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Fidelity Freedom Target-Date Fund Series Report 020 40

Morningstar Analyst Rating Key FeaturesAsset-Weighted Expense Exposure90% ActiveOpen/Closed Architecture98% ClosedTotal Net Assets ($M)167,163 Executive SummaryRating:Process PositiveManagement has strengthened the approach behind this serieswith sound research and oversight, inspiring confidence that theseries will see proactive improvements going forward ratherthan the reactionary changes of the past. The Series earns a Pos-itive Process NeutralThe funds in the Fidelity Freedom Series don t have a clear feeadvantage, but their generally competitive pricing supports aNeutral Price NeutralPerformance for the Fidelity Freedom Series has improved sinceundergoing material changes, but its middling rank over the longrun supports a Neutral Performance PositiveThis Series management team appears to have stabilized, andFidelit

Younger invest- ors have sizable exposure to Fidelity's top-tier equity ... Fidelity Freedom Target-Date Fund Series Report ... for this series or any series Morningstar Research Services covers ...

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Transcription of Fidelity Freedom Target-Date Fund Series Report 020 40

1 Morningstar Analyst Rating Key FeaturesAsset-Weighted Expense Exposure90% ActiveOpen/Closed Architecture98% ClosedTotal Net Assets ($M)167,163 Executive SummaryRating:Process PositiveManagement has strengthened the approach behind this serieswith sound research and oversight, inspiring confidence that theseries will see proactive improvements going forward ratherthan the reactionary changes of the past. The Series earns a Pos-itive Process NeutralThe funds in the Fidelity Freedom Series don t have a clear feeadvantage, but their generally competitive pricing supports aNeutral Price NeutralPerformance for the Fidelity Freedom Series has improved sinceundergoing material changes, but its middling rank over the longrun supports a Neutral Performance PositiveThis Series management team appears to have stabilized, andFidelity s top managers can be found among its underlyingfunds.

2 Both these aspects drive the Series Positive People PositiveFidelity isn t without challenges but remains well positionedenough to compete in a changing industry. The firm s diversifiedasset mix has shielded it from steady outflows from its equity funds, with its taxable bond, international equity,and low-priced index offerings attracting Analyst RatingMorningstar evaluates mutual funds based on five keypillars, which its analysts believe lead to funds that are morelikely to outperform over the long term on a risk-adjusted Rating Spectrum Strategic Glide Path Total Equity Exposure100806040200%020406080100 Fidelity FreedomIndustry AverageIndustry Maximum/Industry Minimum205520502045204020352030202520202 0152010200520001995 Retirement Date90909089786558534335242424 Fidelity Freedom89888580726253443935333231 Industry Total Return**&&&&&&**-3-Yr PerformanceQuartileAvailable FundsRetirement Income Fund2005 Fund2010 Fund2015 Fund2020 Fund2025 Fund2030 Fund2035 Fund2040 Fund2045

3 Fund2050 Fund2055 Fund2060 FundMorningstar OpinionJeff Holt02-05-2019 The future for the Fidelity Freedom Funds looks prom-ising as this Target-Date Series has both proactive over-sight and an exceptional lineup of underlying stockand bond funds. The Series retains its Morningstar An-alyst Rating of Series management appears to have stabilized,and the Target-Date managers benefit from renewedfirm commitment and an abundance of resources. Fi-delity hired Brett Sumsion as a comanager in January2014. Sumsion joined Andrew Dierdorf, who becamecomanager on this Series in June 2011, and the duojust reached the five-year mark.

4 They receive exten-sive support from the firm s growing Target-Date managers have made prudent, re-search-backed moves in setting the Series target mixof assets, deciding when to deviate from those tar-gets, and selecting the underlying strategies. In 2018,they proactively added strategic exposure to TreasuryInflation-Protected Securities and long-term to address both the risk of inflation and de-flation. This move lowered equity exposure by up to 4percentage points for investors in retirement. In Au-gust 2014, the managers began tactically shifting theportfolios based on their one- to five-year far, the managers have augmented returnsthrough those shifts while staying within tight tracking-error look through to the underlying holdings reveals animpressive bunch of skilled active managers in bothstocks and bonds.

5 Investors early in their careershave sizable exposure to Fidelity 's top-tier equity man-agers. For instance, strategies run by Steve Wymer,Joel Tillinghast, and Will Danoff accounted for nearlyone fourth of Freedom 2050's assets as of November2018, and these managers run retail versions of theirstrategies that receive Morningstar Analyst Ratingsof Silver. Meanwhile, investors who have arrived attheir target retirement date also can be confident inFidelity's highly regarded bond-investing not all the Series ' underlying holdings arestandout strategies, the lineup remains 1 of 1 | Morningstar Target-Date fund Series Report | 12-31-2018 Fidelity Freedom Target-Date fund Series Report Morningstar 2019.

6 All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this Report only in the country in which its original distributor is based. The information, data, analyses and opinions presented herein do not constituteinvestment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change withoutnotice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use.

7 The information contained herein is theproprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to,Morningstar Research Services LLC, registered with and governed by the Securities and Exchange Target-Date fund Series Report | 12-31-2018 Morningstar Target-Date fund Series Report DisclosureThe Morningstar Target-Date fund Series Report (" Report ") is for informational purposes, intended for finan-cial professionals and/or qualified investors ("Users") and should not be the sole piece of information usedby such Users or their clients in making an investment analysis within this Report is prepared by the person(s)

8 Noted in their capacity as an analyst for Mor-ningstar Research Services LLC, a subsidiary of Morningstar, Inc. The opinions expressed within the Reportare given in good faith, are as of the date of the Report and are subject to change without notice. Neitherthe analyst nor Morningstar Research Services commits themselves in advance to whether and in whichintervals updates to the Report are expected to be made. The written analysis and Morningstar AnalystRating within this Report are statements of opinions; they are not statements of Research Services believes its analysts make a reasonable effort to carefully research informa-tion contained in their analyses.

9 The information on which the analysis is based has been obtained fromsources that are believed to be reliable such as, for example, the fund 's prospectus and shareholder reports(or their equivalents), Target-Date Series company website, interviews with Target-Date Series company per-sonnel, and relevant and appropriate press sources as well as data, statistics and information within Mor-ningstar's own database. Morningstar does not perform an audit or seek independent verification of any ofthe data, statistics, and information it otherwise provided in a separate agreement, Users accessing this Report may only use it in thecountry in which the Morningstar distributor is based.

10 Unless stated otherwise, the original distributor ofthe Report is Morningstar Inc., a domiciled financial Report is for informational purposes only and has no regard to the specific investment objectives, finan-cial situation or particular needs of any specific recipient. This publication is intended to provide informa-tion to assist institutional investors in making their own investment decisions, not to provide investmentadvice to any specific investor. Therefore, investments discussed and recommendations made herein maynot be suitable for all investors; Users and User clients must exercise their own independent judgment asto the suitability of such investments and recommendations in the light of their own investment objectives,experience, taxation status and financial information, data, analyses and opinions presented herein are not warranted to be accurate, correct,complete or timely.


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