Grade Bond 30.0% 29.78% Ser Invstm Grd Bd - CL F 29.98% 29.75% Ser Lg Trm Trea Indx CL F 0.03% 0.03% Inflation-Protected Bond 2.68% 2.76% Ser Infl-Pro Bd In - CL F 2.68% 2.76% High-Yield Bond.5% 3.07% Series High Income - CL F.5% 3.07% Floating-Rate 0.25% 0.25% Ser Flt Rt Hgh Inc - CL F 0.25% 0.25% Emerging-Markets Debt 0.74% 0.66% Ser Emrg Mkts Debt - CL F 0.74% 0.66% Real Estate Debt 0.49% 0.50% Series RE Income - CL F 0.49% 0.50% Short-Term & Net Other Assets 6.7% 3.68% Series Govt MM Fnd Cl F 2.08% 8.95% Fid Ser ST Credit Cl F 4.02% 4.66% NET OTHER ASSETS 0.07% 0.08% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Freedom K 200 Fund Gross Expense Ratio: 0.53% % 3.80% 9.29% 4.57% 5.90% 8.32% Bloomberg Barclays U.S. Aggregate Bond Index -2.8% 0.82% 0.44% 2.68% 2.34% 3.86% Fidelity Freedom 200 Composite Index 3.3% 3.4% 7.43% 4.33% 6.5% 8.25% Morningstar Fund Target-Date % 3.08% 7.24% 3.60% 5.20% -- % Rank in Morningstar Category (% = Best) % 4% 2% -- # of in Morningstar Category Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 07/02/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

12 Fidelity Freedom K 205 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 37.48% 38.37% Equity 35.85% 36.70% Commodity.63%.68% International Equity 9.74% 9.94% Developed-Markets Equity 2.40% 2.39% Emerging-Markets Equity 7.33% 7.54% Bond 3.22% 32.56% Investment-Grade Bond 26.37% 26.7% Inflation-Protected Bond.90%.96% High-Yield Bond.5% 3.06% Floating-Rate 0.25% 0.25% Emerging-Markets Debt 0.7% 0.64% Real Estate Debt 0.47% 0.48% Short-Term & Net Other Assets.56% 9.3% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average DJ US Total Stk Mkt.% 7 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond Contribution (basis points)* 3.2% 3-2.3% 44 BBgBarc 3M t-bill -2.% 2 FID FF 205 Comp Idx 0.0% 86 Net Expenses Total Value Added 8 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% YEARS TO RETIREMENT RETIREMENT YEARS Source: FMRCo. Domestic Equity International Equity Bond Short-Term Fidelity's Freedom invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration. 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

13 Fidelity Freedom K 205 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 37.48% 38.37% Equity 35.85% 36.70% Ser Equity-Income - CL F 5.69% 5.77% Ser Growth Company-CL F 4.86% 5.7% Ser Stk Sel LC Val - CL F 4.04% 3.75% Ser Growth & Inc - CL F 4.02% 4.37% Ser Intrinsic Opp - CL F 3.66% 3.56% Ser Oprtc Insights - CL F 2.68% 2.79% Ser Blue Chip Growth-CL F 2.48% 2.97% Ser All-Sector Eq - CL F 2.37% 2.4% Ser Small Cap Opp - CL F 2.% 2.28% Ser 000 Value Ind - CL F.5%.2% Series 00 Index - CL F.25%.28% Ser Sm Cap Discov - CL F 0.7% 0.74% Ser Real Estate Eq - CL F 0.47% 0.50% Commodity.63%.68% Series Commod Stgy - CL F.63%.68% International Equity 9.74% 9.94% Developed-Markets Equity 2.40% 2.39% Series Intl Value - CL F 5.58% 5.59% Series Intl Growth - CL F 5.56% 5.55% Six Ser Intl Small Cap - CL F.26%.25% Emerging-Markets Equity 7.33% 7.54% Series Emrg Mkts - CL F 7.33% 7.54% Bond 3.22% 32.56% Investment-Grade Bond 26.37% 26.7% Ser Invstm Grd Bd - CL F 26.34% 26.4% Ser Lg Trm Trea Indx CL F 0.03% 0.03% Inflation-Protected Bond.90%.96% Ser Infl-Pro Bd In - CL F.90%.96% High-Yield Bond.5% 3.06% Series High Income - CL F.5% 3.06% Floating-Rate 0.25% 0.25% Ser Flt Rt Hgh Inc - CL F 0.25% 0.25% Emerging-Markets Debt 0.7% 0.64% Ser Emrg Mkts Debt - CL F 0.7% 0.64% Real Estate Debt 0.47% 0.48% Series RE Income - CL F 0.47% 0.48% Short-Term & Net Other Assets.56% 9.3% Series Govt MM Fnd Cl F 8.64% 5.95% Fid Ser ST Credit Cl F 2.88% 3.0% NET OTHER ASSETS 0.06% 0.07% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Freedom K 205 Fund Gross Expense Ratio: 0.56% 2 4.4% 4.40% 0.69% 5.06% 6.36% 8.73% S&P 500 Index 0.2% 6.07% 7.7% 0.37% 3.30% 5.74% Fidelity Freedom 205 Composite Index 4.02% 3.68% 8.88% 4.83% 6.66% 8.7% Morningstar Fund Target-Date % 3.38% 8.0% 3.74% 5.80% -- % Rank in Morningstar Category (% = Best) % % 32% -- # of in Morningstar Category Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 07/02/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

14 Fidelity Freedom K 2020 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 4.70% 42.44% Equity 40.06% 40.75% Commodity.64%.70% International Equity 2.63% 2.7% Developed-Markets Equity 3.82% 3.74% Emerging-Markets Equity 7.82% 7.97% Bond 27.95% 29.39% Investment-Grade Bond 23.89% 23.8% Inflation-Protected Bond.0%.6% High-Yield Bond.5% 3.02% Floating-Rate 0.24% 0.25% Emerging-Markets Debt 0.72% 0.66% Real Estate Debt 0.49% 0.50% Short-Term & Net Other Assets 8.72% 6.46% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average DJ US Total Stk Mkt.2% 9 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond 3.3% 7 Contribution (basis points)* -3.% 50 BBgBarc 3M t-bill -.3% 9 FID FF 2020 Comp Idx 0.0% 85 Net Expenses Total Value Added 80 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% YEARS TO RETIREMENT RETIREMENT YEARS Source: FMRCo. Domestic Equity International Equity Bond Short-Term Fidelity's Freedom invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

