Fidelity^® Sustainable Target Date 2040 Fund: Investment Approach

• Fidelity^® Sustainable Target Date Funds are designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire.
• Except for Fidelity Sustainable Target Date Income Fund, each of the Funds seeks high total return until reaching its respective target retirement date; thereafter, each Fund's objective will be to seek high current income and, secondarily, capital appreciation.
• Except for Fidelity Sustainable Target Date Income Fund, each Fund's asset allocation strategy becomes increasingly diversified as it approaches its target date – and beyond. Ultimately, the Funds are expected to merge with Sustainable Target Date Income Fund.
• The Funds employ a disciplined and time-tested investment process focused on helping investors achieve successful retirement outcomes and invests in underlying funds that invest primarily in securities of issuers that FMR believes have proven or improving sustainability practices or positive environmental, social and governance (ESG) characteristics.