Target Date Evaluation How Fidelity Freedom Index Funds compare INDEX on glide path, performance, and fees

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For investment professionals, institutional investors, and plan sponsors. Areas of Focus

Product Overview...... 3

Glide Path Evaluation...... 4

Performance Evaluation...... 5

Risk Evaluation...... 7

Fee Evaluation...... 8

As with all investments, your client must make their own determination whether an investment in any particular security or fund is consistent with their investment objectives, risk tolerance, and financial situation. When selecting a target date portfolio, evaluating the glide path is important, as it typically involves trade-offs between market risk and longevity risk, and a third dimension of risk—slope risk. In addition to the glide path, performance and risk exposure will vary among the products above based upon a number factors including, but not limited to, the underlying funds each product line invests in and asset class exposure. For additional information on each product line, including principal investment strategies and risk, please see the funds’ prospectuses. Commingled Pools (“Pools”) may have different attributes than registered investment products and are not, for example, registered with the SEC or subject to certain investment restrictions imposed by the Investment Company Act of 1940. Pools may be sponsored by a bank or trust and governed by state banking laws and agencies such as the IRS and DOL. Pools also may have lower cost structures, and use nonstandardized ways of reporting investment product expense ratios and performance. These differences typically may give the Pools an advantage over the registered mutual fund products when it comes to the rank, performance and placement comparisons and also may entail additional risks not inherent in registered products. Finally, Pools are only available to eligible retirement plans and are not generally available for the public to purchase. Certain information available for registered mutual funds via a prospectus or public websites may not be available, or be limited in scope, for a Pool. Product Overview Overview of selected target date providers

You need to choose an appropriate target date strategy for your plan sponsor clients and their participants, but where do you start? Apples-to-apples comparisons don’t usually apply to target date, so understanding how to successfully evaluate a provider is important. Learn about some of the key criteria to consider when making your target date decision.

Fidelity Freedom TIAA-CREF Lifecycle State Street Vanguard Target BlackRock® LifePath Index Funds® Index Funds Target Retirement Funds Retirement Funds Index Funds Product Type Mutual Fund Mutual Fund Mutual Fund Mutual Fund Mutual Fund Products Offered Income, 2005–2065 Income, 2010–2060 Retirement, 2015–2060 Income, 2015–2065 Retirement, 2020–2060 Glide Path Type: Through, reaches most Through, reaches most Through, reaches most Through, reaches most To, reaches most Managed To or Through conservative 10–19 years conservative 10 years conservative 5 years conservative 7 years conservative at TD the Target Date (TD) after TD after TD after TD after TD Inception of Series 10/2/09 9/30/09 7/22/05 10/27/03 5/31/11 POTENTIAL ASSET CLASS EXPOSURE U.S. Equity • • • • • Non U.S. Developed Equity • • • • • Emerging-Market Equity • • • • • Commodities • Investment Grade Debt • • • • • International Debt • High-Yield Debt • Inflation-Protected Debt • • • • • Short-Term Debt • • • • • REITS • •

Source: Fidelity and third-party prospectus and marketing materials as of 6/30/21. 3 Glide Path Evaluation Equity exposure

No two target date glide paths are 100% alike. Each one is based on the active investment decisions resulting from the investment manager’s core 80% beliefs. Understanding how each glide path is built and will evolve is critical 60% because this long-term asset allocation mix can be the most significant driver of participant outcomes. 40%

20%

0% 2065 2060 2055 2050 2045 2040 2035 2030 2025 2020 2015 2010 2005 Income

Equity Exposure/Target Retirement Year 2065 2060 2055 2050 2045 2040 2035 2030 2025 2020 2015 2010 2005 Income Fidelity Freedom Index Funds® 90% 90% 90% 90% 90% 90% 79% 64% 57% 50% 41% 32% 23% 19% TIAA-CREF Lifecycle Index Funds 95% 94% 93% 91% 90% 82% 74% 66% 58% 50% 45% 40% 40%* 40% State Street Target Retirement Funds 90% 90% 90% 90% 87% 82% 75% 68% 57% 44% 35%* 35%* 35%* 35% Vanguard Target Retirement Funds 89% 89% 89% 89% 90% 82% 74% 67% 59% 48% 34% 29%* 29%* 29% BlackRock® LifePath Index Funds 99% 99% 98% 98% 93% 84% 74% 62% 50% 40%* 40%* 40%* 40%* 40%

* Indicates smoothed due to lack of vintage. Equity exposure as defined by each provider. For illustrative purposes only. Source: Fidelity, Strategic Allocations as of 7/1/21. Third party prospectus and marketing materials, Strategic Allocations as of 4/30/21 (State Street), 9/30/20 (Vanguard), 9/30/20 (TIAA). BlackRock actual allocations as of 6/30/21 sourced via Morningstar Direct. 4 Performance Evaluation Performance vs. competitors

When considering overall 2025 Funds 2050 Funds performance, it is essential to 20% understand the drivers of return and 15.0 15.0 14.7 how they relate to the stated goal 15% 14.5 14.2 11.5 12.0 and beliefs that inform the glide 11.3 11.2 10.6 path. Investors should consider 10% both historical performance and the provider’s focus on long-term 5% outcomes.