15 Fidelity Freedom K 2020 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 4.70% 42.44% Equity 40.06% 40.75% Ser Equity-Income - CL F 6.36% 6.38% Ser Growth Company-CL F 5.43% 5.70% Ser Stk Sel LC Val - CL F 4.53% 4.29% Ser Growth & Inc - CL F 4.50% 4.83% Ser Intrinsic Opp - CL F 4.05% 3.83% Ser Oprtc Insights - CL F 2.99% 3.09% Ser Blue Chip Growth-CL F 2.77% 3.29% Ser All-Sector Eq - CL F 2.65% 2.67% Ser Small Cap Opp - CL F 2.35% 2.53% Ser 000 Value Ind - CL F.69%.37% Series 00 Index - CL F.40%.42% Ser Sm Cap Discov - CL F 0.80% 0.83% Ser Real Estate Eq - CL F 0.53% 0.54% Commodity.64%.70% Series Commod Stgy - CL F.64%.70% International Equity 2.63% 2.7% Developed-Markets Equity 3.82% 3.74% Series Intl Value - CL F 6.2% 6.20% Series Intl Growth - CL F 6.20% 6.5% Six Ser Intl Small Cap - CL F.4%.39% Emerging-Markets Equity 7.82% 7.97% Series Emrg Mkts - CL F 7.82% 7.97% Bond 27.95% 29.39% Investment-Grade Bond 23.89% 23.8% Ser Invstm Grd Bd - CL F 23.86% 23.78% Ser Lg Trm Trea Indx CL F 0.02% 0.02% Inflation-Protected Bond.0%.6% Ser Infl-Pro Bd In - CL F.0%.6% High-Yield Bond.5% 3.02% Series High Income - CL F.5% 3.02% Floating-Rate 0.24% 0.25% Ser Flt Rt Hgh Inc - CL F 0.24% 0.25% Emerging-Markets Debt 0.72% 0.66% Ser Emrg Mkts Debt - CL F 0.72% 0.66% Real Estate Debt 0.49% 0.50% Series RE Income - CL F 0.49% 0.50% Short-Term & Net Other Assets 8.72% 6.46% Series Govt MM Fnd Cl F 6.50% 4.2% Fid Ser ST Credit Cl F 2.7% 2.6% NET OTHER ASSETS 0.06% 0.06% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Freedom K 2020 Fund Gross Expense Ratio: 0.58% % 4.73%.65% 5.34% 6.8% 9.50% S&P 500 Index 0.2% 6.07% 7.7% 0.37% 3.30% 5.74% Fidelity Freedom 2020 Composite Index 4.6% 4.04% 9.85% 5.7% 7.6% 9.62% Morningstar Fund Target-Date % 3.57% 8.54% 3.82% 5.72% -- % Rank in Morningstar Category (% = Best) % % 20% -- # of in Morningstar Category Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 07/02/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

16 Fidelity Freedom K 2025 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 45.96% 46.69% Equity 44.29% 45.0% Commodity.66%.68% International Equity 23.44% 23.54% Developed-Markets Equity 5.8% 5.3% Emerging-Markets Equity 8.26% 8.4% Bond 24.2% 25.06% Investment-Grade Bond 20.50% 20.5% Inflation-Protected Bond 0.77% 0.60% High-Yield Bond.5% 2.90% Floating-Rate 0.24% 0.25% Emerging-Markets Debt 0.7% 0.66% Real Estate Debt 0.48% 0.50% Short-Term & Net Other Assets 6.39% 4.7% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average Contribution (basis points)* DJ US Total Stk Mkt.3% 2 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond 3.3% 0-4.9% 62 BBgBarc 3M t-bill 0.3% -4 FID FF 2025 Comp Idx 0.0% 69 Net Expenses Total Value Added 64 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% YEARS TO RETIREMENT RETIREMENT YEARS Source: FMRCo. Domestic Equity International Equity Bond Short-Term Fidelity's Freedom invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration. 6 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

17 Fidelity Freedom K 2025 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 45.96% 46.69% Equity 44.29% 45.0% Ser Equity-Income - CL F 7.05% 7.09% Ser Growth Company-CL F 5.97% 6.9% Ser Stk Sel LC Val - CL F 5.0% 4.72% Ser Growth & Inc - CL F 4.98% 5.37% Ser Intrinsic Opp - CL F 4.47% 4.22% Ser Oprtc Insights - CL F 3.32% 3.43% Ser Blue Chip Growth-CL F 3.07% 3.65% Ser All-Sector Eq - CL F 2.92% 2.96% Ser Small Cap Opp - CL F 2.6% 2.8% Ser 000 Value Ind - CL F.87%.48% Series 00 Index - CL F.55%.57% Ser Sm Cap Discov - CL F 0.88% 0.92% Ser Real Estate Eq - CL F 0.59% 0.60% Commodity.66%.68% Series Commod Stgy - CL F.66%.68% International Equity 23.44% 23.54% Developed-Markets Equity 5.8% 5.3% Series Intl Value - CL F 6.82% 6.82% Series Intl Growth - CL F 6.8% 6.77% Six Ser Intl Small Cap - CL F.55%.54% Emerging-Markets Equity 8.26% 8.4% Series Emrg Mkts - CL F 8.26% 8.4% Bond 24.2% 25.06% Investment-Grade Bond 20.50% 20.5% Ser Invstm Grd Bd - CL F 20.48% 20.3% Ser Lg Trm Trea Indx CL F 0.02% 0.02% Inflation-Protected Bond 0.77% 0.60% Ser Infl-Pro Bd In - CL F 0.77% 0.60% High-Yield Bond.5% 2.90% Series High Income - CL F.5% 2.90% Floating-Rate 0.24% 0.25% Ser Flt Rt Hgh Inc - CL F 0.24% 0.25% Emerging-Markets Debt 0.7% 0.66% Ser Emrg Mkts Debt - CL F 0.7% 0.66% Real Estate Debt 0.48% 0.50% Series RE Income - CL F 0.48% 0.50% Short-Term & Net Other Assets 6.39% 4.7% Series Govt MM Fnd Cl F 4.76% 3.04% Fid Ser ST Credit Cl F.59%.62% NET OTHER ASSETS 0.05% 0.05% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Freedom K 2025 Fund Gross Expense Ratio: 0.6% % 5.07% 2.49% 5.65% 7.62% 0.27% S&P 500 Index 0.2% 6.07% 7.7% 0.37% 3.30% 5.74% Fidelity Freedom 2025 Composite Index 5.9% 4.40% 0.85% 5.55% 8.8% 0.65% Morningstar Fund Target-Date % 4.27% 0.0% 4.3% 6.77% -- % Rank in Morningstar Category (% = Best) % 3% 24% -- # of in Morningstar Category Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 07/02/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 7 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