3-Year Returns (Annualized) 3-Year 0%

20% Fidelity Freedom® Index 14.7 Institutional Premium Class 15% 14.2 14.4 14.0 14.1 TIAA-CREF Lifecycle Index Funds Institutional Class 10.6 10.7 11.1 10.6 9.7 State Street Target Retirement K 10% Vanguard Institutional Target Retirement Institutional 5% BlackRock® LifePath Index Funds Class K 5-Year Returns (Annualized) 5-Year 0%

Past performance is no guarantee of future results. These products have been included as a representative sample of the suite of target date products from each provider. The share classes selected for comparison are all zero-revenue. Source of competitor returns: Morningstar as of 6/30/21. See Important Information section for full standard performance information. 5 Performance Evaluation Morningstar ranking vs. peers

Comparisons of peer performance for 3-ear Morningstar Rankings 5-ear Morningstar Rankings target date strategies are challenging, 0 as there are meaningful differences 10 in the long-term goals that managers strive to achieve, leading to meaningful 20 differences in portfolios. 30 In particular, short-term peer performance comparisons provide 40 information that has limited relevance 50 for evaluating long term success. 60

Fidelity Freedom® Index 70 Institutional Premium Class TIAA-CREF Lifecycle Index Funds 80 Institutional Class State Street Target Retirement K 90 Vanguard Institutional Target Retirement Institutional 100 Target Date Target Date BlackRock® LifePath Index Funds Class K 2025 2050 2025 2050 Peer 194 193 152 153 Count As of 6/30/21. % Rank in 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 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of one. The number in parentheses represents the number of funds in the category. % Rank in Category is based on total returns, which include reinvested dividends and capital gains, if any, and exclude sales charges. Morningstar Total Percentile Rank is calculated using Morningstar’s total return database. The calculation of total return is determined each month by taking the change in monthly net asset value, reinvesting all income and capital gains distributions during that month, and dividing by the starting NAV. Reinvestments are made using the actual reinvestment NAV, and daily payoffs are reinvested monthly. Multiple share classes of a product have a common portfolio but impose different expense structures. % Rank in Category for the Funds and Pools was calculated in Morningstar’s Workspace tool. Morningstar determines the appropriate Morningstar category for the Fund/Pool based solely on the target date. Morningstar assigns as percentile ranking to Pools by comparing the performance of the Pool with the most closely performing mutual fund where the Pool has equal or better performance. Morningstar categories include US OE Target Date 2025 and US OE Target Date 2050. Past performance is no guarantee of future results. These products have been included as a representative sample of the suite of target date products from each provider. The share classes selected for comparison are all zero-revenue. See page 10 of the Important Information section for additional ranking and full standard performance information. 6 Risk Evaluation Sharpe Ratio ranking vs. peers

3-ear Sharpe Ratio Rankings 5-ear Sharpe Ratio Rankings 0 Fidelity Freedom® Index Institutional Premium Class 10 TIAA-CREF Lifecycle Index Funds Institutional Class 20 State Street Target Retirement K Vanguard Institutional Target Retirement 30 Institutional 40 BlackRock® LifePath Index Funds Class K 50

60

70

80

90

100 Target Date Target Date 2025 2050 2025 2050 Peer 206 177 202 180 Count

As of 6/30/21. A ranking closer to 0 is better than a ranking closer to 100. Past performance is no guarantee of future results. These products have been included as a representative sample of the suite of target date products from each provider. The share classes selected for comparison are all zero-revenue. See Important Information section for full standard performance and ranking information. 7 Fee Evaluation Comparison of total expense ratios

Evaluating strategies based on cost is too simplistic. It is essential to consider a fundamental question: Does the target date provider deliver the value proposition of deep resources, strong performance, and competitive price?

Fidelity Freedom® TIAA-CREF Lifecycle State Street Vanguard Institutional BlackRock® LifePath Index Institutional Index Funds Target Retirement Target Retirement Index Funds Premium Class Institutional Class Class K Institutional Class K Gross Expense Ratio 0.08 0.20 0.24 0.09 0.15 Target Date 2025 Net Expense Ratio 0.08 0.10 0.09 0.09 0.09 Gross Expense Ratio 0.08 0.19 0.23 0.09 0.15 Target Date 2050 Net Expense Ratio 0.08 0.10 0.09 0.09 0.09

These products have been included as a representative sample of the suite of target date funds from each provider. The share classes selected for comparison are all zero-revenue. Gross Expense Ratio for mutual funds is the total annual class operating expense ratio from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year. Net Expense Ratio for mutual funds is the total annual fund or class operating expense from the fund’s most recent prospectus, after any fee waiver and/or expense reimbursements. 8 Important Information Performance Summary As of 6/30/21