18 Fidelity Freedom K 2030 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 55.69% 56.95% Equity 54.06% 55.30% Commodity.62%.65% International Equity 27.76% 27.87% Developed-Markets Equity 8.4% 8.49% Emerging-Markets Equity 9.35% 9.39% Bond 5.52% 5.0% Investment-Grade Bond.72% 0.9% Inflation-Protected Bond 0.88% 0.54% High-Yield Bond.49% 2.95% Floating-Rate 0.24% 0.25% Emerging-Markets Debt 0.7% 0.66% Real Estate Debt 0.48% 0.50% Short-Term & Net Other Assets.03% 0.08% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average Contribution (basis points)* DJ US Total Stk Mkt.4% 6 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond 3.3% % 55 BBgBarc 3M t-bill 0.2% -5 FID FF 2030 Comp Idx 0.0% 47 Net Expenses Total Value Added 42 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% YEARS TO RETIREMENT RETIREMENT YEARS Source: FMRCo. Domestic Equity International Equity Bond Short-Term Fidelity's Freedom invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration. 8 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

19 Fidelity Freedom K 2030 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 55.69% 56.95% Equity 54.06% 55.30% Ser Equity-Income - CL F 8.60% 8.72% Ser Growth Company-CL F 7.29% 7.58% Ser Stk Sel LC Val - CL F 6.2% 6.0% Ser Growth & Inc - CL F 6.08% 6.49% Ser Intrinsic Opp - CL F 5.46% 5.0% Ser Oprtc Insights - CL F 4.05% 4.4% Ser Blue Chip Growth-CL F 3.74% 4.43% Ser All-Sector Eq - CL F 3.57% 3.64% Ser Small Cap Opp - CL F 3.9% 3.40% Ser 000 Value Ind - CL F 2.28% 2.03% Series 00 Index - CL F.89%.93% Ser Sm Cap Discov - CL F.08%.2% Ser Real Estate Eq - CL F 0.72% 0.72% Commodity.62%.65% Series Commod Stgy - CL F.62%.65% International Equity 27.76% 27.87% Developed-Markets Equity 8.4% 8.49% Series Intl Value - CL F 8.28% 8.32% Series Intl Growth - CL F 8.26% 8.26% Six Ser Intl Small Cap - CL F.88%.9% Emerging-Markets Equity 9.35% 9.39% Series Emrg Mkts - CL F 9.35% 9.39% Bond 5.52% 5.0% Investment-Grade Bond.72% 0.9% Ser Invstm Grd Bd - CL F.7% 0.8% Ser Lg Trm Trea Indx CL F 0.0% 0.0% Inflation-Protected Bond 0.88% 0.54% Ser Infl-Pro Bd In - CL F 0.88% 0.54% High-Yield Bond.49% 2.95% Series High Income - CL F.49% 2.95% Floating-Rate 0.24% 0.25% Ser Flt Rt Hgh Inc - CL F 0.24% 0.25% Emerging-Markets Debt 0.7% 0.66% Ser Emrg Mkts Debt - CL F 0.7% 0.66% Real Estate Debt 0.48% 0.50% Series RE Income - CL F 0.48% 0.50% Short-Term & Net Other Assets.03% 0.08% Series Govt MM Fnd Cl F 0.75% 0.03% Fid Ser ST Credit Cl F 0.24% 0.0% NET OTHER ASSETS 0.03% 0.03% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Freedom K 2030 Fund Gross Expense Ratio: 0.65% % 5.9% 4.66% 6.22% 8.23% 0.84% S&P 500 Index 0.2% 6.07% 7.7% 0.37% 3.30% 5.74% Fidelity Freedom 2030 Composite Index 6.72% 5.24% 3.23% 6.7% 8.85%.35% Morningstar Fund Target-Date % 4.76%.49% 4.65% 7.2% -- % Rank in Morningstar Category (% = Best) % 2% 9% -- # of in Morningstar Category Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 07/02/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 9 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

20 Fidelity Freedom K 2035 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 63.5% 63.95% Equity 6.50% 62.27% Commodity.65%.68% International Equity 3.05% 30.72% Developed-Markets Equity 20.93% 20.72% Emerging-Markets Equity 0.% 0.0% Bond 4.79% 5.26% Investment-Grade Bond.03% 0.47% Inflation-Protected Bond 0.85% 0.5% High-Yield Bond.49% 2.87% Floating-Rate 0.24% 0.25% Emerging-Markets Debt 0.70% 0.66% Real Estate Debt 0.47% 0.50% Short-Term & Net Other Assets.0% 0.07% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average Contribution (basis points)* DJ US Total Stk Mkt.3% 7 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond 3.3% % 43 BBgBarc 3M t-bill 0.2% 4 FID FF 2035 Comp Idx 0.0% 33 Net Expenses Total Value Added 28 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% YEARS TO RETIREMENT RETIREMENT YEARS Source: FMRCo. Domestic Equity International Equity Bond Short-Term Fidelity's Freedom invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration. 20 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

21 Fidelity Freedom K 2035 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 63.5% 63.95% Equity 6.50% 62.27% Ser Equity-Income - CL F 9.80% 9.92% Ser Growth Company-CL F 8.5% 8.37% Ser Stk Sel LC Val - CL F 6.98% 6.89% Ser Growth & Inc - CL F 6.94% 7.26% Ser Intrinsic Opp - CL F 6.9% 5.68% Ser Oprtc Insights - CL F 4.62% 4.63% Ser Blue Chip Growth-CL F 4.28% 4.94% Ser All-Sector Eq - CL F 4.07% 4.3% Ser Small Cap Opp - CL F 3.63% 3.82% Ser 000 Value Ind - CL F 2.6% 2.40% Series 00 Index - CL F 2.7% 2.7% Ser Sm Cap Discov - CL F.23%.25% Ser Real Estate Eq - CL F 0.83% 0.8% Commodity.65%.68% Series Commod Stgy - CL F.65%.68% International Equity 3.05% 30.72% Developed-Markets Equity 20.93% 20.72% Series Intl Value - CL F 9.4% 9.33% Series Intl Growth - CL F 9.39% 9.26% Six Ser Intl Small Cap - CL F 2.3% 2.3% Emerging-Markets Equity 0.% 0.0% Series Emrg Mkts - CL F 0.% 0.0% Bond 4.79% 5.26% Investment-Grade Bond.03% 0.47% Ser Invstm Grd Bd - CL F.03% 0.47% Ser Lg Trm Trea Indx CL F 0.00% 0.00% Inflation-Protected Bond 0.85% 0.5% Ser Infl-Pro Bd In - CL F 0.85% 0.5% High-Yield Bond.49% 2.87% Series High Income - CL F.49% 2.87% Floating-Rate 0.24% 0.25% Ser Flt Rt Hgh Inc - CL F 0.24% 0.25% Emerging-Markets Debt 0.70% 0.66% Ser Emrg Mkts Debt - CL F 0.70% 0.66% Real Estate Debt 0.47% 0.50% Series RE Income - CL F 0.47% 0.50% Short-Term & Net Other Assets.0% 0.07% Series Govt MM Fnd Cl F 0.76% 0.03% Fid Ser ST Credit Cl F 0.26% 0.02% NET OTHER ASSETS 0.0% 0.0% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Freedom K 2035 Fund Gross Expense Ratio: 0.67% % 6.49% 6.25% 6.6% 8.89%.36% S&P 500 Index 0.2% 6.07% 7.7% 0.37% 3.30% 5.74% Fidelity Freedom 2035 Composite Index 7.94% 5.84% 4.97% 6.59% 9.69% 2.2% Morningstar Fund Target-Date % 5.35% 2.76% 5.00% 7.9% -- % Rank in Morningstar Category (% = Best) % 2% 22% -- # of in Morningstar Category Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 07/02/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

22 Fidelity Freedom K 2040 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 63.49% 63.93% Equity 6.88% 62.27% Commodity.62%.66% International Equity 3.24% 30.7% Developed-Markets Equity 2.08% 20.7% Emerging-Markets Equity 0.5% 0.00% Bond 4.22% 5.30% Investment-Grade Bond 0.43% 0.47% Inflation-Protected Bond 0.87% 0.50% High-Yield Bond.5% 2.90% Floating-Rate 0.24% 0.25% Emerging-Markets Debt 0.70% 0.66% Real Estate Debt 0.48% 0.50% Short-Term & Net Other Assets.05% 0.06% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average Contribution (basis points)* DJ US Total Stk Mkt.3% 7 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond 3.3% % 4 BBgBarc 3M t-bill 0.2% 0 FID FF 2040 Comp Idx 0.0% 26 Net Expenses Total Value Added 2 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% YEARS TO RETIREMENT RETIREMENT YEARS Source: FMRCo. Domestic Equity International Equity Bond Short-Term Fidelity's Freedom invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration. 22 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

23 Fidelity Freedom K 2040 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 63.49% 63.93% Equity 6.88% 62.27% Ser Equity-Income - CL F 9.86% 9.9% Ser Growth Company-CL F 8.20% 8.42% Ser Stk Sel LC Val - CL F 7.03% 6.88% Ser Growth & Inc - CL F 6.97% 7.25% Ser Intrinsic Opp - CL F 6.23% 5.66% Ser Oprtc Insights - CL F 4.65% 4.63% Ser Blue Chip Growth-CL F 4.3% 4.94% Ser All-Sector Eq - CL F 4.0% 4.3% Ser Small Cap Opp - CL F 3.65% 3.82% Ser 000 Value Ind - CL F 2.62% 2.40% Series 00 Index - CL F 2.8% 2.7% Ser Sm Cap Discov - CL F.24%.25% Ser Real Estate Eq - CL F 0.83% 0.8% Commodity.62%.66% Series Commod Stgy - CL F.62%.66% International Equity 3.24% 30.7% Developed-Markets Equity 2.08% 20.7% Series Intl Value - CL F 9.48% 9.32% Series Intl Growth - CL F 9.45% 9.25% Six Ser Intl Small Cap - CL F 2.5% 2.4% Emerging-Markets Equity 0.5% 0.00% Series Emrg Mkts - CL F 0.5% 0.00% Bond 4.22% 5.30% Investment-Grade Bond 0.43% 0.47% Ser Invstm Grd Bd - CL F 0.43% 0.47% Ser Lg Trm Trea Indx CL F 0.00% 0.00% Inflation-Protected Bond 0.87% 0.50% Ser Infl-Pro Bd In - CL F 0.87% 0.50% High-Yield Bond.5% 2.90% Series High Income - CL F.5% 2.90% Floating-Rate 0.24% 0.25% Ser Flt Rt Hgh Inc - CL F 0.24% 0.25% Emerging-Markets Debt 0.70% 0.66% Ser Emrg Mkts Debt - CL F 0.70% 0.66% Real Estate Debt 0.48% 0.50% Series RE Income - CL F 0.48% 0.50% Short-Term & Net Other Assets.05% 0.06% Series Govt MM Fnd Cl F 0.78% 0.03% Fid Ser ST Credit Cl F 0.26% 0.04% NET OTHER ASSETS 0.0% 0.0% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Freedom K 2040 Fund Gross Expense Ratio: 0.67% % 6.54% 6.22% 6.6% 8.96%.48% S&P 500 Index 0.2% 6.07% 7.7% 0.37% 3.30% 5.74% Fidelity Freedom 2040 Composite Index 7.98% 5.87% 5.0% 6.60% 9.80% 2.27% Morningstar Fund Target-Date % 5.57% 3.47% 5.4% 7.96% -- % Rank in Morningstar Category (% = Best) % 3% 22% -- # of in Morningstar Category Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 07/02/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 23 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