Cumulative Average Annual Returns Expense Ratio % Annual % Rank Inception 3-Month YTD 1-Year 3-Year 5-Year 10-Year LOF Date Gross Net 1-Year 3-Year 5-Year 10-Year Target Date 2025 Fidelity Freedom® Index 2025 Institutional Premium 4.91 6.46 21.65 11.31 10.62 8.16 9.00 10/2/09 0.08 0.08 55 23 21 43 TIAA-CREF Lifecycle Index 2025 Institutional Class 4.82 6.75 22.34 11.52 10.74 8.88 9.41 9/30/09 0.20 0.10 45 16 17 9 State Street Target Retirement 2025 Class K 5.18 7.10 23.73 11.97 11.09 – 8.84 9/30/14 0.24 0.09 28 4 11 – Vanguard Instl Target Retirement 2025 Institutional 4.79 6.78 22.81 11.17 10.62 – 8.68 6/26/15 0.09 0.09 38 29 24 – BlackRock® LifePath Index 2025 Class K 4.60 6.03 20.11 10.55 9.69 7.92 7.72 5/31/11 0.15 0.09 73 48 63 52 [Morningstar Category Peer Count] [212] [194] [152] [89] Target Date 2050 Fidelity Freedom® Index 2050 Institutional Premium 6.73 11.06 35.52 14.53 14.21 10.17 11.04 10/2/09 0.08 0.08 81 26 27 50 TIAA-CREF Lifecycle Index 2050 Institutional Class 6.78 11.68 36.91 14.99 14.72 11.32 11.71 9/30/09 0.19 0.10 56 12 9 5 State Street Target Retirement 2050 Class K 6.74 10.42 36.13 15.01 14.39 – 10.97 9/30/14 0.23 0.09 76 10 21 – Vanguard Instl Target Retirement 2050 Institutional 6.64 11.51 36.49 14.17 14.01 – 10.91 6/26/15 0.09 0.09 67 36 35 – BlackRock® LifePath Index 2050 Class K 7.17 12.87 39.78 14.73 14.10 10.62 10.36 5/31/11 0.15 0.09 14 20 31 27 [Morningstar Category Peer Count] [207] [193] [153] [78]

Source: Fidelity Investments and Morningstar Direct. • Performance data shown represents past performance and 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. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com, institutional.fidelity.com, 401k.com, or morningstar.com • It is not possible to invest directly in an index. All market indices are unmanaged. Index performance is not meant to represent that of any Fidelity mutual fund product. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. These figures do not include the effect of sales charges, if any. If sales charges were included, returns would have been lower. Multiple share classes of a fund or pool have a common portfolio but impose different expense structures. • % Rank in Category for the Funds was calculated in Morningstar’s Workspace tool. Morningstar determines the appropriate Morningstar category for the Fund based solely on the target date. Morningstar categories include US OE Target Date 2025 and US OE Target Date 2050. • These products have been included as a representative sample of the suite of target date products from each provider. The share classes selected for comparison are all zero-revenue. 10 Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client’s investment decisions. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services. Fidelity Investments and the other referenced companies have additional target date products and share classes. The plan sponsors may want to inquire about the criteria that would make the other products or share classes of the same products available to them on the platform and request additional information on these products. The investment risk of each Fidelity Freedom Fund Index changes over time as its asset allocation changes. These risks are subject to the asset allocation decisions of the Investment Adviser. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small cap, commodity-linked, and foreign securities. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. 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. % Rank in Category for the Commingled Pools was calculated in Morningstar’s Workspace tool. Morningstar determines the appropriate Morningstar category for the Pool based solely on the target date and then assigns as percentile ranking by comparing the performance of the Pool with the most closely performing mutual fund where the Pool has equal or better performance. Morningstar categories include US OE Target Date 2025 and US OE Target Date 2050. Percent Rank in 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 1 and the lowest (or least favorable) percentile rank is 100. The top performing fund in a category will always receive a rank of 1. The number in parenthesis represents the number of funds in the category. % Rank in Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Performance data shown represents past performance and is no guarantee of future results. The Morningstar Category Average is the average return for the peer group based on the returns of each individual fund or pool within the group, for the period shown. This average assumes reinvestment of dividends and capital gains, if any, and excludes sales charges. © 2021 Morningstar, Inc. All rights reserved. The information contained herein; (1) is proprietary to Morningstar and/or its affiliates; (2) may not be copied or distributed; (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 information you should check the fund’s current prospectus for the most up-to-date information concerning applicable loads, fees, and expenses. Fidelity Freedom Index Funds are managed by FMR Co., Inc. TIAA-CREF Lifecycle Index Funds are managed by TIAA-CREF. SSgA Target Date Pools are managed by State Street Global Advisors. Vanguard Target Retirement Funds are managed by The Vanguard Group, Inc. BlackRock LifePath Index Funds are managed by BlackRock Fund Advisors. Principal invested is not guaranteed at any time, including at or after the funds’ target dates. Past performance is no guarantee of future results. Diversification does not ensure a profit or guarantee against a loss. Before investing, consider the funds’ investment objectives, risks, charges, and expenses. Contact product sponsor for a prospectus or, if available, a summary prospectus containing this information. Read it carefully. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917 © 2021 FMR LLC. All rights reserved.

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