24 Fidelity Freedom K 2045 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 63.53% 63.99% Equity 6.87% 62.27% Commodity.66%.72% International Equity 3.24% 30.75% Developed-Markets Equity 2.08% 20.74% Emerging-Markets Equity 0.5% 0.0% Bond 4.9% 5.20% Investment-Grade Bond 0.45% 0.48% Inflation-Protected Bond 0.83% 0.52% High-Yield Bond.50% 2.79% Floating-Rate 0.24% 0.25% Emerging-Markets Debt 0.70% 0.66% Real Estate Debt 0.47% 0.50% Short-Term & Net Other Assets.04% 0.06% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average Contribution (basis points)* DJ US Total Stk Mkt.3% 7 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond 3.3% % 4 BBgBarc 3M t-bill 0.2% - FID FF 2045 Comp Idx 0.0% 26 Net Expenses Total Value Added 2 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% YEARS TO RETIREMENT RETIREMENT YEARS Source: FMRCo. Domestic Equity International Equity Bond Short-Term Fidelity's Freedom invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration. 24 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

25 Fidelity Freedom K 2045 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 63.53% 63.99% Equity 6.87% 62.27% Ser Equity-Income - CL F 9.87% 9.93% Ser Growth Company-CL F 8.07% 8.27% Ser Stk Sel LC Val - CL F 7.05% 6.90% Ser Growth & Inc - CL F 6.98% 7.28% Ser Intrinsic Opp - CL F 6.23% 5.68% Ser Oprtc Insights - CL F 4.67% 4.65% Ser Blue Chip Growth-CL F 4.33% 4.95% Ser All-Sector Eq - CL F 4.0% 4.2% Ser Small Cap Opp - CL F 3.66% 3.83% Ser 000 Value Ind - CL F 2.63% 2.4% Series 00 Index - CL F 2.20% 2.7% Ser Sm Cap Discov - CL F.24%.25% Ser Real Estate Eq - CL F 0.84% 0.82% Commodity.66%.72% Series Commod Stgy - CL F.66%.72% International Equity 3.24% 30.75% Developed-Markets Equity 2.08% 20.74% Series Intl Value - CL F 9.48% 9.34% Series Intl Growth - CL F 9.45% 9.27% Six Ser Intl Small Cap - CL F 2.5% 2.4% Emerging-Markets Equity 0.5% 0.0% Series Emrg Mkts - CL F 0.5% 0.0% Bond 4.9% 5.20% Investment-Grade Bond 0.45% 0.48% Ser Invstm Grd Bd - CL F 0.45% 0.48% Ser Lg Trm Trea Indx CL F 0.00% 0.00% Inflation-Protected Bond 0.83% 0.52% Ser Infl-Pro Bd In - CL F 0.83% 0.52% High-Yield Bond.50% 2.79% Series High Income - CL F.50% 2.79% Floating-Rate 0.24% 0.25% Ser Flt Rt Hgh Inc - CL F 0.24% 0.25% Emerging-Markets Debt 0.70% 0.66% Ser Emrg Mkts Debt - CL F 0.70% 0.66% Real Estate Debt 0.47% 0.50% Series RE Income - CL F 0.47% 0.50% Short-Term & Net Other Assets.04% 0.06% Series Govt MM Fnd Cl F 0.77% 0.03% Fid Ser ST Credit Cl F 0.27% 0.02% NET OTHER ASSETS 0.0% 0.0% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Freedom K 2045 Fund Gross Expense Ratio: 0.67% % 6.47% 6.22% 6.62% 9.08%.60% S&P 500 Index 0.2% 6.07% 7.7% 0.37% 3.30% 5.74% Fidelity Freedom 2045 Composite Index 7.98% 5.87% 5.0% 6.60% 9.9% 2.39% Morningstar Fund Target-Date % 5.87% 3.97% 5.3% 8.44% -- % Rank in Morningstar Category (% = Best) % 4% 26% -- # of in Morningstar Category Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 07/02/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 25 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

26 Fidelity Freedom K 2050 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 63.54% 63.99% Equity 6.87% 62.27% Commodity.67%.7% International Equity 3.24% 30.77% Developed-Markets Equity 2.08% 20.74% Emerging-Markets Equity 0.5% 0.03% Bond 4.9% 5.9% Investment-Grade Bond 0.45% 0.48% Inflation-Protected Bond 0.82% 0.52% High-Yield Bond.50% 2.78% Floating-Rate 0.24% 0.25% Emerging-Markets Debt 0.69% 0.66% Real Estate Debt 0.47% 0.50% Short-Term & Net Other Assets.03% 0.05% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average Contribution (basis points)* DJ US Total Stk Mkt.3% 6 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond 3.3% % 4 BBgBarc 3M t-bill 0.2% - FID FF 2050 Comp Idx 0.0% 25 Net Expenses Total Value Added 20 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% YEARS TO RETIREMENT RETIREMENT YEARS Source: FMRCo. Domestic Equity International Equity Bond Short-Term Fidelity's Freedom invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration. 26 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

27 Fidelity Freedom K 2050 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 63.54% 63.99% Equity 6.87% 62.27% Ser Equity-Income - CL F 9.87% 9.94% Ser Growth Company-CL F 8.05% 8.30% Ser Stk Sel LC Val - CL F 7.06% 6.9% Ser Growth & Inc - CL F 6.99% 7.28% Ser Intrinsic Opp - CL F 6.22% 5.67% Ser Oprtc Insights - CL F 4.68% 4.65% Ser Blue Chip Growth-CL F 4.33% 4.95% Ser All-Sector Eq - CL F 4.0% 4.0% Ser Small Cap Opp - CL F 3.66% 3.8% Ser 000 Value Ind - CL F 2.63% 2.42% Series 00 Index - CL F 2.20% 2.7% Ser Sm Cap Discov - CL F.24%.25% Ser Real Estate Eq - CL F 0.83% 0.82% Commodity.67%.7% Series Commod Stgy - CL F.67%.7% International Equity 3.24% 30.77% Developed-Markets Equity 2.08% 20.74% Series Intl Value - CL F 9.48% 9.34% Series Intl Growth - CL F 9.45% 9.27% Six Ser Intl Small Cap - CL F 2.5% 2.3% Emerging-Markets Equity 0.5% 0.03% Series Emrg Mkts - CL F 0.5% 0.03% Bond 4.9% 5.9% Investment-Grade Bond 0.45% 0.48% Ser Invstm Grd Bd - CL F 0.45% 0.48% Ser Lg Trm Trea Indx CL F 0.00% 0.00% Inflation-Protected Bond 0.82% 0.52% Ser Infl-Pro Bd In - CL F 0.82% 0.52% High-Yield Bond.50% 2.78% Series High Income - CL F.50% 2.78% Floating-Rate 0.24% 0.25% Ser Flt Rt Hgh Inc - CL F 0.24% 0.25% Emerging-Markets Debt 0.69% 0.66% Ser Emrg Mkts Debt - CL F 0.69% 0.66% Real Estate Debt 0.47% 0.50% Series RE Income - CL F 0.47% 0.50% Short-Term & Net Other Assets.03% 0.05% Series Govt MM Fnd Cl F 0.77% 0.03% Fid Ser ST Credit Cl F 0.29% 0.02% NET OTHER ASSETS 0.0% 0.0% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Freedom K 2050 Fund Gross Expense Ratio: 0.67% % 6.49% 6.2% 6.62% 9.09%.65% S&P 500 Index 0.2% 6.07% 7.7% 0.37% 3.30% 5.74% Fidelity Freedom 2050 Composite Index 7.98% 5.87% 5.0% 6.60% 9.95% 2.55% Morningstar Fund Target-Date % 5.84% 4.5% 5.37% 8.32% -- % Rank in Morningstar Category (% = Best) % 6% 25% -- # of in Morningstar Category Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 07/02/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 27 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

28 Fidelity Freedom K 2055 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 63.59% 64.0% Equity 6.88% 62.28% Commodity.7%.73% International Equity 3.23% 30.79% Developed-Markets Equity 2.08% 20.77% Emerging-Markets Equity 0.5% 0.02% Bond 4.8% 5.4% Investment-Grade Bond 0.47% 0.49% Inflation-Protected Bond 0.8% 0.55% High-Yield Bond.50% 2.7% Floating-Rate 0.25% 0.25% Emerging-Markets Debt 0.68% 0.65% Real Estate Debt 0.47% 0.49% Short-Term & Net Other Assets.00% 0.06% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average Contribution (basis points)* DJ US Total Stk Mkt.4% 5 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond 3.3% % 4 BBgBarc 3M t-bill 0.2% 0 FID FF 2055 Comp Idx 0.0% 25 Net Expenses Total Value Added 20 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% YEARS TO RETIREMENT RETIREMENT YEARS Source: FMRCo. Domestic Equity International Equity Bond Short-Term Fidelity's Freedom invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration. 28 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

29 Fidelity Freedom K 2055 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 63.59% 64.0% Equity 6.88% 62.28% Ser Equity-Income - CL F 9.92% 9.92% Ser Growth Company-CL F 7.80% 8.23% Ser Stk Sel LC Val - CL F 7.08% 6.89% Ser Growth & Inc - CL F 7.03% 7.33% Ser Intrinsic Opp - CL F 6.23% 5.73% Ser Oprtc Insights - CL F 4.73% 4.69% Ser Blue Chip Growth-CL F 4.38% 5.00% Ser All-Sector Eq - CL F 4.% 4.09% Ser Small Cap Opp - CL F 3.67% 3.77% Ser 000 Value Ind - CL F 2.64% 2.39% Series 00 Index - CL F 2.23% 2.7% Ser Sm Cap Discov - CL F.24%.25% Ser Real Estate Eq - CL F 0.85% 0.82% Commodity.7%.73% Series Commod Stgy - CL F.7%.73% International Equity 3.23% 30.79% Developed-Markets Equity 2.08% 20.77% Series Intl Value - CL F 9.48% 9.35% Series Intl Growth - CL F 9.45% 9.28% Six Ser Intl Small Cap - CL F 2.5% 2.4% Emerging-Markets Equity 0.5% 0.02% Series Emrg Mkts - CL F 0.5% 0.02% Bond 4.8% 5.4% Investment-Grade Bond 0.47% 0.49% Ser Invstm Grd Bd - CL F 0.47% 0.49% Ser Lg Trm Trea Indx CL F 0.00% 0.00% Inflation-Protected Bond 0.8% 0.55% Ser Infl-Pro Bd In - CL F 0.8% 0.55% High-Yield Bond.50% 2.7% Series High Income - CL F.50% 2.7% Floating-Rate 0.25% 0.25% Ser Flt Rt Hgh Inc - CL F 0.25% 0.25% Emerging-Markets Debt 0.68% 0.65% Ser Emrg Mkts Debt - CL F 0.68% 0.65% Real Estate Debt 0.47% 0.49% Series RE Income - CL F 0.47% 0.49% Short-Term & Net Other Assets.00% 0.06% Series Govt MM Fnd Cl F 0.74% 0.03% Fid Ser ST Credit Cl F 0.22% 0.02% NET OTHER ASSETS 0.0% 0.0% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Freedom K 2055 Fund Gross Expense Ratio: 0.67% % 6.47% 6.2% 6.62% 9.23% 7.95% S&P 500 Index 0.2% 6.07% 7.7% 0.37% 3.30% 2.97% Fidelity Freedom 2055 Composite Index 7.98% 5.87% 5.0% 6.60% 0.7% 9.33% Morningstar Fund Target-Date % 6.0% 4.22% 5.50% 8.76% -- % Rank in Morningstar Category (% = Best) % 6% 32% -- # of in Morningstar Category Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 06/0/20. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 29 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

30 Fidelity Freedom K 2060 Fund ASSET ALLOCATION ASSET ALLOCATION PERFORMANCE SUMMARY Six Domestic Equity 63.68% 64.00% Equity 6.99% 62.29% Commodity.69%.7% International Equity 3.23% 30.8% Developed-Markets Equity 2.08% 20.77% Emerging-Markets Equity 0.5% 0.04% Bond 4.% 5.3% Investment-Grade Bond 0.45% 0.46% Inflation-Protected Bond 0.8% 0.53% High-Yield Bond.49% 2.78% Floating-Rate 0.24% 0.25% Emerging-Markets Debt 0.65% 0.63% Real Estate Debt 0.47% 0.48% Short-Term & Net Other Assets 0.98% 0.06% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into Domestic Equity International Equity Bond Short-Term & Other Assets Invested Assets Subtotals Benchmark Average Contribution (basis points)* DJ US Total Stk Mkt.3% 2 MSCI AC Wld exus (Net MA) BBgBarc U.S. Agg Bond 3.3% % 4 BBgBarc 3M t-bill 0.2% -2 FID FF 2060 Comp Idx 0.0% 2 Net Expenses Total Value Added 07 * basis point = 0.0%. Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into TARGET ASSET ALLOCATION Current 00% 80% 60% 40% 20% 0% YEARS TO RETIREMENT RETIREMENT YEARS Source: FMRCo. Domestic Equity International Equity Bond Short-Term Fidelity's Freedom invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart above shows, Freedom follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom are generally expected to reach their most conservative allocation 0 9 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration. 30 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

31 Fidelity Freedom K 2060 Fund (continued) FUND HOLDINGS BY ASSET CLASS Six Domestic Equity 63.68% 64.00% Equity 6.99% 62.29% Ser Equity-Income - CL F 9.96% 0.07% Ser Growth Company-CL F 7.37% 7.74% Ser Stk Sel LC Val - CL F 7.% 6.96% Ser Growth & Inc - CL F 7.04% 7.49% Ser Intrinsic Opp - CL F 6.29% 5.80% Ser Oprtc Insights - CL F 4.88% 4.80% Ser Blue Chip Growth-CL F 4.5% 5.% Ser All-Sector Eq - CL F 4.2% 4.05% Ser Small Cap Opp - CL F 3.70% 3.78% Ser 000 Value Ind - CL F 2.65% 2.9% Series 00 Index - CL F 2.26% 2.8% Ser Sm Cap Discov - CL F.24%.26% Ser Real Estate Eq - CL F 0.86% 0.83% Commodity.69%.7% Series Commod Stgy - CL F.69%.7% International Equity 3.23% 30.8% Developed-Markets Equity 2.08% 20.77% Series Intl Value - CL F 9.47% 9.35% Series Intl Growth - CL F 9.45% 9.29% Six Ser Intl Small Cap - CL F 2.5% 2.4% Emerging-Markets Equity 0.5% 0.04% Series Emrg Mkts - CL F 0.5% 0.04% Bond 4.% 5.3% Investment-Grade Bond 0.45% 0.46% Ser Invstm Grd Bd - CL F 0.45% 0.46% Ser Lg Trm Trea Indx CL F 0.00% 0.00% Inflation-Protected Bond 0.8% 0.53% Ser Infl-Pro Bd In - CL F 0.8% 0.53% High-Yield Bond.49% 2.78% Series High Income - CL F.49% 2.78% Floating-Rate 0.24% 0.25% Ser Flt Rt Hgh Inc - CL F 0.24% 0.25% Emerging-Markets Debt 0.65% 0.63% Ser Emrg Mkts Debt - CL F 0.65% 0.63% Real Estate Debt 0.47% 0.48% Series RE Income - CL F 0.47% 0.48% Short-Term & Net Other Assets 0.98% 0.06% Series Govt MM Fnd Cl F 0.73% 0.03% Fid Ser ST Credit Cl F 0.25% 0.04% NET OTHER ASSETS 0.0% 0.0% FISCAL PERFORMANCE SUMMARY: Periods ending March 3, Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Freedom K 2060 Fund Gross Expense Ratio: 0.67% % 6.53% 6.9% % S&P 500 Index 0.2% 6.07% 7.7% 0.37% 3.30% 0.46% Fidelity Freedom 2060 Composite Index 7.98% 5.87% 5.0% % Morningstar Fund Target-Date % 6.0% 4.4% 4.94% 9.53% -- % Rank in Morningstar Category (% = Best) % # of in Morningstar Category Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 08/05/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

32 Definitions and Important Information BROAD ASSET CLASS RETURNS A graphical representation of historical market performance and the variations in returns among asset classes, as represented by the following indexes: Bloomberg Barclays U.S. -0 Treasury Inflation-Protected Securities (TIPS) Index (Series-L) is a market value-weighted index that measures the performance of inflation-protected securities issued by the U.S. Treasury that have a remaining average life between and 0 years. Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of 3 months, excluding zero coupon strips. Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, market-value-weighted benchmark that measures the performance of the investment grade, U.S. dollardenominated, 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. BofA Merrill Lynch U.S. High Yield Constrained Index is a modified market capitalization weighted index of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). The country of risk of qualifying issuers must be an FX-G0 member, a Western European nation, or a territory of the US or a Western European nation. The FX-G0 includes all Euro members, the US, Japan, the UK, Canada, Australia, New Zealand, Switzerland, Norway and Sweden. In addition, qualifying securities must have at least one year remaining to final maturity, a fixed coupon schedule and at least $00 million in outstanding face value. Defaulted securities are excluded. The index contains all securities of The BofA Merrill Lynch US High Yield Index but caps issuer exposure at 2%. Bloomberg Commodity Index Total Return measures the performance of the commodities market. It consists of exchangetraded futures contracts on physical commodities that are weighted to account for the economic significance and market liquidity of each commodity. 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. Fidelity Real Estate Income Composite Index is a customized blend of unmanaged indexes, weighted as follows: The BofA Merrill Lynch US Real Estate Index - 40%; MSCI REIT Preferred Index - 40%; and FTSE NAREIT All REITs Index - 20%. J.P. Morgan Emerging Markets Bond Index Global tracks total returns for the U.S. dollar-denominated debt instruments issued by Emerging Market sovereign and quasi-sovereign entities, such as Brady bonds, loans, and Eurobonds. MSCI World ex USA Index is a market capitalization weighted index that is designed to measure the investable equity market performance for global investors of developed markets outside the United States. MSCI Emerging Markets Index is a market capitalization-weighted index that is designed to measure the investable equity market performance for global investors in emerging markets. S&P/LSTA Leveraged Performing Loan Index is a market valueweighted index designed to represent the performance of U.S. dollar-denominated institutional leveraged performing loan portfolios (excluding loans in payment default) using current market weightings, spreads and interest payments. FUND RISKS The fund is subject to risks resulting from 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 fund is subject to the volatility of the financial markets, including that of equity and fixed income investments. 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 longer-term securities. 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. IMPORTANT FUND INFORMATION positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. 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. Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, market-value-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. Fidelity Freedom 2005 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index) ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to January, 204. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. Fidelity Freedom 200 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index) ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to January, 204. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. Fidelity Freedom 205 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index) ex USA Index; 32

33 Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to January, 204. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. Fidelity Freedom 2020 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index) ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to January, 204. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. Fidelity Freedom 2025 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index) ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to January, 204. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. Fidelity Freedom 2030 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index) ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to January, 204. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. Fidelity Freedom 2035 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index) ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to January, 204. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. Fidelity Freedom 2040 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index) ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to January, 204. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. Fidelity Freedom 2045 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index) ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to January, 204. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. Fidelity Freedom 2050 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index) ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to January, 204. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. Fidelity Freedom 2055 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index) ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to January, 204. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. Fidelity Freedom 2060 Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index) ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. Fidelity Freedom Income Composite Index is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI ACWI (All Country World Index) ex USA Index; Bloomberg Barclays U.S. Aggregate Bond Index; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The composition differed in periods prior to January, 204. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. MSCI ACWI (All Country World Index) Index is a marketcapitalization-weighted index that is designed to measure the investable equity market performance for global investors of developed and emerging markets. RANKING INFORMATION 207 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: () is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is and the lowest (or least favorable) percentile rank is 00. The top-performing fund in a category will always receive a rank of %. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. RELATIVE WEIGHTS weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. 33

34 Manager Facts Analyst (CFA) charterholder. Andrew Dierdorf is a portfolio manager in the Global Asset Allocation (GAA) group at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, Mr. Dierdorf is responsible for comanaging Fidelity's U.S. and Canadian target date portfolios, including Fidelity ClearPath s (both retail and institutional, since 2005), Fidelity-managed 529 College Savings Plans (since 2007), Fidelity Income Replacement (since 2009), Fidelity Freedom (since 20), and FIAM Target Date Strategies (since 202). He is also a co-manager for the Fidelity Four-in-One Index Fund (since 2009). Previously, Mr. Dierdorf co-managed Fidelity Global Strategies Fund and Fidelity Tactical Strategies Fund until May 204. Prior to joining Fidelity in his current position in 2004, Mr. Dierdorf worked as an actuary at several insurance companies between 994 and He has been in the financial services industry since 993. Mr. Dierdorf earned his bachelor of science degree in statistics from the University of Delaware, where he also minored in economics. He is a Chartered Financial Analyst (CFA) charterholder, as well as a Fellow of the Society of Actuaries (FSA), Chartered Market Technician (CMT), and a Member of the American Academy of Actuaries (MAAA). Brett Sumsion is a portfolio manager on the Target Date team within the Global Asset Allocation (GAA) group at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, Mr. Sumsion is responsible for co-managing Fidelity's U.S. and Canadian target date portfolios, including Fidelity ClearPath s, Fidelitymanaged 529 College Savings Plans, Fidelity Income Replacement, Fidelity Freedom, and FIAM Target Date Strategies (all since 204). Prior to joining Fidelity in 204, Mr. Sumsion held various positions at DuPont Capital Management, Inc., including that of managing director of asset allocation from 2008 to 203 and portfolio manager from 2005 to Previously, Mr. Sumsion worked at Strategis Financial Group, Inc., where he was chief executive officer from 2004 to 2005 and vice president of asset allocation research from 200 to He has been in the investments industry since 200. Mr. Sumsion earned his bachelor of arts degree in economics from Brigham Young University and his master of business administration degree in finance from The Wharton School at the University of Pennsylvania. He is also a Chartered Financial 34 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

35 PERFORMANCE SUMMARY: Quarter ending June 30, Annualized 5 0 / LOF Inception Date Fidelity Freedom K Income Fund Gross Expense Ratio: 0.42% % 3.23% 4.7% 5.49% 07/02/2009 Fidelity Freedom K 2005 Fund Gross Expense Ratio: 0.44% 2 8.2% 3.90% 5.63% 7.39% 07/02/2009 Fidelity Freedom K 200 Fund Gross Expense Ratio: 0.47% 2 0.0% 4.40% 6.77% 8.40% 07/02/2009 Fidelity Freedom K 205 Fund Gross Expense Ratio: 0.50% 2.75% 4.93% 7.32% 8.85% 07/02/2009 Fidelity Freedom K 2020 Fund Gross Expense Ratio: 0.54% % 5.2% 7.90% 9.62% 07/02/2009 Fidelity Freedom K 2025 Fund Gross Expense Ratio: 0.57% % 5.48% 8.9% 0.39% 07/02/2009 Fidelity Freedom K 2030 Fund Gross Expense Ratio: 0.6% % 6.3% 9.70%.02% 07/02/2009 Fidelity Freedom K 2035 Fund Gross Expense Ratio: 0.64% % 6.57% 0.58%.57% 07/02/2009 Fidelity Freedom K 2040 Fund Gross Expense Ratio: 0.64% 2 9.3% 6.59% 0.68%.69% 07/02/2009 Fidelity Freedom K 2045 Fund Gross Expense Ratio: 0.64% % 6.62% 0.84%.82% 07/02/2009 Fidelity Freedom K 2050 Fund Gross Expense Ratio: 0.64% 2 9.6% 6.6% 0.89%.87% 07/02/2009 Fidelity Freedom K 2055 Fund Gross Expense Ratio: 0.64% 2 9.3% 6.6%.08% 8.36% 06/0/20 Fidelity Freedom K 2060 Fund Gross Expense Ratio: 0.64% % % 08/05/204 Life of Fund (LOF) if performance is less than 0 years. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 40k.com. 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. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss. Information included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee