UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6440
Fidelity Aberdeen Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | March 31 |
| |
Date of reporting period: | March 31, 2014 |
Item 1. Reports to Stockholders
Fidelity Advisor Freedom Funds®-
Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 - Class A, Class T, Class B and Class C
Fidelity Advisor Freedom® 2055 Fund -
Class A, Class T, and Class C
Annual Report
March 31, 2014
(Fidelity Cover Art)
Contents
Annual Report
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2014 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Annual Report
Fidelity Advisor Freedom Income Fund® - Class A, T, B, and C
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow. Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Class A (incl. 5.75% sales charge) | -2.31% | 6.59% | 3.27% |
Class T (incl. 3.50% sales charge) | -0.22% | 6.84% | 3.25% |
Class B (incl. contingent deferred sales charge) A | -2.14% | 6.76% | 3.33% |
Class C (incl. contingent deferred sales charge) B | 1.89% | 7.06% | 3.10% |
A Class B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.
B Class C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom Income Fund® - Class A on March 31, 2004, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2005 Fund ® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow. Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Class A (incl. 5.75% sales charge) | -0.12% | 9.94% | 3.84% |
Class T (incl. 3.50% sales charge) | 1.98% | 10.18% | 3.83% |
Class B (incl. contingent deferred sales charge) A | 0.22% | 10.16% | 3.92% |
Class C (incl. contingent deferred sales charge) B | 4.28% | 10.42% | 3.69% |
A Class B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.
B Class C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2005 Fund® - Class A on March 31, 2004, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Barclays U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2010 Fund ® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow. Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Class A (incl. 5.75% sales charge) | 1.66% | 11.40% | 4.36% |
Class T (incl. 3.50% sales charge) | 3.86% | 11.65% | 4.35% |
Class B (incl. contingent deferred sales charge) A | 2.01% | 11.63% | 4.43% |
Class C (incl. contingent deferred sales charge) B | 6.04% | 11.86% | 4.19% |
A Class B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.
B Class C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2010 Fund® - Class A on March 31, 2004, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Barclays U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2015 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow. Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Class A (incl. 5.75% sales charge) | 2.30% | 11.84% | 4.64% |
Class T (incl. 3.50% sales charge) | 4.41% | 12.08% | 4.63% |
Class B (incl. contingent deferred sales charge) A | 2.68% | 12.05% | 4.71% |
Class C (incl. contingent deferred sales charge) B | 6.65% | 12.33% | 4.47% |
A Class B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.
B Class C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2015 Fund® - Class A on March 31, 2004, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2020 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow. Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Class A (incl. 5.75% sales charge) | 3.09% | 13.29% | 4.63% |
Class T (incl. 3.50% sales charge) | 5.30% | 13.56% | 4.61% |
Class B (incl. contingent deferred sales charge) A | 3.49% | 13.55% | 4.70% |
Class C (incl. contingent deferred sales charge) B | 7.57% | 13.81% | 4.47% |
A Class B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.
B Class C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2020 Fund® - Class A on March 31, 2004, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2025 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow. Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Class A (incl. 5.75% sales charge) | 5.13% | 14.48% | 4.97% |
Class T (incl. 3.50% sales charge) | 7.37% | 14.74% | 4.97% |
Class B (incl. contingent deferred sales charge) A | 5.71% | 14.75% | 5.05% |
Class C (incl. contingent deferred sales charge) B | 9.71% | 14.98% | 4.81% |
A Class B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.
B Class C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2025 Fund® - Class A on March 31, 2004, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2030 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow. Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Class A (incl. 5.75% sales charge) | 6.12% | 15.24% | 4.84% |
Class T (incl. 3.50% sales charge) | 8.36% | 15.48% | 4.81% |
Class B (incl. contingent deferred sales charge) A | 6.69% | 15.50% | 4.90% |
Class C (incl. contingent deferred sales charge) B | 10.77% | 15.74% | 4.67% |
A Class B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.
B Class C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2030 Fund® - Class A on March 31, 2004, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2035 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow. Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Class A (incl. 5.75% sales charge) | 7.59% | 15.90% | 5.05% |
Class T (incl. 3.50% sales charge) | 9.83% | 16.15% | 5.02% |
Class B (incl. contingent deferred sales charge) A | 8.32% | 16.19% | 5.11% |
Class C (incl. contingent deferred sales charge) B | 12.27% | 16.38% | 4.87% |
A Class B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.
B Class C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2035 Fund® - Class A on March 31, 2004, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2040 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow. Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Class A (incl. 5.75% sales charge) | 7.80% | 16.22% | 5.04% |
Class T (incl. 3.50% sales charge) | 10.07% | 16.48% | 5.02% |
Class B (incl. contingent deferred sales charge) A | 8.49% | 16.50% | 5.11% |
Class C (incl. contingent deferred sales charge) B | 12.57% | 16.74% | 4.87% |
A Class B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.
B Class C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2040 Fund® - Class A on March 31, 2004, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2045 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | 8.14% | 16.45% | 3.98% |
Class T (incl. 3.50% sales charge) | 10.45% | 16.73% | 4.04% |
Class B (incl. contingent deferred sales charge) B | 8.93% | 16.75% | 4.08% |
Class C (incl. contingent deferred sales charge) C | 12.95% | 17.02% | 4.01% |
A From June 1, 2006.
B Class B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 0%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2045 Fund® - Class A on June 1, 2006, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2050 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | | 8.30% | 16.79% | 3.84% |
Class T (incl. 3.50% sales charge) | | 10.60% | 17.05% | 3.90% |
Class B (incl. contingent deferred sales charge) B | | 9.06% | 17.09% | 3.95% |
Class C (incl. contingent deferred sales charge) C | | 13.06% | 17.37% | 3.88% |
A From June 1, 2006.
B Class B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 0%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2050 Fund® - Class A on June 1, 2006, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom® 2055 Fund - Class A, T, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | 8.81% | 6.83% |
Class T (incl. 3.50% sales charge) | 11.04% | 7.44% |
Class C (incl. contingent deferred sales charge) B | 13.46% | 8.26% |
A From June 1, 2011.
B Class C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2055 Fund - Class A on June 1, 2011, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
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Annual Report
Market Recap: U.S. stocks overcame fears of higher rates and a volatile January to post their strongest gains in four years. The S&P 500® Index returned 21.86% for the 12 months ending March 31, 2014, amid the lowest volatility since before the 2007-2008 financial crisis. The index ended the period near all-time highs, buoyed by U.S. Federal Reserve policies that balanced stimulus reductions with low interest rates. Stock valuations remained only slightly above long-term averages, supported by corporate profits that more than doubled in the past five years. Most defensive groups lagged in a risk-taking environment; although that changed in the first quarter of 2014 when historically defensive utility stocks led a tepid market advance amid rising tension in Ukraine, fear of a slowing economy in China and a late-January decline for momentum stocks. Health care stocks within the S&P 500® led all sectors over the 12-month period for the first time since the corresponding 2009 year, as new insurance programs and a favorable drug-approval environment raised earnings-growth expectations. Aerospace and defense achieved one of its strongest returns in more than two decades. Reflecting economic optimism, the growth-oriented Nasdaq Composite Index® rose 30.18% and the small-cap Russell 2000® Index rose 24.90%, the latter posting a record 7th-straight quarterly gain.
While stocks rose, bonds with a high sensitivity to interest rate changes performed poorly for much of the period as the Fed made plans to cut back on its asset purchases aimed at stimulating the economy. The Barclays® U.S. Aggregate Bond Index, representing investment-grade debt, returned -0.10%, compared with its long-term average annual return of 8.13%. High-yield investments led all fixed-income sectors as they continued to rally alongside equities; The BofA Merrill LynchSM US High Yield Constrained Index returned 7.52%, as investors accepted more risk in exchange for typically higher yields.
Comments from Chris Sharpe and Andrew Dierdorf, Co-Portfolio Managers of Fidelity Advisor Freedom Funds®: On an absolute basis, the Class A, Class T, Class B and Class C shares of each Advisor Freedom Fund posted a positive return (excluding sales charges) for the 12 months ending March 31, 2014. The longer-dated Funds delivered the highest absolute returns; however, each Fund's class shares lagged their respective Composite indexes. The Funds' U.S. equity holdings, in aggregate, finished behind the 22.58% return of their asset-class benchmark, the Dow Jones U.S. Total Stock Market IndexSM. An out-of-benchmark allocation to Fidelity® Series Commodity Strategy Fund hurt relative results. Other notable detractors included Fidelity Advisor® Series Equity-Income Fund and Fidelity Advisor® Series Stock Selector Large Cap Value Fund. On the positive side, the growth-oriented Fidelity Advisor Equity Growth Fund and Fidelity Advisor Series Opportunistic Insights Fund were among the leading contributors. The Funds' non-U.S. holdings, in aggregate, also underperformed their asset-class benchmark. Fidelity® Series Emerging Markets Fund was the biggest detractor; Fidelity Series International Growth Fund also hurt. Fidelity Series International Small Cap Fund helped. Note: On January 1, 2014, the non-U.S. equity asset-class benchmark was changed from the MSCI EAFE Index to the MSCI ACWI (All Country World Index) ex USA Index, which includes exposure to emerging markets. In bonds, the Funds' underlying investments, in aggregate, exceeded the slightly negative result for the fixed-income asset-class benchmark, the Barclays® U.S. Aggregate Bond Index. Here, the Funds' allocation to Fidelity Series Investment Grade Bond Fund helped, as did allocations to Fidelity Series High Income Fund, Fidelity Series Floating Rate High Income Fund and Fidelity Series Real Estate Income Fund. Conversely, the Funds' investment in Fidelity Series Emerging Markets Debt Fund and Fidelity Series Inflation-Protected Bond Index Fund detracted.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
Annual Report
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2013 to March 31, 2014).
Actual Expenses
The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Advisor Freedom Income | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,031.30 | $ 1.27 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,030.10 | $ 2.53 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,027.30 | $ 5.05 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,026.60 | $ 5.05 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,032.50 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Advisor Freedom 2005 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,041.30 | $ 1.27 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,039.80 | $ 2.54 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,038.10 | $ 5.08 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,037.80 | $ 5.08 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,043.00 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2010 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,050.50 | $ 1.28 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,048.80 | $ 2.55 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,045.70 | $ 5.10 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,045.80 | $ 5.10 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,051.50 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2015 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,054.60 | $ 1.28 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,053.60 | $ 2.56 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,050.50 | $ 5.11 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,051.00 | $ 5.11 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,056.20 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Advisor Freedom 2020 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,058.70 | $ 1.28 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,057.50 | $ 2.56 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,054.30 | $ 5.12 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,055.00 | $ 5.12 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,060.20 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2025 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,067.50 | $ 1.29 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,066.40 | $ 2.58 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,063.70 | $ 5.15 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,064.30 | $ 5.15 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,068.90 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2030 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,073.20 | $ 1.29 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,071.60 | $ 2.58 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,068.70 | $ 5.16 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,069.20 | $ 5.16 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,074.80 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Advisor Freedom 2035 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,077.60 | $ 1.29 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,075.50 | $ 2.59 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,073.10 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,072.60 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,078.30 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2040 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,077.70 | $ 1.30 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,076.00 | $ 2.59 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,073.40 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,074.00 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,079.20 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2045 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,078.30 | $ 1.30 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,078.00 | $ 2.59 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,074.90 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,074.90 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,080.80 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Advisor Freedom 2050 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,079.50 | $ 1.30 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,078.00 | $ 2.59 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,074.90 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,075.90 | $ 5.18 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,080.90 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2055 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,080.70 | $ 1.30 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,078.60 | $ 2.59 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,076.10 | $ 5.18 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,081.00 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Class' annualized expense ratio.
Annual Report
Fidelity Advisor Freedom Income Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 1.5 | 1.9 |
Fidelity Advisor Series Equity-Income Fund | 2.9 | 1.3 |
Fidelity Advisor Series Growth & Income Fund | 2.3 | 1.3 |
Fidelity Advisor Series Growth Opportunities Fund | 1.4 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 1.3 | 1.0 |
Fidelity Advisor Series Small Cap Fund | 0.8 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 1.9 | 1.3 |
Fidelity Series 100 Index Fund | 0.8 | 0.3 |
Fidelity Series 1000 Value Index Fund | 0.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 1.9 | 2.3 |
Fidelity Series Commodity Strategy Fund | 1.1 | 1.9 |
Fidelity Series Real Estate Equity Fund | 0.2 | 0.2 |
Fidelity Series Small Cap Opportunities Fund | 1.0 | 0.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 0.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 0.7 |
Fidelity Series Large Cap Value Fund | 0.0 | 1.2 |
| 17.4 | 15.1 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.5 | 1.2 |
Fidelity Series International Growth Fund | 2.6 | 2.0 |
Fidelity Series International Small Cap Fund | 0.6 | 0.4 |
Fidelity Series International Value Fund | 2.5 | 2.1 |
| 7.2 | 5.7 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.5 | 0.5 |
Fidelity Series Floating Rate High Income Fund | 1.2 | 1.1 |
Fidelity Series High Income Fund | 5.0 | 4.9 |
Fidelity Series Inflation-Protected Bond Index Fund | 2.7 | 11.1 |
Fidelity Series Investment Grade Bond Fund | 35.9 | 21.6 |
Fidelity Series Real Estate Income Fund | 0.4 | 0.4 |
| 45.7 | 39.6 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 13.4 | 17.8 |
Fidelity Institutional Money Market Portfolio Institutional Class | 16.3 | 21.8 |
| 29.7 | 39.6 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
 | Domestic Equity Funds** | 17.4% | |
 | International Equity Funds | 7.2% | |
 | Bond Funds | 45.7% | |
 | Short-Term Funds | 29.7% | |
Six months ago |
| Domestic Equity Funds** | 15.1% | |
| International Equity Funds | 5.7% | |
| Bond Funds | 39.6% | |
| Short-Term Funds | 39.6% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom Income Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 17.4% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(c) | 47,144 | | $ 4,369,329 |
Fidelity Advisor Series Equity-Income Fund (c) | 671,445 | | 8,419,925 |
Fidelity Advisor Series Growth & Income Fund (c) | 497,155 | | 6,522,670 |
Fidelity Advisor Series Growth Opportunities Fund (c) | 387,083 | | 4,134,051 |
Fidelity Advisor Series Opportunistic Insights Fund (c) | 270,527 | | 3,784,677 |
Fidelity Advisor Series Small Cap Fund (c) | 222,047 | | 2,344,812 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (c) | 429,442 | | 5,436,742 |
Fidelity Series 100 Index Fund (c) | 199,410 | | 2,426,817 |
Fidelity Series 1000 Value Index Fund (c) | 92,129 | | 983,936 |
Fidelity Series All-Sector Equity Fund (c) | 390,384 | | 5,512,223 |
Fidelity Series Commodity Strategy Fund (a)(c) | 367,846 | | 3,108,298 |
Fidelity Series Real Estate Equity Fund (c) | 45,820 | | 591,989 |
Fidelity Series Small Cap Opportunities Fund (c) | 205,023 | | 2,782,159 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $41,032,636) |
50,417,628
|
International Equity Funds - 7.2% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 260,040 | | 4,459,691 |
Fidelity Series International Growth Fund (c) | 530,057 | | 7,505,601 |
Fidelity Series International Small Cap Fund (c) | 107,933 | | 1,747,432 |
Fidelity Series International Value Fund (c) | 654,337 | | 7,276,232 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $16,857,741) |
20,988,956
|
Bond Funds - 45.7% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 133,489 | | $ 1,361,591 |
Fidelity Series Floating Rate High Income Fund (c) | 323,797 | | 3,386,915 |
Fidelity Series High Income Fund (c) | 1,388,046 | | 14,699,403 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 815,177 | | 8,029,494 |
Fidelity Series Investment Grade Bond Fund (c) | 9,244,855 | | 104,097,064 |
Fidelity Series Real Estate Income Fund (c) | 95,359 | | 1,075,648 |
TOTAL BOND FUNDS (Cost $129,848,407) |
132,650,115
|
Short-Term Funds - 29.7% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class (c) | 4,146,787 | | 38,772,455 |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 47,424,506 | | 47,424,506 |
TOTAL SHORT-TERM FUNDS (Cost $85,373,557) |
86,196,961
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $273,112,341) | | 290,253,660 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (67,612) |
NET ASSETS - 100% | $ 290,186,048 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 5,710,077 | $ 317,534 | $ 3,062,949 | $ - | $ 4,369,329 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3,030,254 | 42,439 | 3,331,738 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 3,065,549 | 69,172 | 3,679,715 | - | - |
Fidelity Advisor Series Equity-Income Fund | 4,217,999 | 6,934,937 | 3,386,004 | 104,531 | 8,419,925 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 944,641 | 8,264,590 | 3,318,929 | 40,680 | 6,522,670 |
Fidelity Advisor Series Growth Opportunities Fund | - | 4,394,436 | 540,615 | 1,671 | 4,134,051 |
Fidelity Advisor Series Opportunistic Insights Fund | 2,977,939 | 1,265,653 | 1,220,124 | - | 3,784,677 |
Fidelity Advisor Series Small Cap Fund | - | 2,515,145 | 303,186 | 1,839 | 2,344,812 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4,236,726 | 2,060,182 | 1,416,129 | 43,845 | 5,436,742 |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 58,469,712 | 4,806,053 | 24,425,530 | 402,263 | 38,772,455 |
Fidelity Advisor Small Cap Fund Institutional Class | 2,340,665 | 146,493 | 2,845,340 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 71,120,992 | 5,593,013 | 29,289,501 | 61,974 | 47,424,506 |
Fidelity Series 100 Index Fund | 930,494 | 1,608,468 | 329,753 | 29,410 | 2,426,817 |
Affiliate | Value,
beginning of period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series 1000 Value Index Fund | $ - | $ 990,644 | $ 69,293 | $ 3,813 | $ 983,936 |
Fidelity Series All-Sector Equity Fund | 7,623,707 | 923,870 | 3,841,241 | 50,564 | 5,512,223 |
Fidelity Series Commodity Strategy Fund | 6,348,249 | 1,340,584 | 4,266,492 | - | 3,108,298 |
Fidelity Series Emerging Markets Debt Fund | 1,617,547 | 206,463 | 359,139 | 78,481 | 1,361,591 |
Fidelity Series Emerging Markets Fund | 3,933,471 | 1,394,569 | 955,901 | 44,965 | 4,459,691 |
Fidelity Series Floating Rate High Income Fund | 3,606,153 | 519,415 | 682,951 | 151,382 | 3,386,915 |
Fidelity Series High Income Fund | 16,077,152 | 2,036,629 | 3,512,106 | 810,971 | 14,699,403 |
Fidelity Series Inflation-Protected Bond Index Fund | 37,364,057 | 2,911,029 | 29,678,713 | 7,288 | 8,029,494 |
Fidelity Series International Growth Fund | 6,557,246 | 2,236,542 | 2,008,774 | 52,025 | 7,505,601 |
Fidelity Series International Small Cap Fund | 1,343,743 | 616,175 | 439,496 | 13,843 | 1,747,432 |
Fidelity Series International Value Fund | 6,535,805 | 3,564,909 | 3,646,756 | 160,023 | 7,276,232 |
Fidelity Series Investment Grade Bond Fund | 70,566,759 | 52,068,111 | 17,093,012 | 1,993,310 | 104,097,064 |
Fidelity Series Large Cap Value Fund | 4,366,121 | 2,209,566 | 6,032,788 | 55,790 | - |
Fidelity Series Real Estate Equity Fund | 651,607 | 95,855 | 148,850 | 9,081 | 591,989 |
Fidelity Series Real Estate Income Fund | 1,201,698 | 170,920 | 257,386 | 61,483 | 1,075,648 |
Fidelity Series Small Cap Opportunities Fund | 2,720,966 | 1,206,119 | 1,425,326 | 638 | 2,782,159 |
Total | $ 327,559,329 | $ 110,509,515 | $ 151,567,737 | $ 4,179,870 | $ 290,253,660 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom Income Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $273,112,341) - See accompanying schedule | | $ 290,253,660 |
Receivable for investments sold | | 871,075 |
Receivable for fund shares sold | | 393,232 |
Total assets | | 291,517,967 |
| | |
Liabilities | | |
Payable for investments purchased | $ 666,323 | |
Payable for fund shares redeemed | 598,167 | |
Distribution and service plan fees payable | 67,429 | |
Total liabilities | | 1,331,919 |
| | |
Net Assets | | $ 290,186,048 |
Net Assets consist of: | | |
Paid in capital | | $ 268,306,836 |
Undistributed net investment income | | 341,248 |
Accumulated undistributed net realized gain (loss) on investments | | 4,396,645 |
Net unrealized appreciation (depreciation) on investments | | 17,141,319 |
Net Assets | | $ 290,186,048 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($147,817,614 ÷ 13,199,844 shares) | | $ 11.20 |
| | |
Maximum offering price per share (100/94.25 of $11.20) | | $ 11.88 |
Class T:
Net Asset Value and redemption price per share ($53,019,056 ÷ 4,738,880 shares) | | $ 11.19 |
| | |
Maximum offering price per share (100/96.50 of $11.19) | | $ 11.60 |
Class B:
Net Asset Value and offering price per share ($1,681,353 ÷ 150,356 shares)A | | $ 11.18 |
| | |
Class C:
Net Asset Value and offering price per share ($15,734,693 ÷ 1,408,340 shares)A | | $ 11.17 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($71,933,332 ÷ 6,406,719 shares) | | $ 11.23 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 4,179,870 |
| | |
Expenses | | |
Distribution and service plan fees | $ 851,153 | |
Independent trustees' compensation | 1,188 | |
Total expenses before reductions | 852,341 | |
Expense reductions | (1,188) | 851,153 |
Net investment income (loss) | | 3,328,717 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 5,952,496 | |
Capital gain distributions from underlying funds | 3,580,795 | |
Total net realized gain (loss) | | 9,533,291 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (2,199,958) |
Net gain (loss) | | 7,333,333 |
Net increase (decrease) in net assets resulting from operations | | $ 10,662,050 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom Income Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,328,717 | $ 3,306,001 |
Net realized gain (loss) | 9,533,291 | 6,963,470 |
Change in net unrealized appreciation (depreciation) | (2,199,958) | 3,721,536 |
Net increase (decrease) in net assets resulting from operations | 10,662,050 | 13,991,007 |
Distributions to shareholders from net investment income | (3,238,481) | (3,274,495) |
Distributions to shareholders from net realized gain | (8,061,375) | (4,055,113) |
Total distributions | (11,299,856) | (7,329,608) |
Share transactions - net increase (decrease) | (36,661,667) | 17,611,622 |
Total increase (decrease) in net assets | (37,299,473) | 24,273,021 |
| | |
Net Assets | | |
Beginning of period | 327,485,521 | 303,212,500 |
End of period (including undistributed net investment income of $341,248 and undistributed net investment income of $251,012, respectively) | $ 290,186,048 | $ 327,485,521 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.21 | $ 10.98 | $ 10.85 | $ 10.35 | $ 8.74 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .12 | .15 | .16 | .22 |
Net realized and unrealized gain (loss) | .28 | .37 | .21 | .57 | 1.66 |
Total from investment operations | .40 | .49 | .36 | .73 | 1.88 |
Distributions from net investment income | (.12) | (.12) | (.15) | (.16) | (.22) |
Distributions from net realized gain | (.29) | (.14) | (.08) | (.07) | (.06) |
Total distributions | (.41) | (.26) | (.23) | (.23) | (.27) F |
Net asset value, end of period | $ 11.20 | $ 11.21 | $ 10.98 | $ 10.85 | $ 10.35 |
Total Return A,B | 3.65% | 4.53% | 3.34% | 7.11% | 21.74% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.10% | 1.08% | 1.37% | 1.48% | 2.19% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 147,818 | $ 176,876 | $ 166,658 | $ 157,695 | $ 142,691 |
Portfolio turnover rate D | 36% | 17% | 24% | 35% | 31% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.217 and distributions from net realized gain of $.056 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.20 | $ 10.96 | $ 10.84 | $ 10.34 | $ 8.73 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .09 | .09 | .12 | .13 | .19 |
Net realized and unrealized gain (loss) | .28 | .38 | .20 | .57 | 1.67 |
Total from investment operations | .37 | .47 | .32 | .70 | 1.86 |
Distributions from net investment income | (.09) | (.09) | (.12) | (.13) | (.19) |
Distributions from net realized gain | (.29) | (.14) | (.08) | (.07) | (.06) |
Total distributions | (.38) | (.23) | (.20) | (.20) | (.25) F |
Net asset value, end of period | $ 11.19 | $ 11.20 | $ 10.96 | $ 10.84 | $ 10.34 |
Total Return A,B | 3.40% | 4.35% | 3.01% | 6.85% | 21.47% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .85% | .83% | 1.12% | 1.23% | 1.94% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 53,019 | $ 53,734 | $ 56,246 | $ 57,404 | $ 52,047 |
Portfolio turnover rate D | 36% | 17% | 24% | 35% | 31% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.056 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.19 | $ 10.96 | $ 10.84 | $ 10.33 | $ 8.72 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .04 | .07 | .08 | .14 |
Net realized and unrealized gain (loss) | .28 | .37 | .19 | .58 | 1.67 |
Total from investment operations | .32 | .41 | .26 | .66 | 1.81 |
Distributions from net investment income | (.04) | (.04) | (.07) | (.08) | (.14) |
Distributions from net realized gain | (.29) | (.14) | (.08) | (.07) | (.06) |
Total distributions | (.33) | (.18) | (.14) G | (.15) | (.20) F |
Net asset value, end of period | $ 11.18 | $ 11.19 | $ 10.96 | $ 10.84 | $ 10.33 |
Total Return A,B | 2.86% | 3.80% | 2.47% | 6.39% | 20.86% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .33% | .62% | .73% | 1.44% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,681 | $ 2,294 | $ 2,889 | $ 3,938 | $ 5,319 |
Portfolio turnover rate D | 36% | 17% | 24% | 35% | 31% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.20 per share is comprised of distributions from net investment income of $.142 and distributions from net realized gain of $.056 per share.
G Total distributions of $.14 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.079 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.18 | $ 10.96 | $ 10.84 | $ 10.33 | $ 8.72 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .04 | .07 | .08 | .14 |
Net realized and unrealized gain (loss) | .28 | .36 | .20 | .58 | 1.67 |
Total from investment operations | .32 | .40 | .27 | .66 | 1.81 |
Distributions from net investment income | (.04) | (.04) | (.07) | (.08) | (.14) |
Distributions from net realized gain | (.29) | (.14) | (.08) | (.07) | (.06) |
Total distributions | (.33) | (.18) | (.15) | (.15) | (.20) F |
Net asset value, end of period | $ 11.17 | $ 11.18 | $ 10.96 | $ 10.84 | $ 10.33 |
Total Return A,B | 2.89% | 3.70% | 2.50% | 6.42% | 20.83% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .33% | .62% | .73% | 1.44% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 15,735 | $ 16,606 | $ 17,170 | $ 16,581 | $ 14,697 |
Portfolio turnover rate D | 36% | 17% | 24% | 35% | 31% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.20 per share is comprised of distributions from net investment income of $.140 and distributions from net realized gain of $.056 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.23 | $ 11.00 | $ 10.87 | $ 10.37 | $ 8.75 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .15 | .15 | .18 | .18 | .24 |
Net realized and unrealized gain (loss) | .29 | .37 | .20 | .57 | 1.68 |
Total from investment operations | .44 | .52 | .38 | .75 | 1.92 |
Distributions from net investment income | (.15) | (.14) | (.17) | (.19) | (.24) |
Distributions from net realized gain | (.29) | (.14) | (.08) | (.07) | (.06) |
Total distributions | (.44) | (.29) H | (.25) | (.25) G | (.30) F |
Net asset value, end of period | $ 11.23 | $ 11.23 | $ 11.00 | $ 10.87 | $ 10.37 |
Total Return A | 3.98% | 4.75% | 3.58% | 7.36% | 22.16% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.35% | 1.33% | 1.62% | 1.73% | 2.44% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 71,933 | $ 77,976 | $ 60,248 | $ 32,640 | $ 18,137 |
Portfolio turnover rate C | 36% | 17% | 24% | 35% | 31% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.30 per share is comprised of distributions from net investment income of $.243 and distributions from net realized gain of $.056 per share.
G Total distributions of $.25 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.067 per share.
H Total distributions of $.29 per share is comprised of distributions from net investment income of $.144 and distributions from net realized gain of $.141 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 2.4 | 3.0 |
Fidelity Advisor Series Equity-Income Fund | 5.1 | 2.0 |
Fidelity Advisor Series Growth & Income Fund | 3.5 | 2.0 |
Fidelity Advisor Series Growth Opportunities Fund | 2.4 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 2.2 | 1.6 |
Fidelity Advisor Series Small Cap Fund | 1.4 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 3.4 | 2.0 |
Fidelity Series 100 Index Fund | 1.4 | 0.5 |
Fidelity Series 1000 Value Index Fund | 0.6 | 0.0 |
Fidelity Series All-Sector Equity Fund | 3.3 | 3.8 |
Fidelity Series Commodity Strategy Fund | 1.2 | 3.5 |
Fidelity Series Real Estate Equity Fund | 0.4 | 0.3 |
Fidelity Series Small Cap Opportunities Fund | 1.6 | 1.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 1.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 1.2 |
Fidelity Series Large Cap Value Fund | 0.0 | 2.0 |
| 28.9 | 24.8 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.5 | 2.0 |
Fidelity Series International Growth Fund | 4.2 | 3.3 |
Fidelity Series International Small Cap Fund | 1.0 | 0.7 |
Fidelity Series International Value Fund | 4.3 | 3.3 |
| 12.0 | 9.3 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
Fidelity Series Floating Rate High Income Fund | 1.1 | 1.1 |
Fidelity Series High Income Fund | 5.4 | 4.8 |
Fidelity Series Inflation-Protected Bond Index Fund | 2.1 | 8.9 |
Fidelity Series Investment Grade Bond Fund | 30.0 | 17.9 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 39.7 | 33.8 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 8.6 | 14.5 |
Fidelity Institutional Money Market Portfolio Institutional Class | 10.8 | 17.6 |
| 19.4 | 32.1 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 28.9% | |
 | International Equity Funds | 12.0% | |
 | Bond Funds | 39.7% | |
| Short-Term Funds | 19.4% | |
Six months ago |
| Domestic Equity Funds** | 24.8% | |
| International Equity Funds | 9.3% | |
| Bond Funds | 33.8% | |
| Short-Term Funds | 32.1% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 28.9% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(c) | 77,671 | | $ 7,198,520 |
Fidelity Advisor Series Equity-Income Fund (c) | 1,200,962 | | 15,060,068 |
Fidelity Advisor Series Growth & Income Fund (c) | 792,232 | | 10,394,081 |
Fidelity Advisor Series Growth Opportunities Fund (c) | 669,930 | | 7,154,850 |
Fidelity Advisor Series Opportunistic Insights Fund (c) | 462,899 | | 6,475,954 |
Fidelity Advisor Series Small Cap Fund (c) | 381,217 | | 4,025,656 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (c) | 783,411 | | 9,917,977 |
Fidelity Series 100 Index Fund (c) | 345,212 | | 4,201,227 |
Fidelity Series 1000 Value Index Fund (c) | 159,141 | | 1,699,627 |
Fidelity Series All-Sector Equity Fund (c) | 688,679 | | 9,724,154 |
Fidelity Series Commodity Strategy Fund (a)(c) | 423,409 | | 3,577,803 |
Fidelity Series Real Estate Equity Fund (c) | 87,304 | | 1,127,969 |
Fidelity Series Small Cap Opportunities Fund (c) | 351,159 | | 4,765,222 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $71,286,500) |
85,323,108
|
International Equity Funds - 12.0% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 426,942 | | 7,322,048 |
Fidelity Series International Growth Fund (c) | 881,595 | | 12,483,392 |
Fidelity Series International Small Cap Fund (c) | 177,318 | | 2,870,780 |
Fidelity Series International Value Fund (c) | 1,138,340 | | 12,658,344 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $28,867,696) |
35,334,564
|
Bond Funds - 39.7% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 168,386 | | $ 1,717,539 |
Fidelity Series Floating Rate High Income Fund (c) | 324,497 | | 3,394,235 |
Fidelity Series High Income Fund (c) | 1,504,082 | | 15,928,232 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 623,391 | | 6,140,401 |
Fidelity Series Investment Grade Bond Fund (c) | 7,844,916 | | 88,333,757 |
Fidelity Series Real Estate Income Fund (c) | 119,579 | | 1,348,853 |
TOTAL BOND FUNDS (Cost $114,852,048) |
116,863,017
|
Short-Term Funds - 19.4% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class (c) | 2,719,698 | | 25,429,176 |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 31,651,439 | | 31,651,439 |
TOTAL SHORT-TERM FUNDS (Cost $56,553,113) |
57,080,615
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $271,559,357) | | 294,601,304 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (60,167) |
NET ASSETS - 100% | $ 294,541,137 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 9,259,781 | $ 862,025 | $ 5,194,586 | $ - | $ 7,198,520 |
Fidelity Advisor Growth & Income Fund Institutional Class | 4,932,891 | 199,148 | 5,560,081 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 4,939,271 | 290,298 | 6,093,574 | - | - |
Fidelity Advisor Series Equity-Income Fund | 6,678,206 | 12,388,968 | 5,083,678 | 166,469 | 15,060,068 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 1,486,283 | 10,986,617 | 3,019,189 | 63,041 | 10,394,081 |
Fidelity Advisor Series Growth Opportunities Fund | - | 7,131,014 | 438,564 | 2,636 | 7,154,850 |
Fidelity Advisor Series Opportunistic Insights Fund | 4,718,776 | 3,021,391 | 2,493,945 | - | 6,475,954 |
Fidelity Advisor Series Small Cap Fund | - | 4,174,908 | 372,780 | 2,992 | 4,025,656 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 6,717,864 | 4,918,177 | 2,591,712 | 79,711 | 9,917,977 |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 42,520,470 | 7,528,770 | 24,578,176 | 295,151 | 25,429,176 |
Fidelity Advisor Small Cap Fund Institutional Class | 3,791,219 | 301,071 | 4,664,672 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 51,920,042 | 8,764,776 | 29,033,378 | 45,858 | 31,651,439 |
Fidelity Series 100 Index Fund | 1,544,268 | 2,997,451 | 675,313 | 49,131 | 4,201,227 |
Affiliate | Value,
beginning of period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series 1000 Value Index Fund | $ - | $ 1,716,729 | $ 116,922 | $ 6,160 | $ 1,699,627 |
Fidelity Series All-Sector Equity Fund | 12,345,820 | 2,385,507 | 6,312,716 | 81,822 | 9,724,154 |
Fidelity Series Commodity Strategy Fund | 11,606,286 | 2,120,155 | 9,263,831 | - | 3,577,803 |
Fidelity Series Emerging Markets Debt Fund | 1,922,638 | 303,888 | 387,086 | 96,082 | 1,717,539 |
Fidelity Series Emerging Markets Fund | 6,352,622 | 2,335,470 | 1,506,744 | 71,062 | 7,322,048 |
Fidelity Series Floating Rate High Income Fund | 3,388,054 | 736,407 | 676,771 | 146,790 | 3,394,235 |
Fidelity Series High Income Fund | 14,966,543 | 4,249,888 | 3,416,836 | 799,503 | 15,928,232 |
Fidelity Series Inflation-Protected Bond Index Fund | 28,253,550 | 3,775,425 | 23,968,474 | 5,533 | 6,140,401 |
Fidelity Series International Growth Fund | 10,396,703 | 4,270,031 | 3,346,419 | 82,280 | 12,483,392 |
Fidelity Series International Small Cap Fund | 2,144,791 | 1,076,977 | 724,025 | 21,889 | 2,870,780 |
Fidelity Series International Value Fund | 10,285,665 | 6,197,045 | 5,130,720 | 253,221 | 12,658,344 |
Fidelity Series Investment Grade Bond Fund | 55,981,719 | 49,159,722 | 15,724,877 | 1,648,570 | 88,333,757 |
Fidelity Series Large Cap Value Fund | 7,189,173 | 3,710,984 | 10,078,509 | 87,144 | - |
Fidelity Series Real Estate Equity Fund | 1,108,307 | 288,053 | 266,119 | 15,517 | 1,127,969 |
Fidelity Series Real Estate Income Fund | 1,458,849 | 223,852 | 288,387 | 75,382 | 1,348,853 |
Fidelity Series Small Cap Opportunities Fund | 4,413,628 | 2,071,912 | 2,188,688 | 1,037 | 4,765,222 |
Total | $ 310,323,419 | $ 148,186,659 | $ 173,196,772 | $ 4,096,981 | $ 294,601,304 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2005 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $271,559,357) - See accompanying schedule | | $ 294,601,304 |
Cash | | 9 |
Receivable for investments sold | | 1,471,569 |
Receivable for fund shares sold | | 157,828 |
Total assets | | 296,230,710 |
| | |
Liabilities | | |
Payable for investments purchased | $ 738,523 | |
Payable for fund shares redeemed | 890,959 | |
Distribution and service plan fees payable | 60,091 | |
Total liabilities | | 1,689,573 |
| | |
Net Assets | | $ 294,541,137 |
Net Assets consist of: | | |
Paid in capital | | $ 266,925,118 |
Undistributed net investment income | | 773,351 |
Accumulated undistributed net realized gain (loss) on investments | | 3,800,721 |
Net unrealized appreciation (depreciation) on investments | | 23,041,947 |
Net Assets | | $ 294,541,137 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($187,224,188 ÷ 15,381,338 shares) | | $ 12.17 |
| | |
Maximum offering price per share (100/94.25 of $12.17) | | $ 12.91 |
Class T:
Net Asset Value and redemption price per share ($29,912,387 ÷ 2,459,077 shares) | | $ 12.16 |
| | |
Maximum offering price per share (100/96.50 of $12.16) | | $ 12.60 |
Class B:
Net Asset Value and offering price per share ($1,059,126 ÷ 86,837 shares)A | | $ 12.20 |
| | |
Class C:
Net Asset Value and offering price per share ($8,910,274 ÷ 734,196 shares)A | | $ 12.14 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($67,435,162 ÷ 5,506,122 shares) | | $ 12.25 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 4,096,981 |
| | |
Expenses | | |
Distribution and service plan fees | $ 729,991 | |
Independent trustees' compensation | 1,155 | |
Total expenses before reductions | 731,146 | |
Expense reductions | (1,155) | 729,991 |
Net investment income (loss) | | 3,366,990 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 5,741,185 | |
Capital gain distributions from underlying funds | 5,003,367 | |
Total net realized gain (loss) | | 10,744,552 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 3,546,846 |
Net gain (loss) | | 14,291,398 |
Net increase (decrease) in net assets resulting from operations | | $ 17,658,388 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,366,990 | $ 3,323,059 |
Net realized gain (loss) | 10,744,552 | 12,719,737 |
Change in net unrealized appreciation (depreciation) | 3,546,846 | 462,584 |
Net increase (decrease) in net assets resulting from operations | 17,658,388 | 16,505,380 |
Distributions to shareholders from net investment income | (3,050,354) | (3,357,002) |
Distributions to shareholders from net realized gain | (7,700,556) | (1,779,655) |
Total distributions | (10,750,910) | (5,136,657) |
Share transactions - net increase (decrease) | (22,629,477) | 26,042,535 |
Total increase (decrease) in net assets | (15,721,999) | 37,411,258 |
| | |
Net Assets | | |
Beginning of period | 310,263,136 | 272,851,878 |
End of period (including undistributed net investment income of $773,351 and undistributed net investment income of $456,715, respectively) | $ 294,541,137 | $ 310,263,136 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.90 | $ 11.45 | $ 11.45 | $ 10.57 | $ 8.10 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .13 | .15 | .15 | .20 |
Net realized and unrealized gain (loss) | .57 | .53 | .13 | .97 | 2.53 |
Total from investment operations | .70 | .66 | .28 | 1.12 | 2.73 |
Distributions from net investment income | (.12) | (.13) | (.15) | (.15) | (.19) |
Distributions from net realized gain | (.31) | (.07) | (.13) | (.09) | (.07) |
Total distributions | (.43) | (.21) F | (.28) | (.24) | (.26) |
Net asset value, end of period | $ 12.17 | $ 11.90 | $ 11.45 | $ 11.45 | $ 10.57 |
Total Return A,B | 5.98% | 5.79% | 2.53% | 10.72% | 33.91% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.10% | 1.16% | 1.37% | 1.37% | 2.01% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 187,224 | $ 204,418 | $ 193,977 | $ 177,385 | $ 155,482 |
Portfolio turnover rate D | 49% | 23% | 28% | 41% | 35% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.21 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.071 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.90 | $ 11.45 | $ 11.45 | $ 10.57 | $ 8.10 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .10 | .11 | .13 | .12 | .17 |
Net realized and unrealized gain (loss) | .57 | .52 | .12 | .97 | 2.54 |
Total from investment operations | .67 | .63 | .25 | 1.09 | 2.71 |
Distributions from net investment income | (.10) | (.11) | (.12) | (.12) | (.17) |
Distributions from net realized gain | (.31) | (.07) | (.13) | (.09) | (.07) |
Total distributions | (.41) | (.18) | (.25) | (.21) | (.24) |
Net asset value, end of period | $ 12.16 | $ 11.90 | $ 11.45 | $ 11.45 | $ 10.57 |
Total Return A,B | 5.68% | 5.56% | 2.25% | 10.42% | 33.61% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .85% | .91% | 1.12% | 1.12% | 1.76% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 29,912 | $ 26,201 | $ 22,316 | $ 21,658 | $ 23,113 |
Portfolio turnover rate D | 49% | 23% | 28% | 41% | 35% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.93 | $ 11.47 | $ 11.45 | $ 10.56 | $ 8.09 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .05 | .07 | .07 | .12 |
Net realized and unrealized gain (loss) | .58 | .52 | .12 | .97 | 2.53 |
Total from investment operations | .62 | .57 | .19 | 1.04 | 2.65 |
Distributions from net investment income | (.04) | (.04) | (.05) | (.07) | (.11) |
Distributions from net realized gain | (.31) | (.07) | (.12) | (.09) | (.07) |
Total distributions | (.35) | (.11) | (.17) | (.15) F | (.18) |
Net asset value, end of period | $ 12.20 | $ 11.93 | $ 11.47 | $ 11.45 | $ 10.56 |
Total Return A,B | 5.22% | 5.00% | 1.73% | 9.94% | 32.90% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .41% | .62% | .62% | 1.26% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,059 | $ 1,162 | $ 1,571 | $ 2,338 | $ 2,986 |
Portfolio turnover rate D | 49% | 23% | 28% | 41% | 35% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.15 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.087 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.87 | $ 11.42 | $ 11.42 | $ 10.54 | $ 8.08 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .05 | .07 | .07 | .12 |
Net realized and unrealized gain (loss) | .58 | .52 | .11 | .97 | 2.53 |
Total from investment operations | .62 | .57 | .18 | 1.04 | 2.65 |
Distributions from net investment income | (.04) | (.05) | (.07) | (.07) | (.12) |
Distributions from net realized gain | (.31) | (.07) | (.12) | (.09) | (.07) |
Total distributions | (.35) | (.12) | (.18) F | (.16) | (.19) |
Net asset value, end of period | $ 12.14 | $ 11.87 | $ 11.42 | $ 11.42 | $ 10.54 |
Total Return A,B | 5.28% | 5.01% | 1.66% | 9.91% | 32.90% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .41% | .62% | .62% | 1.26% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,910 | $ 8,118 | $ 8,053 | $ 8,679 | $ 9,377 |
Portfolio turnover rate D | 49% | 23% | 28% | 41% | 35% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.18 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.115 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.97 | $ 11.51 | $ 11.52 | $ 10.63 | $ 8.14 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .16 | .16 | .18 | .18 | .22 |
Net realized and unrealized gain (loss) | .58 | .53 | .11 | .98 | 2.55 |
Total from investment operations | .74 | .69 | .29 | 1.16 | 2.77 |
Distributions from net investment income | (.15) | (.16) | (.18) | (.18) | (.21) |
Distributions from net realized gain | (.31) | (.07) | (.13) | (.09) | (.07) |
Total distributions | (.46) | (.23) | (.30) F | (.27) | (.28) |
Net asset value, end of period | $ 12.25 | $ 11.97 | $ 11.51 | $ 11.52 | $ 10.63 |
Total Return A | 6.29% | 6.11% | 2.67% | 11.02% | 34.28% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.35% | 1.41% | 1.62% | 1.62% | 2.26% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 67,435 | $ 70,364 | $ 46,935 | $ 35,069 | $ 18,775 |
Portfolio turnover rate C | 49% | 23% | 28% | 41% | 35% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.30 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.128 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 3.1 | 4.3 |
Fidelity Advisor Series Equity-Income Fund | 6.0 | 2.9 |
Fidelity Advisor Series Growth & Income Fund | 4.7 | 2.8 |
Fidelity Advisor Series Growth Opportunities Fund | 3.0 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 2.7 | 2.3 |
Fidelity Advisor Series Small Cap Fund | 1.6 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 3.9 | 2.9 |
Fidelity Series 100 Index Fund | 1.7 | 0.7 |
Fidelity Series 1000 Value Index Fund | 0.7 | 0.0 |
Fidelity Series All-Sector Equity Fund | 4.2 | 5.3 |
Fidelity Series Commodity Strategy Fund | 1.2 | 5.0 |
Fidelity Series Real Estate Equity Fund | 0.4 | 0.4 |
Fidelity Series Small Cap Opportunities Fund | 2.0 | 1.9 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 2.1 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 1.7 |
Fidelity Series Large Cap Value Fund | 0.0 | 2.9 |
| 35.2 | 35.2 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 3.0 | 2.8 |
Fidelity Series International Growth Fund | 5.2 | 4.7 |
Fidelity Series International Small Cap Fund | 1.2 | 1.0 |
Fidelity Series International Value Fund | 5.3 | 4.7 |
| 14.7 | 13.2 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
Fidelity Series Floating Rate High Income Fund | 1.1 | 1.1 |
Fidelity Series High Income Fund | 5.6 | 4.7 |
Fidelity Series Inflation-Protected Bond Index Fund | 1.7 | 9.7 |
Fidelity Series Investment Grade Bond Fund | 26.6 | 21.5 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 36.1 | 38.1 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 6.2 | 6.1 |
Fidelity Institutional Money Market Portfolio Institutional Class | 7.8 | 7.4 |
| 14.0 | 13.5 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 35.2% | |
| International Equity Funds | 14.7% | |
| Bond Funds | 36.1% | |
| Short-Term Funds | 14.0% | |
Six months ago |
| Domestic Equity Funds** | 35.2% | |
| International Equity Funds | 13.2% | |
| Bond Funds | 38.1% | |
| Short-Term Funds | 13.5% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 35.2% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(c) | 287,565 | | $ 26,651,508 |
Fidelity Advisor Series Equity-Income Fund (c) | 4,098,668 | | 51,397,293 |
Fidelity Advisor Series Growth & Income Fund (c) | 3,100,591 | | 40,679,760 |
Fidelity Advisor Series Growth Opportunities Fund (c) | 2,401,895 | | 25,652,239 |
Fidelity Advisor Series Opportunistic Insights Fund (c) | 1,635,480 | | 22,880,359 |
Fidelity Advisor Series Small Cap Fund (c) | 1,313,124 | | 13,866,591 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (c) | 2,618,068 | | 33,144,735 |
Fidelity Series 100 Index Fund (c) | 1,220,772 | | 14,856,796 |
Fidelity Series 1000 Value Index Fund (c) | 564,071 | | 6,024,276 |
Fidelity Series All-Sector Equity Fund (c) | 2,578,769 | | 36,412,220 |
Fidelity Series Commodity Strategy Fund (a)(c) | 1,220,969 | | 10,317,190 |
Fidelity Series Real Estate Equity Fund (c) | 296,066 | | 3,825,175 |
Fidelity Series Small Cap Opportunities Fund (c) | 1,249,211 | | 16,951,796 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $250,555,835) |
302,659,938
|
International Equity Funds - 14.7% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 1,512,934 | | 25,946,811 |
Fidelity Series International Growth Fund (c) | 3,146,611 | | 44,556,018 |
Fidelity Series International Small Cap Fund (c) | 641,411 | | 10,384,441 |
Fidelity Series International Value Fund (c) | 4,055,184 | | 45,093,645 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $102,522,930) |
125,980,915
|
Bond Funds - 36.1% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 485,809 | | $ 4,955,256 |
Fidelity Series Floating Rate High Income Fund (c) | 915,860 | | 9,579,900 |
Fidelity Series High Income Fund (c) | 4,563,589 | | 48,328,406 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 1,498,653 | | 14,761,732 |
Fidelity Series Investment Grade Bond Fund (c) | 20,319,117 | | 228,793,251 |
Fidelity Series Real Estate Income Fund (c) | 367,055 | | 4,140,386 |
TOTAL BOND FUNDS (Cost $306,084,232) |
310,558,931
|
Short-Term Funds - 14.0% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class (c) | 5,736,301 | | 53,634,412 |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 67,008,658 | | 67,008,658 |
TOTAL SHORT-TERM FUNDS (Cost $120,517,341) |
120,643,070
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $779,680,338) | | 859,842,854 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (192,253) |
NET ASSETS - 100% | $ 859,650,601 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 37,256,333 | $ 2,212,637 | $ 21,954,464 | $ - | $ 26,651,508 |
Fidelity Advisor Growth & Income Fund Institutional Class | 19,844,540 | 464,881 | 22,020,009 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 20,021,126 | 608,263 | 24,176,130 | - | - |
Fidelity Advisor Series Equity-Income Fund | 27,797,031 | 29,030,153 | 9,433,397 | 645,082 | 51,397,293 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 6,212,935 | 42,444,082 | 11,761,367 | 249,838 | 40,679,760 |
Fidelity Advisor Series Growth Opportunities Fund | - | 27,994,309 | 4,091,061 | 10,005 | 25,652,239 |
Fidelity Advisor Series Opportunistic Insights Fund | 19,617,134 | 4,330,708 | 5,998,504 | - | 22,880,359 |
Fidelity Advisor Series Small Cap Fund | - | 15,508,758 | 2,431,247 | 11,066 | 13,866,591 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 27,908,639 | 10,374,157 | 8,695,462 | 268,058 | 33,144,735 |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 51,871,108 | 13,754,253 | 11,935,629 | 440,148 | 53,634,412 |
Fidelity Advisor Small Cap Fund Institutional Class | 15,266,503 | 723,877 | 18,334,928 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 63,172,497 | 20,001,900 | 16,165,740 | 65,819 | 67,008,658 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series 100 Index Fund | $ 6,173,658 | $ 9,482,184 | $ 2,063,747 | $ 138,561 | $ 14,856,796 |
Fidelity Series 1000 Value Index Fund | - | 6,083,290 | 440,993 | 25,037 | 6,024,276 |
Fidelity Series All-Sector Equity Fund | 49,620,547 | 6,328,279 | 24,953,530 | 327,395 | 36,412,220 |
Fidelity Series Commodity Strategy Fund | 46,125,134 | 8,863,013 | 40,655,961 | - | 10,317,190 |
Fidelity Series Emerging Markets Debt Fund | 5,750,850 | 613,710 | 1,043,333 | 283,140 | 4,955,256 |
Fidelity Series Emerging Markets Fund | 25,236,844 | 5,029,761 | 4,945,243 | 264,052 | 25,946,811 |
Fidelity Series Floating Rate High Income Fund | 10,542,272 | 1,218,712 | 2,022,285 | 431,396 | 9,579,900 |
Fidelity Series High Income Fund | 43,273,952 | 12,954,302 | 8,284,239 | 2,359,629 | 48,328,406 |
Fidelity Series Inflation-Protected Bond Index Fund | 91,127,240 | 8,765,103 | 79,244,487 | 14,075 | 14,761,732 |
Fidelity Series International Growth Fund | 42,059,080 | 7,258,248 | 9,540,013 | 304,980 | 44,556,018 |
Fidelity Series International Small Cap Fund | 8,602,872 | 2,420,537 | 2,134,541 | 81,200 | 10,384,441 |
Fidelity Series International Value Fund | 41,792,652 | 10,785,299 | 12,821,298 | 932,321 | 45,093,645 |
Fidelity Series Investment Grade Bond Fund | 196,591,693 | 80,506,955 | 43,920,669 | 5,019,054 | 228,793,251 |
Fidelity Series Large Cap Value Fund | 28,205,834 | 14,916,472 | 39,427,267 | 372,532 | - |
Fidelity Series Real Estate Equity Fund | 4,145,322 | 543,986 | 819,784 | 59,323 | 3,825,175 |
Fidelity Series Real Estate Income Fund | 4,736,681 | 526,457 | 970,472 | 239,210 | 4,140,386 |
Fidelity Series Small Cap Opportunities Fund | 17,772,438 | 4,490,075 | 7,107,145 | 3,807 | 16,951,796 |
Total | $ 910,724,915 | $ 348,234,361 | $ 437,392,945 | $ 12,545,728 | $ 859,842,854 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2010 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $779,680,338) - See accompanying schedule | | $ 859,842,854 |
Receivable for investments sold | | 4,287,430 |
Receivable for fund shares sold | | 619,730 |
Total assets | | 864,750,014 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,328,922 | |
Payable for fund shares redeemed | 2,578,660 | |
Distribution and service plan fees payable | 191,831 | |
Total liabilities | | 5,099,413 |
| | |
Net Assets | | $ 859,650,601 |
Net Assets consist of: | | |
Paid in capital | | $ 763,297,453 |
Undistributed net investment income | | 1,958,102 |
Accumulated undistributed net realized gain (loss) on investments | | 14,232,530 |
Net unrealized appreciation (depreciation) on investments | | 80,162,516 |
Net Assets | | $ 859,650,601 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($502,833,984 ÷ 38,957,831 shares) | | $ 12.91 |
| | |
Maximum offering price per share (100/94.25 of $12.91) | | $ 13.70 |
Class T:
Net Asset Value and redemption price per share ($124,997,313 ÷ 9,713,910 shares) | | $ 12.87 |
| | |
Maximum offering price per share (100/96.50 of $12.87) | | $ 13.34 |
Class B:
Net Asset Value and offering price per share ($3,921,487 ÷ 303,691 shares)A | | $ 12.91 |
| | |
Class C:
Net Asset Value and offering price per share ($36,622,126 ÷ 2,862,388 shares)A | | $ 12.79 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($191,275,691 ÷ 14,756,561 shares) | | $ 12.96 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 12,545,728 |
| | |
Expenses | | |
Distribution and service plan fees | $ 2,374,946 | |
Independent trustees' compensation | 3,410 | |
Total expenses before reductions | 2,378,356 | |
Expense reductions | (3,410) | 2,374,946 |
Net investment income (loss) | | 10,170,782 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 17,423,906 | |
Capital gain distributions from underlying funds | 18,747,159 | |
Total net realized gain (loss) | | 36,171,065 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 20,852,752 |
Net gain (loss) | | 57,023,817 |
Net increase (decrease) in net assets resulting from operations | | $ 67,194,599 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2010 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 10,170,782 | $ 11,478,269 |
Net realized gain (loss) | 36,171,065 | 54,501,265 |
Change in net unrealized appreciation (depreciation) | 20,852,752 | (4,153,489) |
Net increase (decrease) in net assets resulting from operations | 67,194,599 | 61,826,045 |
Distributions to shareholders from net investment income | (9,511,361) | (11,763,830) |
Distributions to shareholders from net realized gain | (28,968,103) | (6,303,241) |
Total distributions | (38,479,464) | (18,067,071) |
Share transactions - net increase (decrease) | (79,585,074) | (22,088,856) |
Total increase (decrease) in net assets | (50,869,939) | 21,670,118 |
| | |
Net Assets | | |
Beginning of period | 910,520,540 | 888,850,422 |
End of period (including undistributed net investment income of $1,958,102 and undistributed net investment income of $1,298,681, respectively) | $ 859,650,601 | $ 910,520,540 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.50 | $ 11.89 | $ 11.92 | $ 10.87 | $ 8.19 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .15 | .16 | .17 | .15 | .21 |
Net realized and unrealized gain (loss) | .82 | .70 | .12 | 1.17 | 2.76 |
Total from investment operations | .97 | .86 | .29 | 1.32 | 2.97 |
Distributions from net investment income | (.14) | (.16) | (.17) | (.17) | (.21) |
Distributions from net realized gain | (.42) | (.09) | (.16) | (.10) | (.08) |
Total distributions | (.56) | (.25) | (.32) G | (.27) | (.29) F |
Net asset value, end of period | $ 12.91 | $ 12.50 | $ 11.89 | $ 11.92 | $ 10.87 |
Total Return A,B | 7.86% | 7.33% | 2.63% | 12.27% | 36.51% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.15% | 1.33% | 1.48% | 1.38% | 2.04% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 502,834 | $ 540,980 | $ 552,770 | $ 536,999 | $ 478,025 |
Portfolio turnover rate D | 39% | 26% | 25% | 41% | 42% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.29 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.083 per share.
G Total distributions of $.32 per share is comprised of distributions from net investment income of $.169 and distributions from net realized gain of $.155 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.46 | $ 11.86 | $ 11.88 | $ 10.83 | $ 8.16 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .11 | .13 | .14 | .13 | .18 |
Net realized and unrealized gain (loss) | .83 | .69 | .13 | 1.15 | 2.76 |
Total from investment operations | .94 | .82 | .27 | 1.28 | 2.94 |
Distributions from net investment income | (.11) | (.13) | (.14) | (.13) | (.19) |
Distributions from net realized gain | (.42) | (.09) | (.16) | (.10) | (.08) |
Total distributions | (.53) | (.22) | (.29) G | (.23) | (.27) F |
Net asset value, end of period | $ 12.87 | $ 12.46 | $ 11.86 | $ 11.88 | $ 10.83 |
Total Return A,B | 7.62% | 6.98% | 2.43% | 11.95% | 36.19% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .90% | 1.08% | 1.23% | 1.13% | 1.79% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 124,997 | $ 127,353 | $ 132,044 | $ 152,126 | $ 204,059 |
Portfolio turnover rate D | 39% | 26% | 25% | 41% | 42% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.083 per share.
G Total distributions of $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.49 | $ 11.87 | $ 11.87 | $ 10.82 | $ 8.15 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .07 | .08 | .07 | .13 |
Net realized and unrealized gain (loss) | .82 | .70 | .13 | 1.15 | 2.76 |
Total from investment operations | .87 | .77 | .21 | 1.22 | 2.89 |
Distributions from net investment income | (.03) | (.06) | (.07) | (.07) | (.13) |
Distributions from net realized gain | (.41) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.45) H | (.15) | (.21) G | (.17) | (.22) F |
Net asset value, end of period | $ 12.91 | $ 12.49 | $ 11.87 | $ 11.87 | $ 10.82 |
Total Return A,B | 7.01% | 6.51% | 1.90% | 11.37% | 35.54% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .41% | .58% | .73% | .63% | 1.29% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 3,921 | $ 6,474 | $ 9,154 | $ 15,842 | $ 22,468 |
Portfolio turnover rate D | 39% | 26% | 25% | 41% | 42% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.22 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.083 per share.
G Total distributions of $.21 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.148 per share.
H Total distributions of $.45 per share is comprised of distributions from net investment income of $.032 and distributions from net realized gain of $.413 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.39 | $ 11.79 | $ 11.81 | $ 10.78 | $ 8.13 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .07 | .08 | .07 | .13 |
Net realized and unrealized gain (loss) | .81 | .69 | .13 | 1.14 | 2.74 |
Total from investment operations | .86 | .76 | .21 | 1.21 | 2.87 |
Distributions from net investment income | (.05) | (.07) | (.08) | (.08) | (.14) |
Distributions from net realized gain | (.41) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.46) | (.16) | (.23) | (.18) | (.22) F |
Net asset value, end of period | $ 12.79 | $ 12.39 | $ 11.79 | $ 11.81 | $ 10.78 |
Total Return A,B | 7.04% | 6.49% | 1.90% | 11.33% | 35.45% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .40% | .58% | .73% | .63% | 1.29% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 36,622 | $ 38,562 | $ 38,423 | $ 44,764 | $ 47,178 |
Portfolio turnover rate D | 39% | 26% | 25% | 41% | 42% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.22 per share is comprised of distributions from net investment income of $.139 and distributions from net realized gain of $.083 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.55 | $ 11.94 | $ 11.96 | $ 10.91 | $ 8.22 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .18 | .19 | .20 | .18 | .23 |
Net realized and unrealized gain (loss) | .82 | .70 | .13 | 1.17 | 2.78 |
Total from investment operations | 1.00 | .89 | .33 | 1.35 | 3.01 |
Distributions from net investment income | (.17) | (.19) | (.20) | (.20) | (.23) |
Distributions from net realized gain | (.42) | (.09) | (.16) | (.10) | (.08) |
Total distributions | (.59) | (.28) | (.35) G | (.30) | (.32) F |
Net asset value, end of period | $ 12.96 | $ 12.55 | $ 11.94 | $ 11.96 | $ 10.91 |
Total Return A | 8.10% | 7.56% | 2.97% | 12.50% | 36.80% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.40% | 1.58% | 1.73% | 1.63% | 2.29% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 191,276 | $ 197,152 | $ 156,459 | $ 115,490 | $ 75,569 |
Portfolio turnover rate C | 39% | 26% | 25% | 41% | 42% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.32 per share is comprised of distributions from net investment income of $.234 and distributions from net realized gain of $.083 per share.
G Total distributions of $.35 per share is comprised of distributions from net investment income of $.199 and distributions from net realized gain of $.155 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 3.6 | 4.5 |
Fidelity Advisor Series Equity-Income Fund | 7.0 | 3.0 |
Fidelity Advisor Series Growth & Income Fund | 5.4 | 3.0 |
Fidelity Advisor Series Growth Opportunities Fund | 3.4 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 3.1 | 2.3 |
Fidelity Advisor Series Small Cap Fund | 1.9 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4.5 | 3.0 |
Fidelity Series 100 Index Fund | 1.9 | 0.7 |
Fidelity Series 1000 Value Index Fund | 0.7 | 0.0 |
Fidelity Series All-Sector Equity Fund | 4.9 | 5.6 |
Fidelity Series Commodity Strategy Fund | 1.2 | 5.3 |
Fidelity Series Real Estate Equity Fund | 0.5 | 0.4 |
Fidelity Series Small Cap Opportunities Fund | 2.3 | 2.0 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 2.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 1.8 |
Fidelity Series Large Cap Value Fund | 0.0 | 3.0 |
| 40.4 | 36.9 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 3.5 | 2.9 |
Fidelity Series International Growth Fund | 5.9 | 5.0 |
Fidelity Series International Small Cap Fund | 1.4 | 1.0 |
Fidelity Series International Value Fund | 6.0 | 5.0 |
| 16.8 | 13.9 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.5 | 0.6 |
Fidelity Series Floating Rate High Income Fund | 1.1 | 1.1 |
Fidelity Series High Income Fund | 5.8 | 4.7 |
Fidelity Series Inflation-Protected Bond Index Fund | 1.3 | 9.9 |
Fidelity Series Investment Grade Bond Fund | 23.8 | 22.6 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 33.0 | 39.4 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 4.3 | 4.4 |
Fidelity Institutional Money Market Portfolio Institutional Class | 5.5 | 5.4 |
| 9.8 | 9.8 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 40.4% | |
| International Equity Funds | 16.8% | |
| Bond Funds | 33.0% | |
| Short-Term Funds | 9.8% | |
Six months ago |
| Domestic Equity Funds** | 36.9% | |
| International Equity Funds | 13.9% | |
| Bond Funds | 39.4% | |
| Short-Term Funds | 9.8% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 40.4% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(c) | 734,457 | | $ 68,069,520 |
Fidelity Advisor Series Equity-Income Fund (c) | 10,550,849 | | 132,307,650 |
Fidelity Advisor Series Growth & Income Fund (c) | 7,765,472 | | 101,882,993 |
Fidelity Advisor Series Growth Opportunities Fund (c) | 6,020,806 | | 64,302,206 |
Fidelity Advisor Series Opportunistic Insights Fund (c) | 4,227,582 | | 59,143,879 |
Fidelity Advisor Series Small Cap Fund (c) | 3,410,179 | | 36,011,492 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (c) | 6,702,531 | | 84,854,048 |
Fidelity Series 100 Index Fund (c) | 2,980,934 | | 36,277,966 |
Fidelity Series 1000 Value Index Fund (c) | 1,224,991 | | 13,082,904 |
Fidelity Series All-Sector Equity Fund (c) | 6,535,259 | | 92,277,856 |
Fidelity Series Commodity Strategy Fund (a)(c) | 2,642,768 | | 22,331,388 |
Fidelity Series Real Estate Equity Fund (c) | 669,105 | | 8,644,837 |
Fidelity Series Small Cap Opportunities Fund (c) | 3,208,552 | | 43,540,057 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $631,500,403) |
762,726,796
|
International Equity Funds - 16.8% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 3,820,433 | | 65,520,421 |
Fidelity Series International Growth Fund (c) | 7,935,915 | | 112,372,553 |
Fidelity Series International Small Cap Fund (c) | 1,642,517 | | 26,592,348 |
Fidelity Series International Value Fund (c) | 10,215,888 | | 113,600,676 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $258,146,968) |
318,085,998
|
Bond Funds - 33.0% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 1,040,583 | | $ 10,613,949 |
Fidelity Series Floating Rate High Income Fund (c) | 2,005,878 | | 20,981,485 |
Fidelity Series High Income Fund (c) | 10,374,732 | | 109,868,417 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 2,473,670 | | 24,365,652 |
Fidelity Series Investment Grade Bond Fund (c) | 39,943,788 | | 449,767,050 |
Fidelity Series Real Estate Income Fund (c) | 803,731 | | 9,066,091 |
TOTAL BOND FUNDS (Cost $614,227,773) |
624,662,644
|
Short-Term Funds - 9.8% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class (c) | 8,745,118 | | 81,766,853 |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 102,948,070 | | 102,948,070 |
TOTAL SHORT-TERM FUNDS (Cost $183,260,494) |
184,714,923
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,687,135,638) | | 1,890,190,361 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (396,312) |
NET ASSETS - 100% | $ 1,889,794,049 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 84,657,466 | $ 2,646,933 | $ 40,460,852 | $ - | $ 68,069,520 |
Fidelity Advisor Growth & Income Fund Institutional Class | 44,873,207 | 488,411 | 49,209,139 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 45,274,051 | 582,756 | 53,855,519 | - | - |
Fidelity Advisor Series Equity-Income Fund | 61,416,234 | 97,955,790 | 36,562,926 | 1,558,483 | 132,307,650 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 13,693,032 | 96,259,078 | 16,860,447 | 590,325 | 101,882,993 |
Fidelity Advisor Series Growth Opportunities Fund | - | 63,560,901 | 3,489,194 | 24,875 | 64,302,206 |
Fidelity Advisor Series Opportunistic Insights Fund | 43,357,108 | 21,086,879 | 16,708,750 | - | 59,143,879 |
Fidelity Advisor Series Small Cap Fund | - | 37,062,712 | 3,016,639 | 28,376 | 36,011,492 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 61,668,338 | 31,679,340 | 16,586,741 | 721,726 | 84,854,048 |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 86,474,459 | 11,249,679 | 15,856,609 | 689,646 | 81,766,853 |
Fidelity Advisor Small Cap Fund Institutional Class | 34,707,632 | 1,111,372 | 41,122,318 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 105,198,514 | 16,488,085 | 18,738,529 | 103,382 | 102,948,070 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series 100 Index Fund | $ 13,918,390 | $ 23,334,184 | $ 4,106,494 | $ 510,112 | $ 36,277,966 |
Fidelity Series 1000 Value Index Fund | - | 13,031,555 | 792,862 | 55,809 | 13,082,904 |
Fidelity Series All-Sector Equity Fund | 112,351,689 | 13,172,689 | 45,005,556 | 799,958 | 92,277,856 |
Fidelity Series Commodity Strategy Fund | 105,007,756 | 16,278,683 | 90,129,886 | - | 22,331,388 |
Fidelity Series Emerging Markets Debt Fund | 12,205,213 | 1,156,030 | 1,977,140 | 599,472 | 10,613,949 |
Fidelity Series Emerging Markets Fund | 56,762,125 | 16,516,480 | 9,221,716 | 575,015 | 65,520,421 |
Fidelity Series Floating Rate High Income Fund | 21,465,667 | 3,076,694 | 3,226,567 | 923,287 | 20,981,485 |
Fidelity Series High Income Fund | 92,367,830 | 31,016,693 | 14,412,272 | 5,148,189 | 109,868,417 |
Fidelity Series Inflation-Protected Bond Index Fund | 195,025,325 | 20,162,890 | 179,209,673 | 22,999 | 24,365,652 |
Fidelity Series International Growth Fund | 94,342,991 | 23,246,421 | 16,322,796 | 749,886 | 112,372,553 |
Fidelity Series International Small Cap Fund | 19,264,544 | 7,712,027 | 3,855,435 | 198,009 | 26,592,348 |
Fidelity Series International Value Fund | 93,717,826 | 32,304,808 | 24,576,536 | 2,377,165 | 113,600,676 |
Fidelity Series Investment Grade Bond Fund | 443,590,585 | 84,871,112 | 68,191,487 | 10,578,439 | 449,767,050 |
Fidelity Series Large Cap Value Fund | 63,335,231 | 32,713,071 | 87,641,494 | 841,419 | - |
Fidelity Series Real Estate Equity Fund | 9,445,628 | 892,476 | 1,616,799 | 133,091 | 8,644,837 |
Fidelity Series Real Estate Income Fund | 11,099,419 | 1,167,428 | 2,827,322 | 545,178 | 9,066,091 |
Fidelity Series Small Cap Opportunities Fund | 40,393,393 | 13,650,039 | 14,748,078 | 9,760 | 43,540,057 |
Total | $ 1,965,613,653 | $ 714,475,216 | $ 880,329,776 | $ 27,784,601 | $ 1,890,190,361 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2015 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $1,687,135,638) - See accompanying schedule | | $ 1,890,190,361 |
Receivable for investments sold | | 4,342,559 |
Receivable for fund shares sold | | 2,279,742 |
Receivable from affiliate for expense reductions | | 31 |
Total assets | | 1,896,812,693 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,367,516 | |
Payable for fund shares redeemed | 3,255,446 | |
Distribution and service plan fees payable | 395,682 | |
Total liabilities | | 7,018,644 |
| | |
Net Assets | | $ 1,889,794,049 |
Net Assets consist of: | | |
Paid in capital | | $ 1,648,721,373 |
Undistributed net investment income | | 3,962,527 |
Accumulated undistributed net realized gain (loss) on investments | | 34,055,426 |
Net unrealized appreciation (depreciation) on investments | | 203,054,723 |
Net Assets | | $ 1,889,794,049 |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,086,605,929 ÷ 84,442,196 shares) | | $ 12.87 |
| | |
Maximum offering price per share (100/94.25 of $12.87) | | $ 13.66 |
Class T:
Net Asset Value and redemption price per share ($226,663,425 ÷ 17,640,621 shares) | | $ 12.85 |
| | |
Maximum offering price per share (100/96.50 of $12.85) | | $ 13.32 |
Class B:
Net Asset Value and offering price per share ($12,231,724 ÷ 952,279 shares)A | | $ 12.84 |
| | |
Class C:
Net Asset Value and offering price per share ($75,682,000 ÷ 5,926,591 shares)A | | $ 12.77 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($488,610,971 ÷ 37,701,361 shares) | | $ 12.96 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 27,784,601 |
| | |
Expenses | | |
Distribution and service plan fees | $ 4,875,626 | |
Independent trustees' compensation | 7,369 | |
Total expenses before reductions | 4,882,995 | |
Expense reductions | (7,369) | 4,875,626 |
Net investment income (loss) | | 22,908,975 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 37,255,666 | |
Capital gain distributions from underlying funds | 43,661,642 | |
Total net realized gain (loss) | | 80,917,308 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 53,175,889 |
Net gain (loss) | | 134,093,197 |
Net increase (decrease) in net assets resulting from operations | | $ 157,002,172 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 22,908,975 | $ 24,573,510 |
Net realized gain (loss) | 80,917,308 | 92,864,023 |
Change in net unrealized appreciation (depreciation) | 53,175,889 | 17,904,608 |
Net increase (decrease) in net assets resulting from operations | 157,002,172 | 135,342,141 |
Distributions to shareholders from net investment income | (21,780,486) | (24,816,448) |
Distributions to shareholders from net realized gain | (75,463,568) | (13,437,037) |
Total distributions | (97,244,054) | (38,253,485) |
Share transactions - net increase (decrease) | (135,136,394) | 111,574,961 |
Total increase (decrease) in net assets | (75,378,276) | 208,663,617 |
| | |
Net Assets | | |
Beginning of period | 1,965,172,325 | 1,756,508,708 |
End of period (including undistributed net investment income of $3,962,527 and undistributed net investment income of $2,834,039, respectively) | $ 1,889,794,049 | $ 1,965,172,325 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.47 | $ 11.85 | $ 11.87 | $ 10.81 | $ 8.05 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .15 | .16 | .17 | .16 | .20 |
Net realized and unrealized gain (loss) | .89 | .71 | .13 | 1.16 | 2.84 |
Total from investment operations | 1.04 | .87 | .30 | 1.32 | 3.04 |
Distributions from net investment income | (.15) | (.16) | (.17) | (.16) | (.20) |
Distributions from net realized gain | (.50) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.64) G | (.25) | (.32) | (.26) | (.28) F |
Net asset value, end of period | $ 12.87 | $ 12.47 | $ 11.85 | $ 11.87 | $ 10.81 |
Total Return A,B | 8.54% | 7.45% | 2.71% | 12.36% | 37.95% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.19% | 1.36% | 1.50% | 1.42% | 2.02% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,086,606 | $ 1,181,020 | $ 1,101,302 | $ 1,004,955 | $ 830,024 |
Portfolio turnover rate D | 37% | 20% | 19% | 33% | 29% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.28 per share is comprised of distributions from net investment income of $.197 and distributions from net realized gain of $.082 per share.
G Total distributions of $.64 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.498 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.46 | $ 11.83 | $ 11.85 | $ 10.79 | $ 8.04 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .13 | .14 | .13 | .18 |
Net realized and unrealized gain (loss) | .88 | .72 | .13 | 1.16 | 2.82 |
Total from investment operations | 1.00 | .85 | .27 | 1.29 | 3.00 |
Distributions from net investment income | (.11) | (.13) | (.14) | (.13) | (.17) |
Distributions from net realized gain | (.50) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.61) | (.22) | (.29) | (.23) | (.25) F |
Net asset value, end of period | $ 12.85 | $ 12.46 | $ 11.83 | $ 11.85 | $ 10.79 |
Total Return A,B | 8.20% | 7.28% | 2.44% | 12.09% | 37.53% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .94% | 1.11% | 1.25% | 1.17% | 1.77% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 226,663 | $ 227,022 | $ 213,366 | $ 236,106 | $ 225,384 |
Portfolio turnover rate D | 37% | 20% | 19% | 33% | 29% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.172 and distributions from net realized gain of $.082 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.44 | $ 11.81 | $ 11.82 | $ 10.76 | $ 8.02 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .06 | .07 | .09 | .07 | .13 |
Net realized and unrealized gain (loss) | .88 | .71 | .13 | 1.16 | 2.82 |
Total from investment operations | .94 | .78 | .22 | 1.23 | 2.95 |
Distributions from net investment income | (.05) | (.06) | (.07) | (.07) | (.12) |
Distributions from net realized gain | (.49) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.54) | (.15) | (.23) G | (.17) | (.21) F |
Net asset value, end of period | $ 12.84 | $ 12.44 | $ 11.81 | $ 11.82 | $ 10.76 |
Total Return A,B | 7.68% | 6.65% | 1.95% | 11.51% | 36.85% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .44% | .61% | .75% | .67% | 1.27% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 12,232 | $ 17,411 | $ 23,552 | $ 32,762 | $ 35,932 |
Portfolio turnover rate D | 37% | 20% | 19% | 33% | 29% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.21 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.082 per share.
G Total distributions of $.23 per share is comprised of distributions from net investment income of $.073 and distributions from net realized gain of $.154 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.39 | $ 11.77 | $ 11.79 | $ 10.74 | $ 8.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .07 | .09 | .07 | .13 |
Net realized and unrealized gain (loss) | .88 | .71 | .13 | 1.15 | 2.82 |
Total from investment operations | .93 | .78 | .22 | 1.22 | 2.95 |
Distributions from net investment income | (.06) | (.07) | (.09) | (.07) | (.13) |
Distributions from net realized gain | (.49) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.55) | (.16) | (.24) | (.17) | (.21) F |
Net asset value, end of period | $ 12.77 | $ 12.39 | $ 11.77 | $ 11.79 | $ 10.74 |
Total Return A,B | 7.65% | 6.70% | 1.98% | 11.49% | 36.97% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .44% | .61% | .75% | .67% | 1.27% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 75,682 | $ 72,115 | $ 70,220 | $ 70,396 | $ 64,801 |
Portfolio turnover rate D | 37% | 20% | 19% | 33% | 29% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.21 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.082 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.56 | $ 11.93 | $ 11.94 | $ 10.87 | $ 8.09 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .18 | .19 | .20 | .19 | .23 |
Net realized and unrealized gain (loss) | .90 | .72 | .14 | 1.17 | 2.85 |
Total from investment operations | 1.08 | .91 | .34 | 1.36 | 3.08 |
Distributions from net investment income | (.18) | (.19) | (.19) | (.19) | (.22) |
Distributions from net realized gain | (.50) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.68) | (.28) | (.35) G | (.29) | (.30) F |
Net asset value, end of period | $ 12.96 | $ 12.56 | $ 11.93 | $ 11.94 | $ 10.87 |
Total Return A | 8.75% | 7.74% | 3.01% | 12.67% | 38.30% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.44% | 1.61% | 1.75% | 1.67% | 2.27% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 488,611 | $ 467,604 | $ 348,068 | $ 238,655 | $ 137,487 |
Portfolio turnover rate C | 37% | 20% | 19% | 33% | 29% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.30 per share is comprised of distributions from net investment income of $.219 and distributions from net realized gain of $.082 per share.
G Total distributions of $.35 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.154 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.1 | 4.8 |
Fidelity Advisor Series Equity-Income Fund | 7.8 | 3.3 |
Fidelity Advisor Series Growth & Income Fund | 6.0 | 3.2 |
Fidelity Advisor Series Growth Opportunities Fund | 3.6 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 3.5 | 2.5 |
Fidelity Advisor Series Small Cap Fund | 2.0 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4.8 | 3.3 |
Fidelity Series 100 Index Fund | 2.2 | 0.8 |
Fidelity Series 1000 Value Index Fund | 0.9 | 0.0 |
Fidelity Series All-Sector Equity Fund | 5.3 | 6.0 |
Fidelity Series Commodity Strategy Fund | 1.2 | 5.7 |
Fidelity Series Real Estate Equity Fund | 0.5 | 0.5 |
Fidelity Series Small Cap Opportunities Fund | 2.6 | 2.2 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 2.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 1.9 |
Fidelity Series Large Cap Value Fund | 0.0 | 3.2 |
| 44.5 | 39.8 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 3.9 | 3.2 |
Fidelity Series International Growth Fund | 6.6 | 5.3 |
Fidelity Series International Small Cap Fund | 1.5 | 1.1 |
Fidelity Series International Value Fund | 6.6 | 5.4 |
| 18.6 | 15.0 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 1.0 | 1.1 |
Fidelity Series High Income Fund | 6.0 | 5.1 |
Fidelity Series Inflation-Protected Bond Index Fund | 0.9 | 8.3 |
Fidelity Series Investment Grade Bond Fund | 21.5 | 22.2 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 30.6 | 37.9 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 2.8 | 3.3 |
Fidelity Institutional Money Market Portfolio Institutional Class | 3.5 | 4.0 |
| 6.3 | 7.3 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 44.5% | |
| International Equity Funds | 18.6% | |
| Bond Funds | 30.6% | |
| Short-Term Funds | 6.3% | |
Six months ago |
| Domestic Equity Funds** | 39.8% | |
| International Equity Funds | 15.0% | |
| Bond Funds | 37.9% | |
| Short-Term Funds | 7.3% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 44.5% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(c) | 1,499,271 | | $ 138,952,414 |
Fidelity Advisor Series Equity-Income Fund (c) | 20,988,283 | | 263,193,072 |
Fidelity Advisor Series Growth & Income Fund (c) | 15,597,599 | | 204,640,504 |
Fidelity Advisor Series Growth Opportunities Fund (c) | 11,465,573 | | 122,452,317 |
Fidelity Advisor Series Opportunistic Insights Fund (c) | 8,386,895 | | 117,332,657 |
Fidelity Advisor Series Small Cap Fund (c) | 6,589,385 | | 69,583,906 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (c) | 12,885,009 | | 163,124,211 |
Fidelity Series 100 Index Fund (c) | 6,107,258 | | 74,325,330 |
Fidelity Series 1000 Value Index Fund (c) | 2,815,960 | | 30,074,450 |
Fidelity Series All-Sector Equity Fund (c) | 12,627,108 | | 178,294,761 |
Fidelity Series Commodity Strategy Fund (a)(c) | 4,836,002 | | 40,864,214 |
Fidelity Series Real Estate Equity Fund (c) | 1,361,434 | | 17,589,729 |
Fidelity Series Small Cap Opportunities Fund (c) | 6,401,660 | | 86,870,526 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,258,941,090) |
1,507,298,091
|
International Equity Funds - 18.6% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 7,766,320 | | 133,192,392 |
Fidelity Series International Growth Fund (c) | 15,747,459 | | 222,984,013 |
Fidelity Series International Small Cap Fund (c) | 3,133,464 | | 50,730,785 |
Fidelity Series International Value Fund (c) | 20,195,752 | | 224,576,763 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $523,874,293) |
631,483,953
|
Bond Funds - 30.6% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 2,224,562 | | $ 22,690,533 |
Fidelity Series Floating Rate High Income Fund (c) | 3,408,116 | | 35,648,893 |
Fidelity Series High Income Fund (c) | 19,239,011 | | 203,741,125 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 3,069,587 | | 30,235,429 |
Fidelity Series Investment Grade Bond Fund (c) | 64,719,353 | | 728,739,921 |
Fidelity Series Real Estate Income Fund (c) | 1,438,886 | | 16,230,635 |
TOTAL BOND FUNDS (Cost $1,030,720,265) |
1,037,286,536
|
Short-Term Funds - 6.3% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class (c) | 10,221,690 | | 95,572,803 |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 118,288,330 | | 118,288,330 |
TOTAL SHORT-TERM FUNDS (Cost $212,795,731) |
213,861,133
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $3,026,331,379) | | 3,389,929,713 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (704,291) |
NET ASSETS - 100% | $ 3,389,225,422 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 154,490,981 | $ 7,080,470 | $ 62,736,748 | $ - | $ 138,952,414 |
Fidelity Advisor Growth & Income Fund Institutional Class | 82,252,688 | 1,179,659 | 90,548,966 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 82,897,919 | 1,489,293 | 99,191,680 | - | - |
Fidelity Advisor Series Equity-Income Fund | 112,102,324 | 187,171,613 | 53,873,571 | 2,953,152 | 263,193,072 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 25,056,657 | 185,293,488 | 23,015,032 | 1,132,631 | 204,640,504 |
Fidelity Advisor Series Growth Opportunities Fund | - | 119,975,228 | 5,407,209 | 46,422 | 122,452,317 |
Fidelity Advisor Series Opportunistic Insights Fund | 79,114,060 | 39,086,958 | 22,233,196 | - | 117,332,657 |
Fidelity Advisor Series Small Cap Fund | - | 69,192,481 | 3,314,767 | 53,392 | 69,583,906 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 112,492,720 | 61,819,774 | 26,010,022 | 1,367,707 | 163,124,211 |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 99,769,271 | 18,729,879 | 22,821,098 | 827,838 | 95,572,803 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Small Cap Fund Institutional Class | $ 63,218,442 | $ 2,242,507 | $ 75,261,971 | $ - | $ - |
Fidelity Institutional Money Market Portfolio Institutional Class | 121,613,151 | 22,445,569 | 25,770,389 | 124,388 | 118,288,330 |
Fidelity Series 100 Index Fund | 25,520,060 | 50,854,382 | 7,982,728 | 1,341,643 | 74,325,330 |
Fidelity Series 1000 Value Index Fund | - | 29,350,637 | 1,152,546 | 109,853 | 30,074,450 |
Fidelity Series All-Sector Equity Fund | 206,104,762 | 26,564,719 | 75,925,432 | 1,522,681 | 178,294,761 |
Fidelity Series Commodity Strategy Fund | 192,966,991 | 30,217,831 | 166,275,567 | - | 40,864,214 |
Fidelity Series Emerging Markets Debt Fund | 24,323,444 | 3,170,745 | 3,259,970 | 1,232,719 | 22,690,533 |
Fidelity Series Emerging Markets Fund | 104,167,314 | 41,982,710 | 15,669,028 | 1,165,817 | 133,192,392 |
Fidelity Series Floating Rate High Income Fund | 35,417,859 | 5,257,591 | 4,463,884 | 1,529,117 | 35,648,893 |
Fidelity Series High Income Fund | 176,298,804 | 52,510,587 | 26,649,489 | 9,635,795 | 203,741,125 |
Fidelity Series Inflation-Protected Bond Index Fund | 270,384,921 | 38,335,391 | 262,522,053 | 28,694 | 30,235,429 |
Fidelity Series International Growth Fund | 172,481,169 | 54,836,729 | 24,971,175 | 1,411,701 | 222,984,013 |
Fidelity Series International Small Cap Fund | 35,093,991 | 14,949,768 | 5,829,401 | 327,080 | 50,730,785 |
Fidelity Series International Value Fund | 170,880,200 | 57,055,418 | 25,903,782 | 4,303,513 | 224,576,763 |
Fidelity Series Investment Grade Bond Fund | 714,114,976 | 119,269,129 | 87,256,198 | 17,284,265 | 728,739,921 |
Fidelity Series Large Cap Value Fund | 117,278,679 | 61,460,009 | 163,054,730 | 1,568,977 | - |
Fidelity Series Real Estate Equity Fund | 17,572,853 | 2,556,866 | 2,436,999 | 255,328 | 17,589,729 |
Fidelity Series Real Estate Income Fund | 19,257,908 | 3,041,865 | 5,373,782 | 979,295 | 16,230,635 |
Fidelity Series Small Cap Opportunities Fund | 73,572,021 | 26,524,342 | 21,176,552 | 19,228 | 86,870,526 |
Total | $ 3,288,444,165 | $ 1,333,645,638 | $ 1,410,087,965 | $ 49,221,236 | $ 3,389,929,713 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2020 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $3,026,331,379) - See accompanying schedule | | $ 3,389,929,713 |
Receivable for investments sold | | 7,154,573 |
Receivable for fund shares sold | | 3,217,872 |
Receivable from affiliate for expense reductions | | 213 |
Total assets | | 3,400,302,371 |
| | |
Liabilities | | |
Payable for investments purchased | $ 4,936,551 | |
Payable for fund shares redeemed | 5,434,450 | |
Distribution and service plan fees payable | 705,948 | |
Total liabilities | | 11,076,949 |
| | |
Net Assets | | $ 3,389,225,422 |
Net Assets consist of: | | |
Paid in capital | | $ 2,967,919,045 |
Undistributed net investment income | | 6,557,183 |
Accumulated undistributed net realized gain (loss) on investments | | 51,150,860 |
Net unrealized appreciation (depreciation) on investments | | 363,598,334 |
Net Assets | | $ 3,389,225,422 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,910,164,436 ÷ 141,072,599 shares) | | $ 13.54 |
| | |
Maximum offering price per share (100/94.25 of $13.54) | | $ 14.37 |
Class T:
Net Asset Value and redemption price per share ($465,828,283 ÷ 34,409,341 shares) | | $ 13.54 |
| | |
Maximum offering price per share (100/96.50 of $13.54) | | $ 14.03 |
Class B:
Net Asset Value and offering price per share ($24,059,924 ÷ 1,777,847 shares)A | | $ 13.53 |
| | |
Class C:
Net Asset Value and offering price per share ($113,193,999 ÷ 8,415,260 shares)A | | $ 13.45 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($875,978,780 ÷ 64,254,705 shares) | | $ 13.63 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 49,221,236 |
| | |
Expenses | | |
Distribution and service plan fees | $ 8,453,404 | |
Independent trustees' compensation | 12,664 | |
Total expenses before reductions | 8,466,068 | |
Expense reductions | (12,664) | 8,453,404 |
Net investment income (loss) | | 40,767,832 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 49,726,144 | |
Capital gain distributions from underlying funds | 80,704,536 | |
Total net realized gain (loss) | | 130,430,680 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 128,202,291 |
Net gain (loss) | | 258,632,971 |
Net increase (decrease) in net assets resulting from operations | | $ 299,400,803 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2020 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 40,767,832 | $ 42,540,294 |
Net realized gain (loss) | 130,430,680 | 163,159,519 |
Change in net unrealized appreciation (depreciation) | 128,202,291 | 31,602,843 |
Net increase (decrease) in net assets resulting from operations | 299,400,803 | 237,302,656 |
Distributions to shareholders from net investment income | (39,035,868) | (42,626,632) |
Distributions to shareholders from net realized gain | (136,956,119) | (20,099,722) |
Total distributions | (175,991,987) | (62,726,354) |
Share transactions - net increase (decrease) | (21,965,032) | 290,138,617 |
Total increase (decrease) in net assets | 101,443,784 | 464,714,919 |
| | |
Net Assets | | |
Beginning of period | 3,287,781,638 | 2,823,066,719 |
End of period (including undistributed net investment income of $6,557,183 and undistributed net investment income of $4,825,219, respectively) | $ 3,389,225,422 | $ 3,287,781,638 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.05 | $ 12.35 | $ 12.45 | $ 11.21 | $ 7.97 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .16 | .18 | .19 | .16 | .20 |
Net realized and unrealized gain (loss) | 1.04 | .78 | .06 | 1.36 | 3.32 |
Total from investment operations | 1.20 | .96 | .25 | 1.52 | 3.52 |
Distributions from net investment income | (.16) | (.18) | (.18) | (.17) | (.19) |
Distributions from net realized gain | (.55) | (.08) | (.18) | (.11) | (.09) |
Total distributions | (.71) | (.26) | (.35) G | (.28) | (.28) F |
Net asset value, end of period | $ 13.54 | $ 13.05 | $ 12.35 | $ 12.45 | $ 11.21 |
Total Return A,B | 9.38% | 7.91% | 2.23% | 13.73% | 44.32% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.22% | 1.44% | 1.55% | 1.43% | 1.92% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,910,164 | $ 1,944,691 | $ 1,740,500 | $ 1,557,402 | $ 1,238,015 |
Portfolio turnover rate D | 40% | 21% | 18% | 39% | 26% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.28 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.087 per share.
G Total distributions of $.35 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.175 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.05 | $ 12.34 | $ 12.45 | $ 11.20 | $ 7.96 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .15 | .16 | .13 | .17 |
Net realized and unrealized gain (loss) | 1.03 | .79 | .05 | 1.37 | 3.32 |
Total from investment operations | 1.16 | .94 | .21 | 1.50 | 3.49 |
Distributions from net investment income | (.13) | (.15) | (.15) | (.13) | (.16) |
Distributions from net realized gain | (.55) | (.08) | (.18) | (.11) | (.09) |
Total distributions | (.67) I | (.23) | (.32) H | (.25) G | (.25) F |
Net asset value, end of period | $ 13.54 | $ 13.05 | $ 12.34 | $ 12.45 | $ 11.20 |
Total Return A,B | 9.11% | 7.72% | 1.86% | 13.50% | 44.02% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .97% | 1.19% | 1.30% | 1.18% | 1.67% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 465,828 | $ 430,153 | $ 386,416 | $ 424,707 | $ 488,097 |
Portfolio turnover rate D | 40% | 21% | 18% | 39% | 26% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.163 and distributions from net realized gain of $.087 per share.
G Total distributions of $.25 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.111 per share.
H Total distributions of $.32 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.175 per share.
I Total distributions of $.67 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.549 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.04 | $ 12.32 | $ 12.41 | $ 11.17 | $ 7.94 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .06 | .09 | .10 | .08 | .12 |
Net realized and unrealized gain (loss) | 1.03 | .79 | .06 | 1.35 | 3.31 |
Total from investment operations | 1.09 | .88 | .16 | 1.43 | 3.43 |
Distributions from net investment income | (.05) | (.08) | (.08) | (.08) | (.12) |
Distributions from net realized gain | (.54) | (.08) | (.17) | (.11) | (.09) |
Total distributions | (.60) G | (.16) | (.25) | (.19) | (.20) F |
Net asset value, end of period | $ 13.53 | $ 13.04 | $ 12.32 | $ 12.41 | $ 11.17 |
Total Return A,B | 8.49% | 7.19% | 1.39% | 12.87% | 43.34% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .48% | .69% | .80% | .68% | 1.17% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 24,060 | $ 33,074 | $ 43,138 | $ 61,856 | $ 71,888 |
Portfolio turnover rate D | 40% | 21% | 18% | 39% | 26% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.20 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.087 per share.
G Total distributions of $.60 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.544 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.97 | $ 12.27 | $ 12.37 | $ 11.14 | $ 7.92 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .06 | .09 | .10 | .08 | .12 |
Net realized and unrealized gain (loss) | 1.03 | .78 | .06 | 1.34 | 3.31 |
Total from investment operations | 1.09 | .87 | .16 | 1.42 | 3.43 |
Distributions from net investment income | (.07) | (.08) | (.09) | (.08) | (.12) |
Distributions from net realized gain | (.54) | (.08) | (.17) | (.11) | (.09) |
Total distributions | (.61) | (.17) G | (.26) | (.19) | (.21) F |
Net asset value, end of period | $ 13.45 | $ 12.97 | $ 12.27 | $ 12.37 | $ 11.14 |
Total Return A,B | 8.57% | 7.13% | 1.43% | 12.89% | 43.38% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .47% | .69% | .80% | .68% | 1.17% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 113,194 | $ 102,576 | $ 97,550 | $ 101,019 | $ 93,237 |
Portfolio turnover rate D | 40% | 21% | 18% | 39% | 26% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.21 per share is comprised of distributions from net investment income of $.119 and distributions from net realized gain of $.087 per share.
G Total distributions of $.17 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.083 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.14 | $ 12.42 | $ 12.53 | $ 11.27 | $ 8.01 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .20 | .21 | .22 | .19 | .22 |
Net realized and unrealized gain (loss) | 1.03 | .80 | .05 | 1.38 | 3.34 |
Total from investment operations | 1.23 | 1.01 | .27 | 1.57 | 3.56 |
Distributions from net investment income | (.19) | (.21) | (.21) | (.20) | (.21) |
Distributions from net realized gain | (.55) | (.08) | (.18) | (.11) | (.09) |
Total distributions | (.74) | (.29) | (.38) G | (.31) | (.30) F |
Net asset value, end of period | $ 13.63 | $ 13.14 | $ 12.42 | $ 12.53 | $ 11.27 |
Total Return A | 9.58% | 8.28% | 2.39% | 14.09% | 44.65% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.47% | 1.69% | 1.80% | 1.68% | 2.17% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 875,979 | $ 777,288 | $ 555,462 | $ 365,157 | $ 214,905 |
Portfolio turnover rate C | 40% | 21% | 18% | 39% | 26% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.30 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.087 per share.
G Total distributions of $.38 per share is comprised of distributions from net investment income of $.208 and distributions from net realized gain of $.175 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's net assets | % of fund's net assets 6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.0 | 6.0 |
Fidelity Advisor Series Equity-Income Fund | 9.0 | 4.0 |
Fidelity Advisor Series Growth & Income Fund | 6.7 | 3.9 |
Fidelity Advisor Series Growth Opportunities Fund | 4.3 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 3.9 | 3.1 |
Fidelity Advisor Series Small Cap Fund | 2.4 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 5.8 | 4.0 |
Fidelity Series 100 Index Fund | 2.6 | 0.9 |
Fidelity Series 1000 Value Index Fund | 1.0 | 0.0 |
Fidelity Series All-Sector Equity Fund | 6.2 | 7.4 |
Fidelity Series Commodity Strategy Fund | 1.3 | 7.1 |
Fidelity Series Real Estate Equity Fund | 0.6 | 0.6 |
Fidelity Series Small Cap Opportunities Fund | 3.0 | 2.7 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 2.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 2.3 |
Fidelity Series Large Cap Value Fund | 0.0 | 3.9 |
| 51.8 | 48.8 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 4.7 | 3.8 |
Fidelity Series International Growth Fund | 7.7 | 6.5 |
Fidelity Series International Small Cap Fund | 1.7 | 1.3 |
Fidelity Series International Value Fund | 7.7 | 6.6 |
| 21.8 | 18.2 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.9 | 0.9 |
Fidelity Series High Income Fund | 6.3 | 6.8 |
Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 5.6 |
Fidelity Series Investment Grade Bond Fund | 17.1 | 17.5 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 26.0 | 32.0 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 0.2 | 0.5 |
Fidelity Institutional Money Market Portfolio Institutional Class | 0.2 | 0.5 |
| 0.4 | 1.0 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 51.8% | |
| International Equity Funds | 21.8% | |
| Bond Funds | 26.0% | |
| Short-Term Funds | 0.4% | |
Six months ago |
| Domestic Equity Funds** | 48.8% | |
| International Equity Funds | 18.2% | |
| Bond Funds | 32.0% | |
| Short-Term Funds | 1.0% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 51.8% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(c) | 1,739,057 | | $ 161,175,772 |
Fidelity Advisor Series Equity-Income Fund (c) | 23,346,189 | | 292,761,215 |
Fidelity Advisor Series Growth & Income Fund (c) | 16,641,014 | | 218,330,109 |
Fidelity Advisor Series Growth Opportunities Fund (c) | 13,139,761 | | 140,332,644 |
Fidelity Advisor Series Opportunistic Insights Fund (c) | 9,132,154 | | 127,758,835 |
Fidelity Advisor Series Small Cap Fund (c) | 7,353,988 | | 77,658,110 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (c) | 14,828,127 | | 187,724,084 |
Fidelity Series 100 Index Fund (c) | 6,848,963 | | 83,351,878 |
Fidelity Series 1000 Value Index Fund (c) | 3,157,590 | | 33,723,065 |
Fidelity Series All-Sector Equity Fund (c) | 14,146,509 | | 199,748,704 |
Fidelity Series Commodity Strategy Fund (a)(c) | 4,940,441 | | 41,746,724 |
Fidelity Series Real Estate Equity Fund (c) | 1,567,115 | | 20,247,127 |
Fidelity Series Small Cap Opportunities Fund (c) | 7,200,883 | | 97,715,981 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,405,839,607) |
1,682,274,248
|
International Equity Funds - 21.8% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 8,868,347 | | 152,092,142 |
Fidelity Series International Growth Fund (c) | 17,793,395 | | 251,954,473 |
Fidelity Series International Small Cap Fund (c) | 3,496,376 | | 56,606,327 |
Fidelity Series International Value Fund (c) | 22,455,493 | | 249,705,079 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $592,982,653) |
710,358,021
|
Bond Funds - 26.0% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 2,118,533 | | $ 21,609,039 |
Fidelity Series Floating Rate High Income Fund (c) | 2,810,985 | | 29,402,899 |
Fidelity Series High Income Fund (c) | 19,451,354 | | 205,989,836 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 1,653,910 | | 16,291,016 |
Fidelity Series Investment Grade Bond Fund (c) | 49,290,452 | | 555,010,492 |
Fidelity Series Real Estate Income Fund (c) | 1,378,022 | | 15,544,088 |
TOTAL BOND FUNDS (Cost $834,912,782) |
843,847,370
|
Short-Term Funds - 0.4% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class (c) | 541,268 | | 5,060,855 |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 8,293,580 | | 8,293,580 |
TOTAL SHORT-TERM FUNDS (Cost $13,315,844) |
13,354,435
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $2,847,050,886) | | 3,249,834,074 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (646,841) |
NET ASSETS - 100% | $ 3,249,187,233 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 168,222,574 | $ 13,479,942 | $ 65,838,832 | $ - | $ 161,175,772 |
Fidelity Advisor Growth & Income Fund Institutional Class | 89,324,444 | 2,811,266 | 99,939,107 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 90,137,343 | 3,660,575 | 110,306,363 | - | - |
Fidelity Advisor Series Equity-Income Fund | 118,699,060 | 179,039,606 | 24,290,238 | 3,239,331 | 292,761,215 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 26,284,215 | 196,123,896 | 22,539,075 | 1,233,577 | 218,330,109 |
Fidelity Advisor Series Growth Opportunities Fund | - | 136,848,221 | 5,528,074 | 53,012 | 140,332,644 |
Fidelity Advisor Series Opportunistic Insights Fund | 83,888,742 | 35,132,758 | 14,538,510 | - | 127,758,835 |
Fidelity Advisor Series Small Cap Fund | - | 76,819,587 | 3,318,480 | 59,050 | 77,658,110 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 119,562,234 | 72,814,876 | 21,075,960 | 1,496,503 | 187,724,084 |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 9,663,635 | 4,902,850 | 9,499,422 | 74,527 | 5,060,855 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Small Cap Fund Institutional Class | $ 68,924,591 | $ 4,099,143 | $ 83,998,637 | $ - | $ - |
Fidelity Institutional Money Market Portfolio Institutional Class | 11,776,143 | 7,502,371 | 10,984,934 | 12,013 | 8,293,580 |
Fidelity Series 100 Index Fund | 27,794,239 | 55,631,173 | 6,286,898 | 970,990 | 83,351,878 |
Fidelity Series 1000 Value Index Fund | - | 32,960,182 | 1,241,077 | 124,831 | 33,723,065 |
Fidelity Series All-Sector Equity Fund | 223,124,251 | 35,178,604 | 82,813,123 | 1,690,245 | 199,748,704 |
Fidelity Series Commodity Strategy Fund | 209,981,372 | 44,701,054 | 195,124,504 | - | 41,746,724 |
Fidelity Series Emerging Markets Debt Fund | 21,302,722 | 3,841,520 | 2,186,971 | 1,126,153 | 21,609,039 |
Fidelity Series Emerging Markets Fund | 111,535,501 | 48,599,656 | 11,036,020 | 1,379,300 | 152,092,142 |
Fidelity Series Floating Rate High Income Fund | 26,695,868 | 5,881,598 | 2,740,662 | 1,195,341 | 29,402,899 |
Fidelity Series High Income Fund | 202,125,088 | 35,081,775 | 32,949,570 | 10,965,986 | 205,989,836 |
Fidelity Series Inflation-Protected Bond Index Fund | 157,454,593 | 30,736,810 | 162,635,573 | 15,706 | 16,291,016 |
Fidelity Series International Growth Fund | 184,869,495 | 64,033,670 | 20,351,922 | 1,610,157 | 251,954,473 |
Fidelity Series International Small Cap Fund | 37,686,968 | 15,983,022 | 4,420,315 | 395,173 | 56,606,327 |
Fidelity Series International Value Fund | 183,537,602 | 62,458,944 | 21,487,332 | 5,094,831 | 249,705,079 |
Fidelity Series Investment Grade Bond Fund | 501,358,646 | 114,909,069 | 49,297,880 | 12,700,638 | 555,010,492 |
Fidelity Series Large Cap Value Fund | 126,349,210 | 72,904,036 | 180,844,898 | 1,793,967 | - |
Fidelity Series Real Estate Equity Fund | 18,637,135 | 3,647,305 | 1,993,606 | 285,847 | 20,247,127 |
Fidelity Series Real Estate Income Fund | 15,704,734 | 2,738,428 | 2,381,354 | 851,783 | 15,544,088 |
Fidelity Series Small Cap Opportunities Fund | 80,339,838 | 28,414,586 | 19,845,458 | 21,691 | 97,715,981 |
Total | $ 2,914,980,243 | $ 1,390,936,523 | $ 1,269,494,795 | $ 46,390,652 | $ 3,249,834,074 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2025 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $2,847,050,886) - See accompanying schedule | | $ 3,249,834,074 |
Cash | | 8 |
Receivable for investments sold | | 11,514,174 |
Receivable for fund shares sold | | 2,960,987 |
Receivable from affiliate for expense reductions | | 452 |
Total assets | | 3,264,309,695 |
| | |
Liabilities | | |
Payable for investments purchased | $ 7,472,970 | |
Payable for fund shares redeemed | 7,002,258 | |
Distribution and service plan fees payable | 647,234 | |
Total liabilities | | 15,122,462 |
| | |
Net Assets | | $ 3,249,187,233 |
Net Assets consist of: | | |
Paid in capital | | $ 2,791,452,566 |
Undistributed net investment income | | 5,332,978 |
Accumulated undistributed net realized gain (loss) on investments | | 49,618,501 |
Net unrealized appreciation (depreciation) on investments | | 402,783,188 |
Net Assets | | $ 3,249,187,233 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,907,797,170 ÷ 143,148,888 shares) | | $ 13.33 |
| | |
Maximum offering price per share (100/94.25 of $13.33) | | $ 14.14 |
Class T:
Net Asset Value and redemption price per share ($387,918,522 ÷ 29,054,520 shares) | | $ 13.35 |
| | |
Maximum offering price per share (100/96.50 of $13.35) | | $ 13.83 |
Class B:
Net Asset Value and offering price per share ($17,697,976 ÷ 1,334,020 shares)A | | $ 13.27 |
| | |
Class C:
Net Asset Value and offering price per share ($89,401,884 ÷ 6,780,076 shares)A | | $ 13.19 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($846,371,681 ÷ 63,032,449 shares) | | $ 13.43 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 46,390,652 |
| | |
Expenses | | |
Distribution and service plan fees | $ 7,481,700 | |
Independent trustees' compensation | 11,651 | |
Total expenses before reductions | 7,493,351 | |
Expense reductions | (11,651) | 7,481,700 |
Net investment income (loss) | | 38,908,952 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 33,894,711 | |
Capital gain distributions from underlying funds | 88,503,422 | |
Total net realized gain (loss) | | 122,398,133 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 179,518,027 |
Net gain (loss) | | 301,916,160 |
Net increase (decrease) in net assets resulting from operations | | $ 340,825,112 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 38,908,952 | $ 39,243,788 |
Net realized gain (loss) | 122,398,133 | 155,185,524 |
Change in net unrealized appreciation (depreciation) | 179,518,027 | 39,571,192 |
Net increase (decrease) in net assets resulting from operations | 340,825,112 | 234,000,504 |
Distributions to shareholders from net investment income | (37,620,928) | (38,848,941) |
Distributions to shareholders from net realized gain | (153,387,663) | (14,347,444) |
Total distributions | (191,008,591) | (53,196,385) |
Share transactions - net increase (decrease) | 184,975,743 | 370,631,756 |
Total increase (decrease) in net assets | 334,792,264 | 551,435,875 |
| | |
Net Assets | | |
Beginning of period | 2,914,394,969 | 2,362,959,094 |
End of period (including undistributed net investment income of $5,332,978 and undistributed net investment income of $4,044,954, respectively) | $ 3,249,187,233 | $ 2,914,394,969 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.72 | $ 11.91 | $ 12.09 | $ 10.76 | $ 7.51 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .16 | .18 | .18 | .16 | .18 |
Net realized and unrealized gain (loss) | 1.26 | .88 | (.01) | 1.43 | 3.32 |
Total from investment operations | 1.42 | 1.06 | .17 | 1.59 | 3.50 |
Distributions from net investment income | (.16) | (.18) | (.17) | (.16) | (.17) |
Distributions from net realized gain | (.66) | (.07) | (.18) | (.11) | (.09) |
Total distributions | (.81) H | (.25) | (.35) | (.26) G | (.25) F |
Net asset value, end of period | $ 13.33 | $ 12.72 | $ 11.91 | $ 12.09 | $ 10.76 |
Total Return A, B | 11.54% | 9.00% | 1.61% | 14.97% | 46.86% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.25% | 1.54% | 1.56% | 1.42% | 1.82% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,907,797 | $ 1,806,028 | $ 1,539,333 | $ 1,290,255 | $ 999,687 |
Portfolio turnover rate D | 41% | 22% | 14% | 34% | 19% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.169 and distributions from net realized gain of $.085 per share.
G Total distributions of $.26 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.106 per share.
H Total distributions of $.81 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $.657 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.74 | $ 11.93 | $ 12.11 | $ 10.78 | $ 7.52 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .15 | .15 | .13 | .15 |
Net realized and unrealized gain (loss) | 1.26 | .88 | (.01) | 1.43 | 3.34 |
Total from investment operations | 1.39 | 1.03 | .14 | 1.56 | 3.49 |
Distributions from net investment income | (.13) | (.15) | (.14) | (.13) | (.15) |
Distributions from net realized gain | (.66) | (.07) | (.18) | (.11) | (.09) |
Total distributions | (.78) H | (.22) | (.32) | (.23) G | (.23) F |
Net asset value, end of period | $ 13.35 | $ 12.74 | $ 11.93 | $ 12.11 | $ 10.78 |
Total Return A, B | 11.27% | 8.74% | 1.33% | 14.67% | 46.60% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | 1.00% | 1.29% | 1.31% | 1.17% | 1.57% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 387,919 | $ 324,352 | $ 257,594 | $ 258,166 | $ 230,003 |
Portfolio turnover rate D | 41% | 22% | 14% | 34% | 19% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.23 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.085 per share.
G Total distributions of $.23 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.106 per share.
H Total distributions of $.78 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.657 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.66 | $ 11.84 | $ 12.01 | $ 10.70 | $ 7.47 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .06 | .09 | .09 | .07 | .10 |
Net realized and unrealized gain (loss) | 1.26 | .88 | (.01) | 1.42 | 3.32 |
Total from investment operations | 1.32 | .97 | .08 | 1.49 | 3.42 |
Distributions from net investment income | (.06) | (.08) | (.08) | (.07) | (.10) |
Distributions from net realized gain | (.65) | (.07) | (.17) | (.11) | (.09) |
Total distributions | (.71) | (.15) | (.25) | (.18) | (.19) F |
Net asset value, end of period | $ 13.27 | $ 12.66 | $ 11.84 | $ 12.01 | $ 10.70 |
Total Return A, B | 10.71% | 8.26% | .82% | 14.02% | 45.83% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .50% | .79% | .81% | .67% | 1.07% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 17,698 | $ 23,061 | $ 29,202 | $ 38,946 | $ 38,816 |
Portfolio turnover rate D | 41% | 22% | 14% | 34% | 19% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.19 per share is comprised of distributions from net investment income of $.100 and distributions from net realized gain of $.085 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.60 | $ 11.80 | $ 11.98 | $ 10.68 | $ 7.46 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .06 | .09 | .09 | .07 | .10 |
Net realized and unrealized gain (loss) | 1.25 | .87 | (.01) | 1.41 | 3.31 |
Total from investment operations | 1.31 | .96 | .08 | 1.48 | 3.41 |
Distributions from net investment income | (.07) | (.10) | (.09) | (.08) | (.11) |
Distributions from net realized gain | (.65) | (.07) | (.17) | (.11) | (.09) |
Total distributions | (.72) | (.16) H | (.26) | (.18) G | (.19) F |
Net asset value, end of period | $ 13.19 | $ 12.60 | $ 11.80 | $ 11.98 | $ 10.68 |
Total Return A, B | 10.71% | 8.23% | .86% | 14.01% | 45.83% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .50% | .79% | .81% | .67% | 1.07% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 89,402 | $ 74,415 | $ 66,126 | $ 61,640 | $ 52,756 |
Portfolio turnover rate D | 41% | 22% | 14% | 34% | 19% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.19 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.085 per share.
G Total distributions of $.18 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.106 per share.
H Total distributions of $.16 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.066 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.81 | $ 11.99 | $ 12.17 | $ 10.83 | $ 7.55 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .19 | .22 | .21 | .19 | .20 |
Net realized and unrealized gain (loss) | 1.28 | .88 | (.02) | 1.44 | 3.35 |
Total from investment operations | 1.47 | 1.10 | .19 | 1.63 | 3.55 |
Distributions from net investment income | (.19) | (.21) | (.20) | (.18) | (.19) |
Distributions from net realized gain | (.66) | (.07) | (.18) | (.11) | (.09) |
Total distributions | (.85) | (.28) | (.37) G | (.29) | (.27) F |
Net asset value, end of period | $ 13.43 | $ 12.81 | $ 11.99 | $ 12.17 | $ 10.83 |
Total Return A | 11.81% | 9.29% | 1.84% | 15.23% | 47.31% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.50% | 1.79% | 1.81% | 1.67% | 2.07% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 846,372 | $ 686,540 | $ 470,704 | $ 284,309 | $ 140,948 |
Portfolio turnover rate C | 41% | 22% | 14% | 34% | 19% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.085 per share.
G Total distributions of $.37 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.179 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's net assets | % of fund's net assets 6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.6 | 6.3 |
Fidelity Advisor Series Equity-Income Fund | 10.9 | 4.3 |
Fidelity Advisor Series Growth & Income Fund | 7.2 | 4.1 |
Fidelity Advisor Series Growth Opportunities Fund | 5.0 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 4.9 | 3.2 |
Fidelity Advisor Series Small Cap Fund | 2.9 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.2 | 4.2 |
Fidelity Series 100 Index Fund | 3.0 | 1.0 |
Fidelity Series 1000 Value Index Fund | 1.2 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.1 | 7.8 |
Fidelity Series Commodity Strategy Fund | 1.2 | 7.5 |
Fidelity Series Real Estate Equity Fund | 0.7 | 0.6 |
Fidelity Series Small Cap Opportunities Fund | 3.6 | 2.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 3.1 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 2.5 |
Fidelity Series Large Cap Value Fund | 0.0 | 4.2 |
| 60.5 | 51.6 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.5 | 4.1 |
Fidelity Series International Growth Fund | 9.1 | 6.8 |
Fidelity Series International Small Cap Fund | 2.1 | 1.5 |
Fidelity Series International Value Fund | 9.0 | 6.9 |
| 25.7 | 19.3 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.8 | 0.8 |
Fidelity Series High Income Fund | 6.6 | 6.9 |
Fidelity Series Inflation-Protected Bond Index Fund | 0.1 | 2.8 |
Fidelity Series Investment Grade Bond Fund | 5.1 | 17.4 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 13.8 | 29.1 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 60.5% | |
| International Equity Funds | 25.7% | |
| Bond Funds | 13.8% | |
Six months ago |
| Domestic Equity Funds** | 51.6% | |
| International Equity Funds | 19.3% | |
| Bond Funds | 29.1% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 60.5% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(b) | 1,948,548 | | $ 180,591,438 |
Fidelity Advisor Series Equity-Income Fund (b) | 28,073,758 | | 352,044,918 |
Fidelity Advisor Series Growth & Income Fund (b) | 17,751,221 | | 232,896,023 |
Fidelity Advisor Series Growth Opportunities Fund (b) | 15,312,656 | | 163,539,168 |
Fidelity Advisor Series Opportunistic Insights Fund (b) | 11,480,523 | | 160,612,516 |
Fidelity Advisor Series Small Cap Fund (b) | 8,787,153 | | 92,792,339 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (b) | 18,467,694 | | 233,801,000 |
Fidelity Series 100 Index Fund (b) | 7,990,821 | | 97,248,296 |
Fidelity Series 1000 Value Index Fund (b) | 3,683,487 | | 39,339,638 |
Fidelity Series All-Sector Equity Fund (b) | 16,204,956 | | 228,813,984 |
Fidelity Series Commodity Strategy Fund (a)(b) | 4,563,486 | | 38,561,460 |
Fidelity Series Real Estate Equity Fund (b) | 1,696,586 | | 21,919,897 |
Fidelity Series Small Cap Opportunities Fund (b) | 8,661,364 | | 117,534,715 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,664,705,473) |
1,959,695,392
|
International Equity Funds - 25.7% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 10,337,089 | | 177,281,078 |
Fidelity Series International Growth Fund (b) | 20,904,830 | | 296,012,399 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 4,151,274 | | $ 67,209,134 |
Fidelity Series International Value Fund (b) | 26,211,522 | | 291,472,129 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $708,319,504) |
831,974,740
|
Bond Funds - 13.8% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 2,161,316 | | 22,045,419 |
Fidelity Series Floating Rate High Income Fund (b) | 2,615,386 | | 27,356,941 |
Fidelity Series High Income Fund (b) | 20,167,270 | | 213,571,385 |
Fidelity Series Inflation-Protected Bond Index Fund (b) | 311,685 | | 3,070,098 |
Fidelity Series Investment Grade Bond Fund (b) | 14,666,791 | | 165,148,062 |
Fidelity Series Real Estate Income Fund (b) | 1,370,243 | | 15,456,345 |
TOTAL BOND FUNDS (Cost $430,765,610) |
446,648,250
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $2,803,790,587) | | 3,238,318,382 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (648,366) |
NET ASSETS - 100% | $ 3,237,670,016 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 179,689,389 | $ 22,725,237 | $ 70,472,399 | $ - | $ 180,591,438 |
Fidelity Advisor Growth & Income Fund Institutional Class | 95,214,795 | 1,721,067 | 105,161,542 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 96,135,812 | 2,330,496 | 115,915,404 | - | - |
Fidelity Advisor Series Equity-Income Fund | 126,635,001 | 235,533,940 | 31,148,734 | 3,652,450 | 352,044,918 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 28,043,155 | 204,024,756 | 17,992,900 | 1,284,377 | 232,896,023 |
Fidelity Advisor Series Growth Opportunities Fund | - | 159,502,689 | 6,071,488 | 59,260 | 163,539,168 |
Fidelity Advisor Series Opportunistic Insights Fund | 89,481,574 | 62,673,317 | 16,986,525 | - | 160,612,516 |
Fidelity Advisor Series Small Cap Fund | - | 91,884,139 | 4,177,197 | 63,856 | 92,792,339 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 127,546,729 | 117,827,301 | 28,327,728 | 2,045,772 | 233,801,000 |
Fidelity Advisor Small Cap Fund Institutional Class | 73,801,869 | 2,755,842 | 88,170,659 | - | - |
Fidelity Series 100 Index Fund | 29,526,733 | 70,727,501 | 10,048,668 | 1,785,489 | 97,248,296 |
Fidelity Series 1000 Value Index Fund | - | 38,689,244 | 1,563,480 | 135,799 | 39,339,638 |
Fidelity Series All-Sector Equity Fund | 237,970,708 | 43,419,262 | 77,310,366 | 1,891,174 | 228,813,984 |
Fidelity Series Commodity Strategy Fund | 223,024,825 | 41,838,466 | 207,285,081 | - | 38,561,460 |
Fidelity Series Emerging Markets Debt Fund | 21,567,139 | 4,265,550 | 2,434,213 | 1,134,665 | 22,045,419 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Emerging Markets Fund | $ 119,091,201 | $ 72,312,658 | $ 17,349,901 | $ 1,730,315 | $ 177,281,078 |
Fidelity Series Floating Rate High Income Fund | 24,857,076 | 5,887,215 | 2,990,678 | 1,110,447 | 27,356,941 |
Fidelity Series High Income Fund | 206,384,861 | 36,840,217 | 31,392,199 | 11,239,062 | 213,571,385 |
Fidelity Series Inflation-Protected Bond Index Fund | 75,072,305 | 18,941,560 | 86,810,888 | 3,816 | 3,070,098 |
Fidelity Series International Growth Fund | 197,193,583 | 104,188,063 | 30,326,724 | 1,994,725 | 296,012,399 |
Fidelity Series International Small Cap Fund | 40,156,611 | 24,085,769 | 5,307,036 | 411,482 | 67,209,134 |
Fidelity Series International Value Fund | 195,575,080 | 98,990,321 | 29,375,800 | 5,913,342 | 291,472,129 |
Fidelity Series Investment Grade Bond Fund | 513,272,085 | 108,777,838 | 442,817,838 | 8,698,079 | 165,148,062 |
Fidelity Series Large Cap Value Fund | 134,229,504 | 74,944,915 | 189,628,457 | 1,898,181 | - |
Fidelity Series Real Estate Equity Fund | 19,848,733 | 4,547,452 | 2,422,447 | 299,900 | 21,919,897 |
Fidelity Series Real Estate Income Fund | 14,357,770 | 3,143,422 | 1,595,388 | 807,403 | 15,456,345 |
Fidelity Series Small Cap Opportunities Fund | 85,867,813 | 40,107,262 | 18,181,634 | 23,162 | 117,534,715 |
Total | $ 2,954,544,351 | $ 1,692,685,499 | $ 1,641,265,374 | $ 46,182,756 | $ 3,238,318,382 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2030 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $2,803,790,587) - See accompanying schedule | | $ 3,238,318,382 |
Cash | | 4 |
Receivable for investments sold | | 6,865,609 |
Receivable for fund shares sold | | 3,740,442 |
Receivable from affiliate for expense reductions | | 404 |
Total assets | | 3,248,924,841 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,323,533 | |
Payable for fund shares redeemed | 8,282,509 | |
Distribution and service plan fees payable | 648,783 | |
Total liabilities | | 11,254,825 |
| | |
Net Assets | | $ 3,237,670,016 |
Net Assets consist of: | | |
Paid in capital | | $ 2,764,003,246 |
Undistributed net investment income | | 2,666,670 |
Accumulated undistributed net realized gain (loss) on investments | | 36,472,305 |
Net unrealized appreciation (depreciation) on investments | | 434,527,795 |
Net Assets | | $ 3,237,670,016 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,777,132,158 ÷ 125,634,798 shares) | | $ 14.15 |
| | |
Maximum offering price per share (100/94.25 of $14.15) | | $ 15.01 |
Class T:
Net Asset Value and redemption price per share ($453,943,760 ÷ 32,195,162 shares) | | $ 14.10 |
| | |
Maximum offering price per share (100/96.50 of $14.10) | | $ 14.61 |
Class B:
Net Asset Value and offering price per share ($21,329,583 ÷ 1,515,479 shares)A | | $ 14.07 |
| | |
Class C:
Net Asset Value and offering price per share ($87,866,672 ÷ 6,277,982 shares)A | | $ 14.00 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($897,397,843 ÷ 63,116,515 shares) | | $ 14.22 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 46,182,756 |
| | |
Expenses | | |
Distribution and service plan fees | $ 7,601,815 | |
Independent trustees' compensation | 11,676 | |
Total expenses before reductions | 7,613,491 | |
Expense reductions | (11,676) | 7,601,815 |
Net investment income (loss) | | 38,580,941 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 19,134,162 | |
Capital gain distributions from underlying funds | 97,012,567 | |
Total net realized gain (loss) | | 116,146,729 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 213,220,407 |
Net gain (loss) | | 329,367,136 |
Net increase (decrease) in net assets resulting from operations | | $ 367,948,077 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 38,580,941 | $ 41,214,791 |
Net realized gain (loss) | 116,146,729 | 166,007,236 |
Change in net unrealized appreciation (depreciation) | 213,220,407 | 37,190,757 |
Net increase (decrease) in net assets resulting from operations | 367,948,077 | 244,412,784 |
Distributions to shareholders from net investment income | (40,012,043) | (40,765,226) |
Distributions to shareholders from net realized gain | (149,090,135) | (13,074,704) |
Total distributions | (189,102,178) | (53,839,930) |
Share transactions - net increase (decrease) | 104,883,603 | 314,631,239 |
Total increase (decrease) in net assets | 283,729,502 | 505,204,093 |
| | |
Net Assets | | |
Beginning of period | 2,953,940,514 | 2,448,736,421 |
End of period (including undistributed net investment income of $2,666,670 and undistributed net investment income of $4,097,771, respectively) | $ 3,237,670,016 | $ 2,953,940,514 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.36 | $ 12.48 | $ 12.72 | $ 11.29 | $ 7.69 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .17 | .20 | .19 | .16 | .16 |
Net realized and unrealized gain (loss) | 1.47 | .94 | (.06) | 1.54 | 3.68 |
Total from investment operations | 1.64 | 1.14 | .13 | 1.70 | 3.84 |
Distributions from net investment income | (.18) | (.20) | (.18) | (.16) | (.15) |
Distributions from net realized gain | (.67) | (.06) | (.19) | (.11) | (.09) |
Total distributions | (.85) | (.26) | (.37) | (.27) | (.24) F |
Net asset value, end of period | $ 14.15 | $ 13.36 | $ 12.48 | $ 12.72 | $ 11.29 |
Total Return A, B | 12.60% | 9.25% | 1.25% | 15.27% | 50.17% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.24% | 1.58% | 1.57% | 1.38% | 1.61% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,777,132 | $ 1,747,549 | $ 1,506,827 | $ 1,340,583 | $ 1,030,972 |
Portfolio turnover rate D | 53% | 23% | 16% | 38% | 20% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.24 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.093 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.32 | $ 12.44 | $ 12.68 | $ 11.25 | $ 7.67 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .17 | .16 | .13 | .14 |
Net realized and unrealized gain (loss) | 1.46 | .94 | (.06) | 1.54 | 3.66 |
Total from investment operations | 1.60 | 1.11 | .10 | 1.67 | 3.80 |
Distributions from net investment income | (.15) | (.17) | (.15) | (.13) | (.13) |
Distributions from net realized gain | (.67) | (.06) | (.19) | (.11) | (.09) |
Total distributions | (.82) | (.23) | (.34) | (.24) | (.22) F |
Net asset value, end of period | $ 14.10 | $ 13.32 | $ 12.44 | $ 12.68 | $ 11.25 |
Total Return A, B | 12.29% | 9.02% | .98% | 14.98% | 49.72% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .99% | 1.33% | 1.32% | 1.12% | 1.36% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 453,944 | $ 387,102 | $ 335,407 | $ 348,443 | $ 382,092 |
Portfolio turnover rate D | 53% | 23% | 16% | 38% | 20% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.22 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.093 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.29 | $ 12.41 | $ 12.63 | $ 11.21 | $ 7.64 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .07 | .10 | .10 | .07 | .09 |
Net realized and unrealized gain (loss) | 1.45 | .94 | (.06) | 1.53 | 3.65 |
Total from investment operations | 1.52 | 1.04 | .04 | 1.60 | 3.74 |
Distributions from net investment income | (.07) | (.10) | (.08) | (.07) | (.08) |
Distributions from net realized gain | (.66) | (.06) | (.18) | (.11) | (.09) |
Total distributions | (.74) G | (.16) | (.26) | (.18) | (.17) F |
Net asset value, end of period | $ 14.07 | $ 13.29 | $ 12.41 | $ 12.63 | $ 11.21 |
Total Return A, B | 11.69% | 8.44% | .52% | 14.38% | 49.07% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .49% | .83% | .82% | .62% | .86% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 21,330 | $ 27,191 | $ 34,324 | $ 47,275 | $ 51,360 |
Portfolio turnover rate D | 53% | 23% | 16% | 38% | 20% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.17 per share is comprised of distributions from net investment income of $.080 and distributions from net realized gain of $.092 per share.
G Total distributions of $.74 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $.663 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.23 | $ 12.37 | $ 12.60 | $ 11.19 | $ 7.63 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .07 | .10 | .10 | .07 | .09 |
Net realized and unrealized gain (loss) | 1.45 | .93 | (.05) | 1.53 | 3.65 |
Total from investment operations | 1.52 | 1.03 | .05 | 1.60 | 3.74 |
Distributions from net investment income | (.09) | (.11) | (.09) | (.08) | (.08) |
Distributions from net realized gain | (.66) | (.06) | (.18) | (.11) | (.09) |
Total distributions | (.75) | (.17) | (.28) G | (.19) | (.18) F |
Net asset value, end of period | $ 14.00 | $ 13.23 | $ 12.37 | $ 12.60 | $ 11.19 |
Total Return A, B | 11.77% | 8.39% | .55% | 14.38% | 49.06% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .49% | .83% | .82% | .63% | .86% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 87,867 | $ 75,384 | $ 66,418 | $ 68,349 | $ 63,700 |
Portfolio turnover rate D | 53% | 23% | 16% | 38% | 20% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.18 per share is comprised of distributions from net investment income of $.083 and distributions from net realized gain of $.093 per share.
G Total distributions of $.28 per share is comprised of distributions from net investment income of $.094 and distributions from net realized gain of $.182 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.42 | $ 12.54 | $ 12.77 | $ 11.33 | $ 7.72 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .20 | .23 | .22 | .19 | .19 |
Net realized and unrealized gain (loss) | 1.48 | .94 | (.05) | 1.55 | 3.69 |
Total from investment operations | 1.68 | 1.17 | .17 | 1.74 | 3.88 |
Distributions from net investment income | (.21) | (.23) | (.21) | (.19) | (.17) |
Distributions from net realized gain | (.67) | (.06) | (.19) | (.11) | (.09) |
Total distributions | (.88) | (.29) | (.40) | (.30) | (.27) F |
Net asset value, end of period | $ 14.22 | $ 13.42 | $ 12.54 | $ 12.77 | $ 11.33 |
Total Return A | 12.89% | 9.47% | 1.57% | 15.56% | 50.42% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.49% | 1.83% | 1.82% | 1.62% | 1.86% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 897,398 | $ 716,715 | $ 505,761 | $ 321,529 | $ 178,232 |
Portfolio turnover rate C | 53% | 23% | 16% | 38% | 20% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.093 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.9 | 7.2 |
Fidelity Advisor Series Equity-Income Fund | 11.4 | 4.8 |
Fidelity Advisor Series Growth & Income Fund | 7.6 | 4.7 |
Fidelity Advisor Series Growth Opportunities Fund | 5.3 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 4.8 | 3.7 |
Fidelity Advisor Series Small Cap Fund | 3.0 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.5 | 4.8 |
Fidelity Series 100 Index Fund | 3.1 | 1.1 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.8 | 9.0 |
Fidelity Series Commodity Strategy Fund | 1.0 | 8.7 |
Fidelity Series Real Estate Equity Fund | 0.8 | 0.7 |
Fidelity Series Small Cap Opportunities Fund | 3.7 | 3.2 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 3.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 2.8 |
Fidelity Series Large Cap Value Fund | 0.0 | 4.8 |
| 63.2 | 59.1 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.7 | 4.8 |
Fidelity Series International Growth Fund | 9.5 | 7.8 |
Fidelity Series International Small Cap Fund | 2.1 | 1.6 |
Fidelity Series International Value Fund | 9.5 | 7.9 |
| 26.8 | 22.1 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.7 | 0.7 |
Fidelity Series High Income Fund | 6.6 | 6.9 |
Fidelity Series Investment Grade Bond Fund | 1.5 | 10.1 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.4 |
Fidelity Series Inflation-Protected Bond Index Fund | 0.0 | 0.0* |
| 10.0 | 18.8 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.2% | |
| International Equity Funds | 26.8% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 59.1% | |
| International Equity Funds | 22.1% | |
| Bond Funds | 18.8% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.2% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(b) | 1,524,543 | | $ 141,294,616 |
Fidelity Advisor Series Equity-Income Fund (b) | 21,730,910 | | 272,505,609 |
Fidelity Advisor Series Growth & Income Fund (b) | 13,881,591 | | 182,126,478 |
Fidelity Advisor Series Growth Opportunities Fund (b) | 11,775,100 | | 125,758,071 |
Fidelity Advisor Series Opportunistic Insights Fund (b) | 8,240,511 | | 115,284,750 |
Fidelity Advisor Series Small Cap Fund (b) | 6,717,717 | | 70,939,088 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (b) | 14,204,033 | | 179,823,059 |
Fidelity Series 100 Index Fund (b) | 6,182,085 | | 75,235,973 |
Fidelity Series 1000 Value Index Fund (b) | 2,849,495 | | 30,432,611 |
Fidelity Series All-Sector Equity Fund (b) | 13,106,992 | | 185,070,728 |
Fidelity Series Commodity Strategy Fund (a)(b) | 2,704,934 | | 22,856,693 |
Fidelity Series Real Estate Equity Fund (b) | 1,441,867 | | 18,628,918 |
Fidelity Series Small Cap Opportunities Fund (b) | 6,584,063 | | 89,345,729 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,272,142,080) |
1,509,302,323
|
International Equity Funds - 26.8% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 7,889,057 | | 135,297,323 |
Fidelity Series International Growth Fund (b) | 16,065,082 | | 227,481,559 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 3,055,991 | | $ 49,476,492 |
Fidelity Series International Value Fund (b) | 20,340,403 | | 226,185,277 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $538,353,050) |
638,440,651
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 1,596,271 | | 16,281,964 |
Fidelity Series Floating Rate High Income Fund (b) | 1,679,621 | | 17,568,838 |
Fidelity Series High Income Fund (b) | 14,953,510 | | 158,357,676 |
Fidelity Series Investment Grade Bond Fund (b) | 3,124,949 | | 35,186,927 |
Fidelity Series Real Estate Income Fund (b) | 1,010,732 | | 11,401,057 |
TOTAL BOND FUNDS (Cost $228,223,240) |
238,796,462
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $2,038,718,370) | | 2,386,539,436 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (450,752) |
NET ASSETS - 100% | $ 2,386,088,684 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 146,037,675 | $ 12,179,944 | $ 56,676,014 | $ - | $ 141,294,616 |
Fidelity Advisor Growth & Income Fund Institutional Class | 77,536,597 | 2,512,472 | 86,810,609 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 78,302,498 | 3,348,667 | 96,086,314 | - | - |
Fidelity Advisor Series Equity-Income Fund | 101,253,648 | 172,998,113 | 18,245,730 | 2,818,697 | 272,505,609 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 22,423,472 | 158,314,206 | 13,708,808 | 1,025,751 | 182,126,478 |
Fidelity Advisor Series Growth Opportunities Fund | - | 123,198,969 | 5,445,988 | 46,798 | 125,758,071 |
Fidelity Advisor Series Opportunistic Insights Fund | 71,567,575 | 34,606,656 | 10,836,568 | - | 115,284,750 |
Fidelity Advisor Series Small Cap Fund | - | 70,481,915 | 3,334,004 | 52,378 | 70,939,088 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 101,988,948 | 81,044,624 | 16,779,630 | 1,506,611 | 179,823,059 |
Fidelity Advisor Small Cap Fund Institutional Class | 60,006,024 | 3,301,305 | 72,928,093 | - | - |
Fidelity Series 100 Index Fund | 24,100,686 | 50,989,943 | 5,317,378 | 866,703 | 75,235,973 |
Fidelity Series 1000 Value Index Fund | - | 29,898,373 | 1,235,146 | 110,897 | 30,432,611 |
Fidelity Series All-Sector Equity Fund | 193,432,696 | 33,148,745 | 61,979,774 | 1,569,650 | 185,070,728 |
Fidelity Series Commodity Strategy Fund | 182,349,768 | 37,784,551 | 180,780,983 | - | 22,856,693 |
Fidelity Series Emerging Markets Debt Fund | 15,061,340 | 3,635,702 | 1,476,009 | 814,344 | 16,281,964 |
Fidelity Series Emerging Markets Fund | 96,441,362 | 48,079,784 | 12,065,205 | 1,309,643 | 135,297,323 |
Fidelity Series Floating Rate High Income Fund | 15,821,013 | 3,725,154 | 1,718,903 | 711,946 | 17,568,838 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series High Income Fund | $ 143,718,637 | $ 30,279,690 | $ 17,014,483 | $ 8,077,738 | $ 158,357,676 |
Fidelity Series Inflation-Protected Bond Index Fund | - | 337,603 | 335,204 | 9 | - |
Fidelity Series International Growth Fund | 159,255,463 | 68,304,288 | 20,596,213 | 1,519,242 | 227,481,559 |
Fidelity Series International Small Cap Fund | 32,344,142 | 14,807,771 | 4,158,562 | 342,963 | 49,476,492 |
Fidelity Series International Value Fund | 157,641,894 | 64,143,961 | 17,336,424 | 4,450,466 | 226,185,277 |
Fidelity Series Investment Grade Bond Fund | 200,160,305 | 47,292,474 | 206,282,458 | 3,338,193 | 35,186,927 |
Fidelity Series Large Cap Value Fund | 109,701,861 | 64,514,597 | 157,777,784 | 1,584,675 | - |
Fidelity Series Real Estate Equity Fund | 16,098,520 | 4,275,095 | 1,731,238 | 250,346 | 18,628,918 |
Fidelity Series Real Estate Income Fund | 9,212,263 | 3,421,649 | 968,738 | 557,146 | 11,401,057 |
Fidelity Series Small Cap Opportunities Fund | 69,819,611 | 26,121,697 | 14,305,116 | 18,406 | 89,345,729 |
Total | $ 2,084,275,998 | $ 1,192,747,948 | $ 1,085,931,376 | $ 30,972,602 | $ 2,386,539,436 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2035 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $2,038,718,370) - See accompanying schedule | | $ 2,386,539,436 |
Cash | | 8 |
Receivable for investments sold | | 3,388,455 |
Receivable for fund shares sold | | 2,475,884 |
Receivable from affiliate for expense reductions | | 360 |
Total assets | | 2,392,404,143 |
| | |
Liabilities | | |
Payable for investments purchased | $ 26 | |
Payable for fund shares redeemed | 5,864,344 | |
Distribution and service plan fees payable | 451,089 | |
Total liabilities | | 6,315,459 |
| | |
Net Assets | | $ 2,386,088,684 |
Net Assets consist of: | | |
Paid in capital | | $ 2,005,087,597 |
Undistributed net investment income | | 1,543,708 |
Accumulated undistributed net realized gain (loss) on investments | | 31,636,313 |
Net unrealized appreciation (depreciation) on investments | | 347,821,066 |
Net Assets | | $ 2,386,088,684 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,348,499,821 ÷ 99,608,546 shares) | | $ 13.54 |
| | |
Maximum offering price per share (100/94.25 of $13.54) | | $ 14.37 |
Class T:
Net Asset Value and redemption price per share ($276,112,728 ÷ 20,508,815 shares) | | $ 13.46 |
| | |
Maximum offering price per share (100/96.50 of $13.46) | | $ 13.95 |
Class B:
Net Asset Value and offering price per share ($14,453,642 ÷ 1,081,103 shares)A | | $ 13.37 |
| | |
Class C:
Net Asset Value and offering price per share ($51,930,901 ÷ 3,897,378 shares)A | | $ 13.32 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($695,091,592 ÷ 51,063,872 shares) | | $ 13.61 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 30,972,602 |
| | |
Expenses | | |
Distribution and service plan fees | $ 5,191,761 | |
Independent trustees' compensation | 8,447 | |
Total expenses before reductions | 5,200,208 | |
Expense reductions | (8,447) | 5,191,761 |
Net investment income (loss) | | 25,780,841 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 14,078,194 | |
Capital gain distributions from underlying funds | 77,818,329 | |
Total net realized gain (loss) | | 91,896,523 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 181,369,240 |
Net gain (loss) | | 273,265,763 |
Net increase (decrease) in net assets resulting from operations | | $ 299,046,604 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 25,780,841 | $ 27,744,686 |
Net realized gain (loss) | 91,896,523 | 116,307,027 |
Change in net unrealized appreciation (depreciation) | 181,369,240 | 38,369,090 |
Net increase (decrease) in net assets resulting from operations | 299,046,604 | 182,420,803 |
Distributions to shareholders from net investment income | (26,415,277) | (27,167,238) |
Distributions to shareholders from net realized gain | (132,187,659) | (5,583,432) |
Total distributions | (158,602,936) | (32,750,670) |
Share transactions - net increase (decrease) | 161,766,995 | 289,056,044 |
Total increase (decrease) in net assets | 302,210,663 | 438,726,177 |
| | |
Net Assets | | |
Beginning of period | 2,083,878,021 | 1,645,151,844 |
End of period (including undistributed net investment income of $1,543,708 and undistributed net investment income of $2,178,145, respectively) | $ 2,386,088,684 | $ 2,083,878,021 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.74 | $ 11.80 | $ 12.11 | $ 10.65 | $ 7.18 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .15 | .18 | .16 | .14 | .14 |
Net realized and unrealized gain (loss) | 1.59 | .97 | (.13) | 1.56 | 3.55 |
Total from investment operations | 1.74 | 1.15 | .03 | 1.70 | 3.69 |
Distributions from net investment income | (.15) | (.18) | (.15) | (.13) | (.14) |
Distributions from net realized gain | (.79) | (.04) | (.19) | (.11) | (.08) |
Total distributions | (.94) | (.21) F | (.34) | (.24) | (.22) |
Net asset value, end of period | $ 13.54 | $ 12.74 | $ 11.80 | $ 12.11 | $ 10.65 |
Total Return A,B | 14.15% | 9.89% | .47% | 16.13% | 51.59% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.13% | 1.54% | 1.39% | 1.26% | 1.51% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,348,500 | $ 1,258,797 | $ 1,057,102 | $ 906,896 | $ 669,450 |
Portfolio turnover rate D | 48% | 25% | 13% | 30% | 16% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.21 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.036 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.68 | $ 11.74 | $ 12.05 | $ 10.60 | $ 7.15 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .11 | .15 | .13 | .11 | .12 |
Net realized and unrealized gain (loss) | 1.58 | .97 | (.13) | 1.55 | 3.53 |
Total from investment operations | 1.69 | 1.12 | - | 1.66 | 3.65 |
Distributions from net investment income | (.12) | (.15) | (.12) | (.11) | (.12) |
Distributions from net realized gain | (.79) | (.04) | (.19) | (.11) | (.08) |
Total distributions | (.91) | (.18) G | (.31) | (.21) F | (.20) |
Net asset value, end of period | $ 13.46 | $ 12.68 | $ 11.74 | $ 12.05 | $ 10.60 |
Total Return A,B | 13.81% | 9.69% | .19% | 15.84% | 51.17% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .88% | 1.29% | 1.14% | 1.01% | 1.26% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 276,113 | $ 216,701 | $ 166,843 | $ 169,442 | $ 143,106 |
Portfolio turnover rate D | 48% | 25% | 13% | 30% | 16% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.21 per share is comprised of distributions from net investment income of $.106 and distributions from net realized gain of $.105 per share.
G Total distributions of $.18 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.036 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.59 | $ 11.67 | $ 11.96 | $ 10.52 | $ 7.10 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .09 | .07 | .05 | .07 |
Net realized and unrealized gain (loss) | 1.57 | .95 | (.12) | 1.55 | 3.50 |
Total from investment operations | 1.62 | 1.04 | (.05) | 1.60 | 3.57 |
Distributions from net investment income | (.06) | (.09) | (.07) | (.06) | (.07) |
Distributions from net realized gain | (.78) | (.04) | (.17) | (.10) | (.08) |
Total distributions | (.84) | (.12) F | (.24) | (.16) | (.15) |
Net asset value, end of period | $ 13.37 | $ 12.59 | $ 11.67 | $ 11.96 | $ 10.52 |
Total Return A,B | 13.32% | 9.02% | (.23)% | 15.28% | 50.43% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .38% | .79% | .64% | .51% | .76% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,454 | $ 17,884 | $ 22,013 | $ 28,360 | $ 27,408 |
Portfolio turnover rate D | 48% | 25% | 13% | 30% | 16% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.12 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.036 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.56 | $ 11.65 | $ 11.96 | $ 10.52 | $ 7.11 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .09 | .07 | .06 | .07 |
Net realized and unrealized gain (loss) | 1.56 | .95 | (.13) | 1.54 | 3.50 |
Total from investment operations | 1.61 | 1.04 | (.06) | 1.60 | 3.57 |
Distributions from net investment income | (.07) | (.10) | (.08) | (.06) | (.08) |
Distributions from net realized gain | (.78) | (.04) | (.18) | (.10) | (.08) |
Total distributions | (.85) | (.13) G | (.25) F | (.16) | (.16) |
Net asset value, end of period | $ 13.32 | $ 12.56 | $ 11.65 | $ 11.96 | $ 10.52 |
Total Return A,B | 13.27% | 9.04% | (.29)% | 15.33% | 50.28% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .38% | .79% | .64% | .51% | .76% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 51,931 | $ 43,447 | $ 38,614 | $ 36,389 | $ 30,994 |
Portfolio turnover rate D | 48% | 25% | 13% | 30% | 16% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.176 per share.
G Total distributions of $.13 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.036 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.80 | $ 11.86 | $ 12.17 | $ 10.69 | $ 7.21 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .18 | .21 | .19 | .17 | .17 |
Net realized and unrealized gain (loss) | 1.60 | .97 | (.14) | 1.57 | 3.55 |
Total from investment operations | 1.78 | 1.18 | .05 | 1.74 | 3.72 |
Distributions from net investment income | (.18) | (.20) | (.17) | (.16) | (.16) |
Distributions from net realized gain | (.79) | (.04) | (.19) | (.11) | (.08) |
Total distributions | (.97) | (.24) | (.36) | (.26) F | (.24) |
Net asset value, end of period | $ 13.61 | $ 12.80 | $ 11.86 | $ 12.17 | $ 10.69 |
Total Return A | 14.44% | 10.10% | .71% | 16.51% | 51.81% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.38% | 1.79% | 1.64% | 1.51% | 1.76% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 695,092 | $ 547,049 | $ 360,580 | $ 218,092 | $ 97,629 |
Portfolio turnover rate C | 48% | 25% | 13% | 30% | 16% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.26 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $.105 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.1 | 7.4 |
Fidelity Advisor Series Equity-Income Fund | 11.4 | 5.0 |
Fidelity Advisor Series Growth & Income Fund | 7.8 | 4.8 |
Fidelity Advisor Series Growth Opportunities Fund | 5.3 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 4.6 | 3.8 |
Fidelity Advisor Series Small Cap Fund | 3.0 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.5 | 4.9 |
Fidelity Series 100 Index Fund | 3.1 | 1.1 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.7 | 9.2 |
Fidelity Series Commodity Strategy Fund | 1.0 | 8.8 |
Fidelity Series Real Estate Equity Fund | 0.8 | 0.7 |
Fidelity Series Small Cap Opportunities Fund | 3.7 | 3.3 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 3.7 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 2.9 |
Fidelity Series Large Cap Value Fund | 0.0 | 4.9 |
| 63.3 | 60.5 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.7 | 5.0 |
Fidelity Series International Growth Fund | 9.4 | 8.0 |
Fidelity Series International Small Cap Fund | 2.1 | 1.7 |
Fidelity Series International Value Fund | 9.5 | 8.0 |
| 26.7 | 22.7 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.6 |
Fidelity Series Floating Rate High Income Fund | 0.7 | 0.7 |
Fidelity Series High Income Fund | 6.6 | 6.8 |
Fidelity Series Investment Grade Bond Fund | 1.5 | 8.3 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.4 |
| 10.0 | 16.8 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.3% | |
| International Equity Funds | 26.7% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 60.5% | |
| International Equity Funds | 22.7% | |
| Bond Funds | 16.8% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.3% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(b) | 1,499,370 | | $ 138,961,629 |
Fidelity Advisor Series Equity-Income Fund (b) | 20,863,697 | | 261,630,767 |
Fidelity Advisor Series Growth & Income Fund (b) | 13,631,526 | | 178,845,619 |
Fidelity Advisor Series Growth Opportunities Fund (b) | 11,409,906 | | 121,857,798 |
Fidelity Advisor Series Opportunistic Insights Fund (b) | 7,565,689 | | 105,843,986 |
Fidelity Advisor Series Small Cap Fund (b) | 6,422,694 | | 67,823,649 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (b) | 13,644,224 | | 172,735,870 |
Fidelity Series 100 Index Fund (b) | 5,900,634 | | 71,810,712 |
Fidelity Series 1000 Value Index Fund (b) | 2,712,120 | | 28,965,437 |
Fidelity Series All-Sector Equity Fund (b) | 12,487,854 | | 176,328,497 |
Fidelity Series Commodity Strategy Fund (a)(b) | 2,571,818 | | 21,731,866 |
Fidelity Series Real Estate Equity Fund (b) | 1,373,247 | | 17,742,353 |
Fidelity Series Small Cap Opportunities Fund (b) | 6,321,784 | | 85,786,605 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,229,093,999) |
1,450,064,788
|
International Equity Funds - 26.7% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 7,579,690 | | 129,991,691 |
Fidelity Series International Growth Fund (b) | 15,290,704 | | 216,516,370 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 3,017,277 | | $ 48,849,717 |
Fidelity Series International Value Fund (b) | 19,589,184 | | 217,831,731 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $513,035,445) |
613,189,509
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 1,532,383 | | 15,630,303 |
Fidelity Series Floating Rate High Income Fund (b) | 1,463,336 | | 15,306,495 |
Fidelity Series High Income Fund (b) | 14,367,566 | | 152,152,524 |
Fidelity Series Investment Grade Bond Fund (b) | 3,163,329 | | 35,619,081 |
Fidelity Series Real Estate Income Fund (b) | 971,409 | | 10,957,496 |
TOTAL BOND FUNDS (Cost $220,839,113) |
229,665,899
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,962,968,557) | | 2,292,920,196 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (464,595) |
NET ASSETS - 100% | $ 2,292,455,601 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 143,673,712 | $ 10,853,187 | $ 54,782,923 | $ - | $ 138,961,629 |
Fidelity Advisor Growth & Income Fund Institutional Class | 75,975,139 | 2,089,336 | 84,711,075 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 76,812,641 | 2,755,612 | 93,831,945 | - | - |
Fidelity Advisor Series Equity-Income Fund | 100,676,220 | 162,708,013 | 18,002,272 | 2,753,808 | 261,630,767 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 22,294,860 | 155,772,879 | 14,127,035 | 1,011,034 | 178,845,619 |
Fidelity Advisor Series Growth Opportunities Fund | - | 120,112,289 | 6,098,294 | 46,298 | 121,857,798 |
Fidelity Advisor Series Opportunistic Insights Fund | 71,158,645 | 25,722,343 | 10,680,372 | - | 105,843,986 |
Fidelity Advisor Series Small Cap Fund | - | 67,713,230 | 3,504,950 | 51,553 | 67,823,649 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 101,402,797 | 75,394,700 | 17,605,347 | 1,409,937 | 172,735,870 |
Fidelity Advisor Small Cap Fund Institutional Class | 59,092,069 | 2,731,926 | 71,334,284 | - | - |
Fidelity Series 100 Index Fund | 23,560,024 | 47,857,675 | 4,915,388 | 776,052 | 71,810,712 |
Fidelity Series 1000 Value Index Fund | - | 28,533,426 | 1,272,239 | 108,649 | 28,965,437 |
Fidelity Series All-Sector Equity Fund | 189,472,856 | 30,750,019 | 64,575,680 | 1,498,496 | 176,328,497 |
Fidelity Series Commodity Strategy Fund | 180,115,990 | 34,851,907 | 176,863,389 | - | 21,731,866 |
Fidelity Series Emerging Markets Debt Fund | 14,730,822 | 3,343,589 | 1,525,103 | 785,105 | 15,630,303 |
Fidelity Series Emerging Markets Fund | 94,763,737 | 44,071,705 | 11,989,097 | 1,261,826 | 129,991,691 |
Fidelity Series Floating Rate High Income Fund | 13,987,354 | 3,146,768 | 1,596,688 | 634,084 | 15,306,495 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series High Income Fund | $ 141,548,587 | $ 26,316,322 | $ 16,966,917 | $ 7,823,444 | $ 152,152,524 |
Fidelity Series International Growth Fund | 156,546,342 | 59,637,194 | 19,741,959 | 1,463,870 | 216,516,370 |
Fidelity Series International Small Cap Fund | 31,795,611 | 14,856,147 | 4,237,725 | 330,036 | 48,849,717 |
Fidelity Series International Value Fund | 154,936,713 | 60,276,465 | 18,807,781 | 4,286,675 | 217,831,731 |
Fidelity Series Investment Grade Bond Fund | 167,049,065 | 31,216,696 | 157,776,843 | 2,773,347 | 35,619,081 |
Fidelity Series Large Cap Value Fund | 106,490,192 | 63,167,719 | 153,226,005 | 1,572,181 | - |
Fidelity Series Real Estate Equity Fund | 15,629,519 | 3,844,073 | 1,711,554 | 245,586 | 17,742,353 |
Fidelity Series Real Estate Income Fund | 8,218,795 | 3,908,904 | 949,106 | 515,617 | 10,957,496 |
Fidelity Series Small Cap Opportunities Fund | 68,837,714 | 23,581,168 | 14,175,507 | 18,033 | 85,786,605 |
Total | $ 2,018,769,404 | $ 1,105,213,292 | $ 1,025,009,478 | $ 29,365,631 | $ 2,292,920,196 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2040 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $1,962,968,557) - See accompanying schedule | | $ 2,292,920,196 |
Cash | | 7 |
Receivable for investments sold | | 1,391,301 |
Receivable for fund shares sold | | 2,974,232 |
Receivable from affiliate for expense reductions | | 310 |
Total assets | | 2,297,286,046 |
| | |
Liabilities | | |
Payable for investments purchased | $ 944 | |
Payable for fund shares redeemed | 4,364,595 | |
Distribution and service plan fees payable | 464,906 | |
Total liabilities | | 4,830,445 |
| | |
Net Assets | | $ 2,292,455,601 |
Net Assets consist of: | | |
Paid in capital | | $1,931,411,119 |
Undistributed net investment income | | 1,306,611 |
Accumulated undistributed net realized gain (loss) on investments | | 29,786,232 |
Net unrealized appreciation (depreciation) on investments | | 329,951,639 |
Net Assets | | $ 2,292,455,601 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,195,640,736 ÷ 82,388,027 shares) | | $ 14.51 |
| | |
Maximum offering price per share (100/94.25 of $14.51) | | $ 15.40 |
Class T:
Net Asset Value and redemption price per share ($341,607,852 ÷ 23,601,670 shares) | | $ 14.47 |
| | |
Maximum offering price per share (100/96.50 of $14.47) | | $ 14.99 |
Class B:
Net Asset Value and offering price per share ($18,270,436 ÷ 1,272,081 shares)A | | $ 14.36 |
| | |
Class C:
Net Asset Value and offering price per share ($72,247,373 ÷ 5,052,463 shares)A | | $ 14.30 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($664,689,204 ÷ 45,565,249 shares) | | $ 14.59 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 29,365,631 |
| | |
Expenses | | |
Distribution and service plan fees | $ 5,426,310 | |
Independent trustees' compensation | 8,166 | |
Total expenses before reductions | 5,434,476 | |
Expense reductions | (8,166) | 5,426,310 |
Net investment income (loss) | | 23,939,321 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 10,939,552 | |
Capital gain distributions from underlying funds | 75,571,354 | |
Total net realized gain (loss) | | 86,510,906 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 183,007,985 |
Net gain (loss) | | 269,518,891 |
Net increase (decrease) in net assets resulting from operations | | $ 293,458,212 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 23,939,321 | $ 26,992,967 |
Net realized gain (loss) | 86,510,906 | 90,179,730 |
Change in net unrealized appreciation (depreciation) | 183,007,985 | 62,667,913 |
Net increase (decrease) in net assets resulting from operations | 293,458,212 | 179,840,610 |
Distributions to shareholders from net investment income | (24,578,250) | (26,501,610) |
Distributions to shareholders from net realized gain | (126,026,952) | (5,287,230) |
Total distributions | (150,605,202) | (31,788,840) |
Share transactions - net increase (decrease) | 131,257,777 | 198,765,979 |
Total increase (decrease) in net assets | 274,110,787 | 346,817,749 |
| | |
Net Assets | | |
Beginning of period | 2,018,344,814 | 1,671,527,065 |
End of period (including undistributed net investment income of $1,306,611 and undistributed net investment income of $1,945,539, respectively) | $ 2,292,455,601 | $ 2,018,344,814 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.61 | $ 12.60 | $ 12.95 | $ 11.37 | $ 7.59 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .15 | .19 | .17 | .15 | .15 |
Net realized and unrealized gain (loss) | 1.74 | 1.05 | (.15) | 1.69 | 3.87 |
Total from investment operations | 1.89 | 1.24 | .02 | 1.84 | 4.02 |
Distributions from net investment income | (.16) | (.19) | (.16) | (.15) | (.15) |
Distributions from net realized gain | (.83) | (.04) | (.21) | (.11) | (.09) |
Total distributions | (.99) | (.23) | (.37) | (.26) | (.24) |
Net asset value, end of period | $ 14.51 | $ 13.61 | $ 12.60 | $ 12.95 | $ 11.37 |
Total Return A,B | 14.37% | 9.94% | .38% | 16.38% | 53.15% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.10% | 1.53% | 1.38% | 1.25% | 1.52% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,195,641 | $ 1,133,722 | $ 967,348 | $ 865,008 | $ 670,673 |
Portfolio turnover rate D | 47% | 26% | 14% | 38% | 18% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.58 | $ 12.57 | $ 12.92 | $ 11.34 | $ 7.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .16 | .14 | .12 | .13 |
Net realized and unrealized gain (loss) | 1.73 | 1.04 | (.16) | 1.68 | 3.86 |
Total from investment operations | 1.85 | 1.20 | (.02) | 1.80 | 3.99 |
Distributions from net investment income | (.13) | (.16) | (.13) | (.11) | (.13) |
Distributions from net realized gain | (.83) | (.04) | (.21) | (.11) | (.09) |
Total distributions | (.96) | (.19) G | (.33) F | (.22) | (.22) |
Net asset value, end of period | $ 14.47 | $ 13.58 | $ 12.57 | $ 12.92 | $ 11.34 |
Total Return A,B | 14.06% | 9.69% | .12% | 16.06% | 52.83% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .85% | 1.28% | 1.13% | 1.00% | 1.27% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 341,608 | $ 288,886 | $ 262,944 | $ 276,335 | $ 300,594 |
Portfolio turnover rate D | 47% | 26% | 14% | 38% | 18% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.33 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.207 per share.
G Total distributions of $.19 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.037 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.48 | $ 12.48 | $ 12.82 | $ 11.26 | $ 7.52 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .10 | .08 | .06 | .08 |
Net realized and unrealized gain (loss) | 1.71 | 1.03 | (.15) | 1.66 | 3.83 |
Total from investment operations | 1.76 | 1.13 | (.07) | 1.72 | 3.91 |
Distributions from net investment income | (.06) | (.09) | (.07) | (.06) | (.08) |
Distributions from net realized gain | (.82) | (.04) | (.20) | (.10) | (.09) |
Total distributions | (.88) | (.13) | (.27) | (.16) | (.17) |
Net asset value, end of period | $ 14.36 | $ 13.48 | $ 12.48 | $ 12.82 | $ 11.26 |
Total Return A,B | 13.49% | 9.14% | (.36)% | 15.43% | 52.08% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .78% | .63% | .50% | .77% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 18,270 | $ 24,481 | $ 31,574 | $ 41,935 | $ 43,773 |
Portfolio turnover rate D | 47% | 26% | 14% | 38% | 18% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.43 | $ 12.45 | $ 12.80 | $ 11.25 | $ 7.51 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .10 | .08 | .06 | .08 |
Net realized and unrealized gain (loss) | 1.71 | 1.02 | (.15) | 1.66 | 3.83 |
Total from investment operations | 1.76 | 1.12 | (.07) | 1.72 | 3.91 |
Distributions from net investment income | (.07) | (.11) | (.08) | (.07) | (.08) |
Distributions from net realized gain | (.82) | (.04) | (.20) | (.10) | (.09) |
Total distributions | (.89) | (.14) F | (.28) | (.17) | (.17) |
Net asset value, end of period | $ 14.30 | $ 13.43 | $ 12.45 | $ 12.80 | $ 11.25 |
Total Return A,B | 13.57% | 9.09% | (.35)% | 15.39% | 52.18% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .78% | .63% | .50% | .77% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 72,247 | $ 62,893 | $ 56,910 | $ 58,416 | $ 53,334 |
Portfolio turnover rate D | 47% | 26% | 14% | 38% | 18% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.14 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.037 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.67 | $ 12.65 | $ 13.00 | $ 11.42 | $ 7.62 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .19 | .23 | .20 | .18 | .18 |
Net realized and unrealized gain (loss) | 1.75 | 1.05 | (.16) | 1.69 | 3.88 |
Total from investment operations | 1.94 | 1.28 | .04 | 1.87 | 4.06 |
Distributions from net investment income | (.19) | (.22) | (.19) | (.18) | (.17) |
Distributions from net realized gain | (.83) | (.04) | (.21) | (.11) | (.09) |
Total distributions | (1.02) | (.26) | (.39) F | (.29) | (.26) |
Net asset value, end of period | $ 14.59 | $ 13.67 | $ 12.65 | $ 13.00 | $ 11.42 |
Total Return A | 14.73% | 10.24% | .61% | 16.57% | 53.53% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.35% | 1.78% | 1.63% | 1.50% | 1.77% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 664,689 | $ 508,363 | $ 352,751 | $ 229,228 | $ 126,440 |
Portfolio turnover rate C | 47% | 26% | 14% | 38% | 18% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.39 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.207 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.1 | 7.6 |
Fidelity Advisor Series Equity-Income Fund | 11.1 | 4.9 |
Fidelity Advisor Series Growth & Income Fund | 8.4 | 4.9 |
Fidelity Advisor Series Growth Opportunities Fund | 5.4 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 4.5 | 3.8 |
Fidelity Advisor Series Small Cap Fund | 3.0 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.5 | 5.0 |
Fidelity Series 100 Index Fund | 3.1 | 1.2 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.4 | 9.5 |
Fidelity Series Commodity Strategy Fund | 0.9 | 9.1 |
Fidelity Series Real Estate Equity Fund | 0.8 | 0.7 |
Fidelity Series Small Cap Opportunities Fund | 3.7 | 3.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 3.8 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 3.0 |
Fidelity Series Large Cap Value Fund | 0.0 | 5.1 |
| 63.2 | 62.0 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.7 | 5.2 |
Fidelity Series International Growth Fund | 9.4 | 8.2 |
Fidelity Series International Small Cap Fund | 2.2 | 1.7 |
Fidelity Series International Value Fund | 9.5 | 8.2 |
| 26.8 | 23.3 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.6 |
Fidelity Series Floating Rate High Income Fund | 0.3 | 0.4 |
Fidelity Series High Income Fund | 6.6 | 8.8 |
Fidelity Series Investment Grade Bond Fund | 1.9 | 4.6 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.3 |
| 10.0 | 14.7 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.2% | |
| International Equity Funds | 26.8% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 62.0% | |
| International Equity Funds | 23.3% | |
| Bond Funds | 14.7% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.2% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(b) | 756,244 | | $ 70,088,664 |
Fidelity Advisor Series Equity-Income Fund (b) | 10,120,856 | | 126,915,534 |
Fidelity Advisor Series Growth & Income Fund (b) | 7,301,377 | | 95,794,060 |
Fidelity Advisor Series Growth Opportunities Fund (b) | 5,791,353 | | 61,851,647 |
Fidelity Advisor Series Opportunistic Insights Fund (b) | 3,661,805 | | 51,228,659 |
Fidelity Advisor Series Small Cap Fund (b) | 3,247,390 | | 34,292,434 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (b) | 6,743,579 | | 85,373,705 |
Fidelity Series 100 Index Fund (b) | 2,943,778 | | 35,825,775 |
Fidelity Series 1000 Value Index Fund (b) | 1,351,761 | | 14,436,807 |
Fidelity Series All-Sector Equity Fund (b) | 5,957,541 | | 84,120,484 |
Fidelity Series Commodity Strategy Fund (a)(b) | 1,262,939 | | 10,671,834 |
Fidelity Series Real Estate Equity Fund (b) | 726,488 | | 9,386,219 |
Fidelity Series Small Cap Opportunities Fund (b) | 3,125,349 | | 42,410,988 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $609,246,976) |
722,396,810
|
International Equity Funds - 26.8% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 3,764,348 | | 64,558,566 |
Fidelity Series International Growth Fund (b) | 7,613,440 | | 107,806,317 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 1,517,183 | | $ 24,563,196 |
Fidelity Series International Value Fund (b) | 9,770,855 | | 108,651,909 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $259,242,287) |
305,579,988
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 764,055 | | 7,793,362 |
Fidelity Series Floating Rate High Income Fund (b) | 378,876 | | 3,963,047 |
Fidelity Series High Income Fund (b) | 7,157,166 | | 75,794,389 |
Fidelity Series Investment Grade Bond Fund (b) | 1,897,452 | | 21,365,314 |
Fidelity Series Real Estate Income Fund (b) | 483,749 | | 5,456,690 |
TOTAL BOND FUNDS (Cost $109,528,392) |
114,372,802
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $978,017,655) | | 1,142,349,600 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (197,977) |
NET ASSETS - 100% | $ 1,142,151,623 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 66,669,108 | $ 10,365,170 | $ 25,945,321 | $ - | $ 70,088,664 |
Fidelity Advisor Growth & Income Fund Institutional Class | 35,481,306 | 2,174,951 | 40,817,196 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 35,845,261 | 3,014,855 | 45,776,796 | - | - |
Fidelity Advisor Series Equity-Income Fund | 44,779,464 | 82,111,374 | 7,658,142 | 1,279,105 | 126,915,534 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 9,921,685 | 84,770,098 | 6,639,713 | 514,724 | 95,794,060 |
Fidelity Advisor Series Growth Opportunities Fund | - | 60,780,509 | 2,812,013 | 22,915 | 61,851,647 |
Fidelity Advisor Series Opportunistic Insights Fund | 31,656,678 | 15,305,969 | 4,766,501 | - | 51,228,659 |
Fidelity Advisor Series Small Cap Fund | - | 34,147,413 | 1,655,058 | 25,256 | 34,292,434 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 45,101,687 | 41,107,698 | 7,115,645 | 663,397 | 85,373,705 |
Fidelity Advisor Small Cap Fund Institutional Class | 27,435,072 | 2,699,812 | 34,736,157 | - | - |
Fidelity Series 100 Index Fund | 11,099,125 | 24,616,220 | 2,470,125 | 332,485 | 35,825,775 |
Fidelity Series 1000 Value Index Fund | - | 14,196,104 | 604,868 | 53,739 | 14,436,807 |
Fidelity Series All-Sector Equity Fund | 88,201,459 | 20,601,320 | 34,856,308 | 699,012 | 84,120,484 |
Fidelity Series Commodity Strategy Fund | 83,502,801 | 21,490,742 | 86,517,312 | - | 10,671,834 |
Fidelity Series Emerging Markets Debt Fund | 6,420,091 | 2,427,208 | 654,590 | 365,663 | 7,793,362 |
Fidelity Series Emerging Markets Fund | 44,075,777 | 25,125,509 | 6,155,216 | 606,933 | 64,558,566 |
Fidelity Series Floating Rate High Income Fund | 2,952,479 | 1,442,615 | 378,000 | 150,980 | 3,963,047 |
Fidelity Series High Income Fund | 82,180,603 | 22,781,495 | 29,722,482 | 4,420,799 | 75,794,389 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series International Growth Fund | $ 72,337,325 | $ 34,091,621 | $ 8,302,553 | $ 672,815 | $ 107,806,317 |
Fidelity Series International Small Cap Fund | 14,681,753 | 8,726,427 | 1,906,941 | 164,056 | 24,563,196 |
Fidelity Series International Value Fund | 71,628,283 | 36,454,796 | 9,642,954 | 2,141,800 | 108,651,909 |
Fidelity Series Investment Grade Bond Fund | 40,856,148 | 14,057,283 | 32,363,327 | 824,606 | 21,365,314 |
Fidelity Series Large Cap Value Fund | 50,091,676 | 33,415,278 | 75,265,232 | 777,482 | - |
Fidelity Series Real Estate Equity Fund | 7,335,896 | 2,738,322 | 707,077 | 120,785 | 9,386,219 |
Fidelity Series Real Estate Income Fund | 3,123,821 | 2,780,798 | 383,358 | 227,388 | 5,456,690 |
Fidelity Series Small Cap Opportunities Fund | 32,003,872 | 13,220,487 | 6,422,180 | 8,985 | 42,410,988 |
Total | $ 907,381,370 | $ 614,644,074 | $ 474,275,065 | $ 14,072,925 | $ 1,142,349,600 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2045 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $978,017,655) - See accompanying schedule | | $ 1,142,349,600 |
Cash | | 4 |
Receivable for investments sold | | 1,708,852 |
Receivable for fund shares sold | | 1,845,797 |
Receivable from affiliate for expense reductions | | 241 |
Total assets | | 1,145,904,494 |
| | |
Liabilities | | |
Payable for investments purchased | $ 15,718 | |
Payable for fund shares redeemed | 3,538,893 | |
Distribution and service plan fees payable | 198,260 | |
Total liabilities | | 3,752,871 |
| | |
Net Assets | | $ 1,142,151,623 |
Net Assets consist of: | | |
Paid in capital | | $ 947,000,154 |
Undistributed net investment income | | 765,788 |
Accumulated undistributed net realized gain (loss) on investments | | 30,053,736 |
Net unrealized appreciation (depreciation) on investments | | 164,331,945 |
Net Assets | | $ 1,142,151,623 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($612,734,565 ÷ 54,167,398 shares) | | $ 11.31 |
| | |
Maximum offering price per share (100/94.25 of $11.31) | | $ 12.00 |
Class T:
Net Asset Value and redemption price per share ($128,619,204 ÷ 11,423,094 shares) | | $ 11.26 |
| | |
Maximum offering price per share (100/96.50 of $11.26) | | $ 11.67 |
Class B:
Net Asset Value and offering price per share ($3,564,796 ÷ 317,355 shares)A | | $ 11.23 |
| | |
Class C:
Net Asset Value and offering price per share ($18,456,949 ÷ 1,649,960 shares)A | | $ 11.19 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($378,776,109 ÷ 33,326,954 shares) | | $ 11.37 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 14,072,925 |
| | |
Expenses | | |
Distribution and service plan fees | $ 2,195,251 | |
Independent trustees' compensation | 3,841 | |
Total expenses before reductions | 2,199,092 | |
Expense reductions | (3,841) | 2,195,251 |
Net investment income (loss) | | 11,877,674 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 26,921,620 | |
Capital gain distributions from underlying funds | 36,504,408 | |
Total net realized gain (loss) | | 63,426,028 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 67,677,843 |
Net gain (loss) | | 131,103,871 |
Net increase (decrease) in net assets resulting from operations | | $ 142,981,545 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 11,877,674 | $ 12,046,883 |
Net realized gain (loss) | 63,426,028 | 21,385,492 |
Change in net unrealized appreciation (depreciation) | 67,677,843 | 48,075,115 |
Net increase (decrease) in net assets resulting from operations | 142,981,545 | 81,507,490 |
Distributions to shareholders from net investment income | (12,078,309) | (11,684,331) |
Distributions to shareholders from net realized gain | (50,000,600) | (10,873,978) |
Total distributions | (62,078,909) | (22,558,309) |
Share transactions - net increase (decrease) | 154,026,864 | 205,501,582 |
Total increase (decrease) in net assets | 234,929,500 | 264,450,763 |
| | |
Net Assets | | |
Beginning of period | 907,222,123 | 642,771,360 |
End of period (including undistributed net investment income of $765,788 and undistributed net investment income of $966,423, respectively) | $ 1,142,151,623 | $ 907,222,123 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.46 | $ 9.79 | $ 10.08 | $ 8.82 | $ 5.86 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .16 | .13 | .12 | .12 |
Net realized and unrealized gain (loss) | 1.39 | .81 | (.14) | 1.33 | 3.02 |
Total from investment operations | 1.51 | .97 | (.01) | 1.45 | 3.14 |
Distributions from net investment income | (.12) | (.15) | (.12) | (.11) | (.11) |
Distributions from net realized gain | (.54) | (.15) | (.16) | (.08) | (.07) |
Total distributions | (.66) | (.30) | (.28) | (.19) | (.18) |
Net asset value, end of period | $ 11.31 | $ 10.46 | $ 9.79 | $ 10.08 | $ 8.82 |
Total Return A,B | 14.74% | 10.21% | .12% | 16.67% | 53.81% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.12% | 1.59% | 1.41% | 1.35% | 1.53% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 612,735 | $ 527,525 | $ 403,850 | $ 320,731 | $ 205,405 |
Portfolio turnover rate D | 46% | 25% | 11% | 32% | 14% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.42 | $ 9.75 | $ 10.04 | $ 8.79 | $ 5.84 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .09 | .13 | .11 | .10 | .10 |
Net realized and unrealized gain (loss) | 1.39 | .82 | (.15) | 1.32 | 3.02 |
Total from investment operations | 1.48 | .95 | (.04) | 1.42 | 3.12 |
Distributions from net investment income | (.10) | (.12) | (.10) | (.09) | (.10) |
Distributions from net realized gain | (.54) | (.15) | (.16) | (.08) | (.07) |
Total distributions | (.64) | (.28) G | (.25) F | (.17) | (.17) |
Net asset value, end of period | $ 11.26 | $ 10.42 | $ 9.75 | $ 10.04 | $ 8.79 |
Total Return A,B | 14.45% | 10.02% | (.15)% | 16.36% | 53.52% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .87% | 1.34% | 1.16% | 1.10% | 1.28% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 128,619 | $ 92,998 | $ 62,438 | $ 60,268 | $ 43,326 |
Portfolio turnover rate D | 46% | 25% | 11% | 32% | 14% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.155 per share.
G Total distributions of $.28 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.153 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.39 | $ 9.73 | $ 10.01 | $ 8.77 | $ 5.83 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .08 | .06 | .05 | .06 |
Net realized and unrealized gain (loss) | 1.38 | .81 | (.14) | 1.32 | 3.01 |
Total from investment operations | 1.42 | .89 | (.08) | 1.37 | 3.07 |
Distributions from net investment income | (.05) | (.08) | (.05) | (.05) | (.06) |
Distributions from net realized gain | (.53) | (.15) | (.15) | (.08) | (.07) |
Total distributions | (.58) | (.23) | (.20) | (.13) | (.13) |
Net asset value, end of period | $ 11.23 | $ 10.39 | $ 9.73 | $ 10.01 | $ 8.77 |
Total Return A,B | 13.93% | 9.40% | (.62)% | 15.71% | 52.74% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .37% | .84% | .66% | .60% | .78% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 3,565 | $ 3,651 | $ 3,786 | $ 4,612 | $ 4,089 |
Portfolio turnover rate D | 46% | 25% | 11% | 32% | 14% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.36 | $ 9.71 | $ 10.00 | $ 8.76 | $ 5.82 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .08 | .06 | .05 | .06 |
Net realized and unrealized gain (loss) | 1.38 | .81 | (.14) | 1.32 | 3.01 |
Total from investment operations | 1.42 | .89 | (.08) | 1.37 | 3.07 |
Distributions from net investment income | (.06) | (.09) | (.06) | (.06) | (.06) |
Distributions from net realized gain | (.53) | (.15) | (.15) | (.08) | (.07) |
Total distributions | (.59) | (.24) | (.21) | (.13) F | (.13) |
Net asset value, end of period | $ 11.19 | $ 10.36 | $ 9.71 | $ 10.00 | $ 8.76 |
Total Return A,B | 13.95% | 9.42% | (.62)% | 15.80% | 52.90% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .37% | .84% | .66% | .60% | .78% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 18,457 | $ 13,415 | $ 9,926 | $ 8,753 | $ 6,199 |
Portfolio turnover rate D | 46% | 25% | 11% | 32% | 14% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.13 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.076 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.50 | $ 9.83 | $ 10.11 | $ 8.85 | $ 5.87 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .15 | .18 | .16 | .15 | .14 |
Net realized and unrealized gain (loss) | 1.41 | .81 | (.14) | 1.32 | 3.04 |
Total from investment operations | 1.56 | .99 | .02 | 1.47 | 3.18 |
Distributions from net investment income | (.15) | (.17) | (.14) | (.13) | (.13) |
Distributions from net realized gain | (.54) | (.15) | (.16) | (.08) | (.07) |
Total distributions | (.69) | (.32) | (.30) | (.21) | (.20) |
Net asset value, end of period | $ 11.37 | $ 10.50 | $ 9.83 | $ 10.11 | $ 8.85 |
Total Return A | 15.14% | 10.43% | .45% | 16.86% | 54.35% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.37% | 1.84% | 1.66% | 1.60% | 1.78% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 378,776 | $ 269,633 | $ 162,772 | $ 83,240 | $ 32,842 |
Portfolio turnover rate C | 46% | 25% | 11% | 32% | 14% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.2 | 7.6 |
Fidelity Advisor Series Equity-Income Fund | 11.1 | 5.1 |
Fidelity Advisor Series Growth & Income Fund | 8.4 | 5.0 |
Fidelity Advisor Series Growth Opportunities Fund | 5.4 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 4.5 | 3.9 |
Fidelity Advisor Series Small Cap Fund | 3.0 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.5 | 5.1 |
Fidelity Series 100 Index Fund | 3.1 | 1.2 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.3 | 9.5 |
Fidelity Series Commodity Strategy Fund | 0.9 | 9.0 |
Fidelity Series Real Estate Equity Fund | 0.8 | 0.7 |
Fidelity Series Small Cap Opportunities Fund | 3.7 | 3.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 3.8 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 3.0 |
Fidelity Series Large Cap Value Fund | 0.0 | 5.1 |
| 63.2 | 62.4 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.7 | 5.3 |
Fidelity Series International Growth Fund | 9.4 | 8.3 |
Fidelity Series International Small Cap Fund | 2.2 | 1.7 |
Fidelity Series International Value Fund | 9.5 | 8.2 |
| 26.8 | 23.5 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.1 | 0.1 |
Fidelity Series High Income Fund | 6.6 | 9.1 |
Fidelity Series Investment Grade Bond Fund | 2.1 | 3.9 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.3 |
| 10.0 | 14.1 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.2% | |
| International Equity Funds | 26.8% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 62.4% | |
| International Equity Funds | 23.5% | |
 | Bond Funds | 14.1% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.2% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(b) | 551,012 | | $ 51,067,793 |
Fidelity Advisor Series Equity-Income Fund (b) | 7,337,897 | | 92,017,234 |
Fidelity Advisor Series Growth & Income Fund (b) | 5,262,424 | | 69,043,002 |
Fidelity Advisor Series Growth Opportunities Fund (b) | 4,173,312 | | 44,570,967 |
Fidelity Advisor Series Opportunistic Insights Fund (b) | 2,642,520 | | 36,968,854 |
Fidelity Advisor Series Small Cap Fund (b) | 2,354,987 | | 24,868,661 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (b) | 4,868,427 | | 61,634,290 |
Fidelity Series 100 Index Fund (b) | 2,129,569 | | 25,916,855 |
Fidelity Series 1000 Value Index Fund (b) | 978,594 | | 10,451,384 |
Fidelity Series All-Sector Equity Fund (b) | 4,294,706 | | 60,641,247 |
Fidelity Series Commodity Strategy Fund (a)(b) | 912,090 | | 7,707,162 |
Fidelity Series Real Estate Equity Fund (b) | 523,095 | | 6,758,383 |
Fidelity Series Small Cap Opportunities Fund (b) | 2,258,729 | | 30,650,952 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $437,267,697) |
522,296,784
|
International Equity Funds - 26.8% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 2,726,085 | | 46,752,364 |
Fidelity Series International Growth Fund (b) | 5,497,929 | | 77,850,676 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 1,108,622 | | $ 17,948,594 |
Fidelity Series International Value Fund (b) | 7,056,338 | | 78,466,476 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $185,942,166) |
221,018,110
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 552,409 | | 5,634,570 |
Fidelity Series Floating Rate High Income Fund (b) | 74,644 | | 780,777 |
Fidelity Series High Income Fund (b) | 5,173,951 | | 54,792,146 |
Fidelity Series Investment Grade Bond Fund (b) | 1,553,109 | | 17,488,007 |
Fidelity Series Real Estate Income Fund (b) | 349,677 | | 3,944,361 |
TOTAL BOND FUNDS (Cost $79,684,001) |
82,639,861
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $702,893,864) | | 825,954,755 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (152,232) |
NET ASSETS - 100% | $ 825,802,523 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 49,195,874 | $ 7,666,605 | $ 19,791,379 | $ - | $ 51,067,793 |
Fidelity Advisor Growth & Income Fund Institutional Class | 26,225,977 | 1,639,698 | 30,192,915 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 26,484,651 | 2,174,337 | 33,719,826 | - | - |
Fidelity Advisor Series Equity-Income Fund | 33,840,493 | 59,240,079 | 6,816,129 | 955,249 | 92,017,234 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 7,498,583 | 61,946,386 | 6,057,931 | 377,174 | 69,043,002 |
Fidelity Advisor Series Growth Opportunities Fund | - | 44,146,520 | 2,410,919 | 16,689 | 44,570,967 |
Fidelity Advisor Series Opportunistic Insights Fund | 23,924,742 | 10,510,254 | 4,288,257 | - | 36,968,854 |
Fidelity Advisor Series Small Cap Fund | - | 24,932,788 | 1,383,100 | 18,461 | 24,868,661 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 34,081,404 | 29,180,551 | 6,366,718 | 481,792 | 61,634,290 |
Fidelity Advisor Small Cap Fund Institutional Class | 20,231,800 | 2,039,669 | 25,646,907 | - | - |
Fidelity Series 100 Index Fund | 8,202,815 | 17,974,279 | 2,165,852 | 238,083 | 25,916,855 |
Fidelity Series 1000 Value Index Fund | - | 10,333,053 | 496,642 | 39,017 | 10,451,384 |
Fidelity Series All-Sector Equity Fund | 65,230,846 | 14,564,123 | 26,693,147 | 508,667 | 60,641,247 |
Fidelity Series Commodity Strategy Fund | 62,055,569 | 14,939,403 | 63,503,733 | - | 7,707,162 |
Fidelity Series Emerging Markets Debt Fund | 4,719,827 | 1,804,514 | 575,480 | 272,751 | 5,634,570 |
Fidelity Series Emerging Markets Fund | 32,667,017 | 17,843,966 | 4,958,570 | 443,251 | 46,752,364 |
Fidelity Series Floating Rate High Income Fund | 496,860 | 400,761 | 104,395 | 29,812 | 780,777 |
Fidelity Series High Income Fund | 61,428,717 | 18,129,448 | 25,178,864 | 3,293,846 | 54,792,146 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series International Growth Fund | $ 53,789,744 | $ 24,586,319 | $ 7,702,439 | $ 509,600 | $ 77,850,676 |
Fidelity Series International Small Cap Fund | 10,942,294 | 6,446,759 | 1,720,170 | 118,908 | 17,948,594 |
Fidelity Series International Value Fund | 53,369,497 | 25,453,746 | 7,976,423 | 1,510,423 | 78,466,476 |
Fidelity Series Investment Grade Bond Fund | 23,478,771 | 11,148,679 | 16,429,803 | 550,699 | 17,488,007 |
Fidelity Series Large Cap Value Fund | 37,173,024 | 24,339,210 | 55,549,714 | 565,977 | - |
Fidelity Series Real Estate Equity Fund | 5,424,779 | 2,027,969 | 692,041 | 89,041 | 6,758,383 |
Fidelity Series Real Estate Income Fund | 2,040,650 | 2,271,671 | 326,652 | 160,677 | 3,944,361 |
Fidelity Series Small Cap Opportunities Fund | 23,559,633 | 9,956,241 | 5,501,195 | 6,570 | 30,650,952 |
Total | $ 666,063,567 | $ 445,697,028 | $ 356,249,201 | $ 10,186,687 | $ 825,954,755 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2050 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $702,893,864) - See accompanying schedule | | $ 825,954,755 |
Receivable for investments sold | | 839,132 |
Receivable for fund shares sold | | 1,480,798 |
Receivable from affiliate for expense reductions | | 138 |
Total assets | | 828,274,823 |
| | |
Liabilities | | |
Payable to custodian bank | $ 2 | |
Payable for investments purchased | 4,368 | |
Payable for fund shares redeemed | 2,315,524 | |
Distribution and service plan fees payable | 152,406 | |
Total liabilities | | 2,472,300 |
| | |
Net Assets | | $ 825,802,523 |
Net Assets consist of: | | |
Paid in capital | | $ 679,503,212 |
Undistributed net investment income | | 513,822 |
Accumulated undistributed net realized gain (loss) on investments | | 22,724,598 |
Net unrealized appreciation (depreciation) on investments | | 123,060,891 |
Net Assets | | $ 825,802,523 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($401,588,853 ÷ 35,726,645 shares) | | $ 11.24 |
| | |
Maximum offering price per share (100/94.25 of $11.24) | | $ 11.93 |
Class T:
Net Asset Value and redemption price per share ($115,391,221 ÷ 10,301,653 shares) | | $ 11.20 |
| | |
Maximum offering price per share (100/96.50 of $11.20) | | $ 11.61 |
Class B:
Net Asset Value and offering price per share ($5,038,330 ÷ 451,995 shares)A | | $ 11.15 |
| | |
Class C:
Net Asset Value and offering price per share ($21,189,620 ÷ 1,902,887 shares)A | | $ 11.14 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($282,594,499 ÷ 25,011,300 shares) | | $ 11.30 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 10,186,687 |
| | |
Expenses | | |
Distribution and service plan fees | $ 1,721,051 | |
Independent trustees' compensation | 2,811 | |
Total expenses before reductions | 1,723,862 | |
Expense reductions | (2,811) | 1,721,051 |
Net investment income (loss) | | 8,465,636 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 21,606,531 | |
Capital gain distributions from underlying funds | 26,530,156 | |
Total net realized gain (loss) | | 48,136,687 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 48,837,052 |
Net gain (loss) | | 96,973,739 |
Net increase (decrease) in net assets resulting from operations | | $ 105,439,375 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 8,465,636 | $ 8,705,827 |
Net realized gain (loss) | 48,136,687 | 15,586,075 |
Change in net unrealized appreciation (depreciation) | 48,837,052 | 35,894,143 |
Net increase (decrease) in net assets resulting from operations | 105,439,375 | 60,186,045 |
Distributions to shareholders from net investment income | (8,609,427) | (8,370,984) |
Distributions to shareholders from net realized gain | (37,277,454) | (2,615,729) |
Total distributions | (45,886,881) | (10,986,713) |
Share transactions - net increase (decrease) | 100,312,280 | 126,263,908 |
Total increase (decrease) in net assets | 159,864,774 | 175,463,240 |
| | |
Net Assets | | |
Beginning of period | 665,937,749 | 490,474,509 |
End of period (including undistributed net investment income of $513,822 and undistributed net investment income of $657,613, respectively) | $ 825,802,523 | $ 665,937,749 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.39 | $ 9.61 | $ 9.93 | $ 8.66 | $ 5.67 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .12 | .15 | .12 | .11 | .11 |
Net realized and unrealized gain (loss) | 1.40 | .82 | (.17) | 1.34 | 3.05 |
Total from investment operations | 1.52 | .97 | (.05) | 1.45 | 3.16 |
Distributions from net investment income | (.12) | (.14) | (.11) | (.11) | (.10) |
Distributions from net realized gain | (.55) | (.05) | (.16) | (.08) | (.07) |
Total distributions | (.67) | (.19) | (.27) | (.18) F | (.17) |
Net asset value, end of period | $ 11.24 | $ 10.39 | $ 9.61 | $ 9.93 | $ 8.66 |
Total Return A,B | 14.91% | 10.23% | (.22)% | 16.99% | 55.94% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.10% | 1.56% | 1.32% | 1.23% | 1.43% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 401,589 | $ 352,814 | $ 280,478 | $ 220,549 | $ 137,716 |
Portfolio turnover rate D | 47% | 28% | 12% | 36% | 15% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.18 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.079 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.36 | $ 9.58 | $ 9.90 | $ 8.64 | $ 5.66 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .09 | .13 | .10 | .09 | .09 |
Net realized and unrealized gain (loss) | 1.39 | .81 | (.17) | 1.33 | 3.05 |
Total from investment operations | 1.48 | .94 | (.07) | 1.42 | 3.14 |
Distributions from net investment income | (.10) | (.12) | (.09) | (.09) | (.09) |
Distributions from net realized gain | (.55) | (.05) | (.16) | (.08) | (.07) |
Total distributions | (.64) H | (.16) G | (.25) | (.16) F | (.16) |
Net asset value, end of period | $ 11.20 | $ 10.36 | $ 9.58 | $ 9.90 | $ 8.64 |
Total Return A,B | 14.61% | 9.99% | (.48)% | 16.66% | 55.57% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .85% | 1.31% | 1.07% | .98% | 1.18% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 115,391 | $ 89,196 | $ 64,512 | $ 61,195 | $ 46,449 |
Portfolio turnover rate D | 47% | 28% | 12% | 36% | 15% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.16 per share is comprised of distributions from net investment income of $.085 and distributions from net realized gain of $.079 per share.
G Total distributions of $.16 per share is comprised of distributions from net investment income of $.117 and distributions from net realized gain of $.046 per share.
H Total distributions of $.64 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.546 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.31 | $ 9.54 | $ 9.86 | $ 8.60 | $ 5.64 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .08 | .05 | .04 | .05 |
Net realized and unrealized gain (loss) | 1.38 | .81 | (.17) | 1.34 | 3.03 |
Total from investment operations | 1.42 | .89 | (.12) | 1.38 | 3.08 |
Distributions from net investment income | (.05) | (.08) | (.05) | (.05) | (.05) |
Distributions from net realized gain | (.54) | (.05) | (.15) | (.07) | (.07) |
Total distributions | (.58) G | (.12) F | (.20) | (.12) | (.12) |
Net asset value, end of period | $ 11.15 | $ 10.31 | $ 9.54 | $ 9.86 | $ 8.60 |
Total Return A,B | 14.06% | 9.47% | (1.06)% | 16.16% | 54.72% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .81% | .57% | .48% | .68% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,038 | $ 5,532 | $ 5,643 | $ 6,704 | $ 5,847 |
Portfolio turnover rate D | 47% | 28% | 12% | 36% | 15% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.12 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.046 per share.
G Total distributions of $.58 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.536 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.31 | $ 9.54 | $ 9.87 | $ 8.61 | $ 5.63 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .08 | .05 | .04 | .05 |
Net realized and unrealized gain (loss) | 1.38 | .82 | (.18) | 1.34 | 3.05 |
Total from investment operations | 1.42 | .90 | (.13) | 1.38 | 3.10 |
Distributions from net investment income | (.06) | (.08) | (.05) | (.05) | (.05) |
Distributions from net realized gain | (.54) | (.05) | (.15) | (.07) | (.07) |
Total distributions | (.59) F | (.13) | (.20) | (.12) | (.12) |
Net asset value, end of period | $ 11.14 | $ 10.31 | $ 9.54 | $ 9.87 | $ 8.61 |
Total Return A,B | 14.06% | 9.53% | (1.08)% | 16.16% | 55.15% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .81% | .57% | .48% | .68% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 21,190 | $ 16,188 | $ 13,344 | $ 12,014 | $ 9,646 |
Portfolio turnover rate D | 47% | 28% | 12% | 36% | 15% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.59 per share is comprised of distributions from net investment income of $.056 and distributions from net realized gain of $.536 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.44 | $ 9.65 | $ 9.97 | $ 8.70 | $ 5.68 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .15 | .18 | .15 | .13 | .13 |
Net realized and unrealized gain (loss) | 1.40 | .82 | (.18) | 1.34 | 3.08 |
Total from investment operations | 1.55 | 1.00 | (.03) | 1.47 | 3.21 |
Distributions from net investment income | (.15) | (.16) | (.13) | (.13) | (.12) |
Distributions from net realized gain | (.55) | (.05) | (.16) | (.08) | (.07) |
Total distributions | (.69) G | (.21) | (.29) | (.20) F | (.19) |
Net asset value, end of period | $ 11.30 | $ 10.44 | $ 9.65 | $ 9.97 | $ 8.70 |
Total Return A | 15.20% | 10.55% | .02% | 17.17% | 56.66% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.35% | 1.81% | 1.57% | 1.48% | 1.68% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 282,594 | $ 202,208 | $ 126,497 | $ 62,785 | $ 40,214 |
Portfolio turnover rate C | 47% | 28% | 12% | 36% | 15% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.20 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.078 per share.
G Total distributions of $.69 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.546 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2055 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.7 | 7.9 |
Fidelity Advisor Series Equity-Income Fund | 11.4 | 5.3 |
Fidelity Advisor Series Growth & Income Fund | 8.4 | 5.2 |
Fidelity Advisor Series Growth Opportunities Fund | 5.1 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 4.9 | 4.1 |
Fidelity Advisor Series Small Cap Fund | 3.1 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.5 | 5.3 |
Fidelity Series 100 Index Fund | 3.2 | 1.3 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.1 | 9.9 |
Fidelity Series Commodity Strategy Fund | 0.9 | 9.5 |
Fidelity Series Real Estate Equity Fund | 1.0 | 0.8 |
Fidelity Series Small Cap Opportunities Fund | 3.7 | 3.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 4.0 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 3.1 |
Fidelity Series Large Cap Value Fund | 0.0 | 5.5 |
| 63.3 | 65.5 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.6 | 5.4 |
Fidelity Series International Growth Fund | 9.5 | 8.7 |
Fidelity Series International Small Cap Fund | 2.3 | 1.8 |
Fidelity Series International Value Fund | 9.5 | 8.6 |
| 26.9 | 24.5 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.6 |
Fidelity Series Floating Rate High Income Fund * | 0.0 | 0.0 |
Fidelity Series High Income Fund | 6.6 | 9.1 |
Fidelity Series Investment Grade Bond Fund | 2.2 | 0.1 |
Fidelity Series Real Estate Income Fund | 0.3 | 0.2 |
| 9.8 | 10.0 |
Net Other Assets (Liabilities) * | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds ** | 63.3% | |
| International Equity Funds | 26.9% | |
| Bond Funds | 9.8% | |
Six months ago |
| Domestic Equity Funds** | 65.5% | |
| International Equity Funds | 24.5% | |
| Bond Funds | 10.0% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2055 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.3% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(b) | 95,818 | | $ 8,880,395 |
Fidelity Advisor Series Equity-Income Fund (b) | 1,427,043 | | 17,895,119 |
Fidelity Advisor Series Growth & Income Fund (b) | 1,011,064 | | 13,265,158 |
Fidelity Advisor Series Growth Opportunities Fund (b) | 751,547 | | 8,026,517 |
Fidelity Advisor Series Opportunistic Insights Fund (b) | 552,716 | | 7,732,493 |
Fidelity Advisor Series Small Cap Fund (b) | 459,454 | | 4,851,837 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (b) | 936,121 | | 11,851,287 |
Fidelity Series 100 Index Fund (b) | 411,404 | | 5,006,785 |
Fidelity Series 1000 Value Index Fund (b) | 190,028 | | 2,029,502 |
Fidelity Series All-Sector Equity Fund (b) | 789,795 | | 11,151,907 |
Fidelity Series Commodity Strategy Fund (a)(b) | 173,632 | | 1,467,193 |
Fidelity Series Real Estate Equity Fund (b) | 124,732 | | 1,611,534 |
Fidelity Series Small Cap Opportunities Fund (b) | 433,190 | | 5,878,390 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $90,932,040) |
99,648,117
|
International Equity Funds - 26.9% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 514,722 | | 8,827,477 |
Fidelity Series International Growth Fund (b) | 1,052,128 | | 14,898,127 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 220,028 | | $ 3,562,259 |
Fidelity Series International Value Fund (b) | 1,349,466 | | 15,006,060 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $38,728,279) |
42,293,923
|
Bond Funds - 9.8% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 105,324 | | 1,074,301 |
Fidelity Series Floating Rate High Income Fund (b) | 1,541 | | 16,117 |
Fidelity Series High Income Fund (b) | 984,469 | | 10,425,524 |
Fidelity Series Investment Grade Bond Fund (b) | 308,691 | | 3,475,861 |
Fidelity Series Real Estate Income Fund (b) | 37,553 | | 423,596 |
TOTAL BOND FUNDS (Cost $15,119,372) |
15,415,399
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $144,779,691) | | 157,357,439 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (26,143) |
NET ASSETS - 100% | $ 157,331,296 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 4,717,573 | $ 5,045,565 | $ 2,789,204 | $ - | $ 8,880,395 |
Fidelity Advisor Growth & Income Fund Institutional Class | 2,595,183 | 971,502 | 3,818,648 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 2,597,322 | 1,558,537 | 4,798,398 | - | - |
Fidelity Advisor Series Equity-Income Fund | 2,664,286 | 15,141,536 | 808,989 | 130,240 | 17,895,119 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 597,982 | 12,496,932 | 696,180 | 60,373 | 13,265,158 |
Fidelity Advisor Series Growth Opportunities Fund | - | 7,807,695 | 219,353 | 2,588 | 8,026,517 |
Fidelity Advisor Series Opportunistic Insights Fund | 1,895,518 | 5,370,707 | 464,629 | - | 7,732,493 |
Fidelity Advisor Series Small Cap Fund | - | 4,747,884 | 124,733 | 2,908 | 4,851,837 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 2,677,427 | 9,178,962 | 658,443 | 74,248 | 11,851,287 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,939,859 | 1,335,542 | 3,707,829 | - | - |
Fidelity Series 100 Index Fund | 873,917 | 4,049,808 | 217,843 | 35,883 | 5,006,785 |
Fidelity Series 1000 Value Index Fund | - | 1,962,994 | 44,774 | 6,523 | 2,029,502 |
Fidelity Series All-Sector Equity Fund | 6,287,353 | 7,141,979 | 3,149,208 | 80,017 | 11,151,907 |
Fidelity Series Commodity Strategy Fund | 5,784,182 | 5,669,442 | 9,307,025 | - | 1,467,193 |
Fidelity Series Emerging Markets Debt Fund | 356,627 | 796,137 | 52,926 | 36,434 | 1,074,301 |
Fidelity Series Emerging Markets Fund | 3,113,335 | 5,967,475 | 489,081 | 65,572 | 8,827,477 |
Fidelity Series Floating Rate High Income Fund | 1,943 | 15,386 | 1,039 | 393 | 16,117 |
Fidelity Series High Income Fund | 5,468,666 | 8,311,036 | 3,474,784 | 455,133 | 10,425,524 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series International Growth Fund | $ 5,007,955 | $ 9,651,096 | $ 806,168 | $ 80,244 | $ 14,898,127 |
Fidelity Series International Small Cap Fund | 1,011,976 | 2,395,228 | 178,896 | 20,810 | 3,562,259 |
Fidelity Series International Value Fund | 4,963,040 | 9,816,201 | 807,650 | 240,495 | 15,006,060 |
Fidelity Series Investment Grade Bond Fund | 68,328 | 3,578,710 | 183,941 | 31,134 | 3,475,861 |
Fidelity Series Large Cap Value Fund | 3,698,707 | 5,608,444 | 8,219,945 | 89,457 | - |
Fidelity Series Real Estate Equity Fund | 544,808 | 1,128,956 | 92,828 | 14,508 | 1,611,534 |
Fidelity Series Real Estate Income Fund | 134,922 | 316,097 | 24,155 | 14,390 | 423,596 |
Fidelity Series Small Cap Opportunities Fund | 2,255,121 | 3,955,933 | 689,440 | 1,037 | 5,878,390 |
Total | $ 59,256,030 | $ 134,019,784 | $ 45,826,109 | $ 1,442,387 | $ 157,357,439 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2055 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $144,779,691) - See accompanying schedule | | $ 157,357,439 |
Receivable for investments sold | | 16,444 |
Receivable for fund shares sold | | 736,554 |
Receivable from affiliate for expense reductions | | 88 |
Total assets | | 158,110,525 |
| | |
Liabilities | | |
Payable for investments purchased | $ 250,390 | |
Payable for fund shares redeemed | 502,578 | |
Distribution and service plan fees payable | 26,261 | |
Total liabilities | | 779,229 |
| | |
Net Assets | | $ 157,331,296 |
Net Assets consist of: | | |
Paid in capital | | $ 142,593,135 |
Undistributed net investment income | | 94,984 |
Accumulated undistributed net realized gain (loss) on investments | | 2,065,429 |
Net unrealized appreciation (depreciation) on investments | | 12,577,748 |
Net Assets | | $ 157,331,296 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($81,217,040 ÷ 6,937,887 shares) | | $ 11.71 |
| | |
Maximum offering price per share (100/94.25 of $11.71) | | $ 12.42 |
Class T:
Net Asset Value and redemption price per share ($19,133,789 ÷ 1,638,059 shares) | | $ 11.68 |
| | |
Maximum offering price per share (100/96.50 of $11.68) | | $ 12.10 |
Class C:
Net Asset Value and offering price per share ($2,490,824 ÷ 213,064 shares)A | | $ 11.69 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($54,489,643 ÷ 4,641,179 shares) | | $ 11.74 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 1,442,387 |
| | |
Expenses | | |
Distribution and service plan fees | $ 223,426 | |
Independent trustees' compensation | 374 | |
Total expenses before reductions | 223,800 | |
Expense reductions | (374) | 223,426 |
Net investment income (loss) | | 1,218,961 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 523,476 | |
Capital gain distributions from underlying funds | 4,225,946 | |
Total net realized gain (loss) | | 4,749,422 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 9,384,388 |
Net gain (loss) | | 14,133,810 |
Net increase (decrease) in net assets resulting from operations | | $ 15,352,771 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,218,961 | $ 516,037 |
Net realized gain (loss) | 4,749,422 | 755,707 |
Change in net unrealized appreciation (depreciation) | 9,384,388 | 3,283,912 |
Net increase (decrease) in net assets resulting from operations | 15,352,771 | 4,555,656 |
Distributions to shareholders from net investment income | (1,169,063) | (473,172) |
Distributions to shareholders from net realized gain | (3,355,879) | (129,809) |
Total distributions | (4,524,942) | (602,981) |
Share transactions - net increase (decrease) | 87,257,338 | 47,565,310 |
Total increase (decrease) in net assets | 98,085,167 | 51,517,985 |
| | |
Net Assets | | |
Beginning of period | 59,246,129 | 7,728,144 |
End of period (including undistributed net investment income of $94,984 and undistributed net investment income of $45,086, respectively) | $ 157,331,296 | $ 59,246,129 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.56 | $ 9.75 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .12 | .18 | .11 |
Net realized and unrealized gain (loss) | 1.49 | .83 | (.11) |
Total from investment operations | 1.61 | 1.01 | - |
Distributions from net investment income | (.11) | (.13) | (.11) |
Distributions from net realized gain | (.36) | (.07) | (.15) |
Total distributions | (.46) J | (.20) | (.25) I |
Net asset value, end of period | $ 11.71 | $ 10.56 | $ 9.75 |
Total Return B, C, D | 15.45% | 10.51% | .29% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | .25% | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% A |
Expenses net of all reductions | .25% | .25% | .25% A |
Net investment income (loss) | 1.11% | 1.82% | 1.44% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 81,217 | $ 32,476 | $ 2,655 |
Portfolio turnover rate F | 43% | 29% | 18% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Amounts do not include the activity of the Underlying Funds.
G For the period June 1, 2011 (commencement of operations) to March 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.25 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.146 per share.
J Total distributions of $.46 per share is comprised of distributions from net investment income of $.106 and distributions from net realized gain of $.355 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.55 | $ 9.75 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | .16 | .09 |
Net realized and unrealized gain (loss) | 1.47 | .82 | (.10) |
Total from investment operations | 1.57 | .98 | (.01) |
Distributions from net investment income | (.09) | (.11) | (.09) |
Distributions from net realized gain | (.36) | (.07) | (.15) |
Total distributions | (.44) I | (.18) | (.24) |
Net asset value, end of period | $ 11.68 | $ 10.55 | $ 9.75 |
Total Return B, C, D | 15.07% | 10.24% | .12% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | .50% | .50% | .50% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% A |
Expenses net of all reductions | .50% | .50% | .50% A |
Net investment income (loss) | .86% | 1.57% | 1.19% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 19,134 | $ 7,239 | $ 1,444 |
Portfolio turnover rate F | 43% | 29% | 18% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Amounts do not include the activity of the Underlying Funds.
G For the period June 1, 2011 (commencement of operations) to March 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.44 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.355 per share.
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.57 | $ 9.74 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .04 | .10 | .05 |
Net realized and unrealized gain (loss) | 1.47 | .83 | (.10) |
Total from investment operations | 1.51 | .93 | (.05) |
Distributions from net investment income | (.05) | (.03) | (.06) |
Distributions from net realized gain | (.35) | (.07) | (.15) |
Total distributions | (.39) I | (.10) | (.21) |
Net asset value, end of period | $ 11.69 | $ 10.57 | $ 9.74 |
Total Return B, C, D | 14.46% | 9.69% | (.27)% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | .36% | 1.07% | .69% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 2,491 | $ 1,094 | $ 1,127 |
Portfolio turnover rate F | 43% | 29% | 18% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Amounts do not include the activity of the Underlying Funds.
G For the period June 1, 2011 (commencement of operations) to March 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.39 per share is comprised of distributions from net investment income of $.048 and distributions from net realized gain of $.345 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.59 | $ 9.76 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .15 | .21 | .13 |
Net realized and unrealized gain (loss) | 1.48 | .83 | (.11) |
Total from investment operations | 1.63 | 1.04 | .02 |
Distributions from net investment income | (.13) | (.14) | (.12) |
Distributions from net realized gain | (.36) | (.07) | (.15) |
Total distributions | (.48) J | (.21) | (.26) I |
Net asset value, end of period | $ 11.74 | $ 10.59 | $ 9.76 |
Total Return B, C | 15.61% | 10.84% | .51% |
Ratios to Average Net Assets E, H | | | |
Expenses before reductions F | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% A |
Net investment income (loss) | 1.36% | 2.07% | 1.69% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 54,490 | $ 18,438 | $ 2,503 |
Portfolio turnover rate E | 43% | 29% | 18% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F Amount represents less than .01%.
G For the period June 1, 2011 (commencement of operations) to March 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.26 per share is comprised of distributions from net investment income of $.116 and distributions from net realized gain of $.146 per share.
J Total distributions of $.48 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.355 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended March 31, 2014
1. Organization.
Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund and Fidelity Advisor Freedom 2055 (the Funds) are funds of Fidelity Aberdeen Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).
Each Fund offers Class A, Class T, Class C, and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2014, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized
appreciation | Gross unrealized
depreciation | Net unrealized
appreciation
(depreciation) on
securities and other
investments |
Advisor Freedom Income | $ 273,472,304 | $ 17,984,557 | $ (1,203,201) | $ 16,781,356 |
Advisor Freedom 2005 | 271,942,847 | 23,824,421 | (1,165,964) | 22,658,457 |
Advisor Freedom 2010 | 780,164,124 | 84,021,308 | (4,342,578) | 79,678,730 |
Advisor Freedom 2015 | 1,688,846,755 | 210,137,580 | (8,793,974) | 201,343,606 |
Advisor Freedom 2020 | 3,029,180,449 | 380,762,379 | (20,013,115) | 360,749,264 |
Advisor Freedom 2025 | 2,850,331,291 | 415,095,746 | (15,592,963) | 399,502,783 |
Advisor Freedom 2030 | 2,806,754,218 | 437,657,908 | (6,093,744) | 431,564,164 |
Advisor Freedom 2035 | 2,041,169,527 | 349,182,835 | (3,812,926) | 345,369,909 |
Advisor Freedom 2040 | 1,965,339,418 | 331,308,663 | (3,727,885) | 327,580,778 |
Advisor Freedom 2045 | 979,594,916 | 164,769,390 | (2,014,706) | 162,754,684 |
Advisor Freedom 2050 | 704,111,147 | 123,486,941 | (1,643,333) | 121,843,608 |
Advisor Freedom 2055 | 144,875,900 | 12,703,169 | (221,630) | 12,481,539 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| Undistributed
ordinary income | Undistributed
long-term
capital gain | Net unrealized
appreciation
(depreciation) |
Advisor Freedom Income | $ 588,439 | $ 4,509,417 | $ 16,781,356 |
Advisor Freedom 2005 | 1,178,665 | 3,778,896 | 22,658,457 |
Advisor Freedom 2010 | 3,558,546 | 13,115,871 | 79,678,730 |
Advisor Freedom 2015 | 7,185,151 | 32,543,917 | 201,343,606 |
Advisor Freedom 2020 | 10,683,907 | 49,873,206 | 360,749,264 |
Advisor Freedom 2025 | 10,166,591 | 48,065,293 | 399,502,783 |
Advisor Freedom 2030 | 6,711,392 | 35,391,213 | 431,564,164 |
Advisor Freedom 2035 | 3,732,787 | 31,898,391 | 345,369,909 |
Advisor Freedom 2040 | 4,341,858 | 29,121,846 | 327,580,778 |
Advisor Freedom 2045 | 2,448,411 | 29,948,375 | 162,754,684 |
Advisor Freedom 2050 | 1,816,262 | 22,639,441 | 121,843,608 |
Advisor Freedom 2055 | 237,703 | 2,018,921 | 12,481,539 |
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The tax character of distributions paid was as follows:
March 31, 2014 | | | |
| Ordinary Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 5,477,302 | $ 5,822,554 | $ 11,299,856 |
Advisor Freedom 2005 | 6,110,862 | 4,640,048 | 10,750,910 |
Advisor Freedom 2010 | 20,888,700 | 17,590,764 | 38,479,464 |
Advisor Freedom 2015 | 46,628,978 | 50,615,076 | 97,244,054 |
Advisor Freedom 2020 | 83,459,191 | 92,532,796 | 175,991,987 |
Advisor Freedom 2025 | 83,535,739 | 107,472,852 | 191,008,591 |
Advisor Freedom 2030 | 90,111,149 | 98,991,029 | 189,102,178 |
Advisor Freedom 2035 | 67,580,156 | 91,022,780 | 158,602,936 |
Advisor Freedom 2040 | 63,483,756 | 87,121,446 | 150,605,202 |
Advisor Freedom 2045 | 29,992,159 | 32,086,750 | 62,078,909 |
Advisor Freedom 2050 | 21,768,582 | 24,118,299 | 45,886,881 |
Advisor Freedom 2055 | 3,373,590 | 1,151,352 | 4,524,942 |
March 31, 2013 | | | |
| Ordinary Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 5,414,666 | $ 1,914,942 | $ 7,329,608 |
Advisor Freedom 2005 | 5,136,657 | - | 5,136,657 |
Advisor Freedom 2010 | 18,067,071 | - | 18,067,071 |
Advisor Freedom 2015 | 38,253,485 | - | 38,253,485 |
Advisor Freedom 2020 | 62,726,354 | - | 62,726,354 |
Advisor Freedom 2025 | 53,196,385 | - | 53,196,385 |
Advisor Freedom 2030 | 53,839,930 | - | 53,839,930 |
Advisor Freedom 2035 | 32,750,670 | - | 32,750,670 |
Advisor Freedom 2040 | 31,788,840 | - | 31,788,840 |
Advisor Freedom 2045 | 13,679,345 | 8,878,964 | 22,558,309 |
Advisor Freedom 2050 | 9,440,533 | 1,546,180 | 10,986,713 |
Advisor Freedom 2055 | 507,335 | 95,646 | 602,981 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares and in-kind transactions are noted in the table below.
| Purchases ($) | Redemptions ($) |
Advisor Freedom Income | 110,509,515 | 151,567,737 |
Advisor Freedom 2005 | 148,186,659 | 173,196,772 |
Advisor Freedom 2010 | 348,234,361 | 437,392,945 |
Advisor Freedom 2015 | 714,475,216 | 880,329,776 |
Advisor Freedom 2020 | 1,333,645,638 | 1,410,087,965 |
Advisor Freedom 2025 | 1,390,936,523 | 1,269,494,795 |
Advisor Freedom 2030 | 1,692,685,499 | 1,641,265,374 |
Advisor Freedom 2035 | 1,192,747,948 | 1,085,931,376 |
Advisor Freedom 2040 | 1,105,213,292 | 1,025,009,478 |
Advisor Freedom 2045 | 614,644,074 | 474,275,065 |
Advisor Freedom 2050 | 445,697,028 | 356,249,201 |
Advisor Freedom 2055 | 134,019,784 | 45,826,109 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Strategic Advisers, Inc. (the investment adviser), an affiliate of FMR, provides the Funds with investment management related services. The Funds do not pay any fees for these services.
Annual Report
4. Fees and Other Transactions with Affiliates - continued
Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding the distribution and service fees, the compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares, except for the Institutional Class. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Advisor Freedom Income | Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 411,081 | $ 17,600 |
Class T | .25% | .25% | 260,333 | 605 |
Class B | .75% | .25% | 19,512 | 14,917 |
Class C | .75% | .25% | 160,227 | 21,088 |
| | | $ 851,153 | $ 54,210 |
Advisor Freedom 2005 | | | | |
Class A | -% | .25% | $ 486,370 | $ 50,064 |
Class T | .25% | .25% | 142,834 | 274 |
Class B | .75% | .25% | 11,432 | 8,644 |
Class C | .75% | .25% | 89,355 | 7,517 |
| | | $ 729,991 | $ 66,499 |
Advisor Freedom 2010 | | | | |
Class A | -% | .25% | $ 1,306,630 | $ 119,231 |
Class T | .25% | .25% | 642,541 | 5,572 |
Class B | .75% | .25% | 50,296 | 38,259 |
Class C | .75% | .25% | 375,479 | 29,316 |
| | | $ 2,374,946 | $ 192,378 |
Advisor Freedom 2015 | | | | |
Class A | -% | .25% | $ 2,852,486 | $ 242,558 |
Class T | .25% | .25% | 1,143,706 | 4,608 |
Class B | .75% | .25% | 145,496 | 109,696 |
Class C | .75% | .25% | 733,938 | 82,620 |
| | | $ 4,875,626 | $ 493,482 |
Advisor Freedom 2020 | | | | |
Class A | -% | .25% | $ 4,838,060 | $ 400,052 |
Class T | .25% | .25% | 2,263,839 | 3,354 |
Class B | .75% | .25% | 280,529 | 212,663 |
Class C | .75% | .25% | 1,070,976 | 119,710 |
| | | $ 8,453,404 | $ 735,779 |
Advisor Freedom 2025 | | | | |
Class A | -% | .25% | $ 4,668,339 | $ 453,058 |
Class T | .25% | .25% | 1,795,218 | 1,897 |
Class B | .75% | .25% | 201,805 | 152,720 |
Class C | .75% | .25% | 816,338 | 101,623 |
| | | $ 7,481,700 | $ 709,298 |
Advisor Freedom 2030 | | | | |
Class A | -% | .25% | $ 4,446,177 | $ 355,830 |
Class T | .25% | .25% | 2,107,866 | 907 |
Class B | .75% | .25% | 241,199 | 182,957 |
Class C | .75% | .25% | 806,573 | 97,813 |
| | | $ 7,601,815 | $ 637,507 |
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
Advisor Freedom 2035 | Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 3,303,549 | $ 291,185 |
Class T | .25% | .25% | 1,240,867 | 235 |
Class B | .75% | .25% | 162,173 | 122,775 |
Class C | .75% | .25% | 485,172 | 61,185 |
| | | $ 5,191,761 | $ 475,380 |
Advisor Freedom 2040 | | | | |
Class A | -% | .25% | $ 2,966,869 | $ 214,631 |
Class T | .25% | .25% | 1,574,773 | 5,726 |
Class B | .75% | .25% | 210,815 | 159,630 |
Class C | .75% | .25% | 673,853 | 76,469 |
| | | $ 5,426,310 | $ 456,456 |
Advisor Freedom 2045 | | | | |
Class A | -% | .25% | $ 1,439,795 | $ 124,462 |
Class T | .25% | .25% | 559,889 | - |
Class B | .75% | .25% | 36,233 | 27,325 |
Class C | .75% | .25% | 159,334 | 33,316 |
| | | $ 2,195,251 | $ 185,103 |
Advisor Freedom 2050 | | | | |
Class A | -% | .25% | $ 959,769 | $ 52,468 |
Class T | .25% | .25% | 519,165 | - |
Class B | .75% | .25% | 54,183 | 40,733 |
Class C | .75% | .25% | 187,934 | 30,843 |
| | | $ 1,721,051 | $ 124,044 |
Advisor Freedom 2055 | | | | |
Class A | -% | .25% | $ 141,577 | $ 13,490 |
Class T | .25% | .25% | 64,941 | - |
Class C | .75% | .25% | 16,908 | 9,926 |
| | | $ 223,426 | $ 23,416 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Advisor Freedom Income | Retained
by FDC |
Class A | $ 8,876 |
Class T | 2,378 |
Class B* | 5,260 |
Class C* | 2,266 |
| $ 18,780 |
Advisor Freedom 2005 | |
Class A | $ 4,169 |
Class T | 1,008 |
Class B* | 514 |
Class C* | 350 |
| $ 6,041 |
Advisor Freedom 2010 | |
Class A | $ 14,676 |
Class T | 6,739 |
Class B* | 6,896 |
Class C* | 2,672 |
| $ 30,983 |
Annual Report
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
Advisor Freedom 2015 | Retained
by FDC |
Class A | $ 36,442 |
Class T | 15,460 |
Class B* | 9,407 |
Class C* | 4,023 |
| $ 65,332 |
Advisor Freedom 2020 | |
Class A | $ 87,581 |
Class T | 37,238 |
Class B* | 23,902 |
Class C* | 9,422 |
| $ 158,143 |
Advisor Freedom 2025 | |
Class A | $ 169,702 |
Class T | 39,977 |
Class B* | 19,120 |
Class C* | 8,558 |
| $ 237,357 |
Advisor Freedom 2030 | |
Class A | $ 85,166 |
Class T | 39,549 |
Class B* | 13,021 |
Class C* | 11,061 |
| $ 148,797 |
Advisor Freedom 2035 | |
Class A | $ 62,340 |
Class T | 36,446 |
Class B* | 7,998 |
Class C* | 8,335 |
| $ 115,119 |
Advisor Freedom 2040 | |
Class A | $ 83,127 |
Class T | 39,019 |
Class B* | 17,214 |
Class C* | 9,948 |
| $ 149,308 |
Advisor Freedom 2045 | |
Class A | $ 35,303 |
Class T | 18,653 |
Class B* | 3,171 |
Class C* | 4,978 |
| $ 62,105 |
Advisor Freedom 2050 | |
Class A | $ 32,502 |
Class T | 12,639 |
Class B* | 5,631 |
Class C* | 5,659 |
| $ 56,431 |
Advisor Freedom 2055 | |
Class A | $ 11,286 |
Class T | 7,346 |
Class C* | 466 |
| $ 19,098 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Reallocation of Underlying Fund Investments. During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in Fidelity Advisor Equity Growth Fund Institutional Class, Fidelity Advisor Growth & Income Fund Institutional Class, Fidelity Advisor Large Cap Fund Institutional Class, Fidelity Advisor Small Cap Fund Institutional Class, Fidelity Series All-Sector Equity Fund, Fidelity Series Large Cap Value Fund ("selected Underlying Funds") for investments, including accrued interest, and non-taxable exchanges of those investments for shares of Fidelity Advisor Series Equity-Income Fund, Fidelity Series 1000 Value Index Fund, Fidelity Advisor Series Small Cap Fund, Fidelity Series Large Cap Value Fund, Fidelity Advisor Series Growth Opportunities Fund and Fidelity Advisor Series Growth & Income Fund all of which are affiliated investment companies managed by FMR. Realized gains and losses on the redemptions of the selected Underlying Funds in connection with the reallocation are included in the accompanying Statements of Operations as "Realized gain (loss) on sale of underlying fund shares."
Details of these transactions with the related gain (loss) for the Funds are presented in the accompanying table:
| Value of Investments,
including accrued
interest, reallocated | Realized Gain (Loss)
on redemptions of
selected
Underlying Funds |
Advisor Freedom Income | $ 15,623,622 | $ 4,478,952 |
Advisor Freedom 2005 | 24,289,541 | 5,021,212 |
Advisor Freedom 2010 | 102,067,968 | 17,460,023 |
Advisor Freedom 2015 | 231,296,554 | 39,005,204 |
Advisor Freedom 2020 | 429,704,080 | 70,205,011 |
Advisor Freedom 2025 | 489,340,391 | 67,376,784 |
Advisor Freedom 2030 | 517,397,965 | 72,571,695 |
Advisor Freedom 2035 | 431,841,119 | 54,288,535 |
Advisor Freedom 2040 | 427,611,864 | 49,969,582 |
Advisor Freedom 2045 | 210,601,404 | 43,255,758 |
Advisor Freedom 2050 | 153,808,872 | 32,952,426 |
Advisor Freedom 2055 | 23,353,309 | 1,318,830 |
5. Expense Reductions.
FMR voluntarily agreed to reimburse the funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.
The following classes of each applicable Fund were in reimbursement during the period:
| Expense
Limitations | Reimbursement |
Advisor Freedom Income | | |
Class A | .25% | $ 632 |
Class T | .50% | 200 |
Class B | 1.00% | 7 |
Class C | 1.00% | 61 |
Institutional Class | .00% | 288 |
Advisor Freedom 2005 | | |
Class A | .25% | 742 |
Class T | .50% | 109 |
Class B | 1.00% | 4 |
Class C | 1.00% | 34 |
Institutional Class | .00% | 266 |
Advisor Freedom 2010 | | |
Class A | .25% | 1,995 |
Class T | .50% | 490 |
Class B | 1.00% | 19 |
Class C | 1.00% | 143 |
Institutional Class | .00% | 763 |
Annual Report
5. Expense Reductions - continued
| Expense
Limitations | Reimbursement |
Advisor Freedom 2015 | | |
Class A | .25% | $ 4,352 |
Class T | .50% | 872 |
Class B | 1.00% | 55 |
Class C | 1.00% | 280 |
Institutional Class | .00% | 1,810 |
Advisor Freedom 2020 | | |
Class A | .25% | 7,338 |
Class T | .50% | 1,717 |
Class B | 1.00% | 106 |
Class C | 1.00% | 407 |
Institutional Class | .00% | 3,096 |
Advisor Freedom 2025 | | |
Class A | .25% | 7,036 |
Class T | .50% | 1,353 |
Class B | 1.00% | 76 |
Class C | 1.00% | 308 |
Institutional Class | .00% | 2,878 |
Advisor Freedom 2030 | | |
Class A | .25% | 6,710 |
Class T | .50% | 1,591 |
Class B | 1.00% | 91 |
Class C | 1.00% | 305 |
Institutional Class | .00% | 2,979 |
Advisor Freedom 2035 | | |
Class A | .25% | 4,969 |
Class T | .50% | 933 |
Class B | 1.00% | 61 |
Class C | 1.00% | 182 |
Institutional Class | .00% | 2,302 |
Advisor Freedom 2040 | | |
Class A | .25% | 4,465 |
Class T | .50% | 1,186 |
Class B | 1.00% | 79 |
Class C | 1.00% | 254 |
Institutional Class | .00% | 2,182 |
Advisor Freedom 2045 | | |
Class A | .25% | 2,150 |
Class T | .50% | 418 |
Class B | 1.00% | 13 |
Class C | 1.00% | 59 |
Institutional Class | .00% | 1,201 |
Advisor Freedom 2050 | | |
Class A | .25% | 1,436 |
Class T | .50% | 388 |
Class B | 1.00% | 20 |
Class C | 1.00% | 70 |
Institutional Class | .00% | 897 |
Annual Report
Notes to Financial Statements - continued
5. Expense Reductions - continued
| Expense
Limitations | Reimbursement |
Advisor Freedom 2055 | | |
Class A | .25% | $ 200 |
Class T | .50% | 46 |
Class C | 1.00% | 6 |
Institutional Class | .00% | 122 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended March 31, | 2014 | 2013 |
Advisor Freedom Income | | |
From net investment income | | |
Class A | $ 1,766,405 | $ 1,869,112 |
Class T | 429,308 | 433,735 |
Class B | 5,610 | 9,453 |
Class C | 53,835 | 61,486 |
Institutional Class | 983,323 | 900,709 |
Total | $ 3,238,481 | $ 3,274,495 |
From net realized gain | | |
Class A | $ 4,306,389 | $ 2,240,481 |
Class T | 1,357,064 | 669,554 |
Class B | 51,287 | 32,437 |
Class C | 416,779 | 210,904 |
Institutional Class | 1,929,856 | 901,737 |
Total | $ 8,061,375 | $ 4,055,113 |
Advisor Freedom 2005 | | |
From net investment income | | |
Class A | $ 1,934,390 | $ 2,280,196 |
Class T | 244,035 | 219,973 |
Class B | 3,650 | 4,601 |
Class C | 32,429 | 31,434 |
Institutional Class | 835,850 | 820,798 |
Total | $ 3,050,354 | $ 3,357,002 |
From net realized gain | | |
Class A | $ 4,953,300 | $ 1,208,263 |
Class T | 765,045 | 146,502 |
Class B | 29,817 | 8,377 |
Class C | 234,996 | 47,485 |
Institutional Class | 1,717,398 | 369,028 |
Total | $ 7,700,556 | $ 1,779,655 |
Advisor Freedom 2010 | | |
From net investment income | | |
Class A | $ 5,617,013 | $ 7,248,480 |
Class T | 1,081,956 | 1,357,322 |
Class B | 11,082 | 35,114 |
Class C | 138,094 | 221,866 |
Institutional Class | 2,663,216 | 2,901,048 |
Total | $ 9,511,361 | $ 11,763,830 |
Annual Report
6. Distributions to Shareholders - continued
Years ended March 31, | 2014 | 2013 |
Advisor Freedom 2010 | | |
From net realized gain | | |
Class A | $ 16,966,458 | $ 3,797,581 |
Class T | 4,171,832 | 877,542 |
Class B | 159,058 | 49,505 |
Class C | 1,212,875 | 264,617 |
Institutional Class | 6,457,880 | 1,313,996 |
Total | $ 28,968,103 | $ 6,303,241 |
Advisor Freedom 2015 | | |
From net investment income | | |
Class A | $ 12,813,208 | $ 15,443,272 |
Class T | 2,012,565 | 2,370,199 |
Class B | 47,108 | 95,446 |
Class C | 333,834 | 437,291 |
Institutional Class | 6,573,771 | 6,470,240 |
Total | $ 21,780,486 | $ 24,816,448 |
From net realized gain | | |
Class A | $ 44,722,592 | $ 8,264,610 |
Class T | 8,884,016 | 1,548,591 |
Class B | 568,951 | 133,932 |
Class C | 2,861,846 | 514,113 |
Institutional Class | 18,426,163 | 2,975,791 |
Total | $ 75,463,568 | $ 13,437,037 |
Advisor Freedom 2020 | | |
From net investment income | | |
Class A | $ 22,719,462 | $ 26,237,034 |
Class T | 4,214,567 | 4,698,779 |
Class B | 101,181 | 207,668 |
Class C | 534,801 | 650,444 |
Institutional Class | 11,465,857 | 10,832,707 |
Total | $ 39,035,868 | $ 42,626,632 |
From net realized gain | | |
Class A | $ 80,113,960 | $ 12,221,481 |
Class T | 18,426,540 | 2,642,164 |
Class B | 1,172,886 | 229,820 |
Class C | 4,359,115 | 642,700 |
Institutional Class | 32,883,618 | 4,363,557 |
Total | $ 136,956,119 | $ 20,099,722 |
Advisor Freedom 2025 | | |
From net investment income | | |
Class A | $ 22,477,566 | $ 24,790,567 |
Class T | 3,528,131 | 3,595,303 |
Class B | 84,463 | 163,792 |
Class C | 457,022 | 561,745 |
Institutional Class | 11,073,746 | 9,737,534 |
Total | $ 37,620,928 | $ 38,848,941 |
From net realized gain | | |
Class A | $ 93,759,806 | $ 9,143,726 |
Class T | 17,601,291 | 1,563,144 |
Class B | 1,050,076 | 130,245 |
Class C | 4,011,074 | 386,200 |
Institutional Class | 36,965,416 | 3,124,129 |
Total | $ 153,387,663 | $ 14,347,444 |
Annual Report
Notes to Financial Statements - continued
6. Distributions to Shareholders - continued
Years ended March 31, | 2014 | 2013 |
Advisor Freedom 2030 | | |
From net investment income | | |
Class A | $ 22,820,261 | $ 24,782,410 |
Class T | 4,478,364 | 4,552,485 |
Class B | 122,601 | 210,414 |
Class C | 511,433 | 585,019 |
Institutional Class | 12,079,384 | 10,634,898 |
Total | $ 40,012,043 | $ 40,765,226 |
From net realized gain | | |
Class A | $ 86,607,833 | $ 7,915,192 |
Class T | 20,188,786 | 1,715,030 |
Class B | 1,192,790 | 137,323 |
Class C | 3,878,775 | 342,181 |
Institutional Class | 37,221,951 | 2,964,978 |
Total | $ 149,090,135 | $ 13,074,704 |
Advisor Freedom 2035 | | |
From net investment income | | |
Class A | $ 15,154,993 | $ 16,875,467 |
Class T | 2,367,982 | 2,349,822 |
Class B | 70,000 | 135,304 |
Class C | 268,078 | 332,280 |
Institutional Class | 8,554,224 | 7,474,365 |
Total | $ 26,415,277 | $ 27,167,238 |
From net realized gain | | |
Class A | $ 78,751,944 | $ 3,487,770 |
Class T | 14,374,167 | 574,019 |
Class B | 1,007,862 | 55,352 |
Class C | 2,858,485 | 122,062 |
Institutional Class | 35,195,201 | 1,344,229 |
Total | $ 132,187,659 | $ 5,583,432 |
Advisor Freedom 2040 | | |
From net investment income | | |
Class A | $ 13,352,673 | $ 15,416,805 |
Class T | 2,834,561 | 3,246,224 |
Class B | 78,732 | 187,384 |
Class C | 342,692 | 477,964 |
Institutional Class | 7,969,592 | 7,173,233 |
Total | $ 24,578,250 | $ 26,501,610 |
From net realized gain | | |
Class A | $ 69,904,502 | $ 3,045,286 |
Class T | 18,244,340 | 769,855 |
Class B | 1,302,421 | 73,757 |
Class C | 3,941,198 | 168,492 |
Institutional Class | 32,634,491 | 1,229,840 |
Total | $ 126,026,952 | $ 5,287,230 |
Advisor Freedom 2045 | | |
From net investment income | | |
Class A | $ 6,527,056 | $ 6,957,403 |
Class T | 1,043,078 | 988,121 |
Class B | 16,381 | 27,566 |
Class C | 85,939 | 101,775 |
Institutional Class | 4,405,855 | 3,609,466 |
Total | $ 12,078,309 | $ 11,684,331 |
Annual Report
6. Distributions to Shareholders - continued
Years ended March 31, | 2014 | 2013 |
Advisor Freedom 2045 | | |
From net realized gain | | |
Class A | $ 28,311,703 | $ 6,744,595 |
Class T | 5,432,484 | 1,044,959 |
Class B | 177,930 | 57,582 |
Class C | 768,912 | 162,607 |
Institutional Class | 15,309,571 | 2,864,235 |
Total | $ 50,000,600 | $ 10,873,978 |
Advisor Freedom 2050 | | |
From net investment income | | |
Class A | $ 4,293,626 | $ 4,634,192 |
Class T | 948,674 | 923,527 |
Class B | 22,749 | 42,092 |
Class C | 101,098 | 123,643 |
Institutional Class | 3,243,280 | 2,647,530 |
Total | $ 8,609,427 | $ 8,370,984 |
From net realized gain | | |
Class A | $ 19,244,490 | $ 1,465,892 |
Class T | 5,189,025 | 345,032 |
Class B | 268,767 | 25,867 |
Class C | 927,947 | 67,326 |
Institutional Class | 11,647,225 | 711,612 |
Total | $ 37,277,454 | $ 2,615,729 |
Advisor Freedom 2055 | | |
From net investment income | | |
Class A | $ 616,684 | $ 273,976 |
Class T | 116,529 | 55,233 |
Class C | 8,049 | 2,070 |
Institutional Class | 427,801 | 141,893 |
Total | $ 1,169,063 | $ 473,172 |
From net realized gain | | |
Class A | $ 1,825,764 | $ 68,154 |
Class T | 413,891 | 17,814 |
Class C | 51,905 | 6,257 |
Institutional Class | 1,064,319 | 37,584 |
Total | $ 3,355,879 | $ 129,809 |
7. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom Income | | | | |
Class A | | | | |
Shares sold | 4,084,387 | 5,667,328 | $ 45,396,706 | $ 62,675,823 |
Reinvestment of distributions | 539,600 | 368,047 | 5,992,117 | 4,049,319 |
Shares redeemed | (7,206,233) | (5,438,505) | (80,024,311) | (60,152,423) |
Net increase (decrease) | (2,582,246) | 596,870 | $ (28,635,488) | $ 6,572,719 |
Class T | | | | |
Shares sold | 2,344,429 | 1,752,672 | $ 26,072,453 | $ 19,341,827 |
Reinvestment of distributions | 157,567 | 97,192 | 1,748,382 | 1,067,874 |
Shares redeemed | (2,562,031) | (2,181,141) | (28,429,859) | (24,078,105) |
Net increase (decrease) | (60,035) | (331,277) | $ (609,024) | $ (3,668,404) |
Annual Report
Notes to Financial Statements - continued
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom Income | | | | |
Class B | | | | |
Shares sold | 2,503 | 13,728 | $ 27,616 | $ 151,709 |
Reinvestment of distributions | 4,670 | 3,419 | 51,823 | 37,528 |
Shares redeemed | (61,802) | (75,727) | (686,727) | (836,079) |
Net increase (decrease) | (54,629) | (58,580) | $ (607,288) | $ (646,842) |
Class C | | | | |
Shares sold | 255,147 | 326,072 | $ 2,828,803 | $ 3,593,856 |
Reinvestment of distributions | 35,486 | 19,976 | 393,433 | 219,246 |
Shares redeemed | (367,267) | (428,327) | (4,069,265) | (4,730,145) |
Net increase (decrease) | (76,634) | (82,279) | $ (847,029) | $ (917,043) |
Institutional Class | | | | |
Shares sold | 2,849,137 | 3,768,736 | $ 31,746,378 | $ 41,751,702 |
Reinvestment of distributions | 261,319 | 161,577 | 2,907,972 | 1,781,582 |
Shares redeemed | (3,644,830) | (2,467,458) | (40,617,188) | (27,262,092) |
Net increase (decrease) | (534,374) | 1,462,855 | $ (5,962,838) | $ 16,271,192 |
Advisor Freedom 2005 | | | | |
Class A | | | | |
Shares sold | 4,655,166 | 5,950,479 | $ 55,830,174 | $ 69,001,688 |
Reinvestment of distributions | 562,432 | 296,966 | 6,741,672 | 3,414,979 |
Shares redeemed | (7,016,437) | (6,013,562) | (84,207,322) | (69,615,909) |
Net increase (decrease) | (1,798,839) | 233,883 | $ (21,635,476) | $ 2,800,758 |
Class T | | | | |
Shares sold | 1,406,394 | 1,289,243 | $ 16,873,346 | $ 14,935,857 |
Reinvestment of distributions | 82,906 | 30,601 | 993,902 | 352,432 |
Shares redeemed | (1,232,550) | (1,066,736) | (14,759,346) | (12,303,077) |
Net increase (decrease) | 256,750 | 253,108 | $ 3,107,902 | $ 2,985,212 |
Class B | | | | |
Shares sold | 14,599 | 652 | $ 174,760 | $ 7,549 |
Reinvestment of distributions | 2,727 | 1,083 | 32,819 | 12,534 |
Shares redeemed | (27,943) | (41,276) | (335,271) | (481,200) |
Net increase (decrease) | (10,617) | (39,541) | $ (127,692) | $ (461,117) |
Class C | | | | |
Shares sold | 187,567 | 173,944 | $ 2,241,261 | $ 2,021,586 |
Reinvestment of distributions | 20,209 | 6,077 | 242,068 | 70,003 |
Shares redeemed | (157,344) | (201,333) | (1,891,449) | (2,316,273) |
Net increase (decrease) | 50,432 | (21,312) | $ 591,880 | $ (224,684) |
Institutional Class | | | | |
Shares sold | 2,751,622 | 3,014,914 | $ 33,153,579 | $ 35,073,813 |
Reinvestment of distributions | 209,954 | 102,306 | 2,529,659 | 1,182,672 |
Shares redeemed | (3,334,415) | (1,314,929) | (40,249,329) | (15,314,119) |
Net increase (decrease) | (372,839) | 1,802,291 | $ (4,566,091) | $ 20,942,366 |
Advisor Freedom 2010 | | | | |
Class A | | | | |
Shares sold | 10,336,177 | 12,708,869 | $ 130,803,213 | $ 153,017,064 |
Reinvestment of distributions | 1,764,561 | 915,288 | 22,358,331 | 10,935,441 |
Shares redeemed | (16,430,945) | (16,811,351) | (208,087,550) | (202,005,316) |
Net increase (decrease) | (4,330,207) | (3,187,194) | $ (54,926,006) | $ (38,052,811) |
Class T | | | | |
Shares sold | 3,281,268 | 3,712,396 | $ 41,296,464 | $ 44,524,286 |
Reinvestment of distributions | 410,639 | 183,018 | 5,188,315 | 2,182,056 |
Shares redeemed | (4,197,400) | (4,809,687) | (52,884,945) | (57,632,993) |
Net increase (decrease) | (505,493) | (914,273) | $ (6,400,166) | $ (10,926,651) |
Annual Report
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom 2010 | | | | |
Class B | | | | |
Shares sold | 4,359 | 9,563 | $ 54,665 | $ 115,968 |
Reinvestment of distributions | 12,614 | 6,587 | 159,920 | 78,910 |
Shares redeemed | (231,730) | (268,639) | (2,924,345) | (3,216,272) |
Net increase (decrease) | (214,757) | (252,489) | $ (2,709,760) | $ (3,021,394) |
Class C | | | | |
Shares sold | 447,126 | 499,095 | $ 5,605,749 | $ 5,991,309 |
Reinvestment of distributions | 98,158 | 36,663 | 1,234,594 | 435,812 |
Shares redeemed | (794,639) | (681,672) | (9,965,133) | (8,150,135) |
Net increase (decrease) | (249,355) | (145,914) | $ (3,124,790) | $ (1,723,014) |
Institutional Class | | | | |
Shares sold | 6,363,961 | 7,292,808 | $ 80,690,745 | $ 88,270,797 |
Reinvestment of distributions | 717,236 | 351,077 | 9,117,775 | 4,208,551 |
Shares redeemed | (8,035,471) | (5,034,949) | (102,232,872) | (60,844,334) |
Net increase (decrease) | (954,274) | 2,608,936 | $ (12,424,352) | $ 31,635,014 |
Advisor Freedom 2015 | | | | |
Class A | | | | |
Shares sold | 22,489,270 | 28,506,295 | $ 283,126,217 | $ 342,099,746 |
Reinvestment of distributions | 4,519,282 | 1,974,621 | 56,944,636 | 23,498,680 |
Shares redeemed | (37,248,204) | (28,730,020) | (469,301,306) | (344,939,129) |
Net increase (decrease) | (10,239,652) | 1,750,896 | $ (129,230,453) | $ 20,659,297 |
Class T | | | | |
Shares sold | 6,303,601 | 7,048,273 | $ 79,104,026 | $ 84,377,992 |
Reinvestment of distributions | 847,786 | 321,618 | 10,675,072 | 3,825,959 |
Shares redeemed | (7,736,690) | (7,173,479) | (97,285,238) | (85,670,361) |
Net increase (decrease) | (585,303) | 196,412 | $ (7,506,140) | $ 2,533,590 |
Class B | | | | |
Shares sold | 34,014 | 18,918 | $ 427,275 | $ 230,299 |
Reinvestment of distributions | 45,663 | 17,784 | 574,653 | 211,983 |
Shares redeemed | (526,603) | (631,455) | (6,609,199) | (7,538,504) |
Net increase (decrease) | (446,926) | (594,753) | $ (5,607,271) | $ (7,096,222) |
Class C | | | | |
Shares sold | 1,198,350 | 1,112,764 | $ 14,962,978 | $ 13,243,553 |
Reinvestment of distributions | 236,720 | 73,853 | 2,966,039 | 876,636 |
Shares redeemed | (1,330,512) | (1,330,728) | (16,641,623) | (15,851,708) |
Net increase (decrease) | 104,558 | (144,111) | $ 1,287,394 | $ (1,731,519) |
Institutional Class | | | | |
Shares sold | 15,218,153 | 16,268,843 | $ 192,651,271 | $ 196,562,251 |
Reinvestment of distributions | 1,957,749 | 782,959 | 24,850,867 | 9,370,557 |
Shares redeemed | (16,707,286) | (8,997,016) | (211,582,062) | (108,722,993) |
Net increase (decrease) | 468,616 | 8,054,786 | $ 5,920,076 | $ 97,209,815 |
Advisor Freedom 2020 | | | | |
Class A | | | | |
Shares sold | 37,875,371 | 44,416,958 | $ 499,708,170 | $ 555,194,594 |
Reinvestment of distributions | 7,715,244 | 3,073,389 | 101,833,461 | 38,099,250 |
Shares redeemed | (53,499,262) | (39,485,922) | (706,085,629) | (494,297,897) |
Net increase (decrease) | (7,908,647) | 8,004,425 | $ (104,543,998) | $ 98,995,947 |
Class T | | | | |
Shares sold | 11,814,695 | 12,011,989 | $ 155,626,547 | $ 150,203,034 |
Reinvestment of distributions | 1,686,654 | 579,475 | 22,276,384 | 7,192,079 |
Shares redeemed | (12,049,762) | (10,936,020) | (159,248,035) | (136,699,168) |
Net increase (decrease) | 1,451,587 | 1,655,444 | $ 18,654,896 | $ 20,695,945 |
Annual Report
Notes to Financial Statements - continued
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom 2020 | | | | |
Class B | | | | |
Shares sold | 30,377 | 23,018 | $ 402,320 | $ 283,038 |
Reinvestment of distributions | 90,003 | 32,154 | 1,186,806 | 399,675 |
Shares redeemed | (879,412) | (1,019,496) | (11,576,323) | (12,664,560) |
Net increase (decrease) | (759,032) | (964,324) | $ (9,987,197) | $ (11,981,847) |
Class C | | | | |
Shares sold | 1,846,934 | 1,650,086 | $ 24,173,360 | $ 20,539,871 |
Reinvestment of distributions | 344,681 | 95,759 | 4,527,030 | 1,184,544 |
Shares redeemed | (1,682,149) | (1,789,596) | (22,026,418) | (22,192,952) |
Net increase (decrease) | 509,466 | (43,751) | $ 6,673,972 | $ (468,537) |
Institutional Class | | | | |
Shares sold | 24,830,823 | 25,904,119 | $ 329,988,794 | $ 326,561,698 |
Reinvestment of distributions | 3,330,002 | 1,214,162 | 44,259,859 | 15,144,940 |
Shares redeemed | (23,073,768) | (12,665,795) | (307,011,358) | (158,809,529) |
Net increase (decrease) | 5,087,057 | 14,452,486 | $ 67,237,295 | $ 182,897,109 |
Advisor Freedom 2025 | | | | |
Class A | | | | |
Shares sold | 42,336,074 | 46,832,812 | $ 544,836,932 | $ 564,656,133 |
Reinvestment of distributions | 8,980,977 | 2,817,136 | 115,368,644 | 33,682,400 |
Shares redeemed | (50,182,999) | (36,915,729) | (647,564,921) | (445,620,144) |
Net increase (decrease) | 1,134,052 | 12,734,219 | $ 12,640,655 | $ 152,718,389 |
Class T | | | | |
Shares sold | 11,279,406 | 10,475,315 | $ 145,595,680 | $ 126,787,508 |
Reinvestment of distributions | 1,611,890 | 421,842 | 20,769,490 | 5,059,334 |
Shares redeemed | (9,292,943) | (7,029,069) | (120,291,981) | (84,713,362) |
Net increase (decrease) | 3,598,353 | 3,868,088 | $ 46,073,189 | $ 47,133,480 |
Class B | | | | |
Shares sold | 18,435 | 33,837 | $ 237,832 | $ 402,830 |
Reinvestment of distributions | 83,763 | 22,745 | 1,068,884 | 271,803 |
Shares redeemed | (590,150) | (700,042) | (7,554,066) | (8,354,336) |
Net increase (decrease) | (487,952) | (643,460) | $ (6,247,350) | $ (7,679,703) |
Class C | | | | |
Shares sold | 1,737,317 | 1,362,294 | $ 22,105,326 | $ 16,242,141 |
Reinvestment of distributions | 332,872 | 75,516 | 4,237,083 | 897,881 |
Shares redeemed | (1,198,006) | (1,133,462) | (15,248,728) | (13,531,664) |
Net increase (decrease) | 872,183 | 304,348 | $ 11,093,681 | $ 3,608,358 |
Institutional Class | | | | |
Shares sold | 25,761,490 | 24,213,764 | $ 334,359,446 | $ 294,374,445 |
Reinvestment of distributions | 3,699,489 | 1,063,922 | 47,917,135 | 12,801,944 |
Shares redeemed | (20,040,038) | (10,933,983) | (260,861,013) | (132,325,157) |
Net increase (decrease) | 9,420,941 | 14,343,703 | $ 121,415,568 | $ 174,851,232 |
Advisor Freedom 2030 | | | | |
Class A | | | | |
Shares sold | 35,163,430 | 41,613,890 | $ 479,754,505 | $ 525,837,935 |
Reinvestment of distributions | 7,936,793 | 2,585,181 | 108,270,707 | 32,378,742 |
Shares redeemed | (48,268,332) | (34,146,152) | (659,744,933) | (432,000,548) |
Net increase (decrease) | (5,168,109) | 10,052,919 | $ (71,719,721) | $ 126,216,129 |
Class T | | | | |
Shares sold | 11,453,954 | 11,109,856 | $ 155,598,895 | $ 139,954,510 |
Reinvestment of distributions | 1,780,942 | 492,157 | 24,245,358 | 6,152,559 |
Shares redeemed | (10,098,141) | (9,495,122) | (137,447,373) | (119,272,485) |
Net increase (decrease) | 3,136,755 | 2,106,891 | $ 42,396,880 | $ 26,834,584 |
Annual Report
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom 2030 | | | | |
Class B | | | | |
Shares sold | 19,423 | 20,379 | $ 262,817 | $ 253,313 |
Reinvestment of distributions | 91,135 | 25,911 | 1,235,310 | 324,148 |
Shares redeemed | (640,819) | (766,318) | (8,680,850) | (9,575,940) |
Net increase (decrease) | (530,261) | (720,028) | $ (7,182,723) | $ (8,998,479) |
Class C | | | | |
Shares sold | 1,567,826 | 1,523,134 | $ 21,161,811 | $ 19,092,460 |
Reinvestment of distributions | 306,706 | 69,617 | 4,146,937 | 867,428 |
Shares redeemed | (1,293,656) | (1,266,642) | (17,444,366) | (15,862,398) |
Net increase (decrease) | 580,876 | 326,109 | $ 7,864,382 | $ 4,097,490 |
Institutional Class | | | | |
Shares sold | 25,486,532 | 22,913,292 | $ 349,828,449 | $ 291,232,690 |
Reinvestment of distributions | 3,591,064 | 1,079,513 | 49,271,553 | 13,569,835 |
Shares redeemed | (19,352,622) | (10,947,359) | (265,575,217) | (138,321,010) |
Net increase (decrease) | 9,724,974 | 13,045,446 | $ 133,524,785 | $ 166,481,515 |
Advisor Freedom 2035 | | | | |
Class A | | | | |
Shares sold | 30,839,841 | 34,835,056 | $ 401,061,956 | $ 415,484,819 |
Reinvestment of distributions | 7,206,612 | 1,706,155 | 93,096,733 | 20,199,297 |
Shares redeemed | (37,264,321) | (27,311,897) | (486,151,077) | (326,166,700) |
Net increase (decrease) | 782,132 | 9,229,314 | $ 8,007,612 | $ 109,517,416 |
Class T | | | | |
Shares sold | 9,103,150 | 8,091,085 | $ 117,542,744 | $ 96,019,491 |
Reinvestment of distributions | 1,282,500 | 243,254 | 16,509,548 | 2,870,268 |
Shares redeemed | (6,972,585) | (5,444,520) | (90,278,682) | (64,446,129) |
Net increase (decrease) | 3,413,065 | 2,889,819 | $ 43,773,610 | $ 34,443,630 |
Class B | | | | |
Shares sold | 17,251 | 11,260 | $ 221,872 | $ 131,688 |
Reinvestment of distributions | 80,993 | 15,412 | 1,030,251 | 181,095 |
Shares redeemed | (437,598) | (493,168) | (5,620,878) | (5,777,414) |
Net increase (decrease) | (339,354) | (466,496) | $ (4,368,755) | $ (5,464,631) |
Class C | | | | |
Shares sold | 1,025,354 | 873,123 | $ 13,080,890 | $ 10,285,137 |
Reinvestment of distributions | 235,491 | 36,956 | 2,998,763 | 433,119 |
Shares redeemed | (822,478) | (766,094) | (10,571,839) | (8,970,033) |
Net increase (decrease) | 438,367 | 143,985 | $ 5,507,814 | $ 1,748,223 |
Institutional Class | | | | |
Shares sold | 22,169,723 | 19,774,112 | $ 290,282,504 | $ 237,955,566 |
Reinvestment of distributions | 3,355,907 | 738,822 | 43,645,383 | 8,780,433 |
Shares redeemed | (17,193,773) | (8,196,096) | (225,081,173) | (97,924,593) |
Net increase (decrease) | 8,331,857 | 12,316,838 | $ 108,846,714 | $ 148,811,406 |
Advisor Freedom 2040 | | | | |
Class A | | | | |
Shares sold | 26,414,040 | 28,004,111 | $ 366,925,342 | $ 355,673,696 |
Reinvestment of distributions | 5,965,581 | 1,447,450 | 82,476,062 | 18,293,644 |
Shares redeemed | (33,301,232) | (22,935,436) | (464,565,679) | (292,260,264) |
Net increase (decrease) | (921,611) | 6,516,125 | $ (15,164,275) | $ 81,707,076 |
Class T | | | | |
Shares sold | 8,535,793 | 7,602,047 | $ 118,572,330 | $ 96,328,995 |
Reinvestment of distributions | 1,506,248 | 312,761 | 20,796,167 | 3,950,120 |
Shares redeemed | (7,718,886) | (7,559,551) | (107,319,576) | (95,678,684) |
Net increase (decrease) | 2,323,155 | 355,257 | $ 32,048,921 | $ 4,600,431 |
Annual Report
Notes to Financial Statements - continued
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom 2040 | | | | |
Class B | | | | |
Shares sold | 9,646 | 6,103 | $ 131,453 | $ 76,395 |
Reinvestment of distributions | 96,072 | 19,509 | 1,308,927 | 245,030 |
Shares redeemed | (650,407) | (739,626) | (8,923,151) | (9,293,767) |
Net increase (decrease) | (544,689) | (714,014) | $ (7,482,771) | $ (8,972,342) |
Class C | | | | |
Shares sold | 1,054,739 | 962,998 | $ 14,462,997 | $ 12,120,904 |
Reinvestment of distributions | 300,354 | 49,059 | 4,094,533 | 614,213 |
Shares redeemed | (985,080) | (901,869) | (13,520,722) | (11,261,526) |
Net increase (decrease) | 370,013 | 110,188 | $ 5,036,808 | $ 1,473,591 |
Institutional Class | | | | |
Shares sold | 19,251,431 | 16,906,391 | $ 269,819,548 | $ 216,610,718 |
Reinvestment of distributions | 2,915,076 | 660,482 | 40,584,686 | 8,377,157 |
Shares redeemed | (13,782,709) | (8,263,973) | (193,585,140) | (105,030,652) |
Net increase (decrease) | 8,383,798 | 9,302,900 | $ 116,819,094 | $ 119,957,223 |
Advisor Freedom 2045 | | | | |
Class A | | | | |
Shares sold | 21,813,137 | 22,348,428 | $ 237,123,868 | $ 218,037,471 |
Reinvestment of distributions | 3,161,418 | 1,428,096 | 34,584,656 | 13,620,503 |
Shares redeemed | (21,252,864) | (14,594,828) | (231,331,936) | (143,000,136) |
Net increase (decrease) | 3,721,691 | 9,181,696 | $ 40,376,588 | $ 88,657,838 |
Class T | | | | |
Shares sold | 5,854,847 | 5,253,099 | $ 63,282,990 | $ 51,047,511 |
Reinvestment of distributions | 592,260 | 213,016 | 6,461,727 | 2,024,121 |
Shares redeemed | (3,953,073) | (2,939,816) | (42,870,592) | (28,557,658) |
Net increase (decrease) | 2,494,034 | 2,526,299 | $ 26,874,125 | $ 24,513,974 |
Class B | | | | |
Shares sold | 8,016 | 3,515 | $ 88,545 | $ 31,735 |
Reinvestment of distributions | 17,385 | 8,787 | 188,888 | 82,887 |
Shares redeemed | (59,379) | (49,903) | (641,697) | (482,094) |
Net increase (decrease) | (33,978) | (37,601) | $ (364,264) | $ (367,472) |
Class C | | | | |
Shares sold | 622,113 | 518,274 | $ 6,663,065 | $ 5,021,009 |
Reinvestment of distributions | 78,062 | 27,552 | 846,436 | 259,896 |
Shares redeemed | (345,364) | (272,934) | (3,720,315) | (2,637,588) |
Net increase (decrease) | 354,811 | 272,892 | $ 3,789,186 | $ 2,643,317 |
Institutional Class | | | | |
Shares sold | 16,898,017 | 13,436,841 | $ 184,576,521 | $ 132,476,916 |
Reinvestment of distributions | 1,791,522 | 671,239 | 19,712,009 | 6,432,276 |
Shares redeemed | (11,037,062) | (4,998,582) | (120,937,301) | (48,855,267) |
Net increase (decrease) | 7,652,477 | 9,109,498 | $ 83,351,229 | $ 90,053,925 |
Advisor Freedom 2050 | | | | |
Class A | | | | |
Shares sold | 15,559,859 | 15,759,974 | $ 168,186,336 | $ 152,322,278 |
Reinvestment of distributions | 2,139,053 | 630,390 | 23,255,133 | 6,034,537 |
Shares redeemed | (15,927,070) | (11,627,846) | (172,752,977) | (112,817,332) |
Net increase (decrease) | 1,771,842 | 4,762,518 | $ 18,688,492 | $ 45,539,483 |
Class T | | | | |
Shares sold | 4,952,273 | 4,570,956 | $ 53,263,754 | $ 44,088,375 |
Reinvestment of distributions | 563,429 | 131,758 | 6,111,429 | 1,260,447 |
Shares redeemed | (3,823,850) | (2,827,192) | (41,331,820) | (27,249,174) |
Net increase (decrease) | 1,691,852 | 1,875,522 | $ 18,043,363 | $ 18,099,648 |
Annual Report
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom 2050 | | | | |
Class B | | | | |
Shares sold | 6,070 | 330 | $ 62,698 | $ 3,096 |
Reinvestment of distributions | 26,115 | 6,911 | 281,437 | 65,663 |
Shares redeemed | (116,795) | (62,118) | (1,260,526) | (591,359) |
Net increase (decrease) | (84,610) | (54,877) | $ (916,391) | $ (522,600) |
Class C | | | | |
Shares sold | 576,662 | 469,493 | $ 6,162,264 | $ 4,511,086 |
Reinvestment of distributions | 92,687 | 19,364 | 1,001,088 | 184,167 |
Shares redeemed | (337,180) | (316,364) | (3,617,246) | (3,039,772) |
Net increase (decrease) | 332,169 | 172,493 | $ 3,546,106 | $ 1,655,481 |
Institutional Class | | | | |
Shares sold | 13,460,852 | 10,323,520 | $ 146,409,293 | $ 100,853,706 |
Reinvestment of distributions | 1,361,462 | 347,891 | 14,889,948 | 3,344,639 |
Shares redeemed | (9,180,695) | (4,410,206) | (100,348,531) | (42,706,449) |
Net increase (decrease) | 5,641,619 | 6,261,205 | $ 60,950,710 | $ 61,491,896 |
Advisor Freedom 2055 | | | | |
Class A | | | | |
Shares sold | 6,413,613 | 3,664,304 | $ 71,666,130 | $ 36,168,205 |
Reinvestment of distributions | 212,805 | 35,066 | 2,422,593 | 341,179 |
Shares redeemed | (2,762,885) | (897,204) | (31,087,783) | (8,919,848) |
Net increase (decrease) | 3,863,533 | 2,802,166 | $ 43,000,940 | $ 27,589,536 |
Class T | | | | |
Shares sold | 1,441,153 | 865,233 | $ 16,075,315 | $ 8,537,245 |
Reinvestment of distributions | 46,640 | 7,527 | 530,234 | 73,047 |
Shares redeemed | (535,943) | (334,621) | (6,022,756) | (3,311,442) |
Net increase (decrease) | 951,850 | 538,139 | $ 10,582,793 | $ 5,298,850 |
Class C | | | | |
Shares sold | 139,814 | 90,384 | $ 1,564,294 | $ 903,238 |
Reinvestment of distributions | 5,264 | 877 | 59,878 | 8,307 |
Shares redeemed | (35,519) | (103,499) | (399,907) | (1,002,740) |
Net increase (decrease) | 109,559 | (12,238) | $ 1,224,265 | $ (91,195) |
Institutional Class | | | | |
Shares sold | 4,049,210 | 1,958,189 | $ 45,422,502 | $ 19,433,573 |
Reinvestment of distributions | 130,689 | 18,452 | 1,492,120 | 179,477 |
Shares redeemed | (1,280,405) | (491,376) | (14,465,282) | (4,844,931) |
Net increase (decrease) | 2,899,494 | 1,485,265 | $ 32,449,340 | $ 14,768,119 |
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Advisor Freedom Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
Fund | Advisor
Freedom 2020 Fund | Advisor
Freedom 2025 Fund | Advisor
Freedom 2030 Fund | Advisor
Freedom 2035 Fund | Advisor
Freedom 2040 Fund |
Fidelity Advisor Series Equity-Income Fund | 14% | 16% | 19% | 14% | 14% |
Fidelity Advisor Series Growth & Income Fund | 15% | 16% | 17% | 13% | 13% |
Fidelity Advisor Growth Opportunities Fund. | 14% | 16% | 18% | 14% | 14% |
Fidelity Advisor Series Opportunistic Insights Fund | 14% | 16% | 20% | 14% | 13% |
Fidelity Advisor Series Small Cap Fund | 14% | 16% | 19% | 14% | 14% |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 13% | 15% | 19% | 15% | 14% |
Annual Report
Notes to Financial Statements - continued
8. Other - continued
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
Fund | % of shares held |
Fidelity Advisor Equity Growth Fund | 26% |
Fidelity Advisor Series Equity-Income Fund | 100% |
Fidelity Advisor Series Growth & Income Fund | 100% |
Fidelity Advisor Series Growth Opportunities Fund | 100% |
Fidelity Advisor Series Opportunistic Insights Fund | 100% |
Fidelity Advisor Series Small Cap Fund | 100% |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 100% |
Fidelity Advisor Short Fixed-Income Fund | 30% |
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Aberdeen Street Trust and the Shareholders of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund and Fidelity Advisor Freedom 2055 Fund:
We have audited the accompanying statements of assets and liabilities of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund and Fidelity Advisor Freedom 2055 Fund (the Funds) each a fund of Fidelity Aberdeen Street Trust, including the schedules of investments, as of March 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2014, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund and Fidelity Advisor Freedom 2055 as of March 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 16, 2014
Annual Report
The Trustees and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Fidelity Advisor Freedom Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fidelity Advisor Freedom Fund's activities, review contractual arrangements with companies that provide services to each Fidelity Advisor Freedom Fund, oversee management of the risks associated with such activities and contractual arrangements, and review each Fidelity Advisor Freedom Fund's performance. If the interests of a Fidelity Advisor Freedom Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Fidelity Advisor Freedom Funds® to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers and the Trustees would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for Elizabeth S. Acton and James C. Curvey, each of the Trustees oversees 223 funds. Ms. Acton oversees 205 funds. Mr. Curvey oversees 395 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds (Independent Trustee), shall retire not later than the last day of the month in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The officers hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Funds' Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Albert R. Gamper, Jr. serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Funds' Trustees."
Annual Report
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ |
James C. Curvey (1935) |
Year of Election or Appointment: 2007 Trustee |
| Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp. |
Abigail P. Johnson (1961) |
Year of Election or Appointment: 2009 Trustee Chairman of the Board of Trustees |
| Ms. Johnson also serves as Trustee of other Fidelity funds. Ms. Johnson serves as President of FMR LLC (2013-present), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related. |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ |
Elizabeth S. Acton (1951) |
Year of Election or Appointment: 2013 Trustee |
| Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). |
Albert R. Gamper, Jr. (1942) |
Year of Election or Appointment: 2006 Trustee Chairman of the Independent Trustees |
| Mr. Gamper also serves as Trustee of other Fidelity funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Barnabas Health Care System. Previously, Mr. Gamper served as Vice Chairman of the Independent Trustees of certain Fidelity funds (2011-2012) and as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Robert F. Gartland (1951) |
Year of Election or Appointment: 2010 Trustee |
| Mr. Gartland also serves as Trustee of other Fidelity funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007). |
Arthur E. Johnson (1947) |
Year of Election or Appointment: 2008 Trustee |
| Mr. Johnson also serves as Trustee of other Fidelity funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson. |
Michael E. Kenneally (1954) |
Year of Election or Appointment: 2009 Trustee |
| Mr. Kenneally also serves as Trustee of other Fidelity funds. Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity funds before joining the Board of Trustees (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
James H. Keyes (1940) |
Year of Election or Appointment: 2007 Trustee |
| Mr. Keyes also serves as Trustee of other Fidelity funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (1946) |
Year of Election or Appointment: 2001 Trustee Vice Chairman of the Independent Trustees |
| Ms. Knowles also serves as Trustee of other Fidelity funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). |
Kenneth L. Wolfe (1939) |
Year of Election or Appointment: 2005 Trustee |
| Mr. Wolfe also serves as Trustee of other Fidelity funds. Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009). Mr. Wolfe previously served as Chairman of the Independent Trustees of other Fidelity funds (2008-2012). |
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Officers:
Correspondence intended for each officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation |
Elizabeth Paige Baumann (1968) |
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer |
| Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012). |
Marc Bryant (1966) |
Year of Election or Appointment: 2013 Assistant Secretary |
| Mr. Bryant also serves as an officer of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC. Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006). |
Jonathan Davis (1968) |
Year of Election or Appointment: 2010 Assistant Treasurer |
| Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010). |
Adrien E. Deberghes (1967) |
Year of Election or Appointment: 2010 Assistant Treasurer |
| Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). |
Stephanie J. Dorsey (1969) |
Year of Election or Appointment: 2013 President and Treasurer |
| Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank. |
Scott C. Goebel (1968) |
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) |
| Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001. |
Bruce T. Herring (1965) |
Year of Election or Appointment: 2013 Vice President of Fidelity's Asset Allocation Funds |
| Mr. Herring also serves as Vice President of other funds. He serves as Chief Investment Officer of Fidelity Global Asset Allocation (GAA) (2013-present), Group Chief Investment Officer of FMR, and President of Fidelity Research & Analysis Company (2010-present). Previously, Mr. Herring served as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-2013), Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007), and as a portfolio manager for Fidelity U.S. Equity Funds. |
Chris Maher (1972) |
Year of Election or Appointment: 2013 Assistant Treasurer |
| Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010). |
Charles S. Morrison (1960) |
Year of Election or Appointment: 2012 Vice President |
| Mr. Morrison also serves as Trustee or Vice President of other funds. He serves as President, Asset Management (2014-present) and is an employee of Fidelity Investments. Previously, Mr. Morrison served as President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division. |
Christine Reynolds (1958) |
Year of Election or Appointment: 2008 Chief Financial Officer |
| Ms. Reynolds also serves as Chief Financial Officer of other funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). |
Kenneth B. Robins (1969) |
Year of Election or Appointment: 2009 Assistant Treasurer |
| Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles. |
Stephen Sadoski (1971) |
Year of Election or Appointment: 2013 Deputy Treasurer |
| Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009). |
Stacie M. Smith (1974) |
Year of Election or Appointment: 2013 Assistant Treasurer |
| Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). |
Renee Stagnone (1975) |
Year of Election or Appointment: 2013 Deputy Treasurer |
| Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments. |
Michael H. Whitaker (1967) |
Year of Election or Appointment: 2008 Chief Compliance Officer |
| Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel. |
Derek L. Young (1964) |
Year of Election or Appointment: 2009 Vice President of Fidelity's Asset Allocation Funds |
| Mr. Young also serves as Trustee or an officer of other funds. He is President and a Director of Strategic Advisers, Inc. (2011-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of Pyramis Global Advisors, LLC (2011-present). Previously, Mr. Young served as Chief Investment Officer of GAA (2009-2011) and as a portfolio manager. |
Joseph F. Zambello (1957) |
Year of Election or Appointment: 2011 Deputy Treasurer |
| Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009). |
Annual Report
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Advisor Freedom Income Fund | | | | |
Class A | 05/05/14 | 05/02/14 | $0.013 | $0.192 |
Class T | 05/05/14 | 05/02/14 | $0.011 | $0.192 |
Class B | 05/05/14 | 05/02/14 | $0.007 | $0.192 |
Class C | 05/05/14 | 05/02/14 | $0.007 | $0.192 |
Fidelity Advisor Freedom 2005 Fund | | | | |
Class A | 05/05/14 | 05/02/14 | $0.032 | $0.177 |
Class T | 05/05/14 | 05/02/14 | $0.024 | $0.177 |
Class B | 05/05/14 | 05/02/14 | $0.008 | $0.177 |
Class C | 05/05/14 | 05/02/14 | $0.009 | $0.177 |
Fidelity Advisor Freedom 2010 Fund | | | | |
Class A | 05/05/14 | 05/02/14 | $0.031 | $0.230 |
Class T | 05/05/14 | 05/02/14 | $0.022 | $0.230 |
Class B | 05/05/14 | 05/02/14 | $0.002 | $0.230 |
Class C | 05/05/14 | 05/02/14 | $0.007 | $0.230 |
Fidelity Advisor Freedom 2015 Fund | | | | |
Class A | 05/05/14 | 05/02/14 | $0.028 | $0.252 |
Class T | 05/05/14 | 05/02/14 | $0.020 | $0.252 |
Class B | 05/05/14 | 05/02/14 | $0.000 | $0.252 |
Class C | 05/05/14 | 05/02/14 | $0.004 | $0.252 |
Fidelity Advisor Freedom 2020 Fund | | | | |
Class A | 05/05/14 | 05/02/14 | $0.027 | $0.222 |
Class T | 05/05/14 | 05/02/14 | $0.018 | $0.222 |
Class B | 05/05/14 | 05/02/14 | $0.000 | $0.219 |
Class C | 05/05/14 | 05/02/14 | $0.002 | $0.222 |
Fidelity Advisor Freedom 2025 Fund | | | | |
Class A | 05/05/14 | 05/02/14 | $0.022 | $0.222 |
Class T | 05/05/14 | 05/02/14 | $0.014 | $0.222 |
Class B | 05/05/14 | 05/02/14 | $0.000 | $0.216 |
Class C | 05/05/14 | 05/02/14 | $0.000 | $0.221 |
Fidelity Advisor Freedom 2030 Fund | | | | |
Class A | 05/05/14 | 05/02/14 | $0.011 | $0.178 |
Class T | 05/05/14 | 05/02/14 | $0.002 | $0.178 |
Class B | 05/05/14 | 05/02/14 | $0.000 | $0.157 |
Class C | 05/05/14 | 05/02/14 | $0.000 | $0.164 |
Fidelity Advisor Freedom 2035 Fund | | | | |
Class A | 05/05/14 | 05/02/14 | $0.008 | $0.199 |
Class T | 05/05/14 | 05/02/14 | $0.000 | $0.199 |
Class B | 05/05/14 | 05/02/14 | $0.000 | $0.184 |
Class C | 05/05/14 | 05/02/14 | $0.000 | $0.184 |
Fidelity Advisor Freedom 2040 Fund | | | | |
Class A | 05/05/14 | 05/02/14 | $0.007 | $0.211 |
Class T | 05/05/14 | 05/02/14 | $0.000 | $0.209 |
Class B | 05/05/14 | 05/02/14 | $0.000 | $0.188 |
Class C | 05/05/14 | 05/02/14 | $0.000 | $0.192 |
| Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Advisor Freedom 2045 Fund | | | | |
Class A | 05/05/14 | 05/02/14 | $0.006 | $0.324 |
Class T | 05/05/14 | 05/02/14 | $0.000 | $0.324 |
Class B | 05/05/14 | 05/02/14 | $0.000 | $0.308 |
Class C | 05/05/14 | 05/02/14 | $0.000 | $0.311 |
Fidelity Advisor Freedom 2050 Fund | | | | |
Class A | 05/05/14 | 05/02/14 | $0.006 | $0.338 |
Class T | 05/05/14 | 05/02/14 | $0.000 | $0.338 |
Class B | 05/05/14 | 05/02/14 | $0.000 | $0.322 |
Class C | 05/05/14 | 05/02/14 | $0.000 | $0.325 |
Fidelity Advisor Freedom 2055 Fund | | | | |
Class A | 05/05/14 | 05/02/14 | $0.006 | $0.162 |
Class T | 05/05/14 | 05/02/14 | $0.000 | $0.162 |
Class C | 05/05/14 | 05/02/14 | $0.000 | $0.149 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2014, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Advisor Freedom Income Fund | $6,948,475 |
Fidelity Advisor Freedom 2005 Fund | $6,580,235 |
Fidelity Advisor Freedom 2010 Fund | $21,978,382 |
Fidelity Advisor Freedom 2015 Fund | $51,836,264 |
Fidelity Advisor Freedom 2020 Fund | $80,492,875 |
Fidelity Advisor Freedom 2025 Fund | $70,955,893 |
Fidelity Advisor Freedom 2030 Fund | $61,154,237 |
Fidelity Advisor Freedom 2035 Fund | $47,339,326 |
Fidelity Advisor Freedom 2040 Fund | $43,534,958 |
Fidelity Advisor Freedom 2045 Fund | $43,556,034 |
Fidelity Advisor Freedom 2050 Fund | $33,349,316 |
Fidelity Advisor Freedom 2055 Fund | $2,455,375 |
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
Fidelity Advisor Freedom Income Fund | |
Class A | 14.14% |
Class T | 14.14% |
Class B | 14.14% |
Class C | 14.14% |
Fidelity Advisor Freedom 2005 Fund | |
Class A | 9.40% |
Class T | 9.40% |
Class B | 9.40% |
Class C | 9.40% |
Fidelity Advisor Freedom 2010 Fund | |
Class A | 7.11% |
Class T | 7.11% |
Class B | 7.11% |
Class C | 7.11% |
Fidelity Advisor Freedom 2015 Fund | |
Class A | 5.62% |
Class T | 5.62% |
Class B | 5.62% |
Class C | 5.62% |
Fidelity Advisor Freedom 2020 Fund | |
Class A | 4.30% |
Class T | 4.30% |
Class B | 4.30% |
Class C | 4.30% |
Fidelity Advisor Freedom 2025 Fund | |
Class A | 2.60% |
Class T | 2.60% |
Class B | 2.60% |
Class C | 2.60% |
Fidelity Advisor Freedom 2030 Fund | |
Class A | 1.23% |
Class T | 1.23% |
Class B | 1.23% |
Class C | 1.23% |
Fidelity Advisor Freedom 2035 Fund | |
Class A | 0.54% |
Class T | 0.54% |
Class B | 0.54% |
Class C | 0.54% |
Fidelity Advisor Freedom 2040 Fund | |
Class A | 0.47% |
Class T | 0.47% |
Class B | 0.47% |
Class C | 0.47% |
Fidelity Advisor Freedom 2045 Fund | |
Class A | 0.29% |
Class T | 0.29% |
Class B | 0.29% |
Class C | 0.29% |
Fidelity Advisor Freedom 2050 Fund | |
Class A | 0.26% |
Class T | 0.26% |
Class B | 0.26% |
Class C | 0.26% |
Fidelity Advisor Freedom 2055 Fund | |
Class A | 0.09% |
Class T | 0.09% |
Class B | 0.09% |
Class C | 0.09% |
Annual Report
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
| Class A | Class T | Class B | Class C |
Fidelity Advisor Freedom Income Fund | | | | |
May 2013 | 4% | 4% | 6% | 6% |
June 2013 | 9% | 16% | 0% | 0% |
July 2013 | 9% | 16% | 0% | 0% |
August 2013 | 9% | 13% | 0% | 63% |
September 2013 | 9% | 13% | 0% | 0% |
October 2013 | 10% | 14% | 0% | 0% |
November 2013 | 9% | 11% | 40% | 40% |
December 2013 | 9% | 10% | 11% | 10% |
February 2014 | 7% | 8% | 22% | 17% |
March 2014 | 7% | 8% | 22% | 22% |
Fidelity Advisor Freedom 2005 Fund | | | | |
May 2013 | 9% | 14% | 0% | 0 |
December 2013 | 12% | 13% | 18% | 17% |
Fidelity Advisor Freedom 2010 Fund | | | | |
May 2013 | 14% | 21% | 0% | 0% |
December 2013 | 13% | 15% | 19% | 18% |
Fidelity Advisor Freedom 2015 Fund | | | | |
May 2013 | 14% | 22% | 0% | 0% |
December 2013 | 15% | 17% | 21% | 20% |
Fidelity Advisor Freedom 2020 Fund | | | | |
May 2013 | 14% | 21% | 0% | 0% |
December 2013 | 17% | 18% | 23% | 22% |
Fidelity Advisor Freedom 2025 Fund | | | | |
May 2013 | 17% | 25% | 0% | 0% |
December 2013 | 18% | 19% | 24% | 22% |
Fidelity Advisor Freedom 2030 Fund | | | | |
May 2013 | 18% | 27% | 0% | 0% |
December 2013 | 20% | 21% | 25% | 24% |
Fidelity Advisor Freedom 2035 Fund | | | | |
May 2013 | 25% | 40% | 0% | 0% |
December 2013 | 19% | 21% | 25% | 24% |
Fidelity Advisor Freedom 2040 Fund | | | | |
May 2013 | 27% | 49% | 0% | 0% |
December 2013 | 20% | 21% | 25% | 24% |
Fidelity Advisor Freedom 2045 Fund | | | | |
May 2013 | 25% | 40% | 0% | 0% |
December 2013 | 20% | 21% | 25% | 25% |
Fidelity Advisor Freedom 2050 Fund | | | | |
May 2013 | 22% | 29% | 0% | 0% |
December 2013 | 20% | 22% | 26% | 25% |
Fidelity Advisor Freedom 2055 Fund | | | | |
May 2013 | 20% | 29% | 0% | 0% |
December 2013 | 19% | 30% | 0% | 23% |
Annual Report
Distributions (Unaudited) - continued
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| Class A | Class T | Class B | Class C |
Fidelity Advisor Freedom Income Fund | | | | |
May 2013 | 6% | 7% | 11% | 11% |
June 2013 | 16% | 27% | 0% | 0% |
July 2013 | 16% | 27% | 0% | 0% |
August 2013 | 16% | 22% | 0% | 100% |
September 2013 | 16% | 23% | 0% | 0% |
October 2013 | 17% | 23% | 0% | 0% |
November 2013 | 15% | 20% | 68% | 68% |
December 2013 | 16% | 16% | 18% | 18% |
February 2014 | 2% | 3% | 7% | 5% |
March 2014 | 2% | 3% | 7% | 7% |
Fidelity Advisor Freedom 2005 Fund | | | | |
May 2013 | 5% | 8% | 0% | 0% |
December 2013 | 20% | 22% | 29% | 28% |
Fidelity Advisor Freedom 2010 Fund | | | | |
May 2013 | 8% | 12% | 0% | 0% |
December 2013 | 22% | 24% | 32% | 29% |
Fidelity Advisor Freedom 2015 Fund | | | | |
May 2013 | 9% | 14% | 0% | 0% |
December 2013 | 25% | 27% | 34% | 32% |
Fidelity Advisor Freedom 2020 Fund | | | | |
May 2013 | 8% | 12% | 0% | 0% |
December 2013 | 26% | 29% | 36% | 34% |
Fidelity Advisor Freedom 2025 Fund | | | | |
May 2013 | 11% | 15% | 0% | 0% |
December 2013 | 29% | 31% | 38% | 36% |
Fidelity Advisor Freedom 2030 Fund | | | | |
May 2013 | 11% | 16% | 0% | 0% |
December 2013 | 32% | 34% | 41% | 39% |
Fidelity Advisor Freedom 2035 Fund | | | | |
May 2013 | 15% | 23% | 0% | 0% |
December 2013 | 32% | 34% | 40% | 39% |
Fidelity Advisor Freedom 2040 Fund | | | | |
May 2013 | 16% | 29% | 0% | 0% |
December 2013 | 32% | 34% | 41% | 40% |
Fidelity Advisor Freedom 2045 Fund | | | | |
May 2013 | 16% | 25% | 0% | 0% |
December 2013 | 33% | 35% | 42% | 40% |
Fidelity Advisor Freedom 2050 Fund | | | | |
May 2013 | 13% | 18% | 0% | 0% |
December 2013 | 33% | 35% | 42% | 41% |
Fidelity Advisor Freedom 2055 Fund | | | | |
May 2013 | 14% | 20% | 0% | 0% |
December 2013 | 32% | 34% | 0% | 39% |
The funds will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.
Annual Report
Investment Adviser
Strategic Advisers, Inc.
Boston, MA
Administrator
Fidelity Management & Research Company
Boston, MA
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, NY
(Fidelity Investment logo)(registered trademark)
AFF-UANN-0514
1.792134.110
Fidelity Advisor Freedom Funds®-
Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055 - Institutional Class
Annual Report
March 31, 2014
(Fidelity Cover Art)
Contents
Annual Report
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2014 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Annual Report
Fidelity Advisor Freedom Income Fund® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Institutional Class | 3.98% | 8.15% | 4.14% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom Income Fund® - Institutional Class on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2005 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Institutional Class | 6.29% | 11.54% | 4.74% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2005 Fund® - Institutional Class on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the Barclays U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2010 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Institutional Class | 8.10% | 13.00% | 5.25% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2010 Fund® - Institutional Class on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the Barclays U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2015 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Institutional Class | 8.75% | 13.47% | 5.52% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2015 Fund® - Institutional Class on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2020 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Institutional Class | 9.58% | 14.93% | 5.51% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2020 Fund® - Institutional Class on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2025 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Institutional Class | 11.81% | 16.13% | 5.87% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2025 Fund® - Institutional Class on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2030 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Institutional Class | 12.89% | 16.89% | 5.71% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2030 Fund® - Institutional Class on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2035 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Institutional Class | 14.44% | 17.55% | 5.92% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2035 Fund® - Institutional Class on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2040 Fund® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Institutional Class | 14.73% | 17.89% | 5.92% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2040 Fund® - Institutional Class on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2045 Fund® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | 15.14% | 18.17% | 5.03% |
A From June 1, 2006.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2045 Fund® - Institutional Class on June 1, 2006, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2050 Fund® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | 15.20% | 18.52% | 4.90% |
A From June 1, 2006.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2050 Fund® - Institutional Class on June 1, 2006, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom® 2055 Fund - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Institutional Class | 15.61% | 9.35% |
A From June 1, 2011.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2055 Fund - Institutional Class on June 1, 2011, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
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Annual Report
Market Recap: U.S. stocks overcame fears of higher rates and a volatile January to post their strongest gains in four years. The S&P 500® Index returned 21.86% for the 12 months ending March 31, 2014, amid the lowest volatility since before the 2007-2008 financial crisis. The index ended the period near all-time highs, buoyed by U.S. Federal Reserve policies that balanced stimulus reductions with low interest rates. Stock valuations remained only slightly above long-term averages, supported by corporate profits that more than doubled in the past five years. Most defensive groups lagged in a risk-taking environment; although that changed in the first quarter of 2014 when historically defensive utility stocks led a tepid market advance amid rising tension in Ukraine, fear of a slowing economy in China and a late-January decline for momentum stocks. Health care stocks within the S&P 500® led all sectors over the 12-month period for the first time since the corresponding 2009 year, as new insurance programs and a favorable drug-approval environment raised earnings-growth expectations. Aerospace and defense achieved one of its strongest returns in more than two decades. Reflecting economic optimism, the growth-oriented Nasdaq Composite Index® rose 30.18% and the small-cap Russell 2000® Index rose 24.90%, the latter posting a record 7th-straight quarterly gain.
While stocks rose, bonds with a high sensitivity to interest rate changes performed poorly for much of the period as the Fed made plans to cut back on its asset purchases aimed at stimulating the economy. The Barclays® U.S. Aggregate Bond Index, representing investment-grade debt, returned -0.10%, compared with its long-term average annual return of 8.13%. High-yield investments led all fixed-income sectors as they continued to rally alongside equities; The BofA Merrill LynchSM US High Yield Constrained Index returned 7.52%, as investors accepted more risk in exchange for typically higher yields.
Comments from Chris Sharpe and Andrew Dierdorf, Co-Portfolio Managers of Fidelity Advisor Freedom Funds®: On an absolute basis, the Institutional Class shares of each Advisor Freedom Fund posted a positive return (excluding sales charges) for the 12 months ending March 31, 2014. The longer-dated Funds delivered the highest absolute returns; however, on a relative basis, each Fund lagged its respective Composite index. The Funds' U.S. equity holdings, in aggregate, finished behind the 22.58% return of their asset-class benchmark, the Dow Jones U.S. Total Stock Market IndexSM. An out-of-benchmark allocation to Fidelity® Series Commodity Strategy Fund hurt relative results. Other notable detractors included Fidelity Advisor® Series Equity-Income Fund and Fidelity Advisor® Series Stock Selector Large Cap Value Fund. On the positive side, the growth-oriented Fidelity Advisor Equity Growth Fund and Fidelity Advisor Series Opportunistic Insights Fund were among the leading contributors. The Funds' non-U.S. holdings, in aggregate, also underperformed their asset-class benchmark. Fidelity® Series Emerging Markets Fund was the biggest detractor; Fidelity Series International Growth Fund also hurt. Fidelity Series International Small Cap Fund helped. Note: On January 1, 2014, the non-U.S. equity asset-class benchmark was changed from the MSCI EAFE Index to the MSCI ACWI (All Country World Index) ex USA Index, which includes exposure to emerging markets. In bonds, the Funds' underlying investments, in aggregate, exceeded the slightly negative result for the fixed-income asset-class benchmark, the Barclays® U.S. Aggregate Bond Index. Here, the Funds' allocation to Fidelity Series Investment Grade Bond Fund helped, as did allocations to Fidelity Series High Income Fund, Fidelity Series Floating Rate High Income Fund and Fidelity Series Real Estate Income Fund. Conversely, the Funds' investments in Fidelity Series Emerging Markets Debt Fund and Fidelity Series Inflation-Protected Bond Index Fund detracted.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
Annual Report
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2013 to March 31, 2014).
Actual Expenses
The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Advisor Freedom Income | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,031.30 | $ 1.27 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,030.10 | $ 2.53 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,027.30 | $ 5.05 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,026.60 | $ 5.05 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,032.50 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Advisor Freedom 2005 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,041.30 | $ 1.27 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,039.80 | $ 2.54 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,038.10 | $ 5.08 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,037.80 | $ 5.08 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,043.00 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2010 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,050.50 | $ 1.28 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,048.80 | $ 2.55 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,045.70 | $ 5.10 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,045.80 | $ 5.10 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,051.50 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2015 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,054.60 | $ 1.28 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,053.60 | $ 2.56 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,050.50 | $ 5.11 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,051.00 | $ 5.11 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,056.20 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Advisor Freedom 2020 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,058.70 | $ 1.28 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,057.50 | $ 2.56 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,054.30 | $ 5.12 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,055.00 | $ 5.12 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,060.20 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2025 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,067.50 | $ 1.29 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,066.40 | $ 2.58 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,063.70 | $ 5.15 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,064.30 | $ 5.15 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,068.90 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2030 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,073.20 | $ 1.29 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,071.60 | $ 2.58 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,068.70 | $ 5.16 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,069.20 | $ 5.16 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,074.80 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Advisor Freedom 2035 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,077.60 | $ 1.29 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,075.50 | $ 2.59 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,073.10 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,072.60 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,078.30 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2040 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,077.70 | $ 1.30 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,076.00 | $ 2.59 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,073.40 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,074.00 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,079.20 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2045 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,078.30 | $ 1.30 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,078.00 | $ 2.59 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,074.90 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,074.90 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,080.80 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Advisor Freedom 2050 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,079.50 | $ 1.30 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,078.00 | $ 2.59 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,074.90 | $ 5.17 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,075.90 | $ 5.18 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,080.90 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2055 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,080.70 | $ 1.30 |
HypotheticalA | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,078.60 | $ 2.59 |
HypotheticalA | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,076.10 | $ 5.18 |
HypotheticalA | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,081.00 | $ .00 |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ .00 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Class' annualized expense ratio.
Annual Report
Fidelity Advisor Freedom Income Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 1.5 | 1.9 |
Fidelity Advisor Series Equity-Income Fund | 2.9 | 1.3 |
Fidelity Advisor Series Growth & Income Fund | 2.3 | 1.3 |
Fidelity Advisor Series Growth Opportunities Fund | 1.4 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 1.3 | 1.0 |
Fidelity Advisor Series Small Cap Fund | 0.8 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 1.9 | 1.3 |
Fidelity Series 100 Index Fund | 0.8 | 0.3 |
Fidelity Series 1000 Value Index Fund | 0.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 1.9 | 2.3 |
Fidelity Series Commodity Strategy Fund | 1.1 | 1.9 |
Fidelity Series Real Estate Equity Fund | 0.2 | 0.2 |
Fidelity Series Small Cap Opportunities Fund | 1.0 | 0.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 0.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 0.7 |
Fidelity Series Large Cap Value Fund | 0.0 | 1.2 |
| 17.4 | 15.1 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.5 | 1.2 |
Fidelity Series International Growth Fund | 2.6 | 2.0 |
Fidelity Series International Small Cap Fund | 0.6 | 0.4 |
Fidelity Series International Value Fund | 2.5 | 2.1 |
| 7.2 | 5.7 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.5 | 0.5 |
Fidelity Series Floating Rate High Income Fund | 1.2 | 1.1 |
Fidelity Series High Income Fund | 5.0 | 4.9 |
Fidelity Series Inflation-Protected Bond Index Fund | 2.7 | 11.1 |
Fidelity Series Investment Grade Bond Fund | 35.9 | 21.6 |
Fidelity Series Real Estate Income Fund | 0.4 | 0.4 |
| 45.7 | 39.6 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 13.4 | 17.8 |
Fidelity Institutional Money Market Portfolio Institutional Class | 16.3 | 21.8 |
| 29.7 | 39.6 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
 | Domestic Equity Funds** | 17.4% | |
 | International Equity Funds | 7.2% | |
 | Bond Funds | 45.7% | |
 | Short-Term Funds | 29.7% | |
Six months ago |
| Domestic Equity Funds** | 15.1% | |
| International Equity Funds | 5.7% | |
 | Bond Funds | 39.6% | |
| Short-Term Funds | 39.6% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom Income Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 17.4% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(c) | 47,144 | | $ 4,369,329 |
Fidelity Advisor Series Equity-Income Fund (c) | 671,445 | | 8,419,925 |
Fidelity Advisor Series Growth & Income Fund (c) | 497,155 | | 6,522,670 |
Fidelity Advisor Series Growth Opportunities Fund (c) | 387,083 | | 4,134,051 |
Fidelity Advisor Series Opportunistic Insights Fund (c) | 270,527 | | 3,784,677 |
Fidelity Advisor Series Small Cap Fund (c) | 222,047 | | 2,344,812 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (c) | 429,442 | | 5,436,742 |
Fidelity Series 100 Index Fund (c) | 199,410 | | 2,426,817 |
Fidelity Series 1000 Value Index Fund (c) | 92,129 | | 983,936 |
Fidelity Series All-Sector Equity Fund (c) | 390,384 | | 5,512,223 |
Fidelity Series Commodity Strategy Fund (a)(c) | 367,846 | | 3,108,298 |
Fidelity Series Real Estate Equity Fund (c) | 45,820 | | 591,989 |
Fidelity Series Small Cap Opportunities Fund (c) | 205,023 | | 2,782,159 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $41,032,636) |
50,417,628
|
International Equity Funds - 7.2% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 260,040 | | 4,459,691 |
Fidelity Series International Growth Fund (c) | 530,057 | | 7,505,601 |
Fidelity Series International Small Cap Fund (c) | 107,933 | | 1,747,432 |
Fidelity Series International Value Fund (c) | 654,337 | | 7,276,232 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $16,857,741) |
20,988,956
|
Bond Funds - 45.7% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 133,489 | | $ 1,361,591 |
Fidelity Series Floating Rate High Income Fund (c) | 323,797 | | 3,386,915 |
Fidelity Series High Income Fund (c) | 1,388,046 | | 14,699,403 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 815,177 | | 8,029,494 |
Fidelity Series Investment Grade Bond Fund (c) | 9,244,855 | | 104,097,064 |
Fidelity Series Real Estate Income Fund (c) | 95,359 | | 1,075,648 |
TOTAL BOND FUNDS (Cost $129,848,407) |
132,650,115
|
Short-Term Funds - 29.7% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class (c) | 4,146,787 | | 38,772,455 |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 47,424,506 | | 47,424,506 |
TOTAL SHORT-TERM FUNDS (Cost $85,373,557) |
86,196,961
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $273,112,341) | | 290,253,660 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (67,612) |
NET ASSETS - 100% | $ 290,186,048 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 5,710,077 | $ 317,534 | $ 3,062,949 | $ - | $ 4,369,329 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3,030,254 | 42,439 | 3,331,738 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 3,065,549 | 69,172 | 3,679,715 | - | - |
Fidelity Advisor Series Equity-Income Fund | 4,217,999 | 6,934,937 | 3,386,004 | 104,531 | 8,419,925 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 944,641 | 8,264,590 | 3,318,929 | 40,680 | 6,522,670 |
Fidelity Advisor Series Growth Opportunities Fund | - | 4,394,436 | 540,615 | 1,671 | 4,134,051 |
Fidelity Advisor Series Opportunistic Insights Fund | 2,977,939 | 1,265,653 | 1,220,124 | - | 3,784,677 |
Fidelity Advisor Series Small Cap Fund | - | 2,515,145 | 303,186 | 1,839 | 2,344,812 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4,236,726 | 2,060,182 | 1,416,129 | 43,845 | 5,436,742 |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 58,469,712 | 4,806,053 | 24,425,530 | 402,263 | 38,772,455 |
Fidelity Advisor Small Cap Fund Institutional Class | 2,340,665 | 146,493 | 2,845,340 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 71,120,992 | 5,593,013 | 29,289,501 | 61,974 | 47,424,506 |
Fidelity Series 100 Index Fund | 930,494 | 1,608,468 | 329,753 | 29,410 | 2,426,817 |
Affiliate | Value,
beginning of period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series 1000 Value Index Fund | $ - | $ 990,644 | $ 69,293 | $ 3,813 | $ 983,936 |
Fidelity Series All-Sector Equity Fund | 7,623,707 | 923,870 | 3,841,241 | 50,564 | 5,512,223 |
Fidelity Series Commodity Strategy Fund | 6,348,249 | 1,340,584 | 4,266,492 | - | 3,108,298 |
Fidelity Series Emerging Markets Debt Fund | 1,617,547 | 206,463 | 359,139 | 78,481 | 1,361,591 |
Fidelity Series Emerging Markets Fund | 3,933,471 | 1,394,569 | 955,901 | 44,965 | 4,459,691 |
Fidelity Series Floating Rate High Income Fund | 3,606,153 | 519,415 | 682,951 | 151,382 | 3,386,915 |
Fidelity Series High Income Fund | 16,077,152 | 2,036,629 | 3,512,106 | 810,971 | 14,699,403 |
Fidelity Series Inflation-Protected Bond Index Fund | 37,364,057 | 2,911,029 | 29,678,713 | 7,288 | 8,029,494 |
Fidelity Series International Growth Fund | 6,557,246 | 2,236,542 | 2,008,774 | 52,025 | 7,505,601 |
Fidelity Series International Small Cap Fund | 1,343,743 | 616,175 | 439,496 | 13,843 | 1,747,432 |
Fidelity Series International Value Fund | 6,535,805 | 3,564,909 | 3,646,756 | 160,023 | 7,276,232 |
Fidelity Series Investment Grade Bond Fund | 70,566,759 | 52,068,111 | 17,093,012 | 1,993,310 | 104,097,064 |
Fidelity Series Large Cap Value Fund | 4,366,121 | 2,209,566 | 6,032,788 | 55,790 | - |
Fidelity Series Real Estate Equity Fund | 651,607 | 95,855 | 148,850 | 9,081 | 591,989 |
Fidelity Series Real Estate Income Fund | 1,201,698 | 170,920 | 257,386 | 61,483 | 1,075,648 |
Fidelity Series Small Cap Opportunities Fund | 2,720,966 | 1,206,119 | 1,425,326 | 638 | 2,782,159 |
Total | $ 327,559,329 | $ 110,509,515 | $ 151,567,737 | $ 4,179,870 | $ 290,253,660 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom Income Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $273,112,341) - See accompanying schedule | | $ 290,253,660 |
Receivable for investments sold | | 871,075 |
Receivable for fund shares sold | | 393,232 |
Total assets | | 291,517,967 |
| | |
Liabilities | | |
Payable for investments purchased | $ 666,323 | |
Payable for fund shares redeemed | 598,167 | |
Distribution and service plan fees payable | 67,429 | |
Total liabilities | | 1,331,919 |
| | |
Net Assets | | $ 290,186,048 |
Net Assets consist of: | | |
Paid in capital | | $ 268,306,836 |
Undistributed net investment income | | 341,248 |
Accumulated undistributed net realized gain (loss) on investments | | 4,396,645 |
Net unrealized appreciation (depreciation) on investments | | 17,141,319 |
Net Assets | | $ 290,186,048 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($147,817,614 ÷ 13,199,844 shares) | | $ 11.20 |
| | |
Maximum offering price per share (100/94.25 of $11.20) | | $ 11.88 |
Class T:
Net Asset Value and redemption price per share ($53,019,056 ÷ 4,738,880 shares) | | $ 11.19 |
| | |
Maximum offering price per share (100/96.50 of $11.19) | | $ 11.60 |
Class B:
Net Asset Value and offering price per share ($1,681,353 ÷ 150,356 shares)A | | $ 11.18 |
| | |
Class C:
Net Asset Value and offering price per share ($15,734,693 ÷ 1,408,340 shares)A | | $ 11.17 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($71,933,332 ÷ 6,406,719 shares) | | $ 11.23 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 4,179,870 |
| | |
Expenses | | |
Distribution and service plan fees | $ 851,153 | |
Independent trustees' compensation | 1,188 | |
Total expenses before reductions | 852,341 | |
Expense reductions | (1,188) | 851,153 |
Net investment income (loss) | | 3,328,717 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 5,952,496 | |
Capital gain distributions from underlying funds | 3,580,795 | |
Total net realized gain (loss) | | 9,533,291 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (2,199,958) |
Net gain (loss) | | 7,333,333 |
Net increase (decrease) in net assets resulting from operations | | $ 10,662,050 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom Income Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,328,717 | $ 3,306,001 |
Net realized gain (loss) | 9,533,291 | 6,963,470 |
Change in net unrealized appreciation (depreciation) | (2,199,958) | 3,721,536 |
Net increase (decrease) in net assets resulting from operations | 10,662,050 | 13,991,007 |
Distributions to shareholders from net investment income | (3,238,481) | (3,274,495) |
Distributions to shareholders from net realized gain | (8,061,375) | (4,055,113) |
Total distributions | (11,299,856) | (7,329,608) |
Share transactions - net increase (decrease) | (36,661,667) | 17,611,622 |
Total increase (decrease) in net assets | (37,299,473) | 24,273,021 |
| | |
Net Assets | | |
Beginning of period | 327,485,521 | 303,212,500 |
End of period (including undistributed net investment income of $341,248 and undistributed net investment income of $251,012, respectively) | $ 290,186,048 | $ 327,485,521 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.21 | $ 10.98 | $ 10.85 | $ 10.35 | $ 8.74 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .12 | .15 | .16 | .22 |
Net realized and unrealized gain (loss) | .28 | .37 | .21 | .57 | 1.66 |
Total from investment operations | .40 | .49 | .36 | .73 | 1.88 |
Distributions from net investment income | (.12) | (.12) | (.15) | (.16) | (.22) |
Distributions from net realized gain | (.29) | (.14) | (.08) | (.07) | (.06) |
Total distributions | (.41) | (.26) | (.23) | (.23) | (.27) F |
Net asset value, end of period | $ 11.20 | $ 11.21 | $ 10.98 | $ 10.85 | $ 10.35 |
Total Return A,B | 3.65% | 4.53% | 3.34% | 7.11% | 21.74% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.10% | 1.08% | 1.37% | 1.48% | 2.19% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 147,818 | $ 176,876 | $ 166,658 | $ 157,695 | $ 142,691 |
Portfolio turnover rate D | 36% | 17% | 24% | 35% | 31% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.217 and distributions from net realized gain of $.056 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.20 | $ 10.96 | $ 10.84 | $ 10.34 | $ 8.73 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .09 | .09 | .12 | .13 | .19 |
Net realized and unrealized gain (loss) | .28 | .38 | .20 | .57 | 1.67 |
Total from investment operations | .37 | .47 | .32 | .70 | 1.86 |
Distributions from net investment income | (.09) | (.09) | (.12) | (.13) | (.19) |
Distributions from net realized gain | (.29) | (.14) | (.08) | (.07) | (.06) |
Total distributions | (.38) | (.23) | (.20) | (.20) | (.25) F |
Net asset value, end of period | $ 11.19 | $ 11.20 | $ 10.96 | $ 10.84 | $ 10.34 |
Total Return A,B | 3.40% | 4.35% | 3.01% | 6.85% | 21.47% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .85% | .83% | 1.12% | 1.23% | 1.94% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 53,019 | $ 53,734 | $ 56,246 | $ 57,404 | $ 52,047 |
Portfolio turnover rate D | 36% | 17% | 24% | 35% | 31% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.056 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.19 | $ 10.96 | $ 10.84 | $ 10.33 | $ 8.72 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .04 | .07 | .08 | .14 |
Net realized and unrealized gain (loss) | .28 | .37 | .19 | .58 | 1.67 |
Total from investment operations | .32 | .41 | .26 | .66 | 1.81 |
Distributions from net investment income | (.04) | (.04) | (.07) | (.08) | (.14) |
Distributions from net realized gain | (.29) | (.14) | (.08) | (.07) | (.06) |
Total distributions | (.33) | (.18) | (.14) G | (.15) | (.20) F |
Net asset value, end of period | $ 11.18 | $ 11.19 | $ 10.96 | $ 10.84 | $ 10.33 |
Total Return A,B | 2.86% | 3.80% | 2.47% | 6.39% | 20.86% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .33% | .62% | .73% | 1.44% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,681 | $ 2,294 | $ 2,889 | $ 3,938 | $ 5,319 |
Portfolio turnover rate D | 36% | 17% | 24% | 35% | 31% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.20 per share is comprised of distributions from net investment income of $.142 and distributions from net realized gain of $.056 per share.
G Total distributions of $.14 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.079 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.18 | $ 10.96 | $ 10.84 | $ 10.33 | $ 8.72 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .04 | .07 | .08 | .14 |
Net realized and unrealized gain (loss) | .28 | .36 | .20 | .58 | 1.67 |
Total from investment operations | .32 | .40 | .27 | .66 | 1.81 |
Distributions from net investment income | (.04) | (.04) | (.07) | (.08) | (.14) |
Distributions from net realized gain | (.29) | (.14) | (.08) | (.07) | (.06) |
Total distributions | (.33) | (.18) | (.15) | (.15) | (.20) F |
Net asset value, end of period | $ 11.17 | $ 11.18 | $ 10.96 | $ 10.84 | $ 10.33 |
Total Return A,B | 2.89% | 3.70% | 2.50% | 6.42% | 20.83% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .33% | .62% | .73% | 1.44% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 15,735 | $ 16,606 | $ 17,170 | $ 16,581 | $ 14,697 |
Portfolio turnover rate D | 36% | 17% | 24% | 35% | 31% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.20 per share is comprised of distributions from net investment income of $.140 and distributions from net realized gain of $.056 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.23 | $ 11.00 | $ 10.87 | $ 10.37 | $ 8.75 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .15 | .15 | .18 | .18 | .24 |
Net realized and unrealized gain (loss) | .29 | .37 | .20 | .57 | 1.68 |
Total from investment operations | .44 | .52 | .38 | .75 | 1.92 |
Distributions from net investment income | (.15) | (.14) | (.17) | (.19) | (.24) |
Distributions from net realized gain | (.29) | (.14) | (.08) | (.07) | (.06) |
Total distributions | (.44) | (.29) H | (.25) | (.25) G | (.30) F |
Net asset value, end of period | $ 11.23 | $ 11.23 | $ 11.00 | $ 10.87 | $ 10.37 |
Total Return A | 3.98% | 4.75% | 3.58% | 7.36% | 22.16% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.35% | 1.33% | 1.62% | 1.73% | 2.44% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 71,933 | $ 77,976 | $ 60,248 | $ 32,640 | $ 18,137 |
Portfolio turnover rate C | 36% | 17% | 24% | 35% | 31% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.30 per share is comprised of distributions from net investment income of $.243 and distributions from net realized gain of $.056 per share.
G Total distributions of $.25 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.067 per share.
H Total distributions of $.29 per share is comprised of distributions from net investment income of $.144 and distributions from net realized gain of $.141 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 2.4 | 3.0 |
Fidelity Advisor Series Equity-Income Fund | 5.1 | 2.0 |
Fidelity Advisor Series Growth & Income Fund | 3.5 | 2.0 |
Fidelity Advisor Series Growth Opportunities Fund | 2.4 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 2.2 | 1.6 |
Fidelity Advisor Series Small Cap Fund | 1.4 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 3.4 | 2.0 |
Fidelity Series 100 Index Fund | 1.4 | 0.5 |
Fidelity Series 1000 Value Index Fund | 0.6 | 0.0 |
Fidelity Series All-Sector Equity Fund | 3.3 | 3.8 |
Fidelity Series Commodity Strategy Fund | 1.2 | 3.5 |
Fidelity Series Real Estate Equity Fund | 0.4 | 0.3 |
Fidelity Series Small Cap Opportunities Fund | 1.6 | 1.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 1.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 1.2 |
Fidelity Series Large Cap Value Fund | 0.0 | 2.0 |
| 28.9 | 24.8 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.5 | 2.0 |
Fidelity Series International Growth Fund | 4.2 | 3.3 |
Fidelity Series International Small Cap Fund | 1.0 | 0.7 |
Fidelity Series International Value Fund | 4.3 | 3.3 |
| 12.0 | 9.3 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
Fidelity Series Floating Rate High Income Fund | 1.1 | 1.1 |
Fidelity Series High Income Fund | 5.4 | 4.8 |
Fidelity Series Inflation-Protected Bond Index Fund | 2.1 | 8.9 |
Fidelity Series Investment Grade Bond Fund | 30.0 | 17.9 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 39.7 | 33.8 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 8.6 | 14.5 |
Fidelity Institutional Money Market Portfolio Institutional Class | 10.8 | 17.6 |
| 19.4 | 32.1 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 28.9% | |
 | International Equity Funds | 12.0% | |
 | Bond Funds | 39.7% | |
| Short-Term Funds | 19.4% | |
Six months ago |
| Domestic Equity Funds** | 24.8% | |
| International Equity Funds | 9.3% | |
| Bond Funds | 33.8% | |
| Short-Term Funds | 32.1% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 28.9% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(c) | 77,671 | | $ 7,198,520 |
Fidelity Advisor Series Equity-Income Fund (c) | 1,200,962 | | 15,060,068 |
Fidelity Advisor Series Growth & Income Fund (c) | 792,232 | | 10,394,081 |
Fidelity Advisor Series Growth Opportunities Fund (c) | 669,930 | | 7,154,850 |
Fidelity Advisor Series Opportunistic Insights Fund (c) | 462,899 | | 6,475,954 |
Fidelity Advisor Series Small Cap Fund (c) | 381,217 | | 4,025,656 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (c) | 783,411 | | 9,917,977 |
Fidelity Series 100 Index Fund (c) | 345,212 | | 4,201,227 |
Fidelity Series 1000 Value Index Fund (c) | 159,141 | | 1,699,627 |
Fidelity Series All-Sector Equity Fund (c) | 688,679 | | 9,724,154 |
Fidelity Series Commodity Strategy Fund (a)(c) | 423,409 | | 3,577,803 |
Fidelity Series Real Estate Equity Fund (c) | 87,304 | | 1,127,969 |
Fidelity Series Small Cap Opportunities Fund (c) | 351,159 | | 4,765,222 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $71,286,500) |
85,323,108
|
International Equity Funds - 12.0% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 426,942 | | 7,322,048 |
Fidelity Series International Growth Fund (c) | 881,595 | | 12,483,392 |
Fidelity Series International Small Cap Fund (c) | 177,318 | | 2,870,780 |
Fidelity Series International Value Fund (c) | 1,138,340 | | 12,658,344 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $28,867,696) |
35,334,564
|
Bond Funds - 39.7% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 168,386 | | $ 1,717,539 |
Fidelity Series Floating Rate High Income Fund (c) | 324,497 | | 3,394,235 |
Fidelity Series High Income Fund (c) | 1,504,082 | | 15,928,232 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 623,391 | | 6,140,401 |
Fidelity Series Investment Grade Bond Fund (c) | 7,844,916 | | 88,333,757 |
Fidelity Series Real Estate Income Fund (c) | 119,579 | | 1,348,853 |
TOTAL BOND FUNDS (Cost $114,852,048) |
116,863,017
|
Short-Term Funds - 19.4% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class (c) | 2,719,698 | | 25,429,176 |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 31,651,439 | | 31,651,439 |
TOTAL SHORT-TERM FUNDS (Cost $56,553,113) |
57,080,615
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $271,559,357) | | 294,601,304 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (60,167) |
NET ASSETS - 100% | $ 294,541,137 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 9,259,781 | $ 862,025 | $ 5,194,586 | $ - | $ 7,198,520 |
Fidelity Advisor Growth & Income Fund Institutional Class | 4,932,891 | 199,148 | 5,560,081 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 4,939,271 | 290,298 | 6,093,574 | - | - |
Fidelity Advisor Series Equity-Income Fund | 6,678,206 | 12,388,968 | 5,083,678 | 166,469 | 15,060,068 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 1,486,283 | 10,986,617 | 3,019,189 | 63,041 | 10,394,081 |
Fidelity Advisor Series Growth Opportunities Fund | - | 7,131,014 | 438,564 | 2,636 | 7,154,850 |
Fidelity Advisor Series Opportunistic Insights Fund | 4,718,776 | 3,021,391 | 2,493,945 | - | 6,475,954 |
Fidelity Advisor Series Small Cap Fund | - | 4,174,908 | 372,780 | 2,992 | 4,025,656 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 6,717,864 | 4,918,177 | 2,591,712 | 79,711 | 9,917,977 |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 42,520,470 | 7,528,770 | 24,578,176 | 295,151 | 25,429,176 |
Fidelity Advisor Small Cap Fund Institutional Class | 3,791,219 | 301,071 | 4,664,672 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 51,920,042 | 8,764,776 | 29,033,378 | 45,858 | 31,651,439 |
Fidelity Series 100 Index Fund | 1,544,268 | 2,997,451 | 675,313 | 49,131 | 4,201,227 |
Affiliate | Value,
beginning of period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series 1000 Value Index Fund | $ - | $ 1,716,729 | $ 116,922 | $ 6,160 | $ 1,699,627 |
Fidelity Series All-Sector Equity Fund | 12,345,820 | 2,385,507 | 6,312,716 | 81,822 | 9,724,154 |
Fidelity Series Commodity Strategy Fund | 11,606,286 | 2,120,155 | 9,263,831 | - | 3,577,803 |
Fidelity Series Emerging Markets Debt Fund | 1,922,638 | 303,888 | 387,086 | 96,082 | 1,717,539 |
Fidelity Series Emerging Markets Fund | 6,352,622 | 2,335,470 | 1,506,744 | 71,062 | 7,322,048 |
Fidelity Series Floating Rate High Income Fund | 3,388,054 | 736,407 | 676,771 | 146,790 | 3,394,235 |
Fidelity Series High Income Fund | 14,966,543 | 4,249,888 | 3,416,836 | 799,503 | 15,928,232 |
Fidelity Series Inflation-Protected Bond Index Fund | 28,253,550 | 3,775,425 | 23,968,474 | 5,533 | 6,140,401 |
Fidelity Series International Growth Fund | 10,396,703 | 4,270,031 | 3,346,419 | 82,280 | 12,483,392 |
Fidelity Series International Small Cap Fund | 2,144,791 | 1,076,977 | 724,025 | 21,889 | 2,870,780 |
Fidelity Series International Value Fund | 10,285,665 | 6,197,045 | 5,130,720 | 253,221 | 12,658,344 |
Fidelity Series Investment Grade Bond Fund | 55,981,719 | 49,159,722 | 15,724,877 | 1,648,570 | 88,333,757 |
Fidelity Series Large Cap Value Fund | 7,189,173 | 3,710,984 | 10,078,509 | 87,144 | - |
Fidelity Series Real Estate Equity Fund | 1,108,307 | 288,053 | 266,119 | 15,517 | 1,127,969 |
Fidelity Series Real Estate Income Fund | 1,458,849 | 223,852 | 288,387 | 75,382 | 1,348,853 |
Fidelity Series Small Cap Opportunities Fund | 4,413,628 | 2,071,912 | 2,188,688 | 1,037 | 4,765,222 |
Total | $ 310,323,419 | $ 148,186,659 | $ 173,196,772 | $ 4,096,981 | $ 294,601,304 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2005 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $271,559,357) - See accompanying schedule | | $ 294,601,304 |
Cash | | 9 |
Receivable for investments sold | | 1,471,569 |
Receivable for fund shares sold | | 157,828 |
Total assets | | 296,230,710 |
| | |
Liabilities | | |
Payable for investments purchased | $ 738,523 | |
Payable for fund shares redeemed | 890,959 | |
Distribution and service plan fees payable | 60,091 | |
Total liabilities | | 1,689,573 |
| | |
Net Assets | | $ 294,541,137 |
Net Assets consist of: | | |
Paid in capital | | $ 266,925,118 |
Undistributed net investment income | | 773,351 |
Accumulated undistributed net realized gain (loss) on investments | | 3,800,721 |
Net unrealized appreciation (depreciation) on investments | | 23,041,947 |
Net Assets | | $ 294,541,137 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($187,224,188 ÷ 15,381,338 shares) | | $ 12.17 |
| | |
Maximum offering price per share (100/94.25 of $12.17) | | $ 12.91 |
Class T:
Net Asset Value and redemption price per share ($29,912,387 ÷ 2,459,077 shares) | | $ 12.16 |
| | |
Maximum offering price per share (100/96.50 of $12.16) | | $ 12.60 |
Class B:
Net Asset Value and offering price per share ($1,059,126 ÷ 86,837 shares)A | | $ 12.20 |
| | |
Class C:
Net Asset Value and offering price per share ($8,910,274 ÷ 734,196 shares)A | | $ 12.14 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($67,435,162 ÷ 5,506,122 shares) | | $ 12.25 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 4,096,981 |
| | |
Expenses | | |
Distribution and service plan fees | $ 729,991 | |
Independent trustees' compensation | 1,155 | |
Total expenses before reductions | 731,146 | |
Expense reductions | (1,155) | 729,991 |
Net investment income (loss) | | 3,366,990 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 5,741,185 | |
Capital gain distributions from underlying funds | 5,003,367 | |
Total net realized gain (loss) | | 10,744,552 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 3,546,846 |
Net gain (loss) | | 14,291,398 |
Net increase (decrease) in net assets resulting from operations | | $ 17,658,388 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,366,990 | $ 3,323,059 |
Net realized gain (loss) | 10,744,552 | 12,719,737 |
Change in net unrealized appreciation (depreciation) | 3,546,846 | 462,584 |
Net increase (decrease) in net assets resulting from operations | 17,658,388 | 16,505,380 |
Distributions to shareholders from net investment income | (3,050,354) | (3,357,002) |
Distributions to shareholders from net realized gain | (7,700,556) | (1,779,655) |
Total distributions | (10,750,910) | (5,136,657) |
Share transactions - net increase (decrease) | (22,629,477) | 26,042,535 |
Total increase (decrease) in net assets | (15,721,999) | 37,411,258 |
| | |
Net Assets | | |
Beginning of period | 310,263,136 | 272,851,878 |
End of period (including undistributed net investment income of $773,351 and undistributed net investment income of $456,715, respectively) | $ 294,541,137 | $ 310,263,136 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.90 | $ 11.45 | $ 11.45 | $ 10.57 | $ 8.10 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .13 | .15 | .15 | .20 |
Net realized and unrealized gain (loss) | .57 | .53 | .13 | .97 | 2.53 |
Total from investment operations | .70 | .66 | .28 | 1.12 | 2.73 |
Distributions from net investment income | (.12) | (.13) | (.15) | (.15) | (.19) |
Distributions from net realized gain | (.31) | (.07) | (.13) | (.09) | (.07) |
Total distributions | (.43) | (.21) F | (.28) | (.24) | (.26) |
Net asset value, end of period | $ 12.17 | $ 11.90 | $ 11.45 | $ 11.45 | $ 10.57 |
Total Return A,B | 5.98% | 5.79% | 2.53% | 10.72% | 33.91% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.10% | 1.16% | 1.37% | 1.37% | 2.01% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 187,224 | $ 204,418 | $ 193,977 | $ 177,385 | $ 155,482 |
Portfolio turnover rate D | 49% | 23% | 28% | 41% | 35% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.21 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.071 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.90 | $ 11.45 | $ 11.45 | $ 10.57 | $ 8.10 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .10 | .11 | .13 | .12 | .17 |
Net realized and unrealized gain (loss) | .57 | .52 | .12 | .97 | 2.54 |
Total from investment operations | .67 | .63 | .25 | 1.09 | 2.71 |
Distributions from net investment income | (.10) | (.11) | (.12) | (.12) | (.17) |
Distributions from net realized gain | (.31) | (.07) | (.13) | (.09) | (.07) |
Total distributions | (.41) | (.18) | (.25) | (.21) | (.24) |
Net asset value, end of period | $ 12.16 | $ 11.90 | $ 11.45 | $ 11.45 | $ 10.57 |
Total Return A,B | 5.68% | 5.56% | 2.25% | 10.42% | 33.61% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .85% | .91% | 1.12% | 1.12% | 1.76% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 29,912 | $ 26,201 | $ 22,316 | $ 21,658 | $ 23,113 |
Portfolio turnover rate D | 49% | 23% | 28% | 41% | 35% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.93 | $ 11.47 | $ 11.45 | $ 10.56 | $ 8.09 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .05 | .07 | .07 | .12 |
Net realized and unrealized gain (loss) | .58 | .52 | .12 | .97 | 2.53 |
Total from investment operations | .62 | .57 | .19 | 1.04 | 2.65 |
Distributions from net investment income | (.04) | (.04) | (.05) | (.07) | (.11) |
Distributions from net realized gain | (.31) | (.07) | (.12) | (.09) | (.07) |
Total distributions | (.35) | (.11) | (.17) | (.15) F | (.18) |
Net asset value, end of period | $ 12.20 | $ 11.93 | $ 11.47 | $ 11.45 | $ 10.56 |
Total Return A,B | 5.22% | 5.00% | 1.73% | 9.94% | 32.90% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .41% | .62% | .62% | 1.26% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,059 | $ 1,162 | $ 1,571 | $ 2,338 | $ 2,986 |
Portfolio turnover rate D | 49% | 23% | 28% | 41% | 35% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.15 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.087 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.87 | $ 11.42 | $ 11.42 | $ 10.54 | $ 8.08 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .05 | .07 | .07 | .12 |
Net realized and unrealized gain (loss) | .58 | .52 | .11 | .97 | 2.53 |
Total from investment operations | .62 | .57 | .18 | 1.04 | 2.65 |
Distributions from net investment income | (.04) | (.05) | (.07) | (.07) | (.12) |
Distributions from net realized gain | (.31) | (.07) | (.12) | (.09) | (.07) |
Total distributions | (.35) | (.12) | (.18) F | (.16) | (.19) |
Net asset value, end of period | $ 12.14 | $ 11.87 | $ 11.42 | $ 11.42 | $ 10.54 |
Total Return A,B | 5.28% | 5.01% | 1.66% | 9.91% | 32.90% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .41% | .62% | .62% | 1.26% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,910 | $ 8,118 | $ 8,053 | $ 8,679 | $ 9,377 |
Portfolio turnover rate D | 49% | 23% | 28% | 41% | 35% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.18 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.115 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.97 | $ 11.51 | $ 11.52 | $ 10.63 | $ 8.14 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .16 | .16 | .18 | .18 | .22 |
Net realized and unrealized gain (loss) | .58 | .53 | .11 | .98 | 2.55 |
Total from investment operations | .74 | .69 | .29 | 1.16 | 2.77 |
Distributions from net investment income | (.15) | (.16) | (.18) | (.18) | (.21) |
Distributions from net realized gain | (.31) | (.07) | (.13) | (.09) | (.07) |
Total distributions | (.46) | (.23) | (.30) F | (.27) | (.28) |
Net asset value, end of period | $ 12.25 | $ 11.97 | $ 11.51 | $ 11.52 | $ 10.63 |
Total Return A | 6.29% | 6.11% | 2.67% | 11.02% | 34.28% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.35% | 1.41% | 1.62% | 1.62% | 2.26% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 67,435 | $ 70,364 | $ 46,935 | $ 35,069 | $ 18,775 |
Portfolio turnover rate C | 49% | 23% | 28% | 41% | 35% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.30 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.128 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 3.1 | 4.3 |
Fidelity Advisor Series Equity-Income Fund | 6.0 | 2.9 |
Fidelity Advisor Series Growth & Income Fund | 4.7 | 2.8 |
Fidelity Advisor Series Growth Opportunities Fund | 3.0 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 2.7 | 2.3 |
Fidelity Advisor Series Small Cap Fund | 1.6 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 3.9 | 2.9 |
Fidelity Series 100 Index Fund | 1.7 | 0.7 |
Fidelity Series 1000 Value Index Fund | 0.7 | 0.0 |
Fidelity Series All-Sector Equity Fund | 4.2 | 5.3 |
Fidelity Series Commodity Strategy Fund | 1.2 | 5.0 |
Fidelity Series Real Estate Equity Fund | 0.4 | 0.4 |
Fidelity Series Small Cap Opportunities Fund | 2.0 | 1.9 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 2.1 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 1.7 |
Fidelity Series Large Cap Value Fund | 0.0 | 2.9 |
| 35.2 | 35.2 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 3.0 | 2.8 |
Fidelity Series International Growth Fund | 5.2 | 4.7 |
Fidelity Series International Small Cap Fund | 1.2 | 1.0 |
Fidelity Series International Value Fund | 5.3 | 4.7 |
| 14.7 | 13.2 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
Fidelity Series Floating Rate High Income Fund | 1.1 | 1.1 |
Fidelity Series High Income Fund | 5.6 | 4.7 |
Fidelity Series Inflation-Protected Bond Index Fund | 1.7 | 9.7 |
Fidelity Series Investment Grade Bond Fund | 26.6 | 21.5 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 36.1 | 38.1 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 6.2 | 6.1 |
Fidelity Institutional Money Market Portfolio Institutional Class | 7.8 | 7.4 |
| 14.0 | 13.5 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 35.2% | |
| International Equity Funds | 14.7% | |
| Bond Funds | 36.1% | |
| Short-Term Funds | 14.0% | |
Six months ago |
| Domestic Equity Funds** | 35.2% | |
| International Equity Funds | 13.2% | |
| Bond Funds | 38.1% | |
| Short-Term Funds | 13.5% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 35.2% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(c) | 287,565 | | $ 26,651,508 |
Fidelity Advisor Series Equity-Income Fund (c) | 4,098,668 | | 51,397,293 |
Fidelity Advisor Series Growth & Income Fund (c) | 3,100,591 | | 40,679,760 |
Fidelity Advisor Series Growth Opportunities Fund (c) | 2,401,895 | | 25,652,239 |
Fidelity Advisor Series Opportunistic Insights Fund (c) | 1,635,480 | | 22,880,359 |
Fidelity Advisor Series Small Cap Fund (c) | 1,313,124 | | 13,866,591 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (c) | 2,618,068 | | 33,144,735 |
Fidelity Series 100 Index Fund (c) | 1,220,772 | | 14,856,796 |
Fidelity Series 1000 Value Index Fund (c) | 564,071 | | 6,024,276 |
Fidelity Series All-Sector Equity Fund (c) | 2,578,769 | | 36,412,220 |
Fidelity Series Commodity Strategy Fund (a)(c) | 1,220,969 | | 10,317,190 |
Fidelity Series Real Estate Equity Fund (c) | 296,066 | | 3,825,175 |
Fidelity Series Small Cap Opportunities Fund (c) | 1,249,211 | | 16,951,796 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $250,555,835) |
302,659,938
|
International Equity Funds - 14.7% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 1,512,934 | | 25,946,811 |
Fidelity Series International Growth Fund (c) | 3,146,611 | | 44,556,018 |
Fidelity Series International Small Cap Fund (c) | 641,411 | | 10,384,441 |
Fidelity Series International Value Fund (c) | 4,055,184 | | 45,093,645 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $102,522,930) |
125,980,915
|
Bond Funds - 36.1% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 485,809 | | $ 4,955,256 |
Fidelity Series Floating Rate High Income Fund (c) | 915,860 | | 9,579,900 |
Fidelity Series High Income Fund (c) | 4,563,589 | | 48,328,406 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 1,498,653 | | 14,761,732 |
Fidelity Series Investment Grade Bond Fund (c) | 20,319,117 | | 228,793,251 |
Fidelity Series Real Estate Income Fund (c) | 367,055 | | 4,140,386 |
TOTAL BOND FUNDS (Cost $306,084,232) |
310,558,931
|
Short-Term Funds - 14.0% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class (c) | 5,736,301 | | 53,634,412 |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 67,008,658 | | 67,008,658 |
TOTAL SHORT-TERM FUNDS (Cost $120,517,341) |
120,643,070
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $779,680,338) | | 859,842,854 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (192,253) |
NET ASSETS - 100% | $ 859,650,601 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 37,256,333 | $ 2,212,637 | $ 21,954,464 | $ - | $ 26,651,508 |
Fidelity Advisor Growth & Income Fund Institutional Class | 19,844,540 | 464,881 | 22,020,009 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 20,021,126 | 608,263 | 24,176,130 | - | - |
Fidelity Advisor Series Equity-Income Fund | 27,797,031 | 29,030,153 | 9,433,397 | 645,082 | 51,397,293 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 6,212,935 | 42,444,082 | 11,761,367 | 249,838 | 40,679,760 |
Fidelity Advisor Series Growth Opportunities Fund | - | 27,994,309 | 4,091,061 | 10,005 | 25,652,239 |
Fidelity Advisor Series Opportunistic Insights Fund | 19,617,134 | 4,330,708 | 5,998,504 | - | 22,880,359 |
Fidelity Advisor Series Small Cap Fund | - | 15,508,758 | 2,431,247 | 11,066 | 13,866,591 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 27,908,639 | 10,374,157 | 8,695,462 | 268,058 | 33,144,735 |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 51,871,108 | 13,754,253 | 11,935,629 | 440,148 | 53,634,412 |
Fidelity Advisor Small Cap Fund Institutional Class | 15,266,503 | 723,877 | 18,334,928 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 63,172,497 | 20,001,900 | 16,165,740 | 65,819 | 67,008,658 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series 100 Index Fund | $ 6,173,658 | $ 9,482,184 | $ 2,063,747 | $ 138,561 | $ 14,856,796 |
Fidelity Series 1000 Value Index Fund | - | 6,083,290 | 440,993 | 25,037 | 6,024,276 |
Fidelity Series All-Sector Equity Fund | 49,620,547 | 6,328,279 | 24,953,530 | 327,395 | 36,412,220 |
Fidelity Series Commodity Strategy Fund | 46,125,134 | 8,863,013 | 40,655,961 | - | 10,317,190 |
Fidelity Series Emerging Markets Debt Fund | 5,750,850 | 613,710 | 1,043,333 | 283,140 | 4,955,256 |
Fidelity Series Emerging Markets Fund | 25,236,844 | 5,029,761 | 4,945,243 | 264,052 | 25,946,811 |
Fidelity Series Floating Rate High Income Fund | 10,542,272 | 1,218,712 | 2,022,285 | 431,396 | 9,579,900 |
Fidelity Series High Income Fund | 43,273,952 | 12,954,302 | 8,284,239 | 2,359,629 | 48,328,406 |
Fidelity Series Inflation-Protected Bond Index Fund | 91,127,240 | 8,765,103 | 79,244,487 | 14,075 | 14,761,732 |
Fidelity Series International Growth Fund | 42,059,080 | 7,258,248 | 9,540,013 | 304,980 | 44,556,018 |
Fidelity Series International Small Cap Fund | 8,602,872 | 2,420,537 | 2,134,541 | 81,200 | 10,384,441 |
Fidelity Series International Value Fund | 41,792,652 | 10,785,299 | 12,821,298 | 932,321 | 45,093,645 |
Fidelity Series Investment Grade Bond Fund | 196,591,693 | 80,506,955 | 43,920,669 | 5,019,054 | 228,793,251 |
Fidelity Series Large Cap Value Fund | 28,205,834 | 14,916,472 | 39,427,267 | 372,532 | - |
Fidelity Series Real Estate Equity Fund | 4,145,322 | 543,986 | 819,784 | 59,323 | 3,825,175 |
Fidelity Series Real Estate Income Fund | 4,736,681 | 526,457 | 970,472 | 239,210 | 4,140,386 |
Fidelity Series Small Cap Opportunities Fund | 17,772,438 | 4,490,075 | 7,107,145 | 3,807 | 16,951,796 |
Total | $ 910,724,915 | $ 348,234,361 | $ 437,392,945 | $ 12,545,728 | $ 859,842,854 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2010 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $779,680,338) - See accompanying schedule | | $ 859,842,854 |
Receivable for investments sold | | 4,287,430 |
Receivable for fund shares sold | | 619,730 |
Total assets | | 864,750,014 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,328,922 | |
Payable for fund shares redeemed | 2,578,660 | |
Distribution and service plan fees payable | 191,831 | |
Total liabilities | | 5,099,413 |
| | |
Net Assets | | $ 859,650,601 |
Net Assets consist of: | | |
Paid in capital | | $ 763,297,453 |
Undistributed net investment income | | 1,958,102 |
Accumulated undistributed net realized gain (loss) on investments | | 14,232,530 |
Net unrealized appreciation (depreciation) on investments | | 80,162,516 |
Net Assets | | $ 859,650,601 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($502,833,984 ÷ 38,957,831 shares) | | $ 12.91 |
| | |
Maximum offering price per share (100/94.25 of $12.91) | | $ 13.70 |
Class T:
Net Asset Value and redemption price per share ($124,997,313 ÷ 9,713,910 shares) | | $ 12.87 |
| | |
Maximum offering price per share (100/96.50 of $12.87) | | $ 13.34 |
Class B:
Net Asset Value and offering price per share ($3,921,487 ÷ 303,691 shares)A | | $ 12.91 |
| | |
Class C:
Net Asset Value and offering price per share ($36,622,126 ÷ 2,862,388 shares)A | | $ 12.79 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($191,275,691 ÷ 14,756,561 shares) | | $ 12.96 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 12,545,728 |
| | |
Expenses | | |
Distribution and service plan fees | $ 2,374,946 | |
Independent trustees' compensation | 3,410 | |
Total expenses before reductions | 2,378,356 | |
Expense reductions | (3,410) | 2,374,946 |
Net investment income (loss) | | 10,170,782 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 17,423,906 | |
Capital gain distributions from underlying funds | 18,747,159 | |
Total net realized gain (loss) | | 36,171,065 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 20,852,752 |
Net gain (loss) | | 57,023,817 |
Net increase (decrease) in net assets resulting from operations | | $ 67,194,599 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2010 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 10,170,782 | $ 11,478,269 |
Net realized gain (loss) | 36,171,065 | 54,501,265 |
Change in net unrealized appreciation (depreciation) | 20,852,752 | (4,153,489) |
Net increase (decrease) in net assets resulting from operations | 67,194,599 | 61,826,045 |
Distributions to shareholders from net investment income | (9,511,361) | (11,763,830) |
Distributions to shareholders from net realized gain | (28,968,103) | (6,303,241) |
Total distributions | (38,479,464) | (18,067,071) |
Share transactions - net increase (decrease) | (79,585,074) | (22,088,856) |
Total increase (decrease) in net assets | (50,869,939) | 21,670,118 |
| | |
Net Assets | | |
Beginning of period | 910,520,540 | 888,850,422 |
End of period (including undistributed net investment income of $1,958,102 and undistributed net investment income of $1,298,681, respectively) | $ 859,650,601 | $ 910,520,540 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.50 | $ 11.89 | $ 11.92 | $ 10.87 | $ 8.19 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .15 | .16 | .17 | .15 | .21 |
Net realized and unrealized gain (loss) | .82 | .70 | .12 | 1.17 | 2.76 |
Total from investment operations | .97 | .86 | .29 | 1.32 | 2.97 |
Distributions from net investment income | (.14) | (.16) | (.17) | (.17) | (.21) |
Distributions from net realized gain | (.42) | (.09) | (.16) | (.10) | (.08) |
Total distributions | (.56) | (.25) | (.32) G | (.27) | (.29) F |
Net asset value, end of period | $ 12.91 | $ 12.50 | $ 11.89 | $ 11.92 | $ 10.87 |
Total Return A,B | 7.86% | 7.33% | 2.63% | 12.27% | 36.51% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.15% | 1.33% | 1.48% | 1.38% | 2.04% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 502,834 | $ 540,980 | $ 552,770 | $ 536,999 | $ 478,025 |
Portfolio turnover rate D | 39% | 26% | 25% | 41% | 42% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.29 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.083 per share.
G Total distributions of $.32 per share is comprised of distributions from net investment income of $.169 and distributions from net realized gain of $.155 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.46 | $ 11.86 | $ 11.88 | $ 10.83 | $ 8.16 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .11 | .13 | .14 | .13 | .18 |
Net realized and unrealized gain (loss) | .83 | .69 | .13 | 1.15 | 2.76 |
Total from investment operations | .94 | .82 | .27 | 1.28 | 2.94 |
Distributions from net investment income | (.11) | (.13) | (.14) | (.13) | (.19) |
Distributions from net realized gain | (.42) | (.09) | (.16) | (.10) | (.08) |
Total distributions | (.53) | (.22) | (.29) G | (.23) | (.27) F |
Net asset value, end of period | $ 12.87 | $ 12.46 | $ 11.86 | $ 11.88 | $ 10.83 |
Total Return A,B | 7.62% | 6.98% | 2.43% | 11.95% | 36.19% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .90% | 1.08% | 1.23% | 1.13% | 1.79% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 124,997 | $ 127,353 | $ 132,044 | $ 152,126 | $ 204,059 |
Portfolio turnover rate D | 39% | 26% | 25% | 41% | 42% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.083 per share.
G Total distributions of $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.49 | $ 11.87 | $ 11.87 | $ 10.82 | $ 8.15 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .07 | .08 | .07 | .13 |
Net realized and unrealized gain (loss) | .82 | .70 | .13 | 1.15 | 2.76 |
Total from investment operations | .87 | .77 | .21 | 1.22 | 2.89 |
Distributions from net investment income | (.03) | (.06) | (.07) | (.07) | (.13) |
Distributions from net realized gain | (.41) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.45) H | (.15) | (.21) G | (.17) | (.22) F |
Net asset value, end of period | $ 12.91 | $ 12.49 | $ 11.87 | $ 11.87 | $ 10.82 |
Total Return A,B | 7.01% | 6.51% | 1.90% | 11.37% | 35.54% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .41% | .58% | .73% | .63% | 1.29% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 3,921 | $ 6,474 | $ 9,154 | $ 15,842 | $ 22,468 |
Portfolio turnover rate D | 39% | 26% | 25% | 41% | 42% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.22 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.083 per share.
G Total distributions of $.21 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.148 per share.
H Total distributions of $.45 per share is comprised of distributions from net investment income of $.032 and distributions from net realized gain of $.413 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.39 | $ 11.79 | $ 11.81 | $ 10.78 | $ 8.13 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .07 | .08 | .07 | .13 |
Net realized and unrealized gain (loss) | .81 | .69 | .13 | 1.14 | 2.74 |
Total from investment operations | .86 | .76 | .21 | 1.21 | 2.87 |
Distributions from net investment income | (.05) | (.07) | (.08) | (.08) | (.14) |
Distributions from net realized gain | (.41) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.46) | (.16) | (.23) | (.18) | (.22) F |
Net asset value, end of period | $ 12.79 | $ 12.39 | $ 11.79 | $ 11.81 | $ 10.78 |
Total Return A,B | 7.04% | 6.49% | 1.90% | 11.33% | 35.45% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .40% | .58% | .73% | .63% | 1.29% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 36,622 | $ 38,562 | $ 38,423 | $ 44,764 | $ 47,178 |
Portfolio turnover rate D | 39% | 26% | 25% | 41% | 42% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.22 per share is comprised of distributions from net investment income of $.139 and distributions from net realized gain of $.083 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.55 | $ 11.94 | $ 11.96 | $ 10.91 | $ 8.22 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .18 | .19 | .20 | .18 | .23 |
Net realized and unrealized gain (loss) | .82 | .70 | .13 | 1.17 | 2.78 |
Total from investment operations | 1.00 | .89 | .33 | 1.35 | 3.01 |
Distributions from net investment income | (.17) | (.19) | (.20) | (.20) | (.23) |
Distributions from net realized gain | (.42) | (.09) | (.16) | (.10) | (.08) |
Total distributions | (.59) | (.28) | (.35) G | (.30) | (.32) F |
Net asset value, end of period | $ 12.96 | $ 12.55 | $ 11.94 | $ 11.96 | $ 10.91 |
Total Return A | 8.10% | 7.56% | 2.97% | 12.50% | 36.80% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.40% | 1.58% | 1.73% | 1.63% | 2.29% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 191,276 | $ 197,152 | $ 156,459 | $ 115,490 | $ 75,569 |
Portfolio turnover rate C | 39% | 26% | 25% | 41% | 42% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.32 per share is comprised of distributions from net investment income of $.234 and distributions from net realized gain of $.083 per share.
G Total distributions of $.35 per share is comprised of distributions from net investment income of $.199 and distributions from net realized gain of $.155 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 3.6 | 4.5 |
Fidelity Advisor Series Equity-Income Fund | 7.0 | 3.0 |
Fidelity Advisor Series Growth & Income Fund | 5.4 | 3.0 |
Fidelity Advisor Series Growth Opportunities Fund | 3.4 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 3.1 | 2.3 |
Fidelity Advisor Series Small Cap Fund | 1.9 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4.5 | 3.0 |
Fidelity Series 100 Index Fund | 1.9 | 0.7 |
Fidelity Series 1000 Value Index Fund | 0.7 | 0.0 |
Fidelity Series All-Sector Equity Fund | 4.9 | 5.6 |
Fidelity Series Commodity Strategy Fund | 1.2 | 5.3 |
Fidelity Series Real Estate Equity Fund | 0.5 | 0.4 |
Fidelity Series Small Cap Opportunities Fund | 2.3 | 2.0 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 2.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 1.8 |
Fidelity Series Large Cap Value Fund | 0.0 | 3.0 |
| 40.4 | 36.9 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 3.5 | 2.9 |
Fidelity Series International Growth Fund | 5.9 | 5.0 |
Fidelity Series International Small Cap Fund | 1.4 | 1.0 |
Fidelity Series International Value Fund | 6.0 | 5.0 |
| 16.8 | 13.9 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.5 | 0.6 |
Fidelity Series Floating Rate High Income Fund | 1.1 | 1.1 |
Fidelity Series High Income Fund | 5.8 | 4.7 |
Fidelity Series Inflation-Protected Bond Index Fund | 1.3 | 9.9 |
Fidelity Series Investment Grade Bond Fund | 23.8 | 22.6 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 33.0 | 39.4 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 4.3 | 4.4 |
Fidelity Institutional Money Market Portfolio Institutional Class | 5.5 | 5.4 |
| 9.8 | 9.8 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 40.4% | |
| International Equity Funds | 16.8% | |
| Bond Funds | 33.0% | |
| Short-Term Funds | 9.8% | |
Six months ago |
| Domestic Equity Funds** | 36.9% | |
| International Equity Funds | 13.9% | |
| Bond Funds | 39.4% | |
| Short-Term Funds | 9.8% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 40.4% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(c) | 734,457 | | $ 68,069,520 |
Fidelity Advisor Series Equity-Income Fund (c) | 10,550,849 | | 132,307,650 |
Fidelity Advisor Series Growth & Income Fund (c) | 7,765,472 | | 101,882,993 |
Fidelity Advisor Series Growth Opportunities Fund (c) | 6,020,806 | | 64,302,206 |
Fidelity Advisor Series Opportunistic Insights Fund (c) | 4,227,582 | | 59,143,879 |
Fidelity Advisor Series Small Cap Fund (c) | 3,410,179 | | 36,011,492 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (c) | 6,702,531 | | 84,854,048 |
Fidelity Series 100 Index Fund (c) | 2,980,934 | | 36,277,966 |
Fidelity Series 1000 Value Index Fund (c) | 1,224,991 | | 13,082,904 |
Fidelity Series All-Sector Equity Fund (c) | 6,535,259 | | 92,277,856 |
Fidelity Series Commodity Strategy Fund (a)(c) | 2,642,768 | | 22,331,388 |
Fidelity Series Real Estate Equity Fund (c) | 669,105 | | 8,644,837 |
Fidelity Series Small Cap Opportunities Fund (c) | 3,208,552 | | 43,540,057 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $631,500,403) |
762,726,796
|
International Equity Funds - 16.8% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 3,820,433 | | 65,520,421 |
Fidelity Series International Growth Fund (c) | 7,935,915 | | 112,372,553 |
Fidelity Series International Small Cap Fund (c) | 1,642,517 | | 26,592,348 |
Fidelity Series International Value Fund (c) | 10,215,888 | | 113,600,676 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $258,146,968) |
318,085,998
|
Bond Funds - 33.0% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 1,040,583 | | $ 10,613,949 |
Fidelity Series Floating Rate High Income Fund (c) | 2,005,878 | | 20,981,485 |
Fidelity Series High Income Fund (c) | 10,374,732 | | 109,868,417 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 2,473,670 | | 24,365,652 |
Fidelity Series Investment Grade Bond Fund (c) | 39,943,788 | | 449,767,050 |
Fidelity Series Real Estate Income Fund (c) | 803,731 | | 9,066,091 |
TOTAL BOND FUNDS (Cost $614,227,773) |
624,662,644
|
Short-Term Funds - 9.8% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class (c) | 8,745,118 | | 81,766,853 |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 102,948,070 | | 102,948,070 |
TOTAL SHORT-TERM FUNDS (Cost $183,260,494) |
184,714,923
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,687,135,638) | | 1,890,190,361 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (396,312) |
NET ASSETS - 100% | $ 1,889,794,049 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 84,657,466 | $ 2,646,933 | $ 40,460,852 | $ - | $ 68,069,520 |
Fidelity Advisor Growth & Income Fund Institutional Class | 44,873,207 | 488,411 | 49,209,139 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 45,274,051 | 582,756 | 53,855,519 | - | - |
Fidelity Advisor Series Equity-Income Fund | 61,416,234 | 97,955,790 | 36,562,926 | 1,558,483 | 132,307,650 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 13,693,032 | 96,259,078 | 16,860,447 | 590,325 | 101,882,993 |
Fidelity Advisor Series Growth Opportunities Fund | - | 63,560,901 | 3,489,194 | 24,875 | 64,302,206 |
Fidelity Advisor Series Opportunistic Insights Fund | 43,357,108 | 21,086,879 | 16,708,750 | - | 59,143,879 |
Fidelity Advisor Series Small Cap Fund | - | 37,062,712 | 3,016,639 | 28,376 | 36,011,492 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 61,668,338 | 31,679,340 | 16,586,741 | 721,726 | 84,854,048 |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 86,474,459 | 11,249,679 | 15,856,609 | 689,646 | 81,766,853 |
Fidelity Advisor Small Cap Fund Institutional Class | 34,707,632 | 1,111,372 | 41,122,318 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 105,198,514 | 16,488,085 | 18,738,529 | 103,382 | 102,948,070 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series 100 Index Fund | $ 13,918,390 | $ 23,334,184 | $ 4,106,494 | $ 510,112 | $ 36,277,966 |
Fidelity Series 1000 Value Index Fund | - | 13,031,555 | 792,862 | 55,809 | 13,082,904 |
Fidelity Series All-Sector Equity Fund | 112,351,689 | 13,172,689 | 45,005,556 | 799,958 | 92,277,856 |
Fidelity Series Commodity Strategy Fund | 105,007,756 | 16,278,683 | 90,129,886 | - | 22,331,388 |
Fidelity Series Emerging Markets Debt Fund | 12,205,213 | 1,156,030 | 1,977,140 | 599,472 | 10,613,949 |
Fidelity Series Emerging Markets Fund | 56,762,125 | 16,516,480 | 9,221,716 | 575,015 | 65,520,421 |
Fidelity Series Floating Rate High Income Fund | 21,465,667 | 3,076,694 | 3,226,567 | 923,287 | 20,981,485 |
Fidelity Series High Income Fund | 92,367,830 | 31,016,693 | 14,412,272 | 5,148,189 | 109,868,417 |
Fidelity Series Inflation-Protected Bond Index Fund | 195,025,325 | 20,162,890 | 179,209,673 | 22,999 | 24,365,652 |
Fidelity Series International Growth Fund | 94,342,991 | 23,246,421 | 16,322,796 | 749,886 | 112,372,553 |
Fidelity Series International Small Cap Fund | 19,264,544 | 7,712,027 | 3,855,435 | 198,009 | 26,592,348 |
Fidelity Series International Value Fund | 93,717,826 | 32,304,808 | 24,576,536 | 2,377,165 | 113,600,676 |
Fidelity Series Investment Grade Bond Fund | 443,590,585 | 84,871,112 | 68,191,487 | 10,578,439 | 449,767,050 |
Fidelity Series Large Cap Value Fund | 63,335,231 | 32,713,071 | 87,641,494 | 841,419 | - |
Fidelity Series Real Estate Equity Fund | 9,445,628 | 892,476 | 1,616,799 | 133,091 | 8,644,837 |
Fidelity Series Real Estate Income Fund | 11,099,419 | 1,167,428 | 2,827,322 | 545,178 | 9,066,091 |
Fidelity Series Small Cap Opportunities Fund | 40,393,393 | 13,650,039 | 14,748,078 | 9,760 | 43,540,057 |
Total | $ 1,965,613,653 | $ 714,475,216 | $ 880,329,776 | $ 27,784,601 | $ 1,890,190,361 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2015 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $1,687,135,638) - See accompanying schedule | | $ 1,890,190,361 |
Receivable for investments sold | | 4,342,559 |
Receivable for fund shares sold | | 2,279,742 |
Receivable from affiliate for expense reductions | | 31 |
Total assets | | 1,896,812,693 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,367,516 | |
Payable for fund shares redeemed | 3,255,446 | |
Distribution and service plan fees payable | 395,682 | |
Total liabilities | | 7,018,644 |
| | |
Net Assets | | $ 1,889,794,049 |
Net Assets consist of: | | |
Paid in capital | | $ 1,648,721,373 |
Undistributed net investment income | | 3,962,527 |
Accumulated undistributed net realized gain (loss) on investments | | 34,055,426 |
Net unrealized appreciation (depreciation) on investments | | 203,054,723 |
Net Assets | | $ 1,889,794,049 |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,086,605,929 ÷ 84,442,196 shares) | | $ 12.87 |
| | |
Maximum offering price per share (100/94.25 of $12.87) | | $ 13.66 |
Class T:
Net Asset Value and redemption price per share ($226,663,425 ÷ 17,640,621 shares) | | $ 12.85 |
| | |
Maximum offering price per share (100/96.50 of $12.85) | | $ 13.32 |
Class B:
Net Asset Value and offering price per share ($12,231,724 ÷ 952,279 shares)A | | $ 12.84 |
| | |
Class C:
Net Asset Value and offering price per share ($75,682,000 ÷ 5,926,591 shares)A | | $ 12.77 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($488,610,971 ÷ 37,701,361 shares) | | $ 12.96 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 27,784,601 |
| | |
Expenses | | |
Distribution and service plan fees | $ 4,875,626 | |
Independent trustees' compensation | 7,369 | |
Total expenses before reductions | 4,882,995 | |
Expense reductions | (7,369) | 4,875,626 |
Net investment income (loss) | | 22,908,975 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 37,255,666 | |
Capital gain distributions from underlying funds | 43,661,642 | |
Total net realized gain (loss) | | 80,917,308 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 53,175,889 |
Net gain (loss) | | 134,093,197 |
Net increase (decrease) in net assets resulting from operations | | $ 157,002,172 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 22,908,975 | $ 24,573,510 |
Net realized gain (loss) | 80,917,308 | 92,864,023 |
Change in net unrealized appreciation (depreciation) | 53,175,889 | 17,904,608 |
Net increase (decrease) in net assets resulting from operations | 157,002,172 | 135,342,141 |
Distributions to shareholders from net investment income | (21,780,486) | (24,816,448) |
Distributions to shareholders from net realized gain | (75,463,568) | (13,437,037) |
Total distributions | (97,244,054) | (38,253,485) |
Share transactions - net increase (decrease) | (135,136,394) | 111,574,961 |
Total increase (decrease) in net assets | (75,378,276) | 208,663,617 |
| | |
Net Assets | | |
Beginning of period | 1,965,172,325 | 1,756,508,708 |
End of period (including undistributed net investment income of $3,962,527 and undistributed net investment income of $2,834,039, respectively) | $ 1,889,794,049 | $ 1,965,172,325 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.47 | $ 11.85 | $ 11.87 | $ 10.81 | $ 8.05 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .15 | .16 | .17 | .16 | .20 |
Net realized and unrealized gain (loss) | .89 | .71 | .13 | 1.16 | 2.84 |
Total from investment operations | 1.04 | .87 | .30 | 1.32 | 3.04 |
Distributions from net investment income | (.15) | (.16) | (.17) | (.16) | (.20) |
Distributions from net realized gain | (.50) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.64) G | (.25) | (.32) | (.26) | (.28) F |
Net asset value, end of period | $ 12.87 | $ 12.47 | $ 11.85 | $ 11.87 | $ 10.81 |
Total Return A,B | 8.54% | 7.45% | 2.71% | 12.36% | 37.95% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.19% | 1.36% | 1.50% | 1.42% | 2.02% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,086,606 | $ 1,181,020 | $ 1,101,302 | $ 1,004,955 | $ 830,024 |
Portfolio turnover rate D | 37% | 20% | 19% | 33% | 29% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.28 per share is comprised of distributions from net investment income of $.197 and distributions from net realized gain of $.082 per share.
G Total distributions of $.64 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.498 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.46 | $ 11.83 | $ 11.85 | $ 10.79 | $ 8.04 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .13 | .14 | .13 | .18 |
Net realized and unrealized gain (loss) | .88 | .72 | .13 | 1.16 | 2.82 |
Total from investment operations | 1.00 | .85 | .27 | 1.29 | 3.00 |
Distributions from net investment income | (.11) | (.13) | (.14) | (.13) | (.17) |
Distributions from net realized gain | (.50) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.61) | (.22) | (.29) | (.23) | (.25) F |
Net asset value, end of period | $ 12.85 | $ 12.46 | $ 11.83 | $ 11.85 | $ 10.79 |
Total Return A,B | 8.20% | 7.28% | 2.44% | 12.09% | 37.53% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .94% | 1.11% | 1.25% | 1.17% | 1.77% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 226,663 | $ 227,022 | $ 213,366 | $ 236,106 | $ 225,384 |
Portfolio turnover rate D | 37% | 20% | 19% | 33% | 29% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.172 and distributions from net realized gain of $.082 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.44 | $ 11.81 | $ 11.82 | $ 10.76 | $ 8.02 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .06 | .07 | .09 | .07 | .13 |
Net realized and unrealized gain (loss) | .88 | .71 | .13 | 1.16 | 2.82 |
Total from investment operations | .94 | .78 | .22 | 1.23 | 2.95 |
Distributions from net investment income | (.05) | (.06) | (.07) | (.07) | (.12) |
Distributions from net realized gain | (.49) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.54) | (.15) | (.23) G | (.17) | (.21) F |
Net asset value, end of period | $ 12.84 | $ 12.44 | $ 11.81 | $ 11.82 | $ 10.76 |
Total Return A,B | 7.68% | 6.65% | 1.95% | 11.51% | 36.85% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .44% | .61% | .75% | .67% | 1.27% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 12,232 | $ 17,411 | $ 23,552 | $ 32,762 | $ 35,932 |
Portfolio turnover rate D | 37% | 20% | 19% | 33% | 29% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.21 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.082 per share.
G Total distributions of $.23 per share is comprised of distributions from net investment income of $.073 and distributions from net realized gain of $.154 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.39 | $ 11.77 | $ 11.79 | $ 10.74 | $ 8.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .07 | .09 | .07 | .13 |
Net realized and unrealized gain (loss) | .88 | .71 | .13 | 1.15 | 2.82 |
Total from investment operations | .93 | .78 | .22 | 1.22 | 2.95 |
Distributions from net investment income | (.06) | (.07) | (.09) | (.07) | (.13) |
Distributions from net realized gain | (.49) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.55) | (.16) | (.24) | (.17) | (.21) F |
Net asset value, end of period | $ 12.77 | $ 12.39 | $ 11.77 | $ 11.79 | $ 10.74 |
Total Return A,B | 7.65% | 6.70% | 1.98% | 11.49% | 36.97% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .44% | .61% | .75% | .67% | 1.27% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 75,682 | $ 72,115 | $ 70,220 | $ 70,396 | $ 64,801 |
Portfolio turnover rate D | 37% | 20% | 19% | 33% | 29% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.21 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.082 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.56 | $ 11.93 | $ 11.94 | $ 10.87 | $ 8.09 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .18 | .19 | .20 | .19 | .23 |
Net realized and unrealized gain (loss) | .90 | .72 | .14 | 1.17 | 2.85 |
Total from investment operations | 1.08 | .91 | .34 | 1.36 | 3.08 |
Distributions from net investment income | (.18) | (.19) | (.19) | (.19) | (.22) |
Distributions from net realized gain | (.50) | (.09) | (.15) | (.10) | (.08) |
Total distributions | (.68) | (.28) | (.35) G | (.29) | (.30) F |
Net asset value, end of period | $ 12.96 | $ 12.56 | $ 11.93 | $ 11.94 | $ 10.87 |
Total Return A | 8.75% | 7.74% | 3.01% | 12.67% | 38.30% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.44% | 1.61% | 1.75% | 1.67% | 2.27% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 488,611 | $ 467,604 | $ 348,068 | $ 238,655 | $ 137,487 |
Portfolio turnover rate C | 37% | 20% | 19% | 33% | 29% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.30 per share is comprised of distributions from net investment income of $.219 and distributions from net realized gain of $.082 per share.
G Total distributions of $.35 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.154 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.1 | 4.8 |
Fidelity Advisor Series Equity-Income Fund | 7.8 | 3.3 |
Fidelity Advisor Series Growth & Income Fund | 6.0 | 3.2 |
Fidelity Advisor Series Growth Opportunities Fund | 3.6 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 3.5 | 2.5 |
Fidelity Advisor Series Small Cap Fund | 2.0 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 4.8 | 3.3 |
Fidelity Series 100 Index Fund | 2.2 | 0.8 |
Fidelity Series 1000 Value Index Fund | 0.9 | 0.0 |
Fidelity Series All-Sector Equity Fund | 5.3 | 6.0 |
Fidelity Series Commodity Strategy Fund | 1.2 | 5.7 |
Fidelity Series Real Estate Equity Fund | 0.5 | 0.5 |
Fidelity Series Small Cap Opportunities Fund | 2.6 | 2.2 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 2.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 1.9 |
Fidelity Series Large Cap Value Fund | 0.0 | 3.2 |
| 44.5 | 39.8 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 3.9 | 3.2 |
Fidelity Series International Growth Fund | 6.6 | 5.3 |
Fidelity Series International Small Cap Fund | 1.5 | 1.1 |
Fidelity Series International Value Fund | 6.6 | 5.4 |
| 18.6 | 15.0 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 1.0 | 1.1 |
Fidelity Series High Income Fund | 6.0 | 5.1 |
Fidelity Series Inflation-Protected Bond Index Fund | 0.9 | 8.3 |
Fidelity Series Investment Grade Bond Fund | 21.5 | 22.2 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 30.6 | 37.9 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 2.8 | 3.3 |
Fidelity Institutional Money Market Portfolio Institutional Class | 3.5 | 4.0 |
| 6.3 | 7.3 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 44.5% | |
| International Equity Funds | 18.6% | |
| Bond Funds | 30.6% | |
| Short-Term Funds | 6.3% | |
Six months ago |
| Domestic Equity Funds** | 39.8% | |
| International Equity Funds | 15.0% | |
| Bond Funds | 37.9% | |
| Short-Term Funds | 7.3% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 44.5% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(c) | 1,499,271 | | $ 138,952,414 |
Fidelity Advisor Series Equity-Income Fund (c) | 20,988,283 | | 263,193,072 |
Fidelity Advisor Series Growth & Income Fund (c) | 15,597,599 | | 204,640,504 |
Fidelity Advisor Series Growth Opportunities Fund (c) | 11,465,573 | | 122,452,317 |
Fidelity Advisor Series Opportunistic Insights Fund (c) | 8,386,895 | | 117,332,657 |
Fidelity Advisor Series Small Cap Fund (c) | 6,589,385 | | 69,583,906 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (c) | 12,885,009 | | 163,124,211 |
Fidelity Series 100 Index Fund (c) | 6,107,258 | | 74,325,330 |
Fidelity Series 1000 Value Index Fund (c) | 2,815,960 | | 30,074,450 |
Fidelity Series All-Sector Equity Fund (c) | 12,627,108 | | 178,294,761 |
Fidelity Series Commodity Strategy Fund (a)(c) | 4,836,002 | | 40,864,214 |
Fidelity Series Real Estate Equity Fund (c) | 1,361,434 | | 17,589,729 |
Fidelity Series Small Cap Opportunities Fund (c) | 6,401,660 | | 86,870,526 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,258,941,090) |
1,507,298,091
|
International Equity Funds - 18.6% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 7,766,320 | | 133,192,392 |
Fidelity Series International Growth Fund (c) | 15,747,459 | | 222,984,013 |
Fidelity Series International Small Cap Fund (c) | 3,133,464 | | 50,730,785 |
Fidelity Series International Value Fund (c) | 20,195,752 | | 224,576,763 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $523,874,293) |
631,483,953
|
Bond Funds - 30.6% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 2,224,562 | | $ 22,690,533 |
Fidelity Series Floating Rate High Income Fund (c) | 3,408,116 | | 35,648,893 |
Fidelity Series High Income Fund (c) | 19,239,011 | | 203,741,125 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 3,069,587 | | 30,235,429 |
Fidelity Series Investment Grade Bond Fund (c) | 64,719,353 | | 728,739,921 |
Fidelity Series Real Estate Income Fund (c) | 1,438,886 | | 16,230,635 |
TOTAL BOND FUNDS (Cost $1,030,720,265) |
1,037,286,536
|
Short-Term Funds - 6.3% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class (c) | 10,221,690 | | 95,572,803 |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 118,288,330 | | 118,288,330 |
TOTAL SHORT-TERM FUNDS (Cost $212,795,731) |
213,861,133
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $3,026,331,379) | | 3,389,929,713 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (704,291) |
NET ASSETS - 100% | $ 3,389,225,422 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 154,490,981 | $ 7,080,470 | $ 62,736,748 | $ - | $ 138,952,414 |
Fidelity Advisor Growth & Income Fund Institutional Class | 82,252,688 | 1,179,659 | 90,548,966 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 82,897,919 | 1,489,293 | 99,191,680 | - | - |
Fidelity Advisor Series Equity-Income Fund | 112,102,324 | 187,171,613 | 53,873,571 | 2,953,152 | 263,193,072 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 25,056,657 | 185,293,488 | 23,015,032 | 1,132,631 | 204,640,504 |
Fidelity Advisor Series Growth Opportunities Fund | - | 119,975,228 | 5,407,209 | 46,422 | 122,452,317 |
Fidelity Advisor Series Opportunistic Insights Fund | 79,114,060 | 39,086,958 | 22,233,196 | - | 117,332,657 |
Fidelity Advisor Series Small Cap Fund | - | 69,192,481 | 3,314,767 | 53,392 | 69,583,906 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 112,492,720 | 61,819,774 | 26,010,022 | 1,367,707 | 163,124,211 |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 99,769,271 | 18,729,879 | 22,821,098 | 827,838 | 95,572,803 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Small Cap Fund Institutional Class | $ 63,218,442 | $ 2,242,507 | $ 75,261,971 | $ - | $ - |
Fidelity Institutional Money Market Portfolio Institutional Class | 121,613,151 | 22,445,569 | 25,770,389 | 124,388 | 118,288,330 |
Fidelity Series 100 Index Fund | 25,520,060 | 50,854,382 | 7,982,728 | 1,341,643 | 74,325,330 |
Fidelity Series 1000 Value Index Fund | - | 29,350,637 | 1,152,546 | 109,853 | 30,074,450 |
Fidelity Series All-Sector Equity Fund | 206,104,762 | 26,564,719 | 75,925,432 | 1,522,681 | 178,294,761 |
Fidelity Series Commodity Strategy Fund | 192,966,991 | 30,217,831 | 166,275,567 | - | 40,864,214 |
Fidelity Series Emerging Markets Debt Fund | 24,323,444 | 3,170,745 | 3,259,970 | 1,232,719 | 22,690,533 |
Fidelity Series Emerging Markets Fund | 104,167,314 | 41,982,710 | 15,669,028 | 1,165,817 | 133,192,392 |
Fidelity Series Floating Rate High Income Fund | 35,417,859 | 5,257,591 | 4,463,884 | 1,529,117 | 35,648,893 |
Fidelity Series High Income Fund | 176,298,804 | 52,510,587 | 26,649,489 | 9,635,795 | 203,741,125 |
Fidelity Series Inflation-Protected Bond Index Fund | 270,384,921 | 38,335,391 | 262,522,053 | 28,694 | 30,235,429 |
Fidelity Series International Growth Fund | 172,481,169 | 54,836,729 | 24,971,175 | 1,411,701 | 222,984,013 |
Fidelity Series International Small Cap Fund | 35,093,991 | 14,949,768 | 5,829,401 | 327,080 | 50,730,785 |
Fidelity Series International Value Fund | 170,880,200 | 57,055,418 | 25,903,782 | 4,303,513 | 224,576,763 |
Fidelity Series Investment Grade Bond Fund | 714,114,976 | 119,269,129 | 87,256,198 | 17,284,265 | 728,739,921 |
Fidelity Series Large Cap Value Fund | 117,278,679 | 61,460,009 | 163,054,730 | 1,568,977 | - |
Fidelity Series Real Estate Equity Fund | 17,572,853 | 2,556,866 | 2,436,999 | 255,328 | 17,589,729 |
Fidelity Series Real Estate Income Fund | 19,257,908 | 3,041,865 | 5,373,782 | 979,295 | 16,230,635 |
Fidelity Series Small Cap Opportunities Fund | 73,572,021 | 26,524,342 | 21,176,552 | 19,228 | 86,870,526 |
Total | $ 3,288,444,165 | $ 1,333,645,638 | $ 1,410,087,965 | $ 49,221,236 | $ 3,389,929,713 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2020 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $3,026,331,379) - See accompanying schedule | | $ 3,389,929,713 |
Receivable for investments sold | | 7,154,573 |
Receivable for fund shares sold | | 3,217,872 |
Receivable from affiliate for expense reductions | | 213 |
Total assets | | 3,400,302,371 |
| | |
Liabilities | | |
Payable for investments purchased | $ 4,936,551 | |
Payable for fund shares redeemed | 5,434,450 | |
Distribution and service plan fees payable | 705,948 | |
Total liabilities | | 11,076,949 |
| | |
Net Assets | | $ 3,389,225,422 |
Net Assets consist of: | | |
Paid in capital | | $ 2,967,919,045 |
Undistributed net investment income | | 6,557,183 |
Accumulated undistributed net realized gain (loss) on investments | | 51,150,860 |
Net unrealized appreciation (depreciation) on investments | | 363,598,334 |
Net Assets | | $ 3,389,225,422 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,910,164,436 ÷ 141,072,599 shares) | | $ 13.54 |
| | |
Maximum offering price per share (100/94.25 of $13.54) | | $ 14.37 |
Class T:
Net Asset Value and redemption price per share ($465,828,283 ÷ 34,409,341 shares) | | $ 13.54 |
| | |
Maximum offering price per share (100/96.50 of $13.54) | | $ 14.03 |
Class B:
Net Asset Value and offering price per share ($24,059,924 ÷ 1,777,847 shares)A | | $ 13.53 |
| | |
Class C:
Net Asset Value and offering price per share ($113,193,999 ÷ 8,415,260 shares)A | | $ 13.45 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($875,978,780 ÷ 64,254,705 shares) | | $ 13.63 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 49,221,236 |
| | |
Expenses | | |
Distribution and service plan fees | $ 8,453,404 | |
Independent trustees' compensation | 12,664 | |
Total expenses before reductions | 8,466,068 | |
Expense reductions | (12,664) | 8,453,404 |
Net investment income (loss) | | 40,767,832 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 49,726,144 | |
Capital gain distributions from underlying funds | 80,704,536 | |
Total net realized gain (loss) | | 130,430,680 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 128,202,291 |
Net gain (loss) | | 258,632,971 |
Net increase (decrease) in net assets resulting from operations | | $ 299,400,803 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2020 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 40,767,832 | $ 42,540,294 |
Net realized gain (loss) | 130,430,680 | 163,159,519 |
Change in net unrealized appreciation (depreciation) | 128,202,291 | 31,602,843 |
Net increase (decrease) in net assets resulting from operations | 299,400,803 | 237,302,656 |
Distributions to shareholders from net investment income | (39,035,868) | (42,626,632) |
Distributions to shareholders from net realized gain | (136,956,119) | (20,099,722) |
Total distributions | (175,991,987) | (62,726,354) |
Share transactions - net increase (decrease) | (21,965,032) | 290,138,617 |
Total increase (decrease) in net assets | 101,443,784 | 464,714,919 |
| | |
Net Assets | | |
Beginning of period | 3,287,781,638 | 2,823,066,719 |
End of period (including undistributed net investment income of $6,557,183 and undistributed net investment income of $4,825,219, respectively) | $ 3,389,225,422 | $ 3,287,781,638 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.05 | $ 12.35 | $ 12.45 | $ 11.21 | $ 7.97 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .16 | .18 | .19 | .16 | .20 |
Net realized and unrealized gain (loss) | 1.04 | .78 | .06 | 1.36 | 3.32 |
Total from investment operations | 1.20 | .96 | .25 | 1.52 | 3.52 |
Distributions from net investment income | (.16) | (.18) | (.18) | (.17) | (.19) |
Distributions from net realized gain | (.55) | (.08) | (.18) | (.11) | (.09) |
Total distributions | (.71) | (.26) | (.35) G | (.28) | (.28) F |
Net asset value, end of period | $ 13.54 | $ 13.05 | $ 12.35 | $ 12.45 | $ 11.21 |
Total Return A,B | 9.38% | 7.91% | 2.23% | 13.73% | 44.32% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.22% | 1.44% | 1.55% | 1.43% | 1.92% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,910,164 | $ 1,944,691 | $ 1,740,500 | $ 1,557,402 | $ 1,238,015 |
Portfolio turnover rate D | 40% | 21% | 18% | 39% | 26% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.28 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.087 per share.
G Total distributions of $.35 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.175 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.05 | $ 12.34 | $ 12.45 | $ 11.20 | $ 7.96 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .15 | .16 | .13 | .17 |
Net realized and unrealized gain (loss) | 1.03 | .79 | .05 | 1.37 | 3.32 |
Total from investment operations | 1.16 | .94 | .21 | 1.50 | 3.49 |
Distributions from net investment income | (.13) | (.15) | (.15) | (.13) | (.16) |
Distributions from net realized gain | (.55) | (.08) | (.18) | (.11) | (.09) |
Total distributions | (.67) I | (.23) | (.32) H | (.25) G | (.25) F |
Net asset value, end of period | $ 13.54 | $ 13.05 | $ 12.34 | $ 12.45 | $ 11.20 |
Total Return A,B | 9.11% | 7.72% | 1.86% | 13.50% | 44.02% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .97% | 1.19% | 1.30% | 1.18% | 1.67% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 465,828 | $ 430,153 | $ 386,416 | $ 424,707 | $ 488,097 |
Portfolio turnover rate D | 40% | 21% | 18% | 39% | 26% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.163 and distributions from net realized gain of $.087 per share.
G Total distributions of $.25 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.111 per share.
H Total distributions of $.32 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.175 per share.
I Total distributions of $.67 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.549 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.04 | $ 12.32 | $ 12.41 | $ 11.17 | $ 7.94 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .06 | .09 | .10 | .08 | .12 |
Net realized and unrealized gain (loss) | 1.03 | .79 | .06 | 1.35 | 3.31 |
Total from investment operations | 1.09 | .88 | .16 | 1.43 | 3.43 |
Distributions from net investment income | (.05) | (.08) | (.08) | (.08) | (.12) |
Distributions from net realized gain | (.54) | (.08) | (.17) | (.11) | (.09) |
Total distributions | (.60) G | (.16) | (.25) | (.19) | (.20) F |
Net asset value, end of period | $ 13.53 | $ 13.04 | $ 12.32 | $ 12.41 | $ 11.17 |
Total Return A,B | 8.49% | 7.19% | 1.39% | 12.87% | 43.34% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .48% | .69% | .80% | .68% | 1.17% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 24,060 | $ 33,074 | $ 43,138 | $ 61,856 | $ 71,888 |
Portfolio turnover rate D | 40% | 21% | 18% | 39% | 26% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.20 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.087 per share.
G Total distributions of $.60 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.544 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.97 | $ 12.27 | $ 12.37 | $ 11.14 | $ 7.92 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .06 | .09 | .10 | .08 | .12 |
Net realized and unrealized gain (loss) | 1.03 | .78 | .06 | 1.34 | 3.31 |
Total from investment operations | 1.09 | .87 | .16 | 1.42 | 3.43 |
Distributions from net investment income | (.07) | (.08) | (.09) | (.08) | (.12) |
Distributions from net realized gain | (.54) | (.08) | (.17) | (.11) | (.09) |
Total distributions | (.61) | (.17) G | (.26) | (.19) | (.21) F |
Net asset value, end of period | $ 13.45 | $ 12.97 | $ 12.27 | $ 12.37 | $ 11.14 |
Total Return A,B | 8.57% | 7.13% | 1.43% | 12.89% | 43.38% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .47% | .69% | .80% | .68% | 1.17% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 113,194 | $ 102,576 | $ 97,550 | $ 101,019 | $ 93,237 |
Portfolio turnover rate D | 40% | 21% | 18% | 39% | 26% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.21 per share is comprised of distributions from net investment income of $.119 and distributions from net realized gain of $.087 per share.
G Total distributions of $.17 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.083 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.14 | $ 12.42 | $ 12.53 | $ 11.27 | $ 8.01 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .20 | .21 | .22 | .19 | .22 |
Net realized and unrealized gain (loss) | 1.03 | .80 | .05 | 1.38 | 3.34 |
Total from investment operations | 1.23 | 1.01 | .27 | 1.57 | 3.56 |
Distributions from net investment income | (.19) | (.21) | (.21) | (.20) | (.21) |
Distributions from net realized gain | (.55) | (.08) | (.18) | (.11) | (.09) |
Total distributions | (.74) | (.29) | (.38) G | (.31) | (.30) F |
Net asset value, end of period | $ 13.63 | $ 13.14 | $ 12.42 | $ 12.53 | $ 11.27 |
Total Return A | 9.58% | 8.28% | 2.39% | 14.09% | 44.65% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.47% | 1.69% | 1.80% | 1.68% | 2.17% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 875,979 | $ 777,288 | $ 555,462 | $ 365,157 | $ 214,905 |
Portfolio turnover rate C | 40% | 21% | 18% | 39% | 26% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.30 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.087 per share.
G Total distributions of $.38 per share is comprised of distributions from net investment income of $.208 and distributions from net realized gain of $.175 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's net assets | % of fund's net assets 6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.0 | 6.0 |
Fidelity Advisor Series Equity-Income Fund | 9.0 | 4.0 |
Fidelity Advisor Series Growth & Income Fund | 6.7 | 3.9 |
Fidelity Advisor Series Growth Opportunities Fund | 4.3 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 3.9 | 3.1 |
Fidelity Advisor Series Small Cap Fund | 2.4 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 5.8 | 4.0 |
Fidelity Series 100 Index Fund | 2.6 | 0.9 |
Fidelity Series 1000 Value Index Fund | 1.0 | 0.0 |
Fidelity Series All-Sector Equity Fund | 6.2 | 7.4 |
Fidelity Series Commodity Strategy Fund | 1.3 | 7.1 |
Fidelity Series Real Estate Equity Fund | 0.6 | 0.6 |
Fidelity Series Small Cap Opportunities Fund | 3.0 | 2.7 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 2.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 2.3 |
Fidelity Series Large Cap Value Fund | 0.0 | 3.9 |
| 51.8 | 48.8 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 4.7 | 3.8 |
Fidelity Series International Growth Fund | 7.7 | 6.5 |
Fidelity Series International Small Cap Fund | 1.7 | 1.3 |
Fidelity Series International Value Fund | 7.7 | 6.6 |
| 21.8 | 18.2 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.9 | 0.9 |
Fidelity Series High Income Fund | 6.3 | 6.8 |
Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 5.6 |
Fidelity Series Investment Grade Bond Fund | 17.1 | 17.5 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 26.0 | 32.0 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 0.2 | 0.5 |
Fidelity Institutional Money Market Portfolio Institutional Class | 0.2 | 0.5 |
| 0.4 | 1.0 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 51.8% | |
| International Equity Funds | 21.8% | |
| Bond Funds | 26.0% | |
| Short-Term Funds | 0.4% | |
Six months ago |
| Domestic Equity Funds** | 48.8% | |
| International Equity Funds | 18.2% | |
| Bond Funds | 32.0% | |
| Short-Term Funds | 1.0% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 51.8% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(c) | 1,739,057 | | $ 161,175,772 |
Fidelity Advisor Series Equity-Income Fund (c) | 23,346,189 | | 292,761,215 |
Fidelity Advisor Series Growth & Income Fund (c) | 16,641,014 | | 218,330,109 |
Fidelity Advisor Series Growth Opportunities Fund (c) | 13,139,761 | | 140,332,644 |
Fidelity Advisor Series Opportunistic Insights Fund (c) | 9,132,154 | | 127,758,835 |
Fidelity Advisor Series Small Cap Fund (c) | 7,353,988 | | 77,658,110 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (c) | 14,828,127 | | 187,724,084 |
Fidelity Series 100 Index Fund (c) | 6,848,963 | | 83,351,878 |
Fidelity Series 1000 Value Index Fund (c) | 3,157,590 | | 33,723,065 |
Fidelity Series All-Sector Equity Fund (c) | 14,146,509 | | 199,748,704 |
Fidelity Series Commodity Strategy Fund (a)(c) | 4,940,441 | | 41,746,724 |
Fidelity Series Real Estate Equity Fund (c) | 1,567,115 | | 20,247,127 |
Fidelity Series Small Cap Opportunities Fund (c) | 7,200,883 | | 97,715,981 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,405,839,607) |
1,682,274,248
|
International Equity Funds - 21.8% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 8,868,347 | | 152,092,142 |
Fidelity Series International Growth Fund (c) | 17,793,395 | | 251,954,473 |
Fidelity Series International Small Cap Fund (c) | 3,496,376 | | 56,606,327 |
Fidelity Series International Value Fund (c) | 22,455,493 | | 249,705,079 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $592,982,653) |
710,358,021
|
Bond Funds - 26.0% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 2,118,533 | | $ 21,609,039 |
Fidelity Series Floating Rate High Income Fund (c) | 2,810,985 | | 29,402,899 |
Fidelity Series High Income Fund (c) | 19,451,354 | | 205,989,836 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 1,653,910 | | 16,291,016 |
Fidelity Series Investment Grade Bond Fund (c) | 49,290,452 | | 555,010,492 |
Fidelity Series Real Estate Income Fund (c) | 1,378,022 | | 15,544,088 |
TOTAL BOND FUNDS (Cost $834,912,782) |
843,847,370
|
Short-Term Funds - 0.4% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class (c) | 541,268 | | 5,060,855 |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 8,293,580 | | 8,293,580 |
TOTAL SHORT-TERM FUNDS (Cost $13,315,844) |
13,354,435
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $2,847,050,886) | | 3,249,834,074 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (646,841) |
NET ASSETS - 100% | $ 3,249,187,233 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 168,222,574 | $ 13,479,942 | $ 65,838,832 | $ - | $ 161,175,772 |
Fidelity Advisor Growth & Income Fund Institutional Class | 89,324,444 | 2,811,266 | 99,939,107 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 90,137,343 | 3,660,575 | 110,306,363 | - | - |
Fidelity Advisor Series Equity-Income Fund | 118,699,060 | 179,039,606 | 24,290,238 | 3,239,331 | 292,761,215 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 26,284,215 | 196,123,896 | 22,539,075 | 1,233,577 | 218,330,109 |
Fidelity Advisor Series Growth Opportunities Fund | - | 136,848,221 | 5,528,074 | 53,012 | 140,332,644 |
Fidelity Advisor Series Opportunistic Insights Fund | 83,888,742 | 35,132,758 | 14,538,510 | - | 127,758,835 |
Fidelity Advisor Series Small Cap Fund | - | 76,819,587 | 3,318,480 | 59,050 | 77,658,110 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 119,562,234 | 72,814,876 | 21,075,960 | 1,496,503 | 187,724,084 |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 9,663,635 | 4,902,850 | 9,499,422 | 74,527 | 5,060,855 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Small Cap Fund Institutional Class | $ 68,924,591 | $ 4,099,143 | $ 83,998,637 | $ - | $ - |
Fidelity Institutional Money Market Portfolio Institutional Class | 11,776,143 | 7,502,371 | 10,984,934 | 12,013 | 8,293,580 |
Fidelity Series 100 Index Fund | 27,794,239 | 55,631,173 | 6,286,898 | 970,990 | 83,351,878 |
Fidelity Series 1000 Value Index Fund | - | 32,960,182 | 1,241,077 | 124,831 | 33,723,065 |
Fidelity Series All-Sector Equity Fund | 223,124,251 | 35,178,604 | 82,813,123 | 1,690,245 | 199,748,704 |
Fidelity Series Commodity Strategy Fund | 209,981,372 | 44,701,054 | 195,124,504 | - | 41,746,724 |
Fidelity Series Emerging Markets Debt Fund | 21,302,722 | 3,841,520 | 2,186,971 | 1,126,153 | 21,609,039 |
Fidelity Series Emerging Markets Fund | 111,535,501 | 48,599,656 | 11,036,020 | 1,379,300 | 152,092,142 |
Fidelity Series Floating Rate High Income Fund | 26,695,868 | 5,881,598 | 2,740,662 | 1,195,341 | 29,402,899 |
Fidelity Series High Income Fund | 202,125,088 | 35,081,775 | 32,949,570 | 10,965,986 | 205,989,836 |
Fidelity Series Inflation-Protected Bond Index Fund | 157,454,593 | 30,736,810 | 162,635,573 | 15,706 | 16,291,016 |
Fidelity Series International Growth Fund | 184,869,495 | 64,033,670 | 20,351,922 | 1,610,157 | 251,954,473 |
Fidelity Series International Small Cap Fund | 37,686,968 | 15,983,022 | 4,420,315 | 395,173 | 56,606,327 |
Fidelity Series International Value Fund | 183,537,602 | 62,458,944 | 21,487,332 | 5,094,831 | 249,705,079 |
Fidelity Series Investment Grade Bond Fund | 501,358,646 | 114,909,069 | 49,297,880 | 12,700,638 | 555,010,492 |
Fidelity Series Large Cap Value Fund | 126,349,210 | 72,904,036 | 180,844,898 | 1,793,967 | - |
Fidelity Series Real Estate Equity Fund | 18,637,135 | 3,647,305 | 1,993,606 | 285,847 | 20,247,127 |
Fidelity Series Real Estate Income Fund | 15,704,734 | 2,738,428 | 2,381,354 | 851,783 | 15,544,088 |
Fidelity Series Small Cap Opportunities Fund | 80,339,838 | 28,414,586 | 19,845,458 | 21,691 | 97,715,981 |
Total | $ 2,914,980,243 | $ 1,390,936,523 | $ 1,269,494,795 | $ 46,390,652 | $ 3,249,834,074 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2025 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $2,847,050,886) - See accompanying schedule | | $ 3,249,834,074 |
Cash | | 8 |
Receivable for investments sold | | 11,514,174 |
Receivable for fund shares sold | | 2,960,987 |
Receivable from affiliate for expense reductions | | 452 |
Total assets | | 3,264,309,695 |
| | |
Liabilities | | |
Payable for investments purchased | $ 7,472,970 | |
Payable for fund shares redeemed | 7,002,258 | |
Distribution and service plan fees payable | 647,234 | |
Total liabilities | | 15,122,462 |
| | |
Net Assets | | $ 3,249,187,233 |
Net Assets consist of: | | |
Paid in capital | | $ 2,791,452,566 |
Undistributed net investment income | | 5,332,978 |
Accumulated undistributed net realized gain (loss) on investments | | 49,618,501 |
Net unrealized appreciation (depreciation) on investments | | 402,783,188 |
Net Assets | | $ 3,249,187,233 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,907,797,170 ÷ 143,148,888 shares) | | $ 13.33 |
| | |
Maximum offering price per share (100/94.25 of $13.33) | | $ 14.14 |
Class T:
Net Asset Value and redemption price per share ($387,918,522 ÷ 29,054,520 shares) | | $ 13.35 |
| | |
Maximum offering price per share (100/96.50 of $13.35) | | $ 13.83 |
Class B:
Net Asset Value and offering price per share ($17,697,976 ÷ 1,334,020 shares)A | | $ 13.27 |
| | |
Class C:
Net Asset Value and offering price per share ($89,401,884 ÷ 6,780,076 shares)A | | $ 13.19 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($846,371,681 ÷ 63,032,449 shares) | | $ 13.43 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 46,390,652 |
| | |
Expenses | | |
Distribution and service plan fees | $ 7,481,700 | |
Independent trustees' compensation | 11,651 | |
Total expenses before reductions | 7,493,351 | |
Expense reductions | (11,651) | 7,481,700 |
Net investment income (loss) | | 38,908,952 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 33,894,711 | |
Capital gain distributions from underlying funds | 88,503,422 | |
Total net realized gain (loss) | | 122,398,133 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 179,518,027 |
Net gain (loss) | | 301,916,160 |
Net increase (decrease) in net assets resulting from operations | | $ 340,825,112 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 38,908,952 | $ 39,243,788 |
Net realized gain (loss) | 122,398,133 | 155,185,524 |
Change in net unrealized appreciation (depreciation) | 179,518,027 | 39,571,192 |
Net increase (decrease) in net assets resulting from operations | 340,825,112 | 234,000,504 |
Distributions to shareholders from net investment income | (37,620,928) | (38,848,941) |
Distributions to shareholders from net realized gain | (153,387,663) | (14,347,444) |
Total distributions | (191,008,591) | (53,196,385) |
Share transactions - net increase (decrease) | 184,975,743 | 370,631,756 |
Total increase (decrease) in net assets | 334,792,264 | 551,435,875 |
| | |
Net Assets | | |
Beginning of period | 2,914,394,969 | 2,362,959,094 |
End of period (including undistributed net investment income of $5,332,978 and undistributed net investment income of $4,044,954, respectively) | $ 3,249,187,233 | $ 2,914,394,969 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.72 | $ 11.91 | $ 12.09 | $ 10.76 | $ 7.51 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .16 | .18 | .18 | .16 | .18 |
Net realized and unrealized gain (loss) | 1.26 | .88 | (.01) | 1.43 | 3.32 |
Total from investment operations | 1.42 | 1.06 | .17 | 1.59 | 3.50 |
Distributions from net investment income | (.16) | (.18) | (.17) | (.16) | (.17) |
Distributions from net realized gain | (.66) | (.07) | (.18) | (.11) | (.09) |
Total distributions | (.81) H | (.25) | (.35) | (.26) G | (.25) F |
Net asset value, end of period | $ 13.33 | $ 12.72 | $ 11.91 | $ 12.09 | $ 10.76 |
Total Return A, B | 11.54% | 9.00% | 1.61% | 14.97% | 46.86% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.25% | 1.54% | 1.56% | 1.42% | 1.82% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,907,797 | $ 1,806,028 | $ 1,539,333 | $ 1,290,255 | $ 999,687 |
Portfolio turnover rate D | 41% | 22% | 14% | 34% | 19% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.169 and distributions from net realized gain of $.085 per share.
G Total distributions of $.26 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.106 per share.
H Total distributions of $.81 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $.657 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.74 | $ 11.93 | $ 12.11 | $ 10.78 | $ 7.52 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .15 | .15 | .13 | .15 |
Net realized and unrealized gain (loss) | 1.26 | .88 | (.01) | 1.43 | 3.34 |
Total from investment operations | 1.39 | 1.03 | .14 | 1.56 | 3.49 |
Distributions from net investment income | (.13) | (.15) | (.14) | (.13) | (.15) |
Distributions from net realized gain | (.66) | (.07) | (.18) | (.11) | (.09) |
Total distributions | (.78) H | (.22) | (.32) | (.23) G | (.23) F |
Net asset value, end of period | $ 13.35 | $ 12.74 | $ 11.93 | $ 12.11 | $ 10.78 |
Total Return A, B | 11.27% | 8.74% | 1.33% | 14.67% | 46.60% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | 1.00% | 1.29% | 1.31% | 1.17% | 1.57% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 387,919 | $ 324,352 | $ 257,594 | $ 258,166 | $ 230,003 |
Portfolio turnover rate D | 41% | 22% | 14% | 34% | 19% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.23 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.085 per share.
G Total distributions of $.23 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.106 per share.
H Total distributions of $.78 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.657 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.66 | $ 11.84 | $ 12.01 | $ 10.70 | $ 7.47 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .06 | .09 | .09 | .07 | .10 |
Net realized and unrealized gain (loss) | 1.26 | .88 | (.01) | 1.42 | 3.32 |
Total from investment operations | 1.32 | .97 | .08 | 1.49 | 3.42 |
Distributions from net investment income | (.06) | (.08) | (.08) | (.07) | (.10) |
Distributions from net realized gain | (.65) | (.07) | (.17) | (.11) | (.09) |
Total distributions | (.71) | (.15) | (.25) | (.18) | (.19) F |
Net asset value, end of period | $ 13.27 | $ 12.66 | $ 11.84 | $ 12.01 | $ 10.70 |
Total Return A, B | 10.71% | 8.26% | .82% | 14.02% | 45.83% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .50% | .79% | .81% | .67% | 1.07% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 17,698 | $ 23,061 | $ 29,202 | $ 38,946 | $ 38,816 |
Portfolio turnover rate D | 41% | 22% | 14% | 34% | 19% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.19 per share is comprised of distributions from net investment income of $.100 and distributions from net realized gain of $.085 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.60 | $ 11.80 | $ 11.98 | $ 10.68 | $ 7.46 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .06 | .09 | .09 | .07 | .10 |
Net realized and unrealized gain (loss) | 1.25 | .87 | (.01) | 1.41 | 3.31 |
Total from investment operations | 1.31 | .96 | .08 | 1.48 | 3.41 |
Distributions from net investment income | (.07) | (.10) | (.09) | (.08) | (.11) |
Distributions from net realized gain | (.65) | (.07) | (.17) | (.11) | (.09) |
Total distributions | (.72) | (.16) H | (.26) | (.18) G | (.19) F |
Net asset value, end of period | $ 13.19 | $ 12.60 | $ 11.80 | $ 11.98 | $ 10.68 |
Total Return A, B | 10.71% | 8.23% | .86% | 14.01% | 45.83% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .50% | .79% | .81% | .67% | 1.07% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 89,402 | $ 74,415 | $ 66,126 | $ 61,640 | $ 52,756 |
Portfolio turnover rate D | 41% | 22% | 14% | 34% | 19% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.19 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.085 per share.
G Total distributions of $.18 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.106 per share.
H Total distributions of $.16 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.066 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.81 | $ 11.99 | $ 12.17 | $ 10.83 | $ 7.55 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .19 | .22 | .21 | .19 | .20 |
Net realized and unrealized gain (loss) | 1.28 | .88 | (.02) | 1.44 | 3.35 |
Total from investment operations | 1.47 | 1.10 | .19 | 1.63 | 3.55 |
Distributions from net investment income | (.19) | (.21) | (.20) | (.18) | (.19) |
Distributions from net realized gain | (.66) | (.07) | (.18) | (.11) | (.09) |
Total distributions | (.85) | (.28) | (.37) G | (.29) | (.27) F |
Net asset value, end of period | $ 13.43 | $ 12.81 | $ 11.99 | $ 12.17 | $ 10.83 |
Total Return A | 11.81% | 9.29% | 1.84% | 15.23% | 47.31% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.50% | 1.79% | 1.81% | 1.67% | 2.07% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 846,372 | $ 686,540 | $ 470,704 | $ 284,309 | $ 140,948 |
Portfolio turnover rate C | 41% | 22% | 14% | 34% | 19% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.085 per share.
G Total distributions of $.37 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.179 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's net assets | % of fund's net assets 6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.6 | 6.3 |
Fidelity Advisor Series Equity-Income Fund | 10.9 | 4.3 |
Fidelity Advisor Series Growth & Income Fund | 7.2 | 4.1 |
Fidelity Advisor Series Growth Opportunities Fund | 5.0 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 4.9 | 3.2 |
Fidelity Advisor Series Small Cap Fund | 2.9 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.2 | 4.2 |
Fidelity Series 100 Index Fund | 3.0 | 1.0 |
Fidelity Series 1000 Value Index Fund | 1.2 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.1 | 7.8 |
Fidelity Series Commodity Strategy Fund | 1.2 | 7.5 |
Fidelity Series Real Estate Equity Fund | 0.7 | 0.6 |
Fidelity Series Small Cap Opportunities Fund | 3.6 | 2.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 3.1 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 2.5 |
Fidelity Series Large Cap Value Fund | 0.0 | 4.2 |
| 60.5 | 51.6 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.5 | 4.1 |
Fidelity Series International Growth Fund | 9.1 | 6.8 |
Fidelity Series International Small Cap Fund | 2.1 | 1.5 |
Fidelity Series International Value Fund | 9.0 | 6.9 |
| 25.7 | 19.3 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.8 | 0.8 |
Fidelity Series High Income Fund | 6.6 | 6.9 |
Fidelity Series Inflation-Protected Bond Index Fund | 0.1 | 2.8 |
Fidelity Series Investment Grade Bond Fund | 5.1 | 17.4 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 13.8 | 29.1 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 60.5% | |
| International Equity Funds | 25.7% | |
| Bond Funds | 13.8% | |
Six months ago |
| Domestic Equity Funds** | 51.6% | |
| International Equity Funds | 19.3% | |
| Bond Funds | 29.1% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 60.5% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(b) | 1,948,548 | | $ 180,591,438 |
Fidelity Advisor Series Equity-Income Fund (b) | 28,073,758 | | 352,044,918 |
Fidelity Advisor Series Growth & Income Fund (b) | 17,751,221 | | 232,896,023 |
Fidelity Advisor Series Growth Opportunities Fund (b) | 15,312,656 | | 163,539,168 |
Fidelity Advisor Series Opportunistic Insights Fund (b) | 11,480,523 | | 160,612,516 |
Fidelity Advisor Series Small Cap Fund (b) | 8,787,153 | | 92,792,339 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (b) | 18,467,694 | | 233,801,000 |
Fidelity Series 100 Index Fund (b) | 7,990,821 | | 97,248,296 |
Fidelity Series 1000 Value Index Fund (b) | 3,683,487 | | 39,339,638 |
Fidelity Series All-Sector Equity Fund (b) | 16,204,956 | | 228,813,984 |
Fidelity Series Commodity Strategy Fund (a)(b) | 4,563,486 | | 38,561,460 |
Fidelity Series Real Estate Equity Fund (b) | 1,696,586 | | 21,919,897 |
Fidelity Series Small Cap Opportunities Fund (b) | 8,661,364 | | 117,534,715 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,664,705,473) |
1,959,695,392
|
International Equity Funds - 25.7% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 10,337,089 | | 177,281,078 |
Fidelity Series International Growth Fund (b) | 20,904,830 | | 296,012,399 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 4,151,274 | | $ 67,209,134 |
Fidelity Series International Value Fund (b) | 26,211,522 | | 291,472,129 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $708,319,504) |
831,974,740
|
Bond Funds - 13.8% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 2,161,316 | | 22,045,419 |
Fidelity Series Floating Rate High Income Fund (b) | 2,615,386 | | 27,356,941 |
Fidelity Series High Income Fund (b) | 20,167,270 | | 213,571,385 |
Fidelity Series Inflation-Protected Bond Index Fund (b) | 311,685 | | 3,070,098 |
Fidelity Series Investment Grade Bond Fund (b) | 14,666,791 | | 165,148,062 |
Fidelity Series Real Estate Income Fund (b) | 1,370,243 | | 15,456,345 |
TOTAL BOND FUNDS (Cost $430,765,610) |
446,648,250
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $2,803,790,587) | | 3,238,318,382 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (648,366) |
NET ASSETS - 100% | $ 3,237,670,016 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 179,689,389 | $ 22,725,237 | $ 70,472,399 | $ - | $ 180,591,438 |
Fidelity Advisor Growth & Income Fund Institutional Class | 95,214,795 | 1,721,067 | 105,161,542 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 96,135,812 | 2,330,496 | 115,915,404 | - | - |
Fidelity Advisor Series Equity-Income Fund | 126,635,001 | 235,533,940 | 31,148,734 | 3,652,450 | 352,044,918 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 28,043,155 | 204,024,756 | 17,992,900 | 1,284,377 | 232,896,023 |
Fidelity Advisor Series Growth Opportunities Fund | - | 159,502,689 | 6,071,488 | 59,260 | 163,539,168 |
Fidelity Advisor Series Opportunistic Insights Fund | 89,481,574 | 62,673,317 | 16,986,525 | - | 160,612,516 |
Fidelity Advisor Series Small Cap Fund | - | 91,884,139 | 4,177,197 | 63,856 | 92,792,339 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 127,546,729 | 117,827,301 | 28,327,728 | 2,045,772 | 233,801,000 |
Fidelity Advisor Small Cap Fund Institutional Class | 73,801,869 | 2,755,842 | 88,170,659 | - | - |
Fidelity Series 100 Index Fund | 29,526,733 | 70,727,501 | 10,048,668 | 1,785,489 | 97,248,296 |
Fidelity Series 1000 Value Index Fund | - | 38,689,244 | 1,563,480 | 135,799 | 39,339,638 |
Fidelity Series All-Sector Equity Fund | 237,970,708 | 43,419,262 | 77,310,366 | 1,891,174 | 228,813,984 |
Fidelity Series Commodity Strategy Fund | 223,024,825 | 41,838,466 | 207,285,081 | - | 38,561,460 |
Fidelity Series Emerging Markets Debt Fund | 21,567,139 | 4,265,550 | 2,434,213 | 1,134,665 | 22,045,419 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Emerging Markets Fund | $ 119,091,201 | $ 72,312,658 | $ 17,349,901 | $ 1,730,315 | $ 177,281,078 |
Fidelity Series Floating Rate High Income Fund | 24,857,076 | 5,887,215 | 2,990,678 | 1,110,447 | 27,356,941 |
Fidelity Series High Income Fund | 206,384,861 | 36,840,217 | 31,392,199 | 11,239,062 | 213,571,385 |
Fidelity Series Inflation-Protected Bond Index Fund | 75,072,305 | 18,941,560 | 86,810,888 | 3,816 | 3,070,098 |
Fidelity Series International Growth Fund | 197,193,583 | 104,188,063 | 30,326,724 | 1,994,725 | 296,012,399 |
Fidelity Series International Small Cap Fund | 40,156,611 | 24,085,769 | 5,307,036 | 411,482 | 67,209,134 |
Fidelity Series International Value Fund | 195,575,080 | 98,990,321 | 29,375,800 | 5,913,342 | 291,472,129 |
Fidelity Series Investment Grade Bond Fund | 513,272,085 | 108,777,838 | 442,817,838 | 8,698,079 | 165,148,062 |
Fidelity Series Large Cap Value Fund | 134,229,504 | 74,944,915 | 189,628,457 | 1,898,181 | - |
Fidelity Series Real Estate Equity Fund | 19,848,733 | 4,547,452 | 2,422,447 | 299,900 | 21,919,897 |
Fidelity Series Real Estate Income Fund | 14,357,770 | 3,143,422 | 1,595,388 | 807,403 | 15,456,345 |
Fidelity Series Small Cap Opportunities Fund | 85,867,813 | 40,107,262 | 18,181,634 | 23,162 | 117,534,715 |
Total | $ 2,954,544,351 | $ 1,692,685,499 | $ 1,641,265,374 | $ 46,182,756 | $ 3,238,318,382 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2030 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $2,803,790,587) - See accompanying schedule | | $ 3,238,318,382 |
Cash | | 4 |
Receivable for investments sold | | 6,865,609 |
Receivable for fund shares sold | | 3,740,442 |
Receivable from affiliate for expense reductions | | 404 |
Total assets | | 3,248,924,841 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,323,533 | |
Payable for fund shares redeemed | 8,282,509 | |
Distribution and service plan fees payable | 648,783 | |
Total liabilities | | 11,254,825 |
| | |
Net Assets | | $ 3,237,670,016 |
Net Assets consist of: | | |
Paid in capital | | $ 2,764,003,246 |
Undistributed net investment income | | 2,666,670 |
Accumulated undistributed net realized gain (loss) on investments | | 36,472,305 |
Net unrealized appreciation (depreciation) on investments | | 434,527,795 |
Net Assets | | $ 3,237,670,016 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,777,132,158 ÷ 125,634,798 shares) | | $ 14.15 |
| | |
Maximum offering price per share (100/94.25 of $14.15) | | $ 15.01 |
Class T:
Net Asset Value and redemption price per share ($453,943,760 ÷ 32,195,162 shares) | | $ 14.10 |
| | |
Maximum offering price per share (100/96.50 of $14.10) | | $ 14.61 |
Class B:
Net Asset Value and offering price per share ($21,329,583 ÷ 1,515,479 shares)A | | $ 14.07 |
| | |
Class C:
Net Asset Value and offering price per share ($87,866,672 ÷ 6,277,982 shares)A | | $ 14.00 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($897,397,843 ÷ 63,116,515 shares) | | $ 14.22 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 46,182,756 |
| | |
Expenses | | |
Distribution and service plan fees | $ 7,601,815 | |
Independent trustees' compensation | 11,676 | |
Total expenses before reductions | 7,613,491 | |
Expense reductions | (11,676) | 7,601,815 |
Net investment income (loss) | | 38,580,941 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 19,134,162 | |
Capital gain distributions from underlying funds | 97,012,567 | |
Total net realized gain (loss) | | 116,146,729 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 213,220,407 |
Net gain (loss) | | 329,367,136 |
Net increase (decrease) in net assets resulting from operations | | $ 367,948,077 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 38,580,941 | $ 41,214,791 |
Net realized gain (loss) | 116,146,729 | 166,007,236 |
Change in net unrealized appreciation (depreciation) | 213,220,407 | 37,190,757 |
Net increase (decrease) in net assets resulting from operations | 367,948,077 | 244,412,784 |
Distributions to shareholders from net investment income | (40,012,043) | (40,765,226) |
Distributions to shareholders from net realized gain | (149,090,135) | (13,074,704) |
Total distributions | (189,102,178) | (53,839,930) |
Share transactions - net increase (decrease) | 104,883,603 | 314,631,239 |
Total increase (decrease) in net assets | 283,729,502 | 505,204,093 |
| | |
Net Assets | | |
Beginning of period | 2,953,940,514 | 2,448,736,421 |
End of period (including undistributed net investment income of $2,666,670 and undistributed net investment income of $4,097,771, respectively) | $ 3,237,670,016 | $ 2,953,940,514 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.36 | $ 12.48 | $ 12.72 | $ 11.29 | $ 7.69 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .17 | .20 | .19 | .16 | .16 |
Net realized and unrealized gain (loss) | 1.47 | .94 | (.06) | 1.54 | 3.68 |
Total from investment operations | 1.64 | 1.14 | .13 | 1.70 | 3.84 |
Distributions from net investment income | (.18) | (.20) | (.18) | (.16) | (.15) |
Distributions from net realized gain | (.67) | (.06) | (.19) | (.11) | (.09) |
Total distributions | (.85) | (.26) | (.37) | (.27) | (.24) F |
Net asset value, end of period | $ 14.15 | $ 13.36 | $ 12.48 | $ 12.72 | $ 11.29 |
Total Return A, B | 12.60% | 9.25% | 1.25% | 15.27% | 50.17% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.24% | 1.58% | 1.57% | 1.38% | 1.61% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,777,132 | $ 1,747,549 | $ 1,506,827 | $ 1,340,583 | $ 1,030,972 |
Portfolio turnover rate D | 53% | 23% | 16% | 38% | 20% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.24 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.093 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.32 | $ 12.44 | $ 12.68 | $ 11.25 | $ 7.67 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .17 | .16 | .13 | .14 |
Net realized and unrealized gain (loss) | 1.46 | .94 | (.06) | 1.54 | 3.66 |
Total from investment operations | 1.60 | 1.11 | .10 | 1.67 | 3.80 |
Distributions from net investment income | (.15) | (.17) | (.15) | (.13) | (.13) |
Distributions from net realized gain | (.67) | (.06) | (.19) | (.11) | (.09) |
Total distributions | (.82) | (.23) | (.34) | (.24) | (.22) F |
Net asset value, end of period | $ 14.10 | $ 13.32 | $ 12.44 | $ 12.68 | $ 11.25 |
Total Return A, B | 12.29% | 9.02% | .98% | 14.98% | 49.72% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .99% | 1.33% | 1.32% | 1.12% | 1.36% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 453,944 | $ 387,102 | $ 335,407 | $ 348,443 | $ 382,092 |
Portfolio turnover rate D | 53% | 23% | 16% | 38% | 20% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.22 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.093 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.29 | $ 12.41 | $ 12.63 | $ 11.21 | $ 7.64 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .07 | .10 | .10 | .07 | .09 |
Net realized and unrealized gain (loss) | 1.45 | .94 | (.06) | 1.53 | 3.65 |
Total from investment operations | 1.52 | 1.04 | .04 | 1.60 | 3.74 |
Distributions from net investment income | (.07) | (.10) | (.08) | (.07) | (.08) |
Distributions from net realized gain | (.66) | (.06) | (.18) | (.11) | (.09) |
Total distributions | (.74) G | (.16) | (.26) | (.18) | (.17) F |
Net asset value, end of period | $ 14.07 | $ 13.29 | $ 12.41 | $ 12.63 | $ 11.21 |
Total Return A, B | 11.69% | 8.44% | .52% | 14.38% | 49.07% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .49% | .83% | .82% | .62% | .86% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 21,330 | $ 27,191 | $ 34,324 | $ 47,275 | $ 51,360 |
Portfolio turnover rate D | 53% | 23% | 16% | 38% | 20% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.17 per share is comprised of distributions from net investment income of $.080 and distributions from net realized gain of $.092 per share.
G Total distributions of $.74 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $.663 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.23 | $ 12.37 | $ 12.60 | $ 11.19 | $ 7.63 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .07 | .10 | .10 | .07 | .09 |
Net realized and unrealized gain (loss) | 1.45 | .93 | (.05) | 1.53 | 3.65 |
Total from investment operations | 1.52 | 1.03 | .05 | 1.60 | 3.74 |
Distributions from net investment income | (.09) | (.11) | (.09) | (.08) | (.08) |
Distributions from net realized gain | (.66) | (.06) | (.18) | (.11) | (.09) |
Total distributions | (.75) | (.17) | (.28) G | (.19) | (.18) F |
Net asset value, end of period | $ 14.00 | $ 13.23 | $ 12.37 | $ 12.60 | $ 11.19 |
Total Return A, B | 11.77% | 8.39% | .55% | 14.38% | 49.06% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .49% | .83% | .82% | .63% | .86% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 87,867 | $ 75,384 | $ 66,418 | $ 68,349 | $ 63,700 |
Portfolio turnover rate D | 53% | 23% | 16% | 38% | 20% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.18 per share is comprised of distributions from net investment income of $.083 and distributions from net realized gain of $.093 per share.
G Total distributions of $.28 per share is comprised of distributions from net investment income of $.094 and distributions from net realized gain of $.182 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.42 | $ 12.54 | $ 12.77 | $ 11.33 | $ 7.72 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .20 | .23 | .22 | .19 | .19 |
Net realized and unrealized gain (loss) | 1.48 | .94 | (.05) | 1.55 | 3.69 |
Total from investment operations | 1.68 | 1.17 | .17 | 1.74 | 3.88 |
Distributions from net investment income | (.21) | (.23) | (.21) | (.19) | (.17) |
Distributions from net realized gain | (.67) | (.06) | (.19) | (.11) | (.09) |
Total distributions | (.88) | (.29) | (.40) | (.30) | (.27) F |
Net asset value, end of period | $ 14.22 | $ 13.42 | $ 12.54 | $ 12.77 | $ 11.33 |
Total Return A | 12.89% | 9.47% | 1.57% | 15.56% | 50.42% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.49% | 1.83% | 1.82% | 1.62% | 1.86% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 897,398 | $ 716,715 | $ 505,761 | $ 321,529 | $ 178,232 |
Portfolio turnover rate C | 53% | 23% | 16% | 38% | 20% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.093 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.9 | 7.2 |
Fidelity Advisor Series Equity-Income Fund | 11.4 | 4.8 |
Fidelity Advisor Series Growth & Income Fund | 7.6 | 4.7 |
Fidelity Advisor Series Growth Opportunities Fund | 5.3 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 4.8 | 3.7 |
Fidelity Advisor Series Small Cap Fund | 3.0 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.5 | 4.8 |
Fidelity Series 100 Index Fund | 3.1 | 1.1 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.8 | 9.0 |
Fidelity Series Commodity Strategy Fund | 1.0 | 8.7 |
Fidelity Series Real Estate Equity Fund | 0.8 | 0.7 |
Fidelity Series Small Cap Opportunities Fund | 3.7 | 3.2 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 3.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 2.8 |
Fidelity Series Large Cap Value Fund | 0.0 | 4.8 |
| 63.2 | 59.1 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.7 | 4.8 |
Fidelity Series International Growth Fund | 9.5 | 7.8 |
Fidelity Series International Small Cap Fund | 2.1 | 1.6 |
Fidelity Series International Value Fund | 9.5 | 7.9 |
| 26.8 | 22.1 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.7 | 0.7 |
Fidelity Series High Income Fund | 6.6 | 6.9 |
Fidelity Series Investment Grade Bond Fund | 1.5 | 10.1 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.4 |
Fidelity Series Inflation-Protected Bond Index Fund | 0.0 | 0.0* |
| 10.0 | 18.8 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.2% | |
| International Equity Funds | 26.8% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 59.1% | |
| International Equity Funds | 22.1% | |
| Bond Funds | 18.8% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.2% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(b) | 1,524,543 | | $ 141,294,616 |
Fidelity Advisor Series Equity-Income Fund (b) | 21,730,910 | | 272,505,609 |
Fidelity Advisor Series Growth & Income Fund (b) | 13,881,591 | | 182,126,478 |
Fidelity Advisor Series Growth Opportunities Fund (b) | 11,775,100 | | 125,758,071 |
Fidelity Advisor Series Opportunistic Insights Fund (b) | 8,240,511 | | 115,284,750 |
Fidelity Advisor Series Small Cap Fund (b) | 6,717,717 | | 70,939,088 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (b) | 14,204,033 | | 179,823,059 |
Fidelity Series 100 Index Fund (b) | 6,182,085 | | 75,235,973 |
Fidelity Series 1000 Value Index Fund (b) | 2,849,495 | | 30,432,611 |
Fidelity Series All-Sector Equity Fund (b) | 13,106,992 | | 185,070,728 |
Fidelity Series Commodity Strategy Fund (a)(b) | 2,704,934 | | 22,856,693 |
Fidelity Series Real Estate Equity Fund (b) | 1,441,867 | | 18,628,918 |
Fidelity Series Small Cap Opportunities Fund (b) | 6,584,063 | | 89,345,729 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,272,142,080) |
1,509,302,323
|
International Equity Funds - 26.8% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 7,889,057 | | 135,297,323 |
Fidelity Series International Growth Fund (b) | 16,065,082 | | 227,481,559 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 3,055,991 | | $ 49,476,492 |
Fidelity Series International Value Fund (b) | 20,340,403 | | 226,185,277 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $538,353,050) |
638,440,651
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 1,596,271 | | 16,281,964 |
Fidelity Series Floating Rate High Income Fund (b) | 1,679,621 | | 17,568,838 |
Fidelity Series High Income Fund (b) | 14,953,510 | | 158,357,676 |
Fidelity Series Investment Grade Bond Fund (b) | 3,124,949 | | 35,186,927 |
Fidelity Series Real Estate Income Fund (b) | 1,010,732 | | 11,401,057 |
TOTAL BOND FUNDS (Cost $228,223,240) |
238,796,462
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $2,038,718,370) | | 2,386,539,436 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (450,752) |
NET ASSETS - 100% | $ 2,386,088,684 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 146,037,675 | $ 12,179,944 | $ 56,676,014 | $ - | $ 141,294,616 |
Fidelity Advisor Growth & Income Fund Institutional Class | 77,536,597 | 2,512,472 | 86,810,609 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 78,302,498 | 3,348,667 | 96,086,314 | - | - |
Fidelity Advisor Series Equity-Income Fund | 101,253,648 | 172,998,113 | 18,245,730 | 2,818,697 | 272,505,609 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 22,423,472 | 158,314,206 | 13,708,808 | 1,025,751 | 182,126,478 |
Fidelity Advisor Series Growth Opportunities Fund | - | 123,198,969 | 5,445,988 | 46,798 | 125,758,071 |
Fidelity Advisor Series Opportunistic Insights Fund | 71,567,575 | 34,606,656 | 10,836,568 | - | 115,284,750 |
Fidelity Advisor Series Small Cap Fund | - | 70,481,915 | 3,334,004 | 52,378 | 70,939,088 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 101,988,948 | 81,044,624 | 16,779,630 | 1,506,611 | 179,823,059 |
Fidelity Advisor Small Cap Fund Institutional Class | 60,006,024 | 3,301,305 | 72,928,093 | - | - |
Fidelity Series 100 Index Fund | 24,100,686 | 50,989,943 | 5,317,378 | 866,703 | 75,235,973 |
Fidelity Series 1000 Value Index Fund | - | 29,898,373 | 1,235,146 | 110,897 | 30,432,611 |
Fidelity Series All-Sector Equity Fund | 193,432,696 | 33,148,745 | 61,979,774 | 1,569,650 | 185,070,728 |
Fidelity Series Commodity Strategy Fund | 182,349,768 | 37,784,551 | 180,780,983 | - | 22,856,693 |
Fidelity Series Emerging Markets Debt Fund | 15,061,340 | 3,635,702 | 1,476,009 | 814,344 | 16,281,964 |
Fidelity Series Emerging Markets Fund | 96,441,362 | 48,079,784 | 12,065,205 | 1,309,643 | 135,297,323 |
Fidelity Series Floating Rate High Income Fund | 15,821,013 | 3,725,154 | 1,718,903 | 711,946 | 17,568,838 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series High Income Fund | $ 143,718,637 | $ 30,279,690 | $ 17,014,483 | $ 8,077,738 | $ 158,357,676 |
Fidelity Series Inflation-Protected Bond Index Fund | - | 337,603 | 335,204 | 9 | - |
Fidelity Series International Growth Fund | 159,255,463 | 68,304,288 | 20,596,213 | 1,519,242 | 227,481,559 |
Fidelity Series International Small Cap Fund | 32,344,142 | 14,807,771 | 4,158,562 | 342,963 | 49,476,492 |
Fidelity Series International Value Fund | 157,641,894 | 64,143,961 | 17,336,424 | 4,450,466 | 226,185,277 |
Fidelity Series Investment Grade Bond Fund | 200,160,305 | 47,292,474 | 206,282,458 | 3,338,193 | 35,186,927 |
Fidelity Series Large Cap Value Fund | 109,701,861 | 64,514,597 | 157,777,784 | 1,584,675 | - |
Fidelity Series Real Estate Equity Fund | 16,098,520 | 4,275,095 | 1,731,238 | 250,346 | 18,628,918 |
Fidelity Series Real Estate Income Fund | 9,212,263 | 3,421,649 | 968,738 | 557,146 | 11,401,057 |
Fidelity Series Small Cap Opportunities Fund | 69,819,611 | 26,121,697 | 14,305,116 | 18,406 | 89,345,729 |
Total | $ 2,084,275,998 | $ 1,192,747,948 | $ 1,085,931,376 | $ 30,972,602 | $ 2,386,539,436 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2035 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $2,038,718,370) - See accompanying schedule | | $ 2,386,539,436 |
Cash | | 8 |
Receivable for investments sold | | 3,388,455 |
Receivable for fund shares sold | | 2,475,884 |
Receivable from affiliate for expense reductions | | 360 |
Total assets | | 2,392,404,143 |
| | |
Liabilities | | |
Payable for investments purchased | $ 26 | |
Payable for fund shares redeemed | 5,864,344 | |
Distribution and service plan fees payable | 451,089 | |
Total liabilities | | 6,315,459 |
| | |
Net Assets | | $ 2,386,088,684 |
Net Assets consist of: | | |
Paid in capital | | $ 2,005,087,597 |
Undistributed net investment income | | 1,543,708 |
Accumulated undistributed net realized gain (loss) on investments | | 31,636,313 |
Net unrealized appreciation (depreciation) on investments | | 347,821,066 |
Net Assets | | $ 2,386,088,684 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,348,499,821 ÷ 99,608,546 shares) | | $ 13.54 |
| | |
Maximum offering price per share (100/94.25 of $13.54) | | $ 14.37 |
Class T:
Net Asset Value and redemption price per share ($276,112,728 ÷ 20,508,815 shares) | | $ 13.46 |
| | |
Maximum offering price per share (100/96.50 of $13.46) | | $ 13.95 |
Class B:
Net Asset Value and offering price per share ($14,453,642 ÷ 1,081,103 shares)A | | $ 13.37 |
| | |
Class C:
Net Asset Value and offering price per share ($51,930,901 ÷ 3,897,378 shares)A | | $ 13.32 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($695,091,592 ÷ 51,063,872 shares) | | $ 13.61 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 30,972,602 |
| | |
Expenses | | |
Distribution and service plan fees | $ 5,191,761 | |
Independent trustees' compensation | 8,447 | |
Total expenses before reductions | 5,200,208 | |
Expense reductions | (8,447) | 5,191,761 |
Net investment income (loss) | | 25,780,841 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 14,078,194 | |
Capital gain distributions from underlying funds | 77,818,329 | |
Total net realized gain (loss) | | 91,896,523 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 181,369,240 |
Net gain (loss) | | 273,265,763 |
Net increase (decrease) in net assets resulting from operations | | $ 299,046,604 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 25,780,841 | $ 27,744,686 |
Net realized gain (loss) | 91,896,523 | 116,307,027 |
Change in net unrealized appreciation (depreciation) | 181,369,240 | 38,369,090 |
Net increase (decrease) in net assets resulting from operations | 299,046,604 | 182,420,803 |
Distributions to shareholders from net investment income | (26,415,277) | (27,167,238) |
Distributions to shareholders from net realized gain | (132,187,659) | (5,583,432) |
Total distributions | (158,602,936) | (32,750,670) |
Share transactions - net increase (decrease) | 161,766,995 | 289,056,044 |
Total increase (decrease) in net assets | 302,210,663 | 438,726,177 |
| | |
Net Assets | | |
Beginning of period | 2,083,878,021 | 1,645,151,844 |
End of period (including undistributed net investment income of $1,543,708 and undistributed net investment income of $2,178,145, respectively) | $ 2,386,088,684 | $ 2,083,878,021 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.74 | $ 11.80 | $ 12.11 | $ 10.65 | $ 7.18 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .15 | .18 | .16 | .14 | .14 |
Net realized and unrealized gain (loss) | 1.59 | .97 | (.13) | 1.56 | 3.55 |
Total from investment operations | 1.74 | 1.15 | .03 | 1.70 | 3.69 |
Distributions from net investment income | (.15) | (.18) | (.15) | (.13) | (.14) |
Distributions from net realized gain | (.79) | (.04) | (.19) | (.11) | (.08) |
Total distributions | (.94) | (.21) F | (.34) | (.24) | (.22) |
Net asset value, end of period | $ 13.54 | $ 12.74 | $ 11.80 | $ 12.11 | $ 10.65 |
Total Return A,B | 14.15% | 9.89% | .47% | 16.13% | 51.59% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.13% | 1.54% | 1.39% | 1.26% | 1.51% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,348,500 | $ 1,258,797 | $ 1,057,102 | $ 906,896 | $ 669,450 |
Portfolio turnover rate D | 48% | 25% | 13% | 30% | 16% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.21 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.036 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.68 | $ 11.74 | $ 12.05 | $ 10.60 | $ 7.15 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .11 | .15 | .13 | .11 | .12 |
Net realized and unrealized gain (loss) | 1.58 | .97 | (.13) | 1.55 | 3.53 |
Total from investment operations | 1.69 | 1.12 | - | 1.66 | 3.65 |
Distributions from net investment income | (.12) | (.15) | (.12) | (.11) | (.12) |
Distributions from net realized gain | (.79) | (.04) | (.19) | (.11) | (.08) |
Total distributions | (.91) | (.18) G | (.31) | (.21) F | (.20) |
Net asset value, end of period | $ 13.46 | $ 12.68 | $ 11.74 | $ 12.05 | $ 10.60 |
Total Return A,B | 13.81% | 9.69% | .19% | 15.84% | 51.17% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .88% | 1.29% | 1.14% | 1.01% | 1.26% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 276,113 | $ 216,701 | $ 166,843 | $ 169,442 | $ 143,106 |
Portfolio turnover rate D | 48% | 25% | 13% | 30% | 16% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.21 per share is comprised of distributions from net investment income of $.106 and distributions from net realized gain of $.105 per share.
G Total distributions of $.18 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.036 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.59 | $ 11.67 | $ 11.96 | $ 10.52 | $ 7.10 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .09 | .07 | .05 | .07 |
Net realized and unrealized gain (loss) | 1.57 | .95 | (.12) | 1.55 | 3.50 |
Total from investment operations | 1.62 | 1.04 | (.05) | 1.60 | 3.57 |
Distributions from net investment income | (.06) | (.09) | (.07) | (.06) | (.07) |
Distributions from net realized gain | (.78) | (.04) | (.17) | (.10) | (.08) |
Total distributions | (.84) | (.12) F | (.24) | (.16) | (.15) |
Net asset value, end of period | $ 13.37 | $ 12.59 | $ 11.67 | $ 11.96 | $ 10.52 |
Total Return A,B | 13.32% | 9.02% | (.23)% | 15.28% | 50.43% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .38% | .79% | .64% | .51% | .76% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,454 | $ 17,884 | $ 22,013 | $ 28,360 | $ 27,408 |
Portfolio turnover rate D | 48% | 25% | 13% | 30% | 16% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.12 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.036 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.56 | $ 11.65 | $ 11.96 | $ 10.52 | $ 7.11 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .09 | .07 | .06 | .07 |
Net realized and unrealized gain (loss) | 1.56 | .95 | (.13) | 1.54 | 3.50 |
Total from investment operations | 1.61 | 1.04 | (.06) | 1.60 | 3.57 |
Distributions from net investment income | (.07) | (.10) | (.08) | (.06) | (.08) |
Distributions from net realized gain | (.78) | (.04) | (.18) | (.10) | (.08) |
Total distributions | (.85) | (.13) G | (.25) F | (.16) | (.16) |
Net asset value, end of period | $ 13.32 | $ 12.56 | $ 11.65 | $ 11.96 | $ 10.52 |
Total Return A,B | 13.27% | 9.04% | (.29)% | 15.33% | 50.28% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .38% | .79% | .64% | .51% | .76% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 51,931 | $ 43,447 | $ 38,614 | $ 36,389 | $ 30,994 |
Portfolio turnover rate D | 48% | 25% | 13% | 30% | 16% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.176 per share.
G Total distributions of $.13 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.036 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.80 | $ 11.86 | $ 12.17 | $ 10.69 | $ 7.21 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .18 | .21 | .19 | .17 | .17 |
Net realized and unrealized gain (loss) | 1.60 | .97 | (.14) | 1.57 | 3.55 |
Total from investment operations | 1.78 | 1.18 | .05 | 1.74 | 3.72 |
Distributions from net investment income | (.18) | (.20) | (.17) | (.16) | (.16) |
Distributions from net realized gain | (.79) | (.04) | (.19) | (.11) | (.08) |
Total distributions | (.97) | (.24) | (.36) | (.26) F | (.24) |
Net asset value, end of period | $ 13.61 | $ 12.80 | $ 11.86 | $ 12.17 | $ 10.69 |
Total Return A | 14.44% | 10.10% | .71% | 16.51% | 51.81% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.38% | 1.79% | 1.64% | 1.51% | 1.76% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 695,092 | $ 547,049 | $ 360,580 | $ 218,092 | $ 97,629 |
Portfolio turnover rate C | 48% | 25% | 13% | 30% | 16% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.26 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $.105 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.1 | 7.4 |
Fidelity Advisor Series Equity-Income Fund | 11.4 | 5.0 |
Fidelity Advisor Series Growth & Income Fund | 7.8 | 4.8 |
Fidelity Advisor Series Growth Opportunities Fund | 5.3 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 4.6 | 3.8 |
Fidelity Advisor Series Small Cap Fund | 3.0 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.5 | 4.9 |
Fidelity Series 100 Index Fund | 3.1 | 1.1 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.7 | 9.2 |
Fidelity Series Commodity Strategy Fund | 1.0 | 8.8 |
Fidelity Series Real Estate Equity Fund | 0.8 | 0.7 |
Fidelity Series Small Cap Opportunities Fund | 3.7 | 3.3 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 3.7 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 2.9 |
Fidelity Series Large Cap Value Fund | 0.0 | 4.9 |
| 63.3 | 60.5 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.7 | 5.0 |
Fidelity Series International Growth Fund | 9.4 | 8.0 |
Fidelity Series International Small Cap Fund | 2.1 | 1.7 |
Fidelity Series International Value Fund | 9.5 | 8.0 |
| 26.7 | 22.7 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.6 |
Fidelity Series Floating Rate High Income Fund | 0.7 | 0.7 |
Fidelity Series High Income Fund | 6.6 | 6.8 |
Fidelity Series Investment Grade Bond Fund | 1.5 | 8.3 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.4 |
| 10.0 | 16.8 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.3% | |
| International Equity Funds | 26.7% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 60.5% | |
| International Equity Funds | 22.7% | |
| Bond Funds | 16.8% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.3% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(b) | 1,499,370 | | $ 138,961,629 |
Fidelity Advisor Series Equity-Income Fund (b) | 20,863,697 | | 261,630,767 |
Fidelity Advisor Series Growth & Income Fund (b) | 13,631,526 | | 178,845,619 |
Fidelity Advisor Series Growth Opportunities Fund (b) | 11,409,906 | | 121,857,798 |
Fidelity Advisor Series Opportunistic Insights Fund (b) | 7,565,689 | | 105,843,986 |
Fidelity Advisor Series Small Cap Fund (b) | 6,422,694 | | 67,823,649 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (b) | 13,644,224 | | 172,735,870 |
Fidelity Series 100 Index Fund (b) | 5,900,634 | | 71,810,712 |
Fidelity Series 1000 Value Index Fund (b) | 2,712,120 | | 28,965,437 |
Fidelity Series All-Sector Equity Fund (b) | 12,487,854 | | 176,328,497 |
Fidelity Series Commodity Strategy Fund (a)(b) | 2,571,818 | | 21,731,866 |
Fidelity Series Real Estate Equity Fund (b) | 1,373,247 | | 17,742,353 |
Fidelity Series Small Cap Opportunities Fund (b) | 6,321,784 | | 85,786,605 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,229,093,999) |
1,450,064,788
|
International Equity Funds - 26.7% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 7,579,690 | | 129,991,691 |
Fidelity Series International Growth Fund (b) | 15,290,704 | | 216,516,370 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 3,017,277 | | $ 48,849,717 |
Fidelity Series International Value Fund (b) | 19,589,184 | | 217,831,731 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $513,035,445) |
613,189,509
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 1,532,383 | | 15,630,303 |
Fidelity Series Floating Rate High Income Fund (b) | 1,463,336 | | 15,306,495 |
Fidelity Series High Income Fund (b) | 14,367,566 | | 152,152,524 |
Fidelity Series Investment Grade Bond Fund (b) | 3,163,329 | | 35,619,081 |
Fidelity Series Real Estate Income Fund (b) | 971,409 | | 10,957,496 |
TOTAL BOND FUNDS (Cost $220,839,113) |
229,665,899
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,962,968,557) | | 2,292,920,196 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (464,595) |
NET ASSETS - 100% | $ 2,292,455,601 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 143,673,712 | $ 10,853,187 | $ 54,782,923 | $ - | $ 138,961,629 |
Fidelity Advisor Growth & Income Fund Institutional Class | 75,975,139 | 2,089,336 | 84,711,075 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 76,812,641 | 2,755,612 | 93,831,945 | - | - |
Fidelity Advisor Series Equity-Income Fund | 100,676,220 | 162,708,013 | 18,002,272 | 2,753,808 | 261,630,767 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 22,294,860 | 155,772,879 | 14,127,035 | 1,011,034 | 178,845,619 |
Fidelity Advisor Series Growth Opportunities Fund | - | 120,112,289 | 6,098,294 | 46,298 | 121,857,798 |
Fidelity Advisor Series Opportunistic Insights Fund | 71,158,645 | 25,722,343 | 10,680,372 | - | 105,843,986 |
Fidelity Advisor Series Small Cap Fund | - | 67,713,230 | 3,504,950 | 51,553 | 67,823,649 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 101,402,797 | 75,394,700 | 17,605,347 | 1,409,937 | 172,735,870 |
Fidelity Advisor Small Cap Fund Institutional Class | 59,092,069 | 2,731,926 | 71,334,284 | - | - |
Fidelity Series 100 Index Fund | 23,560,024 | 47,857,675 | 4,915,388 | 776,052 | 71,810,712 |
Fidelity Series 1000 Value Index Fund | - | 28,533,426 | 1,272,239 | 108,649 | 28,965,437 |
Fidelity Series All-Sector Equity Fund | 189,472,856 | 30,750,019 | 64,575,680 | 1,498,496 | 176,328,497 |
Fidelity Series Commodity Strategy Fund | 180,115,990 | 34,851,907 | 176,863,389 | - | 21,731,866 |
Fidelity Series Emerging Markets Debt Fund | 14,730,822 | 3,343,589 | 1,525,103 | 785,105 | 15,630,303 |
Fidelity Series Emerging Markets Fund | 94,763,737 | 44,071,705 | 11,989,097 | 1,261,826 | 129,991,691 |
Fidelity Series Floating Rate High Income Fund | 13,987,354 | 3,146,768 | 1,596,688 | 634,084 | 15,306,495 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series High Income Fund | $ 141,548,587 | $ 26,316,322 | $ 16,966,917 | $ 7,823,444 | $ 152,152,524 |
Fidelity Series International Growth Fund | 156,546,342 | 59,637,194 | 19,741,959 | 1,463,870 | 216,516,370 |
Fidelity Series International Small Cap Fund | 31,795,611 | 14,856,147 | 4,237,725 | 330,036 | 48,849,717 |
Fidelity Series International Value Fund | 154,936,713 | 60,276,465 | 18,807,781 | 4,286,675 | 217,831,731 |
Fidelity Series Investment Grade Bond Fund | 167,049,065 | 31,216,696 | 157,776,843 | 2,773,347 | 35,619,081 |
Fidelity Series Large Cap Value Fund | 106,490,192 | 63,167,719 | 153,226,005 | 1,572,181 | - |
Fidelity Series Real Estate Equity Fund | 15,629,519 | 3,844,073 | 1,711,554 | 245,586 | 17,742,353 |
Fidelity Series Real Estate Income Fund | 8,218,795 | 3,908,904 | 949,106 | 515,617 | 10,957,496 |
Fidelity Series Small Cap Opportunities Fund | 68,837,714 | 23,581,168 | 14,175,507 | 18,033 | 85,786,605 |
Total | $ 2,018,769,404 | $ 1,105,213,292 | $ 1,025,009,478 | $ 29,365,631 | $ 2,292,920,196 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2040 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $1,962,968,557) - See accompanying schedule | | $ 2,292,920,196 |
Cash | | 7 |
Receivable for investments sold | | 1,391,301 |
Receivable for fund shares sold | | 2,974,232 |
Receivable from affiliate for expense reductions | | 310 |
Total assets | | 2,297,286,046 |
| | |
Liabilities | | |
Payable for investments purchased | $ 944 | |
Payable for fund shares redeemed | 4,364,595 | |
Distribution and service plan fees payable | 464,906 | |
Total liabilities | | 4,830,445 |
| | |
Net Assets | | $ 2,292,455,601 |
Net Assets consist of: | | |
Paid in capital | | $1,931,411,119 |
Undistributed net investment income | | 1,306,611 |
Accumulated undistributed net realized gain (loss) on investments | | 29,786,232 |
Net unrealized appreciation (depreciation) on investments | | 329,951,639 |
Net Assets | | $ 2,292,455,601 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,195,640,736 ÷ 82,388,027 shares) | | $ 14.51 |
| | |
Maximum offering price per share (100/94.25 of $14.51) | | $ 15.40 |
Class T:
Net Asset Value and redemption price per share ($341,607,852 ÷ 23,601,670 shares) | | $ 14.47 |
| | |
Maximum offering price per share (100/96.50 of $14.47) | | $ 14.99 |
Class B:
Net Asset Value and offering price per share ($18,270,436 ÷ 1,272,081 shares)A | | $ 14.36 |
| | |
Class C:
Net Asset Value and offering price per share ($72,247,373 ÷ 5,052,463 shares)A | | $ 14.30 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($664,689,204 ÷ 45,565,249 shares) | | $ 14.59 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 29,365,631 |
| | |
Expenses | | |
Distribution and service plan fees | $ 5,426,310 | |
Independent trustees' compensation | 8,166 | |
Total expenses before reductions | 5,434,476 | |
Expense reductions | (8,166) | 5,426,310 |
Net investment income (loss) | | 23,939,321 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 10,939,552 | |
Capital gain distributions from underlying funds | 75,571,354 | |
Total net realized gain (loss) | | 86,510,906 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 183,007,985 |
Net gain (loss) | | 269,518,891 |
Net increase (decrease) in net assets resulting from operations | | $ 293,458,212 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 23,939,321 | $ 26,992,967 |
Net realized gain (loss) | 86,510,906 | 90,179,730 |
Change in net unrealized appreciation (depreciation) | 183,007,985 | 62,667,913 |
Net increase (decrease) in net assets resulting from operations | 293,458,212 | 179,840,610 |
Distributions to shareholders from net investment income | (24,578,250) | (26,501,610) |
Distributions to shareholders from net realized gain | (126,026,952) | (5,287,230) |
Total distributions | (150,605,202) | (31,788,840) |
Share transactions - net increase (decrease) | 131,257,777 | 198,765,979 |
Total increase (decrease) in net assets | 274,110,787 | 346,817,749 |
| | |
Net Assets | | |
Beginning of period | 2,018,344,814 | 1,671,527,065 |
End of period (including undistributed net investment income of $1,306,611 and undistributed net investment income of $1,945,539, respectively) | $ 2,292,455,601 | $ 2,018,344,814 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.61 | $ 12.60 | $ 12.95 | $ 11.37 | $ 7.59 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .15 | .19 | .17 | .15 | .15 |
Net realized and unrealized gain (loss) | 1.74 | 1.05 | (.15) | 1.69 | 3.87 |
Total from investment operations | 1.89 | 1.24 | .02 | 1.84 | 4.02 |
Distributions from net investment income | (.16) | (.19) | (.16) | (.15) | (.15) |
Distributions from net realized gain | (.83) | (.04) | (.21) | (.11) | (.09) |
Total distributions | (.99) | (.23) | (.37) | (.26) | (.24) |
Net asset value, end of period | $ 14.51 | $ 13.61 | $ 12.60 | $ 12.95 | $ 11.37 |
Total Return A,B | 14.37% | 9.94% | .38% | 16.38% | 53.15% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.10% | 1.53% | 1.38% | 1.25% | 1.52% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,195,641 | $ 1,133,722 | $ 967,348 | $ 865,008 | $ 670,673 |
Portfolio turnover rate D | 47% | 26% | 14% | 38% | 18% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.58 | $ 12.57 | $ 12.92 | $ 11.34 | $ 7.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .16 | .14 | .12 | .13 |
Net realized and unrealized gain (loss) | 1.73 | 1.04 | (.16) | 1.68 | 3.86 |
Total from investment operations | 1.85 | 1.20 | (.02) | 1.80 | 3.99 |
Distributions from net investment income | (.13) | (.16) | (.13) | (.11) | (.13) |
Distributions from net realized gain | (.83) | (.04) | (.21) | (.11) | (.09) |
Total distributions | (.96) | (.19) G | (.33) F | (.22) | (.22) |
Net asset value, end of period | $ 14.47 | $ 13.58 | $ 12.57 | $ 12.92 | $ 11.34 |
Total Return A,B | 14.06% | 9.69% | .12% | 16.06% | 52.83% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .85% | 1.28% | 1.13% | 1.00% | 1.27% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 341,608 | $ 288,886 | $ 262,944 | $ 276,335 | $ 300,594 |
Portfolio turnover rate D | 47% | 26% | 14% | 38% | 18% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.33 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.207 per share.
G Total distributions of $.19 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.037 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.48 | $ 12.48 | $ 12.82 | $ 11.26 | $ 7.52 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .10 | .08 | .06 | .08 |
Net realized and unrealized gain (loss) | 1.71 | 1.03 | (.15) | 1.66 | 3.83 |
Total from investment operations | 1.76 | 1.13 | (.07) | 1.72 | 3.91 |
Distributions from net investment income | (.06) | (.09) | (.07) | (.06) | (.08) |
Distributions from net realized gain | (.82) | (.04) | (.20) | (.10) | (.09) |
Total distributions | (.88) | (.13) | (.27) | (.16) | (.17) |
Net asset value, end of period | $ 14.36 | $ 13.48 | $ 12.48 | $ 12.82 | $ 11.26 |
Total Return A,B | 13.49% | 9.14% | (.36)% | 15.43% | 52.08% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .78% | .63% | .50% | .77% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 18,270 | $ 24,481 | $ 31,574 | $ 41,935 | $ 43,773 |
Portfolio turnover rate D | 47% | 26% | 14% | 38% | 18% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.43 | $ 12.45 | $ 12.80 | $ 11.25 | $ 7.51 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .05 | .10 | .08 | .06 | .08 |
Net realized and unrealized gain (loss) | 1.71 | 1.02 | (.15) | 1.66 | 3.83 |
Total from investment operations | 1.76 | 1.12 | (.07) | 1.72 | 3.91 |
Distributions from net investment income | (.07) | (.11) | (.08) | (.07) | (.08) |
Distributions from net realized gain | (.82) | (.04) | (.20) | (.10) | (.09) |
Total distributions | (.89) | (.14) F | (.28) | (.17) | (.17) |
Net asset value, end of period | $ 14.30 | $ 13.43 | $ 12.45 | $ 12.80 | $ 11.25 |
Total Return A,B | 13.57% | 9.09% | (.35)% | 15.39% | 52.18% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .78% | .63% | .50% | .77% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 72,247 | $ 62,893 | $ 56,910 | $ 58,416 | $ 53,334 |
Portfolio turnover rate D | 47% | 26% | 14% | 38% | 18% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.14 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.037 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.67 | $ 12.65 | $ 13.00 | $ 11.42 | $ 7.62 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .19 | .23 | .20 | .18 | .18 |
Net realized and unrealized gain (loss) | 1.75 | 1.05 | (.16) | 1.69 | 3.88 |
Total from investment operations | 1.94 | 1.28 | .04 | 1.87 | 4.06 |
Distributions from net investment income | (.19) | (.22) | (.19) | (.18) | (.17) |
Distributions from net realized gain | (.83) | (.04) | (.21) | (.11) | (.09) |
Total distributions | (1.02) | (.26) | (.39) F | (.29) | (.26) |
Net asset value, end of period | $ 14.59 | $ 13.67 | $ 12.65 | $ 13.00 | $ 11.42 |
Total Return A | 14.73% | 10.24% | .61% | 16.57% | 53.53% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.35% | 1.78% | 1.63% | 1.50% | 1.77% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 664,689 | $ 508,363 | $ 352,751 | $ 229,228 | $ 126,440 |
Portfolio turnover rate C | 47% | 26% | 14% | 38% | 18% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.39 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.207 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.1 | 7.6 |
Fidelity Advisor Series Equity-Income Fund | 11.1 | 4.9 |
Fidelity Advisor Series Growth & Income Fund | 8.4 | 4.9 |
Fidelity Advisor Series Growth Opportunities Fund | 5.4 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 4.5 | 3.8 |
Fidelity Advisor Series Small Cap Fund | 3.0 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.5 | 5.0 |
Fidelity Series 100 Index Fund | 3.1 | 1.2 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.4 | 9.5 |
Fidelity Series Commodity Strategy Fund | 0.9 | 9.1 |
Fidelity Series Real Estate Equity Fund | 0.8 | 0.7 |
Fidelity Series Small Cap Opportunities Fund | 3.7 | 3.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 3.8 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 3.0 |
Fidelity Series Large Cap Value Fund | 0.0 | 5.1 |
| 63.2 | 62.0 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.7 | 5.2 |
Fidelity Series International Growth Fund | 9.4 | 8.2 |
Fidelity Series International Small Cap Fund | 2.2 | 1.7 |
Fidelity Series International Value Fund | 9.5 | 8.2 |
| 26.8 | 23.3 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.6 |
Fidelity Series Floating Rate High Income Fund | 0.3 | 0.4 |
Fidelity Series High Income Fund | 6.6 | 8.8 |
Fidelity Series Investment Grade Bond Fund | 1.9 | 4.6 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.3 |
| 10.0 | 14.7 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.2% | |
| International Equity Funds | 26.8% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 62.0% | |
| International Equity Funds | 23.3% | |
| Bond Funds | 14.7% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.2% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(b) | 756,244 | | $ 70,088,664 |
Fidelity Advisor Series Equity-Income Fund (b) | 10,120,856 | | 126,915,534 |
Fidelity Advisor Series Growth & Income Fund (b) | 7,301,377 | | 95,794,060 |
Fidelity Advisor Series Growth Opportunities Fund (b) | 5,791,353 | | 61,851,647 |
Fidelity Advisor Series Opportunistic Insights Fund (b) | 3,661,805 | | 51,228,659 |
Fidelity Advisor Series Small Cap Fund (b) | 3,247,390 | | 34,292,434 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (b) | 6,743,579 | | 85,373,705 |
Fidelity Series 100 Index Fund (b) | 2,943,778 | | 35,825,775 |
Fidelity Series 1000 Value Index Fund (b) | 1,351,761 | | 14,436,807 |
Fidelity Series All-Sector Equity Fund (b) | 5,957,541 | | 84,120,484 |
Fidelity Series Commodity Strategy Fund (a)(b) | 1,262,939 | | 10,671,834 |
Fidelity Series Real Estate Equity Fund (b) | 726,488 | | 9,386,219 |
Fidelity Series Small Cap Opportunities Fund (b) | 3,125,349 | | 42,410,988 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $609,246,976) |
722,396,810
|
International Equity Funds - 26.8% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 3,764,348 | | 64,558,566 |
Fidelity Series International Growth Fund (b) | 7,613,440 | | 107,806,317 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 1,517,183 | | $ 24,563,196 |
Fidelity Series International Value Fund (b) | 9,770,855 | | 108,651,909 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $259,242,287) |
305,579,988
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 764,055 | | 7,793,362 |
Fidelity Series Floating Rate High Income Fund (b) | 378,876 | | 3,963,047 |
Fidelity Series High Income Fund (b) | 7,157,166 | | 75,794,389 |
Fidelity Series Investment Grade Bond Fund (b) | 1,897,452 | | 21,365,314 |
Fidelity Series Real Estate Income Fund (b) | 483,749 | | 5,456,690 |
TOTAL BOND FUNDS (Cost $109,528,392) |
114,372,802
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $978,017,655) | | 1,142,349,600 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (197,977) |
NET ASSETS - 100% | $ 1,142,151,623 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 66,669,108 | $ 10,365,170 | $ 25,945,321 | $ - | $ 70,088,664 |
Fidelity Advisor Growth & Income Fund Institutional Class | 35,481,306 | 2,174,951 | 40,817,196 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 35,845,261 | 3,014,855 | 45,776,796 | - | - |
Fidelity Advisor Series Equity-Income Fund | 44,779,464 | 82,111,374 | 7,658,142 | 1,279,105 | 126,915,534 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 9,921,685 | 84,770,098 | 6,639,713 | 514,724 | 95,794,060 |
Fidelity Advisor Series Growth Opportunities Fund | - | 60,780,509 | 2,812,013 | 22,915 | 61,851,647 |
Fidelity Advisor Series Opportunistic Insights Fund | 31,656,678 | 15,305,969 | 4,766,501 | - | 51,228,659 |
Fidelity Advisor Series Small Cap Fund | - | 34,147,413 | 1,655,058 | 25,256 | 34,292,434 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 45,101,687 | 41,107,698 | 7,115,645 | 663,397 | 85,373,705 |
Fidelity Advisor Small Cap Fund Institutional Class | 27,435,072 | 2,699,812 | 34,736,157 | - | - |
Fidelity Series 100 Index Fund | 11,099,125 | 24,616,220 | 2,470,125 | 332,485 | 35,825,775 |
Fidelity Series 1000 Value Index Fund | - | 14,196,104 | 604,868 | 53,739 | 14,436,807 |
Fidelity Series All-Sector Equity Fund | 88,201,459 | 20,601,320 | 34,856,308 | 699,012 | 84,120,484 |
Fidelity Series Commodity Strategy Fund | 83,502,801 | 21,490,742 | 86,517,312 | - | 10,671,834 |
Fidelity Series Emerging Markets Debt Fund | 6,420,091 | 2,427,208 | 654,590 | 365,663 | 7,793,362 |
Fidelity Series Emerging Markets Fund | 44,075,777 | 25,125,509 | 6,155,216 | 606,933 | 64,558,566 |
Fidelity Series Floating Rate High Income Fund | 2,952,479 | 1,442,615 | 378,000 | 150,980 | 3,963,047 |
Fidelity Series High Income Fund | 82,180,603 | 22,781,495 | 29,722,482 | 4,420,799 | 75,794,389 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series International Growth Fund | $ 72,337,325 | $ 34,091,621 | $ 8,302,553 | $ 672,815 | $ 107,806,317 |
Fidelity Series International Small Cap Fund | 14,681,753 | 8,726,427 | 1,906,941 | 164,056 | 24,563,196 |
Fidelity Series International Value Fund | 71,628,283 | 36,454,796 | 9,642,954 | 2,141,800 | 108,651,909 |
Fidelity Series Investment Grade Bond Fund | 40,856,148 | 14,057,283 | 32,363,327 | 824,606 | 21,365,314 |
Fidelity Series Large Cap Value Fund | 50,091,676 | 33,415,278 | 75,265,232 | 777,482 | - |
Fidelity Series Real Estate Equity Fund | 7,335,896 | 2,738,322 | 707,077 | 120,785 | 9,386,219 |
Fidelity Series Real Estate Income Fund | 3,123,821 | 2,780,798 | 383,358 | 227,388 | 5,456,690 |
Fidelity Series Small Cap Opportunities Fund | 32,003,872 | 13,220,487 | 6,422,180 | 8,985 | 42,410,988 |
Total | $ 907,381,370 | $ 614,644,074 | $ 474,275,065 | $ 14,072,925 | $ 1,142,349,600 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2045 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $978,017,655) - See accompanying schedule | | $ 1,142,349,600 |
Cash | | 4 |
Receivable for investments sold | | 1,708,852 |
Receivable for fund shares sold | | 1,845,797 |
Receivable from affiliate for expense reductions | | 241 |
Total assets | | 1,145,904,494 |
| | |
Liabilities | | |
Payable for investments purchased | $ 15,718 | |
Payable for fund shares redeemed | 3,538,893 | |
Distribution and service plan fees payable | 198,260 | |
Total liabilities | | 3,752,871 |
| | |
Net Assets | | $ 1,142,151,623 |
Net Assets consist of: | | |
Paid in capital | | $ 947,000,154 |
Undistributed net investment income | | 765,788 |
Accumulated undistributed net realized gain (loss) on investments | | 30,053,736 |
Net unrealized appreciation (depreciation) on investments | | 164,331,945 |
Net Assets | | $ 1,142,151,623 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($612,734,565 ÷ 54,167,398 shares) | | $ 11.31 |
| | |
Maximum offering price per share (100/94.25 of $11.31) | | $ 12.00 |
Class T:
Net Asset Value and redemption price per share ($128,619,204 ÷ 11,423,094 shares) | | $ 11.26 |
| | |
Maximum offering price per share (100/96.50 of $11.26) | | $ 11.67 |
Class B:
Net Asset Value and offering price per share ($3,564,796 ÷ 317,355 shares)A | | $ 11.23 |
| | |
Class C:
Net Asset Value and offering price per share ($18,456,949 ÷ 1,649,960 shares)A | | $ 11.19 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($378,776,109 ÷ 33,326,954 shares) | | $ 11.37 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 14,072,925 |
| | |
Expenses | | |
Distribution and service plan fees | $ 2,195,251 | |
Independent trustees' compensation | 3,841 | |
Total expenses before reductions | 2,199,092 | |
Expense reductions | (3,841) | 2,195,251 |
Net investment income (loss) | | 11,877,674 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 26,921,620 | |
Capital gain distributions from underlying funds | 36,504,408 | |
Total net realized gain (loss) | | 63,426,028 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 67,677,843 |
Net gain (loss) | | 131,103,871 |
Net increase (decrease) in net assets resulting from operations | | $ 142,981,545 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 11,877,674 | $ 12,046,883 |
Net realized gain (loss) | 63,426,028 | 21,385,492 |
Change in net unrealized appreciation (depreciation) | 67,677,843 | 48,075,115 |
Net increase (decrease) in net assets resulting from operations | 142,981,545 | 81,507,490 |
Distributions to shareholders from net investment income | (12,078,309) | (11,684,331) |
Distributions to shareholders from net realized gain | (50,000,600) | (10,873,978) |
Total distributions | (62,078,909) | (22,558,309) |
Share transactions - net increase (decrease) | 154,026,864 | 205,501,582 |
Total increase (decrease) in net assets | 234,929,500 | 264,450,763 |
| | |
Net Assets | | |
Beginning of period | 907,222,123 | 642,771,360 |
End of period (including undistributed net investment income of $765,788 and undistributed net investment income of $966,423, respectively) | $ 1,142,151,623 | $ 907,222,123 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.46 | $ 9.79 | $ 10.08 | $ 8.82 | $ 5.86 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .16 | .13 | .12 | .12 |
Net realized and unrealized gain (loss) | 1.39 | .81 | (.14) | 1.33 | 3.02 |
Total from investment operations | 1.51 | .97 | (.01) | 1.45 | 3.14 |
Distributions from net investment income | (.12) | (.15) | (.12) | (.11) | (.11) |
Distributions from net realized gain | (.54) | (.15) | (.16) | (.08) | (.07) |
Total distributions | (.66) | (.30) | (.28) | (.19) | (.18) |
Net asset value, end of period | $ 11.31 | $ 10.46 | $ 9.79 | $ 10.08 | $ 8.82 |
Total Return A,B | 14.74% | 10.21% | .12% | 16.67% | 53.81% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.12% | 1.59% | 1.41% | 1.35% | 1.53% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 612,735 | $ 527,525 | $ 403,850 | $ 320,731 | $ 205,405 |
Portfolio turnover rate D | 46% | 25% | 11% | 32% | 14% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.42 | $ 9.75 | $ 10.04 | $ 8.79 | $ 5.84 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .09 | .13 | .11 | .10 | .10 |
Net realized and unrealized gain (loss) | 1.39 | .82 | (.15) | 1.32 | 3.02 |
Total from investment operations | 1.48 | .95 | (.04) | 1.42 | 3.12 |
Distributions from net investment income | (.10) | (.12) | (.10) | (.09) | (.10) |
Distributions from net realized gain | (.54) | (.15) | (.16) | (.08) | (.07) |
Total distributions | (.64) | (.28) G | (.25) F | (.17) | (.17) |
Net asset value, end of period | $ 11.26 | $ 10.42 | $ 9.75 | $ 10.04 | $ 8.79 |
Total Return A,B | 14.45% | 10.02% | (.15)% | 16.36% | 53.52% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .87% | 1.34% | 1.16% | 1.10% | 1.28% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 128,619 | $ 92,998 | $ 62,438 | $ 60,268 | $ 43,326 |
Portfolio turnover rate D | 46% | 25% | 11% | 32% | 14% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.155 per share.
G Total distributions of $.28 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.153 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.39 | $ 9.73 | $ 10.01 | $ 8.77 | $ 5.83 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .08 | .06 | .05 | .06 |
Net realized and unrealized gain (loss) | 1.38 | .81 | (.14) | 1.32 | 3.01 |
Total from investment operations | 1.42 | .89 | (.08) | 1.37 | 3.07 |
Distributions from net investment income | (.05) | (.08) | (.05) | (.05) | (.06) |
Distributions from net realized gain | (.53) | (.15) | (.15) | (.08) | (.07) |
Total distributions | (.58) | (.23) | (.20) | (.13) | (.13) |
Net asset value, end of period | $ 11.23 | $ 10.39 | $ 9.73 | $ 10.01 | $ 8.77 |
Total Return A,B | 13.93% | 9.40% | (.62)% | 15.71% | 52.74% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .37% | .84% | .66% | .60% | .78% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 3,565 | $ 3,651 | $ 3,786 | $ 4,612 | $ 4,089 |
Portfolio turnover rate D | 46% | 25% | 11% | 32% | 14% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.36 | $ 9.71 | $ 10.00 | $ 8.76 | $ 5.82 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .08 | .06 | .05 | .06 |
Net realized and unrealized gain (loss) | 1.38 | .81 | (.14) | 1.32 | 3.01 |
Total from investment operations | 1.42 | .89 | (.08) | 1.37 | 3.07 |
Distributions from net investment income | (.06) | (.09) | (.06) | (.06) | (.06) |
Distributions from net realized gain | (.53) | (.15) | (.15) | (.08) | (.07) |
Total distributions | (.59) | (.24) | (.21) | (.13) F | (.13) |
Net asset value, end of period | $ 11.19 | $ 10.36 | $ 9.71 | $ 10.00 | $ 8.76 |
Total Return A,B | 13.95% | 9.42% | (.62)% | 15.80% | 52.90% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .37% | .84% | .66% | .60% | .78% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 18,457 | $ 13,415 | $ 9,926 | $ 8,753 | $ 6,199 |
Portfolio turnover rate D | 46% | 25% | 11% | 32% | 14% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.13 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.076 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.50 | $ 9.83 | $ 10.11 | $ 8.85 | $ 5.87 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .15 | .18 | .16 | .15 | .14 |
Net realized and unrealized gain (loss) | 1.41 | .81 | (.14) | 1.32 | 3.04 |
Total from investment operations | 1.56 | .99 | .02 | 1.47 | 3.18 |
Distributions from net investment income | (.15) | (.17) | (.14) | (.13) | (.13) |
Distributions from net realized gain | (.54) | (.15) | (.16) | (.08) | (.07) |
Total distributions | (.69) | (.32) | (.30) | (.21) | (.20) |
Net asset value, end of period | $ 11.37 | $ 10.50 | $ 9.83 | $ 10.11 | $ 8.85 |
Total Return A | 15.14% | 10.43% | .45% | 16.86% | 54.35% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.37% | 1.84% | 1.66% | 1.60% | 1.78% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 378,776 | $ 269,633 | $ 162,772 | $ 83,240 | $ 32,842 |
Portfolio turnover rate C | 46% | 25% | 11% | 32% | 14% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.2 | 7.6 |
Fidelity Advisor Series Equity-Income Fund | 11.1 | 5.1 |
Fidelity Advisor Series Growth & Income Fund | 8.4 | 5.0 |
Fidelity Advisor Series Growth Opportunities Fund | 5.4 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 4.5 | 3.9 |
Fidelity Advisor Series Small Cap Fund | 3.0 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.5 | 5.1 |
Fidelity Series 100 Index Fund | 3.1 | 1.2 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.3 | 9.5 |
Fidelity Series Commodity Strategy Fund | 0.9 | 9.0 |
Fidelity Series Real Estate Equity Fund | 0.8 | 0.7 |
Fidelity Series Small Cap Opportunities Fund | 3.7 | 3.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 3.8 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 3.0 |
Fidelity Series Large Cap Value Fund | 0.0 | 5.1 |
| 63.2 | 62.4 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.7 | 5.3 |
Fidelity Series International Growth Fund | 9.4 | 8.3 |
Fidelity Series International Small Cap Fund | 2.2 | 1.7 |
Fidelity Series International Value Fund | 9.5 | 8.2 |
| 26.8 | 23.5 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.1 | 0.1 |
Fidelity Series High Income Fund | 6.6 | 9.1 |
Fidelity Series Investment Grade Bond Fund | 2.1 | 3.9 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.3 |
| 10.0 | 14.1 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.2% | |
| International Equity Funds | 26.8% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 62.4% | |
| International Equity Funds | 23.5% | |
| Bond Funds | 14.1% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.2% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(b) | 551,012 | | $ 51,067,793 |
Fidelity Advisor Series Equity-Income Fund (b) | 7,337,897 | | 92,017,234 |
Fidelity Advisor Series Growth & Income Fund (b) | 5,262,424 | | 69,043,002 |
Fidelity Advisor Series Growth Opportunities Fund (b) | 4,173,312 | | 44,570,967 |
Fidelity Advisor Series Opportunistic Insights Fund (b) | 2,642,520 | | 36,968,854 |
Fidelity Advisor Series Small Cap Fund (b) | 2,354,987 | | 24,868,661 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (b) | 4,868,427 | | 61,634,290 |
Fidelity Series 100 Index Fund (b) | 2,129,569 | | 25,916,855 |
Fidelity Series 1000 Value Index Fund (b) | 978,594 | | 10,451,384 |
Fidelity Series All-Sector Equity Fund (b) | 4,294,706 | | 60,641,247 |
Fidelity Series Commodity Strategy Fund (a)(b) | 912,090 | | 7,707,162 |
Fidelity Series Real Estate Equity Fund (b) | 523,095 | | 6,758,383 |
Fidelity Series Small Cap Opportunities Fund (b) | 2,258,729 | | 30,650,952 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $437,267,697) |
522,296,784
|
International Equity Funds - 26.8% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 2,726,085 | | 46,752,364 |
Fidelity Series International Growth Fund (b) | 5,497,929 | | 77,850,676 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 1,108,622 | | $ 17,948,594 |
Fidelity Series International Value Fund (b) | 7,056,338 | | 78,466,476 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $185,942,166) |
221,018,110
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 552,409 | | 5,634,570 |
Fidelity Series Floating Rate High Income Fund (b) | 74,644 | | 780,777 |
Fidelity Series High Income Fund (b) | 5,173,951 | | 54,792,146 |
Fidelity Series Investment Grade Bond Fund (b) | 1,553,109 | | 17,488,007 |
Fidelity Series Real Estate Income Fund (b) | 349,677 | | 3,944,361 |
TOTAL BOND FUNDS (Cost $79,684,001) |
82,639,861
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $702,893,864) | | 825,954,755 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (152,232) |
NET ASSETS - 100% | $ 825,802,523 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 49,195,874 | $ 7,666,605 | $ 19,791,379 | $ - | $ 51,067,793 |
Fidelity Advisor Growth & Income Fund Institutional Class | 26,225,977 | 1,639,698 | 30,192,915 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 26,484,651 | 2,174,337 | 33,719,826 | - | - |
Fidelity Advisor Series Equity-Income Fund | 33,840,493 | 59,240,079 | 6,816,129 | 955,249 | 92,017,234 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 7,498,583 | 61,946,386 | 6,057,931 | 377,174 | 69,043,002 |
Fidelity Advisor Series Growth Opportunities Fund | - | 44,146,520 | 2,410,919 | 16,689 | 44,570,967 |
Fidelity Advisor Series Opportunistic Insights Fund | 23,924,742 | 10,510,254 | 4,288,257 | - | 36,968,854 |
Fidelity Advisor Series Small Cap Fund | - | 24,932,788 | 1,383,100 | 18,461 | 24,868,661 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 34,081,404 | 29,180,551 | 6,366,718 | 481,792 | 61,634,290 |
Fidelity Advisor Small Cap Fund Institutional Class | 20,231,800 | 2,039,669 | 25,646,907 | - | - |
Fidelity Series 100 Index Fund | 8,202,815 | 17,974,279 | 2,165,852 | 238,083 | 25,916,855 |
Fidelity Series 1000 Value Index Fund | - | 10,333,053 | 496,642 | 39,017 | 10,451,384 |
Fidelity Series All-Sector Equity Fund | 65,230,846 | 14,564,123 | 26,693,147 | 508,667 | 60,641,247 |
Fidelity Series Commodity Strategy Fund | 62,055,569 | 14,939,403 | 63,503,733 | - | 7,707,162 |
Fidelity Series Emerging Markets Debt Fund | 4,719,827 | 1,804,514 | 575,480 | 272,751 | 5,634,570 |
Fidelity Series Emerging Markets Fund | 32,667,017 | 17,843,966 | 4,958,570 | 443,251 | 46,752,364 |
Fidelity Series Floating Rate High Income Fund | 496,860 | 400,761 | 104,395 | 29,812 | 780,777 |
Fidelity Series High Income Fund | 61,428,717 | 18,129,448 | 25,178,864 | 3,293,846 | 54,792,146 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series International Growth Fund | $ 53,789,744 | $ 24,586,319 | $ 7,702,439 | $ 509,600 | $ 77,850,676 |
Fidelity Series International Small Cap Fund | 10,942,294 | 6,446,759 | 1,720,170 | 118,908 | 17,948,594 |
Fidelity Series International Value Fund | 53,369,497 | 25,453,746 | 7,976,423 | 1,510,423 | 78,466,476 |
Fidelity Series Investment Grade Bond Fund | 23,478,771 | 11,148,679 | 16,429,803 | 550,699 | 17,488,007 |
Fidelity Series Large Cap Value Fund | 37,173,024 | 24,339,210 | 55,549,714 | 565,977 | - |
Fidelity Series Real Estate Equity Fund | 5,424,779 | 2,027,969 | 692,041 | 89,041 | 6,758,383 |
Fidelity Series Real Estate Income Fund | 2,040,650 | 2,271,671 | 326,652 | 160,677 | 3,944,361 |
Fidelity Series Small Cap Opportunities Fund | 23,559,633 | 9,956,241 | 5,501,195 | 6,570 | 30,650,952 |
Total | $ 666,063,567 | $ 445,697,028 | $ 356,249,201 | $ 10,186,687 | $ 825,954,755 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2050 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $702,893,864) - See accompanying schedule | | $ 825,954,755 |
Receivable for investments sold | | 839,132 |
Receivable for fund shares sold | | 1,480,798 |
Receivable from affiliate for expense reductions | | 138 |
Total assets | | 828,274,823 |
| | |
Liabilities | | |
Payable to custodian bank | $ 2 | |
Payable for investments purchased | 4,368 | |
Payable for fund shares redeemed | 2,315,524 | |
Distribution and service plan fees payable | 152,406 | |
Total liabilities | | 2,472,300 |
| | |
Net Assets | | $ 825,802,523 |
Net Assets consist of: | | |
Paid in capital | | $ 679,503,212 |
Undistributed net investment income | | 513,822 |
Accumulated undistributed net realized gain (loss) on investments | | 22,724,598 |
Net unrealized appreciation (depreciation) on investments | | 123,060,891 |
Net Assets | | $ 825,802,523 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($401,588,853 ÷ 35,726,645 shares) | | $ 11.24 |
| | |
Maximum offering price per share (100/94.25 of $11.24) | | $ 11.93 |
Class T:
Net Asset Value and redemption price per share ($115,391,221 ÷ 10,301,653 shares) | | $ 11.20 |
| | |
Maximum offering price per share (100/96.50 of $11.20) | | $ 11.61 |
Class B:
Net Asset Value and offering price per share ($5,038,330 ÷ 451,995 shares)A | | $ 11.15 |
| | |
Class C:
Net Asset Value and offering price per share ($21,189,620 ÷ 1,902,887 shares)A | | $ 11.14 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($282,594,499 ÷ 25,011,300 shares) | | $ 11.30 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 10,186,687 |
| | |
Expenses | | |
Distribution and service plan fees | $ 1,721,051 | |
Independent trustees' compensation | 2,811 | |
Total expenses before reductions | 1,723,862 | |
Expense reductions | (2,811) | 1,721,051 |
Net investment income (loss) | | 8,465,636 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 21,606,531 | |
Capital gain distributions from underlying funds | 26,530,156 | |
Total net realized gain (loss) | | 48,136,687 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 48,837,052 |
Net gain (loss) | | 96,973,739 |
Net increase (decrease) in net assets resulting from operations | | $ 105,439,375 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 8,465,636 | $ 8,705,827 |
Net realized gain (loss) | 48,136,687 | 15,586,075 |
Change in net unrealized appreciation (depreciation) | 48,837,052 | 35,894,143 |
Net increase (decrease) in net assets resulting from operations | 105,439,375 | 60,186,045 |
Distributions to shareholders from net investment income | (8,609,427) | (8,370,984) |
Distributions to shareholders from net realized gain | (37,277,454) | (2,615,729) |
Total distributions | (45,886,881) | (10,986,713) |
Share transactions - net increase (decrease) | 100,312,280 | 126,263,908 |
Total increase (decrease) in net assets | 159,864,774 | 175,463,240 |
| | |
Net Assets | | |
Beginning of period | 665,937,749 | 490,474,509 |
End of period (including undistributed net investment income of $513,822 and undistributed net investment income of $657,613, respectively) | $ 825,802,523 | $ 665,937,749 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.39 | $ 9.61 | $ 9.93 | $ 8.66 | $ 5.67 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .12 | .15 | .12 | .11 | .11 |
Net realized and unrealized gain (loss) | 1.40 | .82 | (.17) | 1.34 | 3.05 |
Total from investment operations | 1.52 | .97 | (.05) | 1.45 | 3.16 |
Distributions from net investment income | (.12) | (.14) | (.11) | (.11) | (.10) |
Distributions from net realized gain | (.55) | (.05) | (.16) | (.08) | (.07) |
Total distributions | (.67) | (.19) | (.27) | (.18) F | (.17) |
Net asset value, end of period | $ 11.24 | $ 10.39 | $ 9.61 | $ 9.93 | $ 8.66 |
Total Return A,B | 14.91% | 10.23% | (.22)% | 16.99% | 55.94% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.10% | 1.56% | 1.32% | 1.23% | 1.43% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 401,589 | $ 352,814 | $ 280,478 | $ 220,549 | $ 137,716 |
Portfolio turnover rate D | 47% | 28% | 12% | 36% | 15% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.18 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.079 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.36 | $ 9.58 | $ 9.90 | $ 8.64 | $ 5.66 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .09 | .13 | .10 | .09 | .09 |
Net realized and unrealized gain (loss) | 1.39 | .81 | (.17) | 1.33 | 3.05 |
Total from investment operations | 1.48 | .94 | (.07) | 1.42 | 3.14 |
Distributions from net investment income | (.10) | (.12) | (.09) | (.09) | (.09) |
Distributions from net realized gain | (.55) | (.05) | (.16) | (.08) | (.07) |
Total distributions | (.64) H | (.16) G | (.25) | (.16) F | (.16) |
Net asset value, end of period | $ 11.20 | $ 10.36 | $ 9.58 | $ 9.90 | $ 8.64 |
Total Return A,B | 14.61% | 9.99% | (.48)% | 16.66% | 55.57% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | .85% | 1.31% | 1.07% | .98% | 1.18% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 115,391 | $ 89,196 | $ 64,512 | $ 61,195 | $ 46,449 |
Portfolio turnover rate D | 47% | 28% | 12% | 36% | 15% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.16 per share is comprised of distributions from net investment income of $.085 and distributions from net realized gain of $.079 per share.
G Total distributions of $.16 per share is comprised of distributions from net investment income of $.117 and distributions from net realized gain of $.046 per share.
H Total distributions of $.64 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.546 per share.
Financial Highlights - Class B
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.31 | $ 9.54 | $ 9.86 | $ 8.60 | $ 5.64 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .08 | .05 | .04 | .05 |
Net realized and unrealized gain (loss) | 1.38 | .81 | (.17) | 1.34 | 3.03 |
Total from investment operations | 1.42 | .89 | (.12) | 1.38 | 3.08 |
Distributions from net investment income | (.05) | (.08) | (.05) | (.05) | (.05) |
Distributions from net realized gain | (.54) | (.05) | (.15) | (.07) | (.07) |
Total distributions | (.58) G | (.12) F | (.20) | (.12) | (.12) |
Net asset value, end of period | $ 11.15 | $ 10.31 | $ 9.54 | $ 9.86 | $ 8.60 |
Total Return A,B | 14.06% | 9.47% | (1.06)% | 16.16% | 54.72% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .81% | .57% | .48% | .68% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,038 | $ 5,532 | $ 5,643 | $ 6,704 | $ 5,847 |
Portfolio turnover rate D | 47% | 28% | 12% | 36% | 15% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.12 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.046 per share.
G Total distributions of $.58 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.536 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.31 | $ 9.54 | $ 9.87 | $ 8.61 | $ 5.63 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .04 | .08 | .05 | .04 | .05 |
Net realized and unrealized gain (loss) | 1.38 | .82 | (.18) | 1.34 | 3.05 |
Total from investment operations | 1.42 | .90 | (.13) | 1.38 | 3.10 |
Distributions from net investment income | (.06) | (.08) | (.05) | (.05) | (.05) |
Distributions from net realized gain | (.54) | (.05) | (.15) | (.07) | (.07) |
Total distributions | (.59) F | (.13) | (.20) | (.12) | (.12) |
Net asset value, end of period | $ 11.14 | $ 10.31 | $ 9.54 | $ 9.87 | $ 8.61 |
Total Return A,B | 14.06% | 9.53% | (1.08)% | 16.16% | 55.15% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .35% | .81% | .57% | .48% | .68% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 21,190 | $ 16,188 | $ 13,344 | $ 12,014 | $ 9,646 |
Portfolio turnover rate D | 47% | 28% | 12% | 36% | 15% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.59 per share is comprised of distributions from net investment income of $.056 and distributions from net realized gain of $.536 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.44 | $ 9.65 | $ 9.97 | $ 8.70 | $ 5.68 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .15 | .18 | .15 | .13 | .13 |
Net realized and unrealized gain (loss) | 1.40 | .82 | (.18) | 1.34 | 3.08 |
Total from investment operations | 1.55 | 1.00 | (.03) | 1.47 | 3.21 |
Distributions from net investment income | (.15) | (.16) | (.13) | (.13) | (.12) |
Distributions from net realized gain | (.55) | (.05) | (.16) | (.08) | (.07) |
Total distributions | (.69) G | (.21) | (.29) | (.20) F | (.19) |
Net asset value, end of period | $ 11.30 | $ 10.44 | $ 9.65 | $ 9.97 | $ 8.70 |
Total Return A | 15.20% | 10.55% | .02% | 17.17% | 56.66% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.35% | 1.81% | 1.57% | 1.48% | 1.68% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 282,594 | $ 202,208 | $ 126,497 | $ 62,785 | $ 40,214 |
Portfolio turnover rate C | 47% | 28% | 12% | 36% | 15% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.20 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.078 per share.
G Total distributions of $.69 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.546 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2055 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.7 | 7.9 |
Fidelity Advisor Series Equity-Income Fund | 11.4 | 5.3 |
Fidelity Advisor Series Growth & Income Fund | 8.4 | 5.2 |
Fidelity Advisor Series Growth Opportunities Fund | 5.1 | 0.0 |
Fidelity Advisor Series Opportunistic Insights Fund | 4.9 | 4.1 |
Fidelity Advisor Series Small Cap Fund | 3.1 | 0.0 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 7.5 | 5.3 |
Fidelity Series 100 Index Fund | 3.2 | 1.3 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.1 | 9.9 |
Fidelity Series Commodity Strategy Fund | 0.9 | 9.5 |
Fidelity Series Real Estate Equity Fund | 1.0 | 0.8 |
Fidelity Series Small Cap Opportunities Fund | 3.7 | 3.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 0.0 | 4.0 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.0 | 3.1 |
Fidelity Series Large Cap Value Fund | 0.0 | 5.5 |
| 63.3 | 65.5 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.6 | 5.4 |
Fidelity Series International Growth Fund | 9.5 | 8.7 |
Fidelity Series International Small Cap Fund | 2.3 | 1.8 |
Fidelity Series International Value Fund | 9.5 | 8.6 |
| 26.9 | 24.5 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.6 |
Fidelity Series Floating Rate High Income Fund * | 0.0 | 0.0 |
Fidelity Series High Income Fund | 6.6 | 9.1 |
Fidelity Series Investment Grade Bond Fund | 2.2 | 0.1 |
Fidelity Series Real Estate Income Fund | 0.3 | 0.2 |
| 9.8 | 10.0 |
Net Other Assets (Liabilities) * | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds ** | 63.3% | |
| International Equity Funds | 26.9% | |
| Bond Funds | 9.8% | |
Six months ago |
| Domestic Equity Funds** | 65.5% | |
| International Equity Funds | 24.5% | |
| Bond Funds | 10.0% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Advisor Freedom 2055 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.3% |
| Shares | | Value |
Fidelity Advisor Equity Growth Fund Institutional Class (a)(b) | 95,818 | | $ 8,880,395 |
Fidelity Advisor Series Equity-Income Fund (b) | 1,427,043 | | 17,895,119 |
Fidelity Advisor Series Growth & Income Fund (b) | 1,011,064 | | 13,265,158 |
Fidelity Advisor Series Growth Opportunities Fund (b) | 751,547 | | 8,026,517 |
Fidelity Advisor Series Opportunistic Insights Fund (b) | 552,716 | | 7,732,493 |
Fidelity Advisor Series Small Cap Fund (b) | 459,454 | | 4,851,837 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund (b) | 936,121 | | 11,851,287 |
Fidelity Series 100 Index Fund (b) | 411,404 | | 5,006,785 |
Fidelity Series 1000 Value Index Fund (b) | 190,028 | | 2,029,502 |
Fidelity Series All-Sector Equity Fund (b) | 789,795 | | 11,151,907 |
Fidelity Series Commodity Strategy Fund (a)(b) | 173,632 | | 1,467,193 |
Fidelity Series Real Estate Equity Fund (b) | 124,732 | | 1,611,534 |
Fidelity Series Small Cap Opportunities Fund (b) | 433,190 | | 5,878,390 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $90,932,040) |
99,648,117
|
International Equity Funds - 26.9% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 514,722 | | 8,827,477 |
Fidelity Series International Growth Fund (b) | 1,052,128 | | 14,898,127 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 220,028 | | $ 3,562,259 |
Fidelity Series International Value Fund (b) | 1,349,466 | | 15,006,060 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $38,728,279) |
42,293,923
|
Bond Funds - 9.8% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 105,324 | | 1,074,301 |
Fidelity Series Floating Rate High Income Fund (b) | 1,541 | | 16,117 |
Fidelity Series High Income Fund (b) | 984,469 | | 10,425,524 |
Fidelity Series Investment Grade Bond Fund (b) | 308,691 | | 3,475,861 |
Fidelity Series Real Estate Income Fund (b) | 37,553 | | 423,596 |
TOTAL BOND FUNDS (Cost $15,119,372) |
15,415,399
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $144,779,691) | | 157,357,439 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (26,143) |
NET ASSETS - 100% | $ 157,331,296 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Advisor Equity Growth Fund Institutional Class | $ 4,717,573 | $ 5,045,565 | $ 2,789,204 | $ - | $ 8,880,395 |
Fidelity Advisor Growth & Income Fund Institutional Class | 2,595,183 | 971,502 | 3,818,648 | - | - |
Fidelity Advisor Large Cap Fund Institutional Class | 2,597,322 | 1,558,537 | 4,798,398 | - | - |
Fidelity Advisor Series Equity-Income Fund | 2,664,286 | 15,141,536 | 808,989 | 130,240 | 17,895,119 |
Fidelity Advisor Series Growth & Income Fund (formerly Fidelity Advisor Series Mega Cap Fund) | 597,982 | 12,496,932 | 696,180 | 60,373 | 13,265,158 |
Fidelity Advisor Series Growth Opportunities Fund | - | 7,807,695 | 219,353 | 2,588 | 8,026,517 |
Fidelity Advisor Series Opportunistic Insights Fund | 1,895,518 | 5,370,707 | 464,629 | - | 7,732,493 |
Fidelity Advisor Series Small Cap Fund | - | 4,747,884 | 124,733 | 2,908 | 4,851,837 |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 2,677,427 | 9,178,962 | 658,443 | 74,248 | 11,851,287 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,939,859 | 1,335,542 | 3,707,829 | - | - |
Fidelity Series 100 Index Fund | 873,917 | 4,049,808 | 217,843 | 35,883 | 5,006,785 |
Fidelity Series 1000 Value Index Fund | - | 1,962,994 | 44,774 | 6,523 | 2,029,502 |
Fidelity Series All-Sector Equity Fund | 6,287,353 | 7,141,979 | 3,149,208 | 80,017 | 11,151,907 |
Fidelity Series Commodity Strategy Fund | 5,784,182 | 5,669,442 | 9,307,025 | - | 1,467,193 |
Fidelity Series Emerging Markets Debt Fund | 356,627 | 796,137 | 52,926 | 36,434 | 1,074,301 |
Fidelity Series Emerging Markets Fund | 3,113,335 | 5,967,475 | 489,081 | 65,572 | 8,827,477 |
Fidelity Series Floating Rate High Income Fund | 1,943 | 15,386 | 1,039 | 393 | 16,117 |
Fidelity Series High Income Fund | 5,468,666 | 8,311,036 | 3,474,784 | 455,133 | 10,425,524 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series International Growth Fund | $ 5,007,955 | $ 9,651,096 | $ 806,168 | $ 80,244 | $ 14,898,127 |
Fidelity Series International Small Cap Fund | 1,011,976 | 2,395,228 | 178,896 | 20,810 | 3,562,259 |
Fidelity Series International Value Fund | 4,963,040 | 9,816,201 | 807,650 | 240,495 | 15,006,060 |
Fidelity Series Investment Grade Bond Fund | 68,328 | 3,578,710 | 183,941 | 31,134 | 3,475,861 |
Fidelity Series Large Cap Value Fund | 3,698,707 | 5,608,444 | 8,219,945 | 89,457 | - |
Fidelity Series Real Estate Equity Fund | 544,808 | 1,128,956 | 92,828 | 14,508 | 1,611,534 |
Fidelity Series Real Estate Income Fund | 134,922 | 316,097 | 24,155 | 14,390 | 423,596 |
Fidelity Series Small Cap Opportunities Fund | 2,255,121 | 3,955,933 | 689,440 | 1,037 | 5,878,390 |
Total | $ 59,256,030 | $ 134,019,784 | $ 45,826,109 | $ 1,442,387 | $ 157,357,439 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2055 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $144,779,691) - See accompanying schedule | | $ 157,357,439 |
Receivable for investments sold | | 16,444 |
Receivable for fund shares sold | | 736,554 |
Receivable from affiliate for expense reductions | | 88 |
Total assets | | 158,110,525 |
| | |
Liabilities | | |
Payable for investments purchased | $ 250,390 | |
Payable for fund shares redeemed | 502,578 | |
Distribution and service plan fees payable | 26,261 | |
Total liabilities | | 779,229 |
| | |
Net Assets | | $ 157,331,296 |
Net Assets consist of: | | |
Paid in capital | | $ 142,593,135 |
Undistributed net investment income | | 94,984 |
Accumulated undistributed net realized gain (loss) on investments | | 2,065,429 |
Net unrealized appreciation (depreciation) on investments | | 12,577,748 |
Net Assets | | $ 157,331,296 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($81,217,040 ÷ 6,937,887 shares) | | $ 11.71 |
| | |
Maximum offering price per share (100/94.25 of $11.71) | | $ 12.42 |
Class T:
Net Asset Value and redemption price per share ($19,133,789 ÷ 1,638,059 shares) | | $ 11.68 |
| | |
Maximum offering price per share (100/96.50 of $11.68) | | $ 12.10 |
Class C:
Net Asset Value and offering price per share ($2,490,824 ÷ 213,064 shares)A | | $ 11.69 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($54,489,643 ÷ 4,641,179 shares) | | $ 11.74 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 1,442,387 |
| | |
Expenses | | |
Distribution and service plan fees | $ 223,426 | |
Independent trustees' compensation | 374 | |
Total expenses before reductions | 223,800 | |
Expense reductions | (374) | 223,426 |
Net investment income (loss) | | 1,218,961 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 523,476 | |
Capital gain distributions from underlying funds | 4,225,946 | |
Total net realized gain (loss) | | 4,749,422 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 9,384,388 |
Net gain (loss) | | 14,133,810 |
Net increase (decrease) in net assets resulting from operations | | $ 15,352,771 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,218,961 | $ 516,037 |
Net realized gain (loss) | 4,749,422 | 755,707 |
Change in net unrealized appreciation (depreciation) | 9,384,388 | 3,283,912 |
Net increase (decrease) in net assets resulting from operations | 15,352,771 | 4,555,656 |
Distributions to shareholders from net investment income | (1,169,063) | (473,172) |
Distributions to shareholders from net realized gain | (3,355,879) | (129,809) |
Total distributions | (4,524,942) | (602,981) |
Share transactions - net increase (decrease) | 87,257,338 | 47,565,310 |
Total increase (decrease) in net assets | 98,085,167 | 51,517,985 |
| | |
Net Assets | | |
Beginning of period | 59,246,129 | 7,728,144 |
End of period (including undistributed net investment income of $94,984 and undistributed net investment income of $45,086, respectively) | $ 157,331,296 | $ 59,246,129 |
Financial Highlights - Class A
Years ended March 31, | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.56 | $ 9.75 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .12 | .18 | .11 |
Net realized and unrealized gain (loss) | 1.49 | .83 | (.11) |
Total from investment operations | 1.61 | 1.01 | - |
Distributions from net investment income | (.11) | (.13) | (.11) |
Distributions from net realized gain | (.36) | (.07) | (.15) |
Total distributions | (.46) J | (.20) | (.25) I |
Net asset value, end of period | $ 11.71 | $ 10.56 | $ 9.75 |
Total Return B, C, D | 15.45% | 10.51% | .29% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | .25% | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% A |
Expenses net of all reductions | .25% | .25% | .25% A |
Net investment income (loss) | 1.11% | 1.82% | 1.44% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 81,217 | $ 32,476 | $ 2,655 |
Portfolio turnover rate F | 43% | 29% | 18% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Amounts do not include the activity of the Underlying Funds.
G For the period June 1, 2011 (commencement of operations) to March 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.25 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.146 per share.
J Total distributions of $.46 per share is comprised of distributions from net investment income of $.106 and distributions from net realized gain of $.355 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.55 | $ 9.75 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | .16 | .09 |
Net realized and unrealized gain (loss) | 1.47 | .82 | (.10) |
Total from investment operations | 1.57 | .98 | (.01) |
Distributions from net investment income | (.09) | (.11) | (.09) |
Distributions from net realized gain | (.36) | (.07) | (.15) |
Total distributions | (.44) I | (.18) | (.24) |
Net asset value, end of period | $ 11.68 | $ 10.55 | $ 9.75 |
Total Return B, C, D | 15.07% | 10.24% | .12% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | .50% | .50% | .50% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% A |
Expenses net of all reductions | .50% | .50% | .50% A |
Net investment income (loss) | .86% | 1.57% | 1.19% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 19,134 | $ 7,239 | $ 1,444 |
Portfolio turnover rate F | 43% | 29% | 18% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Amounts do not include the activity of the Underlying Funds.
G For the period June 1, 2011 (commencement of operations) to March 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.44 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.355 per share.
Financial Highlights - Class C
Years ended March 31, | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.57 | $ 9.74 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .04 | .10 | .05 |
Net realized and unrealized gain (loss) | 1.47 | .83 | (.10) |
Total from investment operations | 1.51 | .93 | (.05) |
Distributions from net investment income | (.05) | (.03) | (.06) |
Distributions from net realized gain | (.35) | (.07) | (.15) |
Total distributions | (.39) I | (.10) | (.21) |
Net asset value, end of period | $ 11.69 | $ 10.57 | $ 9.74 |
Total Return B, C, D | 14.46% | 9.69% | (.27)% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | .36% | 1.07% | .69% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 2,491 | $ 1,094 | $ 1,127 |
Portfolio turnover rate F | 43% | 29% | 18% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Amounts do not include the activity of the Underlying Funds.
G For the period June 1, 2011 (commencement of operations) to March 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.39 per share is comprised of distributions from net investment income of $.048 and distributions from net realized gain of $.345 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Institutional Class
Years ended March 31, | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.59 | $ 9.76 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .15 | .21 | .13 |
Net realized and unrealized gain (loss) | 1.48 | .83 | (.11) |
Total from investment operations | 1.63 | 1.04 | .02 |
Distributions from net investment income | (.13) | (.14) | (.12) |
Distributions from net realized gain | (.36) | (.07) | (.15) |
Total distributions | (.48) J | (.21) | (.26) I |
Net asset value, end of period | $ 11.74 | $ 10.59 | $ 9.76 |
Total Return B, C | 15.61% | 10.84% | .51% |
Ratios to Average Net Assets E, H | | | |
Expenses before reductions F | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% A |
Net investment income (loss) | 1.36% | 2.07% | 1.69% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 54,490 | $ 18,438 | $ 2,503 |
Portfolio turnover rate E | 43% | 29% | 18% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F Amount represents less than .01%.
G For the period June 1, 2011 (commencement of operations) to March 31, 2012.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.26 per share is comprised of distributions from net investment income of $.116 and distributions from net realized gain of $.146 per share.
J Total distributions of $.48 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.355 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended March 31, 2014
1. Organization.
Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund and Fidelity Advisor Freedom 2055 (the Funds) are funds of Fidelity Aberdeen Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).
Each Fund offers Class A, Class T, Class C, and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2014, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized
appreciation | Gross unrealized
depreciation | Net unrealized
appreciation
(depreciation) on
securities and other
investments |
Advisor Freedom Income | $ 273,472,304 | $ 17,984,557 | $ (1,203,201) | $ 16,781,356 |
Advisor Freedom 2005 | 271,942,847 | 23,824,421 | (1,165,964) | 22,658,457 |
Advisor Freedom 2010 | 780,164,124 | 84,021,308 | (4,342,578) | 79,678,730 |
Advisor Freedom 2015 | 1,688,846,755 | 210,137,580 | (8,793,974) | 201,343,606 |
Advisor Freedom 2020 | 3,029,180,449 | 380,762,379 | (20,013,115) | 360,749,264 |
Advisor Freedom 2025 | 2,850,331,291 | 415,095,746 | (15,592,963) | 399,502,783 |
Advisor Freedom 2030 | 2,806,754,218 | 437,657,908 | (6,093,744) | 431,564,164 |
Advisor Freedom 2035 | 2,041,169,527 | 349,182,835 | (3,812,926) | 345,369,909 |
Advisor Freedom 2040 | 1,965,339,418 | 331,308,663 | (3,727,885) | 327,580,778 |
Advisor Freedom 2045 | 979,594,916 | 164,769,390 | (2,014,706) | 162,754,684 |
Advisor Freedom 2050 | 704,111,147 | 123,486,941 | (1,643,333) | 121,843,608 |
Advisor Freedom 2055 | 144,875,900 | 12,703,169 | (221,630) | 12,481,539 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| Undistributed
ordinary income | Undistributed
long-term
capital gain | Net unrealized
appreciation
(depreciation) |
Advisor Freedom Income | $ 588,439 | $ 4,509,417 | $ 16,781,356 |
Advisor Freedom 2005 | 1,178,665 | 3,778,896 | 22,658,457 |
Advisor Freedom 2010 | 3,558,546 | 13,115,871 | 79,678,730 |
Advisor Freedom 2015 | 7,185,151 | 32,543,917 | 201,343,606 |
Advisor Freedom 2020 | 10,683,907 | 49,873,206 | 360,749,264 |
Advisor Freedom 2025 | 10,166,591 | 48,065,293 | 399,502,783 |
Advisor Freedom 2030 | 6,711,392 | 35,391,213 | 431,564,164 |
Advisor Freedom 2035 | 3,732,787 | 31,898,391 | 345,369,909 |
Advisor Freedom 2040 | 4,341,858 | 29,121,846 | 327,580,778 |
Advisor Freedom 2045 | 2,448,411 | 29,948,375 | 162,754,684 |
Advisor Freedom 2050 | 1,816,262 | 22,639,441 | 121,843,608 |
Advisor Freedom 2055 | 237,703 | 2,018,921 | 12,481,539 |
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The tax character of distributions paid was as follows:
March 31, 2014 | | | |
| Ordinary Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 5,477,302 | $ 5,822,554 | $ 11,299,856 |
Advisor Freedom 2005 | 6,110,862 | 4,640,048 | 10,750,910 |
Advisor Freedom 2010 | 20,888,700 | 17,590,764 | 38,479,464 |
Advisor Freedom 2015 | 46,628,978 | 50,615,076 | 97,244,054 |
Advisor Freedom 2020 | 83,459,191 | 92,532,796 | 175,991,987 |
Advisor Freedom 2025 | 83,535,739 | 107,472,852 | 191,008,591 |
Advisor Freedom 2030 | 90,111,149 | 98,991,029 | 189,102,178 |
Advisor Freedom 2035 | 67,580,156 | 91,022,780 | 158,602,936 |
Advisor Freedom 2040 | 63,483,756 | 87,121,446 | 150,605,202 |
Advisor Freedom 2045 | 29,992,159 | 32,086,750 | 62,078,909 |
Advisor Freedom 2050 | 21,768,582 | 24,118,299 | 45,886,881 |
Advisor Freedom 2055 | 3,373,590 | 1,151,352 | 4,524,942 |
March 31, 2013 | | | |
| Ordinary Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 5,414,666 | $ 1,914,942 | $ 7,329,608 |
Advisor Freedom 2005 | 5,136,657 | - | 5,136,657 |
Advisor Freedom 2010 | 18,067,071 | - | 18,067,071 |
Advisor Freedom 2015 | 38,253,485 | - | 38,253,485 |
Advisor Freedom 2020 | 62,726,354 | - | 62,726,354 |
Advisor Freedom 2025 | 53,196,385 | - | 53,196,385 |
Advisor Freedom 2030 | 53,839,930 | - | 53,839,930 |
Advisor Freedom 2035 | 32,750,670 | - | 32,750,670 |
Advisor Freedom 2040 | 31,788,840 | - | 31,788,840 |
Advisor Freedom 2045 | 13,679,345 | 8,878,964 | 22,558,309 |
Advisor Freedom 2050 | 9,440,533 | 1,546,180 | 10,986,713 |
Advisor Freedom 2055 | 507,335 | 95,646 | 602,981 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares and in-kind transactions are noted in the table below.
| Purchases ($) | Redemptions ($) |
Advisor Freedom Income | 110,509,515 | 151,567,737 |
Advisor Freedom 2005 | 148,186,659 | 173,196,772 |
Advisor Freedom 2010 | 348,234,361 | 437,392,945 |
Advisor Freedom 2015 | 714,475,216 | 880,329,776 |
Advisor Freedom 2020 | 1,333,645,638 | 1,410,087,965 |
Advisor Freedom 2025 | 1,390,936,523 | 1,269,494,795 |
Advisor Freedom 2030 | 1,692,685,499 | 1,641,265,374 |
Advisor Freedom 2035 | 1,192,747,948 | 1,085,931,376 |
Advisor Freedom 2040 | 1,105,213,292 | 1,025,009,478 |
Advisor Freedom 2045 | 614,644,074 | 474,275,065 |
Advisor Freedom 2050 | 445,697,028 | 356,249,201 |
Advisor Freedom 2055 | 134,019,784 | 45,826,109 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Strategic Advisers, Inc. (the investment adviser), an affiliate of FMR, provides the Funds with investment management related services. The Funds do not pay any fees for these services.
Annual Report
4. Fees and Other Transactions with Affiliates - continued
Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding the distribution and service fees, the compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares, except for the Institutional Class. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Advisor Freedom Income | Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 411,081 | $ 17,600 |
Class T | .25% | .25% | 260,333 | 605 |
Class B | .75% | .25% | 19,512 | 14,917 |
Class C | .75% | .25% | 160,227 | 21,088 |
| | | $ 851,153 | $ 54,210 |
Advisor Freedom 2005 | | | | |
Class A | -% | .25% | $ 486,370 | $ 50,064 |
Class T | .25% | .25% | 142,834 | 274 |
Class B | .75% | .25% | 11,432 | 8,644 |
Class C | .75% | .25% | 89,355 | 7,517 |
| | | $ 729,991 | $ 66,499 |
Advisor Freedom 2010 | | | | |
Class A | -% | .25% | $ 1,306,630 | $ 119,231 |
Class T | .25% | .25% | 642,541 | 5,572 |
Class B | .75% | .25% | 50,296 | 38,259 |
Class C | .75% | .25% | 375,479 | 29,316 |
| | | $ 2,374,946 | $ 192,378 |
Advisor Freedom 2015 | | | | |
Class A | -% | .25% | $ 2,852,486 | $ 242,558 |
Class T | .25% | .25% | 1,143,706 | 4,608 |
Class B | .75% | .25% | 145,496 | 109,696 |
Class C | .75% | .25% | 733,938 | 82,620 |
| | | $ 4,875,626 | $ 493,482 |
Advisor Freedom 2020 | | | | |
Class A | -% | .25% | $ 4,838,060 | $ 400,052 |
Class T | .25% | .25% | 2,263,839 | 3,354 |
Class B | .75% | .25% | 280,529 | 212,663 |
Class C | .75% | .25% | 1,070,976 | 119,710 |
| | | $ 8,453,404 | $ 735,779 |
Advisor Freedom 2025 | | | | |
Class A | -% | .25% | $ 4,668,339 | $ 453,058 |
Class T | .25% | .25% | 1,795,218 | 1,897 |
Class B | .75% | .25% | 201,805 | 152,720 |
Class C | .75% | .25% | 816,338 | 101,623 |
| | | $ 7,481,700 | $ 709,298 |
Advisor Freedom 2030 | | | | |
Class A | -% | .25% | $ 4,446,177 | $ 355,830 |
Class T | .25% | .25% | 2,107,866 | 907 |
Class B | .75% | .25% | 241,199 | 182,957 |
Class C | .75% | .25% | 806,573 | 97,813 |
| | | $ 7,601,815 | $ 637,507 |
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
Advisor Freedom 2035 | Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 3,303,549 | $ 291,185 |
Class T | .25% | .25% | 1,240,867 | 235 |
Class B | .75% | .25% | 162,173 | 122,775 |
Class C | .75% | .25% | 485,172 | 61,185 |
| | | $ 5,191,761 | $ 475,380 |
Advisor Freedom 2040 | | | | |
Class A | -% | .25% | $ 2,966,869 | $ 214,631 |
Class T | .25% | .25% | 1,574,773 | 5,726 |
Class B | .75% | .25% | 210,815 | 159,630 |
Class C | .75% | .25% | 673,853 | 76,469 |
| | | $ 5,426,310 | $ 456,456 |
Advisor Freedom 2045 | | | | |
Class A | -% | .25% | $ 1,439,795 | $ 124,462 |
Class T | .25% | .25% | 559,889 | - |
Class B | .75% | .25% | 36,233 | 27,325 |
Class C | .75% | .25% | 159,334 | 33,316 |
| | | $ 2,195,251 | $ 185,103 |
Advisor Freedom 2050 | | | | |
Class A | -% | .25% | $ 959,769 | $ 52,468 |
Class T | .25% | .25% | 519,165 | - |
Class B | .75% | .25% | 54,183 | 40,733 |
Class C | .75% | .25% | 187,934 | 30,843 |
| | | $ 1,721,051 | $ 124,044 |
Advisor Freedom 2055 | | | | |
Class A | -% | .25% | $ 141,577 | $ 13,490 |
Class T | .25% | .25% | 64,941 | - |
Class C | .75% | .25% | 16,908 | 9,926 |
| | | $ 223,426 | $ 23,416 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Advisor Freedom Income | Retained
by FDC |
Class A | $ 8,876 |
Class T | 2,378 |
Class B* | 5,260 |
Class C* | 2,266 |
| $ 18,780 |
Advisor Freedom 2005 | |
Class A | $ 4,169 |
Class T | 1,008 |
Class B* | 514 |
Class C* | 350 |
| $ 6,041 |
Advisor Freedom 2010 | |
Class A | $ 14,676 |
Class T | 6,739 |
Class B* | 6,896 |
Class C* | 2,672 |
| $ 30,983 |
Annual Report
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
Advisor Freedom 2015 | Retained
by FDC |
Class A | $ 36,442 |
Class T | 15,460 |
Class B* | 9,407 |
Class C* | 4,023 |
| $ 65,332 |
Advisor Freedom 2020 | |
Class A | $ 87,581 |
Class T | 37,238 |
Class B* | 23,902 |
Class C* | 9,422 |
| $ 158,143 |
Advisor Freedom 2025 | |
Class A | $ 169,702 |
Class T | 39,977 |
Class B* | 19,120 |
Class C* | 8,558 |
| $ 237,357 |
Advisor Freedom 2030 | |
Class A | $ 85,166 |
Class T | 39,549 |
Class B* | 13,021 |
Class C* | 11,061 |
| $ 148,797 |
Advisor Freedom 2035 | |
Class A | $ 62,340 |
Class T | 36,446 |
Class B* | 7,998 |
Class C* | 8,335 |
| $ 115,119 |
Advisor Freedom 2040 | |
Class A | $ 83,127 |
Class T | 39,019 |
Class B* | 17,214 |
Class C* | 9,948 |
| $ 149,308 |
Advisor Freedom 2045 | |
Class A | $ 35,303 |
Class T | 18,653 |
Class B* | 3,171 |
Class C* | 4,978 |
| $ 62,105 |
Advisor Freedom 2050 | |
Class A | $ 32,502 |
Class T | 12,639 |
Class B* | 5,631 |
Class C* | 5,659 |
| $ 56,431 |
Advisor Freedom 2055 | |
Class A | $ 11,286 |
Class T | 7,346 |
Class C* | 466 |
| $ 19,098 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Reallocation of Underlying Fund Investments. During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in Fidelity Advisor Equity Growth Fund Institutional Class, Fidelity Advisor Growth & Income Fund Institutional Class, Fidelity Advisor Large Cap Fund Institutional Class, Fidelity Advisor Small Cap Fund Institutional Class, Fidelity Series All-Sector Equity Fund, Fidelity Series Large Cap Value Fund ("selected Underlying Funds") for investments, including accrued interest, and non-taxable exchanges of those investments for shares of Fidelity Advisor Series Equity-Income Fund, Fidelity Series 1000 Value Index Fund, Fidelity Advisor Series Small Cap Fund, Fidelity Series Large Cap Value Fund, Fidelity Advisor Series Growth Opportunities Fund and Fidelity Advisor Series Growth & Income Fund all of which are affiliated investment companies managed by FMR. Realized gains and losses on the redemptions of the selected Underlying Funds in connection with the reallocation are included in the accompanying Statements of Operations as "Realized gain (loss) on sale of underlying fund shares."
Details of these transactions with the related gain (loss) for the Funds are presented in the accompanying table:
| Value of Investments,
including accrued
interest, reallocated | Realized Gain (Loss)
on redemptions of
selected
Underlying Funds |
Advisor Freedom Income | $ 15,623,622 | $ 4,478,952 |
Advisor Freedom 2005 | 24,289,541 | 5,021,212 |
Advisor Freedom 2010 | 102,067,968 | 17,460,023 |
Advisor Freedom 2015 | 231,296,554 | 39,005,204 |
Advisor Freedom 2020 | 429,704,080 | 70,205,011 |
Advisor Freedom 2025 | 489,340,391 | 67,376,784 |
Advisor Freedom 2030 | 517,397,965 | 72,571,695 |
Advisor Freedom 2035 | 431,841,119 | 54,288,535 |
Advisor Freedom 2040 | 427,611,864 | 49,969,582 |
Advisor Freedom 2045 | 210,601,404 | 43,255,758 |
Advisor Freedom 2050 | 153,808,872 | 32,952,426 |
Advisor Freedom 2055 | 23,353,309 | 1,318,830 |
5. Expense Reductions.
FMR voluntarily agreed to reimburse the funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.
The following classes of each applicable Fund were in reimbursement during the period:
| Expense
Limitations | Reimbursement |
Advisor Freedom Income | | |
Class A | .25% | $ 632 |
Class T | .50% | 200 |
Class B | 1.00% | 7 |
Class C | 1.00% | 61 |
Institutional Class | .00% | 288 |
Advisor Freedom 2005 | | |
Class A | .25% | 742 |
Class T | .50% | 109 |
Class B | 1.00% | 4 |
Class C | 1.00% | 34 |
Institutional Class | .00% | 266 |
Advisor Freedom 2010 | | |
Class A | .25% | 1,995 |
Class T | .50% | 490 |
Class B | 1.00% | 19 |
Class C | 1.00% | 143 |
Institutional Class | .00% | 763 |
Annual Report
5. Expense Reductions - continued
| Expense
Limitations | Reimbursement |
Advisor Freedom 2015 | | |
Class A | .25% | $ 4,352 |
Class T | .50% | 872 |
Class B | 1.00% | 55 |
Class C | 1.00% | 280 |
Institutional Class | .00% | 1,810 |
Advisor Freedom 2020 | | |
Class A | .25% | 7,338 |
Class T | .50% | 1,717 |
Class B | 1.00% | 106 |
Class C | 1.00% | 407 |
Institutional Class | .00% | 3,096 |
Advisor Freedom 2025 | | |
Class A | .25% | 7,036 |
Class T | .50% | 1,353 |
Class B | 1.00% | 76 |
Class C | 1.00% | 308 |
Institutional Class | .00% | 2,878 |
Advisor Freedom 2030 | | |
Class A | .25% | 6,710 |
Class T | .50% | 1,591 |
Class B | 1.00% | 91 |
Class C | 1.00% | 305 |
Institutional Class | .00% | 2,979 |
Advisor Freedom 2035 | | |
Class A | .25% | 4,969 |
Class T | .50% | 933 |
Class B | 1.00% | 61 |
Class C | 1.00% | 182 |
Institutional Class | .00% | 2,302 |
Advisor Freedom 2040 | | |
Class A | .25% | 4,465 |
Class T | .50% | 1,186 |
Class B | 1.00% | 79 |
Class C | 1.00% | 254 |
Institutional Class | .00% | 2,182 |
Advisor Freedom 2045 | | |
Class A | .25% | 2,150 |
Class T | .50% | 418 |
Class B | 1.00% | 13 |
Class C | 1.00% | 59 |
Institutional Class | .00% | 1,201 |
Advisor Freedom 2050 | | |
Class A | .25% | 1,436 |
Class T | .50% | 388 |
Class B | 1.00% | 20 |
Class C | 1.00% | 70 |
Institutional Class | .00% | 897 |
Annual Report
Notes to Financial Statements - continued
5. Expense Reductions - continued
| Expense
Limitations | Reimbursement |
Advisor Freedom 2055 | | |
Class A | .25% | $ 200 |
Class T | .50% | 46 |
Class C | 1.00% | 6 |
Institutional Class | .00% | 122 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended March 31, | 2014 | 2013 |
Advisor Freedom Income | | |
From net investment income | | |
Class A | $ 1,766,405 | $ 1,869,112 |
Class T | 429,308 | 433,735 |
Class B | 5,610 | 9,453 |
Class C | 53,835 | 61,486 |
Institutional Class | 983,323 | 900,709 |
Total | $ 3,238,481 | $ 3,274,495 |
From net realized gain | | |
Class A | $ 4,306,389 | $ 2,240,481 |
Class T | 1,357,064 | 669,554 |
Class B | 51,287 | 32,437 |
Class C | 416,779 | 210,904 |
Institutional Class | 1,929,856 | 901,737 |
Total | $ 8,061,375 | $ 4,055,113 |
Advisor Freedom 2005 | | |
From net investment income | | |
Class A | $ 1,934,390 | $ 2,280,196 |
Class T | 244,035 | 219,973 |
Class B | 3,650 | 4,601 |
Class C | 32,429 | 31,434 |
Institutional Class | 835,850 | 820,798 |
Total | $ 3,050,354 | $ 3,357,002 |
From net realized gain | | |
Class A | $ 4,953,300 | $ 1,208,263 |
Class T | 765,045 | 146,502 |
Class B | 29,817 | 8,377 |
Class C | 234,996 | 47,485 |
Institutional Class | 1,717,398 | 369,028 |
Total | $ 7,700,556 | $ 1,779,655 |
Advisor Freedom 2010 | | |
From net investment income | | |
Class A | $ 5,617,013 | $ 7,248,480 |
Class T | 1,081,956 | 1,357,322 |
Class B | 11,082 | 35,114 |
Class C | 138,094 | 221,866 |
Institutional Class | 2,663,216 | 2,901,048 |
Total | $ 9,511,361 | $ 11,763,830 |
Annual Report
6. Distributions to Shareholders - continued
Years ended March 31, | 2014 | 2013 |
Advisor Freedom 2010 | | |
From net realized gain | | |
Class A | $ 16,966,458 | $ 3,797,581 |
Class T | 4,171,832 | 877,542 |
Class B | 159,058 | 49,505 |
Class C | 1,212,875 | 264,617 |
Institutional Class | 6,457,880 | 1,313,996 |
Total | $ 28,968,103 | $ 6,303,241 |
Advisor Freedom 2015 | | |
From net investment income | | |
Class A | $ 12,813,208 | $ 15,443,272 |
Class T | 2,012,565 | 2,370,199 |
Class B | 47,108 | 95,446 |
Class C | 333,834 | 437,291 |
Institutional Class | 6,573,771 | 6,470,240 |
Total | $ 21,780,486 | $ 24,816,448 |
From net realized gain | | |
Class A | $ 44,722,592 | $ 8,264,610 |
Class T | 8,884,016 | 1,548,591 |
Class B | 568,951 | 133,932 |
Class C | 2,861,846 | 514,113 |
Institutional Class | 18,426,163 | 2,975,791 |
Total | $ 75,463,568 | $ 13,437,037 |
Advisor Freedom 2020 | | |
From net investment income | | |
Class A | $ 22,719,462 | $ 26,237,034 |
Class T | 4,214,567 | 4,698,779 |
Class B | 101,181 | 207,668 |
Class C | 534,801 | 650,444 |
Institutional Class | 11,465,857 | 10,832,707 |
Total | $ 39,035,868 | $ 42,626,632 |
From net realized gain | | |
Class A | $ 80,113,960 | $ 12,221,481 |
Class T | 18,426,540 | 2,642,164 |
Class B | 1,172,886 | 229,820 |
Class C | 4,359,115 | 642,700 |
Institutional Class | 32,883,618 | 4,363,557 |
Total | $ 136,956,119 | $ 20,099,722 |
Advisor Freedom 2025 | | |
From net investment income | | |
Class A | $ 22,477,566 | $ 24,790,567 |
Class T | 3,528,131 | 3,595,303 |
Class B | 84,463 | 163,792 |
Class C | 457,022 | 561,745 |
Institutional Class | 11,073,746 | 9,737,534 |
Total | $ 37,620,928 | $ 38,848,941 |
From net realized gain | | |
Class A | $ 93,759,806 | $ 9,143,726 |
Class T | 17,601,291 | 1,563,144 |
Class B | 1,050,076 | 130,245 |
Class C | 4,011,074 | 386,200 |
Institutional Class | 36,965,416 | 3,124,129 |
Total | $ 153,387,663 | $ 14,347,444 |
Annual Report
Notes to Financial Statements - continued
6. Distributions to Shareholders - continued
Years ended March 31, | 2014 | 2013 |
Advisor Freedom 2030 | | |
From net investment income | | |
Class A | $ 22,820,261 | $ 24,782,410 |
Class T | 4,478,364 | 4,552,485 |
Class B | 122,601 | 210,414 |
Class C | 511,433 | 585,019 |
Institutional Class | 12,079,384 | 10,634,898 |
Total | $ 40,012,043 | $ 40,765,226 |
From net realized gain | | |
Class A | $ 86,607,833 | $ 7,915,192 |
Class T | 20,188,786 | 1,715,030 |
Class B | 1,192,790 | 137,323 |
Class C | 3,878,775 | 342,181 |
Institutional Class | 37,221,951 | 2,964,978 |
Total | $ 149,090,135 | $ 13,074,704 |
Advisor Freedom 2035 | | |
From net investment income | | |
Class A | $ 15,154,993 | $ 16,875,467 |
Class T | 2,367,982 | 2,349,822 |
Class B | 70,000 | 135,304 |
Class C | 268,078 | 332,280 |
Institutional Class | 8,554,224 | 7,474,365 |
Total | $ 26,415,277 | $ 27,167,238 |
From net realized gain | | |
Class A | $ 78,751,944 | $ 3,487,770 |
Class T | 14,374,167 | 574,019 |
Class B | 1,007,862 | 55,352 |
Class C | 2,858,485 | 122,062 |
Institutional Class | 35,195,201 | 1,344,229 |
Total | $ 132,187,659 | $ 5,583,432 |
Advisor Freedom 2040 | | |
From net investment income | | |
Class A | $ 13,352,673 | $ 15,416,805 |
Class T | 2,834,561 | 3,246,224 |
Class B | 78,732 | 187,384 |
Class C | 342,692 | 477,964 |
Institutional Class | 7,969,592 | 7,173,233 |
Total | $ 24,578,250 | $ 26,501,610 |
From net realized gain | | |
Class A | $ 69,904,502 | $ 3,045,286 |
Class T | 18,244,340 | 769,855 |
Class B | 1,302,421 | 73,757 |
Class C | 3,941,198 | 168,492 |
Institutional Class | 32,634,491 | 1,229,840 |
Total | $ 126,026,952 | $ 5,287,230 |
Advisor Freedom 2045 | | |
From net investment income | | |
Class A | $ 6,527,056 | $ 6,957,403 |
Class T | 1,043,078 | 988,121 |
Class B | 16,381 | 27,566 |
Class C | 85,939 | 101,775 |
Institutional Class | 4,405,855 | 3,609,466 |
Total | $ 12,078,309 | $ 11,684,331 |
Annual Report
6. Distributions to Shareholders - continued
Years ended March 31, | 2014 | 2013 |
Advisor Freedom 2045 | | |
From net realized gain | | |
Class A | $ 28,311,703 | $ 6,744,595 |
Class T | 5,432,484 | 1,044,959 |
Class B | 177,930 | 57,582 |
Class C | 768,912 | 162,607 |
Institutional Class | 15,309,571 | 2,864,235 |
Total | $ 50,000,600 | $ 10,873,978 |
Advisor Freedom 2050 | | |
From net investment income | | |
Class A | $ 4,293,626 | $ 4,634,192 |
Class T | 948,674 | 923,527 |
Class B | 22,749 | 42,092 |
Class C | 101,098 | 123,643 |
Institutional Class | 3,243,280 | 2,647,530 |
Total | $ 8,609,427 | $ 8,370,984 |
From net realized gain | | |
Class A | $ 19,244,490 | $ 1,465,892 |
Class T | 5,189,025 | 345,032 |
Class B | 268,767 | 25,867 |
Class C | 927,947 | 67,326 |
Institutional Class | 11,647,225 | 711,612 |
Total | $ 37,277,454 | $ 2,615,729 |
Advisor Freedom 2055 | | |
From net investment income | | |
Class A | $ 616,684 | $ 273,976 |
Class T | 116,529 | 55,233 |
Class C | 8,049 | 2,070 |
Institutional Class | 427,801 | 141,893 |
Total | $ 1,169,063 | $ 473,172 |
From net realized gain | | |
Class A | $ 1,825,764 | $ 68,154 |
Class T | 413,891 | 17,814 |
Class C | 51,905 | 6,257 |
Institutional Class | 1,064,319 | 37,584 |
Total | $ 3,355,879 | $ 129,809 |
7. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom Income | | | | |
Class A | | | | |
Shares sold | 4,084,387 | 5,667,328 | $ 45,396,706 | $ 62,675,823 |
Reinvestment of distributions | 539,600 | 368,047 | 5,992,117 | 4,049,319 |
Shares redeemed | (7,206,233) | (5,438,505) | (80,024,311) | (60,152,423) |
Net increase (decrease) | (2,582,246) | 596,870 | $ (28,635,488) | $ 6,572,719 |
Class T | | | | |
Shares sold | 2,344,429 | 1,752,672 | $ 26,072,453 | $ 19,341,827 |
Reinvestment of distributions | 157,567 | 97,192 | 1,748,382 | 1,067,874 |
Shares redeemed | (2,562,031) | (2,181,141) | (28,429,859) | (24,078,105) |
Net increase (decrease) | (60,035) | (331,277) | $ (609,024) | $ (3,668,404) |
Annual Report
Notes to Financial Statements - continued
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom Income | | | | |
Class B | | | | |
Shares sold | 2,503 | 13,728 | $ 27,616 | $ 151,709 |
Reinvestment of distributions | 4,670 | 3,419 | 51,823 | 37,528 |
Shares redeemed | (61,802) | (75,727) | (686,727) | (836,079) |
Net increase (decrease) | (54,629) | (58,580) | $ (607,288) | $ (646,842) |
Class C | | | | |
Shares sold | 255,147 | 326,072 | $ 2,828,803 | $ 3,593,856 |
Reinvestment of distributions | 35,486 | 19,976 | 393,433 | 219,246 |
Shares redeemed | (367,267) | (428,327) | (4,069,265) | (4,730,145) |
Net increase (decrease) | (76,634) | (82,279) | $ (847,029) | $ (917,043) |
Institutional Class | | | | |
Shares sold | 2,849,137 | 3,768,736 | $ 31,746,378 | $ 41,751,702 |
Reinvestment of distributions | 261,319 | 161,577 | 2,907,972 | 1,781,582 |
Shares redeemed | (3,644,830) | (2,467,458) | (40,617,188) | (27,262,092) |
Net increase (decrease) | (534,374) | 1,462,855 | $ (5,962,838) | $ 16,271,192 |
Advisor Freedom 2005 | | | | |
Class A | | | | |
Shares sold | 4,655,166 | 5,950,479 | $ 55,830,174 | $ 69,001,688 |
Reinvestment of distributions | 562,432 | 296,966 | 6,741,672 | 3,414,979 |
Shares redeemed | (7,016,437) | (6,013,562) | (84,207,322) | (69,615,909) |
Net increase (decrease) | (1,798,839) | 233,883 | $ (21,635,476) | $ 2,800,758 |
Class T | | | | |
Shares sold | 1,406,394 | 1,289,243 | $ 16,873,346 | $ 14,935,857 |
Reinvestment of distributions | 82,906 | 30,601 | 993,902 | 352,432 |
Shares redeemed | (1,232,550) | (1,066,736) | (14,759,346) | (12,303,077) |
Net increase (decrease) | 256,750 | 253,108 | $ 3,107,902 | $ 2,985,212 |
Class B | | | | |
Shares sold | 14,599 | 652 | $ 174,760 | $ 7,549 |
Reinvestment of distributions | 2,727 | 1,083 | 32,819 | 12,534 |
Shares redeemed | (27,943) | (41,276) | (335,271) | (481,200) |
Net increase (decrease) | (10,617) | (39,541) | $ (127,692) | $ (461,117) |
Class C | | | | |
Shares sold | 187,567 | 173,944 | $ 2,241,261 | $ 2,021,586 |
Reinvestment of distributions | 20,209 | 6,077 | 242,068 | 70,003 |
Shares redeemed | (157,344) | (201,333) | (1,891,449) | (2,316,273) |
Net increase (decrease) | 50,432 | (21,312) | $ 591,880 | $ (224,684) |
Institutional Class | | | | |
Shares sold | 2,751,622 | 3,014,914 | $ 33,153,579 | $ 35,073,813 |
Reinvestment of distributions | 209,954 | 102,306 | 2,529,659 | 1,182,672 |
Shares redeemed | (3,334,415) | (1,314,929) | (40,249,329) | (15,314,119) |
Net increase (decrease) | (372,839) | 1,802,291 | $ (4,566,091) | $ 20,942,366 |
Advisor Freedom 2010 | | | | |
Class A | | | | |
Shares sold | 10,336,177 | 12,708,869 | $ 130,803,213 | $ 153,017,064 |
Reinvestment of distributions | 1,764,561 | 915,288 | 22,358,331 | 10,935,441 |
Shares redeemed | (16,430,945) | (16,811,351) | (208,087,550) | (202,005,316) |
Net increase (decrease) | (4,330,207) | (3,187,194) | $ (54,926,006) | $ (38,052,811) |
Class T | | | | |
Shares sold | 3,281,268 | 3,712,396 | $ 41,296,464 | $ 44,524,286 |
Reinvestment of distributions | 410,639 | 183,018 | 5,188,315 | 2,182,056 |
Shares redeemed | (4,197,400) | (4,809,687) | (52,884,945) | (57,632,993) |
Net increase (decrease) | (505,493) | (914,273) | $ (6,400,166) | $ (10,926,651) |
Annual Report
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom 2010 | | | | |
Class B | | | | |
Shares sold | 4,359 | 9,563 | $ 54,665 | $ 115,968 |
Reinvestment of distributions | 12,614 | 6,587 | 159,920 | 78,910 |
Shares redeemed | (231,730) | (268,639) | (2,924,345) | (3,216,272) |
Net increase (decrease) | (214,757) | (252,489) | $ (2,709,760) | $ (3,021,394) |
Class C | | | | |
Shares sold | 447,126 | 499,095 | $ 5,605,749 | $ 5,991,309 |
Reinvestment of distributions | 98,158 | 36,663 | 1,234,594 | 435,812 |
Shares redeemed | (794,639) | (681,672) | (9,965,133) | (8,150,135) |
Net increase (decrease) | (249,355) | (145,914) | $ (3,124,790) | $ (1,723,014) |
Institutional Class | | | | |
Shares sold | 6,363,961 | 7,292,808 | $ 80,690,745 | $ 88,270,797 |
Reinvestment of distributions | 717,236 | 351,077 | 9,117,775 | 4,208,551 |
Shares redeemed | (8,035,471) | (5,034,949) | (102,232,872) | (60,844,334) |
Net increase (decrease) | (954,274) | 2,608,936 | $ (12,424,352) | $ 31,635,014 |
Advisor Freedom 2015 | | | | |
Class A | | | | |
Shares sold | 22,489,270 | 28,506,295 | $ 283,126,217 | $ 342,099,746 |
Reinvestment of distributions | 4,519,282 | 1,974,621 | 56,944,636 | 23,498,680 |
Shares redeemed | (37,248,204) | (28,730,020) | (469,301,306) | (344,939,129) |
Net increase (decrease) | (10,239,652) | 1,750,896 | $ (129,230,453) | $ 20,659,297 |
Class T | | | | |
Shares sold | 6,303,601 | 7,048,273 | $ 79,104,026 | $ 84,377,992 |
Reinvestment of distributions | 847,786 | 321,618 | 10,675,072 | 3,825,959 |
Shares redeemed | (7,736,690) | (7,173,479) | (97,285,238) | (85,670,361) |
Net increase (decrease) | (585,303) | 196,412 | $ (7,506,140) | $ 2,533,590 |
Class B | | | | |
Shares sold | 34,014 | 18,918 | $ 427,275 | $ 230,299 |
Reinvestment of distributions | 45,663 | 17,784 | 574,653 | 211,983 |
Shares redeemed | (526,603) | (631,455) | (6,609,199) | (7,538,504) |
Net increase (decrease) | (446,926) | (594,753) | $ (5,607,271) | $ (7,096,222) |
Class C | | | | |
Shares sold | 1,198,350 | 1,112,764 | $ 14,962,978 | $ 13,243,553 |
Reinvestment of distributions | 236,720 | 73,853 | 2,966,039 | 876,636 |
Shares redeemed | (1,330,512) | (1,330,728) | (16,641,623) | (15,851,708) |
Net increase (decrease) | 104,558 | (144,111) | $ 1,287,394 | $ (1,731,519) |
Institutional Class | | | | |
Shares sold | 15,218,153 | 16,268,843 | $ 192,651,271 | $ 196,562,251 |
Reinvestment of distributions | 1,957,749 | 782,959 | 24,850,867 | 9,370,557 |
Shares redeemed | (16,707,286) | (8,997,016) | (211,582,062) | (108,722,993) |
Net increase (decrease) | 468,616 | 8,054,786 | $ 5,920,076 | $ 97,209,815 |
Advisor Freedom 2020 | | | | |
Class A | | | | |
Shares sold | 37,875,371 | 44,416,958 | $ 499,708,170 | $ 555,194,594 |
Reinvestment of distributions | 7,715,244 | 3,073,389 | 101,833,461 | 38,099,250 |
Shares redeemed | (53,499,262) | (39,485,922) | (706,085,629) | (494,297,897) |
Net increase (decrease) | (7,908,647) | 8,004,425 | $ (104,543,998) | $ 98,995,947 |
Class T | | | | |
Shares sold | 11,814,695 | 12,011,989 | $ 155,626,547 | $ 150,203,034 |
Reinvestment of distributions | 1,686,654 | 579,475 | 22,276,384 | 7,192,079 |
Shares redeemed | (12,049,762) | (10,936,020) | (159,248,035) | (136,699,168) |
Net increase (decrease) | 1,451,587 | 1,655,444 | $ 18,654,896 | $ 20,695,945 |
Annual Report
Notes to Financial Statements - continued
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom 2020 | | | | |
Class B | | | | |
Shares sold | 30,377 | 23,018 | $ 402,320 | $ 283,038 |
Reinvestment of distributions | 90,003 | 32,154 | 1,186,806 | 399,675 |
Shares redeemed | (879,412) | (1,019,496) | (11,576,323) | (12,664,560) |
Net increase (decrease) | (759,032) | (964,324) | $ (9,987,197) | $ (11,981,847) |
Class C | | | | |
Shares sold | 1,846,934 | 1,650,086 | $ 24,173,360 | $ 20,539,871 |
Reinvestment of distributions | 344,681 | 95,759 | 4,527,030 | 1,184,544 |
Shares redeemed | (1,682,149) | (1,789,596) | (22,026,418) | (22,192,952) |
Net increase (decrease) | 509,466 | (43,751) | $ 6,673,972 | $ (468,537) |
Institutional Class | | | | |
Shares sold | 24,830,823 | 25,904,119 | $ 329,988,794 | $ 326,561,698 |
Reinvestment of distributions | 3,330,002 | 1,214,162 | 44,259,859 | 15,144,940 |
Shares redeemed | (23,073,768) | (12,665,795) | (307,011,358) | (158,809,529) |
Net increase (decrease) | 5,087,057 | 14,452,486 | $ 67,237,295 | $ 182,897,109 |
Advisor Freedom 2025 | | | | |
Class A | | | | |
Shares sold | 42,336,074 | 46,832,812 | $ 544,836,932 | $ 564,656,133 |
Reinvestment of distributions | 8,980,977 | 2,817,136 | 115,368,644 | 33,682,400 |
Shares redeemed | (50,182,999) | (36,915,729) | (647,564,921) | (445,620,144) |
Net increase (decrease) | 1,134,052 | 12,734,219 | $ 12,640,655 | $ 152,718,389 |
Class T | | | | |
Shares sold | 11,279,406 | 10,475,315 | $ 145,595,680 | $ 126,787,508 |
Reinvestment of distributions | 1,611,890 | 421,842 | 20,769,490 | 5,059,334 |
Shares redeemed | (9,292,943) | (7,029,069) | (120,291,981) | (84,713,362) |
Net increase (decrease) | 3,598,353 | 3,868,088 | $ 46,073,189 | $ 47,133,480 |
Class B | | | | |
Shares sold | 18,435 | 33,837 | $ 237,832 | $ 402,830 |
Reinvestment of distributions | 83,763 | 22,745 | 1,068,884 | 271,803 |
Shares redeemed | (590,150) | (700,042) | (7,554,066) | (8,354,336) |
Net increase (decrease) | (487,952) | (643,460) | $ (6,247,350) | $ (7,679,703) |
Class C | | | | |
Shares sold | 1,737,317 | 1,362,294 | $ 22,105,326 | $ 16,242,141 |
Reinvestment of distributions | 332,872 | 75,516 | 4,237,083 | 897,881 |
Shares redeemed | (1,198,006) | (1,133,462) | (15,248,728) | (13,531,664) |
Net increase (decrease) | 872,183 | 304,348 | $ 11,093,681 | $ 3,608,358 |
Institutional Class | | | | |
Shares sold | 25,761,490 | 24,213,764 | $ 334,359,446 | $ 294,374,445 |
Reinvestment of distributions | 3,699,489 | 1,063,922 | 47,917,135 | 12,801,944 |
Shares redeemed | (20,040,038) | (10,933,983) | (260,861,013) | (132,325,157) |
Net increase (decrease) | 9,420,941 | 14,343,703 | $ 121,415,568 | $ 174,851,232 |
Advisor Freedom 2030 | | | | |
Class A | | | | |
Shares sold | 35,163,430 | 41,613,890 | $ 479,754,505 | $ 525,837,935 |
Reinvestment of distributions | 7,936,793 | 2,585,181 | 108,270,707 | 32,378,742 |
Shares redeemed | (48,268,332) | (34,146,152) | (659,744,933) | (432,000,548) |
Net increase (decrease) | (5,168,109) | 10,052,919 | $ (71,719,721) | $ 126,216,129 |
Class T | | | | |
Shares sold | 11,453,954 | 11,109,856 | $ 155,598,895 | $ 139,954,510 |
Reinvestment of distributions | 1,780,942 | 492,157 | 24,245,358 | 6,152,559 |
Shares redeemed | (10,098,141) | (9,495,122) | (137,447,373) | (119,272,485) |
Net increase (decrease) | 3,136,755 | 2,106,891 | $ 42,396,880 | $ 26,834,584 |
Annual Report
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom 2030 | | | | |
Class B | | | | |
Shares sold | 19,423 | 20,379 | $ 262,817 | $ 253,313 |
Reinvestment of distributions | 91,135 | 25,911 | 1,235,310 | 324,148 |
Shares redeemed | (640,819) | (766,318) | (8,680,850) | (9,575,940) |
Net increase (decrease) | (530,261) | (720,028) | $ (7,182,723) | $ (8,998,479) |
Class C | | | | |
Shares sold | 1,567,826 | 1,523,134 | $ 21,161,811 | $ 19,092,460 |
Reinvestment of distributions | 306,706 | 69,617 | 4,146,937 | 867,428 |
Shares redeemed | (1,293,656) | (1,266,642) | (17,444,366) | (15,862,398) |
Net increase (decrease) | 580,876 | 326,109 | $ 7,864,382 | $ 4,097,490 |
Institutional Class | | | | |
Shares sold | 25,486,532 | 22,913,292 | $ 349,828,449 | $ 291,232,690 |
Reinvestment of distributions | 3,591,064 | 1,079,513 | 49,271,553 | 13,569,835 |
Shares redeemed | (19,352,622) | (10,947,359) | (265,575,217) | (138,321,010) |
Net increase (decrease) | 9,724,974 | 13,045,446 | $ 133,524,785 | $ 166,481,515 |
Advisor Freedom 2035 | | | | |
Class A | | | | |
Shares sold | 30,839,841 | 34,835,056 | $ 401,061,956 | $ 415,484,819 |
Reinvestment of distributions | 7,206,612 | 1,706,155 | 93,096,733 | 20,199,297 |
Shares redeemed | (37,264,321) | (27,311,897) | (486,151,077) | (326,166,700) |
Net increase (decrease) | 782,132 | 9,229,314 | $ 8,007,612 | $ 109,517,416 |
Class T | | | | |
Shares sold | 9,103,150 | 8,091,085 | $ 117,542,744 | $ 96,019,491 |
Reinvestment of distributions | 1,282,500 | 243,254 | 16,509,548 | 2,870,268 |
Shares redeemed | (6,972,585) | (5,444,520) | (90,278,682) | (64,446,129) |
Net increase (decrease) | 3,413,065 | 2,889,819 | $ 43,773,610 | $ 34,443,630 |
Class B | | | | |
Shares sold | 17,251 | 11,260 | $ 221,872 | $ 131,688 |
Reinvestment of distributions | 80,993 | 15,412 | 1,030,251 | 181,095 |
Shares redeemed | (437,598) | (493,168) | (5,620,878) | (5,777,414) |
Net increase (decrease) | (339,354) | (466,496) | $ (4,368,755) | $ (5,464,631) |
Class C | | | | |
Shares sold | 1,025,354 | 873,123 | $ 13,080,890 | $ 10,285,137 |
Reinvestment of distributions | 235,491 | 36,956 | 2,998,763 | 433,119 |
Shares redeemed | (822,478) | (766,094) | (10,571,839) | (8,970,033) |
Net increase (decrease) | 438,367 | 143,985 | $ 5,507,814 | $ 1,748,223 |
Institutional Class | | | | |
Shares sold | 22,169,723 | 19,774,112 | $ 290,282,504 | $ 237,955,566 |
Reinvestment of distributions | 3,355,907 | 738,822 | 43,645,383 | 8,780,433 |
Shares redeemed | (17,193,773) | (8,196,096) | (225,081,173) | (97,924,593) |
Net increase (decrease) | 8,331,857 | 12,316,838 | $ 108,846,714 | $ 148,811,406 |
Advisor Freedom 2040 | | | | |
Class A | | | | |
Shares sold | 26,414,040 | 28,004,111 | $ 366,925,342 | $ 355,673,696 |
Reinvestment of distributions | 5,965,581 | 1,447,450 | 82,476,062 | 18,293,644 |
Shares redeemed | (33,301,232) | (22,935,436) | (464,565,679) | (292,260,264) |
Net increase (decrease) | (921,611) | 6,516,125 | $ (15,164,275) | $ 81,707,076 |
Class T | | | | |
Shares sold | 8,535,793 | 7,602,047 | $ 118,572,330 | $ 96,328,995 |
Reinvestment of distributions | 1,506,248 | 312,761 | 20,796,167 | 3,950,120 |
Shares redeemed | (7,718,886) | (7,559,551) | (107,319,576) | (95,678,684) |
Net increase (decrease) | 2,323,155 | 355,257 | $ 32,048,921 | $ 4,600,431 |
Annual Report
Notes to Financial Statements - continued
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom 2040 | | | | |
Class B | | | | |
Shares sold | 9,646 | 6,103 | $ 131,453 | $ 76,395 |
Reinvestment of distributions | 96,072 | 19,509 | 1,308,927 | 245,030 |
Shares redeemed | (650,407) | (739,626) | (8,923,151) | (9,293,767) |
Net increase (decrease) | (544,689) | (714,014) | $ (7,482,771) | $ (8,972,342) |
Class C | | | | |
Shares sold | 1,054,739 | 962,998 | $ 14,462,997 | $ 12,120,904 |
Reinvestment of distributions | 300,354 | 49,059 | 4,094,533 | 614,213 |
Shares redeemed | (985,080) | (901,869) | (13,520,722) | (11,261,526) |
Net increase (decrease) | 370,013 | 110,188 | $ 5,036,808 | $ 1,473,591 |
Institutional Class | | | | |
Shares sold | 19,251,431 | 16,906,391 | $ 269,819,548 | $ 216,610,718 |
Reinvestment of distributions | 2,915,076 | 660,482 | 40,584,686 | 8,377,157 |
Shares redeemed | (13,782,709) | (8,263,973) | (193,585,140) | (105,030,652) |
Net increase (decrease) | 8,383,798 | 9,302,900 | $ 116,819,094 | $ 119,957,223 |
Advisor Freedom 2045 | | | | |
Class A | | | | |
Shares sold | 21,813,137 | 22,348,428 | $ 237,123,868 | $ 218,037,471 |
Reinvestment of distributions | 3,161,418 | 1,428,096 | 34,584,656 | 13,620,503 |
Shares redeemed | (21,252,864) | (14,594,828) | (231,331,936) | (143,000,136) |
Net increase (decrease) | 3,721,691 | 9,181,696 | $ 40,376,588 | $ 88,657,838 |
Class T | | | | |
Shares sold | 5,854,847 | 5,253,099 | $ 63,282,990 | $ 51,047,511 |
Reinvestment of distributions | 592,260 | 213,016 | 6,461,727 | 2,024,121 |
Shares redeemed | (3,953,073) | (2,939,816) | (42,870,592) | (28,557,658) |
Net increase (decrease) | 2,494,034 | 2,526,299 | $ 26,874,125 | $ 24,513,974 |
Class B | | | | |
Shares sold | 8,016 | 3,515 | $ 88,545 | $ 31,735 |
Reinvestment of distributions | 17,385 | 8,787 | 188,888 | 82,887 |
Shares redeemed | (59,379) | (49,903) | (641,697) | (482,094) |
Net increase (decrease) | (33,978) | (37,601) | $ (364,264) | $ (367,472) |
Class C | | | | |
Shares sold | 622,113 | 518,274 | $ 6,663,065 | $ 5,021,009 |
Reinvestment of distributions | 78,062 | 27,552 | 846,436 | 259,896 |
Shares redeemed | (345,364) | (272,934) | (3,720,315) | (2,637,588) |
Net increase (decrease) | 354,811 | 272,892 | $ 3,789,186 | $ 2,643,317 |
Institutional Class | | | | |
Shares sold | 16,898,017 | 13,436,841 | $ 184,576,521 | $ 132,476,916 |
Reinvestment of distributions | 1,791,522 | 671,239 | 19,712,009 | 6,432,276 |
Shares redeemed | (11,037,062) | (4,998,582) | (120,937,301) | (48,855,267) |
Net increase (decrease) | 7,652,477 | 9,109,498 | $ 83,351,229 | $ 90,053,925 |
Advisor Freedom 2050 | | | | |
Class A | | | | |
Shares sold | 15,559,859 | 15,759,974 | $ 168,186,336 | $ 152,322,278 |
Reinvestment of distributions | 2,139,053 | 630,390 | 23,255,133 | 6,034,537 |
Shares redeemed | (15,927,070) | (11,627,846) | (172,752,977) | (112,817,332) |
Net increase (decrease) | 1,771,842 | 4,762,518 | $ 18,688,492 | $ 45,539,483 |
Class T | | | | |
Shares sold | 4,952,273 | 4,570,956 | $ 53,263,754 | $ 44,088,375 |
Reinvestment of distributions | 563,429 | 131,758 | 6,111,429 | 1,260,447 |
Shares redeemed | (3,823,850) | (2,827,192) | (41,331,820) | (27,249,174) |
Net increase (decrease) | 1,691,852 | 1,875,522 | $ 18,043,363 | $ 18,099,648 |
Annual Report
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2014 | 2013 | 2014 | 2013 |
Advisor Freedom 2050 | | | | |
Class B | | | | |
Shares sold | 6,070 | 330 | $ 62,698 | $ 3,096 |
Reinvestment of distributions | 26,115 | 6,911 | 281,437 | 65,663 |
Shares redeemed | (116,795) | (62,118) | (1,260,526) | (591,359) |
Net increase (decrease) | (84,610) | (54,877) | $ (916,391) | $ (522,600) |
Class C | | | | |
Shares sold | 576,662 | 469,493 | $ 6,162,264 | $ 4,511,086 |
Reinvestment of distributions | 92,687 | 19,364 | 1,001,088 | 184,167 |
Shares redeemed | (337,180) | (316,364) | (3,617,246) | (3,039,772) |
Net increase (decrease) | 332,169 | 172,493 | $ 3,546,106 | $ 1,655,481 |
Institutional Class | | | | |
Shares sold | 13,460,852 | 10,323,520 | $ 146,409,293 | $ 100,853,706 |
Reinvestment of distributions | 1,361,462 | 347,891 | 14,889,948 | 3,344,639 |
Shares redeemed | (9,180,695) | (4,410,206) | (100,348,531) | (42,706,449) |
Net increase (decrease) | 5,641,619 | 6,261,205 | $ 60,950,710 | $ 61,491,896 |
Advisor Freedom 2055 | | | | |
Class A | | | | |
Shares sold | 6,413,613 | 3,664,304 | $ 71,666,130 | $ 36,168,205 |
Reinvestment of distributions | 212,805 | 35,066 | 2,422,593 | 341,179 |
Shares redeemed | (2,762,885) | (897,204) | (31,087,783) | (8,919,848) |
Net increase (decrease) | 3,863,533 | 2,802,166 | $ 43,000,940 | $ 27,589,536 |
Class T | | | | |
Shares sold | 1,441,153 | 865,233 | $ 16,075,315 | $ 8,537,245 |
Reinvestment of distributions | 46,640 | 7,527 | 530,234 | 73,047 |
Shares redeemed | (535,943) | (334,621) | (6,022,756) | (3,311,442) |
Net increase (decrease) | 951,850 | 538,139 | $ 10,582,793 | $ 5,298,850 |
Class C | | | | |
Shares sold | 139,814 | 90,384 | $ 1,564,294 | $ 903,238 |
Reinvestment of distributions | 5,264 | 877 | 59,878 | 8,307 |
Shares redeemed | (35,519) | (103,499) | (399,907) | (1,002,740) |
Net increase (decrease) | 109,559 | (12,238) | $ 1,224,265 | $ (91,195) |
Institutional Class | | | | |
Shares sold | 4,049,210 | 1,958,189 | $ 45,422,502 | $ 19,433,573 |
Reinvestment of distributions | 130,689 | 18,452 | 1,492,120 | 179,477 |
Shares redeemed | (1,280,405) | (491,376) | (14,465,282) | (4,844,931) |
Net increase (decrease) | 2,899,494 | 1,485,265 | $ 32,449,340 | $ 14,768,119 |
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Advisor Freedom Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
Fund | Advisor
Freedom 2020 Fund | Advisor
Freedom 2025 Fund | Advisor
Freedom 2030 Fund | Advisor
Freedom 2035 Fund | Advisor
Freedom 2040 Fund |
Fidelity Advisor Series Equity-Income Fund | 14% | 16% | 19% | 14% | 14% |
Fidelity Advisor Series Growth & Income Fund | 15% | 16% | 17% | 13% | 13% |
Fidelity Advisor Growth Opportunities Fund. | 14% | 16% | 18% | 14% | 14% |
Fidelity Advisor Series Opportunistic Insights Fund | 14% | 16% | 20% | 14% | 13% |
Fidelity Advisor Series Small Cap Fund | 14% | 16% | 19% | 14% | 14% |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 13% | 15% | 19% | 15% | 14% |
Annual Report
Notes to Financial Statements - continued
8. Other - continued
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
Fund | % of shares held |
Fidelity Advisor Equity Growth Fund | 26% |
Fidelity Advisor Series Equity-Income Fund | 100% |
Fidelity Advisor Series Growth & Income Fund | 100% |
Fidelity Advisor Series Growth Opportunities Fund | 100% |
Fidelity Advisor Series Opportunistic Insights Fund | 100% |
Fidelity Advisor Series Small Cap Fund | 100% |
Fidelity Advisor Series Stock Selector Large Cap Value Fund | 100% |
Fidelity Advisor Short Fixed-Income Fund | 30% |
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Aberdeen Street Trust and the Shareholders of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund and Fidelity Advisor Freedom 2055 Fund:
We have audited the accompanying statements of assets and liabilities of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund and Fidelity Advisor Freedom 2055 Fund (the Funds) each a fund of Fidelity Aberdeen Street Trust, including the schedules of investments, as of March 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2014, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund and Fidelity Advisor Freedom 2055 as of March 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 16, 2014
Annual Report
The Trustees and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Fidelity Advisor Freedom Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fidelity Advisor Freedom Fund's activities, review contractual arrangements with companies that provide services to each Fidelity Advisor Freedom Fund, oversee management of the risks associated with such activities and contractual arrangements, and review each Fidelity Advisor Freedom Fund's performance. If the interests of a Fidelity Advisor Freedom Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Fidelity Advisor Freedom Funds® to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers and the Trustees would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for Elizabeth S. Acton and James C. Curvey, each of the Trustees oversees 223 funds. Ms. Acton oversees 205 funds. Mr. Curvey oversees 395 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds (Independent Trustee), shall retire not later than the last day of the month in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The officers hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Funds' Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Albert R. Gamper, Jr. serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Funds' Trustees."
Annual Report
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ |
James C. Curvey (1935) |
Year of Election or Appointment: 2007 Trustee |
| Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp. |
Abigail P. Johnson (1961) |
Year of Election or Appointment: 2009 Trustee Chairman of the Board of Trustees |
| Ms. Johnson also serves as Trustee of other Fidelity funds. Ms. Johnson serves as President of FMR LLC (2013-present), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related. |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ |
Elizabeth S. Acton (1951) |
Year of Election or Appointment: 2013 Trustee |
| Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). |
Albert R. Gamper, Jr. (1942) |
Year of Election or Appointment: 2006 Trustee Chairman of the Independent Trustees |
| Mr. Gamper also serves as Trustee of other Fidelity funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Barnabas Health Care System. Previously, Mr. Gamper served as Vice Chairman of the Independent Trustees of certain Fidelity funds (2011-2012) and as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Robert F. Gartland (1951) |
Year of Election or Appointment: 2010 Trustee |
| Mr. Gartland also serves as Trustee of other Fidelity funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007). |
Arthur E. Johnson (1947) |
Year of Election or Appointment: 2008 Trustee |
| Mr. Johnson also serves as Trustee of other Fidelity funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson. |
Michael E. Kenneally (1954) |
Year of Election or Appointment: 2009 Trustee |
| Mr. Kenneally also serves as Trustee of other Fidelity funds. Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity funds before joining the Board of Trustees (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
James H. Keyes (1940) |
Year of Election or Appointment: 2007 Trustee |
| Mr. Keyes also serves as Trustee of other Fidelity funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (1946) |
Year of Election or Appointment: 2001 Trustee Vice Chairman of the Independent Trustees |
| Ms. Knowles also serves as Trustee of other Fidelity funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). |
Kenneth L. Wolfe (1939) |
Year of Election or Appointment: 2005 Trustee |
| Mr. Wolfe also serves as Trustee of other Fidelity funds. Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009). Mr. Wolfe previously served as Chairman of the Independent Trustees of other Fidelity funds (2008-2012). |
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Officers:
Correspondence intended for each officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation |
Elizabeth Paige Baumann (1968) |
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer |
| Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012). |
Marc Bryant (1966) |
Year of Election or Appointment: 2013 Assistant Secretary |
| Mr. Bryant also serves as an officer of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC. Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006). |
Jonathan Davis (1968) |
Year of Election or Appointment: 2010 Assistant Treasurer |
| Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010). |
Adrien E. Deberghes (1967) |
Year of Election or Appointment: 2010 Assistant Treasurer |
| Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). |
Stephanie J. Dorsey (1969) |
Year of Election or Appointment: 2013 President and Treasurer |
| Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank. |
Scott C. Goebel (1968) |
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) |
| Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001. |
Bruce T. Herring (1965) |
Year of Election or Appointment: 2013 Vice President of Fidelity's Asset Allocation Funds |
| Mr. Herring also serves as Vice President of other funds. He serves as Chief Investment Officer of Fidelity Global Asset Allocation (GAA) (2013-present), Group Chief Investment Officer of FMR, and President of Fidelity Research & Analysis Company (2010-present). Previously, Mr. Herring served as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-2013), Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007), and as a portfolio manager for Fidelity U.S. Equity Funds. |
Chris Maher (1972) |
Year of Election or Appointment: 2013 Assistant Treasurer |
| Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010). |
Charles S. Morrison (1960) |
Year of Election or Appointment: 2012 Vice President |
| Mr. Morrison also serves as Trustee or Vice President of other funds. He serves as President, Asset Management (2014-present) and is an employee of Fidelity Investments. Previously, Mr. Morrison served as President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division. |
Christine Reynolds (1958) |
Year of Election or Appointment: 2008 Chief Financial Officer |
| Ms. Reynolds also serves as Chief Financial Officer of other funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). |
Kenneth B. Robins (1969) |
Year of Election or Appointment: 2009 Assistant Treasurer |
| Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles. |
Stephen Sadoski (1971) |
Year of Election or Appointment: 2013 Deputy Treasurer |
| Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009). |
Stacie M. Smith (1974) |
Year of Election or Appointment: 2013 Assistant Treasurer |
| Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). |
Renee Stagnone (1975) |
Year of Election or Appointment: 2013 Deputy Treasurer |
| Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments. |
Michael H. Whitaker (1967) |
Year of Election or Appointment: 2008 Chief Compliance Officer |
| Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel. |
Derek L. Young (1964) |
Year of Election or Appointment: 2009 Vice President of Fidelity's Asset Allocation Funds |
| Mr. Young also serves as Trustee or an officer of other funds. He is President and a Director of Strategic Advisers, Inc. (2011-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of Pyramis Global Advisors, LLC (2011-present). Previously, Mr. Young served as Chief Investment Officer of GAA (2009-2011) and as a portfolio manager. |
Joseph F. Zambello (1957) |
Year of Election or Appointment: 2011 Deputy Treasurer |
| Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009). |
Annual Report
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Advisor Freedom Income Fund | | | | |
Institutional Class | 05/05/14 | 05/02/14 | $0.015 | $0.192 |
Fidelity Advisor Freedom 2005 Fund | | | | |
Institutional Class | 05/05/14 | 05/02/14 | $0.040 | $0.177 |
Fidelity Advisor Freedom 2010 Fund | | | | |
Institutional Class | 05/05/14 | 05/02/14 | $0.039 | $0.230 |
Fidelity Advisor Freedom 2015 Fund | | | | |
Institutional Class | 05/05/14 | 05/02/14 | $0.036 | $0.252 |
Fidelity Advisor Freedom 2020 Fund | | | | |
Institutional Class | 05/05/14 | 05/02/14 | $0.035 | $0.222 |
Fidelity Advisor Freedom 2025 Fund | | | | |
Institutional Class | 05/05/14 | 05/02/14 | $0.030 | $0.222 |
Fidelity Advisor Freedom 2030 Fund | | | | |
Institutional Class | 05/05/14 | 05/02/14 | $0.020 | $0.178 |
Fidelity Advisor Freedom 2035 Fund | | | | |
Institutional Class | 05/05/14 | 05/02/14 | $0.016 | $0.199 |
Fidelity Advisor Freedom 2040 Fund | | | | |
Institutional Class | 05/05/14 | 05/02/14 | $0.016 | $0.211 |
Fidelity Advisor Freedom 2045 Fund | | | | |
Institutional Class | 05/05/14 | 05/02/14 | $0.013 | $0.324 |
Fidelity Advisor Freedom 2050 Fund | | | | |
Institutional Class | 05/05/14 | 05/02/14 | $0.013 | $0.338 |
Fidelity Advisor Freedom 2055 Fund | | | | |
Institutional Class | 05/05/14 | 05/02/14 | $0.012 | $0.162 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2014, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Advisor Freedom Income Fund | $6,948,475 |
Fidelity Advisor Freedom 2005 Fund | $6,580,235 |
Fidelity Advisor Freedom 2010 Fund | $21,978,382 |
Fidelity Advisor Freedom 2015 Fund | $51,836,264 |
Fidelity Advisor Freedom 2020 Fund | $80,492,875 |
Fidelity Advisor Freedom 2025 Fund | $70,955,893 |
Fidelity Advisor Freedom 2030 Fund | $61,154,237 |
Fidelity Advisor Freedom 2035 Fund | $47,339,326 |
Fidelity Advisor Freedom 2040 Fund | $43,534,958 |
Fidelity Advisor Freedom 2045 Fund | $43,556,034 |
Fidelity Advisor Freedom 2050 Fund | $33,349,316 |
Fidelity Advisor Freedom 2055 Fund | $2,455,375 |
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
Fidelity Advisor Freedom Income Fund | 14.14% |
Fidelity Advisor Freedom 2005 Fund | 9.40% |
Fidelity Advisor Freedom 2010 Fund | 7.11% |
Fidelity Advisor Freedom 2015 Fund | 5.62% |
Fidelity Advisor Freedom 2020 Fund | 4.30% |
Fidelity Advisor Freedom 2025 Fund | 2.60% |
Fidelity Advisor Freedom 2030 Fund | 1.23% |
Fidelity Advisor Freedom 2035 Fund | 0.54% |
Fidelity Advisor Freedom 2040 Fund | 0.47% |
Fidelity Advisor Freedom 2045 Fund | 0.29% |
Fidelity Advisor Freedom 2050 Fund | 0.26% |
Fidelity Advisor Freedom 2055 Fund | 0.09% |
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
| Institutional Class |
Fidelity Advisor Freedom Income Fund | |
May 2013 | 3% |
June 2013 | 7% |
July 2013 | 7% |
August 2013 | 7% |
September 2013 | 7% |
October 2013 | 7% |
November 2013 | 7% |
December 2013 | 9% |
February 2014 | 6% |
March 2014 | 6% |
Fidelity Advisor Freedom 2005 Fund | |
May 2013 | 7% |
December 2013 | 11% |
Fidelity Advisor Freedom 2010 Fund | |
May 2013 | 10% |
December 2013 | 12% |
Fidelity Advisor Freedom 2015 Fund | |
May 2013 | 10% |
December 2013 | 14% |
Fidelity Advisor Freedom 2020 Fund | |
May 2013 | 11% |
December 2013 | 15% |
Fidelity Advisor Freedom 2025 Fund | |
May 2013 | 13% |
December 2013 | 16% |
Fidelity Advisor Freedom 2030 Fund | |
May 2013 | 14% |
December 2013 | 18% |
Fidelity Advisor Freedom 2035 Fund | |
May 2013 | 18% |
December 2013 | 18% |
Fidelity Advisor Freedom 2040 Fund | |
May 2013 | 19% |
December 2013 | 18% |
Fidelity Advisor Freedom 2045 Fund | |
May 2013 | 18% |
December 2013 | 19% |
| Institutional Class |
Fidelity Advisor Freedom 2050 Fund | |
May 2013 | 16% |
December 2013 | 19% |
Fidelity Advisor Freedom 2055 Fund | |
May 2013 | 15% |
December 2013 | 18% |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| Institutional Class |
May 2013 | 6% |
June 2013 | 12% |
July 2013 | 12% |
August 2013 | 12% |
September 2013 | 13% |
October 2013 | 12% |
November 2013 | 13% |
December 2013 | 15% |
February 2014 | 2% |
March 2014 | 2% |
Fidelity Advisor Freedom 2005 Fund | |
May 2013 | 4% |
December 2013 | 19% |
Fidelity Advisor Freedom 2010 Fund | |
May 2013 | 6% |
December 2013 | 20% |
Fidelity Advisor Freedom 2015 Fund | |
May 2013 | 7% |
December 2013 | 23% |
Fidelity Advisor Freedom 2020 Fund | |
May 2013 | 6% |
December 2013 | 24% |
Fidelity Advisor Freedom 2025 Fund | |
May 2013 | 8% |
December 2013 | 27% |
Fidelity Advisor Freedom 2030 Fund | |
May 2013 | 8% |
December 2013 | 30% |
Fidelity Advisor Freedom 2035 Fund | |
May 2013 | 10% |
December 2013 | 30% |
Fidelity Advisor Freedom 2040 Fund | |
May 2013 | 12% |
December 2013 | 30% |
Fidelity Advisor Freedom 2045 Fund | |
May 2013 | 12% |
December 2013 | 31% |
| Institutional Class |
Fidelity Advisor Freedom 2050 Fund | |
May 2013 | 10% |
December 2013 | 31% |
Fidelity Advisor Freedom 2055 Fund | |
May 2013 | 11% |
December 2013 | 31% |
The funds will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.
Annual Report
Investment Adviser
Strategic Advisers, Inc.
Boston, MA
Administrator
Fidelity Management & Research Company
Boston, MA
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, NY
(Fidelity Investment logo)(registered trademark)
AFFI-UANN-0514
1.792135.110
Fidelity Freedom® Funds -
Income, 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055
Annual Report
March 31, 2014
(Fidelity Cover Art)
Contents
Annual Report
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2014 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Annual Report
Fidelity Freedom Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom Income Fund | 3.95% | 7.85% | 4.10% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Income Fund on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom 2000 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2000 Fund | 4.06% | 8.04% | 4.10% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2000 Fund on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the Barclays U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom 2005 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2005 Fund | | 6.43% | 11.24% | 4.78% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2005 Fund on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the Barclays U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom 2010 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2010 Fund | 8.31% | 12.63% | 5.35% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2010 Fund on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the Barclays U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom 2015 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2015 Fund | | 8.95% | 13.05% | 5.60% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2015 Fund on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
Annual Report
Fidelity Freedom 2020 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2020 Fund | 9.83% | 14.44% | 5.71% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2020 Fund on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom 2025 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2025 Fund | | 12.08% | 15.56% | 6.06% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2025 Fund on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom 2030 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2030 Fund | 13.08% | 16.27% | 5.95% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2030 Fund on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom 2035 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2035 Fund | 14.76% | 16.89% | 6.13% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2035 Fund on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom 2040 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2040 Fund | 15.08% | 17.18% | 6.13% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2040 Fund on March 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom 2045 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Life of
fundA |
Fidelity Freedom 2045 Fund | 15.38% | 17.40% | 5.08% |
A From June 1, 2006.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2045 Fund on June 1, 2006, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom 2050 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Past 5
years | Life of
fundA |
Fidelity Freedom 2050 Fund | 15.53% | 17.65% | 4.83% |
A From June 1, 2006.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2050 Fund on June 1, 2006, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom 2055 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fundA |
Fidelity Freedom 2055 Fund | 16.00% | 9.24% |
A From June 1, 2011.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2055 Fund on June 1, 2011, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
-
Annual Report
Market Recap: U.S. stocks overcame fears of higher rates and a volatile January to post their strongest gains in four years. The S&P 500® Index returned 21.86% for the 12 months ending March 31, 2014, amid the lowest volatility since before the 2007-08 financial crisis. The index ended the period near all-time highs, buoyed by U.S. Federal Reserve policies that balanced stimulus reductions with low interest rates. Stock valuations remained only slightly above long-term averages, supported by corporate profits that more than doubled in the past five years. Most defensive groups lagged in a risk-taking environment; although that changed in the first quarter of 2014 when historically defensive utility stocks led a tepid market advance amid rising tension in Ukraine, fear of a slowing economy in China and a late-January decline for momentum stocks. Health care stocks within the S&P 500® led all sectors over the 12-month period for the first time since the corresponding 2009 year, as new insurance programs and a favorable drug-approval environment raised earnings-growth expectations. Aerospace and defense achieved one of its strongest returns in more than two decades. Reflecting economic optimism, the growth-oriented Nasdaq Composite Index® rose 30.18% and the small-cap Russell 2000® Index rose 24.90%, the latter posting a record 7th-straight quarterly gain.
While stocks rose, bonds with a high sensitivity to interest rate changes performed poorly for much of the period as the Fed made plans to cut back on its asset purchases aimed at stimulating the economy. The Barclays® U.S. Aggregate Bond Index, representing investment-grade debt, returned -0.10%, compared with its long-term average annual return of 8.13%. High-yield investments led all fixed-income sectors as they continued to rally alongside equities; The BofA Merrill LynchSM US High Yield Constrained Index returned 7.52%, as investors accepted more risk in exchange for typically higher yields.
Comments from Andrew Dierdorf and Christopher Sharpe, Co-Portfolio Managers of Fidelity Freedom® Funds: On an absolute basis, each Freedom Fund posted a positive return for the 12 months ending March 31, 2014. The longer-dated Funds delivered the highest absolute returns; however, on a relative basis, each Fund lagged its respective Composite index. The Funds' U.S. equity holdings, in aggregate, finished behind the 22.58% return of their asset-class benchmark, the Dow Jones U.S. Total Stock Market IndexSM. An out-of-benchmark allocation to Fidelity® Series Commodity Strategy Fund hurt relative results. Other notable detractors included Fidelity® Series Equity-Income Fund and Fidelity Series Stock Selector Large Cap Value Fund. On the positive side, Fidelity Series Growth Company Fund, Fidelity Series Blue Chip Growth Fund and Fidelity Series Opportunistic Insights Fund were among the leading contributors. The Funds' non-U.S. holdings, in aggregate, also underperformed their asset-class benchmark. Fidelity Series Emerging Markets Fund was the biggest detractor; Fidelity Series International Growth Fund also hurt. Fidelity Series International Small Cap Fund helped. Note: On January 1, 2014, the non-U.S. equity asset-class benchmark was changed from the MSCI EAFE Index to the MSCI ACWI (All Country World Index) ex USA Index, which includes exposure to emerging markets. In bonds, the Funds' underlying investments, in aggregate, exceeded the slightly negative result for the fixed-income asset-class benchmark, the Barclays® U.S. Aggregate Bond Index. Here, the Funds' allocation to Fidelity Series Investment Grade Bond Fund helped, as did allocations to Fidelity Series High Income Fund, Fidelity Series Floating Rate High Income Fund and Fidelity Series Real Estate Income Fund. Conversely, the Funds' investments in Fidelity Series Emerging Markets Debt Fund and Fidelity Series Inflation-Protected Bond Index Fund detracted.
Note to shareholders: Fidelity Freedom® 2000 Fund has changed its asset allocation over time, following its predetermined glide path, and its allocations now match those of Fidelity Freedom® Income Fund. As described in the Funds' prospectus, once the Funds' asset allocations match, the Fidelity Freedom® Funds' Board of Trustees may approve combining the Fund with Fidelity Freedom Income Fund if the Board determines that the combination is in the best interest of the Fund and its shareholders.
At its May meeting, the Board of Trustees unanimously approved combining Fidelity Freedom 2000 Fund with Fidelity Freedom Income Fund. For more detailed information, please contact Fidelity at 1-800-544-8544.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
Annual Report
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2013 to March 31, 2014).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Freedom Income | 0.0% | | | |
Actual | | $ 1,000.00 | $ 1,031.60 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2000 | 0.0% | | | |
Actual | | $ 1,000.00 | $ 1,032.00 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2005 | 0.0% | | | |
Actual | | $ 1,000.00 | $ 1,042.80 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2010 | 0.0% | | | |
Actual | | $ 1,000.00 | $ 1,051.20 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2015 | 0.0% | | | |
Actual | | $ 1,000.00 | $ 1,055.20 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2020 | 0.0% | | | |
Actual | | $ 1,000.00 | $ 1,059.30 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2025 | 0.0% | | | |
Actual | | $ 1,000.00 | $ 1,068.20 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2030 | 0.0% | | | |
Actual | | $ 1,000.00 | $ 1,073.10 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Freedom 2035 | 0.0% | | | |
Actual | | $ 1,000.00 | $ 1,077.50 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2040 | 0.0% | | | |
Actual | | $ 1,000.00 | $ 1,078.20 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2045 | 0.0% | | | |
Actual | | $ 1,000.00 | $ 1,079.40 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2050 | 0.0% | | | |
Actual | | $ 1,000.00 | $ 1,079.30 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2055 | 0.0% | | | |
Actual | | $ 1,000.00 | $ 1,080.40 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
Annual Report
Fidelity Freedom Income Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund | 0.5 | 0.5 |
Fidelity Series 1000 Value Index Fund | 0.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 2.0 | 2.0 |
Fidelity Series Blue Chip Growth Fund | 1.6 | 0.0 |
Fidelity Series Commodity Strategy Fund | 1.1 | 1.9 |
Fidelity Series Equity-Income Fund | 2.5 | 1.3 |
Fidelity Series Growth & Income Fund | 1.9 | 0.5 |
Fidelity Series Growth Company Fund | 2.0 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund | 1.2 | 1.0 |
Fidelity Series Opportunistic Insights Fund | 1.2 | 1.0 |
Fidelity Series Real Estate Equity Fund | 0.2 | 0.2 |
Fidelity Series Small Cap Discovery Fund | 0.3 | 0.0 |
Fidelity Series Small Cap Opportunities Fund | 1.0 | 0.6 |
Fidelity Series Stock Selector Large Cap Value Fund | 1.6 | 1.2 |
Fidelity Blue Chip Growth Fund | 0.0 | 1.5 |
Fidelity Growth Company Fund | 0.0 | 1.9 |
Fidelity Series Large Cap Value Fund | 0.0 | 1.0 |
Fidelity Small Cap Growth Fund | 0.0 | 0.3 |
Fidelity Small Cap Value Fund | 0.0 | 0.3 |
| 17.4 | 15.2 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.6 | 1.2 |
Fidelity Series International Growth Fund | 2.5 | 2.1 |
Fidelity Series International Small Cap Fund | 0.6 | 0.4 |
Fidelity Series International Value Fund | 2.5 | 2.0 |
| 7.2 | 5.7 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.5 |
Fidelity Series Floating Rate High Income Fund | 1.2 | 1.1 |
Fidelity Series High Income Fund | 5.0 | 4.9 |
Fidelity Series Inflation-Protected Bond Index Fund | 2.9 | 11.0 |
Fidelity Series Investment Grade Bond Fund | 35.7 | 21.6 |
Fidelity Series Real Estate Income Fund | 0.4 | 0.4 |
| 45.8 | 39.5 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 16.3 | 21.8 |
Fidelity Short-Term Bond Fund | 13.3 | 17.8 |
| 29.6 | 39.6 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
 | Domestic Equity Funds** | 17.4% | |
 | International Equity Funds | 7.2% | |
 | Bond Funds | 45.8% | |
 | Short-Term Funds | 29.6% | |
Six months ago |
| Domestic Equity Funds** | 15.2% | |
| International Equity Funds | 5.7% | |
| Bond Funds | 39.5% | |
| Short-Term Funds | 39.6% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom Income Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 17.4% |
| Shares | | Value |
Fidelity Series 100 Index Fund (c) | 792,783 | | $ 9,648,168 |
Fidelity Series 1000 Value Index Fund (c) | 610,967 | | 6,525,131 |
Fidelity Series All-Sector Equity Fund (c) | 2,810,246 | | 39,680,671 |
Fidelity Series Blue Chip Growth Fund (c) | 2,864,709 | | 31,024,803 |
Fidelity Series Commodity Strategy Fund (a)(c) | 2,533,910 | | 21,411,536 |
Fidelity Series Equity-Income Fund (c) | 3,817,557 | | 47,681,281 |
Fidelity Series Growth & Income Fund (c) | 2,833,807 | | 36,754,479 |
Fidelity Series Growth Company Fund (c) | 3,566,003 | | 38,619,812 |
Fidelity Series Intrinsic Opportunities Fund (c) | 1,656,303 | | 23,022,608 |
Fidelity Series Opportunistic Insights Fund (c) | 1,630,910 | | 22,767,504 |
Fidelity Series Real Estate Equity Fund (c) | 329,793 | | 4,260,927 |
Fidelity Series Small Cap Discovery Fund (c) | 565,812 | | 5,839,177 |
Fidelity Series Small Cap Opportunities Fund (c) | 1,371,387 | | 18,609,723 |
Fidelity Series Stock Selector Large Cap Value Fund (c) | 2,486,820 | | 31,134,984 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $286,898,798) |
336,980,804
|
International Equity Funds - 7.2% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 1,741,917 | | 29,873,873 |
Fidelity Series International Growth Fund (c) | 3,412,260 | | 48,317,595 |
Fidelity Series International Small Cap Fund (c) | 714,968 | | 11,575,332 |
Fidelity Series International Value Fund (c) | 4,365,604 | | 48,545,522 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $112,706,733) |
138,312,322
|
Bond Funds - 45.8% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 1,129,034 | | $ 11,516,148 |
Fidelity Series Floating Rate High Income Fund (c) | 2,169,815 | | 22,696,268 |
Fidelity Series High Income Fund (c) | 9,219,619 | | 97,635,763 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 5,640,773 | | 55,561,616 |
Fidelity Series Investment Grade Bond Fund (c) | 61,464,594 | | 692,091,325 |
Fidelity Series Real Estate Income Fund (c) | 633,867 | | 7,150,017 |
TOTAL BOND FUNDS (Cost $851,978,016) |
886,651,137
|
Short-Term Funds - 29.6% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 315,186,440 | | 315,186,440 |
Fidelity Short-Term Bond Fund (c) | 30,044,214 | | 258,079,795 |
TOTAL SHORT-TERM FUNDS (Cost $573,745,407) |
573,266,235
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,825,328,954) | | 1,935,210,498 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (323) |
NET ASSETS - 100% | $ 1,935,210,175 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund | $ 29,550,512 | $ 4,985,217 | $ 38,498,612 | $ 74,236 | $ - |
Fidelity Disciplined Equity Fund | 6,471,462 | 7,891 | 6,781,787 | - | - |
Fidelity Growth Company Fund | 39,532,972 | 4,406,036 | 50,956,554 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 475,076,345 | 14,678,109 | 174,568,012 | 408,568 | 315,186,440 |
Fidelity Series 100 Index Fund | 10,058,863 | 1,856,765 | 3,925,081 | 177,341 | 9,648,168 |
Fidelity Series 1000 Value Index Fund | - | 6,502,581 | 386,484 | 19,809 | 6,525,131 |
Fidelity Series All-Sector Equity Fund | 43,443,824 | 4,879,137 | 12,913,431 | 346,737 | 39,680,671 |
Fidelity Series Blue Chip Growth Fund | - | 35,292,062 | 6,847,221 | 27,436 | 31,024,803 |
Fidelity Series Commodity Strategy Fund | 41,898,415 | 3,063,353 | 21,281,237 | - | 21,411,536 |
Fidelity Series Emerging Markets Debt Fund | 11,658,104 | 2,455,364 | 1,887,424 | 586,710 | 11,516,148 |
Fidelity Series Emerging Markets Fund | 26,453,092 | 7,901,815 | 5,011,520 | 298,785 | 29,873,873 |
Fidelity Series Equity-Income Fund | 27,580,149 | 40,734,393 | 24,820,470 | 661,500 | 47,681,281 |
Fidelity Series Floating Rate High Income Fund | 25,249,630 | 2,508,033 | 4,686,970 | 1,016,648 | 22,696,268 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Growth & Income Fund (formerly Fidelity Series Mega Cap Fund) | $ 10,075,586 | $ 29,835,695 | $ 5,949,655 | $ 215,608 | $ 36,754,479 |
Fidelity Series Growth Company Fund | - | 42,850,199 | 7,388,475 | 26,242 | 38,619,812 |
Fidelity Series High Income Fund | 108,369,867 | 8,679,984 | 20,087,266 | 5,372,862 | 97,635,763 |
Fidelity Series Inflation-Protected Bond Index Fund | 249,889,843 | 11,727,834 | 188,903,511 | 50,373 | 55,561,616 |
Fidelity Series International Growth Fund | 43,822,625 | 10,511,815 | 10,738,705 | 345,670 | 48,317,595 |
Fidelity Series International Small Cap Fund | 8,972,020 | 3,761,399 | 2,636,826 | 91,967 | 11,575,332 |
Fidelity Series International Value Fund | 43,630,979 | 21,209,868 | 21,655,158 | 1,063,240 | 48,545,522 |
Fidelity Series Intrinsic Opportunities Fund | 18,436,302 | 4,783,375 | 4,457,842 | 249,908 | 23,022,608 |
Fidelity Series Investment Grade Bond Fund | 471,536,497 | 324,106,203 | 94,310,159 | 13,227,985 | 692,091,325 |
Fidelity Series Large Cap Value Fund | 25,177,407 | 6,636,227 | 29,757,248 | 263,693 | - |
Fidelity Series Opportunistic Insights Fund | 20,136,167 | 3,370,610 | 5,832,998 | - | 22,767,504 |
Fidelity Series Real Estate Equity Fund | 4,218,184 | 850,830 | 753,464 | 65,870 | 4,260,927 |
Fidelity Series Real Estate Income Fund | 8,061,268 | 870,706 | 1,531,276 | 404,992 | 7,150,017 |
Fidelity Series Small Cap Discovery Fund | - | 6,150,659 | 500,025 | 5,963 | 5,839,177 |
Fidelity Series Small Cap Opportunities Fund | 11,333,546 | 10,263,269 | 4,351,963 | 4,210 | 18,609,723 |
Fidelity Series Stock Selector Large Cap Value Fund | 27,676,866 | 10,343,412 | 9,958,989 | 313,781 | 31,134,984 |
Fidelity Short-Term Bond Fund | 390,811,762 | 13,291,384 | 145,456,674 | 2,774,063 | 258,079,795 |
Fidelity Small Cap Growth Fund | 6,072,452 | 674,215 | 7,229,463 | - | - |
Fidelity Small Cap Value Fund | 6,512,618 | 407,601 | 7,281,383 | 9,540 | - |
Total | $ 2,191,707,357 | $ 639,596,041 | $ 921,345,883 | $ 28,103,737 | $ 1,935,210,498 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Income Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $1,825,328,954) - See accompanying schedule | | $ 1,935,210,498 |
Cash | | 13 |
Receivable for investments sold | | 3,255,031 |
Receivable for fund shares sold | | 2,425,667 |
Total assets | | 1,940,891,209 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,646 | |
Payable for fund shares redeemed | 5,678,388 | |
Total liabilities | | 5,681,034 |
| | |
Net Assets | | $ 1,935,210,175 |
Net Assets consist of: | | |
Paid in capital | | $ 1,771,421,330 |
Undistributed net investment income | | 2,797,937 |
Accumulated undistributed net realized gain (loss) on investments | | 51,109,364 |
Net unrealized appreciation (depreciation) on investments | | 109,881,544 |
Net Assets, for 163,140,193 shares outstanding | | $ 1,935,210,175 |
Net Asset Value, offering price and redemption price per share ($1,935,210,175 ÷ 163,140,193 shares) | | $ 11.86 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 28,103,737 |
| | |
Expenses | | |
Independent trustees' compensation | $ 7,867 | |
Total expenses before reductions | 7,867 | |
Expense reductions | (7,867) | - |
Net investment income (loss) | | 28,103,737 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 57,579,319 | |
Capital gain distributions from underlying funds | 24,840,808 | |
Total net realized gain (loss) | | 82,420,127 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (32,326,241) |
Net gain (loss) | | 50,093,886 |
Net increase (decrease) in net assets resulting from operations | | $ 78,197,623 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 28,103,737 | $ 30,039,521 |
Net realized gain (loss) | 82,420,127 | 80,163,065 |
Change in net unrealized appreciation (depreciation) | (32,326,241) | (5,809,253) |
Net increase (decrease) in net assets resulting from operations | 78,197,623 | 104,393,333 |
Distributions to shareholders from net investment income | (27,364,452) | (30,676,109) |
Distributions to shareholders from net realized gain | (61,063,652) | (15,315,416) |
Total distributions | (88,428,104) | (45,991,525) |
Share transactions
Proceeds from sales of shares | 449,219,245 | 576,179,291 |
Reinvestment of distributions | 87,164,850 | 45,296,041 |
Cost of shares redeemed | (782,609,209) | (871,916,280) |
Net increase (decrease) in net assets resulting from share transactions | (246,225,114) | (250,440,948) |
Total increase (decrease) in net assets | (256,455,595) | (192,039,140) |
| | |
Net Assets | | |
Beginning of period | 2,191,665,770 | 2,383,704,910 |
End of period (including undistributed net investment income of $2,797,937 and undistributed net investment income of $2,058,651, respectively) | $ 1,935,210,175 | $ 2,191,665,770 |
Other Information Shares | | |
Sold | 38,107,770 | 49,200,613 |
Issued in reinvestment of distributions | 7,406,503 | 3,877,974 |
Redeemed | (66,443,845) | (74,491,637) |
Net increase (decrease) | (20,929,572) | (21,413,050) |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.91 | $ 11.60 | $ 11.48 | $ 10.96 | $ 9.37 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .16 | .15 | .18 | .19 | .26 |
Net realized and unrealized gain (loss) | .30 | .40 | .21 | .60 | 1.65 |
Total from investment operations | .46 | .55 | .39 | .79 | 1.91 |
Distributions from net investment income | (.16) | (.16) | (.19) | (.20) | (.26) |
Distributions from net realized gain | (.35) | (.08) | (.08) | (.07) | (.06) |
Total distributions | (.51) | (.24) | (.27) | (.27) | (.32) F |
Net asset value, end of period | $ 11.86 | $ 11.91 | $ 11.60 | $ 11.48 | $ 10.96 |
Total Return A | 3.95% | 4.79% | 3.47% | 7.33% | 20.60% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.37% | 1.32% | 1.58% | 1.71% | 2.54% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,935,210 | $ 2,191,666 | $ 2,383,705 | $ 2,859,662 | $ 2,734,398 |
Portfolio turnover rate C | 31% | 14% | 20% | 38% | 29% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.32 per share is comprised of distributions from net investment income of $.260 and distributions from net realized gain of $.060 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2000 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund | 0.5 | 0.5 |
Fidelity Series 1000 Value Index Fund | 0.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 2.1 | 2.0 |
Fidelity Series Blue Chip Growth Fund | 1.6 | 0.0 |
Fidelity Series Commodity Strategy Fund | 1.2 | 1.8 |
Fidelity Series Equity-Income Fund | 2.5 | 1.3 |
Fidelity Series Growth & Income Fund | 1.9 | 0.5 |
Fidelity Series Growth Company Fund | 2.0 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund | 1.2 | 1.0 |
Fidelity Series Opportunistic Insights Fund | 1.2 | 1.0 |
Fidelity Series Real Estate Equity Fund | 0.2 | 0.2 |
Fidelity Series Small Cap Discovery Fund | 0.3 | 0.0 |
Fidelity Series Small Cap Opportunities Fund | 0.9 | 0.6 |
Fidelity Series Stock Selector Large Cap Value Fund | 1.7 | 1.2 |
Fidelity Blue Chip Growth Fund | 0.0 | 1.5 |
Fidelity Growth Company Fund | 0.0 | 1.9 |
Fidelity Series Large Cap Value Fund | 0.0 | 1.0 |
Fidelity Small Cap Growth Fund | 0.0 | 0.3 |
Fidelity Small Cap Value Fund | 0.0 | 0.3 |
| 17.6 | 15.1 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.6 | 1.2 |
Fidelity Series International Growth Fund | 2.5 | 2.0 |
Fidelity Series International Small Cap Fund | 0.6 | 0.4 |
Fidelity Series International Value Fund | 2.5 | 2.0 |
| 7.2 | 5.6 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.5 |
Fidelity Series Floating Rate High Income Fund | 1.1 | 1.1 |
Fidelity Series High Income Fund | 5.0 | 4.9 |
Fidelity Series Inflation-Protected Bond Index Fund | 2.9 | 11.1 |
Fidelity Series Investment Grade Bond Fund | 35.6 | 21.6 |
Fidelity Series Real Estate Income Fund | 0.4 | 0.4 |
| 45.6 | 39.6 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 16.3 | 21.8 |
Fidelity Short-Term Bond Fund | 13.3 | 17.9 |
| 29.6 | 39.7 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 17.6% | |
| International Equity Funds | 7.2% | |
| Bond Funds | 45.6% | |
| Short-Term Funds | 29.6% | |
Six months ago |
| Domestic Equity Funds** | 15.1% | |
| International Equity Funds | 5.6% | |
| Bond Funds | 39.6% | |
| Short-Term Funds | 39.7% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom 2000 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 17.6% |
| Shares | | Value |
Fidelity Series 100 Index Fund (c) | 342,917 | | $ 4,173,305 |
Fidelity Series 1000 Value Index Fund (c) | 264,276 | | 2,822,469 |
Fidelity Series All-Sector Equity Fund (c) | 1,223,570 | | 17,276,811 |
Fidelity Series Blue Chip Growth Fund (c) | 1,216,921 | | 13,179,251 |
Fidelity Series Commodity Strategy Fund (a)(c) | 1,181,005 | | 9,979,494 |
Fidelity Series Equity-Income Fund (c) | 1,693,958 | | 21,157,534 |
Fidelity Series Growth & Income Fund (c) | 1,227,521 | | 15,920,952 |
Fidelity Series Growth Company Fund (c) | 1,543,616 | | 16,717,361 |
Fidelity Series Intrinsic Opportunities Fund (c) | 720,126 | | 10,009,753 |
Fidelity Series Opportunistic Insights Fund (c) | 699,948 | | 9,771,270 |
Fidelity Series Real Estate Equity Fund (c) | 140,701 | | 1,817,860 |
Fidelity Series Small Cap Discovery Fund (c) | 249,911 | | 2,579,086 |
Fidelity Series Small Cap Opportunities Fund (c) | 584,966 | | 7,937,990 |
Fidelity Series Stock Selector Large Cap Value Fund (c) | 1,117,320 | | 13,988,849 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $124,872,325) |
147,331,985
|
International Equity Funds - 7.2% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 760,284 | | 13,038,873 |
Fidelity Series International Growth Fund (c) | 1,477,170 | | 20,916,730 |
Fidelity Series International Small Cap Fund (c) | 309,946 | | 5,018,027 |
Fidelity Series International Value Fund (c) | 1,890,416 | | 21,021,428 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $48,314,434) |
59,995,058
|
Bond Funds - 45.6% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 483,375 | | $ 4,930,421 |
Fidelity Series Floating Rate High Income Fund (c) | 929,131 | | 9,718,714 |
Fidelity Series High Income Fund (c) | 3,994,164 | | 42,298,201 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 2,440,037 | | 24,034,369 |
Fidelity Series Investment Grade Bond Fund (c) | 26,532,276 | | 298,753,427 |
Fidelity Series Real Estate Income Fund (c) | 269,742 | | 3,042,689 |
TOTAL BOND FUNDS (Cost $366,660,933) |
382,777,821
|
Short-Term Funds - 29.6% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 136,500,360 | | 136,500,360 |
Fidelity Short-Term Bond Fund (c) | 13,017,801 | | 111,822,909 |
TOTAL SHORT-TERM FUNDS (Cost $249,803,448) |
248,323,269
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $789,651,140) | | 838,428,133 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (676) |
NET ASSETS - 100% | $ 838,427,457 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund | $ 13,459,390 | $ 2,286,311 | $ 17,523,432 | $ 33,031 | $ - |
Fidelity Disciplined Equity Fund | 2,941,841 | - | 3,075,816 | - | - |
Fidelity Growth Company Fund | 18,102,567 | 1,939,294 | 23,204,715 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 217,485,045 | 6,864,913 | 87,849,597 | 183,118 | 136,500,360 |
Fidelity Series 100 Index Fund | 4,546,028 | 692,102 | 1,797,754 | 78,915 | 4,173,305 |
Fidelity Series 1000 Value Index Fund | - | 2,886,186 | 242,331 | 8,550 | 2,822,469 |
Fidelity Series All-Sector Equity Fund | 19,752,787 | 2,113,792 | 6,502,475 | 152,951 | 17,276,811 |
Fidelity Series Blue Chip Growth Fund | - | 15,338,003 | 3,295,041 | 12,103 | 13,179,251 |
Fidelity Series Commodity Strategy Fund | 18,865,003 | 1,528,496 | 9,457,350 | - | 9,979,494 |
Fidelity Series Emerging Markets Debt Fund | 5,390,785 | 949,227 | 1,080,001 | 264,432 | 4,930,421 |
Fidelity Series Emerging Markets Fund | 12,168,692 | 3,456,626 | 2,791,230 | 132,213 | 13,038,873 |
Fidelity Series Equity-Income Fund | 12,675,789 | 15,631,854 | 8,994,870 | 297,762 | 21,157,534 |
Fidelity Series Floating Rate High Income Fund | 11,682,093 | 905,304 | 2,703,296 | 453,066 | 9,718,714 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Growth & Income Fund (formerly Fidelity Series Mega Cap Fund) | $ 4,631,043 | $ 16,634,672 | $ 6,632,011 | $ 97,376 | $ 15,920,952 |
Fidelity Series Growth Company Fund | - | 18,864,693 | 3,550,818 | 11,408 | 16,717,361 |
Fidelity Series High Income Fund | 49,900,379 | 3,967,091 | 11,841,741 | 2,397,185 | 42,298,201 |
Fidelity Series Inflation-Protected Bond Index Fund | 114,741,430 | 4,767,644 | 87,759,792 | 22,063 | 24,034,369 |
Fidelity Series International Growth Fund | 20,131,920 | 4,628,322 | 5,953,395 | 152,944 | 20,916,730 |
Fidelity Series International Small Cap Fund | 4,126,007 | 1,703,019 | 1,466,452 | 40,697 | 5,018,027 |
Fidelity Series International Value Fund | 20,044,595 | 9,763,723 | 11,211,989 | 470,397 | 21,021,428 |
Fidelity Series Intrinsic Opportunities Fund | 8,640,223 | 1,668,386 | 2,232,064 | 110,377 | 10,009,753 |
Fidelity Series Investment Grade Bond Fund | 215,410,032 | 140,966,384 | 53,348,299 | 5,863,161 | 298,753,427 |
Fidelity Series Large Cap Value Fund | 11,478,106 | 2,892,162 | 13,498,566 | 115,627 | - |
Fidelity Series Opportunistic Insights Fund | 9,257,628 | 1,206,427 | 2,973,085 | - | 9,771,270 |
Fidelity Series Real Estate Equity Fund | 1,980,634 | 323,893 | 463,592 | 29,072 | 1,817,860 |
Fidelity Series Real Estate Income Fund | 3,727,756 | 318,207 | 883,838 | 181,418 | 3,042,689 |
Fidelity Series Small Cap Discovery Fund | - | 2,793,460 | 299,501 | 2,720 | 2,579,086 |
Fidelity Series Small Cap Opportunities Fund | 5,170,986 | 4,196,801 | 2,029,847 | 1,861 | 7,937,990 |
Fidelity Series Stock Selector Large Cap Value Fund | 12,726,026 | 4,666,062 | 4,788,367 | 138,294 | 13,988,849 |
Fidelity Short-Term Bond Fund | 178,738,729 | 6,038,401 | 72,690,442 | 1,238,867 | 111,822,909 |
Fidelity Small Cap Growth Fund | 2,788,099 | 298,688 | 3,306,627 | - | - |
Fidelity Small Cap Value Fund | 2,994,231 | 180,931 | 3,340,214 | 4,305 | - |
Total | $ 1,003,557,844 | $ 280,471,074 | $ 456,788,548 | $ 12,493,913 | $ 838,428,133 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2000 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $789,651,140) - See accompanying schedule | | $ 838,428,133 |
Receivable for investments sold | | 4,522,307 |
Receivable for fund shares sold | | 889,483 |
Total assets | | 843,839,923 |
| | |
Liabilities | | |
Payable for investments purchased | $ 55 | |
Payable for fund shares redeemed | 5,412,411 | |
Total liabilities | | 5,412,466 |
| | |
Net Assets | | $ 838,427,457 |
Net Assets consist of: | | |
Paid in capital | | $ 763,834,210 |
Undistributed net investment income | | 3,116,081 |
Accumulated undistributed net realized gain (loss) on investments | | 22,700,173 |
Net unrealized appreciation (depreciation) on investments | | 48,776,993 |
Net Assets, for 66,617,323 shares outstanding | | $ 838,427,457 |
Net Asset Value, offering price and redemption price per share ($838,427,457 ÷ 66,617,323 shares) | | $ 12.59 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 12,493,913 |
| | |
Expenses | | |
Independent trustees' compensation | $ 3,527 | |
Total expenses before reductions | 3,527 | |
Expense reductions | (3,527) | - |
Net investment income (loss) | | 12,493,913 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 27,800,329 | |
Capital gain distributions from underlying funds | 10,960,990 | |
Total net realized gain (loss) | | 38,761,319 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (16,612,521) |
Net gain (loss) | | 22,148,798 |
Net increase (decrease) in net assets resulting from operations | | $ 34,642,711 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2000 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 12,493,913 | $ 14,543,943 |
Net realized gain (loss) | 38,761,319 | 47,890,516 |
Change in net unrealized appreciation (depreciation) | (16,612,521) | (12,705,167) |
Net increase (decrease) in net assets resulting from operations | 34,642,711 | 49,729,292 |
Distributions to shareholders from net investment income | (11,739,440) | (15,922,623) |
Distributions to shareholders from net realized gain | (24,168,040) | (7,401,419) |
Total distributions | (35,907,480) | (23,324,042) |
Share transactions
Proceeds from sales of shares | 139,343,713 | 211,998,303 |
Reinvestment of distributions | 35,560,265 | 23,138,995 |
Cost of shares redeemed | (338,761,650) | (473,996,472) |
Net increase (decrease) in net assets resulting from share transactions | (163,857,672) | (238,859,174) |
Total increase (decrease) in net assets | (165,122,441) | (212,453,924) |
| | |
Net Assets | | |
Beginning of period | 1,003,549,898 | 1,216,003,822 |
End of period (including undistributed net investment income of $3,116,081 and undistributed net investment income of $2,361,608, respectively) | $ 838,427,457 | $ 1,003,549,898 |
Other Information Shares | | |
Sold | 11,117,522 | 17,091,972 |
Issued in reinvestment of distributions | 2,854,684 | 1,877,679 |
Redeemed | (27,054,882) | (38,251,373) |
Net increase (decrease) | (13,082,676) | (19,281,722) |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.59 | $ 12.29 | $ 12.18 | $ 11.61 | $ 9.86 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .17 | .16 | .19 | .20 | .27 |
Net realized and unrealized gain (loss) | .33 | .41 | .22 | .67 | 1.83 |
Total from investment operations | .50 | .57 | .41 | .87 | 2.10 |
Distributions from net investment income | (.17) | (.18) | (.20) | (.22) | (.29) |
Distributions from net realized gain | (.34) | (.09) | (.10) | (.08) | (.06) |
Total distributions | (.50) G | (.27) | (.30) | (.30) | (.35) F |
Net asset value, end of period | $ 12.59 | $ 12.59 | $ 12.29 | $ 12.18 | $ 11.61 |
Total Return A | 4.06% | 4.70% | 3.45% | 7.56% | 21.46% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.37% | 1.32% | 1.58% | 1.67% | 2.47% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 838,427 | $ 1,003,550 | $ 1,216,004 | $ 1,481,969 | $ 1,708,818 |
Portfolio turnover rate C | 31% | 12% | 19% | 32% | 31% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.35 per share is comprised of distributions from net investment income of $.290 and distributions from net realized gain of $.060 per share.
G Total distributions of $.50 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.335 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2005 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund | 0.9 | 0.7 |
Fidelity Series 1000 Value Index Fund | 0.6 | 0.0 |
Fidelity Series All-Sector Equity Fund | 3.2 | 3.1 |
Fidelity Series Blue Chip Growth Fund | 2.8 | 0.0 |
Fidelity Series Commodity Strategy Fund | 1.1 | 3.6 |
Fidelity Series Equity-Income Fund | 4.1 | 2.2 |
Fidelity Series Growth & Income Fund | 3.3 | 0.9 |
Fidelity Series Growth Company Fund | 3.3 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund | 2.1 | 1.6 |
Fidelity Series Opportunistic Insights Fund | 2.0 | 1.7 |
Fidelity Series Real Estate Equity Fund | 0.4 | 0.3 |
Fidelity Series Small Cap Discovery Fund | 0.5 | 0.0 |
Fidelity Series Small Cap Opportunities Fund | 1.7 | 0.9 |
Fidelity Series Stock Selector Large Cap Value Fund | 2.8 | 1.9 |
Fidelity Blue Chip Growth Fund | 0.0 | 2.5 |
Fidelity Growth Company Fund | 0.0 | 3.0 |
Fidelity Series Large Cap Value Fund | 0.0 | 1.6 |
Fidelity Small Cap Growth Fund | 0.0 | 0.5 |
Fidelity Small Cap Value Fund | 0.0 | 0.5 |
| 28.8 | 25.0 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.4 | 2.0 |
Fidelity Series International Growth Fund | 4.2 | 3.3 |
Fidelity Series International Small Cap Fund | 1.0 | 0.7 |
Fidelity Series International Value Fund | 4.3 | 3.3 |
| 11.9 | 9.3 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
Fidelity Series Floating Rate High Income Fund | 1.2 | 1.1 |
Fidelity Series High Income Fund | 5.4 | 4.8 |
Fidelity Series Inflation-Protected Bond Index Fund | 2.2 | 8.8 |
Fidelity Series Investment Grade Bond Fund | 30.0 | 17.9 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 39.9 | 33.7 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 10.7 | 17.6 |
Fidelity Short-Term Bond Fund | 8.7 | 14.4 |
| 19.4 | 32.0 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 28.8% | |
| International Equity Funds | 11.9% | |
| Bond Funds | 39.9% | |
| Short-Term Funds | 19.4% | |
Six months ago |
| Domestic Equity Funds** | 25.0% | |
| International Equity Funds | 9.3% | |
| Bond Funds | 33.7% | |
| Short-Term Funds | 32.0% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom 2005 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 28.8% |
| Shares | | Value |
Fidelity Series 100 Index Fund (c) | 467,920 | | $ 5,694,585 |
Fidelity Series 1000 Value Index Fund (c) | 359,503 | | 3,839,487 |
Fidelity Series All-Sector Equity Fund (c) | 1,533,455 | | 21,652,381 |
Fidelity Series Blue Chip Growth Fund (c) | 1,696,168 | | 18,369,503 |
Fidelity Series Commodity Strategy Fund (a)(c) | 885,290 | | 7,480,697 |
Fidelity Series Equity-Income Fund (c) | 2,200,088 | | 27,479,103 |
Fidelity Series Growth & Income Fund (c) | 1,675,463 | | 21,730,756 |
Fidelity Series Growth Company Fund (c) | 2,045,412 | | 22,151,810 |
Fidelity Series Intrinsic Opportunities Fund (c) | 1,017,297 | | 14,140,423 |
Fidelity Series Opportunistic Insights Fund (c) | 967,259 | | 13,502,942 |
Fidelity Series Real Estate Equity Fund (c) | 220,218 | | 2,845,214 |
Fidelity Series Small Cap Discovery Fund (c) | 350,529 | | 3,617,455 |
Fidelity Series Small Cap Opportunities Fund (c) | 812,905 | | 11,031,125 |
Fidelity Series Stock Selector Large Cap Value Fund (c) | 1,509,097 | | 18,893,896 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $175,634,694) |
192,429,377
|
International Equity Funds - 11.9% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 953,009 | | 16,344,100 |
Fidelity Series International Growth Fund (c) | 2,007,050 | | 28,419,831 |
Fidelity Series International Small Cap Fund (c) | 395,540 | | 6,403,800 |
Fidelity Series International Value Fund (c) | 2,591,009 | | 28,812,022 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $72,772,150) |
79,979,753
|
Bond Funds - 39.9% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 413,139 | | $ 4,214,020 |
Fidelity Series Floating Rate High Income Fund (c) | 736,145 | | 7,700,080 |
Fidelity Series High Income Fund (c) | 3,425,725 | | 36,278,424 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 1,487,547 | | 14,652,336 |
Fidelity Series Investment Grade Bond Fund (c) | 17,839,987 | | 200,878,253 |
Fidelity Series Real Estate Income Fund (c) | 273,788 | | 3,088,323 |
TOTAL BOND FUNDS (Cost $270,244,317) |
266,811,436
|
Short-Term Funds - 19.4% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 71,382,952 | | 71,382,952 |
Fidelity Short-Term Bond Fund (c) | 6,796,627 | | 58,383,026 |
TOTAL SHORT-TERM FUNDS (Cost $131,101,191) |
129,765,978
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $649,752,352) | | 668,986,544 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (7) |
NET ASSETS - 100% | $ 668,986,537 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund | $ 16,570,159 | $ 2,663,794 | $ 21,423,860 | $ 40,643 | $ - |
Fidelity Disciplined Equity Fund | 3,612,518 | 3,354 | 3,785,056 | - | - |
Fidelity Growth Company Fund | 21,623,451 | 2,155,318 | 27,578,067 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 116,878,761 | 14,019,272 | 59,515,081 | 103,386 | 71,382,952 |
Fidelity Series 100 Index Fund | 5,538,000 | 1,193,751 | 1,917,375 | 98,716 | 5,694,585 |
Fidelity Series 1000 Value Index Fund | - | 3,877,310 | 239,174 | 10,830 | 3,839,487 |
Fidelity Series All-Sector Equity Fund | 23,962,206 | 3,209,070 | 7,784,302 | 187,525 | 21,652,381 |
Fidelity Series Blue Chip Growth Fund | - | 19,258,636 | 2,338,106 | 15,310 | 18,369,503 |
Fidelity Series Commodity Strategy Fund | 26,470,248 | 3,499,435 | 20,522,675 | - | 7,480,697 |
Fidelity Series Emerging Markets Debt Fund | 4,702,012 | 498,952 | 695,123 | 231,589 | 4,214,020 |
Fidelity Series Emerging Markets Fund | 14,594,326 | 3,885,385 | 2,429,194 | 161,611 | 16,344,100 |
Fidelity Series Equity-Income Fund | 15,360,498 | 21,175,083 | 11,386,258 | 366,039 | 27,479,103 |
Fidelity Series Floating Rate High Income Fund | 8,167,175 | 1,146,164 | 1,485,659 | 337,437 | 7,700,080 |
Fidelity Series Growth & Income Fund (formerly Fidelity Series Mega Cap Fund) | 5,601,103 | 20,282,752 | 5,727,007 | 120,681 | 21,730,756 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Growth Company Fund | $ - | $ 22,883,169 | $ 2,468,405 | $ 14,310 | $ 22,151,810 |
Fidelity Series High Income Fund | 34,054,224 | 7,454,763 | 5,505,986 | 1,802,828 | 36,278,424 |
Fidelity Series Inflation-Protected Bond Index Fund | 64,209,676 | 5,775,411 | 50,926,654 | 12,896 | 14,652,336 |
Fidelity Series International Growth Fund | 23,779,915 | 7,606,945 | 5,597,699 | 188,932 | 28,419,831 |
Fidelity Series International Small Cap Fund | 4,874,479 | 2,170,539 | 1,445,559 | 50,140 | 6,403,800 |
Fidelity Series International Value Fund | 23,490,490 | 12,077,111 | 9,665,733 | 581,140 | 28,812,022 |
Fidelity Series Intrinsic Opportunities Fund | 8,637,881 | 5,123,136 | 1,812,165 | 135,300 | 14,140,423 |
Fidelity Series Investment Grade Bond Fund | 126,485,301 | 102,387,524 | 25,507,851 | 3,716,934 | 200,878,253 |
Fidelity Series Large Cap Value Fund | 14,031,678 | 3,736,947 | 16,679,632 | 136,693 | - |
Fidelity Series Opportunistic Insights Fund | 11,193,340 | 2,590,738 | 3,125,588 | - | 13,502,942 |
Fidelity Series Real Estate Equity Fund | 2,461,176 | 794,051 | 407,117 | 40,986 | 2,845,214 |
Fidelity Series Real Estate Income Fund | 3,360,451 | 407,036 | 571,959 | 172,918 | 3,088,323 |
Fidelity Series Small Cap Discovery Fund | - | 3,706,801 | 216,837 | 3,301 | 3,617,455 |
Fidelity Series Small Cap Opportunities Fund | 6,363,627 | 6,079,305 | 2,178,980 | 2,352 | 11,031,125 |
Fidelity Series Stock Selector Large Cap Value Fund | 15,431,236 | 7,610,106 | 5,792,555 | 175,497 | 18,893,896 |
Fidelity Short-Term Bond Fund | 95,700,835 | 12,112,239 | 49,291,364 | 695,715 | 58,383,026 |
Fidelity Small Cap Growth Fund | 3,393,222 | 440,052 | 4,102,684 | - | - |
Fidelity Small Cap Value Fund | 3,635,319 | 293,330 | 4,128,378 | 5,123 | - |
Total | $ 704,183,307 | $ 300,117,479 | $ 356,252,083 | $ 9,408,832 | $ 668,986,544 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2005 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $649,752,352) - See accompanying schedule | | $ 668,986,544 |
Receivable for investments sold | | 2,047,796 |
Receivable for fund shares sold | | 369,285 |
Total assets | | 671,403,625 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,450,943 | |
Payable for fund shares redeemed | 966,145 | |
Total liabilities | | 2,417,088 |
| | |
Net Assets | | $ 668,986,537 |
Net Assets consist of: | | |
Paid in capital | | $ 648,146,389 |
Undistributed net investment income | | 2,110,960 |
Accumulated undistributed net realized gain (loss) on investments | | (505,004) |
Net unrealized appreciation (depreciation) on investments | | 19,234,192 |
Net Assets, for 55,724,129 shares outstanding | | $ 668,986,537 |
Net Asset Value, offering price and redemption price per share ($668,986,537 ÷ 55,724,129 shares) | | $ 12.01 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 9,408,832 |
| | |
Expenses | | |
Independent trustees' compensation | $ 2,611 | |
Total expenses before reductions | 2,611 | |
Expense reductions | (2,611) | - |
Net investment income (loss) | | 9,408,832 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 18,794,296 | |
Capital gain distributions from underlying funds | 11,681,710 | |
Total net realized gain (loss) | | 30,476,006 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 2,143,507 |
Net gain (loss) | | 32,619,513 |
Net increase (decrease) in net assets resulting from operations | | $ 42,028,345 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 9,408,832 | $ 10,136,653 |
Net realized gain (loss) | 30,476,006 | 22,552,453 |
Change in net unrealized appreciation (depreciation) | 2,143,507 | 8,411,298 |
Net increase (decrease) in net assets resulting from operations | 42,028,345 | 41,100,404 |
Distributions to shareholders from net investment income | (8,744,650) | (10,742,526) |
Distributions to shareholders from net realized gain | (5,826,392) | (4,341,485) |
Total distributions | (14,571,042) | (15,084,011) |
Share transactions
Proceeds from sales of shares | 158,367,969 | 171,676,253 |
Reinvestment of distributions | 14,471,314 | 14,972,075 |
Cost of shares redeemed | (235,493,332) | (306,330,103) |
Net increase (decrease) in net assets resulting from share transactions | (62,654,049) | (119,681,775) |
Total increase (decrease) in net assets | (35,196,746) | (93,665,382) |
| | |
Net Assets | | |
Beginning of period | 704,183,283 | 797,848,665 |
End of period (including undistributed net investment income of $2,110,959 and undistributed net investment income of $1,446,777, respectively) | $ 668,986,537 | $ 704,183,283 |
Other Information Shares | | |
Sold | 13,497,980 | 15,303,988 |
Issued in reinvestment of distributions | 1,225,512 | 1,345,365 |
Redeemed | (20,077,345) | (27,376,874) |
Net increase (decrease) | (5,353,853) | (10,727,521) |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.53 | $ 11.11 | $ 11.13 | $ 10.32 | $ 8.02 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .16 | .15 | .17 | .17 | .23 |
Net realized and unrealized gain (loss) | .58 | .51 | .12 | .91 | 2.39 |
Total from investment operations | .74 | .66 | .29 | 1.08 | 2.62 |
Distributions from net investment income | (.15) | (.17) | (.18) | (.19) | (.24) |
Distributions from net realized gain | (.10) | (.07) | (.13) | (.09) | (.08) |
Total distributions | (.26) H | (.24) | (.31) | (.27) G | (.32) F |
Net asset value, end of period | $ 12.01 | $ 11.53 | $ 11.11 | $ 11.13 | $ 10.32 |
Total Return A | 6.43% | 5.99% | 2.76% | 10.64% | 32.83% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.38% | 1.38% | 1.58% | 1.60% | 2.37% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 668,987 | $ 704,183 | $ 797,849 | $ 932,400 | $ 1,013,924 |
Portfolio turnover rate C | 44% | 22% | 29% | 38% | 34% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.32 per share is comprised of distributions from net investment income of $.235 and distributions from net realized gain of $.080 per share.
G Total distributions of $.27 per share is comprised of distributions from net investment income of $.188 and distributions from net realized gain of $.085 per share.
H Total distributions of $.26 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.103 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2010 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund | 1.1 | 1.0 |
Fidelity Series 1000 Value Index Fund | 0.7 | 0.0 |
Fidelity Series All-Sector Equity Fund | 4.3 | 4.5 |
Fidelity Series Blue Chip Growth Fund | 3.3 | 0.0 |
Fidelity Series Commodity Strategy Fund | 1.1 | 5.0 |
Fidelity Series Equity-Income Fund | 5.1 | 3.0 |
Fidelity Series Growth & Income Fund | 3.9 | 1.2 |
Fidelity Series Growth Company Fund | 4.1 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund | 2.5 | 2.3 |
Fidelity Series Opportunistic Insights Fund | 2.5 | 2.4 |
Fidelity Series Real Estate Equity Fund | 0.5 | 0.5 |
Fidelity Series Small Cap Discovery Fund | 0.6 | 0.0 |
Fidelity Series Small Cap Opportunities Fund | 2.0 | 1.2 |
Fidelity Series Stock Selector Large Cap Value Fund | 3.4 | 2.7 |
Fidelity Blue Chip Growth Fund | 0.0 | 3.5 |
Fidelity Growth Company Fund | 0.0 | 4.3 |
Fidelity Series Large Cap Value Fund | 0.0 | 2.3 |
Fidelity Small Cap Growth Fund | 0.0 | 0.7 |
Fidelity Small Cap Value Fund | 0.0 | 0.7 |
| 35.1 | 35.3 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 3.0 | 2.8 |
Fidelity Series International Growth Fund | 5.2 | 4.7 |
Fidelity Series International Small Cap Fund | 1.2 | 1.0 |
Fidelity Series International Value Fund | 5.2 | 4.7 |
| 14.6 | 13.2 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
Fidelity Series Floating Rate High Income Fund | 1.1 | 1.1 |
Fidelity Series High Income Fund | 5.6 | 4.7 |
Fidelity Series Inflation-Protected Bond Index Fund | 1.8 | 9.7 |
Fidelity Series Investment Grade Bond Fund | 26.7 | 21.4 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 36.3 | 38.0 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 7.7 | 7.4 |
Fidelity Short-Term Bond Fund | 6.3 | 6.1 |
| 14.0 | 13.5 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 35.1% | |
| International Equity Funds | 14.6% | |
| Bond Funds | 36.3% | |
| Short-Term Funds | 14.0% | |
Six months ago |
| Domestic Equity Funds** | 35.3% | |
| International Equity Funds | 13.2% | |
| Bond Funds | 38.0% | |
| Short-Term Funds | 13.5% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom 2010 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 35.1% |
| Shares | | Value |
Fidelity Series 100 Index Fund (c) | 4,642,675 | | $ 56,501,356 |
Fidelity Series 1000 Value Index Fund (c) | 3,567,095 | | 38,096,578 |
Fidelity Series All-Sector Equity Fund (c) | 16,464,925 | | 232,484,736 |
Fidelity Series Blue Chip Growth Fund (c) | 16,486,390 | | 178,547,607 |
Fidelity Series Commodity Strategy Fund (a)(c) | 7,261,477 | | 61,359,478 |
Fidelity Series Equity-Income Fund (c) | 22,211,087 | | 277,416,481 |
Fidelity Series Growth & Income Fund (c) | 16,234,299 | | 210,558,853 |
Fidelity Series Growth Company Fund (c) | 20,587,205 | | 222,959,428 |
Fidelity Series Intrinsic Opportunities Fund (c) | 9,722,360 | | 135,140,799 |
Fidelity Series Opportunistic Insights Fund (c) | 9,642,158 | | 134,604,533 |
Fidelity Series Real Estate Equity Fund (c) | 2,064,008 | | 26,666,981 |
Fidelity Series Small Cap Discovery Fund (c) | 3,289,517 | | 33,947,819 |
Fidelity Series Small Cap Opportunities Fund (c) | 8,054,719 | | 109,302,533 |
Fidelity Series Stock Selector Large Cap Value Fund (c) | 14,562,439 | | 182,321,741 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,675,771,081) |
1,899,908,923
|
International Equity Funds - 14.6% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 9,547,302 | | 163,736,237 |
Fidelity Series International Growth Fund (c) | 19,828,672 | | 280,773,999 |
Fidelity Series International Small Cap Fund (c) | 4,021,184 | | 65,102,967 |
Fidelity Series International Value Fund (c) | 25,554,156 | | 284,162,212 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $698,730,994) |
793,775,415
|
Bond Funds - 36.3% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 3,327,139 | | $ 33,936,822 |
Fidelity Series Floating Rate High Income Fund (c) | 5,779,222 | | 60,450,661 |
Fidelity Series High Income Fund (c) | 28,794,186 | | 304,930,425 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 9,814,453 | | 96,672,358 |
Fidelity Series Investment Grade Bond Fund (c) | 128,238,805 | | 1,443,968,946 |
Fidelity Series Real Estate Income Fund (c) | 2,312,380 | | 26,083,652 |
TOTAL BOND FUNDS (Cost $1,988,699,261) |
1,966,042,864
|
Short-Term Funds - 14.0% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 418,224,875 | | 418,224,875 |
Fidelity Short-Term Bond Fund (c) | 39,811,988 | | 341,984,979 |
TOTAL SHORT-TERM FUNDS (Cost $768,356,756) |
760,209,854
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $5,131,558,092) | | 5,419,937,056 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (15,598) |
NET ASSETS - 100% | $ 5,419,921,458 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund | $ 186,114,976 | $ 20,281,335 | $ 231,214,568 | $ 471,831 | $ - |
Fidelity Disciplined Equity Fund | 40,864,204 | - | 42,787,698 | - | - |
Fidelity Growth Company Fund | 252,031,793 | 11,344,217 | 307,342,919 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 404,251,789 | 108,891,535 | 94,918,450 | 415,554 | 418,224,875 |
Fidelity Series 100 Index Fund | 63,169,918 | 8,024,225 | 24,615,977 | 1,005,870 | 56,501,356 |
Fidelity Series 1000 Value Index Fund | - | 38,528,823 | 2,530,835 | 120,231 | 38,096,578 |
Fidelity Series All-Sector Equity Fund | 274,884,699 | 29,936,439 | 98,961,590 | 2,185,580 | 232,484,736 |
Fidelity Series Blue Chip Growth Fund | - | 207,135,344 | 43,554,589 | 155,720 | 178,547,607 |
Fidelity Series Commodity Strategy Fund | 291,037,550 | 49,670,404 | 254,446,559 | - | 61,359,478 |
Fidelity Series Emerging Markets Debt Fund | 38,879,246 | 3,423,526 | 5,936,063 | 1,900,179 | 33,936,822 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Emerging Markets Fund | $ 165,102,623 | $ 20,248,933 | $ 25,584,011 | $ 1,634,588 | $ 163,736,237 |
Fidelity Series Equity-Income Fund | 176,228,827 | 141,691,390 | 64,640,791 | 4,027,148 | 277,416,481 |
Fidelity Series Floating Rate High Income Fund | 67,425,812 | 5,677,560 | 11,639,732 | 2,728,653 | 60,450,661 |
Fidelity Series Growth & Income Fund (formerly Fidelity Series Mega Cap Fund) | 64,280,620 | 150,596,352 | 20,598,099 | 1,222,046 | 210,558,853 |
Fidelity Series Growth Company Fund | - | 253,488,814 | 48,687,171 | 148,720 | 222,959,428 |
Fidelity Series High Income Fund | 281,818,109 | 64,902,311 | 44,161,728 | 14,940,732 | 304,930,425 |
Fidelity Series Inflation-Protected Bond Index Fund | 596,159,790 | 26,701,207 | 488,208,196 | 91,840 | 96,672,358 |
Fidelity Series International Growth Fund | 273,833,776 | 31,746,635 | 54,793,833 | 1,909,323 | 280,773,999 |
Fidelity Series International Small Cap Fund | 55,789,764 | 13,239,408 | 13,199,249 | 505,861 | 65,102,967 |
Fidelity Series International Value Fund | 271,671,324 | 54,703,221 | 75,561,970 | 5,850,445 | 284,162,212 |
Fidelity Series Intrinsic Opportunities Fund | 102,272,330 | 28,322,669 | 20,570,089 | 1,481,940 | 135,140,799 |
Fidelity Series Investment Grade Bond Fund | 1,265,479,190 | 428,027,703 | 221,549,127 | 31,604,485 | 1,443,968,946 |
Fidelity Series Large Cap Value Fund | 162,294,534 | 40,555,455 | 190,257,466 | 1,620,923 | - |
Fidelity Series Opportunistic Insights Fund | 128,375,786 | 5,697,626 | 31,205,522 | - | 134,604,533 |
Fidelity Series Real Estate Equity Fund | 26,877,220 | 4,145,858 | 4,082,068 | 411,735 | 26,666,981 |
Fidelity Series Real Estate Income Fund | 30,215,379 | 2,619,093 | 5,773,414 | 1,516,076 | 26,083,652 |
Fidelity Series Small Cap Discovery Fund | - | 37,209,733 | 4,386,554 | 34,871 | 33,947,819 |
Fidelity Series Small Cap Opportunities Fund | 71,078,566 | 61,443,402 | 31,384,057 | 23,855 | 109,302,533 |
Fidelity Series Stock Selector Large Cap Value Fund | 177,344,742 | 41,731,847 | 56,067,540 | 1,698,904 | 182,321,741 |
Fidelity Short-Term Bond Fund | 332,020,499 | 86,058,198 | 75,699,320 | 2,944,528 | 341,984,979 |
Fidelity Small Cap Growth Fund | 38,482,496 | 4,112,924 | 45,589,598 | - | - |
Fidelity Small Cap Value Fund | 41,330,695 | 2,387,738 | 45,958,084 | 58,007 | - |
Total | $ 5,879,316,257 | $ 1,982,543,925 | $ 2,685,906,867 | $ 80,709,645 | $ 5,419,937,056 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2010 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $5,131,558,092) - See accompanying schedule | | $ 5,419,937,056 |
Receivable for investments sold | | 28,412,812 |
Receivable for fund shares sold | | 2,806,256 |
Other receivables | | 66,005 |
Total assets | | 5,451,222,129 |
| | |
Liabilities | | |
Payable for investments purchased | $ 15,296,466 | |
Payable for fund shares redeemed | 15,938,200 | |
Other payables and accrued expenses | 66,005 | |
Total liabilities | | 31,300,671 |
| | |
Net Assets | | $ 5,419,921,458 |
Net Assets consist of: | | |
Paid in capital | | $ 5,046,719,275 |
Undistributed net investment income | | 15,857,598 |
Accumulated undistributed net realized gain (loss) on investments | | 68,965,621 |
Net unrealized appreciation (depreciation) on investments | | 288,378,964 |
Net Assets, for 349,521,102 shares outstanding | | $ 5,419,921,458 |
Net Asset Value, offering price and redemption price per share ($5,419,921,458 ÷ 349,521,102 shares) | | $ 15.51 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 80,709,645 |
| | |
Expenses | | |
Independent trustees' compensation | $ 21,588 | |
Total expenses before reductions | 21,588 | |
Expense reductions | (21,588) | - |
Net investment income (loss) | | 80,709,645 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 183,778,420 | |
Capital gain distributions from underlying funds | 122,585,062 | |
Total net realized gain (loss) | | 306,363,482 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 60,205,897 |
Net gain (loss) | | 366,569,379 |
Net increase (decrease) in net assets resulting from operations | | $ 447,279,024 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2010 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 80,709,645 | $ 97,566,494 |
Net realized gain (loss) | 306,363,482 | 271,207,451 |
Change in net unrealized appreciation (depreciation) | 60,205,897 | 59,475,421 |
Net increase (decrease) in net assets resulting from operations | 447,279,024 | 428,249,366 |
Distributions to shareholders from net investment income | (76,879,519) | (104,287,093) |
Distributions to shareholders from net realized gain | (57,935,343) | (42,473,324) |
Total distributions | (134,814,862) | (146,760,417) |
Share transactions
Proceeds from sales of shares | 894,227,928 | 1,055,233,571 |
Reinvestment of distributions | 133,669,782 | 145,632,188 |
Cost of shares redeemed | (1,799,731,983) | (2,663,149,142) |
Net increase (decrease) in net assets resulting from share transactions | (771,834,273) | (1,462,283,383) |
Total increase (decrease) in net assets | (459,370,111) | (1,180,794,434) |
| | |
Net Assets | | |
Beginning of period | 5,879,291,569 | 7,060,086,003 |
End of period (including undistributed net investment income of $15,857,598 and undistributed net investment income of $12,027,472, respectively) | $ 5,419,921,458 | $ 5,879,291,569 |
Other Information Shares | | |
Sold | 59,360,372 | 74,675,351 |
Issued in reinvestment of distributions | 8,772,832 | 10,401,803 |
Redeemed | (119,469,549) | (188,864,045) |
Net increase (decrease) | (51,336,345) | (103,786,891) |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.67 | $ 13.99 | $ 14.05 | $ 12.89 | $ 9.87 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .22 | .22 | .23 | .22 | .29 |
Net realized and unrealized gain (loss) | .99 | .80 | .17 | 1.31 | 3.14 |
Total from investment operations | 1.21 | 1.02 | .40 | 1.53 | 3.43 |
Distributions from net investment income | (.21) | (.24) | (.26) | (.25) | (.31) |
Distributions from net realized gain | (.16) | (.10) | (.20) | (.12) | (.11) |
Total distributions | (.37) | (.34) | (.46) | (.37) | (.41) F |
Net asset value, end of period | $ 15.51 | $ 14.67 | $ 13.99 | $ 14.05 | $ 12.89 |
Total Return A | 8.31% | 7.43% | 3.01% | 12.02% | 34.99% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.43% | 1.54% | 1.67% | 1.64% | 2.40% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,419,921 | $ 5,879,292 | $ 7,060,086 | $ 9,701,251 | $ 11,088,228 |
Portfolio turnover rate C | 35% | 19% | 18% | 34% | 25% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.41 per share is comprised of distributions from net investment income of $.305 and distributions from net realized gain of $.105 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2015 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund | 1.2 | 1.1 |
Fidelity Series 1000 Value Index Fund | 0.7 | 0.0 |
Fidelity Series All-Sector Equity Fund | 4.8 | 4.7 |
Fidelity Series Blue Chip Growth Fund | 3.8 | 0.0 |
Fidelity Series Commodity Strategy Fund | 1.1 | 5.2 |
Fidelity Series Equity-Income Fund | 5.9 | 3.2 |
Fidelity Series Growth & Income Fund | 4.5 | 1.3 |
Fidelity Series Growth Company Fund | 4.9 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund | 2.8 | 2.4 |
Fidelity Series Opportunistic Insights Fund | 2.9 | 2.5 |
Fidelity Series Real Estate Equity Fund | 0.6 | 0.5 |
Fidelity Series Small Cap Discovery Fund | 0.7 | 0.0 |
Fidelity Series Small Cap Opportunities Fund | 2.3 | 1.3 |
Fidelity Series Stock Selector Large Cap Value Fund | 4.0 | 2.8 |
Fidelity Blue Chip Growth Fund | 0.0 | 3.6 |
Fidelity Growth Company Fund | 0.0 | 4.5 |
Fidelity Series Large Cap Value Fund | 0.0 | 2.5 |
Fidelity Small Cap Growth Fund | 0.0 | 0.7 |
Fidelity Small Cap Value Fund | 0.0 | 0.7 |
| 40.2 | 37.0 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 3.4 | 3.0 |
Fidelity Series International Growth Fund | 6.0 | 4.9 |
Fidelity Series International Small Cap Fund | 1.4 | 1.0 |
Fidelity Series International Value Fund | 6.0 | 5.0 |
| 16.8 | 13.9 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.6 | 0.6 |
Fidelity Series Floating Rate High Income Fund | 1.1 | 1.1 |
Fidelity Series High Income Fund | 5.8 | 4.7 |
Fidelity Series Inflation-Protected Bond Index Fund | 1.4 | 9.9 |
Fidelity Series Investment Grade Bond Fund | 23.8 | 22.5 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 33.2 | 39.3 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 5.4 | 5.4 |
Fidelity Short-Term Bond Fund | 4.4 | 4.4 |
| 9.8 | 9.8 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 40.2% | |
| International Equity Funds | 16.8% | |
| Bond Funds | 33.2% | |
| Short-Term Funds | 9.8% | |
Six months ago |
| Domestic Equity Funds** | 37.0% | |
| International Equity Funds | 13.9% | |
| Bond Funds | 39.3% | |
| Short-Term Funds | 9.8% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom 2015 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 40.2% |
| Shares | | Value |
Fidelity Series 100 Index Fund (c) | 6,092,399 | | $ 74,144,497 |
Fidelity Series 1000 Value Index Fund (c) | 4,366,698 | | 46,636,335 |
Fidelity Series All-Sector Equity Fund (c) | 21,563,787 | | 304,480,675 |
Fidelity Series Blue Chip Growth Fund (c) | 22,707,973 | | 245,927,345 |
Fidelity Series Commodity Strategy Fund (a)(c) | 8,438,551 | | 71,305,753 |
Fidelity Series Equity-Income Fund (c) | 29,964,949 | | 374,262,216 |
Fidelity Series Growth & Income Fund (c) | 22,153,944 | | 287,336,651 |
Fidelity Series Growth Company Fund (c) | 28,704,488 | | 310,869,608 |
Fidelity Series Intrinsic Opportunities Fund (c) | 13,121,292 | | 182,385,954 |
Fidelity Series Opportunistic Insights Fund (c) | 13,260,576 | | 185,117,642 |
Fidelity Series Real Estate Equity Fund (c) | 2,914,290 | | 37,652,632 |
Fidelity Series Small Cap Discovery Fund (c) | 4,545,467 | | 46,909,221 |
Fidelity Series Small Cap Opportunities Fund (c) | 10,963,906 | | 148,780,208 |
Fidelity Series Stock Selector Large Cap Value Fund (c) | 20,214,450 | | 253,084,912 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $2,228,768,008) |
2,568,893,649
|
International Equity Funds - 16.8% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 12,892,773 | | 221,111,054 |
Fidelity Series International Growth Fund (c) | 26,782,475 | | 379,239,842 |
Fidelity Series International Small Cap Fund (c) | 5,641,106 | | 91,329,509 |
Fidelity Series International Value Fund (c) | 34,478,254 | | 383,398,185 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $920,331,359) |
1,075,078,590
|
Bond Funds - 33.2% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 3,792,558 | | $ 38,684,092 |
Fidelity Series Floating Rate High Income Fund (c) | 6,810,226 | | 71,234,961 |
Fidelity Series High Income Fund (c) | 34,840,412 | | 368,959,968 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 8,831,970 | | 86,994,900 |
Fidelity Series Investment Grade Bond Fund (c) | 135,355,113 | | 1,524,098,569 |
Fidelity Series Real Estate Income Fund (c) | 2,703,990 | | 30,501,002 |
TOTAL BOND FUNDS (Cost $2,098,279,993) |
2,120,473,492
|
Short-Term Funds - 9.8% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 343,323,111 | | 343,323,111 |
Fidelity Short-Term Bond Fund (c) | 32,679,995 | | 280,721,154 |
TOTAL SHORT-TERM FUNDS (Cost $626,207,025) |
624,044,265
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $5,873,586,385) | | 6,388,489,996 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (4,499) |
NET ASSETS - 100% | $ 6,388,485,497 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund | $ 213,759,696 | $ 31,094,489 | $ 273,770,523 | $ 558,171 | $ - |
Fidelity Disciplined Equity Fund | 47,041,667 | 55,304 | 49,331,893 | - | - |
Fidelity Growth Company Fund | 293,214,576 | 21,866,085 | 366,840,669 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 347,754,811 | 52,368,009 | 56,799,710 | 344,096 | 343,323,111 |
Fidelity Series 100 Index Fund | 73,222,342 | 9,181,228 | 20,187,420 | 1,388,919 | 74,144,497 |
Fidelity Series 1000 Value Index Fund | - | 46,563,273 | 2,619,693 | 145,907 | 46,636,335 |
Fidelity Series All-Sector Equity Fund | 316,372,211 | 40,096,271 | 82,732,672 | 2,683,119 | 304,480,675 |
Fidelity Series Blue Chip Growth Fund | - | 252,617,510 | 26,770,360 | 216,358 | 245,927,345 |
Fidelity Series Commodity Strategy Fund | 346,399,555 | 47,295,305 | 294,343,251 | - | 71,305,753 |
Fidelity Series Emerging Markets Debt Fund | 42,694,851 | 4,071,077 | 5,404,978 | 2,124,659 | 38,684,092 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Emerging Markets Fund | $ 189,047,511 | $ 54,000,974 | $ 27,116,753 | $ 2,013,289 | $ 221,111,054 |
Fidelity Series Equity-Income Fund | 200,337,181 | 272,597,530 | 128,348,563 | 5,010,654 | 374,262,216 |
Fidelity Series Floating Rate High Income Fund | 73,928,556 | 8,118,037 | 9,646,449 | 3,117,519 | 71,234,961 |
Fidelity Series Growth & Income Fund (formerly Fidelity Series Mega Cap Fund) | 73,162,778 | 255,599,249 | 62,228,336 | 1,695,461 | 287,336,651 |
Fidelity Series Growth Company Fund | - | 310,649,779 | 24,458,372 | 207,430 | 310,869,608 |
Fidelity Series High Income Fund | 305,127,509 | 103,335,334 | 42,594,357 | 17,150,012 | 368,959,968 |
Fidelity Series Inflation-Protected Bond Index Fund | 643,423,611 | 65,543,993 | 582,945,486 | 80,684 | 86,994,900 |
Fidelity Series International Growth Fund | 313,168,036 | 80,214,053 | 50,452,959 | 2,544,373 | 379,239,842 |
Fidelity Series International Small Cap Fund | 63,922,233 | 28,424,088 | 12,604,000 | 669,513 | 91,329,509 |
Fidelity Series International Value Fund | 310,953,542 | 110,884,578 | 78,148,116 | 8,076,086 | 383,398,185 |
Fidelity Series Intrinsic Opportunities Fund | 118,472,548 | 55,863,150 | 22,319,699 | 1,899,473 | 182,385,954 |
Fidelity Series Investment Grade Bond Fund | 1,468,099,626 | 281,828,204 | 191,286,605 | 35,363,298 | 1,524,098,569 |
Fidelity Series Large Cap Value Fund | 190,651,645 | 50,030,810 | 225,353,450 | 1,948,036 | - |
Fidelity Series Opportunistic Insights Fund | 146,144,507 | 34,797,441 | 34,438,075 | - | 185,117,642 |
Fidelity Series Real Estate Equity Fund | 30,362,650 | 11,371,293 | 4,118,283 | 534,107 | 37,652,632 |
Fidelity Series Real Estate Income Fund | 36,597,869 | 4,407,374 | 9,286,672 | 1,821,721 | 30,501,002 |
Fidelity Series Small Cap Discovery Fund | - | 48,495,083 | 3,026,511 | 47,675 | 46,909,221 |
Fidelity Series Small Cap Opportunities Fund | 81,880,283 | 86,905,324 | 30,091,453 | 33,204 | 148,780,208 |
Fidelity Series Stock Selector Large Cap Value Fund | 201,706,380 | 86,285,444 | 57,653,993 | 2,424,853 | 253,084,912 |
Fidelity Short-Term Bond Fund | 286,320,176 | 42,581,565 | 47,803,565 | 2,420,451 | 280,721,154 |
Fidelity Small Cap Growth Fund | 45,014,044 | 5,314,810 | 53,846,403 | - | - |
Fidelity Small Cap Value Fund | 48,403,699 | 3,471,777 | 54,496,459 | 70,479 | - |
Total | $ 6,507,184,093 | $ 2,505,928,441 | $ 2,931,065,728 | $ 94,589,547 | $ 6,388,489,996 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2015 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $5,873,586,385) - See accompanying schedule | | $ 6,388,489,996 |
Receivable for investments sold | | 19,105,232 |
Receivable for fund shares sold | | 6,104,178 |
Total assets | | 6,413,699,406 |
| | |
Liabilities | | |
Payable for investments purchased | $ 6,720,574 | |
Payable for fund shares redeemed | 18,493,335 | |
Total liabilities | | 25,213,909 |
| | |
Net Assets | | $ 6,388,485,497 |
Net Assets consist of: | | |
Paid in capital | | $ 5,656,978,542 |
Undistributed net investment income | | 17,314,079 |
Accumulated undistributed net realized gain (loss) on investments | | 199,289,265 |
Net unrealized appreciation (depreciation) on investments | | 514,903,611 |
Net Assets, for 494,747,722 shares outstanding | | $ 6,388,485,497 |
Net Asset Value, offering price and redemption price per share ($6,388,485,497 ÷ 494,747,722 shares) | | $ 12.91 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 94,589,547 |
| | |
Expenses | | |
Independent trustees' compensation | $ 24,564 | |
Total expenses before reductions | 24,564 | |
Expense reductions | (24,564) | - |
Net investment income (loss) | | 94,589,547 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 164,709,182 | |
Capital gain distributions from underlying funds | 150,620,751 | |
Total net realized gain (loss) | | 315,329,933 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 141,730,739 |
Net gain (loss) | | 457,060,672 |
Net increase (decrease) in net assets resulting from operations | | $ 551,650,219 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 94,589,547 | $ 104,883,570 |
Net realized gain (loss) | 315,329,933 | 382,847,840 |
Change in net unrealized appreciation (depreciation) | 141,730,739 | (18,263,602) |
Net increase (decrease) in net assets resulting from operations | 551,650,219 | 469,467,808 |
Distributions to shareholders from net investment income | (90,435,088) | (110,329,490) |
Distributions to shareholders from net realized gain | (141,215,345) | (45,506,416) |
Total distributions | (231,650,433) | (155,835,906) |
Share transactions
Proceeds from sales of shares | 1,789,616,931 | 1,800,318,470 |
Reinvestment of distributions | 230,425,067 | 155,091,386 |
Cost of shares redeemed | (2,458,725,456) | (3,017,087,231) |
Net increase (decrease) in net assets resulting from share transactions | (438,683,458) | (1,061,677,375) |
Total increase (decrease) in net assets | (118,683,672) | (748,045,473) |
| | |
Net Assets | | |
Beginning of period | 6,507,169,169 | 7,255,214,642 |
End of period (including undistributed net investment income of $17,314,079 and undistributed net investment income of $13,159,621, respectively) | $ 6,388,485,497 | $ 6,507,169,169 |
Other Information Shares | | |
Sold | 142,426,148 | 152,357,073 |
Issued in reinvestment of distributions | 18,209,266 | 13,251,938 |
Redeemed | (195,752,343) | (256,121,423) |
Net increase (decrease) | (35,116,929) | (90,512,412) |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.28 | $ 11.69 | $ 11.74 | $ 10.74 | $ 8.13 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .18 | .18 | .20 | .18 | .24 |
Net realized and unrealized gain (loss) | .91 | .69 | .12 | 1.12 | 2.70 |
Total from investment operations | 1.09 | .87 | .32 | 1.30 | 2.94 |
Distributions from net investment income | (.18) | (.20) | (.21) | (.20) | (.24) |
Distributions from net realized gain | (.28) | (.08) | (.16) | (.10) | (.09) |
Total distributions | (.46) | (.28) | (.37) | (.30) | (.33) F |
Net asset value, end of period | $ 12.91 | $ 12.28 | $ 11.69 | $ 11.74 | $ 10.74 |
Total Return A | 8.95% | 7.60% | 2.95% | 12.24% | 36.33% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.47% | 1.57% | 1.71% | 1.66% | 2.38% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,388,485 | $ 6,507,169 | $ 7,255,215 | $ 8,851,315 | $ 8,848,519 |
Portfolio turnover rate C | 39% | 23% | 24% | 43% | 30% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.33 per share is comprised of distributions from net investment income of $.235 and distributions from net realized gain of $.091 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2020 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund | 1.3 | 1.1 |
Fidelity Series 1000 Value Index Fund | 0.8 | 0.0 |
Fidelity Series All-Sector Equity Fund | 5.2 | 5.1 |
Fidelity Series Blue Chip Growth Fund | 4.3 | 0.0 |
Fidelity Series Commodity Strategy Fund | 1.1 | 5.7 |
Fidelity Series Equity-Income Fund | 6.5 | 3.5 |
Fidelity Series Growth & Income Fund | 5.0 | 1.3 |
Fidelity Series Growth Company Fund | 5.4 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund | 3.2 | 2.6 |
Fidelity Series Opportunistic Insights Fund | 3.2 | 2.7 |
Fidelity Series Real Estate Equity Fund | 0.6 | 0.5 |
Fidelity Series Small Cap Discovery Fund | 0.7 | 0.0 |
Fidelity Series Small Cap Opportunities Fund | 2.6 | 1.4 |
Fidelity Series Stock Selector Large Cap Value Fund | 4.4 | 3.1 |
Fidelity Blue Chip Growth Fund | 0.0 | 3.9 |
Fidelity Growth Company Fund | 0.0 | 4.9 |
Fidelity Series Large Cap Value Fund | 0.0 | 2.6 |
Fidelity Small Cap Growth Fund | 0.0 | 0.8 |
Fidelity Small Cap Value Fund | 0.0 | 0.7 |
| 44.3 | 39.9 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 3.9 | 3.2 |
Fidelity Series International Growth Fund | 6.6 | 5.4 |
Fidelity Series International Small Cap Fund | 1.5 | 1.1 |
Fidelity Series International Value Fund | 6.6 | 5.3 |
| 18.6 | 15.0 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 1.1 | 1.1 |
Fidelity Series High Income Fund | 6.0 | 5.1 |
Fidelity Series Inflation-Protected Bond Index Fund | 0.9 | 8.3 |
Fidelity Series Investment Grade Bond Fund | 21.5 | 22.0 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.6 |
| 30.7 | 37.8 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 3.5 | 4.0 |
Fidelity Short-Term Bond Fund | 2.9 | 3.3 |
| 6.4 | 7.3 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 44.3% | |
| International Equity Funds | 18.6% | |
| Bond Funds | 30.7% | |
| Short-Term Funds | 6.4% | |
Six months ago |
| Domestic Equity Funds** | 39.9% | |
| International Equity Funds | 15.0% | |
| Bond Funds | 37.8% | |
| Short-Term Funds | 7.3% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom 2020 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 44.3% |
| Shares | | Value |
Fidelity Series 100 Index Fund (c) | 14,027,456 | | $ 170,714,134 |
Fidelity Series 1000 Value Index Fund (c) | 9,986,326 | | 106,653,964 |
Fidelity Series All-Sector Equity Fund (c) | 48,796,907 | | 689,012,324 |
Fidelity Series Blue Chip Growth Fund (c) | 53,080,967 | | 574,866,870 |
Fidelity Series Commodity Strategy Fund (a)(c) | 18,012,499 | | 152,205,617 |
Fidelity Series Equity-Income Fund (c) | 69,300,107 | | 865,558,337 |
Fidelity Series Growth & Income Fund (c) | 51,364,761 | | 666,200,956 |
Fidelity Series Growth Company Fund (c) | 66,092,377 | | 715,780,446 |
Fidelity Series Intrinsic Opportunities Fund (c) | 30,806,659 | | 428,212,561 |
Fidelity Series Opportunistic Insights Fund (c) | 31,184,073 | | 435,329,662 |
Fidelity Series Real Estate Equity Fund (c) | 6,251,456 | | 80,768,805 |
Fidelity Series Small Cap Discovery Fund (c) | 9,346,300 | | 96,453,819 |
Fidelity Series Small Cap Opportunities Fund (c) | 25,574,709 | | 347,048,808 |
Fidelity Series Stock Selector Large Cap Value Fund (c) | 46,764,605 | | 585,492,849 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $5,139,560,241) |
5,914,299,152
|
International Equity Funds - 18.6% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 30,342,786 | | 520,378,783 |
Fidelity Series International Growth Fund (c) | 61,677,188 | | 873,348,978 |
Fidelity Series International Small Cap Fund (c) | 12,523,286 | | 202,752,005 |
Fidelity Series International Value Fund (c) | 79,337,663 | | 882,234,808 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,131,670,417) |
2,478,714,574
|
Bond Funds - 30.7% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 8,984,378 | | $ 91,640,657 |
Fidelity Series Floating Rate High Income Fund (c) | 13,961,655 | | 146,038,914 |
Fidelity Series High Income Fund (c) | 75,604,718 | | 800,653,966 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 12,827,307 | | 126,348,976 |
Fidelity Series Investment Grade Bond Fund (c) | 255,228,949 | | 2,873,877,960 |
Fidelity Series Real Estate Income Fund (c) | 5,655,016 | | 63,788,575 |
TOTAL BOND FUNDS (Cost $4,075,069,243) |
4,102,349,048
|
Short-Term Funds - 6.4% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 466,401,937 | | 466,401,937 |
Fidelity Short-Term Bond Fund (c) | 44,496,982 | | 382,229,079 |
TOTAL SHORT-TERM FUNDS (Cost $846,424,451) |
848,631,016
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $12,192,724,352) | 13,343,993,790 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (10,577) |
NET ASSETS - 100% | $ 13,343,983,213 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund | $ 492,062,782 | $ 67,146,682 | $ 625,801,748 | $ 1,275,642 | $ - |
Fidelity Disciplined Equity Fund | 108,272,106 | 122,145 | 113,485,481 | - | - |
Fidelity Growth Company Fund | 663,180,853 | 42,266,051 | 823,490,272 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 500,577,942 | 79,681,110 | 113,857,116 | 502,387 | 466,401,937 |
Fidelity Series 100 Index Fund | 167,578,924 | 27,819,148 | 51,820,778 | 3,242,705 | 170,714,134 |
Fidelity Series 1000 Value Index Fund | - | 106,397,080 | 5,947,383 | 350,565 | 106,653,964 |
Fidelity Series All-Sector Equity Fund | 725,747,232 | 88,646,836 | 196,092,334 | 6,030,547 | 689,012,324 |
Fidelity Series Blue Chip Growth Fund | - | 581,785,043 | 53,143,596 | 504,157 | 574,866,870 |
Fidelity Series Commodity Strategy Fund | 793,221,467 | 103,283,701 | 680,123,050 | - | 152,205,617 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Emerging Markets Debt Fund | $ 106,653,094 | $ 10,594,795 | $ 18,832,318 | $ 5,224,629 | $ 91,640,657 |
Fidelity Series Emerging Markets Fund | 432,568,504 | 131,538,445 | 54,805,646 | 4,771,769 | 520,378,783 |
Fidelity Series Equity-Income Fund | 460,774,634 | 549,467,271 | 211,322,521 | 11,676,332 | 865,558,337 |
Fidelity Series Floating Rate High Income Fund | 154,240,602 | 17,699,667 | 23,493,589 | 6,458,539 | 146,038,914 |
Fidelity Series Growth & Income Fund (formerly Fidelity Series Mega Cap Fund) | 168,043,313 | 577,377,018 | 127,860,163 | 3,890,423 | 666,200,956 |
Fidelity Series Growth Company Fund | - | 712,352,624 | 53,109,729 | 476,879 | 715,780,446 |
Fidelity Series High Income Fund | 731,007,157 | 190,077,150 | 126,405,454 | 38,903,041 | 800,653,966 |
Fidelity Series Inflation-Protected Bond Index Fund | 1,109,832,266 | 138,195,104 | 1,056,144,764 | 118,875 | 126,348,976 |
Fidelity Series International Growth Fund | 714,965,886 | 189,863,559 | 114,631,232 | 5,660,853 | 873,348,978 |
Fidelity Series International Small Cap Fund | 145,365,421 | 61,709,678 | 30,478,158 | 1,301,332 | 202,752,005 |
Fidelity Series International Value Fund | 707,702,951 | 214,235,135 | 129,396,547 | 17,390,052 | 882,234,808 |
Fidelity Series Intrinsic Opportunities Fund | 261,908,477 | 150,261,828 | 51,792,164 | 4,351,079 | 428,212,561 |
Fidelity Series Investment Grade Bond Fund | 2,944,508,889 | 395,073,888 | 394,372,025 | 69,559,676 | 2,873,877,960 |
Fidelity Series Large Cap Value Fund | 429,894,987 | 112,736,614 | 507,436,199 | 4,416,753 | - |
Fidelity Series Opportunistic Insights Fund | 335,611,023 | 81,083,027 | 69,541,683 | - | 435,329,662 |
Fidelity Series Real Estate Equity Fund | 72,192,684 | 18,632,665 | 9,757,774 | 1,176,403 | 80,768,805 |
Fidelity Series Real Estate Income Fund | 81,896,972 | 9,234,317 | 24,492,467 | 3,964,123 | 63,788,575 |
Fidelity Series Small Cap Discovery Fund | - | 100,962,739 | 7,582,989 | 96,598 | 96,453,819 |
Fidelity Series Small Cap Opportunities Fund | 188,084,857 | 193,939,339 | 58,181,942 | 78,222 | 347,048,808 |
Fidelity Series Stock Selector Large Cap Value Fund | 463,784,970 | 217,833,943 | 146,850,606 | 5,744,654 | 585,492,849 |
Fidelity Short-Term Bond Fund | 410,672,936 | 68,293,719 | 96,236,703 | 3,507,583 | 382,229,079 |
Fidelity Small Cap Growth Fund | 101,126,412 | 11,712,172 | 120,755,737 | - | - |
Fidelity Small Cap Value Fund | 108,495,992 | 7,412,998 | 121,864,617 | 153,143 | - |
Total | $ 13,579,973,333 | $ 5,257,435,491 | $ 6,219,106,785 | $ 200,826,961 | $ 13,343,993,790 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2020 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $12,192,724,352) - See accompanying schedule | | $ 13,343,993,790 |
Receivable for investments sold | | 51,378,399 |
Receivable for fund shares sold | | 14,937,494 |
Other receivables | | 114,209 |
Total assets | | 13,410,423,892 |
| | |
Liabilities | | |
Payable for investments purchased | $ 16,877,261 | |
Payable for fund shares redeemed | 49,449,209 | |
Other payables and accrued expenses | 114,209 | |
Total liabilities | | 66,440,679 |
| | |
Net Assets | | $ 13,343,983,213 |
Net Assets consist of: | | |
Paid in capital | | $ 11,663,854,608 |
Undistributed net investment income | | 34,356,966 |
Accumulated undistributed net realized gain (loss) on investments | | 494,502,201 |
Net unrealized appreciation (depreciation) on investments | | 1,151,269,438 |
Net Assets, for 844,175,962 shares outstanding | | $ 13,343,983,213 |
Net Asset Value, offering price and redemption price per share ($13,343,983,213 ÷ 844,175,962 shares) | | $ 15.81 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 200,826,961 |
| | |
Expenses | | |
Independent trustees' compensation | $ 51,341 | |
Total expenses before reductions | 51,341 | |
Expense reductions | (51,341) | - |
Net investment income (loss) | | 200,826,961 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 434,525,887 | |
Capital gain distributions from underlying funds | 334,909,639 | |
Total net realized gain (loss) | | 769,435,526 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 291,167,426 |
Net gain (loss) | | 1,060,602,952 |
Net increase (decrease) in net assets resulting from operations | | $ 1,261,429,913 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2020 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 200,826,961 | $ 232,843,698 |
Net realized gain (loss) | 769,435,526 | 966,217,209 |
Change in net unrealized appreciation (depreciation) | 291,167,426 | (145,899,197) |
Net increase (decrease) in net assets resulting from operations | 1,261,429,913 | 1,053,161,710 |
Distributions to shareholders from net investment income | (195,765,130) | (243,387,454) |
Distributions to shareholders from net realized gain | (306,443,495) | (89,218,598) |
Total distributions | (502,208,625) | (332,606,052) |
Share transactions
Proceeds from sales of shares | 2,983,245,610 | 3,011,958,439 |
Reinvestment of distributions | 500,298,195 | 331,286,060 |
Cost of shares redeemed | (4,478,732,337) | (5,907,826,193) |
Net increase (decrease) in net assets resulting from share transactions | (995,188,532) | (2,564,581,694) |
Total increase (decrease) in net assets | (235,967,244) | (1,844,026,036) |
| | |
Net Assets | | |
Beginning of period | 13,579,950,457 | 15,423,976,493 |
End of period (including undistributed net investment income of $34,356,966 and undistributed net investment income of $29,295,135, respectively) | $ 13,343,983,213 | $ 13,579,950,457 |
Other Information Shares | | |
Sold | 194,232,688 | 210,663,326 |
Issued in reinvestment of distributions | 32,283,255 | 23,411,907 |
Redeemed | (291,421,357) | (414,285,789) |
Net increase (decrease) | (64,905,414) | (180,210,556) |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.94 | $ 14.16 | $ 14.33 | $ 12.98 | $ 9.42 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .23 | .24 | .24 | .22 | .27 |
Net realized and unrealized gain (loss) | 1.22 | .89 | .08 | 1.50 | 3.68 |
Total from investment operations | 1.45 | 1.13 | .32 | 1.72 | 3.95 |
Distributions from net investment income | (.23) | (.25) | (.26) | (.24) | (.29) |
Distributions from net realized gain | (.36) | (.10) | (.22) | (.14) | (.11) |
Total distributions | (.58) I | (.35) | (.49) H | (.37) G | (.39) F |
Net asset value, end of period | $ 15.81 | $ 14.94 | $ 14.16 | $ 14.33 | $ 12.98 |
Total Return A | 9.83% | 8.12% | 2.45% | 13.47% | 42.19% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.49% | 1.65% | 1.74% | 1.69% | 2.30% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 13,343,983 | $ 13,579,950 | $ 15,423,976 | $ 19,923,391 | $ 20,563,040 |
Portfolio turnover rate C | 39% | 25% | 24% | 42% | 29% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.39 per share is comprised of distributions from net investment income of $.285 and distributions from net realized gain of $.105 per share.
G Total distributions of $.37 per share is comprised of distributions from net investment income of $.236 and distributions from net realized gain of $.135 per share.
H Total distributions of $.49 per share is comprised of distributions from net investment income of $.264 and distributions from net realized gain of $.222 per share.
I Total distributions of $.58 per share is comprised of distributions from net investment income of $.228 and distributions from net realized gain of $.356 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2025 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's net assets | % of fund's net assets 6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund | 1.5 | 1.4 |
Fidelity Series 1000 Value Index Fund | 1.0 | 0.0 |
Fidelity Series All-Sector Equity Fund | 6.1 | 6.2 |
Fidelity Series Blue Chip Growth Fund | 5.1 | 0.0 |
Fidelity Series Commodity Strategy Fund | 1.3 | 7.0 |
Fidelity Series Equity-Income Fund | 7.5 | 4.2 |
Fidelity Series Growth & Income Fund | 5.8 | 1.7 |
Fidelity Series Growth Company Fund | 6.3 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund | 3.7 | 3.2 |
Fidelity Series Opportunistic Insights Fund | 3.8 | 3.2 |
Fidelity Series Real Estate Equity Fund | 0.7 | 0.7 |
Fidelity Series Small Cap Discovery Fund | 0.9 | 0.0 |
Fidelity Series Small Cap Opportunities Fund | 3.1 | 1.7 |
Fidelity Series Stock Selector Large Cap Value Fund | 4.9 | 3.8 |
Fidelity Blue Chip Growth Fund | 0.0 | 4.7 |
Fidelity Growth Company Fund | 0.0 | 6.0 |
Fidelity Series Large Cap Value Fund | 0.0 | 3.2 |
Fidelity Small Cap Growth Fund | 0.0 | 0.9 |
Fidelity Small Cap Value Fund | 0.0 | 0.9 |
| 51.7 | 48.8 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 4.6 | 3.9 |
Fidelity Series International Growth Fund | 7.7 | 6.4 |
Fidelity Series International Small Cap Fund | 1.8 | 1.4 |
Fidelity Series International Value Fund | 7.7 | 6.5 |
| 21.8 | 18.2 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.9 | 1.0 |
Fidelity Series High Income Fund | 6.3 | 6.8 |
Fidelity Series Inflation-Protected Bond Index Fund | 0.5 | 5.6 |
Fidelity Series Investment Grade Bond Fund | 17.1 | 17.4 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 26.0 | 32.0 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 0.3 | 0.5 |
Fidelity Short-Term Bond Fund | 0.2 | 0.5 |
| 0.5 | 1.0 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 51.7% | |
| International Equity Funds | 21.8% | |
| Bond Funds | 26.0% | |
| Short-Term Funds | 0.5% | |
Six months ago |
| Domestic Equity Funds** | 48.8% | |
| International Equity Funds | 18.2% | |
| Bond Funds | 32.0% | |
| Short-Term Funds | 1.0% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom 2025 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 51.7% |
| Shares | | Value |
Fidelity Series 100 Index Fund (c) | 11,173,477 | | $ 135,981,212 |
Fidelity Series 1000 Value Index Fund (c) | 8,461,308 | | 90,366,773 |
Fidelity Series All-Sector Equity Fund (c) | 38,216,397 | | 539,615,520 |
Fidelity Series Blue Chip Growth Fund (c) | 41,564,005 | | 450,138,170 |
Fidelity Series Commodity Strategy Fund (a)(c) | 13,179,861 | | 111,369,829 |
Fidelity Series Equity-Income Fund (c) | 53,386,243 | | 666,794,181 |
Fidelity Series Growth & Income Fund (c) | 39,664,201 | | 514,444,684 |
Fidelity Series Growth Company Fund (c) | 51,205,430 | | 554,554,808 |
Fidelity Series Intrinsic Opportunities Fund (c) | 23,863,101 | | 331,697,110 |
Fidelity Series Opportunistic Insights Fund (c) | 24,264,102 | | 338,726,862 |
Fidelity Series Real Estate Equity Fund (c) | 4,689,261 | | 60,585,246 |
Fidelity Series Small Cap Discovery Fund (c) | 7,778,541 | | 80,274,543 |
Fidelity Series Small Cap Opportunities Fund (c) | 20,184,239 | | 273,900,130 |
Fidelity Series Stock Selector Large Cap Value Fund (c) | 34,720,468 | | 434,700,255 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $3,981,808,103) |
4,583,149,323
|
International Equity Funds - 21.8% |
| | | |
Fidelity Series Emerging Markets Fund (c) | 24,018,052 | | 411,909,585 |
Fidelity Series International Growth Fund (c) | 47,878,020 | | 677,952,768 |
Fidelity Series International Small Cap Fund (c) | 10,072,387 | | 163,071,946 |
Fidelity Series International Value Fund (c) | 61,411,014 | | 682,890,475 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,647,561,526) |
1,935,824,774
|
Bond Funds - 26.0% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (c) | 5,960,779 | | $ 60,799,948 |
Fidelity Series Floating Rate High Income Fund (c) | 7,689,582 | | 80,433,032 |
Fidelity Series High Income Fund (c) | 52,733,205 | | 558,444,640 |
Fidelity Series Inflation-Protected Bond Index Fund (c) | 4,703,015 | | 46,324,698 |
Fidelity Series Investment Grade Bond Fund (c) | 134,684,037 | | 1,516,542,260 |
Fidelity Series Real Estate Income Fund (c) | 3,756,777 | | 42,376,447 |
TOTAL BOND FUNDS (Cost $2,272,200,074) |
2,304,921,025
|
Short-Term Funds - 0.5% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class 0.09% (b)(c) | 22,696,772 | | 22,696,772 |
Fidelity Short-Term Bond Fund (c) | 2,160,748 | | 18,560,826 |
TOTAL SHORT-TERM FUNDS (Cost $41,170,002) |
41,257,598
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $7,942,739,705) | | 8,865,152,720 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (51) |
NET ASSETS - 100% | $ 8,865,152,669 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund | $ 361,156,496 | $ 54,834,086 | $ 465,912,008 | $ 972,833 | $ - |
Fidelity Disciplined Equity Fund | 79,885,277 | 324,471 | 84,012,318 | - | - |
Fidelity Growth Company Fund | 498,402,031 | 38,278,307 | 626,643,203 | - | - |
Fidelity Institutional Money Market Portfolio Institutional Class | 32,776,776 | 30,428,252 | 40,508,256 | 33,211 | 22,696,772 |
Fidelity Series 100 Index Fund | 124,241,484 | 22,184,953 | 31,513,591 | 2,509,486 | 135,981,212 |
Fidelity Series 1000 Value Index Fund | - | 90,064,583 | 4,533,278 | 267,331 | 90,366,773 |
Fidelity Series All-Sector Equity Fund | 534,286,119 | 78,109,683 | 125,995,880 | 4,721,935 | 539,615,520 |
Fidelity Series Blue Chip Growth Fund | - | 446,361,346 | 31,854,310 | 386,480 | 450,138,170 |
Fidelity Series Commodity Strategy Fund | 591,093,320 | 113,251,196 | 542,382,614 | - | 111,369,829 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Emerging Markets Debt Fund | $ 63,844,839 | $ 10,201,252 | $ 9,193,825 | $ 3,285,948 | $ 60,799,948 |
Fidelity Series Emerging Markets Fund | 316,171,663 | 131,500,580 | 43,601,082 | 3,847,667 | 411,909,585 |
Fidelity Series Equity-Income Fund | 332,472,297 | 371,178,862 | 85,955,115 | 8,733,362 | 666,794,181 |
Fidelity Series Floating Rate High Income Fund | 80,151,717 | 12,532,273 | 10,935,331 | 3,471,291 | 80,433,032 |
Fidelity Series Growth & Income Fund (formerly Fidelity Series Mega Cap Fund) | 121,469,306 | 401,003,329 | 44,025,870 | 3,004,471 | 514,444,684 |
Fidelity Series Growth Company Fund | - | 547,984,303 | 36,996,750 | 364,869 | 554,554,808 |
Fidelity Series High Income Fund | 569,830,215 | 97,133,315 | 113,064,289 | 30,275,772 | 558,444,640 |
Fidelity Series Inflation-Protected Bond Index Fund | 441,919,712 | 88,673,426 | 458,075,017 | 44,206 | 46,324,698 |
Fidelity Series International Growth Fund | 522,512,545 | 167,881,549 | 75,899,284 | 4,525,967 | 677,952,768 |
Fidelity Series International Small Cap Fund | 106,278,239 | 51,572,830 | 15,452,007 | 1,025,405 | 163,071,946 |
Fidelity Series International Value Fund | 517,854,612 | 171,364,819 | 75,012,307 | 13,907,583 | 682,890,475 |
Fidelity Series Intrinsic Opportunities Fund | 202,438,452 | 112,552,887 | 36,490,624 | 3,388,810 | 331,697,110 |
Fidelity Series Investment Grade Bond Fund | 1,412,229,289 | 314,685,549 | 176,243,872 | 35,162,952 | 1,516,542,260 |
Fidelity Series Large Cap Value Fund | 321,132,608 | 91,612,240 | 385,030,749 | 3,443,575 | - |
Fidelity Series Opportunistic Insights Fund | 242,695,836 | 75,271,755 | 45,686,558 | - | 338,726,862 |
Fidelity Series Real Estate Equity Fund | 50,770,463 | 16,563,529 | 6,478,635 | 871,942 | 60,585,246 |
Fidelity Series Real Estate Income Fund | 45,908,504 | 7,266,517 | 9,263,738 | 2,413,955 | 42,376,447 |
Fidelity Series Small Cap Discovery Fund | - | 82,720,083 | 4,963,297 | 79,762 | 80,274,543 |
Fidelity Series Small Cap Opportunities Fund | 138,822,327 | 147,299,240 | 30,028,684 | 59,381 | 273,900,130 |
Fidelity Series Stock Selector Large Cap Value Fund | 335,196,146 | 142,687,524 | 82,012,003 | 4,110,787 | 434,700,255 |
Fidelity Short-Term Bond Fund | 26,919,395 | 23,411,743 | 31,735,154 | 223,664 | 18,560,826 |
Fidelity Small Cap Growth Fund | 76,800,863 | 10,212,202 | 93,169,163 | - | - |
Fidelity Small Cap Value Fund | 82,624,629 | 7,494,094 | 94,816,390 | 123,548 | - |
Total | $ 8,229,885,160 | $ 3,956,640,778 | $ 3,917,485,202 | $ 131,256,193 | $ 8,865,152,720 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2025 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $7,942,739,705) - See accompanying schedule | | $ 8,865,152,720 |
Receivable for investments sold | | 37,820,638 |
Receivable for fund shares sold | | 10,943,063 |
Total assets | | 8,913,916,421 |
| | |
Liabilities | | |
Payable for investments purchased | $ 20,368,287 | |
Payable for fund shares redeemed | 28,395,465 | |
Total liabilities | | 48,763,752 |
| | |
Net Assets | | $ 8,865,152,669 |
Net Assets consist of: | | |
Paid in capital | | $ 7,593,755,345 |
Undistributed net investment income | | 19,532,131 |
Accumulated undistributed net realized gain (loss) on investments | | 329,452,178 |
Net unrealized appreciation (depreciation) on investments | | 922,413,015 |
Net Assets, for 657,401,798 shares outstanding | | $ 8,865,152,669 |
Net Asset Value, offering price and redemption price per share ($8,865,152,669 ÷ 657,401,798 shares) | | $ 13.49 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 131,256,193 |
| | |
Expenses | | |
Independent trustees' compensation | $ 32,460 | |
Total expenses before reductions | 32,460 | |
Expense reductions | (32,460) | - |
Net investment income (loss) | | 131,256,193 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 256,506,789 | |
Capital gain distributions from underlying funds | 251,721,983 | |
Total net realized gain (loss) | | 508,228,772 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 339,592,482 |
Net gain (loss) | | 847,821,254 |
Net increase (decrease) in net assets resulting from operations | | $ 979,077,447 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2025 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 131,256,193 | $ 140,023,295 |
Net realized gain (loss) | 508,228,772 | 300,476,835 |
Change in net unrealized appreciation (depreciation) | 339,592,482 | 245,402,402 |
Net increase (decrease) in net assets resulting from operations | 979,077,447 | 685,902,532 |
Distributions to shareholders from net investment income | (128,129,218) | (143,208,455) |
Distributions to shareholders from net realized gain | (255,623,742) | (41,403,773) |
Total distributions | (383,752,960) | (184,612,228) |
Share transactions
Proceeds from sales of shares | 2,313,017,183 | 2,165,051,657 |
Reinvestment of distributions | 382,765,357 | 184,222,369 |
Cost of shares redeemed | (2,655,839,084) | (3,219,615,558) |
Net increase (decrease) in net assets resulting from share transactions | 39,943,456 | (870,341,532) |
Total increase (decrease) in net assets | 635,267,943 | (369,051,228) |
| | |
Net Assets | | |
Beginning of period | 8,229,884,726 | 8,598,935,954 |
End of period (including undistributed net investment income of $19,532,131 and undistributed net investment income of $16,405,156, respectively) | $ 8,865,152,669 | $ 8,229,884,726 |
Other Information Shares | | |
Sold | 177,835,325 | 181,648,013 |
Issued in reinvestment of distributions | 29,206,295 | 15,600,566 |
Redeemed | (203,894,544) | (271,318,538) |
Net increase (decrease) | 3,147,076 | (74,069,959) |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.58 | $ 11.81 | $ 12.02 | $ 10.77 | $ 7.68 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .20 | .21 | .20 | .18 | .22 |
Net realized and unrealized gain (loss) | 1.30 | .84 | - | 1.37 | 3.18 |
Total from investment operations | 1.50 | 1.05 | .20 | 1.55 | 3.40 |
Distributions from net investment income | (.20) | (.22) | (.22) | (.19) | (.21) |
Distributions from net realized gain | (.39) | (.06) | (.19) | (.11) | (.10) |
Total distributions | (.59) | (.28) | (.41) | (.30) | (.31) F |
Net asset value, end of period | $ 13.49 | $ 12.58 | $ 11.81 | $ 12.02 | $ 10.77 |
Total Return A | 12.08% | 9.03% | 1.93% | 14.57% | 44.43% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.53% | 1.73% | 1.75% | 1.67% | 2.21% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,865,153 | $ 8,229,885 | $ 8,598,936 | $ 10,159,991 | $ 9,301,452 |
Portfolio turnover rate C | 46% | 31% | 28% | 49% | 26% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.31 per share is comprised of distributions from net investment income of $.210 and distributions from net realized gain of $.095 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2030 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund | 1.8 | 1.5 |
Fidelity Series 1000 Value Index Fund | 1.2 | 0.0 |
Fidelity Series All-Sector Equity Fund | 6.9 | 6.6 |
Fidelity Series Blue Chip Growth Fund | 5.9 | 0.0 |
Fidelity Series Commodity Strategy Fund | 1.2 | 7.4 |
Fidelity Series Equity-Income Fund | 9.0 | 4.4 |
Fidelity Series Growth & Income Fund | 6.9 | 1.7 |
Fidelity Series Growth Company Fund | 7.4 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund | 4.4 | 3.3 |
Fidelity Series Opportunistic Insights Fund | 4.5 | 3.5 |
Fidelity Series Real Estate Equity Fund | 0.7 | 0.7 |
Fidelity Series Small Cap Discovery Fund | 1.0 | 0.0 |
Fidelity Series Small Cap Opportunities Fund | 3.6 | 1.8 |
Fidelity Series Stock Selector Large Cap Value Fund | 6.0 | 4.0 |
Fidelity Blue Chip Growth Fund | 0.0 | 5.0 |
Fidelity Growth Company Fund | 0.0 | 6.3 |
Fidelity Series Large Cap Value Fund | 0.0 | 3.4 |
Fidelity Small Cap Growth Fund | 0.0 | 1.0 |
Fidelity Small Cap Value Fund | 0.0 | 1.0 |
| 60.5 | 51.6 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.5 | 4.2 |
Fidelity Series International Growth Fund | 9.1 | 6.8 |
Fidelity Series International Small Cap Fund | 2.0 | 1.4 |
Fidelity Series International Value Fund | 9.1 | 6.9 |
| 25.7 | 19.3 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.8 | 0.9 |
Fidelity Series High Income Fund | 6.6 | 6.9 |
Fidelity Series Inflation-Protected Bond Index Fund | 0.1 | 2.8 |
Fidelity Series Investment Grade Bond Fund | 5.1 | 17.3 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
| 13.8 | 29.1 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 60.5% | |
 | International Equity Funds | 25.7% | |
| Bond Funds | 13.8% | |
Six months ago |
| Domestic Equity Funds** | 51.6% | |
| International Equity Funds | 19.3% | |
| Bond Funds | 29.1% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom 2030 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 60.5% |
| Shares | | Value |
Fidelity Series 100 Index Fund (b) | 16,175,408 | | $ 196,854,718 |
Fidelity Series 1000 Value Index Fund (b) | 12,426,965 | | 132,719,985 |
Fidelity Series All-Sector Equity Fund (b) | 53,153,712 | | 750,530,409 |
Fidelity Series Blue Chip Growth Fund (b) | 59,589,634 | | 645,355,733 |
Fidelity Series Commodity Strategy Fund (a)(b) | 15,486,021 | | 130,856,874 |
Fidelity Series Equity-Income Fund (b) | 78,407,241 | | 979,306,437 |
Fidelity Series Growth & Income Fund (b) | 57,906,008 | | 751,040,925 |
Fidelity Series Growth Company Fund (b) | 75,066,298 | | 812,968,012 |
Fidelity Series Intrinsic Opportunities Fund (b) | 35,054,605 | | 487,259,008 |
Fidelity Series Opportunistic Insights Fund (b) | 35,115,634 | | 490,214,253 |
Fidelity Series Real Estate Equity Fund (b) | 6,016,941 | | 77,738,879 |
Fidelity Series Small Cap Discovery Fund (b) | 10,844,366 | | 111,913,861 |
Fidelity Series Small Cap Opportunities Fund (b) | 29,273,323 | | 397,238,995 |
Fidelity Series Stock Selector Large Cap Value Fund (b) | 52,111,699 | | 652,438,477 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $5,805,738,524) |
6,616,436,566
|
International Equity Funds - 25.7% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 35,015,577 | | 600,517,152 |
Fidelity Series International Growth Fund (b) | 70,255,038 | | 994,811,339 |
Fidelity Series International Small Cap Fund (b) | 13,782,488 | | 223,138,476 |
Fidelity Series International Value Fund (b) | 89,200,291 | | 991,907,231 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,460,740,341) |
2,810,374,198
|
Bond Funds - 13.8% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund (b) | 7,341,770 | | $ 74,886,059 |
Fidelity Series Floating Rate High Income Fund (b) | 8,886,616 | | 92,954,002 |
Fidelity Series High Income Fund (b) | 67,876,589 | | 718,813,081 |
Fidelity Series Inflation-Protected Bond Index Fund (b) | 1,206,401 | | 11,883,054 |
Fidelity Series Investment Grade Bond Fund (b) | 49,388,654 | | 556,116,244 |
Fidelity Series Real Estate Income Fund (b) | 4,617,504 | | 52,085,449 |
TOTAL BOND FUNDS (Cost $1,463,554,918) |
1,506,737,889
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $9,730,033,783) | 10,933,548,653 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | 86 |
NET ASSETS - 100% | $ 10,933,548,739 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund | $ 487,624,225 | $ 60,555,547 | $ 615,374,546 | $ 1,304,737 | $ - |
Fidelity Disciplined Equity Fund | 107,095,744 | 153,201 | 112,431,415 | - | - |
Fidelity Growth Company Fund | 674,931,574 | 33,233,323 | 830,292,617 | - | - |
Fidelity Series 100 Index Fund | 166,481,556 | 43,453,440 | 41,868,423 | 3,769,400 | 196,854,718 |
Fidelity Series 1000 Value Index Fund | - | 134,708,687 | 8,720,931 | 370,914 | 132,719,985 |
Fidelity Series All-Sector Equity Fund | 720,496,458 | 126,833,950 | 167,215,089 | 6,594,223 | 750,530,409 |
Fidelity Series Blue Chip Growth Fund | - | 649,911,992 | 54,220,077 | 544,381 | 645,355,733 |
Fidelity Series Commodity Strategy Fund | 802,421,860 | 129,782,198 | 734,440,848 | - | 130,856,874 |
Fidelity Series Emerging Markets Debt Fund | 83,008,083 | 10,327,248 | 13,164,654 | 4,194,987 | 74,886,059 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Emerging Markets Fund | $ 428,616,306 | $ 235,686,652 | $ 74,918,011 | $ 6,116,708 | $ 600,517,152 |
Fidelity Series Equity-Income Fund | 456,590,441 | 578,967,538 | 123,626,119 | 12,365,973 | 979,306,437 |
Fidelity Series Floating Rate High Income Fund | 96,138,999 | 12,035,336 | 13,692,808 | 4,103,978 | 92,954,002 |
Fidelity Series Growth & Income Fund (formerly Fidelity Series Mega Cap Fund) | 166,777,913 | 621,762,420 | 86,294,323 | 4,320,412 | 751,040,925 |
Fidelity Series Growth Company Fund | - | 805,927,849 | 55,801,982 | 544,315 | 812,968,012 |
Fidelity Series High Income Fund | 743,549,405 | 115,683,722 | 146,187,739 | 39,476,825 | 718,813,081 |
Fidelity Series Inflation-Protected Bond Index Fund | 269,213,630 | 67,928,022 | 310,300,697 | 14,371 | 11,883,054 |
Fidelity Series International Growth Fund | 709,484,571 | 336,728,601 | 138,943,576 | 7,027,404 | 994,811,339 |
Fidelity Series International Small Cap Fund | 143,975,076 | 77,386,838 | 26,602,506 | 1,564,640 | 223,138,476 |
Fidelity Series International Value Fund | 703,646,006 | 325,724,960 | 129,931,917 | 20,785,489 | 991,907,231 |
Fidelity Series Intrinsic Opportunities Fund | 274,048,747 | 205,104,426 | 65,766,044 | 4,833,089 | 487,259,008 |
Fidelity Series Investment Grade Bond Fund | 1,847,181,730 | 350,431,225 | 1,590,036,293 | 30,607,858 | 556,116,244 |
Fidelity Series Large Cap Value Fund | 435,825,680 | 120,663,724 | 518,594,092 | 4,687,128 | - |
Fidelity Series Opportunistic Insights Fund | 333,229,823 | 144,764,793 | 80,686,314 | - | 490,214,253 |
Fidelity Series Real Estate Equity Fund | 68,265,551 | 20,317,109 | 10,313,851 | 1,156,361 | 77,738,879 |
Fidelity Series Real Estate Income Fund | 54,011,577 | 7,631,429 | 7,799,635 | 2,911,908 | 52,085,449 |
Fidelity Series Small Cap Discovery Fund | - | 117,494,919 | 9,403,464 | 106,240 | 111,913,861 |
Fidelity Series Small Cap Opportunities Fund | 187,307,306 | 233,924,080 | 49,682,035 | 80,136 | 397,238,995 |
Fidelity Series Stock Selector Large Cap Value Fund | 460,345,409 | 271,100,170 | 130,663,500 | 6,410,035 | 652,438,477 |
Fidelity Small Cap Growth Fund | 104,061,555 | 12,818,340 | 125,187,667 | - | - |
Fidelity Small Cap Value Fund | 112,068,277 | 8,791,350 | 127,193,082 | 167,177 | - |
Total | $ 10,636,397,502 | $ 5,859,833,089 | $ 6,399,354,255 | $ 164,058,689 | $ 10,933,548,653 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2030 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $9,730,033,783) - See accompanying schedule | | $ 10,933,548,653 |
Receivable for investments sold | | 32,921,076 |
Receivable for fund shares sold | | 12,200,414 |
Other receivables | | 80,570 |
Total assets | | 10,978,750,713 |
| | |
Liabilities | | |
Payable for investments purchased | $ 8,750,477 | |
Payable for fund shares redeemed | 36,370,925 | |
Other payables and accrued expenses | 80,572 | |
Total liabilities | | 45,201,974 |
| | |
Net Assets | | $ 10,933,548,739 |
Net Assets consist of: | | |
Paid in capital | | $ 9,345,936,668 |
Undistributed net investment income | | 15,337,721 |
Accumulated undistributed net realized gain (loss) on investments | | 368,759,480 |
Net unrealized appreciation (depreciation) on investments | | 1,203,514,870 |
Net Assets, for 663,721,767 shares outstanding | | $ 10,933,548,739 |
Net Asset Value, offering price and redemption price per share ($10,933,548,739 ÷ 663,721,767 shares) | | $ 16.47 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 164,058,689 |
| | |
Expenses | | |
Independent trustees' compensation | $ 41,364 | |
Total expenses before reductions | 41,364 | |
Expense reductions | (41,364) | - |
Net investment income (loss) | | 164,058,689 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 329,093,039 | |
Capital gain distributions from underlying funds | 346,704,088 | |
Total net realized gain (loss) | | 675,797,127 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 507,568,680 |
Net gain (loss) | | 1,183,365,807 |
Net increase (decrease) in net assets resulting from operations | | $ 1,347,424,496 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2030 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 164,058,689 | $ 191,240,952 |
Net realized gain (loss) | 675,797,127 | 692,932,845 |
Change in net unrealized appreciation (depreciation) | 507,568,680 | 41,418,078 |
Net increase (decrease) in net assets resulting from operations | 1,347,424,496 | 925,591,875 |
Distributions to shareholders from net investment income | (169,795,986) | (197,568,570) |
Distributions to shareholders from net realized gain | (171,704,685) | (49,492,170) |
Total distributions | (341,500,671) | (247,060,740) |
Share transactions
Proceeds from sales of shares | 2,439,155,764 | 2,435,501,325 |
Reinvestment of distributions | 340,644,395 | 246,356,389 |
Cost of shares redeemed | (3,488,572,553) | (4,378,903,589) |
Net increase (decrease) in net assets resulting from share transactions | (708,772,394) | (1,697,045,875) |
Total increase (decrease) in net assets | 297,151,431 | (1,018,514,740) |
| | |
Net Assets | | |
Beginning of period | 10,636,397,308 | 11,654,912,048 |
End of period (including undistributed net investment income of $15,337,721 and undistributed net investment income of $21,075,017, respectively) | $ 10,933,548,739 | $ 10,636,397,308 |
Other Information Shares | | |
Sold | 154,825,192 | 171,683,612 |
Issued in reinvestment of distributions | 21,082,429 | 17,520,585 |
Redeemed | (220,419,480) | (309,491,711) |
Net increase (decrease) | (44,511,859) | (120,287,514) |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 15.02 | $ 14.07 | $ 14.40 | $ 12.87 | $ 8.97 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .24 | .25 | .24 | .21 | .23 |
Net realized and unrealized gain (loss) | 1.71 | 1.04 | (.07) | 1.67 | 4.02 |
Total from investment operations | 1.95 | 1.29 | .17 | 1.88 | 4.25 |
Distributions from net investment income | (.25) | (.27) | (.26) | (.22) | (.24) |
Distributions from net realized gain | (.25) | (.07) | (.24) | (.13) | (.11) |
Total distributions | (.50) | (.34) | (.50) | (.35) | (.35) F |
Net asset value, end of period | $ 16.47 | $ 15.02 | $ 14.07 | $ 14.40 | $ 12.87 |
Total Return A | 13.08% | 9.30% | 1.48% | 14.81% | 47.57% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.50% | 1.77% | 1.75% | 1.62% | 2.01% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 10,933,549 | $ 10,636,397 | $ 11,654,912 | $ 14,745,053 | $ 14,595,428 |
Portfolio turnover rate C | 54% | 29% | 26% | 44% | 29% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.35 per share is comprised of distributions from net investment income of $.240 and distributions from net realized gain of $.105 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2035 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund | 1.9 | 1.7 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.4 | 7.6 |
Fidelity Series Blue Chip Growth Fund | 6.2 | 0.0 |
Fidelity Series Commodity Strategy Fund | 0.9 | 8.5 |
Fidelity Series Equity-Income Fund | 9.5 | 5.0 |
Fidelity Series Growth & Income Fund | 7.2 | 2.1 |
Fidelity Series Growth Company Fund | 7.6 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund | 4.7 | 3.8 |
Fidelity Series Opportunistic Insights Fund | 4.6 | 3.9 |
Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
Fidelity Series Small Cap Discovery Fund | 1.1 | 0.0 |
Fidelity Series Small Cap Opportunities Fund | 3.8 | 2.1 |
Fidelity Series Stock Selector Large Cap Value Fund | 6.3 | 4.5 |
Fidelity Blue Chip Growth Fund | 0.0 | 5.7 |
Fidelity Growth Company Fund | 0.0 | 7.2 |
Fidelity Series Large Cap Value Fund | 0.0 | 3.9 |
Fidelity Small Cap Growth Fund | 0.0 | 1.1 |
Fidelity Small Cap Value Fund | 0.0 | 1.1 |
| 63.3 | 59.0 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.6 | 4.9 |
Fidelity Series International Growth Fund | 9.5 | 7.8 |
Fidelity Series International Small Cap Fund | 2.1 | 1.6 |
Fidelity Series International Value Fund | 9.5 | 7.8 |
| 26.7 | 22.1 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.7 | 0.8 |
Fidelity Series High Income Fund | 6.6 | 6.8 |
Fidelity Series Investment Grade Bond Fund | 1.5 | 10.1 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.5 |
Fidelity Series Inflation-Protected Bond Index Fund | 0.0 | 0.0* |
| 10.0 | 18.9 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.3% | |
| International Equity Funds | 26.7% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 59.0% | |
| International Equity Funds | 22.1% | |
| Bond Funds | 18.9% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom 2035 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.3% |
| Shares | | Value |
Fidelity Series 100 Index Fund (b) | 9,601,898 | | $ 116,855,094 |
Fidelity Series 1000 Value Index Fund (b) | 7,394,177 | | 78,969,816 |
Fidelity Series All-Sector Equity Fund (b) | 32,269,541 | | 455,645,924 |
Fidelity Series Blue Chip Growth Fund (b) | 35,475,493 | | 384,199,586 |
Fidelity Series Commodity Strategy Fund (a)(b) | 7,056,245 | | 59,625,273 |
Fidelity Series Equity-Income Fund (b) | 46,865,974 | | 585,356,017 |
Fidelity Series Growth & Income Fund (b) | 34,344,917 | | 445,453,573 |
Fidelity Series Growth Company Fund (b) | 43,538,145 | | 471,518,107 |
Fidelity Series Intrinsic Opportunities Fund (b) | 20,792,455 | | 289,015,131 |
Fidelity Series Opportunistic Insights Fund (b) | 20,417,179 | | 285,023,821 |
Fidelity Series Real Estate Equity Fund (b) | 3,910,403 | | 50,522,403 |
Fidelity Series Small Cap Discovery Fund (b) | 6,553,223 | | 67,629,258 |
Fidelity Series Small Cap Opportunities Fund (b) | 17,173,512 | | 233,044,554 |
Fidelity Series Stock Selector Large Cap Value Fund (b) | 31,049,897 | | 388,744,710 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $3,414,438,700) |
3,911,603,267
|
International Equity Funds - 26.7% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 20,157,990 | | 345,709,520 |
Fidelity Series International Growth Fund (b) | 41,284,927 | | 584,594,559 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 8,094,167 | | $ 131,044,568 |
Fidelity Series International Value Fund (b) | 52,997,234 | | 589,329,236 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,414,226,682) |
1,650,677,883
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 4,150,893 | | 42,339,110 |
Fidelity Series Floating Rate High Income Fund (b) | 4,482,476 | | 46,886,694 |
Fidelity Series High Income Fund (b) | 38,820,981 | | 411,114,191 |
Fidelity Series Investment Grade Bond Fund (b) | 8,078,717 | | 90,966,353 |
Fidelity Series Real Estate Income Fund (b) | 2,620,243 | | 29,556,336 |
TOTAL BOND FUNDS (Cost $594,572,072) |
620,862,684
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $5,423,237,454) | | 6,183,143,834 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | 168 |
NET ASSETS - 100% | $ 6,183,144,002 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund | $ 298,998,948 | $ 40,043,603 | $ 380,571,674 | $ 810,549 | $ - |
Fidelity Disciplined Equity Fund | 66,212,676 | 291,345 | 69,664,334 | - | - |
Fidelity Growth Company Fund | 414,650,988 | 24,638,205 | 514,580,193 | - | - |
Fidelity Series 100 Index Fund | 102,799,140 | 19,532,085 | 23,017,510 | 2,119,701 | 116,855,094 |
Fidelity Series 1000 Value Index Fund | - | 79,689,346 | 4,854,065 | 229,271 | 78,969,816 |
Fidelity Series All-Sector Equity Fund | 442,293,979 | 68,221,374 | 99,223,008 | 3,981,734 | 455,645,924 |
Fidelity Series Blue Chip Growth Fund | - | 378,837,711 | 24,290,918 | 324,520 | 384,199,586 |
Fidelity Series Commodity Strategy Fund | 492,118,400 | 86,358,151 | 475,148,694 | - | 59,625,273 |
Fidelity Series Emerging Markets Debt Fund | 43,409,832 | 7,975,008 | 6,216,059 | 2,282,314 | 42,339,110 |
Fidelity Series Emerging Markets Fund | 262,195,289 | 127,607,618 | 51,498,725 | 3,491,466 | 345,709,520 |
Fidelity Series Equity-Income Fund | 274,206,122 | 326,807,299 | 55,619,787 | 7,342,532 | 585,356,017 |
Fidelity Series Floating Rate High Income Fund | 46,146,895 | 8,456,537 | 6,941,515 | 2,028,724 | 46,886,694 |
Fidelity Series Growth & Income Fund (formerly Fidelity Series Mega Cap Fund) | 100,171,919 | 348,213,721 | 30,907,069 | 2,469,305 | 445,453,573 |
Fidelity Series Growth Company Fund | - | 461,456,909 | 26,768,070 | 311,506 | 471,518,107 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series High Income Fund | $ 389,678,722 | $ 77,357,469 | $ 59,272,274 | $ 21,450,071 | $ 411,114,191 |
Fidelity Series Inflation-Protected Bond Index Fund | - | 1,215,829 | 1,216,525 | 31 | - |
Fidelity Series International Growth Fund | 432,552,372 | 165,622,597 | 67,279,399 | 3,943,046 | 584,594,559 |
Fidelity Series International Small Cap Fund | 87,758,173 | 41,489,807 | 15,402,255 | 935,472 | 131,044,568 |
Fidelity Series International Value Fund | 428,597,716 | 174,912,748 | 71,112,139 | 12,012,621 | 589,329,236 |
Fidelity Series Intrinsic Opportunities Fund | 164,216,602 | 112,784,550 | 32,648,260 | 2,877,082 | 289,015,131 |
Fidelity Series Investment Grade Bond Fund | 541,689,061 | 129,637,034 | 564,366,979 | 8,831,263 | 90,966,353 |
Fidelity Series Large Cap Value Fund | 268,013,652 | 78,926,172 | 323,112,111 | 2,917,063 | - |
Fidelity Series Opportunistic Insights Fund | 200,195,104 | 65,346,736 | 35,799,895 | - | 285,023,821 |
Fidelity Series Real Estate Equity Fund | 41,801,081 | 15,105,478 | 6,089,337 | 730,962 | 50,522,403 |
Fidelity Series Real Estate Income Fund | 26,049,104 | 8,009,399 | 3,710,971 | 1,517,343 | 29,556,336 |
Fidelity Series Small Cap Discovery Fund | - | 70,263,842 | 4,756,391 | 67,275 | 67,629,258 |
Fidelity Series Small Cap Opportunities Fund | 115,116,706 | 129,165,460 | 26,193,353 | 47,846 | 233,044,554 |
Fidelity Series Stock Selector Large Cap Value Fund | 276,611,948 | 151,522,832 | 70,330,133 | 3,744,910 | 388,744,710 |
Fidelity Small Cap Growth Fund | 64,072,307 | 8,814,548 | 77,985,234 | - | - |
Fidelity Small Cap Value Fund | 68,974,089 | 6,609,291 | 79,450,265 | 104,142 | - |
Total | $ 5,648,530,825 | $ 3,214,912,704 | $ 3,208,027,142 | $ 84,570,749 | $ 6,183,143,834 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2035 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $5,423,237,454) - See accompanying schedule | | $ 6,183,143,834 |
Receivable for investments sold | | 6,939,848 |
Receivable for fund shares sold | | 10,695,267 |
Total assets | | 6,200,778,949 |
| | |
Liabilities | | |
Payable for investments purchased | $ 31,912 | |
Payable for fund shares redeemed | 17,603,035 | |
Total liabilities | | 17,634,947 |
| | |
Net Assets | | $ 6,183,144,002 |
Net Assets consist of: | | |
Paid in capital | | $ 5,164,141,522 |
Undistributed net investment income | | 7,474,991 |
Accumulated undistributed net realized gain (loss) on investments | | 251,621,109 |
Net unrealized appreciation (depreciation) on investments | | 759,906,380 |
Net Assets, for 454,054,684 shares outstanding | | $ 6,183,144,002 |
Net Asset Value, offering price and redemption price per share ($6,183,144,002 ÷ 454,054,684 shares) | | $ 13.62 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 84,570,749 |
| | |
Expenses | | |
Independent trustees' compensation | $ 22,520 | |
Total expenses before reductions | 22,520 | |
Expense reductions | (22,520) | - |
Net investment income (loss) | | 84,570,749 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 186,367,930 | |
Capital gain distributions from underlying funds | 207,959,729 | |
Total net realized gain (loss) | | 394,327,659 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 341,346,689 |
Net gain (loss) | | 735,674,348 |
Net increase (decrease) in net assets resulting from operations | | $ 820,245,097 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2035 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 84,570,749 | $ 94,134,924 |
Net realized gain (loss) | 394,327,659 | 223,921,042 |
Change in net unrealized appreciation (depreciation) | 341,346,689 | 189,781,598 |
Net increase (decrease) in net assets resulting from operations | 820,245,097 | 507,837,564 |
Distributions to shareholders from net investment income | (86,034,343) | (94,950,080) |
Distributions to shareholders from net realized gain | (258,952,323) | (15,457,683) |
Total distributions | (344,986,666) | (110,407,763) |
Share transactions
Proceeds from sales of shares | 1,702,143,678 | 1,600,255,935 |
Reinvestment of distributions | 344,488,628 | 110,279,193 |
Cost of shares redeemed | (1,987,277,487) | (2,316,826,416) |
Net increase (decrease) in net assets resulting from share transactions | 59,354,819 | (606,291,288) |
Total increase (decrease) in net assets | 534,613,250 | (208,861,487) |
| | |
Net Assets | | |
Beginning of period | 5,648,530,752 | 5,857,392,239 |
End of period (including undistributed net investment income of $7,474,991 and undistributed net investment income of $8,938,586, respectively) | $ 6,183,144,002 | $ 5,648,530,752 |
Other Information Shares | | |
Sold | 130,400,080 | 136,178,047 |
Issued in reinvestment of distributions | 26,279,054 | 9,462,687 |
Redeemed | (151,979,015) | (197,756,468) |
Net increase (decrease) | 4,700,119 | (52,115,734) |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.57 | $ 11.68 | $ 12.04 | $ 10.66 | $ 7.36 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .18 | .20 | .18 | .16 | .18 |
Net realized and unrealized gain (loss) | 1.63 | .93 | (.14) | 1.48 | 3.40 |
Total from investment operations | 1.81 | 1.13 | .04 | 1.64 | 3.58 |
Distributions from net investment income | (.19) | (.21) | (.19) | (.17) | (.18) |
Distributions from net realized gain | (.57) | (.03) | (.21) | (.10) | (.10) |
Total distributions | (.76) | (.24) | (.40) | (.26) G | (.28) F |
Net asset value, end of period | $ 13.62 | $ 12.57 | $ 11.68 | $ 12.04 | $ 10.66 |
Total Return A | 14.76% | 9.85% | .63% | 15.63% | 48.79% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.42% | 1.70% | 1.57% | 1.49% | 1.91% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,183,144 | $ 5,648,531 | $ 5,857,392 | $ 6,909,265 | $ 6,082,003 |
Portfolio turnover rate C | 54% | 36% | 30% | 47% | 25% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.28 per share is comprised of distributions from net investment income of $.180 and distributions from net realized gain of $.095 per share.
G Total distributions of $.26 per share is comprised of distributions from net investment income of $.168 and distributions from net realized gain of $.095 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2040 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund | 1.9 | 1.7 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.6 | 7.7 |
Fidelity Series Blue Chip Growth Fund | 6.2 | 0.0 |
Fidelity Series Commodity Strategy Fund | 1.0 | 8.7 |
Fidelity Series Equity-Income Fund | 9.5 | 5.2 |
Fidelity Series Growth & Income Fund | 7.1 | 2.1 |
Fidelity Series Growth Company Fund | 7.6 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund | 4.6 | 3.9 |
Fidelity Series Opportunistic Insights Fund | 4.6 | 4.1 |
Fidelity Series Real Estate Equity Fund | 0.8 | 0.8 |
Fidelity Series Small Cap Discovery Fund | 1.1 | 0.0 |
Fidelity Series Small Cap Opportunities Fund | 3.7 | 2.1 |
Fidelity Series Stock Selector Large Cap Value Fund | 6.3 | 4.7 |
Fidelity Blue Chip Growth Fund | 0.0 | 5.8 |
Fidelity Growth Company Fund | 0.0 | 7.4 |
Fidelity Series Large Cap Value Fund | 0.0 | 4.1 |
Fidelity Small Cap Growth Fund | 0.0 | 1.1 |
Fidelity Small Cap Value Fund | 0.0 | 1.1 |
| 63.3 | 60.5 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.6 | 5.0 |
Fidelity Series International Growth Fund | 9.5 | 8.0 |
Fidelity Series International Small Cap Fund | 2.1 | 1.6 |
Fidelity Series International Value Fund | 9.5 | 8.0 |
| 26.7 | 22.6 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.7 | 0.8 |
Fidelity Series High Income Fund | 6.6 | 6.8 |
Fidelity Series Investment Grade Bond Fund | 1.5 | 8.2 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.4 |
| 10.0 | 16.9 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.3% | |
| International Equity Funds | 26.7% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 60.5% | |
| International Equity Funds | 22.6% | |
| Bond Funds | 16.9% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom 2040 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.3% |
| Shares | | Value |
Fidelity Series 100 Index Fund (b) | 10,861,352 | | $ 132,182,651 |
Fidelity Series 1000 Value Index Fund (b) | 8,316,357 | | 88,818,697 |
Fidelity Series All-Sector Equity Fund (b) | 37,595,668 | | 530,850,832 |
Fidelity Series Blue Chip Growth Fund (b) | 40,147,807 | | 434,800,755 |
Fidelity Series Commodity Strategy Fund (a)(b) | 8,064,548 | | 68,145,428 |
Fidelity Series Equity-Income Fund (b) | 53,112,759 | | 663,378,358 |
Fidelity Series Growth & Income Fund (b) | 38,452,804 | | 498,732,866 |
Fidelity Series Growth Company Fund (b) | 49,484,917 | | 535,921,647 |
Fidelity Series Intrinsic Opportunities Fund (b) | 23,307,827 | | 323,978,793 |
Fidelity Series Opportunistic Insights Fund (b) | 23,152,264 | | 323,205,608 |
Fidelity Series Real Estate Equity Fund (b) | 4,520,819 | | 58,408,988 |
Fidelity Series Small Cap Discovery Fund (b) | 7,524,823 | | 77,656,176 |
Fidelity Series Small Cap Opportunities Fund (b) | 19,399,988 | | 263,257,832 |
Fidelity Series Stock Selector Large Cap Value Fund (b) | 35,191,198 | | 440,593,793 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $3,857,866,661) |
4,439,932,424
|
International Equity Funds - 26.7% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 22,875,940 | | 392,322,377 |
Fidelity Series International Growth Fund (b) | 46,825,764 | | 663,052,817 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 9,235,657 | | $ 149,525,292 |
Fidelity Series International Value Fund (b) | 60,111,623 | | 668,441,245 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,614,912,851) |
1,873,341,731
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 4,709,046 | | 48,032,273 |
Fidelity Series Floating Rate High Income Fund (b) | 4,401,726 | | 46,042,055 |
Fidelity Series High Income Fund (b) | 44,057,903 | | 466,573,194 |
Fidelity Series Investment Grade Bond Fund (b) | 9,651,838 | | 108,679,701 |
Fidelity Series Real Estate Income Fund (b) | 2,972,174 | | 33,526,125 |
TOTAL BOND FUNDS (Cost $675,479,123) |
702,853,348
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $6,148,258,635) | | 7,016,127,503 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | 126 |
NET ASSETS - 100% | $ 7,016,127,629 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund | $ 361,613,965 | $ 42,168,096 | $ 454,033,905 | $ 982,143 | $ - |
Fidelity Disciplined Equity Fund | 79,383,963 | - | 83,206,973 | - | - |
Fidelity Growth Company Fund | 501,108,462 | 20,278,072 | 612,869,932 | - | - |
Fidelity Series 100 Index Fund | 123,280,464 | 17,900,607 | 29,777,057 | 2,521,366 | 132,182,651 |
Fidelity Series 1000 Value Index Fund | - | 91,868,260 | 7,794,729 | 270,127 | 88,818,697 |
Fidelity Series All-Sector Equity Fund | 532,276,904 | 73,718,766 | 129,062,742 | 4,767,660 | 530,850,832 |
Fidelity Series Blue Chip Growth Fund | - | 443,569,750 | 43,391,935 | 377,294 | 434,800,755 |
Fidelity Series Commodity Strategy Fund | 601,677,707 | 96,936,403 | 576,865,295 | - | 68,145,428 |
Fidelity Series Emerging Markets Debt Fund | 52,626,055 | 7,413,776 | 8,570,126 | 2,698,091 | 48,032,273 |
Fidelity Series Emerging Markets Fund | 318,012,165 | 129,347,827 | 64,445,120 | 4,098,116 | 392,322,377 |
Fidelity Series Equity-Income Fund | 338,041,915 | 357,404,297 | 79,948,626 | 8,804,457 | 663,378,358 |
Fidelity Series Floating Rate High Income Fund | 50,886,280 | 7,254,924 | 11,308,445 | 2,132,675 | 46,042,055 |
Fidelity Series Growth & Income Fund (formerly Fidelity Series Mega Cap Fund) | 123,509,214 | 387,028,983 | 48,222,395 | 2,944,536 | 498,732,866 |
Fidelity Series Growth Company Fund | - | 545,782,059 | 52,897,835 | 363,972 | 535,921,647 |
Fidelity Series High Income Fund | 472,842,334 | 71,164,046 | 81,162,918 | 25,289,257 | 466,573,194 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series International Growth Fund | $ 525,753,805 | $ 170,970,650 | $ 98,304,025 | $ 4,659,866 | $ 663,052,817 |
Fidelity Series International Small Cap Fund | 106,326,246 | 43,970,369 | 21,103,355 | 1,098,276 | 149,525,292 |
Fidelity Series International Value Fund | 521,944,842 | 175,936,843 | 98,449,666 | 14,002,098 | 668,441,245 |
Fidelity Series Intrinsic Opportunities Fund | 201,323,772 | 118,182,564 | 48,768,540 | 3,429,199 | 323,978,793 |
Fidelity Series Investment Grade Bond Fund | 557,059,848 | 89,781,710 | 521,885,154 | 8,877,512 | 108,679,701 |
Fidelity Series Large Cap Value Fund | 323,669,869 | 92,368,342 | 386,287,496 | 3,578,111 | - |
Fidelity Series Opportunistic Insights Fund | 246,769,163 | 57,922,801 | 48,612,004 | - | 323,205,608 |
Fidelity Series Real Estate Equity Fund | 49,363,878 | 18,082,223 | 8,381,173 | 882,145 | 58,408,988 |
Fidelity Series Real Estate Income Fund | 28,880,044 | 10,496,816 | 4,986,324 | 1,718,817 | 33,526,125 |
Fidelity Series Small Cap Discovery Fund | - | 83,583,867 | 8,429,381 | 80,236 | 77,656,176 |
Fidelity Series Small Cap Opportunities Fund | 138,645,643 | 144,157,555 | 37,098,917 | 56,012 | 263,257,832 |
Fidelity Series Stock Selector Large Cap Value Fund | 341,079,737 | 154,596,468 | 92,907,619 | 4,280,515 | 440,593,793 |
Fidelity Small Cap Growth Fund | 78,158,932 | 9,715,212 | 94,024,698 | - | - |
Fidelity Small Cap Value Fund | 84,334,462 | 6,633,796 | 95,597,765 | 126,169 | - |
Total | $ 6,758,569,669 | $ 3,468,235,082 | $ 3,848,394,150 | $ 98,038,650 | $ 7,016,127,503 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2040 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $6,148,258,635) - See accompanying schedule | | $ 7,016,127,503 |
Receivable for investments sold | | 9,165,626 |
Receivable for fund shares sold | | 10,175,540 |
Total assets | | 7,035,468,669 |
| | |
Liabilities | | |
Payable for fund shares redeemed | | $ 19,341,040 |
| | |
Net Assets | | $ 7,016,127,629 |
Net Assets consist of: | | |
Paid in capital | | $ 5,846,322,259 |
Distributions in excess of net investment income | | 7,991,553 |
Accumulated undistributed net realized gain (loss) on investments | | 293,944,949 |
Net unrealized appreciation (depreciation) on investments | | 867,868,868 |
Net Assets, for 729,671,866 shares outstanding | | $ 7,016,127,629 |
Net Asset Value, offering price and redemption price per share ($7,016,127,629 ÷ 729,671,866 shares) | | $ 9.62 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 98,038,650 |
| | |
Expenses | | |
Independent trustees' compensation | $ 26,589 | |
Total expenses before reductions | 26,589 | |
Expense reductions | (26,589) | - |
Net investment income (loss) | | 98,038,650 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 199,331,229 | |
Capital gain distributions from underlying funds | 248,141,774 | |
Total net realized gain (loss) | | 447,473,003 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 438,379,792 |
Net gain (loss) | | 885,852,795 |
Net increase (decrease) in net assets resulting from operations | | $ 983,891,445 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2040 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 98,038,650 | $ 115,806,882 |
Net realized gain (loss) | 447,473,003 | 434,988,724 |
Change in net unrealized appreciation (depreciation) | 438,379,792 | 72,440,995 |
Net increase (decrease) in net assets resulting from operations | 983,891,445 | 623,236,601 |
Distributions to shareholders from net investment income | (100,637,238) | (116,763,462) |
Distributions to shareholders from net realized gain | (246,052,806) | (17,513,053) |
Total distributions | (346,690,044) | (134,276,515) |
Share transactions
Proceeds from sales of shares | 1,725,921,015 | 1,752,526,704 |
Reinvestment of distributions | 345,778,163 | 133,868,825 |
Cost of shares redeemed | (2,451,342,538) | (2,909,851,337) |
Net increase (decrease) in net assets resulting from share transactions | (379,643,360) | (1,023,455,808) |
Total increase (decrease) in net assets | 257,558,041 | (534,495,722) |
| | |
Net Assets | | |
Beginning of period | 6,758,569,588 | 7,293,065,310 |
End of period (including undistributed net investment income of $7,991,553 and undistributed net investment income of $10,590,141, respectively) | $ 7,016,127,629 | $ 6,758,569,588 |
Other Information Shares | | |
Sold | 188,076,691 | 213,801,336 |
Issued in reinvestment of distributions | 37,447,686 | 16,447,611 |
Redeemed | (265,580,026) | (355,303,340) |
Net increase (decrease) | (40,055,649) | (125,054,393) |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.78 | $ 8.15 | $ 8.41 | $ 7.45 | $ 5.10 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .13 | .14 | .12 | .12 | .13 |
Net realized and unrealized gain (loss) | 1.17 | .66 | (.10) | 1.03 | 2.42 |
Total from investment operations | 1.30 | .80 | .02 | 1.15 | 2.55 |
Distributions from net investment income | (.13) | (.15) | (.13) | (.12) | (.13) |
Distributions from net realized gain | (.33) | (.02) | (.15) | (.07) | (.07) |
Total distributions | (.46) | (.17) | (.28) | (.19) | (.20) F |
Net asset value, end of period | $ 9.62 | $ 8.78 | $ 8.15 | $ 8.41 | $ 7.45 |
Total Return A | 15.08% | 9.94% | .58% | 15.66% | 50.14% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.40% | 1.70% | 1.55% | 1.52% | 1.94% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 7,016,128 | $ 6,758,570 | $ 7,293,065 | $ 9,073,364 | $ 8,622,511 |
Portfolio turnover rate C | 49% | 33% | 27% | 46% | 27% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.20 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.070 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2045 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund | 1.9 | 1.7 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.5 | 7.9 |
Fidelity Series Blue Chip Growth Fund | 6.2 | 0.0 |
Fidelity Series Commodity Strategy Fund | 1.0 | 9.0 |
Fidelity Series Equity-Income Fund | 9.5 | 5.3 |
Fidelity Series Growth & Income Fund | 7.0 | 2.2 |
Fidelity Series Growth Company Fund | 7.6 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund | 4.6 | 4.0 |
Fidelity Series Opportunistic Insights Fund | 4.6 | 4.1 |
Fidelity Series Real Estate Equity Fund | 0.9 | 0.8 |
Fidelity Series Small Cap Discovery Fund | 1.1 | 0.0 |
Fidelity Series Small Cap Opportunities Fund | 3.8 | 2.1 |
Fidelity Series Stock Selector Large Cap Value Fund | 6.3 | 4.8 |
Fidelity Blue Chip Growth Fund | 0.0 | 5.9 |
Fidelity Growth Company Fund | 0.0 | 7.6 |
Fidelity Series Large Cap Value Fund | 0.0 | 4.2 |
Fidelity Small Cap Growth Fund | 0.0 | 1.2 |
Fidelity Small Cap Value Fund | 0.0 | 1.1 |
| 63.3 | 61.9 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.6 | 5.2 |
Fidelity Series International Growth Fund | 9.5 | 8.1 |
Fidelity Series International Small Cap Fund | 2.1 | 1.7 |
Fidelity Series International Value Fund | 9.5 | 8.2 |
| 26.7 | 23.2 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.3 | 0.4 |
Fidelity Series High Income Fund | 6.6 | 8.9 |
Fidelity Series Investment Grade Bond Fund | 1.9 | 4.6 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.3 |
| 10.0 | 14.9 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.3% | |
| International Equity Funds | 26.7% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 61.9% | |
| International Equity Funds | 23.2% | |
| Bond Funds | 14.9% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom 2045 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.3% |
| Shares | | Value |
Fidelity Series 100 Index Fund (b) | 4,483,017 | | $ 54,558,320 |
Fidelity Series 1000 Value Index Fund (b) | 3,428,481 | | 36,616,173 |
Fidelity Series All-Sector Equity Fund (b) | 15,333,241 | | 216,505,363 |
Fidelity Series Blue Chip Growth Fund (b) | 16,506,468 | | 178,765,046 |
Fidelity Series Commodity Strategy Fund (a)(b) | 3,304,284 | | 27,921,204 |
Fidelity Series Equity-Income Fund (b) | 21,891,578 | | 273,425,805 |
Fidelity Series Growth & Income Fund (b) | 15,533,496 | | 201,469,445 |
Fidelity Series Growth Company Fund (b) | 20,300,144 | | 219,850,555 |
Fidelity Series Intrinsic Opportunities Fund (b) | 9,606,995 | | 133,537,235 |
Fidelity Series Opportunistic Insights Fund (b) | 9,544,229 | | 133,237,438 |
Fidelity Series Real Estate Equity Fund (b) | 1,942,520 | | 25,097,355 |
Fidelity Series Small Cap Discovery Fund (b) | 3,176,801 | | 32,784,584 |
Fidelity Series Small Cap Opportunities Fund (b) | 8,065,515 | | 109,449,040 |
Fidelity Series Stock Selector Large Cap Value Fund (b) | 14,501,663 | | 181,560,826 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,537,779,915) |
1,824,778,389
|
International Equity Funds - 26.7% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 9,408,265 | | 161,351,747 |
Fidelity Series International Growth Fund (b) | 19,281,183 | | 273,021,558 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 3,787,075 | | $ 61,312,740 |
Fidelity Series International Value Fund (b) | 24,749,418 | | 275,213,523 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $640,894,067) |
770,899,568
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 1,922,922 | | 19,613,800 |
Fidelity Series Floating Rate High Income Fund (b) | 984,783 | | 10,300,834 |
Fidelity Series High Income Fund (b) | 18,101,911 | | 191,699,240 |
Fidelity Series Investment Grade Bond Fund (b) | 4,800,797 | | 54,056,972 |
Fidelity Series Real Estate Income Fund (b) | 1,219,557 | | 13,756,607 |
TOTAL BOND FUNDS (Cost $275,959,646) |
289,427,453
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $2,454,633,628) | | 2,885,105,410 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | 151 |
NET ASSETS - 100% | $ 2,885,105,561 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund | $ 136,122,664 | $ 25,853,188 | $ 181,499,448 | $ 386,494 | $ - |
Fidelity Disciplined Equity Fund | 30,351,780 | 390,593 | 32,182,048 | - | - |
Fidelity Growth Company Fund | 190,554,402 | 19,421,304 | 245,738,488 | - | - |
Fidelity Series 100 Index Fund | 46,874,857 | 11,680,705 | 12,286,108 | 991,552 | 54,558,320 |
Fidelity Series 1000 Value Index Fund | - | 37,648,246 | 2,988,450 | 111,266 | 36,616,173 |
Fidelity Series All-Sector Equity Fund | 200,532,299 | 42,587,503 | 47,347,602 | 1,928,429 | 216,505,363 |
Fidelity Series Blue Chip Growth Fund | - | 180,494,106 | 15,698,133 | 152,569 | 178,765,046 |
Fidelity Series Commodity Strategy Fund | 229,013,206 | 50,659,822 | 230,530,419 | - | 27,921,204 |
Fidelity Series Emerging Markets Debt Fund | 18,954,756 | 4,725,925 | 2,828,652 | 1,028,495 | 19,613,800 |
Fidelity Series Emerging Markets Fund | 119,751,578 | 59,585,215 | 21,923,539 | 1,600,630 | 161,351,747 |
Fidelity Series Equity-Income Fund | 123,866,150 | 161,476,317 | 30,699,749 | 3,430,970 | 273,425,805 |
Fidelity Series Floating Rate High Income Fund | 9,460,149 | 2,643,517 | 1,632,031 | 437,315 | 10,300,834 |
Fidelity Series Growth & Income Fund (formerly Fidelity Series Mega Cap Fund) | 45,248,499 | 160,470,388 | 17,878,061 | 1,172,865 | 201,469,445 |
Fidelity Series Growth Company Fund | - | 223,633,599 | 21,131,907 | 145,500 | 219,850,555 |
Fidelity Series High Income Fund | 225,447,407 | 53,339,345 | 88,564,329 | 11,761,018 | 191,699,240 |
Affiliate | Value,
beginning of period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series International Growth Fund | $ 198,766,174 | $ 84,472,194 | $ 35,805,090 | $ 1,863,447 | $ 273,021,558 |
Fidelity Series International Small Cap Fund | 40,506,495 | 20,954,852 | 8,170,544 | 448,410 | 61,312,740 |
Fidelity Series International Value Fund | 197,947,938 | 87,342,151 | 37,359,426 | 5,528,016 | 275,213,523 |
Fidelity Series Intrinsic Opportunities Fund | 74,797,958 | 55,283,944 | 17,257,472 | 1,366,788 | 133,537,235 |
Fidelity Series Investment Grade Bond Fund | 112,141,719 | 32,269,835 | 87,199,251 | 2,187,995 | 54,056,972 |
Fidelity Series Large Cap Value Fund | 122,272,345 | 43,580,590 | 153,603,811 | 1,432,826 | - |
Fidelity Series Opportunistic Insights Fund | 90,463,001 | 34,784,759 | 17,999,104 | - | 133,237,438 |
Fidelity Series Real Estate Equity Fund | 18,829,328 | 9,592,590 | 3,186,430 | 355,409 | 25,097,355 |
Fidelity Series Real Estate Income Fund | 9,116,218 | 6,597,360 | 1,731,175 | 623,482 | 13,756,607 |
Fidelity Series Small Cap Discovery Fund | - | 34,635,710 | 2,881,010 | 32,441 | 32,784,584 |
Fidelity Series Small Cap Opportunities Fund | 52,242,976 | 63,044,118 | 12,826,676 | 22,331 | 109,449,040 |
Fidelity Series Stock Selector Large Cap Value Fund | 125,094,985 | 73,002,226 | 31,100,183 | 1,693,770 | 181,560,826 |
Fidelity Small Cap Growth Fund | 29,863,139 | 5,393,441 | 37,662,490 | - | - |
Fidelity Small Cap Value Fund | 32,245,448 | 4,267,013 | 38,355,403 | 50,204 | - |
Total | $ 2,480,465,471 | $ 1,589,830,556 | $ 1,438,067,029 | $ 38,752,222 | $ 2,885,105,410 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2045 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $2,454,633,628) - See accompanying schedule | | $ 2,885,105,410 |
Cash | | 2 |
Receivable for investments sold | | 3,976,099 |
Receivable for fund shares sold | | 6,805,722 |
Total assets | | 2,895,887,233 |
| | |
Liabilities | | |
Payable for investments purchased | $ 9,594 | |
Payable for fund shares redeemed | 10,772,078 | |
Total liabilities | | 10,781,672 |
| | |
Net Assets | | $ 2,885,105,561 |
Net Assets consist of: | | |
Paid in capital | | $ 2,263,298,540 |
Undistributed net investment income | | 3,391,079 |
Accumulated undistributed net realized gain (loss) on investments | | 187,944,160 |
Net unrealized appreciation (depreciation) on investments | | 430,471,782 |
Net Assets, for 260,206,272 shares outstanding | | $ 2,885,105,561 |
Net Asset Value, offering price and redemption price per share ($2,885,105,561 ÷ 260,206,272 shares) | | $ 11.09 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 38,752,222 |
| | |
Expenses | | |
Independent trustees' compensation | $ 10,263 | |
Total expenses before reductions | 10,263 | |
Expense reductions | (10,263) | - |
Net investment income (loss) | | 38,752,222 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 169,267,664 | |
Capital gain distributions from underlying funds | 99,137,278 | |
Total net realized gain (loss) | | 268,404,942 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 83,601,264 |
Net gain (loss) | | 352,006,206 |
Net increase (decrease) in net assets resulting from operations | | $ 390,758,428 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2045 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 38,752,222 | $ 41,368,476 |
Net realized gain (loss) | 268,404,942 | 133,356,837 |
Change in net unrealized appreciation (depreciation) | 83,601,264 | 54,006,409 |
Net increase (decrease) in net assets resulting from operations | 390,758,428 | 228,731,722 |
Distributions to shareholders from net investment income | (39,174,244) | (41,465,860) |
Distributions to shareholders from net realized gain | (178,770,881) | (4,528,192) |
Total distributions | (217,945,125) | (45,994,052) |
Share transactions
Proceeds from sales of shares | 1,035,937,284 | 987,985,006 |
Reinvestment of distributions | 217,741,479 | 45,960,325 |
Cost of shares redeemed | (1,021,851,958) | (1,169,045,115) |
Net increase (decrease) in net assets resulting from share transactions | 231,826,805 | (135,099,784) |
Total increase (decrease) in net assets | 404,640,108 | 47,637,886 |
| | |
Net Assets | | |
Beginning of period | 2,480,465,453 | 2,432,827,567 |
End of period (including undistributed net investment income of $3,391,079 and undistributed net investment income of $3,813,101, respectively) | $ 2,885,105,561 | $ 2,480,465,453 |
Other Information Shares | | |
Sold | 97,196,672 | 101,844,132 |
Issued in reinvestment of distributions | 20,534,147 | 4,772,492 |
Redeemed | (95,547,536) | (120,670,005) |
Net increase (decrease) | 22,183,283 | (14,053,381) |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.42 | $ 9.65 | $ 9.98 | $ 8.81 | $ 5.99 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .15 | .17 | .15 | .14 | .16 |
Net realized and unrealized gain (loss) | 1.39 | .79 | (.15) | 1.25 | 2.88 |
Total from investment operations | 1.54 | .96 | - | 1.39 | 3.04 |
Distributions from net investment income | (.15) | (.17) | (.15) | (.14) | (.15) |
Distributions from net realized gain | (.72) | (.02) | (.17) | (.08) | (.07) |
Total distributions | (.87) | (.19) | (.33) G | (.22) | (.22) F |
Net asset value, end of period | $ 11.09 | $ 10.42 | $ 9.65 | $ 9.98 | $ 8.81 |
Total Return A | 15.38% | 10.14% | .29% | 15.99% | 50.86% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.42% | 1.75% | 1.57% | 1.55% | 1.97% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,885,106 | $ 2,480,465 | $ 2,432,828 | $ 2,660,423 | $ 2,071,143 |
Portfolio turnover rate C | 53% | 45% | 40% | 50% | 24% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.22 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.070 per share.
G Total distributions of $.33 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.174 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2050 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund | 1.9 | 1.8 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 7.5 | 8.0 |
Fidelity Series Blue Chip Growth Fund | 6.2 | 0.0 |
Fidelity Series Commodity Strategy Fund | 1.0 | 9.0 |
Fidelity Series Equity-Income Fund | 9.5 | 5.3 |
Fidelity Series Growth & Income Fund | 7.0 | 2.2 |
Fidelity Series Growth Company Fund | 7.6 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund | 4.6 | 4.0 |
Fidelity Series Opportunistic Insights Fund | 4.6 | 4.1 |
Fidelity Series Real Estate Equity Fund | 0.9 | 0.8 |
Fidelity Series Small Cap Discovery Fund | 1.1 | 0.0 |
Fidelity Series Small Cap Opportunities Fund | 3.8 | 2.2 |
Fidelity Series Stock Selector Large Cap Value Fund | 6.3 | 4.8 |
Fidelity Blue Chip Growth Fund | 0.0 | 6.0 |
Fidelity Growth Company Fund | 0.0 | 7.7 |
Fidelity Series Large Cap Value Fund | 0.0 | 4.2 |
Fidelity Small Cap Growth Fund | 0.0 | 1.2 |
Fidelity Small Cap Value Fund | 0.0 | 1.2 |
| 63.3 | 62.5 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.6 | 5.2 |
Fidelity Series International Growth Fund | 9.4 | 8.2 |
Fidelity Series International Small Cap Fund | 2.2 | 1.7 |
Fidelity Series International Value Fund | 9.5 | 8.2 |
| 26.7 | 23.3 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.1 | 0.2 |
Fidelity Series High Income Fund | 6.6 | 9.1 |
Fidelity Series Investment Grade Bond Fund | 2.1 | 3.9 |
Fidelity Series Real Estate Income Fund | 0.5 | 0.3 |
| 10.0 | 14.2 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.3% | |
| International Equity Funds | 26.7% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 62.5% | |
| International Equity Funds | 23.3% | |
| Bond Funds | 14.2% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom 2050 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.3% |
| Shares | | Value |
Fidelity Series 100 Index Fund (b) | 3,569,193 | | $ 43,437,076 |
Fidelity Series 1000 Value Index Fund (b) | 2,733,431 | | 29,193,046 |
Fidelity Series All-Sector Equity Fund (b) | 12,174,833 | | 171,908,645 |
Fidelity Series Blue Chip Growth Fund (b) | 13,190,957 | | 142,858,069 |
Fidelity Series Commodity Strategy Fund (a)(b) | 2,614,543 | | 22,092,892 |
Fidelity Series Equity-Income Fund (b) | 17,457,803 | | 218,047,954 |
Fidelity Series Growth & Income Fund (b) | 12,412,550 | | 160,990,778 |
Fidelity Series Growth Company Fund (b) | 16,065,435 | | 173,988,659 |
Fidelity Series Intrinsic Opportunities Fund (b) | 7,665,599 | | 106,551,829 |
Fidelity Series Opportunistic Insights Fund (b) | 7,608,934 | | 106,220,724 |
Fidelity Series Real Estate Equity Fund (b) | 1,578,121 | | 20,389,328 |
Fidelity Series Small Cap Discovery Fund (b) | 2,564,511 | | 26,465,759 |
Fidelity Series Small Cap Opportunities Fund (b) | 6,354,640 | | 86,232,465 |
Fidelity Series Stock Selector Large Cap Value Fund (b) | 11,564,899 | | 144,792,536 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,217,726,510) |
1,453,169,760
|
International Equity Funds - 26.7% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 7,501,568 | | 128,651,888 |
Fidelity Series International Growth Fund (b) | 15,305,730 | | 216,729,141 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 3,100,734 | | $ 50,200,876 |
Fidelity Series International Value Fund (b) | 19,646,680 | | 218,471,087 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $506,386,197) |
614,052,992
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 1,534,834 | | 15,655,302 |
Fidelity Series Floating Rate High Income Fund (b) | 233,732 | | 2,444,842 |
Fidelity Series High Income Fund (b) | 14,417,245 | | 152,678,622 |
Fidelity Series Investment Grade Bond Fund (b) | 4,343,659 | | 48,909,595 |
Fidelity Series Real Estate Income Fund (b) | 968,168 | | 10,920,937 |
TOTAL BOND FUNDS (Cost $223,195,856) |
230,609,298
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,947,308,563) | | 2,297,832,050 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | 185 |
NET ASSETS - 100% | $ 2,297,832,235 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund | $ 115,551,329 | $ 20,199,729 | $ 152,225,167 | $ 325,982 | $ - |
Fidelity Disciplined Equity Fund | 25,531,228 | 192,269 | 26,940,623 | - | - |
Fidelity Growth Company Fund | 161,156,910 | 14,945,389 | 206,030,131 | - | - |
Fidelity Series 100 Index Fund | 39,559,755 | 9,219,728 | 12,191,544 | 820,424 | 43,437,076 |
Fidelity Series 1000 Value Index Fund | - | 30,987,635 | 3,373,698 | 91,333 | 29,193,046 |
Fidelity Series All-Sector Equity Fund | 169,849,558 | 35,126,655 | 50,908,065 | 1,572,513 | 171,908,645 |
Fidelity Series Blue Chip Growth Fund | - | 153,116,839 | 21,763,694 | 127,200 | 142,858,069 |
Fidelity Series Commodity Strategy Fund | 194,100,158 | 38,867,126 | 192,973,059 | - | 22,092,892 |
Fidelity Series Emerging Markets Debt Fund | 15,753,724 | 3,828,998 | 2,870,151 | 846,858 | 15,655,302 |
Fidelity Series Emerging Markets Fund | 100,492,737 | 47,438,446 | 22,569,832 | 1,307,365 | 128,651,888 |
Fidelity Series Equity-Income Fund | 105,478,389 | 130,046,052 | 32,955,500 | 2,843,896 | 218,047,954 |
Fidelity Series Floating Rate High Income Fund | 2,484,791 | 831,923 | 821,361 | 115,569 | 2,444,842 |
Fidelity Series Growth & Income Fund (formerly Fidelity Series Mega Cap Fund) | 38,540,289 | 133,123,766 | 21,694,193 | 955,893 | 160,990,778 |
Fidelity Series Growth Company Fund | - | 187,569,966 | 27,689,863 | 119,417 | 173,988,659 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series High Income Fund | $ 191,415,370 | $ 45,962,969 | $ 85,863,147 | $ 9,815,557 | $ 152,678,622 |
Fidelity Series International Growth Fund | 166,678,653 | 66,122,421 | 37,452,788 | 1,521,545 | 216,729,141 |
Fidelity Series International Small Cap Fund | 33,971,182 | 18,757,858 | 9,129,603 | 374,310 | 50,200,876 |
Fidelity Series International Value Fund | 166,734,667 | 69,014,593 | 39,942,555 | 4,557,277 | 218,471,087 |
Fidelity Series Intrinsic Opportunities Fund | 62,847,546 | 44,732,475 | 18,242,839 | 1,128,456 | 106,551,829 |
Fidelity Series Investment Grade Bond Fund | 72,999,572 | 28,772,763 | 50,698,487 | 1,635,732 | 48,909,595 |
Fidelity Series Large Cap Value Fund | 103,890,585 | 36,792,308 | 130,215,115 | 1,211,698 | - |
Fidelity Series Opportunistic Insights Fund | 77,039,422 | 26,525,438 | 19,029,061 | - | 106,220,724 |
Fidelity Series Real Estate Equity Fund | 15,606,153 | 8,102,634 | 3,158,843 | 294,775 | 20,389,328 |
Fidelity Series Real Estate Income Fund | 6,758,487 | 6,091,437 | 1,763,231 | 488,016 | 10,920,937 |
Fidelity Series Small Cap Discovery Fund | - | 29,236,427 | 3,625,820 | 26,950 | 26,465,759 |
Fidelity Series Small Cap Opportunities Fund | 44,373,673 | 51,474,338 | 15,343,354 | 18,249 | 86,232,465 |
Fidelity Series Stock Selector Large Cap Value Fund | 106,512,148 | 57,489,196 | 31,424,246 | 1,372,310 | 144,792,536 |
Fidelity Small Cap Growth Fund | 25,199,447 | 4,527,532 | 31,734,413 | - | - |
Fidelity Small Cap Value Fund | 27,218,917 | 3,487,604 | 32,232,096 | 41,899 | - |
Total | $ 2,069,744,690 | $ 1,302,584,514 | $ 1,284,862,479 | $ 31,613,224 | $ 2,297,832,050 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2050 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $1,947,308,563) - See accompanying schedule | | $ 2,297,832,050 |
Cash | | 2 |
Receivable for investments sold | | 2,212,626 |
Receivable for fund shares sold | | 6,419,193 |
Total assets | | 2,306,463,871 |
| | |
Liabilities | | |
Payable for fund shares redeemed | | 8,631,636 |
| | |
Net Assets | | $ 2,297,832,235 |
Net Assets consist of: | | |
Paid in capital | | $ 1,794,088,176 |
Undistributed net investment income | | 2,598,491 |
Accumulated undistributed net realized gain (loss) on investments | | 150,622,081 |
Net unrealized appreciation (depreciation) on investments | | 350,523,487 |
Net Assets, for 206,169,733 shares outstanding | | $ 2,297,832,235 |
Net Asset Value, offering price and redemption price per share ($2,297,832,235 ÷ 206,169,733 shares) | | $ 11.15 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 31,613,224 |
| | |
Expenses | | |
Independent trustees' compensation | $ 8,440 | |
Total expenses before reductions | 8,440 | |
Expense reductions | (8,440) | - |
Net investment income (loss) | | 31,613,224 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 135,032,136 | |
Capital gain distributions from underlying funds | 81,737,101 | |
Total net realized gain (loss) | | 216,769,237 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 75,333,644 |
Net gain (loss) | | 292,102,881 |
Net increase (decrease) in net assets resulting from operations | | $ 323,716,105 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2050 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 31,613,224 | $ 34,449,705 |
Net realized gain (loss) | 216,769,237 | 113,197,897 |
Change in net unrealized appreciation (depreciation) | 75,333,644 | 46,471,895 |
Net increase (decrease) in net assets resulting from operations | 323,716,105 | 194,119,497 |
Distributions to shareholders from net investment income | (32,163,946) | (34,165,519) |
Distributions to shareholders from net realized gain | (110,735,026) | (3,253,611) |
Total distributions | (142,898,972) | (37,419,130) |
Share transactions
Proceeds from sales of shares | 885,246,939 | 854,887,344 |
Reinvestment of distributions | 142,690,732 | 37,337,537 |
Cost of shares redeemed | (980,667,252) | (1,045,485,840) |
Net increase (decrease) in net assets resulting from share transactions | 47,270,419 | (153,260,959) |
Total increase (decrease) in net assets | 228,087,552 | 3,439,408 |
| | |
Net Assets | | |
Beginning of period | 2,069,744,683 | 2,066,305,275 |
End of period (including undistributed net investment income of $2,598,491 and undistributed net investment income of $3,149,213, respectively) | $ 2,297,832,235 | $ 2,069,744,683 |
Other Information Shares | | |
Sold | 82,759,367 | 89,442,709 |
Issued in reinvestment of distributions | 13,290,285 | 3,933,171 |
Redeemed | (91,210,233) | (109,263,719) |
Net increase (decrease) | 4,839,419 | (15,887,839) |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.28 | $ 9.51 | $ 9.88 | $ 8.69 | $ 5.84 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .15 | .16 | .14 | .13 | .14 |
Net realized and unrealized gain (loss) | 1.41 | .79 | (.19) | 1.27 | 2.92 |
Total from investment operations | 1.56 | .95 | (.05) | 1.40 | 3.06 |
Distributions from net investment income | (.15) | (.17) | (.14) | (.13) | (.13) |
Distributions from net realized gain | (.54) | (.02) | (.18) | (.08) | (.08) |
Total distributions | (.69) | (.18) G | (.32) | (.21) | (.21) F |
Net asset value, end of period | $ 11.15 | $ 10.28 | $ 9.51 | $ 9.88 | $ 8.69 |
Total Return A | 15.53% | 10.18% | (.17)% | 16.29% | 52.51% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions D | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.41% | 1.71% | 1.49% | 1.47% | 1.85% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,297,832 | $ 2,069,745 | $ 2,066,305 | $ 2,166,229 | $ 1,665,296 |
Portfolio turnover rate C | 57% | 44% | 41% | 51% | 23% |
A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the Underlying Funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.21 per share is comprised of distributions from net investment income of $.130 and distributions from net realized gain of $.075 per share.
G Total distributions of $.18 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $.016 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2055 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund | 1.9 | 1.9 |
Fidelity Series 1000 Value Index Fund | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund | 6.5 | 8.3 |
Fidelity Series Blue Chip Growth Fund | 6.4 | 0.0 |
Fidelity Series Commodity Strategy Fund | 1.0 | 9.3 |
Fidelity Series Equity-Income Fund | 9.7 | 5.7 |
Fidelity Series Growth & Income Fund | 7.3 | 2.5 |
Fidelity Series Growth Company Fund | 7.3 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund | 4.8 | 4.2 |
Fidelity Series Opportunistic Insights Fund | 4.7 | 4.4 |
Fidelity Series Real Estate Equity Fund | 1.0 | 0.9 |
Fidelity Series Small Cap Discovery Fund | 1.2 | 0.0 |
Fidelity Series Small Cap Opportunities Fund | 3.9 | 2.2 |
Fidelity Series Stock Selector Large Cap Value Fund | 6.4 | 4.9 |
Fidelity Blue Chip Growth Fund | 0.0 | 6.4 |
Fidelity Growth Company Fund | 0.0 | 7.9 |
Fidelity Series Large Cap Value Fund | 0.0 | 4.4 |
Fidelity Small Cap Growth Fund | 0.0 | 1.2 |
Fidelity Small Cap Value Fund | 0.0 | 1.1 |
| 63.4 | 65.3 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund | 5.5 | 5.6 |
Fidelity Series International Growth Fund | 9.4 | 8.6 |
Fidelity Series International Small Cap Fund | 2.3 | 1.8 |
Fidelity Series International Value Fund | 9.6 | 8.6 |
| 26.8 | 24.6 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund | 0.0* | 0.0* |
Fidelity Series High Income Fund | 6.6 | 9.0 |
Fidelity Series Investment Grade Bond Fund | 2.2 | 0.1 |
Fidelity Series Real Estate Income Fund | 0.3 | 0.3 |
| 9.8 | 10.1 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.4% | |
| International Equity Funds | 26.8% | |
| Bond Funds | 9.8% | |
Six months ago |
| Domestic Equity Funds** | 65.3% | |
| International Equity Funds | 24.6% | |
| Bond Funds | 10.1% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom 2055 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.4% |
| Shares | | Value |
Fidelity Series 100 Index Fund (b) | 554,887 | | $ 6,752,975 |
Fidelity Series 1000 Value Index Fund (b) | 426,904 | | 4,559,334 |
Fidelity Series All-Sector Equity Fund (b) | 1,615,557 | | 22,811,660 |
Fidelity Series Blue Chip Growth Fund (b) | 2,063,696 | | 22,349,823 |
Fidelity Series Commodity Strategy Fund (a)(b) | 421,202 | | 3,559,161 |
Fidelity Series Equity-Income Fund (b) | 2,716,342 | | 33,927,106 |
Fidelity Series Growth & Income Fund (b) | 1,985,911 | | 25,757,262 |
Fidelity Series Growth Company Fund (b) | 2,356,241 | | 25,518,091 |
Fidelity Series Intrinsic Opportunities Fund (b) | 1,198,872 | | 16,664,325 |
Fidelity Series Opportunistic Insights Fund (b) | 1,193,285 | | 16,658,254 |
Fidelity Series Real Estate Equity Fund (b) | 282,419 | | 3,648,853 |
Fidelity Series Small Cap Discovery Fund (b) | 395,910 | | 4,085,792 |
Fidelity Series Small Cap Opportunities Fund (b) | 999,269 | | 13,560,084 |
Fidelity Series Stock Selector Large Cap Value Fund (b) | 1,800,026 | | 22,536,321 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $203,394,761) |
222,389,041
|
International Equity Funds - 26.8% |
| | | |
Fidelity Series Emerging Markets Fund (b) | 1,129,325 | | 19,367,917 |
Fidelity Series International Growth Fund (b) | 2,337,820 | | 33,103,533 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund (b) | 486,165 | | $ 7,871,008 |
Fidelity Series International Value Fund (b) | 3,008,710 | | 33,456,859 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $84,699,052) |
93,799,317
|
Bond Funds - 9.8% |
| | | |
Fidelity Series Emerging Markets Debt Fund (b) | 231,762 | | 2,363,975 |
Fidelity Series Floating Rate High Income Fund (b) | 3,378 | | 35,333 |
Fidelity Series High Income Fund (b) | 2,197,849 | | 23,275,226 |
Fidelity Series Investment Grade Bond Fund (b) | 690,709 | | 7,777,380 |
Fidelity Series Real Estate Income Fund (b) | 89,263 | | 1,006,887 |
TOTAL BOND FUNDS (Cost $33,709,847) |
34,458,801
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $321,803,660) | | 350,647,159 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | 96 |
NET ASSETS - 100% | $ 350,647,255 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund | $ 9,879,288 | $ 7,056,843 | $ 18,624,797 | $ 36,483 | $ - |
Fidelity Disciplined Equity Fund | 2,125,234 | 114,102 | 2,348,949 | - | - |
Fidelity Growth Company Fund | 13,077,158 | 7,215,785 | 23,260,583 | - | - |
Fidelity Series 100 Index Fund | 3,476,555 | 3,512,044 | 1,022,256 | 97,984 | 6,752,975 |
Fidelity Series 1000 Value Index Fund | - | 4,500,525 | 171,965 | 12,859 | 4,559,334 |
Fidelity Series All-Sector Equity Fund | 14,517,243 | 10,372,610 | 3,814,248 | 188,171 | 22,811,660 |
Fidelity Series Blue Chip Growth Fund | - | 22,751,848 | 1,858,315 | 15,686 | 22,349,823 |
Fidelity Series Commodity Strategy Fund | 15,240,996 | 11,521,598 | 21,515,385 | - | 3,559,161 |
Fidelity Series Emerging Markets Debt Fund | 956,671 | 1,667,491 | 178,860 | 90,948 | 2,363,975 |
Fidelity Series Emerging Markets Fund | 8,190,722 | 12,187,702 | 1,510,658 | 157,502 | 19,367,917 |
Fidelity Series Equity-Income Fund | 7,029,662 | 27,103,563 | 2,063,449 | 313,708 | 33,927,106 |
Fidelity Series Floating Rate High Income Fund | 5,037 | 33,466 | 2,715 | 999 | 35,333 |
Fidelity Series Growth & Income Fund (formerly Fidelity Series Mega Cap Fund) | 2,567,293 | 22,933,300 | 1,088,706 | 119,718 | 25,757,262 |
Fidelity Series Growth Company Fund | - | 25,727,688 | 2,008,869 | 14,726 | 25,518,091 |
Fidelity Series High Income Fund | 14,299,373 | 16,421,283 | 7,707,235 | 1,079,039 | 23,275,226 |
Fidelity Series International Growth Fund | 13,093,510 | 20,124,215 | 2,554,236 | 187,475 | 33,103,533 |
Fidelity Series International Small Cap Fund | 2,643,631 | 5,000,808 | 552,448 | 48,200 | 7,871,008 |
Fidelity Series International Value Fund | 12,932,413 | 20,576,951 | 2,520,470 | 555,329 | 33,456,859 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Intrinsic Opportunities Fund | $ 4,477,624 | $ 11,548,896 | $ 1,255,659 | $ 134,831 | $ 16,664,325 |
Fidelity Series Investment Grade Bond Fund | 128,171 | 7,891,548 | 271,326 | 71,539 | 7,777,380 |
Fidelity Series Large Cap Value Fund | 8,323,887 | 7,227,003 | 14,068,056 | 143,486 | - |
Fidelity Series Opportunistic Insights Fund | 5,158,995 | 10,402,959 | 1,242,878 | - | 16,658,254 |
Fidelity Series Real Estate Equity Fund | 1,659,671 | 2,224,295 | 303,269 | 36,900 | 3,648,853 |
Fidelity Series Real Estate Income Fund | 359,892 | 741,534 | 82,384 | 37,351 | 1,006,887 |
Fidelity Series Small Cap Discovery Fund | - | 4,146,562 | 171,799 | 3,185 | 4,085,792 |
Fidelity Series Small Cap Opportunities Fund | 3,818,377 | 9,981,738 | 880,773 | 2,421 | 13,560,084 |
Fidelity Series Stock Selector Large Cap Value Fund | 7,059,938 | 16,012,985 | 1,735,371 | 171,664 | 22,536,321 |
Fidelity Small Cap Growth Fund | 2,004,111 | 1,193,556 | 3,379,064 | - | - |
Fidelity Small Cap Value Fund | 2,116,481 | 1,121,102 | 3,385,383 | 4,430 | - |
Total | $ 155,141,933 | $ 291,314,000 | $ 119,580,106 | $ 3,524,634 | $ 350,647,159 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2055 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $321,803,660) - See accompanying schedule | | $ 350,647,159 |
Receivable for investments sold | | 187,937 |
Receivable for fund shares sold | | 2,159,882 |
Total assets | | 352,994,978 |
| | |
Liabilities | | |
Payable for fund shares redeemed | | 2,347,723 |
| | |
Net Assets | | $ 350,647,255 |
Net Assets consist of: | | |
Paid in capital | | $ 313,623,398 |
Undistributed net investment income | | 355,326 |
Accumulated undistributed net realized gain (loss) on investments | | 7,825,032 |
Net unrealized appreciation (depreciation) on investments | | 28,843,499 |
Net Assets, for 29,895,070 shares outstanding | | $ 350,647,255 |
Net Asset Value, offering price and redemption price per share ($350,647,255 ÷ 29,895,070 shares) | | $ 11.73 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 3,524,634 |
| | |
Expenses | | |
Independent trustees' compensation | $ 897 | |
Total expenses before reductions | 897 | |
Expense reductions | (897) | - |
Net investment income (loss) | | 3,524,634 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 4,139,290 | |
Capital gain distributions from underlying funds | 9,850,653 | |
Total net realized gain (loss) | | 13,989,943 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 19,631,328 |
Net gain (loss) | | 33,621,271 |
Net increase (decrease) in net assets resulting from operations | | $ 37,145,905 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2055 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,524,634 | $ 1,545,566 |
Net realized gain (loss) | 13,989,943 | 2,121,562 |
Change in net unrealized appreciation (depreciation) | 19,631,328 | 8,820,646 |
Net increase (decrease) in net assets resulting from operations | 37,145,905 | 12,487,774 |
Distributions to shareholders from net investment income | (3,358,444) | (1,376,832) |
Distributions to shareholders from net realized gain | (8,053,803) | (357,234) |
Total distributions | (11,412,247) | (1,734,066) |
Share transactions
Proceeds from sales of shares | 282,840,215 | 175,712,102 |
Reinvestment of distributions | 11,402,617 | 1,733,331 |
Cost of shares redeemed | (124,471,168) | (54,035,538) |
Net increase (decrease) in net assets resulting from share transactions | 169,771,664 | 123,409,895 |
Total increase (decrease) in net assets | 195,505,322 | 134,163,603 |
| | |
Net Assets | | |
Beginning of period | 155,141,933 | 20,978,330 |
End of period (including undistributed net investment income of $355,326 and undistributed net investment income of $189,135, respectively) | $ 350,647,255 | $ 155,141,933 |
Other Information Shares | | |
Sold | 25,273,492 | 17,794,776 |
Issued in reinvestment of distributions | 1,001,008 | 178,383 |
Redeemed | (11,073,541) | (5,425,829) |
Net increase (decrease) | 15,200,959 | 12,547,330 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.56 | $ 9.77 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .16 | .20 | .13 |
Net realized and unrealized gain (loss) | 1.51 | .80 | (.12) |
Total from investment operations | 1.67 | 1.00 | .01 |
Distributions from net investment income | (.14) | (.14) | (.11) |
Distributions from net realized gain | (.36) | (.06) | (.13) |
Total distributions | (.50) | (.21) I | (.24) |
Net asset value, end of period | $ 11.73 | $ 10.56 | $ 9.77 |
Total Return B, C | 16.00% | 10.39% | .32% |
Ratios to Average Net Assets E, H | | | |
Expenses before reductions F | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% A |
Net investment income (loss) | 1.40% | 1.99% | 1.69% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 350,647 | $ 155,142 | $ 20,978 |
Portfolio turnover rate E | 47% | 45% | 8% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F Amount represents less than .01%.
G For the period June 1, 2011 (commencement of operations) to March 31, 2012.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.21 per share is comprised of distributions from net investment income of $.141 and distributions from net realized gain of $.064 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended March 31, 2014
1. Organization.
Freedom Income Fund, Freedom 2000 Fund, Freedom 2005 Fund, Freedom 2010 Fund, Freedom 2015 Fund, Freedom 2020 Fund, Freedom 2025 Fund, Freedom 2030 Fund, Freedom 2035 Fund, Freedom 2040 Fund, Freedom 2045 Fund, Freedom 2050 Fund, and Freedom 2055 Fund (the Funds) are funds of Fidelity Aberdeen Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), for Freedom 2010 Fund, Freedom 2020 Fund and Freedom 2030 Fund, independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2014, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, deferred trustees compensation, capital loss carryforwards, and losses deferred due to wash sales.
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized
appreciation | Gross unrealized
depreciation | Net unrealized
appreciation
(depreciation) on
securities and other investments |
Freedom Income | $ 1,826,155,123 | $ 116,880,388 | $ (7,825,013) | $ 109,055,375 |
Freedom 2000 | 790,114,643 | 52,341,214 | (4,027,724) | 48,313,490 |
Freedom 2005 | 650,946,772 | 28,509,715 | (10,469,943) | 18,039,772 |
Freedom 2010 | 5,140,509,135 | 352,944,298 | (73,516,377) | 279,427,921 |
Freedom 2015 | 5,882,335,586 | 548,242,585 | (42,088,175) | 506,154,410 |
Freedom 2020 | 12,210,617,692 | 1,225,655,064 | (92,278,966) | 1,133,376,098 |
Freedom 2025 | 7,952,279,225 | 946,614,978 | (33,741,483) | 912,873,495 |
Freedom 2030 | 9,749,063,291 | 1,212,230,599 | (27,745,237) | 1,184,485,362 |
Freedom 2035 | 5,430,356,796 | 763,830,953 | (11,043,915) | 752,787,038 |
Freedom 2040 | 6,158,418,419 | 870,094,970 | (12,385,886) | 857,709,084 |
Freedom 2045 | 2,459,899,306 | 429,384,804 | (4,178,700) | 425,206,104 |
Freedom 2050 | 1,952,163,838 | 350,345,546 | (4,677,334) | 345,668,212 |
Freedom 2055 | 322,215,010 | 28,867,100 | (434,951) | 28,432,149 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| Undistributed
ordinary income | Undistributed
long-term
capital gain | Net unrealized
appreciation
(depreciation) |
Freedom Income | $ 5,841,815 | $ 48,891,654 | $ 109,055,375 |
Freedom 2000 | 4,595,207 | 21,684,551 | 48,313,490 |
Freedom 2005 | 2,644,172 | 156,203 | 18,039,772 |
Freedom 2010 | 22,203,990 | 71,636,279 | 279,427,921 |
Freedom 2015 | 45,914,586 | 179,437,962 | 506,154,410 |
Freedom 2020 | 97,682,652 | 449,184,064 | 1,133,376,098 |
Freedom 2025 | 55,141,381 | 303,382,447 | 912,873,495 |
Freedom 2030 | 34,248,966 | 368,958,312 | 1,184,485,362 |
Freedom 2035 | 35,488,291 | 230,727,152 | 752,787,038 |
Freedom 2040 | 53,321,627 | 258,774,659 | 857,709,084 |
Freedom 2045 | 16,688,980 | 179,911,936 | 425,206,104 |
Freedom 2050 | 14,281,425 | 143,794,421 | 345,668,212 |
Freedom 2055 | 3,232,783 | 5,358,925 | 28,432,149 |
The tax character of distributions paid was as follows:
March 31, 2014 | Ordinary Income | Long-term
Capital Gains | Total |
Freedom Income | $ 42,425,460 | $ 46,002,644 | $ 88,428,104 |
Freedom 2000 | 18,496,879 | 17,410,601 | 35,907,480 |
Freedom 2005 | 14,571,042 | - | 14,571,042 |
Freedom 2010 | 134,814,862 | - | 134,814,862 |
Freedom 2015 | 168,278,021 | 63,372,412 | 231,650,433 |
Freedom 2020 | 367,800,832 | 134,407,793 | 502,208,625 |
Freedom 2025 | 249,715,948 | 134,037,012 | 383,752,960 |
Freedom 2030 | 333,395,841 | 8,104,830 | 341,500,671 |
Freedom 2035 | 185,729,589 | 159,257,077 | 344,986,666 |
Freedom 2040 | 219,071,348 | 127,618,696 | 346,690,044 |
Freedom 2045 | 85,329,537 | 132,615,588 | 217,945,125 |
Freedom 2050 | 70,130,892 | 72,768,080 | 142,898,972 |
Freedom 2055 | 8,125,979 | 3,286,268 | 11,412,247 |
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
March 31, 2013 | Ordinary Income | Long-term
Capital Gains | Total |
Freedom Income | $ 45,991,525 | $ - | $ 45,991,525 |
Freedom 2000 | 23,324,042 | - | 23,324,042 |
Freedom 2005 | 15,084,011 | - | 15,084,011 |
Freedom 2010 | 146,760,417 | - | 146,760,417 |
Freedom 2015 | 155,835,906 | - | 155,835,906 |
Freedom 2020 | 332,606,052 | - | 332,606,052 |
Freedom 2025 | 184,612,228 | - | 184,612,228 |
Freedom 2030 | 247,060,740 | - | 247,060,740 |
Freedom 2035 | 110,407,763 | - | 110,407,763 |
Freedom 2040 | 134,276,515 | - | 134,276,515 |
Freedom 2045 | 45,994,052 | - | 45,994,052 |
Freedom 2050 | 37,419,130 | - | 37,419,130 |
Freedom 2055 | 1,478,430 | 255,636 | 1,734,066 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares and in-kind transactions are noted in the table below.
| Purchases ($) | Redemptions ($) |
Freedom Income | 639,596,041 | 921,345,883 |
Freedom 2000 | 280,471,074 | 456,788,548 |
Freedom 2005 | 300,117,479 | 356,252,083 |
Freedom 2010 | 1,982,543,925 | 2,685,906,867 |
Freedom 2015 | 2,505,928,441 | 2,931,065,728 |
Freedom 2020 | 5,257,435,491 | 6,219,106,785 |
Freedom 2025 | 3,956,640,778 | 3,917,485,202 |
Freedom 2030 | 5,859,833,089 | 6,399,354,255 |
Freedom 2035 | 3,214,912,704 | 3,208,027,142 |
Freedom 2040 | 3,468,235,082 | 3,848,394,150 |
Freedom 2045 | 1,589,830,556 | 1,438,067,029 |
Freedom 2050 | 1,302,584,514 | 1,284,862,479 |
Freedom 2055 | 291,314,000 | 119,580,106 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Strategic Advisers, Inc. (the investment adviser), an affiliate of FMR, provides the Funds with investment management related services. The Funds do not pay any fees for these services.
Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding the compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Reallocation of Underlying Fund Investments. During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in Fidelity Blue Chip Growth Fund, Fidelity Growth Company Fund, Fidelity Series All-Sector Equity Fund, Fidelity Series Large Cap Value Fund, Fidelity Small Cap Growth Fund and Fidelity Small Cap Value Fund ("selected Underlying Funds") for investments, including accrued interest, and non-taxable exchanges of those investments for shares of Fidelity Series 1000 Value Index Fund, Fidelity Series Blue Chip Growth Fund, Fidelity Series Equity -Income Fund, Fidelity Series Growth & Income Fund, Fidelity Series Growth Company Fund, Fidelity Series Small Cap Discovery Fund, Fidelity Series Large Cap Value Fund and Fidelity Series Small Cap Opportunities Fund, all of which are affiliated investment companies managed by FMR. Realized gains and losses on the redemptions of the selected Underlying Funds in connection with the reallocation are included in the accompanying Statements of Operations as "Realized gain (loss) on sale of underlying fund shares."
Annual Report
4. Fees and Other Transactions with Affiliates - continued
Reallocation of Underlying Fund Investments - continued
Details of these transactions with the related gain (loss) for the Funds are presented in the accompanying table:
| Value of Investments,
including accrued
interest, reallocated | Realized Gain (Loss)
on redemptions
of selected
Underlying Funds |
Freedom Income | $ 114,183,718 | $ 44,003,218 |
Freedom 2000 | 50,392,467 | 19,411,722 |
Freedom 2005 | 59,761,722 | 10,418,247 |
Freedom 2010 | 685,674,478 | 142,086,876 |
Freedom 2015 | 832,369,853 | 209,208,493 |
Freedom 2020 | 1,879,861,004 | 537,141,565 |
Freedom 2025 | 1,450,541,179 | 357,067,710 |
Freedom 2030 | 1,944,797,463 | 487,882,519 |
Freedom 2035 | 1,200,816,937 | 299,943,374 |
Freedom 2040 | 1,461,740,380 | 363,370,450 |
Freedom 2045 | 582,915,428 | 200,816,650 |
Freedom 2050 | 491,490,136 | 161,404,110 |
Freedom 2055 | 58,571,661 | 6,190,645 |
5. Expense Reductions.
FMR voluntarily agreed to reimburse each Fund's operating expenses. Some expenses, for example interest expense, are excluded from this reimbursement.
The following Funds were in reimbursement during the period:
Freedom Income | $ 7,867 |
Freedom 2000 | 3,527 |
Freedom 2005 | 2,611 |
Freedom 2010 | 21,588 |
Freedom 2015 | 24,564 |
Freedom 2020 | 51,341 |
Freedom 2025 | 32,460 |
Freedom 2030 | 41,364 |
Freedom 2035 | 22,520 |
Freedom 2040 | 26,589 |
Freedom 2045 | 10,263 |
Freedom 2050 | 8,440 |
Freedom 2055 | 897 |
6. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Freedom Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
Fund | Freedom 2020
Fund |
| |
Fidelity Series Inflation-Protected Bond Index Fund | 11% |
Fidelity Series Investment Grade Bond Fund | 13% |
Annual Report
Notes to Financial Statements - continued
6. Other - continued
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
Fund | % of shares held |
| |
Fidelity Series 100 Index Fund | 35% |
Fidelity Series 1000 Value Index Fund | 37% |
Fidelity Series All-Sector Equity Fund | 38% |
Fidelity Series Blue Chip Growth Fund | 43% |
Fidelity Series Commodity Strategy Fund | 32% |
Fidelity Series Emerging Markets Debt Fund | 39% |
Fidelity Series Emerging Markets Fund | 38% |
Fidelity Series Equity-Income Fund | 43% |
Fidelity Series Floating Rate High Income Fund | 40% |
Fidelity Series Growth & Income Fund | 43% |
Fidelity Series Growth Company Fund | 43% |
Fidelity Series High Income Fund | 38% |
Fidelity Series Inflation-Protected Bond Index Fund | 39% |
Fidelity Series International Growth Fund | 38% |
Fidelity Series International Small Cap Fund | 38% |
Fidelity Series International Value Fund | 38% |
Fidelity Series Intrinsic Opportunities Fund | 42% |
Fidelity Series Investment Grade Bond Fund | 42% |
Fidelity Series Opportunistic Insights Fund | 43% |
Fidelity Series Real Estate Equity Fund | 38% |
Fidelity Series Real Estate Income Fund | 38% |
Fidelity Series Small Cap Discovery Fund | 42% |
Fidelity Series Small Cap Opportunities Fund | 38% |
Fidelity Series Stock Selector Large Cap Value Fund | 43% |
7. Proposed Reorganization.
The Board of Trustees of Fidelity Freedom 2000 Fund and Fidelity Freedom Income Fund approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Freedom 2000 Fund and Fidelity Freedom Income Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Freedom 2000 Fund in exchange for shares of Fidelity Freedom Income Fund equal in value to the net assets of Fidelity Freedom 2000 Fund on the day the reorganization is effective. The reorganization does not require shareholder approval and is expected to become effective during July 2014. The reorganization is expected to qualify as a tax-free transaction with no gain or loss recognized by the funds or their shareholders.
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Aberdeen Street Trust and the Shareholders of Fidelity Freedom Income Fund, Fidelity Freedom 2000 Fund, Fidelity Freedom 2005 Fund, Fidelity Freedom 2010 Fund, Fidelity Freedom 2015 Fund, Fidelity Freedom 2020 Fund, Fidelity Freedom 2025 Fund, Fidelity Freedom 2030 Fund, Fidelity Freedom 2035 Fund, Fidelity Freedom 2040 Fund, Fidelity Freedom 2045 Fund, Fidelity Freedom 2050 Fund and Fidelity Freedom 2055 Fund:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial positions of Fidelity Freedom Income Fund, Fidelity Freedom 2000 Fund, Fidelity Freedom 2005 Fund, Fidelity Freedom 2010 Fund, Fidelity Freedom 2015 Fund, Fidelity Freedom 2020 Fund, Fidelity Freedom 2025 Fund, Fidelity Freedom 2030 Fund, Fidelity Freedom 2035 Fund, Fidelity Freedom 2040 Fund, Fidelity Freedom 2045 Fund, Fidelity Freedom 2050 Fund and Fidelity Freedom 2055 Fund (funds of Fidelity Aberdeen Street Trust) at March 31, 2014, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Aberdeen Street Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 16, 2014
Annual Report
The Trustees and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Fidelity Freedom Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fidelity Freedom Fund's activities, review contractual arrangements with companies that provide services to each Fidelity Freedom Fund, oversee management of the risks associated with such activities and contractual arrangements, and review each Fidelity Freedom Fund's performance. If the interests of a Fidelity Freedom Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Fidelity Freedom Funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers and the Trustees would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for Elizabeth S. Acton and James C. Curvey, each of the Trustees oversees 223 funds. Ms. Acton oversees 205 funds. Mr. Curvey oversees 395 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds (Independent Trustee), shall retire not later than the last day of the month in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The officers hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Funds' Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Albert R. Gamper, Jr. serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Funds' Trustees."
Annual Report
Trustees and Officers - continued
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ |
James C. Curvey (1935) |
Year of Election or Appointment: 2007 Trustee |
| Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp. |
Abigail P. Johnson (1961) |
Year of Election or Appointment: 2009 Trustee Chairman of the Board of Trustees |
| Ms. Johnson also serves as Trustee of other Fidelity funds. Ms. Johnson serves as President of FMR LLC (2013-present), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related. |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ |
Elizabeth S. Acton (1951) |
Year of Election or Appointment: 2013 Trustee |
| Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). |
Albert R. Gamper, Jr. (1942) |
Year of Election or Appointment: 2006 Trustee Chairman of the Independent Trustees |
| Mr. Gamper also serves as Trustee of other Fidelity funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Barnabas Health Care System. Previously, Mr. Gamper served as Vice Chairman of the Independent Trustees of certain Fidelity funds (2011-2012) and as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Robert F. Gartland (1951) |
Year of Election or Appointment: 2010 Trustee |
| Mr. Gartland also serves as Trustee of other Fidelity funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007). |
Arthur E. Johnson (1947) |
Year of Election or Appointment: 2008 Trustee |
| Mr. Johnson also serves as Trustee of other Fidelity funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson. |
Michael E. Kenneally (1954) |
Year of Election or Appointment: 2009 Trustee |
| Mr. Kenneally also serves as Trustee of other Fidelity funds. Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity funds before joining the Board of Trustees (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
James H. Keyes (1940) |
Year of Election or Appointment: 2007 Trustee |
| Mr. Keyes also serves as Trustee of other Fidelity funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (1946) |
Year of Election or Appointment: 2001 Trustee Vice Chairman of the Independent Trustees |
| Ms. Knowles also serves as Trustee of other Fidelity funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). |
Kenneth L. Wolfe (1939) |
Year of Election or Appointment: 2005 Trustee |
| Mr. Wolfe also serves as Trustee of other Fidelity funds. Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009). Mr. Wolfe previously served as Chairman of the Independent Trustees of other Fidelity funds (2008-2012). |
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Officers:
Correspondence intended for each officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation |
Elizabeth Paige Baumann (1968) |
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer |
| Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012). |
Marc Bryant (1966) |
Year of Election or Appointment: 2013 Assistant Secretary |
| Mr. Bryant also serves as an officer of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC. Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006). |
Jonathan Davis (1968) |
Year of Election or Appointment: 2010 Assistant Treasurer |
| Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010). |
Adrien E. Deberghes (1967) |
Year of Election or Appointment: 2010 Assistant Treasurer |
| Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). |
Stephanie J. Dorsey (1969) |
Year of Election or Appointment: 2013 President and Treasurer |
| Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank. |
Scott C. Goebel (1968) |
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) |
| Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001. |
Bruce T. Herring (1965) |
Year of Election or Appointment: 2013 Vice President of Fidelity's Asset Allocation Funds |
| Mr. Herring also serves as Vice President of other funds. He serves as Chief Investment Officer of Fidelity Global Asset Allocation (GAA) (2013-present), Group Chief Investment Officer of FMR, and President of Fidelity Research & Analysis Company (2010-present). Previously, Mr. Herring served as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-2013), Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007), and as a portfolio manager for Fidelity U.S. Equity Funds. |
Chris Maher (1972) |
Year of Election or Appointment: 2013 Assistant Treasurer |
| Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010). |
Charles S. Morrison (1960) |
Year of Election or Appointment: 2012 Vice President |
| Mr. Morrison also serves as Trustee or Vice President of other funds. He serves as President, Asset Management (2014-present) and is an employee of Fidelity Investments. Previously, Mr. Morrison served as President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division. |
Christine Reynolds (1958) |
Year of Election or Appointment: 2008 Chief Financial Officer |
| Ms. Reynolds also serves as Chief Financial Officer of other funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). |
Kenneth B. Robins (1969) |
Year of Election or Appointment: 2009 Assistant Treasurer |
| Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles. |
Stephen Sadoski (1971) |
Year of Election or Appointment: 2013 Deputy Treasurer |
| Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009). |
Stacie M. Smith (1974) |
Year of Election or Appointment: 2013 Assistant Treasurer |
| Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). |
Renee Stagnone (1975) |
Year of Election or Appointment: 2013 Deputy Treasurer |
| Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments. |
Michael H. Whitaker (1967) |
Year of Election or Appointment: 2008 Chief Compliance Officer |
| Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel. |
Derek L. Young (1964) |
Year of Election or Appointment: 2009 Vice President of Fidelity's Asset Allocation Funds |
| Mr. Young also serves as Trustee or an officer of other funds. He is President and a Director of Strategic Advisers, Inc. (2011-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of Pyramis Global Advisors, LLC (2011-present). Previously, Mr. Young served as Chief Investment Officer of GAA (2009-2011) and as a portfolio manager. |
Joseph F. Zambello (1957) |
Year of Election or Appointment: 2011 Deputy Treasurer |
| Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009). |
Annual Report
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Freedom Income Fund | 5/5/2014 | 5/2/2014 | $0.017 | $0.323 |
Fidelity Freedom 2000 Fund | 5/5/2014 | 5/2/2014 | $0.048 | $0.354 |
Fidelity Freedom 2005 Fund | 5/5/2014 | 5/2/2014 | $0.039 | $0.013 |
Fidelity Freedom 2010 Fund | 5/5/2014 | 5/2/2014 | $0.047 | $0.227 |
Fidelity Freedom 2015 Fund | 5/5/2014 | 5/2/2014 | $0.036 | $0.427 |
Fidelity Freedom 2020 Fund | 5/5/2014 | 5/2/2014 | $0.042 | $0.615 |
Fidelity Freedom 2025 Fund | 5/5/2014 | 5/2/2014 | $0.031 | $0.522 |
Fidelity Freedom 2030 Fund | 5/5/2014 | 5/2/2014 | $0.024 | $0.592 |
Fidelity Freedom 2035 Fund | 5/5/2014 | 5/2/2014 | $0.017 | $0.577 |
Fidelity Freedom 2040 Fund | 5/5/2014 | 5/2/2014 | $0.012 | $0.423 |
Fidelity Freedom 2045 Fund | 5/5/2014 | 5/2/2014 | $0.014 | $0.748 |
Fidelity Freedom 2050 Fund | 5/5/2014 | 5/2/2014 | $0.013 | $0.763 |
Fidelity Freedom 2055 Fund | 5/5/2014 | 5/2/2014 | $0.012 | $0.270 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2014, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Freedom Income Fund | $63,930,668 |
Fidelity Freedom 2000 Fund | $30,282,297 |
Fidelity Freedom 2005 Fund | $156,202 |
Fidelity Freedom 2010 Fund | $71,636,279 |
Fidelity Freedom 2015 Fund | $206,790,926 |
Fidelity Freedom 2020 Fund | $526,961,333 |
Fidelity Freedom 2025 Fund | $349,203,779 |
Fidelity Freedom 2030 Fund | $377,063,142 |
Fidelity Freedom 2035 Fund | $263,302,214 |
Fidelity Freedom 2040 Fund | $274,795,672 |
Fidelity Freedom 2045 Fund | $206,142,558 |
Fidelity Freedom 2050 Fund | $165,272,201 |
Fidelity Freedom 2055 Fund | $6,715,371 |
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
Fidelity Freedom Income Fund | 14.14% |
Fidelity Freedom 2000 Fund | 14.08% |
Fidelity Freedom 2005 Fund | 9.40% |
Fidelity Freedom 2010 Fund | 7.06% |
Fidelity Freedom 2015 Fund | 5.68% |
Fidelity Freedom 2020 Fund | 4.29% |
Fidelity Freedom 2025 Fund | 2.57% |
Fidelity Freedom 2030 Fund | 1.24% |
Fidelity Freedom 2035 Fund | 0.53% |
Fidelity Freedom 2040 Fund | 0.45% |
Fidelity Freedom 2045 Fund | 0.28% |
Fidelity Freedom 2050 Fund | 0.25% |
Fidelity Freedom 2055 Fund | 0.09% |
Annual Report
Distributions (Unaudited) - continued
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
Fidelity Freedom Income Fund | |
May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 February 2014 March 2014 | 6% 9% 9% 9% 9% 9% 9% 9% 3% 3% |
| |
Fidelity Freedom 2000 Fund | |
May 2013 December 2013 | 2% 9% |
Fidelity Freedom 2005 Fund | |
May 2013 December 2013 | 8% 13% |
Fidelity Freedom 2010 Fund | |
May 2013 December 2013 | 10% 15% |
Fidelity Freedom 2015 Fund | |
May 2013 December 2013 | 10% 16% |
Fidelity Freedom 2020 Fund | |
May 2013 December 2013 | 11% 16% |
Fidelity Freedom 2025 Fund | |
May 2013 December 2013 | 13% 18% |
Fidelity Freedom 2030 Fund | |
May 2013 December 2013 | 14% 19% |
Fidelity Freedom 2035 Fund | |
May 2013 December 2013 | 18% 20% |
Fidelity Freedom 2040 Fund | |
May 2013 December 2013 | 11% 20% |
Fidelity Freedom 2045 Fund | |
May 2013 December 2013 | 19% 21% |
Fidelity Freedom 2050 Fund | |
May 2013 December 2013 | 20% 21% |
Fidelity Freedom 2055 Fund | |
May 2013 December 2013 | 1% 22% |
Annual Report
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
Fidelity Freedom Income Fund | |
May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 February 2014 March 2014 | 11% 14% 14% 14% 14% 14% 14% 14% 2% 2% |
| |
Fidelity Freedom 2000 Fund | |
May 2013 December 2013 | 2% 14% |
Fidelity Freedom 2005 Fund | |
May 2013 December 2013 | 5% 22% |
Fidelity Freedom 2010 Fund | |
May 2013 December 2013 | 5% 24% |
Fidelity Freedom 2015 Fund | |
May 2013 December 2013 | 5% 25% |
Fidelity Freedom 2020 Fund | |
May 2013 December 2013 | 6% 26% |
Fidelity Freedom 2025 Fund | |
May 2013 December 2013 | 7% 30% |
Fidelity Freedom 2030 Fund | |
May 2013 December 2013 | 7% 32% |
Fidelity Freedom 2035 Fund | |
May 2013 December 2013 | 9% 33% |
Fidelity Freedom 2040 Fund | |
May 2013 December 2013 | 9% 33% |
Fidelity Freedom 2045 Fund | |
May 2013 December 2013 | 9% 34% |
Fidelity Freedom 2050 Fund | |
May 2013 December 2013 | 10% 33% |
Fidelity Freedom 2055 Fund | |
May 2013 December 2013 | 6% 35% |
The funds will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.
Annual Report
Investment Adviser
Strategic Advisers, Inc.
Boston, MA
Administrator
Fidelity Management & Research
Company
Boston, MA
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, NY
FF-UANNPRO-0514
1.814503.109
Fidelity Freedom® Index Funds - Class W
Income, 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055
Annual Report
March 31, 2014
(Fidelity Cover Art)
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2014 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Annual Report
Fidelity Freedom® Index Income Fund - Class W
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom Index Income Fund - Class W | 2.98% | 4.40% |
A From October 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Index Income Fund - Class W on October 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom Index 2000 Fund - Class W
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom Index 2000 Fund - Class W | 2.91% | 4.46% |
A From October 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Index 2000 Fund - Class W on October 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays U.S. Aggregate Bond Index performed over the same period.
-
Annual Report
Fidelity Freedom Index 2005 Fund - Class W
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom Index 2005 Fund - Class W | 5.25% | 6.68% |
A From October 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Index 2005 Fund - Class W on October 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom Index 2010 Fund - Class W
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom Index 2010 Fund - Class W | 7.05% | 8.02% |
A From October 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Index 2010 Fund - Class W on October 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays U.S. Aggregate Bond Index performed over the same period.
-
Annual Report
Fidelity Freedom Index 2015 Fund - Class W
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom Index 2015 Fund - Class W | 7.71% | 8.32% |
A From October 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Index 2015 Fund - Class W on October 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
Annual Report
Fidelity Freedom Index 2020 Fund - Class W
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom Index 2020 Fund - Class W | 8.55% | 9.14% |
A From October 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Index 2020 Fund - Class W on October 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
-
Annual Report
Fidelity Freedom Index 2025 Fund - Class W
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom Index 2025 Fund - Class W | 10.75% | 10.27% |
A From October 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Index 2025 Fund - Class W on October 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom Index 2030 Fund - Class W
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom Index 2030 Fund - Class W | 11.80% | 10.73% |
A From October 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Index 2030 Fund - Class W on October 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
-
Annual Report
Fidelity Freedom Index 2035 Fund - Class W
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom Index 2035 Fund - Class W | 13.56% | 11.48% |
A From October 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Index 2035 Fund - Class W on October 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom Index 2040 Fund - Class W
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom Index 2040 Fund - Class W | 13.72% | 11.61% |
A From October 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Index 2040 Fund - Class W on October 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
-
Annual Report
Fidelity Freedom Index 2045 Fund - Class W
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom Index 2045 Fund - Class W | 14.07% | 11.77% |
A From October 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Index 2045 Fund - Class W on October 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom Index 2050 Fund - Class W
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom Index 2050 Fund - Class W | 14.21% | 11.88% |
A From October 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Index 2050 Fund - Class W on October 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
-
Annual Report
Fidelity Freedom Index 2055 Fund - Class W
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom Index 2055 Fund - Class W | 14.76% | 9.20% |
A From June 1, 2011.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Index 2055 Fund - Class W on June 1, 2011, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Market Recap: U.S. stocks overcame fears of higher rates and a volatile January to post their strongest gains in four years. The S&P 500® Index returned 21.86% for the 12 months ending March 31, 2014, amid the lowest volatility since before the 2007-08 financial crisis. The index ended the period near all-time highs, buoyed by U.S. Federal Reserve policies that balanced stimulus reductions with low interest rates. Stock valuations remained only slightly above long-term averages, supported by corporate profits that more than doubled in the past five years. Most defensive groups lagged in a risk-taking environment; although that changed in the first quarter of 2014 when historically defensive utility stocks led a tepid market advance amid rising tension in Ukraine, fear of a slowing economy in China and a late-January decline for momentum stocks. Health care stocks within the S&P 500® led all sectors over the 12-month period for the first time since the corresponding 2009 year, as new insurance programs and a favorable drug-approval environment raised earnings-growth expectations. Aerospace and defense achieved one of its strongest returns in more than two decades. Reflecting economic optimism, the growth-oriented Nasdaq Composite Index® rose 30.18% and the small-cap Russell 2000® Index rose 24.90%, the latter posting a record seventh-straight quarterly gain.
While stocks rose, bonds with a high sensitivity to interest rate changes performed poorly for much of the period as the Fed made plans to cut back on its asset purchases aimed at stimulating the economy. The Barclays® U.S. Aggregate Bond Index, representing investment-grade debt, returned -0.10%, compared with its long-term average annual return of 8.13%. High-yield investments led all fixed-income sectors as they continued to rally alongside equities; The BofA Merrill LynchSM US High Yield Constrained Index returned 7.52%, as investors accepted more risk in exchange for typically higher yields.
Comments from Andrew Dierdorf and Christopher Sharpe, Co-Portfolio Managers of Fidelity Freedom® Index Funds: Each of the Freedom Index Funds' Class W shares posted a positive return for the 12 months ending March 31, 2014. The longer-dated Funds, designed for investors with the longest time horizon until retirement, delivered the highest returns. This is consistent with what we would anticipate, given that these Funds have greater exposure to underlying equities, which delivered a solid gain during the 12-month period. (For specific Fund results, please refer to the performance section of this shareholder update.) Spartan® Total Market Index Fund Class F, with its broad exposure to U.S. equities, posted a 22% gain for the period. U.S. stock indexes generally outperformed their non-U.S. regional counterparts, with Europe a notable exception due largely to strong results in Germany and France. Emerging markets continued to suffer. For the year, Fidelity® Series Global ex U.S. Index Fund gained 12% in accord with the broad international stock market. Amid weak global demand for commodities, Fidelity Series® Commodity Strategy Fund Class F registered a -2% return. Interest-rate sensitive U.S. investment-grade bonds fell flat during the full-year period amid concern about the prospect of higher interest rates. In this environment, the return for Spartan® U.S. Bond Index Fund Class F was essentially flat, as was the return for Fidelity Institutional Money Market Portfolio Class F; meanwhile, Fidelity Series Inflation-Protected Bond Index Fund Class F returned -5% for the full-year period.
Note to shareholders: Fidelity Freedom® Index 2000 Fund has changed its asset allocation over time, following its predetermined glide path, and its allocations now match those of Fidelity Freedom® Index Income Fund. As described in the Funds' prospectus, once the Funds' asset allocations match, the Fidelity Freedom® Index Funds' Board of Trustees may approve combining the Fund with Fidelity Freedom Index Income Fund if the Board determines that the combination is in the best interest of the Fund and its shareholders.
At its May meeting, the Board of Trustees unanimously approved combining Fidelity Freedom Index 2000 Fund with Fidelity Freedom Index Income Fund. For more detailed information, please contact Fidelity at 1-800-835-5092.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
Annual Report
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2013 to March 31, 2014).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Fidelity Freedom Index Income Fund | .08% | | | |
Actual | | $ 1,000.00 | $ 1,026.70 | $ .40 |
HypotheticalA | | $ 1,000.00 | $ 1,024.53 | $ .40 |
Fidelity Freedom Index 2000 Fund | .07% | | | |
Actual | | $ 1,000.00 | $ 1,026.90 | $ .35 |
HypotheticalA | | $ 1,000.00 | $ 1,024.58 | $ .35 |
Fidelity Freedom Index 2005 Fund | .07% | | | |
Actual | | $ 1,000.00 | $ 1,039.10 | $ .36 |
HypotheticalA | | $ 1,000.00 | $ 1,024.58 | $ .35 |
Fidelity Freedom Index 2010 Fund | .08% | | | |
Actual | | $ 1,000.00 | $ 1,049.80 | $ .41 |
HypotheticalA | | $ 1,000.00 | $ 1,024.53 | $ .40 |
Fidelity Freedom Index 2015 Fund | .08% | | | |
Actual | | $ 1,000.00 | $ 1,053.80 | $ .41 |
HypotheticalA | | $ 1,000.00 | $ 1,024.53 | $ .40 |
Fidelity Freedom Index 2020 Fund | .08% | | | |
Actual | | $ 1,000.00 | $ 1,058.60 | $ .41 |
HypotheticalA | | $ 1,000.00 | $ 1,024.53 | $ .40 |
Fidelity Freedom Index 2025 Fund | .08% | | | |
Actual | | $ 1,000.00 | $ 1,070.00 | $ .41 |
HypotheticalA | | $ 1,000.00 | $ 1,024.53 | $ .40 |
Fidelity Freedom Index 2030 Fund | .08% | | | |
Actual | | $ 1,000.00 | $ 1,075.80 | $ .41 |
HypotheticalA | | $ 1,000.00 | $ 1,024.53 | $ .40 |
Fidelity Freedom Index 2035 Fund | .07% | | | |
Actual | | $ 1,000.00 | $ 1,082.40 | $ .36 |
HypotheticalA | | $ 1,000.00 | $ 1,024.58 | $ .35 |
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013
to March 31, 2014 |
Fidelity Freedom Index 2040 Fund | .07% | | | |
Actual | | $ 1,000.00 | $ 1,082.70 | $ .36 |
HypotheticalA | | $ 1,000.00 | $ 1,024.58 | $ .35 |
Fidelity Freedom Index 2045 Fund | .07% | | | |
Actual | | $ 1,000.00 | $ 1,084.20 | $ .36 |
HypotheticalA | | $ 1,000.00 | $ 1,024.58 | $ .35 |
Fidelity Freedom Index 2050 Fund | .07% | | | |
Actual | | $ 1,000.00 | $ 1,084.40 | $ .36 |
HypotheticalA | | $ 1,000.00 | $ 1,024.58 | $ .35 |
Fidelity Freedom Index 2055 Fund | .08% | | | |
Actual | | $ 1,000.00 | $ 1,086.20 | $ .42 |
HypotheticalA | | $ 1,000.00 | $ 1,024.53 | $ .40 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
Annual Report
Fidelity Freedom Index Income Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Spartan Total Market Index Fund Class F | 15.7 | 13.1 |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.1 | 1.8 |
International Equity Funds | | |
Fidelity Series Global ex U.S. Index Fund | 7.2 | 5.7 |
Bond Funds | | |
Spartan U.S. Bond Index Fund Class F | 40.1 | 30.2 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 5.9 | 11.1 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 30.0 | 38.1 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
 | Domestic Equity Funds | 15.7% | |
 | Commodity Funds | 1.1% | |
 | International Equity Funds | 7.2% | |
 | Bond Funds | 40.1% | |
 | Inflation-Protected Bond Funds | 5.9% | |
 | Short-Term Funds | 30.0% | |
Six months ago |
| Domestic Equity Funds | 13.1% | |
| Commodity Funds | 1.8% | |
| International Equity Funds | 5.7% | |
| Bond Funds | 30.2% | |
| Inflation-Protected Bond Funds | 11.1% | |
| Short-Term Funds | 38.1% | |
Annual Report
Fidelity Freedom Index Income Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 15.7% |
| Shares | | Value |
Spartan Total Market Index Fund Class F (c)
(Cost $19,312,294) | 470,152 | | $ 25,952,370 |
Commodity Funds - 1.1% |
| | | |
Fidelity Series Commodity Strategy Fund Class F (a)(c)
(Cost $1,889,382) | 215,915 | |
1,835,278
|
International Equity Funds - 7.2% |
| | | |
Fidelity Series Global ex U.S. Index Fund (c)
(Cost $10,377,668) | 965,361 | |
11,864,285
|
Bond Funds - 40.1% |
| | | |
Spartan U.S. Bond Index Fund Class F (c)
(Cost $66,454,527) | 5,751,312 | |
66,140,085
|
Inflation-Protected Bond Funds - 5.9% |
| | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c)
(Cost $10,753,506) | 989,707 | |
9,758,510
|
Short-Term Funds - 30.0% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c)
(Cost $49,383,751) | 49,383,751 | | $ 49,383,751 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $158,171,128) | | 164,934,279 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (8,734) |
NET ASSETS - 100% | $ 164,925,545 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Institutional Money Market Portfolio Class F | $ 53,113,549 | $ 21,998,948 | $ 25,728,746 | $ 50,530 | $ 49,383,751 |
Fidelity Series Commodity Strategy Fund Class F | 2,640,205 | 1,104,373 | 1,799,220 | - | 1,835,278 |
Fidelity Series Global ex U.S. Index Fund | 7,160,575 | 7,080,475 | 3,144,694 | 223,181 | 11,864,285 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 15,930,060 | 7,225,691 | 11,558,623 | 16,112 | 9,758,510 |
Spartan Total Market Index Fund Class F | 16,736,513 | 14,236,248 | 8,685,233 | 391,680 | 25,952,370 |
Spartan U.S. Bond Index Fund Class F | 37,182,018 | 40,372,461 | 10,557,027 | 1,162,536 | 66,140,085 |
Total | $ 132,762,920 | $ 92,018,196 | $ 61,473,543 | $ 1,844,039 | $ 164,934,279 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index Income Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $158,171,128) - See accompanying schedule | | $ 164,934,279 |
Cash | | 2 |
Receivable for investments sold | | 1,503,584 |
Receivable for fund shares sold | | 332,883 |
Receivable from affiliate for expense reductions | | 11,916 |
Total assets | | 166,782,664 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 1,836,452 | |
Transfer agent fees payable | 20,667 | |
Total liabilities | | 1,857,119 |
| | |
Net Assets | | $ 164,925,545 |
Net Assets consist of: | | |
Paid in capital | | $ 157,834,951 |
Undistributed net investment income | | 163,938 |
Accumulated undistributed net realized gain (loss) on investments | | 163,505 |
Net unrealized appreciation (depreciation) on investments | | 6,763,151 |
Net Assets, for 14,573,860 shares outstanding | | $ 164,925,545 |
Net Asset Value, offering price and redemption price per share ($164,925,545 ÷ 14,573,860 shares) | | $ 11.32 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 1,844,039 |
| | |
Expenses | | |
Transfer agent fees | $ 215,619 | |
Independent trustees' compensation | 535 | |
Total expenses before reductions | 216,154 | |
Expense reductions | (94,999) | 121,155 |
Net investment income (loss) | | 1,722,884 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (549,132) | |
Capital gain distributions from underlying funds | 1,031,970 | |
Total net realized gain (loss) | | 482,838 |
Change in net unrealized appreciation (depreciation) on investment securities | | 2,175,838 |
Net gain (loss) | | 2,658,676 |
Net increase (decrease) in net assets resulting from operations | | $ 4,381,560 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index Income Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,722,884 | $ 1,153,572 |
Net realized gain (loss) | 482,838 | 650,012 |
Change in net unrealized appreciation (depreciation) | 2,175,838 | 2,653,892 |
Net increase (decrease) in net assets resulting from operations | 4,381,560 | 4,457,476 |
Distributions to shareholders from net investment income | (1,641,918) | (1,128,654) |
Distributions to shareholders from net realized gain | (188,185) | (581,226) |
Total distributions | (1,830,103) | (1,709,880) |
Share transactions
Proceeds from sales of shares | 84,388,161 | 92,203,884 |
Reinvestment of distributions | 1,830,103 | 1,709,880 |
Cost of shares redeemed | (56,597,258) | (31,313,121) |
Net increase (decrease) in net assets resulting from share transactions | 29,621,006 | 62,600,643 |
Total increase (decrease) in net assets | 32,172,463 | 65,348,239 |
| | |
Net Assets | | |
Beginning of period | 132,753,082 | 67,404,843 |
End of period (including undistributed net investment income of $163,938 and undistributed net investment income of $82,972, respectively) | $ 164,925,545 | $ 132,753,082 |
Other Information Shares | | |
Sold | 7,568,262 | 8,425,114 |
Issued in reinvestment of distributions | 163,960 | 156,070 |
Redeemed | (5,081,711) | (2,846,649) |
Net increase (decrease) | 2,650,511 | 5,734,535 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.13 | $ 10.89 | $ 10.74 | $ 10.29 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .13 | .12 | .13 | .13 | .06 |
Net realized and unrealized gain (loss) | .20 | .29 | .24 | .47 | .30 |
Total from investment operations | .33 | .41 | .37 | .60 | .36 |
Distributions from net investment income | (.12) | (.11) | (.13) | (.12) | (.07) |
Distributions from net realized gain | (.02) | (.05) | (.09) | (.03) | (.01) |
Total distributions | (.14) | (.17) H | (.22) | (.15) | (.07) I |
Net asset value, end of period | $ 11.32 | $ 11.13 | $ 10.89 | $ 10.74 | $ 10.29 |
Total Return B, C | 2.98% | 3.75% | 3.52% | 5.89% | 3.62% |
Ratios to Average Net Assets F, G | | | | | |
Expenses before reductions | .15% | .15% | .15% | .08% | .05% A |
Expenses net of fee waivers, if any | .08% | .10% | .09% | .06% | .04% A |
Expenses net of all reductions | .08% | .10% | .09% | .06% | .04% A |
Net investment income (loss) | 1.20% | 1.06% | 1.24% | 1.27% | 1.13% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 164,926 | $ 132,753 | $ 67,405 | $ 38,540 | $ 6,401 |
Portfolio turnover rate G | 43% | 19% | 31% | 36% | 18% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amounts do not include the activity of the underlying funds.
H Total distributions of $.17 per share is comprised of distributions from net investment income of $.112 and distributions from net realized gain of $.053 per share.
I Total distributions of $.07 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.005 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2000 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Spartan Total Market Index Fund Class F | 15.7 | 13.1 |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.1 | 1.8 |
International Equity Funds | | |
Fidelity Series Global ex U.S. Index Fund | 7.2 | 5.7 |
Bond Funds | | |
Spartan U.S. Bond Index Fund Class F | 40.1 | 30.2 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 5.9 | 11.1 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 30.0 | 38.1 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds | 15.7% | |
| Commodity Funds | 1.1% | |
| International Equity Funds | 7.2% | |
| Bond Funds | 40.1% | |
| Inflation-Protected Bond Funds | 5.9% | |
| Short-Term Funds | 30.0% | |
Six months ago |
| Domestic Equity Funds | 13.1% | |
| Commodity Funds | 1.8% | |
| International Equity Funds | 5.7% | |
| Bond Funds | 30.2% | |
| Inflation-Protected Bond Funds | 11.1% | |
| Short-Term Funds | 38.1% | |
Annual Report
Fidelity Freedom Index 2000 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 15.7% |
| Shares | | Value |
Spartan Total Market Index Fund Class F (c)
(Cost $6,193,614) | 165,243 | | $ 9,121,429 |
Commodity Funds - 1.1% |
| | | |
Fidelity Series Commodity Strategy Fund Class F (a)(c)
(Cost $654,383) | 74,997 | |
637,477
|
International Equity Funds - 7.2% |
| | | |
Fidelity Series Global ex U.S. Index Fund (c)
(Cost $3,534,704) | 338,896 | |
4,165,035
|
Bond Funds - 40.1% |
| | | |
Spartan U.S. Bond Index Fund Class F (c)
(Cost $23,269,805) | 2,023,374 | |
23,268,803
|
Inflation-Protected Bond Funds - 5.9% |
| | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c)
(Cost $3,692,735) | 348,774 | |
3,438,912
|
Short-Term Funds - 30.0% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c)
(Cost $17,393,465) | 17,393,465 | | $ 17,393,465 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $54,738,706) | | 58,025,121 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (3,104) |
NET ASSETS - 100% | $ 58,022,017 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Institutional Money Market Portfolio Class F | $ 23,501,543 | $ 6,263,872 | $ 12,371,951 | $ 21,128 | $ 17,393,465 |
Fidelity Series Commodity Strategy Fund Class F | 1,166,142 | 366,146 | 832,282 | - | 637,477 |
Fidelity Series Global ex U.S. Index Fund | 3,164,687 | 2,240,868 | 1,556,613 | 85,354 | 4,165,035 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 7,042,780 | 2,363,552 | 5,228,736 | 6,059 | 3,438,912 |
Spartan Total Market Index Fund Class F | 7,448,502 | 4,365,324 | 4,218,480 | 152,190 | 9,121,429 |
Spartan U.S. Bond Index Fund Class F | 16,457,641 | 13,015,340 | 5,795,442 | 466,196 | 23,268,803 |
Total | $ 58,781,295 | $ 28,615,102 | $ 30,003,504 | $ 730,927 | $ 58,025,121 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2000 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $54,738,706) - See accompanying schedule | | $ 58,025,121 |
Cash | | 2 |
Receivable for investments sold | | 1,012,788 |
Receivable for fund shares sold | | 55,911 |
Receivable from affiliate for expense reductions | | 4,273 |
Total assets | | 59,098,095 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 1,068,696 | |
Transfer agent fees payable | 7,382 | |
Total liabilities | | 1,076,078 |
| | |
Net Assets | | $ 58,022,017 |
Net Assets consist of: | | |
Paid in capital | | $ 54,117,260 |
Undistributed net investment income | | 682,587 |
Accumulated undistributed net realized gain (loss) on investments | | (64,245) |
Net unrealized appreciation (depreciation) on investments | | 3,286,415 |
Net Assets, for 5,058,289 shares outstanding | | $ 58,022,017 |
Net Asset Value, offering price and redemption price per share ($58,022,017 ÷ 5,058,289 shares) | | $ 11.47 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 730,927 |
| | |
Expenses | | |
Transfer agent fees | $ 88,005 | |
Independent trustees' compensation | 223 | |
Total expenses before reductions | 88,228 | |
Expense reductions | (40,572) | 47,656 |
Net investment income (loss) | | 683,271 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (265,013) | |
Capital gain distributions from underlying funds | 385,011 | |
Total net realized gain (loss) | | 119,998 |
Change in net unrealized appreciation (depreciation) on investment securities | | 897,242 |
Net gain (loss) | | 1,017,240 |
Net increase (decrease) in net assets resulting from operations | | $ 1,700,511 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2000 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 683,271 | $ 546,265 |
Net realized gain (loss) | 119,998 | 346,988 |
Change in net unrealized appreciation (depreciation) | 897,242 | 1,204,012 |
Net increase (decrease) in net assets resulting from operations | 1,700,511 | 2,097,265 |
Distributions to shareholders from net investment income | (84,770) | (539,630) |
Distributions to shareholders from net realized gain | (100,663) | (287,389) |
Total distributions | (185,433) | (827,019) |
Share transactions
Proceeds from sales of shares | 22,200,105 | 30,030,172 |
Reinvestment of distributions | 185,433 | 827,019 |
Cost of shares redeemed | (24,655,519) | (13,149,658) |
Net increase (decrease) in net assets resulting from share transactions | (2,269,981) | 17,707,533 |
Total increase (decrease) in net assets | (754,903) | 18,977,779 |
| | |
Net Assets | | |
Beginning of period | 58,776,920 | 39,799,141 |
End of period (including undistributed net investment income of $682,587 and undistributed net investment income of $84,085, respectively) | $ 58,022,017 | $ 58,776,920 |
Other Information Shares | | |
Sold | 1,982,581 | 2,735,231 |
Issued in reinvestment of distributions | 16,542 | 75,347 |
Redeemed | (2,198,171) | (1,191,832) |
Net increase (decrease) | (199,048) | 1,618,746 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.18 | $ 10.94 | $ 10.79 | $ 10.32 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .13 | .12 | .13 | .13 | .05 |
Net realized and unrealized gain (loss) | .20 | .29 | .24 | .49 | .34 |
Total from investment operations | .33 | .41 | .37 | .62 | .39 |
Distributions from net investment income | (.02) | (.11) | (.12) | (.11) | (.06) |
Distributions from net realized gain | (.02) | (.06) | (.10) | (.04) | (.01) |
Total distributions | (.04) | (.17) | (.22) | (.15) | (.07) |
Net asset value, end of period | $ 11.47 | $ 11.18 | $ 10.94 | $ 10.79 | $ 10.32 |
Total Return B, C | 2.91% | 3.76% | 3.50% | 6.00% | 3.86% |
Ratios to Average Net Assets F, G | | | | | |
Expenses before reductions | .15% | .15% | .15% | .08% | .05% A |
Expenses net of fee waivers, if any | .08% | .10% | .09% | .05% | .04% A |
Expenses net of all reductions | .08% | .10% | .09% | .05% | .04% A |
Net investment income (loss) | 1.16% | 1.04% | 1.23% | 1.25% | 1.09% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 58,022 | $ 58,777 | $ 39,799 | $ 25,606 | $ 6,841 |
Portfolio turnover rate G | 49% | 21% | 36% | 33% | 30% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amounts do not include the activity of the underlying funds.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2005 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Spartan Total Market Index Fund Class F | 27.0 | 21.7 |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.1 | 3.0 |
International Equity Funds | | |
Fidelity Series Global ex U.S. Index Fund | 12.0 | 9.5 |
Bond Funds | | |
Spartan U.S. Bond Index Fund Class F | 35.8 | 26.5 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 4.4 | 9.1 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 19.7 | 30.2 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds | 27.0% | |
| Commodity Funds | 1.1% | |
| International Equity Funds | 12.0% | |
| Bond Funds | 35.8% | |
| Inflation-Protected Bond Funds | 4.4% | |
| Short-Term Funds | 19.7% | |
Six months ago |
| Domestic Equity Funds | 21.7% | |
 | Commodity Funds | 3.0% | |
| International Equity Funds | 9.5% | |
| Bond Funds | 26.5% | |
| Inflation-Protected Bond Funds | 9.1% | |
| Short-Term Funds | 30.2% | |
Annual Report
Fidelity Freedom Index 2005 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 27.0% |
| Shares | | Value |
Spartan Total Market Index Fund Class F (c)
(Cost $12,947,370) | 324,911 | | $ 17,935,104 |
Commodity Funds - 1.1% |
| | | |
Fidelity Series Commodity Strategy Fund Class F (a)(c)
(Cost $728,145) | 83,579 | |
710,419
|
International Equity Funds - 12.0% |
| | | |
Fidelity Series Global ex U.S. Index Fund (c)
(Cost $7,036,622) | 648,631 | |
7,971,676
|
Bond Funds - 35.8% |
| | | |
Spartan U.S. Bond Index Fund Class F (c)
(Cost $23,745,615) | 2,065,547 | |
23,753,792
|
Inflation-Protected Bond Funds - 4.4% |
| | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c)
(Cost $3,169,430) | 298,465 | |
2,942,860
|
Short-Term Funds - 19.7% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c)
(Cost $13,090,373) | 13,090,373 | | $ 13,090,373 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $60,717,555) | | 66,404,224 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (3,348) |
NET ASSETS - 100% | $ 66,400,876 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Institutional Money Market Portfolio Class F | $ 19,599,320 | $ 5,287,972 | $ 11,796,918 | $ 17,306 | $ 13,090,373 |
Fidelity Series Commodity Strategy Fund Class F | 2,391,366 | 489,455 | 2,010,182 | - | 710,419 |
Fidelity Series Global ex U.S. Index Fund | 5,803,062 | 3,877,766 | 2,292,206 | 140,498 | 7,971,676 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 6,114,582 | 1,817,315 | 4,360,130 | 5,072 | 2,942,860 |
Spartan Total Market Index Fund Class F | 13,558,872 | 7,287,771 | 5,634,005 | 259,584 | 17,935,104 |
Spartan U.S. Bond Index Fund Class F | 15,520,084 | 13,607,455 | 5,006,337 | 445,877 | 23,753,792 |
Total | $ 62,987,286 | $ 32,367,734 | $ 31,099,778 | $ 868,337 | $ 66,404,224 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2005 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $60,717,555) - See accompanying schedule | | $ 66,404,224 |
Cash | | 2 |
Receivable for investments sold | | 335,778 |
Receivable for fund shares sold | | 89,361 |
Receivable from affiliate for expense reductions | | 4,890 |
Total assets | | 66,834,255 |
| | |
Liabilities | | |
Payable for investments purchased | $ 17,762 | |
Payable for fund shares redeemed | 407,294 | |
Transfer agent fees payable | 8,323 | |
Total liabilities | | 433,379 |
| | |
Net Assets | | $ 66,400,876 |
Net Assets consist of: | | |
Paid in capital | | $ 60,188,356 |
Undistributed net investment income | | 815,769 |
Accumulated undistributed net realized gain (loss) on investments | | (289,918) |
Net unrealized appreciation (depreciation) on investments | | 5,686,669 |
Net Assets, for 5,312,145 shares outstanding | | $ 66,400,876 |
Net Asset Value, offering price and redemption price per share ($66,400,876 ÷ 5,312,145 shares) | | $ 12.50 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 868,337 |
| | |
Expenses | | |
Transfer agent fees | $ 94,873 | |
Independent trustees' compensation | 239 | |
Total expenses before reductions | 95,112 | |
Expense reductions | (45,343) | 49,769 |
Net investment income (loss) | | 818,568 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (383,240) | |
Capital gain distributions from underlying funds | 326,853 | |
Total net realized gain (loss) | | (56,387) |
Change in net unrealized appreciation (depreciation) on investment securities | | 2,532,220 |
Net gain (loss) | | 2,475,833 |
Net increase (decrease) in net assets resulting from operations | | $ 3,294,401 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 818,568 | $ 643,975 |
Net realized gain (loss) | (56,387) | 277,425 |
Change in net unrealized appreciation (depreciation) | 2,532,220 | 1,988,410 |
Net increase (decrease) in net assets resulting from operations | 3,294,401 | 2,909,810 |
Distributions to shareholders from net investment income | (74,307) | (645,508) |
Distributions to shareholders from net realized gain | (106,152) | (199,238) |
Total distributions | (180,459) | (844,746) |
Share transactions
Proceeds from sales of shares | 23,371,800 | 27,537,973 |
Reinvestment of distributions | 180,459 | 844,746 |
Cost of shares redeemed | (23,248,120) | (11,451,064) |
Net increase (decrease) in net assets resulting from share transactions | 304,139 | 16,931,655 |
Total increase (decrease) in net assets | 3,418,081 | 18,996,719 |
| | |
Net Assets | | |
Beginning of period | 62,982,795 | 43,986,076 |
End of period (including undistributed net investment income of $815,769 and undistributed net investment income of $71,508, respectively) | $ 66,400,876 | $ 62,982,795 |
Other Information Shares | | |
Sold | 1,928,121 | 2,379,763 |
Issued in reinvestment of distributions | 15,051 | 73,213 |
Redeemed | (1,919,507) | (989,707) |
Net increase (decrease) | 23,665 | 1,463,269 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.91 | $ 11.50 | $ 11.44 | $ 10.59 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .16 | .14 | .16 | .16 | .06 |
Net realized and unrealized gain (loss) | .46 | .45 | .18 | .86 | .62 |
Total from investment operations | .62 | .59 | .34 | 1.02 | .68 |
Distributions from net investment income | (.01) | (.14) | (.14) | (.12) | (.08) |
Distributions from net realized gain | (.02) | (.04) | (.14) | (.05) | (.01) |
Total distributions | (.03) | (.18) | (.28) | (.17) | (.09) |
Net asset value, end of period | $ 12.50 | $ 11.91 | $ 11.50 | $ 11.44 | $ 10.59 |
Total Return B, C | 5.25% | 5.17% | 3.11% | 9.72% | 6.78% |
Ratios to Average Net Assets F, G | | | | | |
Expenses before reductions | .15% | .15% | .15% | .09% | .05% A |
Expenses net of fee waivers, if any | .08% | .09% | .09% | .06% | .03% A |
Expenses net of all reductions | .08% | .09% | .09% | .06% | .03% A |
Net investment income (loss) | 1.29% | 1.22% | 1.45% | 1.42% | 1.19% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 66,401 | $ 62,983 | $ 43,986 | $ 23,459 | $ 2,167 |
Portfolio turnover rate G | 49% | 23% | 37% | 53% | 15% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amounts do not include the activity of the underlying funds.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2010 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Spartan Total Market Index Fund Class F | 33.2 | 30.5 |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.2 | 4.2 |
International Equity Funds | | |
Fidelity Series Global ex U.S. Index Fund | 14.7 | 13.1 |
Bond Funds | | |
Spartan U.S. Bond Index Fund Class F | 33.0 | 28.5 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.6 | 9.7 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 14.3 | 14.0 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds | 33.2% | |
| Commodity Funds | 1.2% | |
| International Equity Funds | 14.7% | |
| Bond Funds | 33.0% | |
| Inflation-Protected Bond Funds | 3.6% | |
| Short-Term Funds | 14.3% | |
Six months ago |
| Domestic Equity Funds | 30.5% | |
| Commodity Funds | 4.2% | |
| International Equity Funds | 13.1% | |
| Bond Funds | 28.5% | |
| Inflation-Protected Bond Funds | 9.7% | |
| Short-Term Funds | 14.0% | |
Annual Report
Fidelity Freedom Index 2010 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 33.2% |
| Shares | | Value |
Spartan Total Market Index Fund Class F (c)
(Cost $99,097,293) | 2,589,659 | | $ 142,949,184 |
Commodity Funds - 1.2% |
| | | |
Fidelity Series Commodity Strategy Fund Class F (a)(c)
(Cost $5,046,577) | 594,662 | |
5,054,630
|
International Equity Funds - 14.7% |
| | | |
Fidelity Series Global ex U.S. Index Fund (c)
(Cost $54,153,958) | 5,147,538 | |
63,263,246
|
Bond Funds - 33.0% |
| | | |
Spartan U.S. Bond Index Fund Class F (c)
(Cost $142,478,736) | 12,363,531 | |
142,180,606
|
Inflation-Protected Bond Funds - 3.6% |
| | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c)
(Cost $16,613,097) | 1,579,831 | |
15,577,134
|
Short-Term Funds - 14.3% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c)
(Cost $61,765,294) | 61,765,294 | | $ 61,765,294 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $379,154,955) | | 430,790,094 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (23,432) |
NET ASSETS - 100% | $ 430,766,662 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Institutional Money Market Portfolio Class F | $ 47,815,558 | $ 30,343,921 | $ 16,394,185 | $ 52,356 | $ 61,765,294 |
Fidelity Series Commodity Strategy Fund Class F | 19,073,441 | 5,478,355 | 18,157,068 | - | 5,054,630 |
Fidelity Series Global ex U.S. Index Fund | 46,607,658 | 26,931,967 | 15,275,022 | 1,063,506 | 63,263,246 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 38,492,235 | 12,830,250 | 31,888,404 | 29,799 | 15,577,134 |
Spartan Total Market Index Fund Class F | 109,281,717 | 51,620,860 | 40,371,710 | 1,988,302 | 142,949,184 |
Spartan U.S. Bond Index Fund Class F | 103,610,011 | 69,247,176 | 28,146,804 | 2,864,151 | 142,180,606 |
Total | $ 364,880,620 | $ 196,452,529 | $ 150,233,193 | $ 5,998,114 | $ 430,790,094 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2010 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $379,154,955) - See accompanying schedule | | $ 430,790,094 |
Cash | | 2 |
Receivable for investments sold | | 4,326,130 |
Receivable for fund shares sold | | 426,379 |
Receivable from affiliate for expense reductions | | 30,341 |
Total assets | | 435,572,946 |
| | |
Liabilities | | |
Payable for investments purchased | $ 57,808 | |
Payable for fund shares redeemed | 4,694,166 | |
Transfer agent fees payable | 54,310 | |
Total liabilities | | 4,806,284 |
| | |
Net Assets | | $ 430,766,662 |
Net Assets consist of: | | |
Paid in capital | | $ 376,943,503 |
Undistributed net investment income | | 5,643,094 |
Accumulated undistributed net realized gain (loss) on investments | | (3,455,074) |
Net unrealized appreciation (depreciation) on investments | | 51,635,139 |
Net Assets, for 32,931,736 shares outstanding | | $ 430,766,662 |
Net Asset Value, offering price and redemption price per share ($430,766,662 ÷ 32,931,736 shares) | | $ 13.08 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 5,998,114 |
| | |
Expenses | | |
Transfer agent fees | $ 585,488 | |
Independent trustees' compensation | 1,460 | |
Total expenses before reductions | 586,948 | |
Expense reductions | (251,695) | 335,253 |
Net investment income (loss) | | 5,662,861 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (3,615,667) | |
Capital gain distributions from underlying funds | 1,955,421 | |
Total net realized gain (loss) | | (1,660,246) |
Change in net unrealized appreciation (depreciation) on investment securities | | 23,305,805 |
Net gain (loss) | | 21,645,559 |
Net increase (decrease) in net assets resulting from operations | | $ 27,308,420 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2010 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,662,861 | $ 4,892,147 |
Net realized gain (loss) | (1,660,246) | 2,131,101 |
Change in net unrealized appreciation (depreciation) | 23,305,805 | 16,619,400 |
Net increase (decrease) in net assets resulting from operations | 27,308,420 | 23,642,648 |
Distributions to shareholders from net investment income | (505,726) | (4,819,893) |
Distributions to shareholders from net realized gain | (1,041,199) | (1,596,123) |
Total distributions | (1,546,925) | (6,416,016) |
Share transactions
Proceeds from sales of shares | 172,483,332 | 192,142,131 |
Reinvestment of distributions | 1,546,925 | 6,416,016 |
Cost of shares redeemed | (133,877,716) | (89,089,878) |
Net increase (decrease) in net assets resulting from share transactions | 40,152,541 | 109,468,269 |
Total increase (decrease) in net assets | 65,914,036 | 126,694,901 |
| | |
Net Assets | | |
Beginning of period | 364,852,626 | 238,157,725 |
End of period (including undistributed net investment income of $5,643,094 and undistributed net investment income of $478,163, respectively) | $ 430,766,662 | $ 364,852,626 |
Other Information Shares | | |
Sold | 13,720,828 | 16,374,593 |
Issued in reinvestment of distributions | 124,651 | 545,847 |
Redeemed | (10,656,793) | (7,514,979) |
Net increase (decrease) | 3,188,686 | 9,405,461 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.27 | $ 11.71 | $ 11.65 | $ 10.65 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .18 | .18 | .20 | .19 | .05 |
Net realized and unrealized gain (loss) | .68 | .61 | .21 | .98 | .70 |
Total from investment operations | .86 | .79 | .41 | 1.17 | .75 |
Distributions from net investment income | (.02) | (.17) | (.18) | (.13) | (.09) |
Distributions from net realized gain | (.04) | (.06) | (.17) | (.04) | (.01) |
Total distributions | (.05) H | (.23) | (.35) | (.17) | (.10) |
Net asset value, end of period | $ 13.08 | $ 12.27 | $ 11.71 | $ 11.65 | $ 10.65 |
Total Return B, C | 7.05% | 6.80% | 3.64% | 11.08% | 7.47% |
Ratios to Average Net Assets F, G | | | | | |
Expenses before reductions | .15% | .15% | .15% | .08% | .05% A |
Expenses net of fee waivers, if any | .09% | .10% | .09% | .05% | .03% A |
Expenses net of all reductions | .09% | .10% | .09% | .05% | .03% A |
Net investment income (loss) | 1.45% | 1.54% | 1.71% | 1.68% | 1.08% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 430,767 | $ 364,853 | $ 238,158 | $ 144,278 | $ 19,773 |
Portfolio turnover rate G | 39% | 21% | 33% | 36% | 21% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amounts do not include the activity of the underlying funds.
H Total distributions of $.05 per share is comprised of distributions from net investment income of $.017 and distributions from net realized gain of $.035 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2015 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Spartan Total Market Index Fund Class F | 38.3 | 32.7 |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.3 | 4.4 |
International Equity Funds | | |
Fidelity Series Global ex U.S. Index Fund | 16.9 | 14.1 |
Bond Funds | | |
Spartan U.S. Bond Index Fund Class F | 30.8 | 29.3 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.8 | 9.7 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 9.9 | 9.8 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds | 38.3% | |
| Commodity Funds | 1.3% | |
| International Equity Funds | 16.9% | |
| Bond Funds | 30.8% | |
| Inflation-Protected Bond Funds | 2.8% | |
| Short-Term Funds | 9.9% | |
Six months ago |
| Domestic Equity Funds | 32.7% | |
| Commodity Funds | 4.4% | |
| International Equity Funds | 14.1% | |
| Bond Funds | 29.3% | |
| Inflation-Protected Bond Funds | 9.7% | |
| Short-Term Funds | 9.8% | |
Annual Report
Fidelity Freedom Index 2015 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 38.3% |
| Shares | | Value |
Spartan Total Market Index Fund Class F (c)
(Cost $229,068,750) | 5,752,778 | | $ 317,553,360 |
Commodity Funds - 1.3% |
| | | |
Fidelity Series Commodity Strategy Fund Class F (a)(c)
(Cost $10,197,178) | 1,239,607 | |
10,536,660
|
International Equity Funds - 16.9% |
| | | |
Fidelity Series Global ex U.S. Index Fund (c)
(Cost $122,108,937) | 11,394,947 | |
140,043,903
|
Bond Funds - 30.8% |
| | | |
Spartan U.S. Bond Index Fund Class F (c)
(Cost $257,028,206) | 22,191,086 | |
255,197,485
|
Inflation-Protected Bond Funds - 2.8% |
| | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c)
(Cost $24,827,818) | 2,342,365 | |
23,095,716
|
Short-Term Funds - 9.9% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c)
(Cost $82,337,568) | 82,337,568 | | $ 82,337,568 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $725,568,457) | | 828,764,692 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (43,100) |
NET ASSETS - 100% | $ 828,721,592 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Institutional Money Market Portfolio Class F | $ 66,853,664 | $ 29,537,616 | $ 14,053,712 | $ 73,400 | $ 82,337,568 |
Fidelity Series Commodity Strategy Fund Class F | 36,867,827 | 11,365,019 | 35,004,436 | - | 10,536,660 |
Fidelity Series Global ex U.S. Index Fund | 89,747,642 | 61,273,022 | 21,688,335 | 2,438,871 | 140,043,903 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 70,497,058 | 23,506,211 | 64,048,932 | 50,841 | 23,095,716 |
Spartan Total Market Index Fund Class F | 210,325,614 | 113,242,058 | 54,270,286 | 4,454,751 | 317,553,360 |
Spartan U.S. Bond Index Fund Class F | 198,036,397 | 97,540,407 | 35,281,966 | 5,582,327 | 255,197,485 |
Total | $ 672,328,202 | $ 336,464,333 | $ 224,347,667 | $ 12,600,190 | $ 828,764,692 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2015 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $725,568,457) - See accompanying schedule | | $ 828,764,692 |
Cash | | 2 |
Receivable for investments sold | | 7,008,802 |
Receivable for fund shares sold | | 775,015 |
Receivable from affiliate for expense reductions | | 57,503 |
Total assets | | 836,606,014 |
| | |
Liabilities | | |
Payable for investments purchased | $ 50,878 | |
Payable for fund shares redeemed | 7,729,144 | |
Transfer agent fees payable | 104,400 | |
Total liabilities | | 7,884,422 |
| | |
Net Assets | | $ 828,721,592 |
Net Assets consist of: | | |
Paid in capital | | $ 722,273,894 |
Undistributed net investment income | | 11,916,385 |
Accumulated undistributed net realized gain (loss) on investments | | (8,664,922) |
Net unrealized appreciation (depreciation) on investments | | 103,196,235 |
Net Assets, for 62,255,545 shares outstanding | | $ 828,721,592 |
Net Asset Value, offering price and redemption price per share ($828,721,592 ÷ 62,255,545 shares) | | $ 13.31 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 12,600,190 |
| | |
Expenses | | |
Transfer agent fees | $ 1,147,919 | |
Independent trustees' compensation | 2,856 | |
Total expenses before reductions | 1,150,775 | |
Expense reductions | (475,930) | 674,845 |
Net investment income (loss) | | 11,925,345 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (9,373,870) | |
Capital gain distributions from underlying funds | 3,374,723 | |
Total net realized gain (loss) | | (5,999,147) |
Change in net unrealized appreciation (depreciation) on investment securities | | 53,693,693 |
Net gain (loss) | | 47,694,546 |
Net increase (decrease) in net assets resulting from operations | | $ 59,619,891 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 11,925,345 | $ 9,006,236 |
Net realized gain (loss) | (5,999,147) | 2,479,717 |
Change in net unrealized appreciation (depreciation) | 53,693,693 | 31,949,447 |
Net increase (decrease) in net assets resulting from operations | 59,619,891 | 43,435,400 |
Distributions to shareholders from net investment income | (866,325) | (8,869,765) |
Distributions to shareholders from net realized gain | (920,469) | (2,613,234) |
Total distributions | (1,786,794) | (11,482,999) |
Share transactions
Proceeds from sales of shares | 322,845,321 | 336,987,331 |
Reinvestment of distributions | 1,786,794 | 11,482,999 |
Cost of shares redeemed | (226,019,959) | (120,522,497) |
Net increase (decrease) in net assets resulting from share transactions | 98,612,156 | 227,947,833 |
Total increase (decrease) in net assets | 156,445,253 | 259,900,234 |
| | |
Net Assets | | |
Beginning of period | 672,276,339 | 412,376,105 |
End of period (including undistributed net investment income of $11,916,385 and undistributed net investment income of $857,365, respectively) | $ 828,721,592 | $ 672,276,339 |
Other Information Shares | | |
Sold | 25,550,569 | 28,430,787 |
Issued in reinvestment of distributions | 142,261 | 968,858 |
Redeemed | (17,696,183) | (10,079,046) |
Net increase (decrease) | 7,996,647 | 19,320,599 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.39 | $ 11.80 | $ 11.71 | $ 10.67 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .20 | .19 | .20 | .20 | .06 |
Net realized and unrealized gain (loss) | .75 | .63 | .22 | 1.00 | .71 |
Total from investment operations | .95 | .82 | .42 | 1.20 | .77 |
Distributions from net investment income | (.02) | (.18) | (.17) | (.12) | (.09) |
Distributions from net realized gain | (.02) | (.05) | (.15) | (.04) | (.01) |
Total distributions | (.03) I | (.23) | (.33) H | (.16) | (.10) |
Net asset value, end of period | $ 13.31 | $ 12.39 | $ 11.80 | $ 11.71 | $ 10.67 |
Total Return B, C | 7.71% | 7.02% | 3.70% | 11.29% | 7.67% |
Ratios to Average Net Assets F, G | | | | | |
Expenses before reductions | .15% | .15% | .15% | .09% | .05% A |
Expenses net of fee waivers, if any | .09% | .10% | .09% | .06% | .03% A |
Expenses net of all reductions | .09% | .10% | .09% | .06% | .03% A |
Net investment income (loss) | 1.56% | 1.58% | 1.76% | 1.78% | 1.10% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 828,722 | $ 672,276 | $ 412,376 | $ 220,552 | $ 13,901 |
Portfolio turnover rate G | 29% | 14% | 23% | 19% | 31% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amounts do not include the activity of the underlying funds.
H Total distributions of $.33 per share is comprised of distributions from net investment income of $.174 and distributions from net realized gain of $.151 per share.
I Total distributions of $.03 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $.017 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2020 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Spartan Total Market Index Fund Class F | 42.4 | 35.3 |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.3 | 4.7 |
International Equity Funds | | |
Fidelity Series Global ex U.S. Index Fund | 18.6 | 15.2 |
Bond Funds | | |
Spartan U.S. Bond Index Fund Class F | 29.2 | 29.2 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.0 | 8.3 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 6.5 | 7.3 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds | 42.4% | |
| Commodity Funds | 1.3% | |
| International Equity Funds | 18.6% | |
| Bond Funds | 29.2% | |
| Inflation-Protected Bond Funds | 2.0% | |
| Short-Term Funds | 6.5% | |
Six months ago |
| Domestic Equity Funds | 35.3% | |
| Commodity Funds | 4.7% | |
| International Equity Funds | 15.2% | |
| Bond Funds | 29.2% | |
| Inflation-Protected Bond Funds | 8.3% | |
| Short-Term Funds | 7.3% | |
Annual Report
Fidelity Freedom Index 2020 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 42.4% |
| Shares | | Value |
Spartan Total Market Index Fund Class F (c)
(Cost $638,326,050) | 15,431,266 | | $ 851,805,895 |
Commodity Funds - 1.3% |
| | | |
Fidelity Series Commodity Strategy Fund Class F (a)(c)
(Cost $25,524,987) | 3,062,954 | |
26,035,113
|
International Equity Funds - 18.6% |
| | | |
Fidelity Series Global ex U.S. Index Fund (c)
(Cost $332,043,122) | 30,486,069 | |
374,673,788
|
Bond Funds - 29.2% |
| | | |
Spartan U.S. Bond Index Fund Class F (c)
(Cost $593,047,286) | 51,094,871 | |
587,591,013
|
Inflation-Protected Bond Funds - 2.0% |
| | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c)
(Cost $42,976,851) | 4,043,655 | |
39,870,441
|
Short-Term Funds - 6.5% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c)
(Cost $130,902,811) | 130,902,811 | | $ 130,902,811 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,762,821,107) | | 2,010,879,061 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (109,897) |
NET ASSETS - 100% | $ 2,010,769,164 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Institutional Money Market Portfolio Class F | $ 100,319,895 | $ 50,983,346 | $ 20,400,430 | $ 115,190 | $ 130,902,811 |
Fidelity Series Commodity Strategy Fund Class F | 85,724,274 | 30,403,765 | 83,733,394 | - | 26,035,113 |
Fidelity Series Global ex U.S. Index Fund | 208,642,305 | 180,798,131 | 39,449,209 | 6,204,402 | 374,673,788 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 125,218,309 | 52,281,756 | 125,040,990 | 91,328 | 39,870,441 |
Spartan Total Market Index Fund Class F | 488,754,404 | 348,247,499 | 101,779,237 | 11,249,592 | 851,805,895 |
Spartan U.S. Bond Index Fund Class F | 422,284,130 | 233,560,362 | 56,931,214 | 12,300,695 | 587,591,013 |
Total | $ 1,430,943,317 | $ 896,274,859 | $ 427,334,474 | $ 29,961,207 | $ 2,010,879,061 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2020 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $1,762,821,107) - See accompanying schedule | | $ 2,010,879,061 |
Cash | | 2 |
Receivable for investments sold | | 14,677,087 |
Receivable for fund shares sold | | 2,593,510 |
Receivable from affiliate for expense reductions | | 138,367 |
Total assets | | 2,028,288,027 |
| | |
Liabilities | | |
Payable for investments purchased | $ 231,282 | |
Payable for fund shares redeemed | 17,036,339 | |
Transfer agent fees payable | 251,242 | |
Total liabilities | | 17,518,863 |
| | |
Net Assets | | $ 2,010,769,164 |
Net Assets consist of: | | |
Paid in capital | | $ 1,757,263,591 |
Undistributed net investment income | | 28,325,351 |
Accumulated undistributed net realized gain (loss) on investments | | (22,877,732) |
Net unrealized appreciation (depreciation) on investments | | 248,057,954 |
Net Assets, for 146,545,112 shares outstanding | | $ 2,010,769,164 |
Net Asset Value, offering price and redemption price per share ($2,010,769,164 ÷ 146,545,112 shares) | | $ 13.72 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 29,961,207 |
| | |
Expenses | | |
Transfer agent fees | $ 2,575,315 | |
Independent trustees' compensation | 6,335 | |
Total expenses before reductions | 2,581,650 | |
Expense reductions | (1,058,350) | 1,523,300 |
Net investment income (loss) | | 28,437,907 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (23,229,493) | |
Capital gain distributions from underlying funds | 6,156,985 | |
Total net realized gain (loss) | | (17,072,508) |
Change in net unrealized appreciation (depreciation) on investment securities | | 134,224,852 |
Net gain (loss) | | 117,152,344 |
Net increase (decrease) in net assets resulting from operations | | $ 145,590,251 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 28,437,907 | $ 19,425,352 |
Net realized gain (loss) | (17,072,508) | 4,318,168 |
Change in net unrealized appreciation (depreciation) | 134,224,852 | 73,633,077 |
Net increase (decrease) in net assets resulting from operations | 145,590,251 | 97,376,597 |
Distributions to shareholders from net investment income | (1,966,160) | (18,928,616) |
Distributions to shareholders from net realized gain | (1,619,190) | (5,245,578) |
Total distributions | (3,585,350) | (24,174,194) |
Share transactions
Proceeds from sales of shares | 797,855,180 | 692,133,502 |
Reinvestment of distributions | 3,585,350 | 24,174,194 |
Cost of shares redeemed | (363,510,831) | (171,044,352) |
Net increase (decrease) in net assets resulting from share transactions | 437,929,699 | 545,263,344 |
Total increase (decrease) in net assets | 579,934,600 | 618,465,747 |
| | |
Net Assets | | |
Beginning of period | 1,430,834,564 | 812,368,817 |
End of period (including undistributed net investment income of $28,325,351 and undistributed net investment income of $1,853,604, respectively) | $ 2,010,769,164 | $ 1,430,834,564 |
Other Information Shares | | |
Sold | 61,136,146 | 57,443,922 |
Issued in reinvestment of distributions | 278,582 | 2,002,137 |
Redeemed | (27,794,835) | (14,076,792) |
Net increase (decrease) | 33,619,893 | 45,369,267 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.67 | $ 12.03 | $ 12.00 | $ 10.81 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .22 | .20 | .22 | .21 | .05 |
Net realized and unrealized gain (loss) | .86 | .68 | .16 | 1.15 | .87 |
Total from investment operations | 1.08 | .88 | .38 | 1.36 | .92 |
Distributions from net investment income | (.02) | (.19) | (.19) | (.14) | (.10) |
Distributions from net realized gain | (.01) | (.05) | (.16) | (.04) | (.01) |
Total distributions | (.03) | (.24) | (.35) | (.17) H | (.11) |
Net asset value, end of period | $ 13.72 | $ 12.67 | $ 12.03 | $ 12.00 | $ 10.81 |
Total Return B,C | 8.55% | 7.38% | 3.36% | 12.67% | 9.18% |
Ratios to Average Net Assets F,G | | | | | |
Expenses before reductions | .15% | .15% | .15% | .08% | .05% A |
Expenses net of fee waivers, if any | .09% | .10% | .09% | .05% | .03% A |
Expenses net of all reductions | .09% | .10% | .09% | .05% | .03% A |
Net investment income (loss) | 1.66% | 1.68% | 1.85% | 1.82% | .98% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,010,769 | $ 1,430,835 | $ 812,369 | $ 424,846 | $ 38,734 |
Portfolio turnover rate G | 25% | 11% | 20% | 21% | 21% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amounts do not include the activity of the underlying funds.
H Total distributions of $.17 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.037 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2025 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Spartan Total Market Index Fund Class F | 49.5 | 43.2 |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.3 | 5.7 |
International Equity Funds | | |
Fidelity Series Global ex U.S. Index Fund | 21.7 | 18.5 |
Bond Funds | | |
Spartan U.S. Bond Index Fund Class F | 25.7 | 26.0 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 1.2 | 5.6 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 0.6 | 1.0 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds | 49.5% | |
| Commodity Funds | 1.3% | |
| International Equity Funds | 21.7% | |
| Bond Funds | 25.7% | |
| Inflation-Protected Bond Funds | 1.2% | |
| Short-Term Funds | 0.6% | |
Six months ago |
| Domestic Equity Funds | 43.2% | |
| Commodity Funds | 5.7% | |
| International Equity Funds | 18.5% | |
| Bond Funds | 26.0% | |
| Inflation-Protected Bond Funds | 5.6% | |
| Short-Term Funds | 1.0% | |
Annual Report
Fidelity Freedom Index 2025 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 49.5% |
| Shares | | Value |
Spartan Total Market Index Fund Class F (c)
(Cost $496,586,525) | 12,078,176 | | $ 666,715,286 |
Commodity Funds - 1.3% |
| | | |
Fidelity Series Commodity Strategy Fund Class F (a)(c)
(Cost $17,522,222) | 2,127,150 | |
18,080,775
|
International Equity Funds - 21.7% |
| | | |
Fidelity Series Global ex U.S. Index Fund (c)
(Cost $258,317,867) | 23,794,226 | |
292,431,042
|
Bond Funds - 25.7% |
| | | |
Spartan U.S. Bond Index Fund Class F (c)
(Cost $349,563,723) | 30,087,159 | |
346,002,325
|
Inflation-Protected Bond Funds - 1.2% |
| | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c)
(Cost $17,312,431) | 1,617,035 | |
15,943,970
|
Short-Term Funds - 0.6% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c)
(Cost $8,889,754) | 8,889,754 | | $ 8,889,754 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,148,192,522) | | 1,348,063,152 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (71,611) |
NET ASSETS - 100% | $ 1,347,991,541 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Institutional Money Market Portfolio Class F | $ 7,600,628 | $ 13,276,206 | $ 11,987,081 | $ 7,937 | $ 8,889,754 |
Fidelity Series Commodity Strategy Fund Class F | 71,179,350 | 22,559,727 | 70,104,110 | - | 18,080,775 |
Fidelity Series Global ex U.S. Index Fund | 173,070,220 | 121,972,364 | 23,551,664 | 5,056,828 | 292,431,042 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 55,570,948 | 21,401,866 | 55,564,797 | 39,473 | 15,943,970 |
Spartan Total Market Index Fund Class F | 404,921,876 | 225,974,483 | 60,843,187 | 9,190,236 | 666,715,286 |
Spartan U.S. Bond Index Fund Class F | 257,122,902 | 122,195,879 | 26,414,101 | 7,388,025 | 346,002,325 |
Total | $ 969,465,924 | $ 527,380,525 | $ 248,464,940 | $ 21,682,499 | $ 1,348,063,152 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2025 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $1,148,192,522) - See accompanying schedule | | $ 1,348,063,152 |
Cash | | 2 |
Receivable for investments sold | | 15,268,953 |
Receivable for fund shares sold | | 2,168,132 |
Receivable from affiliate for expense reductions | | 94,812 |
Total assets | | 1,365,595,051 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,081,440 | |
Payable for fund shares redeemed | 16,353,546 | |
Transfer agent fees payable | 168,524 | |
Total liabilities | | 17,603,510 |
| | |
Net Assets | | $ 1,347,991,541 |
Net Assets consist of: | | |
Paid in capital | | $ 1,145,332,185 |
Undistributed net investment income | | 20,663,349 |
Accumulated undistributed net realized gain (loss) on investments | | (17,874,623) |
Net unrealized appreciation (depreciation) on investments | | 199,870,630 |
Net Assets, for 93,891,935 shares outstanding | | $ 1,347,991,541 |
Net Asset Value, offering price and redemption price per share ($1,347,991,541 ÷ 93,891,935 shares) | | $ 14.36 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 21,682,499 |
| | |
Expenses | | |
Transfer agent fees | $ 1,749,763 | |
Independent trustees' compensation | 4,311 | |
Total expenses before reductions | 1,754,074 | |
Expense reductions | (749,879) | 1,004,195 |
Net investment income (loss) | | 20,678,304 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (16,740,492) | |
Capital gain distributions from underlying funds | 2,771,849 | |
Total net realized gain (loss) | | (13,968,643) |
Change in net unrealized appreciation (depreciation) on investment securities | | 116,422,139 |
Net gain (loss) | | 102,453,496 |
Net increase (decrease) in net assets resulting from operations | | $ 123,131,800 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2025 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 20,678,304 | $ 14,029,843 |
Net realized gain (loss) | (13,968,643) | 1,306,310 |
Change in net unrealized appreciation (depreciation) | 116,422,139 | 58,469,806 |
Net increase (decrease) in net assets resulting from operations | 123,131,800 | 73,805,959 |
Distributions to shareholders from net investment income | (1,061,767) | (13,753,827) |
Distributions to shareholders from net realized gain | (758,380) | (2,545,865) |
Total distributions | (1,820,147) | (16,299,692) |
Share transactions
Proceeds from sales of shares | 451,158,524 | 450,498,444 |
Reinvestment of distributions | 1,820,147 | 16,299,692 |
Cost of shares redeemed | (195,694,024) | (92,314,075) |
Net increase (decrease) in net assets resulting from share transactions | 257,284,647 | 374,484,061 |
Total increase (decrease) in net assets | 378,596,300 | 431,990,328 |
| | |
Net Assets | | |
Beginning of period | 969,395,241 | 537,404,913 |
End of period (including undistributed net investment income of $20,663,349 and undistributed net investment income of $1,046,812, respectively) | $ 1,347,991,541 | $ 969,395,241 |
Other Information Shares | | |
Sold | 33,398,610 | 36,760,609 |
Issued in reinvestment of distributions | 137,266 | 1,330,091 |
Redeemed | (14,282,440) | (7,472,036) |
Net increase (decrease) | 19,253,436 | 30,618,664 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.99 | $ 12.21 | $ 12.22 | $ 10.88 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .24 | .22 | .23 | .22 | .05 |
Net realized and unrealized gain (loss) | 1.15 | .80 | .11 | 1.30 | .94 |
Total from investment operations | 1.39 | 1.02 | .34 | 1.52 | .99 |
Distributions from net investment income | (.01) | (.21) | (.19) | (.15) | (.10) |
Distributions from net realized gain | (.01) | (.04) | (.16) | (.03) | (.01) |
Total distributions | (.02) | (.24) H | (.35) | (.18) | (.11) |
Net asset value, end of period | $ 14.36 | $ 12.99 | $ 12.21 | $ 12.22 | $ 10.88 |
Total Return B,C | 10.75% | 8.50% | 3.03% | 14.03% | 9.93% |
Ratios to Average Net Assets F,G | | | | | |
Expenses before reductions | .15% | .15% | .15% | .09% | .05% A |
Expenses net of fee waivers, if any | .09% | .10% | .09% | .05% | .03% A |
Expenses net of all reductions | .09% | .10% | .09% | .05% | .03% A |
Net investment income (loss) | 1.78% | 1.82% | 1.97% | 1.91% | .92% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,347,992 | $ 969,395 | $ 537,405 | $ 249,606 | $ 18,150 |
Portfolio turnover rate G | 21% | 10% | 18% | 18% | 33% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amounts do not include the activity of the underlying funds.
H Total distributions of $.24 per share is comprised of distributions from net investment income of $.205 and distributions from net realized gain of $.038 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2030 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Spartan Total Market Index Fund Class F | 58.4 | 46.6 |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.4 | 6.1 |
International Equity Funds | | |
Fidelity Series Global ex U.S. Index Fund | 25.5 | 20.1 |
Bond Funds | | |
Spartan U.S. Bond Index Fund Class F | 14.3 | 24.3 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.4 | 2.9 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds | 58.4% | |
 | Commodity Funds | 1.4% | |
 | International Equity Funds | 25.5% | |
 | Bond Funds | 14.3% | |
| Inflation-Protected Bond Funds | 0.4% | |
Six months ago |
| Domestic Equity Funds | 46.6% | |
| Commodity Funds | 6.1% | |
| International Equity Funds | 20.1% | |
| Bond Funds | 24.3% | |
| Inflation-Protected Bond Funds | 2.9% | |
Annual Report
Fidelity Freedom Index 2030 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 58.4% |
| Shares | | Value |
Spartan Total Market Index Fund Class F (b)
(Cost $767,043,828) | 18,037,078 | | $ 995,646,687 |
Commodity Funds - 1.4% |
| | | |
Fidelity Series Commodity Strategy Fund Class F (a)(b)
(Cost $22,189,345) | 2,697,858 | |
22,931,791
|
International Equity Funds - 25.5% |
| | | |
Fidelity Series Global ex U.S. Index Fund (b)
(Cost $389,343,156) | 35,384,565 | |
434,876,304
|
Bond Funds - 14.3% |
| | | |
Spartan U.S. Bond Index Fund Class F (b)
(Cost $245,243,769) | 21,250,982 | |
244,386,298
|
Inflation-Protected Bond Funds - 0.4% |
| Shares | | Value |
Fidelity Series Inflation-Protected Bond Index Fund Class F (b)
(Cost $7,048,755) | 655,357 | | $ 6,461,823 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,430,868,853) | | 1,704,302,903 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (86,987) |
NET ASSETS - 100% | $ 1,704,215,916 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Commodity Strategy Fund Class F | $ 92,677,921 | $ 32,726,149 | $ 95,234,541 | $ - | $ 22,931,791 |
Fidelity Series Global ex U.S. Index Fund | 225,863,581 | 219,254,553 | 37,098,157 | 7,259,111 | 434,876,304 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 33,257,799 | 15,858,977 | 39,569,529 | 20,526 | 6,461,823 |
Spartan Total Market Index Fund Class F | 529,177,253 | 430,735,902 | 94,524,132 | 13,039,966 | 995,646,687 |
Spartan U.S. Bond Index Fund Class F | 322,153,701 | 129,267,280 | 197,629,455 | 7,442,044 | 244,386,298 |
Total | $ 1,203,130,255 | $ 827,842,861 | $ 464,055,814 | $ 27,761,647 | $ 1,704,302,903 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2030 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $1,430,868,853) - See accompanying schedule | | $ 1,704,302,903 |
Cash | | 1 |
Receivable for investments sold | | 23,049,007 |
Receivable for fund shares sold | | 2,286,516 |
Receivable from affiliate for expense reductions | | 124,474 |
Total assets | | 1,729,762,901 |
| | |
Liabilities | | |
Payable for investments purchased | $ 657,720 | |
Payable for fund shares redeemed | 24,675,783 | |
Transfer agent fees payable | 213,482 | |
Total liabilities | | 25,546,985 |
| | |
Net Assets | | $ 1,704,215,916 |
Net Assets consist of: | | |
Paid in capital | | $ 1,431,652,636 |
Undistributed net investment income | | 26,536,361 |
Accumulated undistributed net realized gain (loss) on investments | | (27,407,131) |
Net unrealized appreciation (depreciation) on investments | | 273,434,050 |
Net Assets, for 116,559,678 shares outstanding | | $ 1,704,215,916 |
Net Asset Value, offering price and redemption price per share ($1,704,215,916 ÷ 116,559,678 shares) | | $ 14.62 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 27,761,647 |
| | |
Expenses | | |
Transfer agent fees | $ 2,169,657 | |
Independent trustees' compensation | 5,332 | |
Total expenses before reductions | 2,174,989 | |
Expense reductions | (958,772) | 1,216,217 |
Net investment income (loss) | | 26,545,430 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (23,876,219) | |
Capital gain distributions from underlying funds | 1,697,160 | |
Total net realized gain (loss) | | (22,179,059) |
Change in net unrealized appreciation (depreciation) on investment securities | | 161,261,819 |
Net gain (loss) | | 139,082,760 |
Net increase (decrease) in net assets resulting from operations | | $ 165,628,190 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2030 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 26,545,430 | $ 18,005,016 |
Net realized gain (loss) | (22,179,059) | 908,090 |
Change in net unrealized appreciation (depreciation) | 161,261,819 | 77,864,594 |
Net increase (decrease) in net assets resulting from operations | 165,628,190 | 96,777,700 |
Distributions to shareholders from net investment income | (1,328,362) | (17,577,150) |
Distributions to shareholders from net realized gain | (853,947) | (2,817,704) |
Total distributions | (2,182,309) | (20,394,854) |
Share transactions
Proceeds from sales of shares | 614,655,308 | 570,548,909 |
Reinvestment of distributions | 2,182,309 | 20,394,854 |
Cost of shares redeemed | (279,111,846) | (118,202,024) |
Net increase (decrease) in net assets resulting from share transactions | 337,725,771 | 472,741,739 |
Total increase (decrease) in net assets | 501,171,652 | 549,124,585 |
| | |
Net Assets | | |
Beginning of period | 1,203,044,264 | 653,919,679 |
End of period (including undistributed net investment income of $26,536,361 and undistributed net investment income of $1,319,293, respectively) | $ 1,704,215,916 | $ 1,203,044,264 |
Other Information Shares | | |
Sold | 44,768,709 | 46,489,065 |
Issued in reinvestment of distributions | 163,837 | 1,653,806 |
Redeemed | (20,237,257) | (9,520,988) |
Net increase (decrease) | 24,695,289 | 38,621,883 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.10 | $ 12.28 | $ 12.34 | $ 10.96 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .25 | .24 | .24 | .22 | .04 |
Net realized and unrealized gain (loss) | 1.29 | .83 | .07 | 1.34 | 1.04 |
Total from investment operations | 1.54 | 1.07 | .31 | 1.56 | 1.08 |
Distributions from net investment income | (.01) | (.21) | (.20) | (.15) | (.11) |
Distributions from net realized gain | (.01) | (.03) | (.16) | (.03) | (.01) |
Total distributions | (.02) | (.25) I | (.37) H | (.18) | (.12) |
Net asset value, end of period | $ 14.62 | $ 13.10 | $ 12.28 | $ 12.34 | $ 10.96 |
Total Return B,C | 11.80% | 8.80% | 2.70% | 14.27% | 10.78% |
Ratios to Average Net Assets F,G | | | | | |
Expenses before reductions | .15% | .15% | .15% | .08% | .05% A |
Expenses net of fee waivers, if any | .08% | .10% | .09% | .05% | .03% A |
Expenses net of all reductions | .08% | .10% | .09% | .05% | .03% A |
Net investment income (loss) | 1.84% | 1.90% | 1.99% | 1.90% | .78% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,704,216 | $ 1,203,044 | $ 653,920 | $ 317,352 | $ 27,567 |
Portfolio turnover rate G | 32% | 10% | 18% | 16% | 21% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amounts do not include the activity of the underlying funds.
H Total distributions of $.37 per share is comprised of distributions from net investment income of $.203 and distributions from net realized gain of $.163 per share.
I Total distributions of $.25 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.034 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2035 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Spartan Total Market Index Fund Class F | 61.7 | 52.4 |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.4 | 6.9 |
International Equity Funds | | |
Fidelity Series Global ex U.S. Index Fund | 27.0 | 22.5 |
Bond Funds | | |
Spartan U.S. Bond Index Fund Class F | 9.9 | 18.1 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.0 | 0.1 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds | 61.7% | |
| Commodity Funds | 1.4% | |
| International Equity Funds | 27.0% | |
| Bond Funds | 9.9% | |
 | Inflation-Protected Bond Funds | 0.0% | |
Six months ago |
| Domestic Equity Funds | 52.4% | |
| Commodity Funds | 6.9% | |
| International Equity Funds | 22.5% | |
| Bond Funds | 18.1% | |
| Inflation-Protected Bond Funds | 0.1% | |
Annual Report
Fidelity Freedom Index 2035 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 61.7% |
| Shares | | Value |
Spartan Total Market Index Fund Class F (b)
(Cost $472,085,423) | 11,189,499 | | $ 617,660,332 |
Commodity Funds - 1.4% |
| | | |
Fidelity Series Commodity Strategy Fund Class F (a)(b)
(Cost $13,442,027) | 1,636,170 | |
13,907,445
|
International Equity Funds - 27.0% |
| | | |
Fidelity Series Global ex U.S. Index Fund (b)
(Cost $240,990,323) | 21,968,651 | |
269,994,724
|
Bond Funds - 9.9% |
| Shares | | Value |
Spartan U.S. Bond Index Fund Class F (b)
(Cost $99,763,494) | 8,647,535 | | $ 99,446,648 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $826,281,267) | | 1,001,009,149 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (47,106) |
NET ASSETS - 100% | $ 1,000,962,043 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Commodity Strategy Fund Class F | $ 60,712,970 | $ 21,881,778 | $ 63,726,372 | $ - | $ 13,907,445 |
Fidelity Series Global ex U.S. Index Fund | 149,104,428 | 120,157,313 | 17,570,730 | 4,487,200 | 269,994,724 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 1,333,661 | 1,284,604 | 643 | - |
Spartan Total Market Index Fund Class F | 349,146,461 | 232,031,290 | 48,829,634 | 8,149,463 | 617,660,332 |
Spartan U.S. Bond Index Fund Class F | 130,113,491 | 55,654,130 | 82,424,455 | 3,180,265 | 99,446,648 |
Total | $ 689,077,350 | $ 431,058,172 | $ 213,835,795 | $ 15,817,571 | $ 1,001,009,149 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2035 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $826,281,267) - See accompanying schedule | | $ 1,001,009,149 |
Cash | | 2 |
Receivable for investments sold | | 13,962,006 |
Receivable for fund shares sold | | 1,950,910 |
Receivable from affiliate for expense reductions | | 77,425 |
Total assets | | 1,016,999,492 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 15,912,206 | |
Transfer agent fees payable | 125,243 | |
Total liabilities | | 16,037,449 |
| | |
Net Assets | | $ 1,000,962,043 |
Net Assets consist of: | | |
Paid in capital | | $ 827,747,109 |
Undistributed net investment income | | 15,130,381 |
Accumulated undistributed net realized gain (loss) on investments | | (16,643,329) |
Net unrealized appreciation (depreciation) on investments | | 174,727,882 |
Net Assets, for 66,260,951 shares outstanding | | $ 1,000,962,043 |
Net Asset Value, offering price and redemption price per share ($1,000,962,043 ÷ 66,260,951 shares) | | $ 15.11 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 15,817,571 |
| | |
Expenses | | |
Transfer agent fees | $ 1,275,421 | |
Independent trustees' compensation | 3,130 | |
Total expenses before reductions | 1,278,551 | |
Expense reductions | (612,695) | 665,856 |
Net investment income (loss) | | 15,151,715 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (14,229,259) | |
Capital gain distributions from underlying funds | 309,714 | |
Total net realized gain (loss) | | (13,919,545) |
Change in net unrealized appreciation (depreciation) on investment securities | | 108,938,683 |
Net gain (loss) | | 95,019,138 |
Net increase (decrease) in net assets resulting from operations | | $ 110,170,853 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 15,151,715 | $ 10,092,732 |
Net realized gain (loss) | (13,919,545) | (454,886) |
Change in net unrealized appreciation (depreciation) | 108,938,683 | 49,107,325 |
Net increase (decrease) in net assets resulting from operations | 110,170,853 | 58,745,171 |
Distributions to shareholders from net investment income | (525,606) | (9,902,085) |
Distributions to shareholders from net realized gain | (210,242) | (887,993) |
Total distributions | (735,848) | (10,790,078) |
Share transactions
Proceeds from sales of shares | 357,508,064 | 332,376,519 |
Reinvestment of distributions | 735,848 | 10,790,078 |
Cost of shares redeemed | (155,749,709) | (59,470,635) |
Net increase (decrease) in net assets resulting from share transactions | 202,494,203 | 283,695,962 |
Total increase (decrease) in net assets | 311,929,208 | 331,651,055 |
| | |
Net Assets | | |
Beginning of period | 689,032,835 | 357,381,780 |
End of period (including undistributed net investment income of $15,130,381 and undistributed net investment income of $504,272, respectively) | $ 1,000,962,043 | $ 689,032,835 |
Other Information Shares | | |
Sold | 25,363,164 | 26,770,366 |
Issued in reinvestment of distributions | 54,146 | 867,578 |
Redeemed | (10,877,295) | (4,741,259) |
Net increase (decrease) | 14,540,015 | 22,896,685 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.32 | $ 12.40 | $ 12.54 | $ 11.02 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .25 | .24 | .23 | .21 | .03 |
Net realized and unrealized gain (loss) | 1.55 | .91 | (.01) | 1.48 | 1.11 |
Total from investment operations | 1.80 | 1.15 | .22 | 1.69 | 1.14 |
Distributions from net investment income | (.01) | (.22) | (.19) | (.15) | (.11) |
Distributions from net realized gain | - J | (.02) | (.17) | (.03) | (.01) |
Total distributions | (.01) | (.23) I | (.36) | (.17) H | (.12) |
Net asset value, end of period | $ 15.11 | $ 13.32 | $ 12.40 | $ 12.54 | $ 11.02 |
Total Return B,C | 13.56% | 9.44% | 2.00% | 15.46% | 11.38% |
Ratios to Average Net AssetsF,G | | | | | |
Expenses before reductions | .15% | .15% | .15% | .09% | .05% A |
Expenses net of fee waivers, if any | .08% | .09% | .08% | .05% | .03% A |
Expenses net of all reductions | .08% | .09% | .08% | .05% | .03% A |
Net investment income (loss) | 1.79% | 1.91% | 1.93% | 1.83% | .64% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,000,962 | $ 689,033 | $ 357,382 | $ 150,099 | $ 10,728 |
Portfolio turnover rate G | 25% | 8% | 15% | 12% | 23% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amounts do not include the activity of the underlying funds.
H Total distributions of $.17 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.028 per share.
I Total distributions of $.23 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.019 per share.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2040 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Spartan Total Market Index Fund Class F | 61.7 | 53.7 |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.4 | 7.1 |
International Equity Funds | | |
Fidelity Series Global ex U.S. Index Fund | 27.0 | 22.9 |
Bond Funds | | |
Spartan U.S. Bond Index Fund Class F | 9.9 | 16.3 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds | 61.7% | |
| Commodity Funds | 1.4% | |
| International Equity Funds | 27.0% | |
| Bond Funds | 9.9% | |
Six months ago |
| Domestic Equity Funds | 53.7% | |
| Commodity Funds | 7.1% | |
| International Equity Funds | 22.9% | |
| Bond Funds | 16.3% | |
Annual Report
Fidelity Freedom Index 2040 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 61.7% |
| Shares | | Value |
Spartan Total Market Index Fund Class F (b)
(Cost $553,133,394) | 13,180,347 | | $ 727,555,177 |
Commodity Funds - 1.4% |
| | | |
Fidelity Series Commodity Strategy Fund Class F (a)(b)
(Cost $15,954,712) | 1,941,493 | |
16,502,693
|
International Equity Funds - 27.0% |
| | | |
Fidelity Series Global ex U.S. Index Fund (b)
(Cost $282,739,687) | 25,881,731 | |
318,086,471
|
Bond Funds - 9.9% |
| Shares | | Value |
Spartan U.S. Bond Index Fund Class F (b)
(Cost $118,096,899) | 10,187,783 | | $ 117,159,505 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $969,924,692) | | 1,179,303,846 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (54,579) |
NET ASSETS - 100% | $ 1,179,249,267 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Commodity Strategy Fund Class F | $ 73,364,708 | $ 27,567,160 | $ 78,521,981 | $ - | $ 16,502,693 |
Fidelity Series Global ex U.S. Index Fund | 178,486,716 | 144,508,599 | 26,077,409 | 5,254,408 | 318,086,471 |
Spartan Total Market Index Fund Class F | 417,883,477 | 278,336,587 | 68,782,427 | 9,582,873 | 727,555,177 |
Spartan U.S. Bond Index Fund Class F | 140,766,317 | 62,934,285 | 82,383,041 | 3,430,811 | 117,159,505 |
Total | $ 810,501,218 | $ 513,346,631 | $ 255,764,858 | $ 18,268,092 | $ 1,179,303,846 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2040 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $969,924,692) - See accompanying schedule | | $ 1,179,303,846 |
Cash | | 3 |
Receivable for investments sold | | 14,899,165 |
Receivable for fund shares sold | | 1,924,902 |
Receivable from affiliate for expense reductions | | 91,855 |
Total assets | | 1,196,219,771 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 16,823,223 | |
Transfer agent fees payable | 147,281 | |
Total liabilities | | 16,970,504 |
| | |
Net Assets | | $ 1,179,249,267 |
Net Assets consist of: | | |
Paid in capital | | $ 970,731,081 |
Undistributed net investment income | | 17,504,659 |
Accumulated undistributed net realized gain (loss) on investments | | (18,365,627) |
Net unrealized appreciation (depreciation) on investments | | 209,379,154 |
Net Assets, for 77,669,195 shares outstanding | | $ 1,179,249,267 |
Net Asset Value, offering price and redemption price per share ($1,179,249,267 ÷ 77,669,195 shares) | | $ 15.18 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 18,268,092 |
| | |
Expenses | | |
Transfer agent fees | $ 1,482,206 | |
Independent trustees' compensation | 3,634 | |
Total expenses before reductions | 1,485,840 | |
Expense reductions | (724,063) | 761,777 |
Net investment income (loss) | | 17,506,315 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (15,343,547) | |
Capital gain distributions from underlying funds | 312,888 | |
Total net realized gain (loss) | | (15,030,659) |
Change in net unrealized appreciation (depreciation) on investment securities | | 126,564,404 |
Net gain (loss) | | 111,533,745 |
Net increase (decrease) in net assets resulting from operations | | $ 129,040,060 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2040 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 17,506,315 | $ 11,816,207 |
Net realized gain (loss) | (15,030,659) | (604,593) |
Change in net unrealized appreciation (depreciation) | 126,564,404 | 60,336,914 |
Net increase (decrease) in net assets resulting from operations | 129,040,060 | 71,548,528 |
Distributions to shareholders from net investment income | (500,509) | (11,638,431) |
Distributions to shareholders from net realized gain | (250,125) | (1,086,469) |
Total distributions | (750,634) | (12,724,900) |
Share transactions Proceeds from sales of shares | 445,413,402 | 409,401,579 |
Reinvestment of distributions | 750,634 | 12,724,900 |
Cost of shares redeemed | (205,653,559) | (79,800,351) |
Net increase (decrease) in net assets resulting from share transactions | 240,510,477 | 342,326,128 |
Total increase (decrease) in net assets | 368,799,903 | 401,149,756 |
| | |
Net Assets | | |
Beginning of period | 810,449,364 | 409,299,608 |
End of period (including undistributed net investment income of $17,504,659 and undistributed net investment income of $498,853, respectively) | $ 1,179,249,267 | $ 810,449,364 |
Other Information Shares | | |
Sold | 31,421,859 | 33,057,917 |
Issued in reinvestment of distributions | 55,075 | 1,021,451 |
Redeemed | (14,492,825) | (6,356,433) |
Net increase (decrease) | 16,984,109 | 27,722,935 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.36 | $ 12.42 | $ 12.58 | $ 11.04 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .25 | .24 | .23 | .21 | .03 |
Net realized and unrealized gain (loss) | 1.58 | .93 | (.02) | 1.50 | 1.13 |
Total from investment operations | 1.83 | 1.17 | .21 | 1.71 | 1.16 |
Distributions from net investment income | (.01) | (.21) | (.20) | (.15) | (.11) |
Distributions from net realized gain | - I | (.02) | (.17) | (.03) | (.01) |
Total distributions | (.01) | (.23) | (.37) | (.17) H | (.12) |
Net asset value, end of period | $ 15.18 | $ 13.36 | $ 12.42 | $ 12.58 | $ 11.04 |
Total Return B, C | 13.72% | 9.59% | 1.92% | 15.59% | 11.58% |
Ratios to Average Net Assets F, G | | | | | |
Expenses before reductions | .15% | .15% | .15% | .08% | .05% A |
Expenses net of fee waivers, if any | .08% | .09% | .08% | .05% | .03% A |
Expenses net of all reductions | .08% | .09% | .08% | .05% | .03% A |
Net investment income (loss) | 1.78% | 1.93% | 1.91% | 1.80% | .56% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,179,249 | $ 810,449 | $ 409,300 | $ 174,164 | $ 16,259 |
Portfolio turnover rate G | 26% | 8% | 16% | 13% | 22% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amounts do not include the activity of the underlying funds.
H Total distributions of $.17 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.027 per share.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2045 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Spartan Total Market Index Fund Class F | 61.7 | 54.9 |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.4 | 7.2 |
International Equity Funds | | |
Fidelity Series Global ex U.S. Index Fund | 27.0 | 23.4 |
Bond Funds | | |
Spartan U.S. Bond Index Fund Class F | 9.9 | 14.5 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds | 61.7% | |
| Commodity Funds | 1.4% | |
| International Equity Funds | 27.0% | |
| Bond Funds | 9.9% | |
Six months ago |
| Domestic Equity Funds | 54.9% | |
| Commodity Funds | 7.2% | |
| International Equity Funds | 23.4% | |
| Bond Funds | 14.5% | |
Annual Report
Fidelity Freedom Index 2045 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 61.7% |
| Shares | | Value |
Spartan Total Market Index Fund Class F (b)
(Cost $274,462,149) | 6,454,724 | | $ 356,300,786 |
Commodity Funds - 1.4% |
| | | |
Fidelity Series Commodity Strategy Fund Class F (a)(b)
(Cost $7,849,439) | 957,537 | |
8,139,069
|
International Equity Funds - 27.0% |
| | | |
Fidelity Series Global ex U.S. Index Fund (b)
(Cost $139,190,916) | 12,677,139 | |
155,802,035
|
Bond Funds - 9.9% |
| Shares | | Value |
Spartan U.S. Bond Index Fund Class F (b)
(Cost $58,104,773) | 4,990,232 | | $ 57,387,668 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $479,607,277) | | 577,629,558 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (26,163) |
NET ASSETS - 100% | $ 577,603,395 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Commodity Strategy Fund Class F | $ 35,241,966 | $ 13,533,853 | $ 37,733,711 | $ - | $ 8,139,069 |
Fidelity Series Global ex U.S. Index Fund | 85,970,942 | 68,988,458 | 9,733,717 | 2,555,977 | 155,802,035 |
Spartan Total Market Index Fund Class F | 201,283,646 | 136,641,316 | 30,837,765 | 4,666,658 | 356,300,786 |
Spartan U.S. Bond Index Fund Class F | 57,993,087 | 28,597,560 | 27,515,479 | 1,520,781 | 57,387,668 |
Total | $ 380,489,641 | $ 247,761,187 | $ 105,820,672 | $ 8,743,416 | $ 577,629,558 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2045 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $479,607,277) - See accompanying schedule | | $ 577,629,558 |
Cash | | 1 |
Receivable for investments sold | | 5,868,368 |
Receivable for fund shares sold | | 1,340,265 |
Receivable from affiliate for expense reductions | | 45,184 |
Total assets | | 584,883,376 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 7,208,215 | |
Transfer agent fees payable | 71,766 | |
Total liabilities | | 7,279,981 |
| | |
Net Assets | | $ 577,603,395 |
Net Assets consist of: | | |
Paid in capital | | $ 479,818,058 |
Undistributed net investment income | | 8,370,933 |
Accumulated undistributed net realized gain (loss) on investments | | (8,607,877) |
Net unrealized appreciation (depreciation) on investments | | 98,022,281 |
Net Assets, for 37,709,577 shares outstanding | | $ 577,603,395 |
Net Asset Value, offering price and redemption price per share ($577,603,395 ÷ 37,709,577 shares) | | $ 15.32 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 8,743,416 |
| | |
Expenses | | |
Transfer agent fees | $ 717,880 | |
Independent trustees' compensation | 1,755 | |
Total expenses before reductions | 719,635 | |
Expense reductions | (352,629) | 367,006 |
Net investment income (loss) | | 8,376,410 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (7,315,661) | |
Capital gain distributions from underlying funds | 152,203 | |
Total net realized gain (loss) | | (7,163,458) |
Change in net unrealized appreciation (depreciation) on investment securities | | 62,515,061 |
Net gain (loss) | | 55,351,603 |
Net increase (decrease) in net assets resulting from operations | | $ 63,728,013 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 8,376,410 | $ 5,288,977 |
Net realized gain (loss) | (7,163,458) | (362,697) |
Change in net unrealized appreciation (depreciation) | 62,515,061 | 27,209,990 |
Net increase (decrease) in net assets resulting from operations | 63,728,013 | 32,136,270 |
Distributions to shareholders from net investment income | (201,896) | (5,205,081) |
Distributions to shareholders from net realized gain | (86,527) | (420,754) |
Total distributions | (288,423) | (5,625,835) |
Share transactions Proceeds from sales of shares | 235,287,532 | 206,739,422 |
Reinvestment of distributions | 288,423 | 5,625,835 |
Cost of shares redeemed | (101,878,050) | (37,291,170) |
Net increase (decrease) in net assets resulting from share transactions | 133,697,905 | 175,074,087 |
Total increase (decrease) in net assets | 197,137,495 | 201,584,522 |
| | |
Net Assets | | |
Beginning of period | 380,465,900 | 178,881,378 |
End of period (including undistributed net investment income of $8,370,933 and undistributed net investment income of $196,419, respectively) | $ 577,603,395 | $ 380,465,900 |
Other Information Shares | | |
Sold | 16,405,492 | 16,481,838 |
Issued in reinvestment of distributions | 21,022 | 449,676 |
Redeemed | (7,034,830) | (2,956,898) |
Net increase (decrease) | 9,391,684 | 13,974,616 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.44 | $ 12.47 | $ 12.63 | $ 11.05 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .25 | .25 | .23 | .21 | .03 |
Net realized and unrealized gain (loss) | 1.64 | .95 | (.04) | 1.54 | 1.14 |
Total from investment operations | 1.89 | 1.20 | .19 | 1.75 | 1.17 |
Distributions from net investment income | (.01) | (.21) | (.19) | (.14) | (.11) |
Distributions from net realized gain | - H | (.02) | (.16) | (.03) | (.01) |
Total distributions | (.01) | (.23) | (.35) | (.17) | (.12) |
Net asset value, end of period | $ 15.32 | $ 13.44 | $ 12.47 | $ 12.63 | $ 11.05 |
Total Return B, C | 14.07% | 9.76% | 1.74% | 15.91% | 11.68% |
Ratios to Average Net Assets F, G | | | | | |
Expenses before reductions | .15% | .15% | .15% | .09% | .05% A |
Expenses net of fee waivers, if any | .08% | .09% | .09% | .05% | .04% A |
Expenses net of all reductions | .08% | .09% | .09% | .05% | .04% A |
Net investment income (loss) | 1.75% | 1.95% | 1.94% | 1.83% | .67% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 577,603 | $ 380,466 | $ 178,881 | $ 53,547 | $ 4,213 |
Portfolio turnover rate G | 22% | 7% | 15% | 11% | 24% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amounts do not include the activity of the underlying funds.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2050 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Spartan Total Market Index Fund Class F | 61.7 | 55.3 |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.4 | 7.3 |
International Equity Funds | | |
Fidelity Series Global ex U.S. Index Fund | 27.0 | 23.5 |
Bond Funds | | |
Spartan U.S. Bond Index Fund Class F | 9.9 | 13.9 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds | 61.7% | |
| Commodity Funds | 1.4% | |
| International Equity Funds | 27.0% | |
| Bond Funds | 9.9% | |
Six months ago |
| Domestic Equity Funds | 55.3% | |
| Commodity Funds | 7.3% | |
| International Equity Funds | 23.5% | |
| Bond Funds | 13.9% | |
Annual Report
Fidelity Freedom Index 2050 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 61.7% |
| Shares | | Value |
Spartan Total Market Index Fund Class F (b)
(Cost $250,668,953) | 5,828,784 | | $ 321,748,874 |
Commodity Funds - 1.4% |
| | | |
Fidelity Series Commodity Strategy Fund Class F (a)(b)
(Cost $7,165,681) | 870,809 | |
7,401,876
|
International Equity Funds - 27.0% |
| | | |
Fidelity Series Global ex U.S. Index Fund (b)
(Cost $126,200,317) | 11,449,578 | |
140,715,309
|
Bond Funds - 9.9% |
| Shares | | Value |
Spartan U.S. Bond Index Fund Class F (b)
(Cost $52,655,664) | 4,506,876 | | $ 51,829,069 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $436,690,615) | | 521,695,128 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (23,433) |
NET ASSETS - 100% | $ 521,671,695 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Commodity Strategy Fund Class F | $ 30,688,057 | $ 13,820,804 | $ 34,594,386 | $ - | $ 7,401,876 |
Fidelity Series Global ex U.S. Index Fund | 74,632,682 | 68,212,769 | 11,216,267 | 2,325,495 | 140,715,309 |
Spartan Total Market Index Fund Class F | 174,572,370 | 136,980,287 | 33,202,909 | 4,226,009 | 321,748,874 |
Spartan U.S. Bond Index Fund Class F | 46,347,615 | 29,693,990 | 22,826,176 | 1,291,284 | 51,829,069 |
Total | $ 326,240,724 | $ 248,707,850 | $ 101,839,738 | $ 7,842,788 | $ 521,695,128 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2050 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $436,690,615) - See accompanying schedule | | $ 521,695,128 |
Cash | | 2 |
Receivable for investments sold | | 3,912,502 |
Receivable for fund shares sold | | 1,306,080 |
Receivable from affiliate for expense reductions | | 40,722 |
Total assets | | 526,954,434 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 5,218,183 | |
Transfer agent fees payable | 64,556 | |
Total liabilities | | 5,282,739 |
| | |
Net Assets | | $ 521,671,695 |
Net Assets consist of: | | |
Paid in capital | | $ 436,486,443 |
Undistributed net investment income | | 7,510,593 |
Accumulated undistributed net realized gain (loss) on investments | | (7,329,854) |
Net unrealized appreciation (depreciation) on investments | | 85,004,513 |
Net Assets, for 33,838,192 shares outstanding | | $ 521,671,695 |
Net Asset Value, offering price and redemption price per share ($521,671,695 ÷ 33,838,192 shares) | | $ 15.42 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 7,842,788 |
| | |
Expenses | | |
Transfer agent fees | $ 633,078 | |
Independent trustees' compensation | 1,541 | |
Total expenses before reductions | 634,619 | |
Expense reductions | (309,526) | 325,093 |
Net investment income (loss) | | 7,517,695 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (6,213,634) | |
Capital gain distributions from underlying funds | 138,474 | |
Total net realized gain (loss) | | (6,075,160) |
Change in net unrealized appreciation (depreciation) on investment securities | | 54,799,929 |
Net gain (loss) | | 48,724,769 |
Net increase (decrease) in net assets resulting from operations | | $ 56,242,464 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 7,517,695 | $ 4,416,091 |
Net realized gain (loss) | (6,075,160) | (397,117) |
Change in net unrealized appreciation (depreciation) | 54,799,929 | 23,614,291 |
Net increase (decrease) in net assets resulting from operations | 56,242,464 | 27,633,265 |
Distributions to shareholders from net investment income | (152,231) | (4,334,959) |
Distributions to shareholders from net realized gain | (76,115) | (315,418) |
Total distributions | (228,346) | (4,650,377) |
Share transactions Proceeds from sales of shares | 248,450,079 | 193,560,408 |
Reinvestment of distributions | 228,346 | 4,650,377 |
Cost of shares redeemed | (109,241,600) | (35,627,910) |
Net increase (decrease) in net assets resulting from share transactions | 139,436,825 | 162,582,875 |
Total increase (decrease) in net assets | 195,450,943 | 185,565,763 |
| | |
Net Assets | | |
Beginning of period | 326,220,752 | 140,654,989 |
End of period (including undistributed net investment income of $7,510,593 and undistributed net investment income of $145,129, respectively) | $ 521,671,695 | $ 326,220,752 |
Other Information Shares | | |
Sold | 17,208,842 | 15,362,337 |
Issued in reinvestment of distributions | 16,428 | 370,270 |
Redeemed | (7,535,793) | (2,810,438) |
Net increase (decrease) | 9,689,477 | 12,922,169 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.51 | $ 12.53 | $ 12.73 | $ 11.10 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .26 | .25 | .23 | .20 | .04 |
Net realized and unrealized gain (loss) | 1.66 | .95 | (.09) | 1.59 | 1.18 |
Total from investment operations | 1.92 | 1.20 | .14 | 1.79 | 1.22 |
Distributions from net investment income | (.01) | (.21) | (.18) | (.14) | (.11) |
Distributions from net realized gain | - I | (.02) | (.16) | (.02) | (.01) |
Total distributions | (.01) | (.22) H | (.34) | (.16) | (.12) |
Net asset value, end of period | $ 15.42 | $ 13.51 | $ 12.53 | $ 12.73 | $ 11.10 |
Total Return B, C | 14.21% | 9.75% | 1.39% | 16.19% | 12.18% |
Ratios to Average Net Assets F, G | | | | | |
Expenses before reductions | .15% | .15% | .15% | .08% | .05% A |
Expenses net of fee waivers, if any | .08% | .09% | .08% | .05% | .04% A |
Expenses net of all reductions | .08% | .09% | .08% | .05% | .04% A |
Net investment income (loss) | 1.79% | 2.02% | 1.89% | 1.72% | .81% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 521,672 | $ 326,221 | $ 140,655 | $ 36,758 | $ 1,638 |
Portfolio turnover rate G | 24% | 8% | 15% | 11% | 19% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amounts do not include the activity of the underlying funds.
H Total distributions of $.22 per share is comprised of distributions from net investment income of $.209 and distributions from net realized gain of $.015 per share.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2055 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Spartan Total Market Index Fund Class F | 61.7 | 57.7 |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.4 | 7.6 |
International Equity Funds | | |
Fidelity Series Global ex U.S. Index Fund | 27.0 | 24.5 |
Bond Funds | | |
Spartan U.S. Bond Index Fund Class F | 9.9 | 10.2 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds | 61.7% | |
| Commodity Funds | 1.4% | |
| International Equity Funds | 27.0% | |
| Bond Funds | 9.9% | |
Six months ago |
| Domestic Equity Funds | 57.7% | |
| Commodity Funds | 7.6% | |
| International Equity Funds | 24.5% | |
| Bond Funds | 10.2% | |
Annual Report
Fidelity Freedom Index 2055 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 61.7% |
| Shares | | Value |
Spartan Total Market Index Fund Class F (b)
(Cost $46,134,350) | 983,778 | | $ 54,304,573 |
Commodity Funds - 1.4% |
| | | |
Fidelity Series Commodity Strategy Fund Class F (a)(b)
(Cost $1,205,211) | 148,875 | |
1,265,436
|
International Equity Funds - 27.0% |
| | | |
Fidelity Series Global ex U.S. Index Fund (b)
(Cost $22,099,561) | 1,933,674 | |
23,764,856
|
Bond Funds - 9.9% |
| Shares | | Value |
Spartan U.S. Bond Index Fund Class F (b)
(Cost $8,823,850) | 761,146 | | $ 8,753,183 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $78,262,972) | | 88,088,048 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (3,846) |
NET ASSETS - 100% | $ 88,084,202 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Commodity Strategy Fund Class F | $ 2,975,408 | $ 3,793,226 | $ 5,226,087 | $ - | $ 1,265,436 |
Fidelity Series Global ex U.S. Index Fund | 7,225,560 | 16,756,925 | 1,545,360 | 346,647 | 23,764,856 |
Spartan Total Market Index Fund Class F | 16,861,654 | 35,683,906 | 4,408,189 | 608,483 | 54,304,573 |
Spartan U.S. Bond Index Fund Class F | 3,144,569 | 6,759,602 | 1,060,395 | 145,667 | 8,753,183 |
Total | $ 30,207,191 | $ 62,993,659 | $ 12,240,031 | $ 1,100,797 | $ 88,088,048 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2055 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $78,262,972) - See accompanying schedule | | $ 88,088,048 |
Receivable for fund shares sold | | 527,918 |
Receivable from affiliate for expense reductions | | 6,777 |
Total assets | | 88,622,743 |
| | |
Liabilities | | |
Payable for investments purchased | $ 348,360 | |
Payable for fund shares redeemed | 179,488 | |
Transfer agent fees payable | 10,693 | |
Total liabilities | | 538,541 |
| | |
Net Assets | | $ 88,084,202 |
Net Assets consist of: | | |
Paid in capital | | $ 78,992,182 |
Undistributed net investment income | | 35,045 |
Accumulated undistributed net realized gain (loss) on investments | | (768,101) |
Net unrealized appreciation (depreciation) on investments | | 9,825,076 |
Net Assets, for 7,296,775 shares outstanding | | $ 88,084,202 |
Net Asset Value, offering price and redemption price per share ($88,084,202 ÷ 7,296,775 shares) | | $ 12.07 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 1,100,797 |
| | |
Expenses | | |
Transfer agent fees | $ 87,240 | |
Independent trustees' compensation | 203 | |
Total expenses before reductions | 87,443 | |
Expense reductions | (39,574) | 47,869 |
Net investment income (loss) | | 1,052,928 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (669,029) | |
Capital gain distributions from underlying funds | 20,636 | |
Total net realized gain (loss) | | (648,393) |
Change in net unrealized appreciation (depreciation) on investment securities | | 7,796,256 |
Net gain (loss) | | 7,147,863 |
Net increase (decrease) in net assets resulting from operations | | $ 8,200,791 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2055 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,052,928 | $ 322,252 |
Net realized gain (loss) | (648,393) | (63,543) |
Change in net unrealized appreciation (depreciation) | 7,796,256 | 1,945,207 |
Net increase (decrease) in net assets resulting from operations | 8,200,791 | 2,203,916 |
Distributions to shareholders from net investment income | (1,023,210) | (318,679) |
Distributions to shareholders from net realized gain | (21,734) | (20,452) |
Total distributions | (1,044,944) | (339,131) |
Share transactions Proceeds from sales of shares | 68,264,589 | 31,041,974 |
Reinvestment of distributions | 1,044,944 | 339,131 |
Cost of shares redeemed | (18,586,625) | (10,971,866) |
Net increase (decrease) in net assets resulting from share transactions | 50,722,908 | 20,409,239 |
Total increase (decrease) in net assets | 57,878,755 | 22,274,024 |
| | |
Net Assets | | |
Beginning of period | 30,205,447 | 7,931,423 |
End of period (including undistributed net investment income of $35,045 and undistributed net investment income of $6,223, respectively) | $ 88,084,202 | $ 30,205,447 |
Other Information Shares | | |
Sold | 5,994,072 | 3,087,682 |
Issued in reinvestment of distributions | 88,319 | 34,273 |
Redeemed | (1,616,753) | (1,095,160) |
Net increase (decrease) | 4,465,638 | 2,026,795 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 E |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.67 | $ 9.86 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .21 | .21 | .14 |
Net realized and unrealized gain (loss) | 1.36 | .77 | (.01) |
Total from investment operations | 1.57 | .98 | .13 |
Distributions from net investment income | (.17) | (.16) | (.13) |
Distributions from net realized gain | - H | (.01) | (.14) |
Total distributions | (.17) | (.17) | (.27) |
Net asset value, end of period | $ 12.07 | $ 10.67 | $ 9.86 |
Total Return B, C | 14.76% | 10.05% | 1.61% |
Ratios to Average Net Assets F, G | | | |
Expenses before reductions | .15% | .15% | .15% A |
Expenses net of fee waivers, if any | .08% | .09% | .07% A |
Expenses net of all reductions | .08% | .09% | .07% A |
Net investment income (loss) | 1.82% | 2.06% | 1.82% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 88,084 | $ 30,205 | $ 7,931 |
Portfolio turnover rate G | 21% | 19% | 14% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E For the period June 1, 2011 (commencement of operations) to March 31, 2012.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amounts do not include the activity of the underlying funds.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended March 31, 2014
1. Organization.
Fidelity Freedom Index Income Fund, Fidelity Freedom Index 2000 Fund, Fidelity Freedom Index 2005 Fund, Fidelity Freedom Index 2010 Fund, Fidelity Freedom Index 2015 Fund, Fidelity Freedom Index 2020 Fund, Fidelity Freedom Index 2025 Fund, Fidelity Freedom Index 2030 Fund, Fidelity Freedom Index 2035 Fund, Fidelity Freedom Index 2040 Fund, Fidelity Freedom Index 2045 Fund, Fidelity Freedom Index 2050 Fund and Fidelity Freedom Index 2055 Fund (the Funds) are funds of Fidelity Aberdeen Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2014, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, capital loss carryforwards and losses deferred due to wash sales.
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized
appreciation | Gross unrealized
depreciation | Net unrealized
appreciation
(depreciation) on
securities and
other investments |
Fidelity Freedom Index Income Fund | $ 158,564,163 | $ 8,290,024 | $ (1,919,908) | $ 6,370,116 |
Fidelity Freedom Index 2000 Fund | 54,933,589 | 3,601,257 | (509,725) | 3,091,532 |
Fidelity Freedom Index 2005 Fund | 60,952,891 | 5,919,669 | (468,336) | 5,451,333 |
Fidelity Freedom Index 2010 Fund | 380,767,276 | 52,793,943 | (2,771,125) | 50,022,818 |
Fidelity Freedom Index 2015 Fund | 728,029,778 | 106,218,164 | (5,483,250) | 100,734,914 |
Fidelity Freedom Index 2020 Fund | 1,768,469,376 | 255,337,720 | (12,928,035) | 242,409,685 |
Fidelity Freedom Index 2025 Fund | 1,151,948,804 | 203,372,301 | (7,257,953) | 196,114,348 |
Fidelity Freedom Index 2030 Fund | 1,435,269,894 | 272,833,095 | (3,800,086) | 269,033,009 |
Fidelity Freedom Index 2035 Fund | 828,680,340 | 173,599,104 | (1,270,295) | 172,328,809 |
Fidelity Freedom Index 2040 Fund | 972,760,800 | 208,542,260 | (1,999,214) | 206,543,046 |
Fidelity Freedom Index 2045 Fund | 481,141,909 | 97,675,728 | (1,188,079) | 96,487,649 |
Fidelity Freedom Index 2050 Fund | 438,304,031 | 84,671,992 | (1,280,895) | 83,391,097 |
Fidelity Freedom Index 2055 Fund | 78,467,196 | 9,768,160 | (147,308) | 9,620,852 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| Undistributed
ordinary income | Capital loss
carryforward | Net unrealized
appreciation
(depreciation) |
Fidelity Freedom Index Income Fund | $ 936,606 | $ (216,128) | $ 6,370,116 |
Fidelity Freedom Index 2000 Fund | 975,057 | (161,834) | 3,091,532 |
Fidelity Freedom Index 2005 Fund | 1,067,557 | (306,369) | 5,451,333 |
Fidelity Freedom Index 2010 Fund | 7,198,103 | (3,397,762) | 50,022,818 |
Fidelity Freedom Index 2015 Fund | 14,671,247 | (8,958,463) | 100,734,914 |
Fidelity Freedom Index 2020 Fund | 33,528,261 | (22,432,374) | 242,409,685 |
Fidelity Freedom Index 2025 Fund | 22,959,405 | (16,414,398) | 196,114,348 |
Fidelity Freedom Index 2030 Fund | 27,980,264 | (24,449,993) | 269,033,009 |
Fidelity Freedom Index 2035 Fund | 15,380,928 | (14,494,804) | 172,328,809 |
Fidelity Freedom Index 2040 Fund | 17,738,472 | (15,763,332) | 206,543,046 |
Fidelity Freedom Index 2045 Fund | 8,485,809 | (7,188,121) | 96,487,649 |
Fidelity Freedom Index 2050 Fund | 7,610,188 | (5,816,032) | 83,391,097 |
Fidelity Freedom Index 2055 Fund | 35,046 | (563,877) | 9,620,852 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | Long-term | Total capital
loss carryforward |
Fidelity Freedom Index Income Fund | $ (122,120) | $ (94,008) | $ (216,128) |
Fidelity Freedom Index 2000 Fund | (18,327) | (143,507) | (161,834) |
Fidelity Freedom Index 2005 Fund | (69,766) | (236,603) | (306,369) |
Fidelity Freedom Index 2010 Fund | (267,802) | (3,129,960) | (3,397,762) |
Fidelity Freedom Index 2015 Fund | (1,796,620) | (7,161,843) | (8,958,463) |
Fidelity Freedom Index 2020 Fund | (4,463,159) | (17,969,215) | (22,432,374) |
Fidelity Freedom Index 2025 Fund | (3,017,544) | (13,396,854) | (16,414,398) |
Fidelity Freedom Index 2030 Fund | (5,228,763) | (19,221,230) | (24,449,993) |
Fidelity Freedom Index 2035 Fund | (2,934,224) | (11,560,580) | (14,494,804) |
Fidelity Freedom Index 2040 Fund | (3,473,786) | (12,289,546) | (15,763,332) |
Fidelity Freedom Index 2045 Fund | (1,940,429) | (5,247,692) | (7,188,121) |
Fidelity Freedom Index 2050 Fund | (1,821,344) | (3,994,688) | (5,816,032) |
Fidelity Freedom Index 2055 Fund | (264,692) | (299,185) | (563,877) |
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The tax character of distributions paid was as follows:
March 31, 2014 | | | |
| Ordinary Income | Long-term
Capital Gains | Total |
Fidelity Freedom Index Income Fund | $ 1,665,442 | $ 164,661 | $ 1,830,103 |
Fidelity Freedom Index 2000 Fund | 90,069 | 95,364 | 185,433 |
Fidelity Freedom Index 2005 Fund | 74,307 | 106,152 | 180,459 |
Fidelity Freedom Index 2010 Fund | 535,474 | 1,011,451 | 1,546,925 |
Fidelity Freedom Index 2015 Fund | 1,082,906 | 703,888 | 1,786,794 |
Fidelity Freedom Index 2020 Fund | 2,428,786 | 1,156,564 | 3,585,350 |
Fidelity Freedom Index 2025 Fund | 1,289,281 | 530,866 | 1,820,147 |
Fidelity Freedom Index 2030 Fund | 1,707,894 | 474,415 | 2,182,309 |
Fidelity Freedom Index 2035 Fund | 683,287 | 52,561 | 735,848 |
Fidelity Freedom Index 2040 Fund | 750,634 | - | 750,634 |
Fidelity Freedom Index 2045 Fund | 230,738 | 57,685 | 288,423 |
Fidelity Freedom Index 2050 Fund | 177,603 | 50,743 | 228,346 |
Fidelity Freedom Index 2055 Fund | 1,044,944 | - | 1,044,944 |
March 31, 2013 | | | |
| Ordinary Income | Long-term
Capital Gains | Total |
Fidelity Freedom Index Income Fund | $ 1,565,762 | $ 144,118 | $ 1,709,880 |
Fidelity Freedom Index 2000 Fund | 738,460 | 88,559 | 827,019 |
Fidelity Freedom Index 2005 Fund | 801,118 | 43,628 | 844,746 |
Fidelity Freedom Index 2010 Fund | 5,948,030 | 467,986 | 6,416,016 |
Fidelity Freedom Index 2015 Fund | 10,867,557 | 615,442 | 11,482,999 |
Fidelity Freedom Index 2020 Fund | 22,683,347 | 1,490,847 | 24,174,194 |
Fidelity Freedom Index 2025 Fund | 15,717,961 | 581,731 | 16,299,692 |
Fidelity Freedom Index 2030 Fund | 19,338,904 | 1,055,950 | 20,394,854 |
Fidelity Freedom Index 2035 Fund | 10,462,923 | 327,155 | 10,790,078 |
Fidelity Freedom Index 2040 Fund | 12,282,773 | 442,127 | 12,724,900 |
Fidelity Freedom Index 2045 Fund | 5,477,334 | 148,501 | 5,625,835 |
Fidelity Freedom Index 2050 Fund | 4,545,238 | 105,139 | 4,650,377 |
Fidelity Freedom Index 2055 Fund | 332,995 | 6,136 | 339,131 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| Purchases ($) | Redemptions ($) |
Fidelity Freedom Index Income Fund | 92,018,196 | 61,473,543 |
Fidelity Freedom Index 2000 Fund | 28,615,102 | 30,003,504 |
Fidelity Freedom Index 2005 Fund | 32,367,734 | 31,099,778 |
Fidelity Freedom Index 2010 Fund | 196,452,529 | 150,233,193 |
Fidelity Freedom Index 2015 Fund | 336,464,333 | 224,347,667 |
Fidelity Freedom Index 2020 Fund | 896,274,859 | 427,334,474 |
Fidelity Freedom Index 2025 Fund | 527,380,525 | 248,464,940 |
Fidelity Freedom Index 2030 Fund | 827,842,861 | 464,055,814 |
Fidelity Freedom Index 2035 Fund | 431,058,172 | 213,835,795 |
Fidelity Freedom Index 2040 Fund | 513,346,631 | 255,764,858 |
Fidelity Freedom Index 2045 Fund | 247,761,187 | 105,820,672 |
Fidelity Freedom Index 2050 Fund | 248,707,850 | 101,839,738 |
Fidelity Freedom Index 2055 Fund | 62,993,659 | 12,240,031 |
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates.
Management Fee. Strategic Advisers, Inc. (the investment adviser), an affiliate of FMR, provides the Funds with investment management related services. The Funds do not pay any fees for these services.
Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding the transfer agent fees, the compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .15% based on each Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
5. Expense Reductions.
FMR contractually agreed to reimburse each Fund to the extent annual operating expenses, including acquired fund fees and expenses, exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through May 31, 2016. Some expenses, for example interest expense, are excluded from this reimbursement.
The following Funds were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from affiliate |
Fidelity Freedom Index Income Fund | .19%/.16%* | $ 94,999 |
Fidelity Freedom Index 2000 Fund | .19%/.16%* | 40,572 |
Fidelity Freedom Index 2005 Fund | .19%/.16%* | 45,343 |
Fidelity Freedom Index 2010 Fund | .19%/.16%* | 251,695 |
Fidelity Freedom Index 2015 Fund | .19%/.16%* | 475,930 |
Fidelity Freedom Index 2020 Fund | .19%/.16%* | 1,058,350 |
Fidelity Freedom Index 2025 Fund | .19%/.16%* | 749,879 |
Fidelity Freedom Index 2030 Fund | .19%/.16%* | 958,772 |
Fidelity Freedom Index 2035 Fund | .19%/.16%* | 612,695 |
Fidelity Freedom Index 2040 Fund | .19%/.16%* | 724,063 |
Fidelity Freedom Index 2045 Fund | .19%/.16%* | 352,629 |
Fidelity Freedom Index 2050 Fund | .19%/.16%* | 309,526 |
Fidelity Freedom Index 2055 Fund | .19%/.16%* | 39,574 |
* Expense limitation effective December 1, 2013.
6. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Freedom Index Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
Fund | Fidelity Freedom
Index 2020 | Fidelity Freedom
Index 2025 | Fidelity Freedom
Index 2030 | Fidelity Freedom
Index 2035 | Fidelity Freedom
Index 2040 |
Fidelity Series Global ex U.S. Index Fund | 17% | 13% | 19% | 12% | 14% |
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
Fund | % of shares held |
Fidelity Series Global ex U.S. Index Fund | 100% |
Spartan Total Market Index Fund | 21% |
Annual Report
7. Proposed Reorganization.
The Board of Trustees of Fidelity Freedom Index 2000 Fund and Fidelity Freedom Index Income Fund approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Freedom Index 2000 Fund and Fidelity Freedom Index Income Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Freedom Index 2000 Fund in exchange for shares of Fidelity Freedom Index Income Fund equal in value to the net assets of Fidelity Freedom Index 2000 Fund on the day the reorganization is effective. The reorganization does not require shareholder approval and is expected to become effective during July 2014. The reorganization is expected to qualify as a tax-free transaction with no gain or loss recognized by the funds or their shareholders.
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Aberdeen Street Trust and the Shareholders of Fidelity Freedom Index Income Fund, Fidelity Freedom Index 2000 Fund, Fidelity Freedom Index 2005 Fund, Fidelity Freedom Index 2010 Fund, Fidelity Freedom Index 2015 Fund, Fidelity Freedom Index 2020 Fund, Fidelity Freedom Index 2025 Fund, Fidelity Freedom Index 2030 Fund, Fidelity Freedom Index 2035 Fund, Fidelity Freedom Index 2040 Fund, Fidelity Freedom Index 2045 Fund, Fidelity Freedom Index 2050 Fund and Fidelity Freedom Index 2055 Fund:
We have audited the accompanying statements of assets and liabilities of Fidelity Freedom Index Income Fund, Fidelity Freedom Index 2000 Fund, Fidelity Freedom Index 2005 Fund, Fidelity Freedom Index 2010 Fund, Fidelity Freedom Index 2015 Fund, Fidelity Freedom Index 2020 Fund, Fidelity Freedom Index 2025 Fund, Fidelity Freedom Index 2030 Fund, Fidelity Freedom Index 2035 Fund, Fidelity Freedom Index 2040 Fund, Fidelity Freedom Index 2045 Fund, Fidelity Freedom Index 2050 Fund and Fidelity Freedom Index 2055 Fund, including the schedules of investments, as of March 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2014, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Freedom Index Income Fund, Fidelity Freedom Index 2000 Fund, Fidelity Freedom Index 2005 Fund, Fidelity Freedom Index 2010 Fund, Fidelity Freedom Index 2015 Fund, Fidelity Freedom Index 2020 Fund, Fidelity Freedom Index 2025 Fund, Fidelity Freedom Index 2030 Fund, Fidelity Freedom Index 2035 Fund, Fidelity Freedom Index 2040 Fund, Fidelity Freedom Index 2045 Fund, Fidelity Freedom Index 2050 Fund and Fidelity Freedom Index 2055 Fund as of March 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 20, 2014
Annual Report
The Trustees and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Fidelity Freedom Index Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fidelity Freedom Index Fund's activities, review contractual arrangements with companies that provide services to each Fidelity Freedom Index Fund, oversee management of the risks associated with such activities and contractual arrangements, and review each Fidelity Freedom Index Fund's performance. If the interests of a Fidelity Freedom Index Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Fidelity Freedom Index Funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers and the Trustees would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for Elizabeth S. Acton and James C. Curvey, each of the Trustees oversees 223 funds. Ms. Acton oversees 205 funds. Mr. Curvey oversees 395 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds (Independent Trustee), shall retire not later than the last day of the month in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The officers hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Funds' Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Albert R. Gamper, Jr. serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Funds' Trustees."
Annual Report
Trustees and Officers - continued
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ |
James C. Curvey (1935) |
Year of Election or Appointment: 2007 Trustee |
| Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp. |
Abigail P. Johnson (1961) |
Year of Election or Appointment: 2009 Trustee Chairman of the Board of Trustees |
| Ms. Johnson also serves as Trustee of other Fidelity funds. Ms. Johnson serves as President of FMR LLC (2013-present), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related. |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ |
Elizabeth S. Acton (1951) |
Year of Election or Appointment: 2013 Trustee |
| Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). |
Albert R. Gamper, Jr. (1942) |
Year of Election or Appointment: 2006 Trustee Chairman of the Independent Trustees |
| Mr. Gamper also serves as Trustee of other Fidelity funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Barnabas Health Care System. Previously, Mr. Gamper served as Vice Chairman of the Independent Trustees of certain Fidelity funds (2011-2012) and as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Robert F. Gartland (1951) |
Year of Election or Appointment: 2010 Trustee |
| Mr. Gartland also serves as Trustee of other Fidelity funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007). |
Arthur E. Johnson (1947) |
Year of Election or Appointment: 2008 Trustee |
| Mr. Johnson also serves as Trustee of other Fidelity funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson. |
Michael E. Kenneally (1954) |
Year of Election or Appointment: 2009 Trustee |
| Mr. Kenneally also serves as Trustee of other Fidelity funds. Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity funds before joining the Board of Trustees (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
James H. Keyes (1940) |
Year of Election or Appointment: 2007 Trustee |
| Mr. Keyes also serves as Trustee of other Fidelity funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (1946) |
Year of Election or Appointment: 2001 Trustee Vice Chairman of the Independent Trustees |
| Ms. Knowles also serves as Trustee of other Fidelity funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). |
Kenneth L. Wolfe (1939) |
Year of Election or Appointment: 2005 Trustee |
| Mr. Wolfe also serves as Trustee of other Fidelity funds. Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009). Mr. Wolfe previously served as Chairman of the Independent Trustees of other Fidelity funds (2008-2012). |
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Officers:
Correspondence intended for each officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation |
Elizabeth Paige Baumann (1968) |
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer |
| Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012). |
Marc Bryant (1966) |
Year of Election or Appointment: 2013 Assistant Secretary |
| Mr. Bryant also serves as an officer of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC. Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006). |
Jonathan Davis (1968) |
Year of Election or Appointment: 2010 Assistant Treasurer |
| Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010). |
Adrien E. Deberghes (1967) |
Year of Election or Appointment: 2010 Assistant Treasurer |
| Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). |
Stephanie J. Dorsey (1969) |
Year of Election or Appointment: 2013 President and Treasurer |
| Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank. |
Scott C. Goebel (1968) |
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) |
| Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001. |
Bruce T. Herring (1965) |
Year of Election or Appointment: 2013 Vice President of Fidelity's Asset Allocation Funds |
| Mr. Herring also serves as Vice President of other funds. He serves as Chief Investment Officer of Fidelity Global Asset Allocation (GAA) (2013-present), Group Chief Investment Officer of FMR, and President of Fidelity Research & Analysis Company (2010-present). Previously, Mr. Herring served as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-2013), Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007), and as a portfolio manager for Fidelity U.S. Equity Funds. |
Chris Maher (1972) |
Year of Election or Appointment: 2013 Assistant Treasurer |
| Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010). |
Charles S. Morrison (1960) |
Year of Election or Appointment: 2012 Vice President |
| Mr. Morrison also serves as Trustee or Vice President of other funds. He serves as President, Asset Management (2014-present) and is an employee of Fidelity Investments. Previously, Mr. Morrison served as President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division. |
Christine Reynolds (1958) |
Year of Election or Appointment: 2008 Chief Financial Officer |
| Ms. Reynolds also serves as Chief Financial Officer of other funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). |
Kenneth B. Robins (1969) |
Year of Election or Appointment: 2009 Assistant Treasurer |
| Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles. |
Stephen Sadoski (1971) |
Year of Election or Appointment: 2013 Deputy Treasurer |
| Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009). |
Stacie M. Smith (1974) |
Year of Election or Appointment: 2013 Assistant Treasurer |
| Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). |
Renee Stagnone (1975) |
Year of Election or Appointment: 2013 Deputy Treasurer |
| Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments. |
Michael H. Whitaker (1967) |
Year of Election or Appointment: 2008 Chief Compliance Officer |
| Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel. |
Derek L. Young (1964) |
Year of Election or Appointment: 2009 Vice President of Fidelity's Asset Allocation Funds |
| Mr. Young also serves as Trustee or an officer of other funds. He is President and a Director of Strategic Advisers, Inc. (2011-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of Pyramis Global Advisors, LLC (2011-present). Previously, Mr. Young served as Chief Investment Officer of GAA (2009-2011) and as a portfolio manager. |
Joseph F. Zambello (1957) |
Year of Election or Appointment: 2011 Deputy Treasurer |
| Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009). |
Annual Report
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Freedom Index Income Fund | 05/05/2014 | 05/02/2014 | $0.015 | $0.054 |
Fidelity Freedom Index 2000 Fund | 05/12/2014 | 05/09/2014 | $0.127 | $0.054 |
Fidelity Freedom Index 2005 Fund | 05/12/2014 | 05/09/2014 | $0.154 | $0.048 |
Fidelity Freedom Index 2010 Fund | 05/12/2014 | 05/09/2014 | $0.170 | $0.047 |
Fidelity Freedom Index 2015 Fund | 05/12/2014 | 05/09/2014 | $0.190 | $0.044 |
Fidelity Freedom Index 2020 Fund | 05/12/2014 | 05/09/2014 | $0.191 | $0.035 |
Fidelity Freedom Index 2025 Fund | 05/12/2014 | 05/09/2014 | $0.217 | $0.024 |
Fidelity Freedom Index 2030 Fund | 05/12/2014 | 05/09/2014 | $0.223 | $0.013 |
Fidelity Freedom Index 2035 Fund | 05/12/2014 | 05/09/2014 | $0.225 | $0.004 |
Fidelity Freedom Index 2040 Fund | 05/12/2014 | 05/09/2014 | $0.222 | $0.003 |
Fidelity Freedom Index 2045 Fund | 05/12/2014 | 05/09/2014 | $0.218 | $0.003 |
Fidelity Freedom Index 2050 Fund | 05/12/2014 | 05/09/2014 | $0.217 | $0.003 |
Fidelity Freedom Index 2055 Fund | 05/12/2014 | 05/09/2014 | $0.006 | $0.000 |
A percentage of the dividends distributed during the fiscal year for the following funds was derived from interest on U.S. Government securities which is generally exempt from state income tax:
Fidelity Freedom Index Income Fund | 45.63% |
Fidelity Freedom Index 2000 Fund | 44.60% |
Fidelity Freedom Index 2005 Fund | 34.67% |
Fidelity Freedom Index 2010 Fund | 31.60% |
Fidelity Freedom Index 2015 Fund | 27.84% |
Fidelity Freedom Index 2020 Fund | 23.34% |
Fidelity Freedom Index 2025 Fund | 16.53% |
Fidelity Freedom Index 2030 Fund | 9.88% |
Fidelity Freedom Index 2035 Fund | 4.83% |
Fidelity Freedom Index 2040 Fund | 4.25% |
Fidelity Freedom Index 2045 Fund | 3.91% |
Fidelity Freedom Index 2050 Fund | 3.69% |
Fidelity Freedom Index 2055 Fund | 2.85% |
The funds will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.
Annual Report
Fidelity Freedom K® Funds -
Income, 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055
Annual Report
March 31, 2014
(Fidelity Cover Art)
Contents
Annual Report
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2014 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Annual Report
Fidelity Freedom K® Income Fund
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom K® Income Fund | 4.07% | 6.77% |
A From July 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® Income Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom K® 2000 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom K® 2000 Fund | 3.99% | 6.91% |
A From July 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2000 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom K® 2005 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom K® 2005 Fund | 6.48% | 9.45% |
A From July 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2005 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom K® 2010 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom K® 2010 Fund | 8.34% | 10.76% |
A From July 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2010 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom K® 2015 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom K® 2015 Fund | 9.00% | 11.13% |
A From July 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2015 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
Annual Report
Fidelity Freedom K® 2020 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom K® 2020 Fund | 9.95% | 12.22% |
A From July 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2020 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2025 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom K® 2025 Fund | 12.13% | 13.29% |
A From July 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2025 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2030 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom K® 2030 Fund | 13.20% | 13.86% |
A From July 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2030 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2035 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom K® 2035 Fund | 14.83% | 14.48% |
A From July 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2035 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2040 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom K® 2040 Fund | 15.20% | 14.68% |
A From July 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2040 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2045 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom K® 2045 Fund | 15.52% | 14.88% |
A From July 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2045 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2050 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom K® 2050 Fund | 15.60% | 14.97% |
A From July 2, 2009.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2050 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2055 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2014 | Past 1
year | Life of
fund A |
Fidelity Freedom K® 2055 Fund | 16.15% | 9.38% |
A From June 1, 2011
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2055 Fund on June 1, 2011, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
-
Annual Report
Market Recap: U.S. stocks overcame fears of higher rates and a volatile January to post their strongest gains in four years. The S&P 500® Index returned 21.86% for the 12 months ending March 31, 2014, amid the lowest volatility since before the 2007-08 financial crisis. The index ended the period near all-time highs, buoyed by U.S. Federal Reserve policies that balanced stimulus reductions with low interest rates. Stock valuations remained only slightly above long-term averages, supported by corporate profits that more than doubled in the past five years. Most defensive groups lagged in a risk-taking environment; although that changed in the first quarter of 2014 when historically defensive utility stocks led a tepid market advance amid rising tension in Ukraine, fear of a slowing economy in China and a late-January decline for momentum stocks. Health care stocks within the S&P 500® led all sectors over the 12-month period for the first time since the corresponding 2009 year, as new insurance programs and a favorable drug-approval environment raised earnings-growth expectations. Aerospace and defense achieved one of its strongest returns in more than two decades. Reflecting economic optimism, the growth-oriented Nasdaq Composite Index® rose 30.18% and the small-cap Russell 2000® Index rose 24.90%, the latter posting a record 7th-straight quarterly gain.
While stocks rose, bonds with a high sensitivity to interest rate changes performed poorly for much of the period as the Fed made plans to cut back on its asset purchases aimed at stimulating the economy. The Barclays® U.S. Aggregate Bond Index, representing investment-grade debt, returned -0.10%, compared with its long-term average annual return of 8.13%. High-yield investments led all fixed-income sectors as they continued to rally alongside equities; The BofA Merrill LynchSM US High Yield Constrained Index returned 7.52%, as investors accepted more risk in exchange for typically higher yields.
Comments from Andrew Dierdorf and Christopher Sharpe, Co-Portfolio Managers of Fidelity Freedom K® Funds: On an absolute basis, each Freedom K Fund posted a positive return for the 12 months ending March 31, 2014. The longer-dated Funds delivered the highest absolute returns; however, on a relative basis, each Fund lagged its respective Composite index. The Funds' U.S. equity holdings, in aggregate, finished behind the 22.58% return of their asset-class benchmark, the Dow Jones U.S. Total Stock Market IndexSM. An out-of-benchmark allocation to Fidelity® Series Commodity Strategy Fund hurt relative results. Other notable detractors included Fidelity® Series Equity-Income Fund and Fidelity Series Stock Selector Large Cap Value Fund. On the positive side, Fidelity Series Growth Company Fund, Fidelity Series Blue Chip Growth Fund and Fidelity Series Opportunistic Insights Fund were among the leading contributors. The Funds' non-U.S. holdings, in aggregate, also underperformed their asset-class benchmark. Fidelity Series Emerging Markets Fund was the biggest detractor; Fidelity Series International Growth Fund also hurt. Fidelity Series International Small Cap Fund helped. Note: On January 1, 2014, the non-U.S. equity asset-class benchmark was changed from the MSCI EAFE Index to the MSCI ACWI (All Country World Index) ex USA Index, which includes exposure to emerging markets. In bonds, the Funds' underlying investments, in aggregate, exceeded the slightly negative result for the fixed income asset-class benchmark, the Barclays® U.S. Aggregate Bond Index. Here, the Funds' allocation to Fidelity Series Investment Grade Bond Fund helped, as did allocations to Fidelity Series High Income Fund, Fidelity Series Floating Rate High Income Fund and Fidelity Series Real Estate Income Fund. Conversely, the Funds' investment in Fidelity Series Emerging Markets Debt Fund and Fidelity Series Inflation-Protected Bond Index Fund detracted.
Note to shareholders: Fidelity Freedom K® 2000 Fund has changed its asset allocation over time, following its predetermined glide path, and its allocations now match those of Fidelity Freedom K® Income Fund. As described in the Funds' prospectus, once the Funds' asset allocations match, the Fidelity Freedom K® Funds' Board of Trustees may approve combining the Fund with Fidelity Freedom K Income Fund if the Board determines that the combination is in the best interest of the Fund and its shareholders.
At its May meeting, the Board of Trustees unanimously approved combining Fidelity Freedom K 2000 Fund with Fidelity Freedom K Income Fund. For more detailed information, please contact Fidelity at 1-800-835-5092.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
Annual Report
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2013 to March 31, 2014).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013 to March 31, 2014 |
Fidelity Freedom K® Income Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,031.90 | $ .25 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2000 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,031.70 | $ .25 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2005 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,042.90 | $ .25 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2010 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,051.00 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2015 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,055.60 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2020 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,059.80 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2025 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,068.00 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2030 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,074.30 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2035 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,077.50 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
| Annualized
Expense Ratio B | Beginning
Account Value
October 1, 2013 | Ending
Account Value
March 31, 2014 | Expenses Paid
During Period*
October 1, 2013 to March 31, 2014 |
Fidelity Freedom K® 2040 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,079.10 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2045 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,079.50 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2050 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,079.80 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2055 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,081.50 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
Annual Report
Fidelity Freedom K® Income Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund Class F | 0.5 | 0.0 |
Fidelity Series 1000 Value Index Fund Class F | 0.3 | 0.0 |
Fidelity Series All-Sector Equity Fund Class F | 1.9 | 2.0 |
Fidelity Series Blue Chip Growth Fund Class F | 1.6 | 0.0 |
Fidelity Series Commodity Strategy Fund Class F | 1.1 | 1.9 |
Fidelity Series Equity-Income Fund Class F | 2.5 | 1.3 |
Fidelity Series Growth & Income Fund Class F | 1.9 | 0.5 |
Fidelity Series Growth Company Fund Class F | 1.9 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund Class F | 1.2 | 1.0 |
Fidelity Series Opportunistic Insights Fund Class F | 1.2 | 1.0 |
Fidelity Series Real Estate Equity Fund Class F | 0.2 | 0.2 |
Fidelity Series Small Cap Discovery Fund Class F | 0.3 | 0.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 1.0 | 0.6 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 1.6 | 1.2 |
Fidelity Blue Chip Growth Fund Class F | 0.0 | 1.5 |
Fidelity Growth Company Fund Class F | 0.0 | 1.9 |
Fidelity Series 100 Index Fund | 0.0 | 0.4 |
Fidelity Series Large Cap Value Fund Class F | 0.0 | 1.1 |
Fidelity Small Cap Growth Fund Class F | 0.0 | 0.3 |
Fidelity Small Cap Value Fund Class F | 0.0 | 0.3 |
| 17.2 | 15.2 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 1.4 | 1.2 |
Fidelity Series International Growth Fund Class F | 2.5 | 2.1 |
Fidelity Series International Small Cap Fund Class F | 0.6 | 0.4 |
Fidelity Series International Value Fund Class F | 2.6 | 2.0 |
| 7.1 | 5.7 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.5 |
Fidelity Series Floating Rate High Income Fund Class F | 1.1 | 1.2 |
Fidelity Series High Income Fund Class F | 5.0 | 4.9 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.9 | 11.0 |
Fidelity Series Investment Grade Bond Fund Class F | 35.9 | 21.6 |
Fidelity Series Real Estate Income Fund Class F | 0.4 | 0.3 |
| 45.9 | 39.5 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 16.4 | 21.8 |
Fidelity Short-Term Bond Fund Class F | 13.4 | 17.8 |
| 29.8 | 39.6 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
 | Domestic Equity Funds** | 17.2% | |
 | International Equity Funds | 7.1% | |
 | Bond Funds | 45.9% | |
 | Short-Term Funds | 29.8% | |
Six months ago |
| Domestic Equity Funds** | 15.2% | |
| International Equity Funds | 5.7% | |
| Bond Funds | 39.5% | |
| Short-Term Funds | 39.6% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom K® Income Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 17.2% |
| Shares | | Value |
Fidelity Series 100 Index Fund Class F (c) | 615,194 | | $ 7,486,906 |
Fidelity Series 1000 Value Index Fund Class F (c) | 472,927 | | 5,050,857 |
Fidelity Series All-Sector Equity Fund Class F (c) | 2,093,188 | | 29,534,883 |
Fidelity Series Blue Chip Growth Fund Class F (c) | 2,200,715 | | 23,833,744 |
Fidelity Series Commodity Strategy Fund Class F (a)(c) | 1,922,421 | | 16,340,582 |
Fidelity Series Equity-Income Fund Class F (c) | 3,032,722 | | 37,909,024 |
Fidelity Series Growth & Income Fund Class F (c) | 2,178,816 | | 28,302,817 |
Fidelity Series Growth Company Fund Class F (c) | 2,720,253 | | 29,487,542 |
Fidelity Series Intrinsic Opportunities Fund Class F (c) | 1,305,114 | | 18,154,142 |
Fidelity Series Opportunistic Insights Fund Class F (c) | 1,263,556 | | 17,651,876 |
Fidelity Series Real Estate Equity Fund Class F (c) | 261,232 | | 3,375,120 |
Fidelity Series Small Cap Discovery Fund Class F (c) | 433,556 | | 4,478,629 |
Fidelity Series Small Cap Opportunities Fund Class F (c) | 1,061,115 | | 14,473,615 |
Fidelity Series Stock Selector Large Cap Value Fund Class F (c) | 1,956,084 | | 24,509,730 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $227,573,025) |
260,589,467
|
International Equity Funds - 7.1% |
| | | |
Fidelity Series Emerging Markets Fund Class F (c) | 1,261,438 | | 21,684,123 |
Fidelity Series International Growth Fund Class F (c) | 2,674,534 | | 37,951,632 |
Fidelity Series International Small Cap Fund Class F (c) | 560,817 | | 9,102,058 |
Fidelity Series International Value Fund Class F (c) | 3,418,233 | | 38,113,298 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $87,819,342) |
106,851,111
|
Bond Funds - 45.9% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund Class F (c) | 898,366 | | $ 9,163,332 |
Fidelity Series Floating Rate High Income Fund Class F (c) | 1,664,685 | | 17,412,605 |
Fidelity Series High Income Fund Class F (c) | 7,132,694 | | 75,535,231 |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c) | 4,412,247 | | 43,504,752 |
Fidelity Series Investment Grade Bond Fund Class F (c) | 48,169,584 | | 542,389,512 |
Fidelity Series Real Estate Income Fund Class F (c) | 508,002 | | 5,730,266 |
TOTAL BOND FUNDS (Cost $697,958,988) |
693,735,698
|
Short-Term Funds - 29.8% |
| | | |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c) | 246,990,533 | | 246,990,533 |
Fidelity Short-Term Bond Fund Class F (c) | 23,573,430 | | 202,495,760 |
TOTAL SHORT-TERM FUNDS (Cost $446,316,394) |
449,486,293
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,459,667,749) | | 1,510,662,569 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (59,359) |
NET ASSETS - 100% | $ 1,510,603,210 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund Class F | $ 21,399,323 | $ 4,698,745 | $ 29,107,261 | $ 81,813 | $ - |
Fidelity Disciplined Equity Fund Class F | 4,651,346 | 42,516 | 4,916,585 | - | - |
Fidelity Growth Company Fund Class F | 28,422,283 | 4,359,442 | 38,072,471 | - | - |
Fidelity Institutional Money Market Portfolio Class F | 339,166,529 | 37,431,596 | 129,607,594 | 308,712 | 246,990,533 |
Fidelity Series 100 Index Fund | 7,242,026 | 1,303,565 | 9,484,959 | 138,752 | - |
Fidelity Series 100 Index Fund Class F | - | 8,004,164 | 828,380 | - | 7,486,906 |
Fidelity Series 1000 Value Index Fund Class F | - | 5,165,284 | 428,075 | 17,207 | 5,050,857 |
Fidelity Series All-Sector Equity Fund Class F | 31,398,973 | 5,492,109 | 10,495,569 | 334,573 | 29,534,883 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Blue Chip Growth Fund Class F | $ - | $ 27,860,117 | $ 6,026,822 | $ 28,539 | $ 23,833,744 |
Fidelity Series Commodity Strategy Fund Class F | 29,920,383 | 3,942,850 | 15,934,888 | - | 16,340,582 |
Fidelity Series Emerging Markets Debt Fund Class F | 7,995,783 | 2,914,212 | 1,252,424 | 448,008 | 9,163,332 |
Fidelity Series Emerging Markets Fund Class F | 18,984,480 | 7,235,532 | 4,890,249 | 268,709 | 21,684,123 |
Fidelity Series Equity-Income Fund Class F | 19,446,821 | 34,202,870 | 18,958,144 | 540,235 | 37,909,024 |
Fidelity Series Floating Rate High Income Fund Class F | 17,924,383 | 2,908,213 | 3,128,238 | 795,844 | 17,412,605 |
Fidelity Series Growth & Income Fund Class F (formerly Fidelity Series Mega Cap Fund Class F) | 7,114,397 | 23,490,967 | 4,411,332 | 178,443 | 28,302,817 |
Fidelity Series Growth Company Fund Class F | - | 33,478,338 | 6,436,413 | 28,734 | 29,487,542 |
Fidelity Series High Income Fund Class F | 77,747,119 | 12,778,447 | 15,567,429 | 4,185,406 | 75,535,231 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 178,639,922 | 19,442,598 | 141,868,823 | 72,073 | 43,504,752 |
Fidelity Series International Growth Fund Class F | 31,280,623 | 10,558,421 | 7,522,249 | 324,112 | 37,951,632 |
Fidelity Series International Small Cap Fund Class F | 6,410,334 | 3,509,653 | 1,946,292 | 82,309 | 9,102,058 |
Fidelity Series International Value Fund Class F | 31,172,842 | 18,525,044 | 15,642,520 | 885,699 | 38,113,298 |
Fidelity Series Intrinsic Opportunities Fund Class F | 13,156,895 | 4,804,092 | 3,031,220 | 214,535 | 18,154,142 |
Fidelity Series Investment Grade Bond Fund Class F | 336,789,194 | 284,797,020 | 71,964,929 | 10,561,363 | 542,389,512 |
Fidelity Series Large Cap Value Fund Class F | 18,154,852 | 6,027,561 | 22,456,911 | 232,254 | - |
Fidelity Series Opportunistic Insights Fund Class F | 14,233,295 | 3,314,915 | 3,763,203 | 24,101 | 17,651,876 |
Fidelity Series Real Estate Equity Fund Class F | 2,859,599 | 1,115,041 | 565,257 | 56,977 | 3,375,120 |
Fidelity Series Real Estate Income Fund Class F | 5,738,540 | 1,143,434 | 966,929 | 322,231 | 5,730,266 |
Fidelity Series Small Cap Discovery Fund Class F | - | 4,783,165 | 453,385 | 5,902 | 4,478,629 |
Fidelity Series Small Cap Opportunities Fund Class F | 8,187,311 | 7,967,227 | 2,709,541 | 10,956 | 14,473,615 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 19,520,184 | 10,170,358 | 7,476,242 | 277,599 | 24,509,730 |
Fidelity Short-Term Bond Fund Class F | 279,344,535 | 30,992,656 | 107,437,838 | 2,365,619 | 202,495,760 |
Fidelity Small Cap Growth Fund Class F | 4,297,566 | 711,474 | 5,372,147 | - | - |
Fidelity Small Cap Value Fund Class F | 4,588,276 | 524,676 | 5,381,089 | 12,379 | - |
Total | $ 1,565,787,814 | $ 623,696,302 | $ 698,105,408 | $ $22,803,084 | $ 1,510,662,569 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® Income Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $1,459,667,749) - See accompanying schedule | | $ 1,510,662,569 |
Receivable for investments sold | | 5,789,415 |
Receivable for fund shares sold | | 2,073,062 |
Total assets | | 1,518,525,046 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 7,862,435 | |
Transfer agent fees payable | 59,401 | |
Total liabilities | | 7,921,836 |
| | |
Net Assets | | $ 1,510,603,210 |
Net Assets consist of: | | |
Paid in capital | | $ 1,421,845,012 |
Undistributed net investment income | | 2,162,978 |
Accumulated undistributed net realized gain (loss) on investments | | 35,600,400 |
Net unrealized appreciation (depreciation) on investments | | 50,994,820 |
Net Assets, for 124,956,246 shares outstanding | | $ 1,510,603,210 |
Net Asset Value, offering price and redemption price per share ($1,510,603,210 ÷ 124,956,246 shares) | | $ 12.09 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 22,803,084 |
| | |
Expenses | | |
Transfer agent fees | $ 737,411 | |
Independent trustees' compensation | 5,939 | |
Total expenses | | 743,350 |
Net investment income (loss) | | 22,059,734 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 18,055,670 | |
Capital gain distributions from underlying funds | 19,446,138 | |
Total net realized gain (loss) | | 37,501,808 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 1,228,266 |
Net gain (loss) | | 38,730,074 |
Net increase (decrease) in net assets resulting from operations | | $ 60,789,808 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 22,059,734 | $ 19,506,145 |
Net realized gain (loss) | 37,501,808 | 29,007,460 |
Change in net unrealized appreciation (depreciation) | 1,228,266 | 19,854,338 |
Net increase (decrease) in net assets resulting from operations | 60,789,808 | 68,367,943 |
Distributions to shareholders from net investment income | (21,494,679) | (19,271,276) |
Distributions to shareholders from net realized gain | (13,588,645) | (20,877,308) |
Total distributions | (35,083,324) | (40,148,584) |
Share transactions
Proceeds from sales of shares | 647,109,876 | 753,193,034 |
Reinvestment of distributions | 35,083,324 | 40,148,584 |
Cost of shares redeemed | (763,019,417) | (537,169,540) |
Net increase (decrease) in net assets resulting from share transactions | (80,826,217) | 256,172,078 |
Total increase (decrease) in net assets | (55,119,733) | 284,391,437 |
| | |
Net Assets | | |
Beginning of period | 1,565,722,943 | 1,281,331,506 |
End of period (including undistributed net investment income of $2,162,978 and undistributed net investment income of $1,597,923, respectively) | $ 1,510,603,210 | $ 1,565,722,943 |
Other Information Shares | | |
Sold | 54,544,970 | 64,260,405 |
Issued in reinvestment of distributions | 2,955,331 | 3,441,371 |
Redeemed | (64,289,080) | (45,842,631) |
Net increase (decrease) | (6,788,779) | 21,859,145 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.88 | $ 11.66 | $ 11.64 | $ 11.10 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .17 | .16 | .19 | .20 | .17 |
Net realized and unrealized gain (loss) | .31 | .39 | .21 | .61 | 1.09 |
Total from investment operations | .48 | .55 | .40 | .81 | 1.26 |
Distributions from net investment income | (.16) | (.16) | (.18) | (.18) | (.13) |
Distributions from net realized gain | (.10) | (.17) | (.19) | (.09) | (.03) |
Total distributions | (.27) H | (.33) | (.38) G | (.27) | (.16) |
Net asset value, end of period | $ 12.09 | $ 11.88 | $ 11.66 | $ 11.64 | $ 11.10 |
Total Return B | 4.07% | 4.77% | 3.50% | 7.37% | 12.66% |
Ratios to Average Net Assets D, F | | | | | |
Expenses before reductions | .05% | .05% | .05% | .05% | .05% A |
Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% A |
Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% A |
Net investment income (loss) | 1.41% | 1.37% | 1.67% | 1.77% | 2.18% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,510,603 | $ 1,565,723 | $ 1,281,332 | $ 636,056 | $ 123,777 |
Portfolio turnover rate D | 40% | 17% | 20% | 32% | 32% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E For the period July 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
G Total distributions of $.38 per share is comprised of distributions from net investment income of $.182 and distributions from net realized gain of $.194 per share.
H Total distributions of $.27 per share is comprised of distributions from net investment income of $.164 and distributions from net realized gain of $.102 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2000 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund Class F | 0.5 | 0.0 |
Fidelity Series 1000 Value Index Fund Class F | 0.3 | 0.0 |
Fidelity Series All-Sector Equity Fund Class F | 2.0 | 2.0 |
Fidelity Series Blue Chip Growth Fund Class F | 1.6 | 0.0 |
Fidelity Series Commodity Strategy Fund Class F | 1.2 | 1.9 |
Fidelity Series Equity-Income Fund Class F | 2.5 | 1.3 |
Fidelity Series Growth & Income Fund Class F | 1.9 | 0.5 |
Fidelity Series Growth Company Fund Class F | 2.0 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund Class F | 1.2 | 1.0 |
Fidelity Series Opportunistic Insights Fund Class F | 1.2 | 1.0 |
Fidelity Series Real Estate Equity Fund Class F | 0.2 | 0.2 |
Fidelity Series Small Cap Discovery Fund Class F | 0.3 | 0.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 0.9 | 0.6 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 1.7 | 1.2 |
Fidelity Blue Chip Growth Fund Class F | 0.0 | 1.5 |
Fidelity Growth Company Fund Class F | 0.0 | 1.9 |
Fidelity Series 100 Index Fund | 0.0 | 0.5 |
Fidelity Series Large Cap Value Fund Class F | 0.0 | 1.0 |
Fidelity Small Cap Growth Fund Class F | 0.0 | 0.3 |
Fidelity Small Cap Value Fund Class F | 0.0 | 0.3 |
| 17.5 | 15.2 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 1.5 | 1.2 |
Fidelity Series International Growth Fund Class F | 2.5 | 2.0 |
Fidelity Series International Small Cap Fund Class F | 0.6 | 0.4 |
Fidelity Series International Value Fund Class F | 2.5 | 2.0 |
| 7.1 | 5.6 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.5 |
Fidelity Series Floating Rate High Income Fund Class F | 1.1 | 1.1 |
Fidelity Series High Income Fund Class F | 5.0 | 4.9 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.9 | 11.0 |
Fidelity Series Investment Grade Bond Fund Class F | 35.7 | 21.6 |
Fidelity Series Real Estate Income Fund Class F | 0.4 | 0.4 |
| 45.7 | 39.5 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 16.3 | 21.8 |
Fidelity Short-Term Bond Fund Class F | 13.4 | 17.9 |
| 29.7 | 39.7 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 17.5% | |
| International Equity Funds | 7.1% | |
| Bond Funds | 45.7% | |
| Short-Term Funds | 29.7% | |
Six months ago |
| Domestic Equity Funds** | 15.2% | |
| International Equity Funds | 5.6% | |
| Bond Funds | 39.5% | |
| Short-Term Funds | 39.7% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom K® 2000 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 17.5% |
| Shares | | Value |
Fidelity Series 100 Index Fund Class F (c) | 281,225 | | $ 3,422,511 |
Fidelity Series 1000 Value Index Fund Class F (c) | 216,352 | | 2,310,637 |
Fidelity Series All-Sector Equity Fund Class F (c) | 976,784 | | 13,782,424 |
Fidelity Series Blue Chip Growth Fund Class F (c) | 1,002,100 | | 10,852,746 |
Fidelity Series Commodity Strategy Fund Class F (a)(c) | 965,519 | | 8,206,915 |
Fidelity Series Equity-Income Fund Class F (c) | 1,386,696 | | 17,333,700 |
Fidelity Series Growth & Income Fund Class F (c) | 1,011,965 | | 13,145,426 |
Fidelity Series Growth Company Fund Class F (c) | 1,246,879 | | 13,516,170 |
Fidelity Series Intrinsic Opportunities Fund Class F (c) | 593,402 | | 8,254,215 |
Fidelity Series Opportunistic Insights Fund Class F (c) | 574,914 | | 8,031,546 |
Fidelity Series Real Estate Equity Fund Class F (c) | 116,272 | | 1,502,236 |
Fidelity Series Small Cap Discovery Fund Class F (c) | 205,850 | | 2,126,432 |
Fidelity Series Small Cap Opportunities Fund Class F (c) | 482,308 | | 6,578,678 |
Fidelity Series Stock Selector Large Cap Value Fund Class F (c) | 917,737 | | 11,499,248 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $105,261,231) |
120,562,884
|
International Equity Funds - 7.1% |
| | | |
Fidelity Series Emerging Markets Fund Class F (c) | 603,626 | | 10,376,325 |
Fidelity Series International Growth Fund Class F (c) | 1,211,789 | | 17,195,291 |
Fidelity Series International Small Cap Fund Class F (c) | 254,311 | | 4,127,470 |
Fidelity Series International Value Fund Class F (c) | 1,553,921 | | 17,326,214 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $39,936,261) |
49,025,300
|
Bond Funds - 45.7% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund Class F (c) | 387,593 | | $ 3,953,447 |
Fidelity Series Floating Rate High Income Fund Class F (c) | 763,549 | | 7,986,726 |
Fidelity Series High Income Fund Class F (c) | 3,270,513 | | 34,634,733 |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c) | 2,001,102 | | 19,730,868 |
Fidelity Series Investment Grade Bond Fund Class F (c) | 21,784,771 | | 245,296,526 |
Fidelity Series Real Estate Income Fund Class F (c) | 223,571 | | 2,521,883 |
TOTAL BOND FUNDS (Cost $315,754,077) |
314,124,183
|
Short-Term Funds - 29.7% |
| | | |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c) | 112,120,172 | | 112,120,172 |
Fidelity Short-Term Bond Fund Class F (c) | 10,700,222 | | 91,914,903 |
TOTAL SHORT-TERM FUNDS (Cost $202,260,471) |
204,035,075
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $663,212,040) | | 687,747,442 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (26,897) |
NET ASSETS - 100% | $ 687,720,545 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund Class F | $ 10,367,354 | $ 2,065,850 | $ 13,850,179 | $ 38,060 | $ - |
Fidelity Disciplined Equity Fund Class F | 2,272,153 | 8,875 | 2,389,469 | - | - |
Fidelity Growth Company Fund Class F | 13,841,156 | 1,841,137 | 18,193,271 | - | - |
Fidelity Institutional Money Market Portfolio Class F | 165,948,123 | 11,425,310 | 65,253,261 | 144,993 | 112,120,172 |
Fidelity Series 100 Index Fund | 3,503,980 | 434,038 | 4,379,652 | 63,377 | - |
Fidelity Series 100 Index Fund Class F | - | 3,625,183 | 345,170 | - | 3,422,511 |
Fidelity Series 1000 Value Index Fund Class F | - | 2,347,193 | 180,596 | 7,798 | 2,310,637 |
Fidelity Series All-Sector Equity Fund Class F | 15,197,543 | 2,295,523 | 5,228,915 | 149,867 | 13,782,424 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Blue Chip Growth Fund Class F | $ - | $ 12,753,789 | $ 2,828,008 | $ 13,029 | $ 10,852,746 |
Fidelity Series Commodity Strategy Fund Class F | 14,657,088 | 1,484,305 | 7,224,226 | - | 8,206,915 |
Fidelity Series Emerging Markets Debt Fund Class F | 4,128,883 | 902,315 | 829,351 | 211,099 | 3,953,447 |
Fidelity Series Emerging Markets Fund Class F | 9,247,573 | 3,104,338 | 2,154,891 | 122,497 | 10,376,325 |
Fidelity Series Equity-Income Fund Class F | 9,701,289 | 12,899,902 | 6,748,893 | 254,321 | 17,333,700 |
Fidelity Series Floating Rate High Income Fund Class F | 8,951,472 | 1,045,335 | 1,879,469 | 369,773 | 7,986,726 |
Fidelity Series Growth & Income Fund Class F (formerly Fidelity Series Mega Cap Fund Class F) | 3,546,946 | 13,734,079 | 5,168,060 | 83,681 | 13,145,426 |
Fidelity Series Growth Company Fund Class F | - | 15,347,439 | 2,980,624 | 13,288 | 13,516,170 |
Fidelity Series High Income Fund Class F | 38,372,819 | 4,603,883 | 8,601,650 | 1,954,224 | 34,634,733 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 87,252,419 | 7,466,335 | 69,047,405 | 32,757 | 19,730,868 |
Fidelity Series International Growth Fund Class F | 15,297,286 | 4,227,069 | 4,043,539 | 147,725 | 17,195,291 |
Fidelity Series International Small Cap Fund Class F | 3,125,927 | 1,458,553 | 989,757 | 37,516 | 4,127,470 |
Fidelity Series International Value Fund Class F | 15,195,142 | 8,521,630 | 8,343,557 | 403,630 | 17,326,214 |
Fidelity Series Intrinsic Opportunities Fund Class F | 6,402,479 | 1,851,347 | 1,528,605 | 98,918 | 8,254,215 |
Fidelity Series Investment Grade Bond Fund Class F | 164,573,090 | 121,765,335 | 37,591,555 | 4,885,603 | 245,296,526 |
Fidelity Series Large Cap Value Fund Class F | 8,877,379 | 2,682,177 | 10,807,369 | 106,227 | - |
Fidelity Series Opportunistic Insights Fund Class F | 7,095,962 | 1,238,863 | 2,131,118 | 11,058 | 8,031,546 |
Fidelity Series Real Estate Equity Fund Class F | 1,315,668 | 531,120 | 323,495 | 25,842 | 1,502,236 |
Fidelity Series Real Estate Income Fund Class F | 2,865,016 | 371,173 | 624,455 | 148,570 | 2,521,883 |
Fidelity Series Small Cap Discovery Fund Class F | - | 2,273,156 | 217,949 | 2,842 | 2,126,432 |
Fidelity Series Small Cap Opportunities Fund Class F | 3,972,675 | 3,502,756 | 1,377,426 | 4,986 | 6,578,678 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 9,741,259 | 4,165,705 | 3,514,557 | 125,518 | 11,499,248 |
Fidelity Short-Term Bond Fund Class F | 136,491,569 | 9,737,575 | 54,125,157 | 1,105,932 | 91,914,903 |
Fidelity Small Cap Growth Fund Class F | 2,095,648 | 306,870 | 2,574,478 | - | - |
Fidelity Small Cap Value Fund Class F | 2,242,805 | 216,652 | 2,587,141 | 5,876 | - |
Total | $ 766,280,703 | $ 260,234,810 | $ 348,063,248 | $ 10,569,007 | $ 687,747,442 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2000 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $663,212,040) - See accompanying schedule | | $ 687,747,442 |
Receivable for investments sold | | 3,895 |
Receivable for fund shares sold | | 635,706 |
Total assets | | 688,387,043 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 639,504 | |
Transfer agent fees payable | 26,994 | |
Total liabilities | | 666,498 |
| | |
Net Assets | | $ 687,720,545 |
Net Assets consist of: | | |
Paid in capital | | $ 633,218,322 |
Undistributed net investment income | | 10,200,203 |
Accumulated undistributed net realized gain (loss) on investments | | 19,766,618 |
Net unrealized appreciation (depreciation) on investments | | 24,535,402 |
Net Assets, for 55,544,397 shares outstanding | | $ 687,720,545 |
Net Asset Value, offering price and redemption price per share ($687,720,545 ÷ 55,544,397 shares) | | $ 12.38 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 10,569,007 |
| | |
Expenses | | |
Transfer agent fees | $ 344,627 | |
Independent trustees' compensation | 2,792 | |
Total expenses | | 347,419 |
Net investment income (loss) | | 10,221,588 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 11,846,548 | |
Capital gain distributions from underlying funds | 8,876,194 | |
Total net realized gain (loss) | | 20,722,742 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (2,551,848) |
Net gain (loss) | | 18,170,894 |
Net increase (decrease) in net assets resulting from operations | | $ 28,392,482 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2000 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 10,221,588 | $ 9,986,493 |
Net realized gain (loss) | 20,722,742 | 14,801,169 |
Change in net unrealized appreciation (depreciation) | (2,551,848) | 10,236,408 |
Net increase (decrease) in net assets resulting from operations | 28,392,482 | 35,024,070 |
Distributions to shareholders from net investment income | (1,768,093) | (10,127,602) |
Distributions to shareholders from net realized gain | (6,819,787) | (10,962,080) |
Total distributions | (8,587,880) | (21,089,682) |
Share transactions
Proceeds from sales of shares | 202,394,866 | 317,129,847 |
Reinvestment of distributions | 8,587,880 | 21,089,682 |
Cost of shares redeemed | (309,315,702) | (248,577,057) |
Net increase (decrease) in net assets resulting from share transactions | (98,332,956) | 89,642,472 |
Total increase (decrease) in net assets | (78,528,354) | 103,576,860 |
| | |
Net Assets | | |
Beginning of period | 766,248,899 | 662,672,039 |
End of period (including undistributed net investment income of $10,200,203 and undistributed net investment income of $1,745,849, respectively) | $ 687,720,545 | $ 766,248,899 |
Other Information Shares | | |
Sold | 16,804,633 | 26,708,564 |
Issued in reinvestment of distributions | 715,657 | 1,790,935 |
Redeemed | (25,639,149) | (20,902,745) |
Net increase (decrease) | (8,118,859) | 7,596,754 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.04 | $ 11.82 | $ 11.83 | $ 11.20 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .17 | .16 | .19 | .20 | .19 |
Net realized and unrealized gain (loss) | .31 | .40 | .20 | .65 | 1.12 |
Total from investment operations | .48 | .56 | .39 | .85 | 1.31 |
Distributions from net investment income | (.03) | (.16) | (.17) | (.14) | (.06) |
Distributions from net realized gain | (.11) | (.18) | (.24) | (.08) | (.05) |
Total distributions | (.14) | (.34) | (.40) G | (.22) | (.11) |
Net asset value, end of period | $ 12.38 | $ 12.04 | $ 11.82 | $ 11.83 | $ 11.20 |
Total Return B | 3.99% | 4.84% | 3.41% | 7.68% | 13.12% |
Ratios to Average Net Assets D, F | | | | | |
Expenses before reductions | .05% | .05% | .05% | .05% | .05% A |
Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% A |
Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% A |
Net investment income (loss) | 1.40% | 1.37% | 1.65% | 1.74% | 2.40% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 687,721 | $ 766,249 | $ 662,672 | $ 415,186 | $ 87,474 |
Portfolio turnover rate D | 36% | 20% | 22% | 36% | 35% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E For the period July 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
G Total distributions of $.40 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.235 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2005 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund Class F | 0.9 | 0.0 |
Fidelity Series 1000 Value Index Fund Class F | 0.6 | 0.0 |
Fidelity Series All-Sector Equity Fund Class F | 3.1 | 3.2 |
Fidelity Series Blue Chip Growth Fund Class F | 2.8 | 0.0 |
Fidelity Series Commodity Strategy Fund Class F | 1.1 | 3.5 |
Fidelity Series Equity-Income Fund Class F | 4.1 | 2.2 |
Fidelity Series Growth & Income Fund Class F | 3.3 | 0.9 |
Fidelity Series Growth Company Fund Class F | 3.3 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund Class F | 2.1 | 1.6 |
Fidelity Series Opportunistic Insights Fund Class F | 2.0 | 1.7 |
Fidelity Series Real Estate Equity Fund Class F | 0.4 | 0.3 |
Fidelity Series Small Cap Discovery Fund Class F | 0.6 | 0.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 1.7 | 0.9 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 2.8 | 1.9 |
Fidelity Blue Chip Growth Fund Class F | 0.0 | 2.5 |
Fidelity Growth Company Fund Class F | 0.0 | 3.0 |
Fidelity Series 100 Index Fund | 0.0 | 0.7 |
Fidelity Series Large Cap Value Fund Class F | 0.0 | 1.6 |
Fidelity Small Cap Growth Fund Class F | 0.0 | 0.5 |
Fidelity Small Cap Value Fund Class F | 0.0 | 0.5 |
| 28.8 | 25.0 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 2.5 | 2.1 |
Fidelity Series International Growth Fund Class F | 4.2 | 3.3 |
Fidelity Series International Small Cap Fund Class F | 1.0 | 0.7 |
Fidelity Series International Value Fund Class F | 4.3 | 3.3 |
| 12.0 | 9.4 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
Fidelity Series Floating Rate High Income Fund Class F | 1.1 | 1.2 |
Fidelity Series High Income Fund Class F | 5.4 | 4.8 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.2 | 8.8 |
Fidelity Series Investment Grade Bond Fund Class F | 30.0 | 17.9 |
Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.4 |
| 39.8 | 33.7 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 10.7 | 17.5 |
Fidelity Short-Term Bond Fund Class F | 8.7 | 14.4 |
| 19.4 | 31.9 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 28.8% | |
| International Equity Funds | 12.0% | |
| Bond Funds | 39.8% | |
| Short-Term Funds | 19.4% | |
Six months ago |
| Domestic Equity Funds** | 25.0% | |
| International Equity Funds | 9.4% | |
| Bond Funds | 33.7% | |
| Short-Term Funds | 31.9% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom K® 2005 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 28.8% |
| Shares | | Value |
Fidelity Series 100 Index Fund Class F (c) | 342,885 | | $ 4,172,909 |
Fidelity Series 1000 Value Index Fund Class F (c) | 263,399 | | 2,813,100 |
Fidelity Series All-Sector Equity Fund Class F (c) | 1,086,798 | | 15,334,718 |
Fidelity Series Blue Chip Growth Fund Class F (c) | 1,247,065 | | 13,505,714 |
Fidelity Series Commodity Strategy Fund Class F (a)(c) | 650,512 | | 5,529,348 |
Fidelity Series Equity-Income Fund Class F (c) | 1,607,087 | | 20,088,587 |
Fidelity Series Growth & Income Fund Class F (c) | 1,228,472 | | 15,957,846 |
Fidelity Series Growth Company Fund Class F (c) | 1,467,458 | | 15,907,241 |
Fidelity Series Intrinsic Opportunities Fund Class F (c) | 747,384 | | 10,396,106 |
Fidelity Series Opportunistic Insights Fund Class F (c) | 709,362 | | 9,909,787 |
Fidelity Series Real Estate Equity Fund Class F (c) | 149,882 | | 1,936,478 |
Fidelity Series Small Cap Discovery Fund Class F (c) | 260,367 | | 2,689,594 |
Fidelity Series Small Cap Opportunities Fund Class F (c) | 595,143 | | 8,117,753 |
Fidelity Series Stock Selector Large Cap Value Fund Class F (c) | 1,107,809 | | 13,880,843 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $122,446,441) |
140,240,024
|
International Equity Funds - 12.0% |
| | | |
Fidelity Series Emerging Markets Fund Class F (c) | 699,880 | | 12,030,943 |
Fidelity Series International Growth Fund Class F (c) | 1,458,742 | | 20,699,555 |
Fidelity Series International Small Cap Fund Class F (c) | 286,917 | | 4,656,665 |
Fidelity Series International Value Fund Class F (c) | 1,883,551 | | 21,001,598 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $47,943,096) |
58,388,761
|
Bond Funds - 39.8% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund Class F (c) | 293,430 | | $ 2,992,990 |
Fidelity Series Floating Rate High Income Fund Class F (c) | 536,020 | | 5,606,765 |
Fidelity Series High Income Fund Class F (c) | 2,493,082 | | 26,401,733 |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c) | 1,069,217 | | 10,542,477 |
Fidelity Series Investment Grade Bond Fund Class F (c) | 12,970,992 | | 146,053,367 |
Fidelity Series Real Estate Income Fund Class F (c) | 199,632 | | 2,251,851 |
TOTAL BOND FUNDS (Cost $194,293,101) |
193,849,183
|
Short-Term Funds - 19.4% |
| | | |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c) | 51,961,906 | | 51,961,906 |
Fidelity Short-Term Bond Fund Class F (c) | 4,954,493 | | 42,559,093 |
TOTAL SHORT-TERM FUNDS (Cost $93,863,531) |
94,520,999
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $458,546,169) | | 486,998,967 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (18,620) |
NET ASSETS - 100% | $ 486,980,347 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund Class F | $ 11,815,761 | $ 2,575,266 | $ 16,005,369 | $ 41,226 | $ - |
Fidelity Disciplined Equity Fund Class F | 2,578,747 | 28,754 | 2,729,159 | - | - |
Fidelity Growth Company Fund Class F | 15,272,824 | 2,314,781 | 20,348,355 | - | - |
Fidelity Institutional Money Market Portfolio Class F | 82,320,523 | 18,197,141 | 48,555,759 | 74,687 | 51,961,906 |
Fidelity Series 100 Index Fund | 3,957,039 | 714,699 | 5,139,708 | 72,400 | - |
Fidelity Series 100 Index Fund Class F | - | 4,396,345 | 388,570 | - | 4,172,909 |
Fidelity Series 1000 Value Index Fund Class F | - | 2,930,907 | 268,393 | 8,533 | 2,813,100 |
Fidelity Series All-Sector Equity Fund Class F | 17,062,392 | 3,738,638 | 7,119,957 | 166,751 | 15,334,718 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Blue Chip Growth Fund Class F | $ - | $ 14,739,579 | $ 2,298,441 | $ 14,842 | $ 13,505,714 |
Fidelity Series Commodity Strategy Fund Class F | 18,712,743 | 3,897,133 | 15,660,152 | - | 5,529,348 |
Fidelity Series Emerging Markets Debt Fund Class F | 3,081,086 | 688,519 | 579,133 | 163,858 | 2,992,990 |
Fidelity Series Emerging Markets Fund Class F | 10,249,384 | 3,773,874 | 2,221,192 | 136,291 | 12,030,943 |
Fidelity Series Equity-Income Fund Class F | 10,757,552 | 17,151,269 | 9,520,023 | 287,035 | 20,088,587 |
Fidelity Series Floating Rate High Income Fund Class F | 5,430,822 | 1,394,538 | 1,126,307 | 249,513 | 5,606,765 |
Fidelity Series Growth & Income Fund Class F (formerly Fidelity Series Mega Cap Fund Class F) | 3,927,382 | 15,316,342 | 4,436,463 | 94,847 | 15,957,846 |
Fidelity Series Growth Company Fund Class F | - | 16,867,145 | 2,256,560 | 15,230 | 15,907,241 |
Fidelity Series High Income Fund Class F | 23,964,069 | 7,994,932 | 5,748,774 | 1,330,929 | 26,401,733 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 45,159,502 | 7,433,603 | 38,901,408 | 17,154 | 10,542,477 |
Fidelity Series International Growth Fund Class F | 16,729,213 | 7,486,050 | 5,419,035 | 164,351 | 20,699,555 |
Fidelity Series International Small Cap Fund Class F | 3,426,173 | 1,953,657 | 1,302,329 | 41,742 | 4,656,665 |
Fidelity Series International Value Fund Class F | 16,533,675 | 10,737,786 | 8,374,799 | 449,054 | 21,001,598 |
Fidelity Series Intrinsic Opportunities Fund Class F | 6,130,497 | 4,487,950 | 1,813,683 | 110,709 | 10,396,106 |
Fidelity Series Investment Grade Bond Fund Class F | 89,545,578 | 85,238,003 | 26,751,678 | 2,796,787 | 146,053,367 |
Fidelity Series Large Cap Value Fund Class F | 9,996,897 | 3,369,947 | 12,539,928 | 112,027 | - |
Fidelity Series Opportunistic Insights Fund Class F | 7,852,073 | 2,746,933 | 2,751,455 | 12,941 | 9,909,787 |
Fidelity Series Real Estate Equity Fund Class F | 1,520,576 | 787,786 | 364,204 | 30,783 | 1,936,478 |
Fidelity Series Real Estate Income Fund Class F | 2,333,416 | 478,160 | 484,435 | 128,449 | 2,251,851 |
Fidelity Series Small Cap Discovery Fund Class F | - | 2,854,557 | 252,808 | 3,048 | 2,689,594 |
Fidelity Series Small Cap Opportunities Fund Class F | 4,532,355 | 4,834,154 | 1,815,352 | 5,592 | 8,117,753 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 10,807,598 | 6,670,354 | 4,793,056 | 144,967 | 13,880,843 |
Fidelity Short-Term Bond Fund Class F | 67,453,619 | 15,298,371 | 40,086,485 | 563,995 | 42,559,093 |
Fidelity Small Cap Growth Fund Class F | 2,384,563 | 472,153 | 3,054,792 | - | - |
Fidelity Small Cap Value Fund Class F | 2,548,398 | 369,450 | 3,063,512 | 6,371 | - |
Total | $ 496,084,457 | $ 271,938,776 | $ 296,171,274 | $ 7,244,112 | $ 486,998,967 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2005 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $458,546,169) - See accompanying schedule | | $ 486,998,967 |
Receivable for investments sold | | 1,171,550 |
Receivable for fund shares sold | | 638,812 |
Total assets | | 488,809,329 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,560,445 | |
Payable for fund shares redeemed | 249,603 | |
Transfer agent fees payable | 18,934 | |
Total liabilities | | 1,828,982 |
| | |
Net Assets | | $ 486,980,347 |
Net Assets consist of: | | |
Paid in capital | | $ 432,738,150 |
Undistributed net investment income | | 7,003,175 |
Accumulated undistributed net realized gain (loss) on investments | | 18,786,224 |
Net unrealized appreciation (depreciation) on investments | | 28,452,798 |
Net Assets, for 35,765,353 shares outstanding | | $ 486,980,347 |
Net Asset Value, offering price and redemption price per share ($486,980,347 ÷ 35,765,353 shares) | | $ 13.62 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 7,244,112 |
| | |
Expenses | | |
Transfer agent fees | $ 233,936 | |
Independent trustees' compensation | 1,883 | |
Total expenses | | 235,819 |
Net investment income (loss) | | 7,008,293 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 11,484,380 | |
Capital gain distributions from underlying funds | 8,489,678 | |
Total net realized gain (loss) | | 19,974,058 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 3,662,079 |
Net gain (loss) | | 23,636,137 |
Net increase (decrease) in net assets resulting from operations | | $ 30,644,430 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 7,008,293 | $ 6,602,294 |
Net realized gain (loss) | 19,974,058 | 11,911,149 |
Change in net unrealized appreciation (depreciation) | 3,662,079 | 9,551,556 |
Net increase (decrease) in net assets resulting from operations | 30,644,430 | 28,064,999 |
Distributions to shareholders from net investment income | (1,003,197) | (6,563,931) |
Distributions to shareholders from net realized gain | (7,138,132) | (7,399,766) |
Total distributions | (8,141,329) | (13,963,697) |
Share transactions
Proceeds from sales of shares | 199,302,150 | 255,064,764 |
Reinvestment of distributions | 8,141,329 | 13,963,697 |
Cost of shares redeemed | (239,030,129) | (175,074,534) |
Net increase (decrease) in net assets resulting from share transactions | (31,586,650) | 93,953,927 |
Total increase (decrease) in net assets | (9,083,549) | 108,055,229 |
| | |
Net Assets | | |
Beginning of period | 496,063,896 | 388,008,667 |
End of period (including undistributed net investment income of $7,003,175 and undistributed net investment income of $998,079, respectively) | $ 486,980,347 | $ 496,063,896 |
Other Information Shares | | |
Sold | 15,183,177 | 20,164,317 |
Issued in reinvestment of distributions | 629,160 | 1,114,064 |
Redeemed | (18,210,428) | (13,795,032) |
Net increase (decrease) | (2,398,091) | 7,483,349 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.00 | $ 12.65 | $ 12.82 | $ 11.85 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .19 | .19 | .21 | .21 | .18 |
Net realized and unrealized gain (loss) | .64 | .56 | .13 | 1.05 | 1.76 |
Total from investment operations | .83 | .75 | .34 | 1.26 | 1.94 |
Distributions from net investment income | (.03) | (.18) | (.18) | (.17) | (.05) |
Distributions from net realized gain | (.19) | (.21) | (.33) | (.12) | (.04) |
Total distributions | (.21) H | (.40) G | (.51) | (.29) | (.09) |
Net asset value, end of period | $ 13.62 | $ 13.00 | $ 12.65 | $ 12.82 | $ 11.85 |
Total Return B | 6.48% | 6.03% | 2.83% | 10.75% | 19.42% |
Ratios to Average Net Assets D, F | | | | | |
Expenses before reductions | .05% | .05% | .05% | .05% | .06% A |
Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .06% A |
Expenses net of all reductions | .05% | .05% | .05% | .05% | .06% A |
Net investment income (loss) | 1.42% | 1.46% | 1.66% | 1.73% | 2.11% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 486,980 | $ 496,064 | $ 388,009 | $ 257,817 | $ 65,083 |
Portfolio turnover rate D | 55% | 29% | 37% | 47% | 40% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E For the period July 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
G Total distributions of $.40 per share is comprised of distributions from net investment income of $.182 and distributions from net realized gain of $.213 per share.
H Total distributions of $.21 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $.185 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2010 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund Class F | 1.0 | 0.0 |
Fidelity Series 1000 Value Index Fund
Class F | 0.7 | 0.0 |
Fidelity Series All-Sector Equity Fund Class F | 4.3 | 4.5 |
Fidelity Series Blue Chip Growth Fund
Class F | 3.3 | 0.0 |
Fidelity Series Commodity Strategy Fund Class F | 1.1 | 5.0 |
Fidelity Series Equity-Income Fund
Class F | 5.1 | 3.0 |
Fidelity Series Growth & Income Fund
Class F | 3.9 | 1.2 |
Fidelity Series Growth Company Fund
Class F | 4.1 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund Class F | 2.5 | 2.3 |
Fidelity Series Opportunistic Insights Fund Class F | 2.5 | 2.4 |
Fidelity Series Real Estate Equity Fund
Class F | 0.5 | 0.5 |
Fidelity Series Small Cap Discovery Fund Class F | 0.6 | 0.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 2.0 | 1.2 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 3.4 | 2.7 |
Fidelity Blue Chip Growth Fund Class F | 0.0 | 3.5 |
Fidelity Growth Company Fund Class F | 0.0 | 4.3 |
Fidelity Series 100 Index Fund | 0.0 | 1.0 |
Fidelity Series Large Cap Value Fund
Class F | 0.0 | 2.4 |
Fidelity Small Cap Growth Fund Class F | 0.0 | 0.7 |
Fidelity Small Cap Value Fund Class F | 0.0 | 0.6 |
| 35.0 | 35.3 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund
Class F | 3.0 | 2.8 |
Fidelity Series International Growth Fund Class F | 5.2 | 4.7 |
Fidelity Series International Small Cap Fund Class F | 1.2 | 1.0 |
Fidelity Series International Value Fund
Class F | 5.3 | 4.7 |
| 14.7 | 13.2 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 1.1 | 1.1 |
Fidelity Series High Income Fund Class F | 5.6 | 4.7 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 1.8 | 9.6 |
Fidelity Series Investment Grade Bond Fund Class F | 26.7 | 21.4 |
Fidelity Series Real Estate Income Fund
Class F | 0.5 | 0.5 |
| 36.3 | 38.0 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 7.7 | 7.4 |
Fidelity Short-Term Bond Fund Class F | 6.3 | 6.1 |
| 14.0 | 13.5 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 35.0% | |
| International Equity Funds | 14.7% | |
| Bond Funds | 36.3% | |
| Short-Term Funds | 14.0% | |
Six months ago |
| Domestic Equity Funds** | 35.3% | |
| International Equity Funds | 13.2% | |
| Bond Funds | 38.0% | |
| Short-Term Funds | 13.5% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom K® 2010 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 35.0% |
| Shares | | Value |
Fidelity Series 100 Index Fund
Class F (c) | 3,712,606 | | $ 45,182,420 |
Fidelity Series 1000 Value Index Fund Class F (c) | 2,852,044 | | 30,459,828 |
Fidelity Series All-Sector Equity Fund Class F (c) | 13,303,966 | | 187,718,960 |
Fidelity Series Blue Chip Growth Fund Class F (c) | 13,120,913 | | 142,099,487 |
Fidelity Series Commodity Strategy Fund Class F (a)(c) | 5,668,363 | | 48,181,088 |
Fidelity Series Equity-Income Fund
Class F (c) | 17,765,991 | | 222,074,882 |
Fidelity Series Growth & Income Fund Class F (c) | 12,956,945 | | 168,310,715 |
Fidelity Series Growth Company Fund Class F (c) | 16,223,208 | | 175,859,579 |
Fidelity Series Intrinsic Opportunities Fund Class F (c) | 7,781,373 | | 108,238,903 |
Fidelity Series Opportunistic Insights Fund Class F (c) | 7,705,868 | | 107,650,969 |
Fidelity Series Real Estate Equity Fund Class F (c) | 1,631,940 | | 21,084,662 |
Fidelity Series Small Cap Discovery Fund Class F (c) | 2,650,919 | | 27,383,990 |
Fidelity Series Small Cap Opportunities Fund Class F (c) | 6,463,942 | | 88,168,168 |
Fidelity Series Stock Selector Large Cap Value Fund Class F (c) | 11,630,344 | | 145,728,204 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,302,435,740) |
1,518,141,855
|
International Equity Funds - 14.7% |
| | | |
Fidelity Series Emerging Markets Fund Class F (c) | 7,633,565 | | 131,220,990 |
Fidelity Series International Growth Fund Class F (c) | 15,846,072 | | 224,855,756 |
Fidelity Series International Small Cap Fund Class F (c) | 3,210,339 | | 52,103,797 |
Fidelity Series International Value Fund Class F (c) | 20,428,491 | | 227,777,669 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $508,687,869) |
635,958,212
|
Bond Funds - 36.3% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund Class F (c) | 2,670,991 | | $ 27,244,103 |
Fidelity Series Floating Rate High Income Fund Class F (c) | 4,633,242 | | 48,463,715 |
Fidelity Series High Income Fund
Class F (c) | 23,063,455 | | 244,241,991 |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c) | 7,794,878 | | 76,857,501 |
Fidelity Series Investment Grade Bond Fund Class F (c) | 102,772,072 | | 1,157,213,539 |
Fidelity Series Real Estate Income Fund Class F (c) | 1,844,059 | | 20,800,987 |
TOTAL BOND FUNDS (Cost $1,581,780,771) |
1,574,821,836
|
Short-Term Funds - 14.0% |
| | | |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c) | 334,962,376 | | 334,962,376 |
Fidelity Short-Term Bond Fund Class F (c) | 31,926,675 | | 274,250,140 |
TOTAL SHORT-TERM FUNDS (Cost $605,794,254) |
609,212,516
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $3,998,698,634) | | 4,338,134,419 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (169,962) |
NET ASSETS - 100% | $ 4,337,964,457 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund Class F | $ 149,802,430 | $ 18,689,980 | $ 188,734,656 | $ 544,698 | $ - |
Fidelity Disciplined Equity Fund Class F | 32,891,866 | 195,514 | 34,690,362 | - | - |
Fidelity Growth Company Fund Class F | 201,628,203 | 12,463,480 | 249,913,112 | - | - |
Fidelity Institutional Money Market Portfolio Class F | 324,006,396 | 96,043,893 | 85,087,914 | 335,865 | 334,962,376 |
Fidelity Series 100 Index Fund | 50,679,176 | 3,655,373 | 60,513,821 | 816,612 | - |
Fidelity Series 100 Index Fund Class F | - | 47,545,182 | 4,175,298 | - | 45,182,420 |
Fidelity Series 1000 Value Index Fund Class F | - | 31,549,395 | 2,781,699 | 98,286 | 30,459,828 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series All-Sector Equity Fund Class F | $ 220,409,431 | $ 31,576,718 | $ 85,591,770 | $ 2,185,383 | $ 187,718,960 |
Fidelity Series Blue Chip Growth Fund Class F | - | 169,610,723 | 39,624,161 | 168,255 | 142,099,487 |
Fidelity Series Commodity Strategy Fund Class F | 236,385,079 | 40,284,678 | 208,297,722 | - | 48,181,088 |
Fidelity Series Emerging Markets Debt Fund Class F | 31,266,438 | 3,101,169 | 5,139,740 | 1,580,542 | 27,244,103 |
Fidelity Series Emerging Markets Fund Class F | 131,441,689 | 19,205,730 | 22,219,929 | 1,529,751 | 131,220,990 |
Fidelity Series Equity-Income Fund Class F | 140,951,352 | 117,854,572 | 56,209,875 | 3,532,903 | 222,074,882 |
Fidelity Series Floating Rate High Income Fund Class F | 54,243,040 | 5,588,011 | 10,543,181 | 2,269,857 | 48,463,715 |
Fidelity Series Growth & Income Fund Class F (formerly Fidelity Series Mega Cap Fund Class F) | 51,492,653 | 123,653,908 | 20,022,953 | 1,050,191 | 168,310,715 |
Fidelity Series Growth Company Fund Class F | - | 203,335,404 | 42,224,359 | 172,147 | 175,859,579 |
Fidelity Series High Income Fund Class F | 225,844,840 | 58,078,787 | 41,544,497 | 12,352,574 | 244,241,991 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 474,228,237 | 33,021,137 | 400,171,441 | 140,663 | 76,857,501 |
Fidelity Series International Growth Fund Class F | 217,671,150 | 29,851,212 | 47,245,360 | 1,860,746 | 224,855,756 |
Fidelity Series International Small Cap Fund Class F | 44,352,190 | 11,462,392 | 11,270,546 | 470,644 | 52,103,797 |
Fidelity Series International Value Fund Class F | 215,820,670 | 48,953,562 | 64,349,807 | 5,067,223 | 227,777,669 |
Fidelity Series Intrinsic Opportunities Fund Class F | 80,252,568 | 24,957,110 | 17,178,868 | 1,354,461 | 108,238,903 |
Fidelity Series Investment Grade Bond Fund Class F | 1,011,302,155 | 374,679,967 | 204,856,614 | 26,583,026 | 1,157,213,539 |
Fidelity Series Large Cap Value Fund Class F | 131,757,219 | 36,605,715 | 157,778,744 | 1,492,653 | - |
Fidelity Series Opportunistic Insights Fund Class F | 102,960,623 | 7,607,017 | 28,944,891 | 148,777 | 107,650,969 |
Fidelity Series Real Estate Equity Fund Class F | 18,790,991 | 6,491,377 | 4,020,753 | 365,928 | 21,084,662 |
Fidelity Series Real Estate Income Fund Class F | 24,335,736 | 2,612,630 | 5,348,807 | 1,268,089 | 20,800,987 |
Fidelity Series Small Cap Discovery Fund Class F | - | 30,340,515 | 3,888,525 | 38,430 | 27,383,990 |
Fidelity Series Small Cap Opportunities Fund Class F | 57,101,662 | 51,431,809 | 27,044,147 | 64,325 | 88,168,168 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 141,814,376 | 38,052,677 | 50,000,006 | 1,548,220 | 145,728,204 |
Fidelity Short-Term Bond Fund Class F | 266,142,105 | 76,286,253 | 67,857,647 | 2,663,089 | 274,250,140 |
Fidelity Small Cap Growth Fund Class F | 30,161,753 | 4,070,414 | 36,641,611 | - | - |
Fidelity Small Cap Value Fund Class F | 32,244,593 | 2,743,557 | 36,743,979 | 82,251 | - |
Total | $ 4,699,978,621 | $ 1,761,599,861 | $ 2,320,656,795 | $ 69,785,589 | $ 4,338,134,419 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2010 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $3,998,698,634) - See accompanying schedule | | $ 4,338,134,419 |
Receivable for investments sold | | 34,001,498 |
Receivable for fund shares sold | | 3,305,254 |
Total assets | | 4,375,441,171 |
| | |
Liabilities | | |
Payable for investments purchased | $ 11,352,853 | |
Payable for fund shares redeemed | 25,953,172 | |
Transfer agent fees payable | 170,689 | |
Total liabilities | | 37,476,714 |
| | |
Net Assets | | $ 4,337,964,457 |
Net Assets consist of: | | |
Paid in capital | | $ 3,688,316,074 |
Undistributed net investment income | | 67,357,193 |
Accumulated undistributed net realized gain (loss) on investments | | 242,855,405 |
Net unrealized appreciation (depreciation) on investments | | 339,435,785 |
Net Assets, for 305,200,282 shares outstanding | | $ 4,337,964,457 |
Net Asset Value, offering price and redemption price per share ($4,337,964,457 ÷ 305,200,282 shares) | | $ 14.21 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 69,785,589 |
| | |
Expenses | | |
Transfer agent fees | $ 2,158,618 | |
Independent trustees' compensation | 17,442 | |
Total expenses | | 2,176,060 |
Net investment income (loss) | | 67,609,529 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 151,960,070 | |
Capital gain distributions from underlying funds | 100,169,881 | |
Total net realized gain (loss) | | 252,129,951 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 45,253,139 |
Net gain (loss) | | 297,383,090 |
Net increase (decrease) in net assets resulting from operations | | $ 364,992,619 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 67,609,529 | $ 72,614,538 |
Net realized gain (loss) | 252,129,951 | 137,261,232 |
Change in net unrealized appreciation (depreciation) | 45,253,139 | 117,239,921 |
Net increase (decrease) in net assets resulting from operations | 364,992,619 | 327,115,691 |
Distributions to shareholders from net investment income | (9,806,287) | (73,332,890) |
Distributions to shareholders from net realized gain | (87,556,064) | (90,164,143) |
Total distributions | (97,362,351) | (163,497,033) |
Share transactions
Proceeds from sales of shares | 1,064,119,323 | 1,635,790,352 |
Reinvestment of distributions | 97,362,351 | 163,497,033 |
Cost of shares redeemed | (1,790,931,189) | (1,393,908,281) |
Net increase (decrease) in net assets resulting from share transactions | (629,449,515) | 405,379,104 |
Total increase (decrease) in net assets | (361,819,247) | 568,997,762 |
| | |
Net Assets | | |
Beginning of period | 4,699,783,704 | 4,130,785,942 |
End of period (including undistributed net investment income of $67,357,193 and undistributed net investment income of $9,553,951, respectively) | $ 4,337,964,457 | $ 4,699,783,704 |
Other Information Shares | | |
Sold | 78,243,576 | 126,668,267 |
Issued in reinvestment of distributions | 7,309,486 | 12,812,082 |
Redeemed | (131,427,979) | (107,862,174) |
Net increase (decrease) | (45,874,917) | 31,618,175 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.39 | $ 12.93 | $ 13.12 | $ 11.97 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .21 | .23 | .23 | .17 |
Net realized and unrealized gain (loss) | .90 | .74 | .14 | 1.21 | 1.89 |
Total from investment operations | 1.10 | .95 | .37 | 1.44 | 2.06 |
Distributions from net investment income | (.03) | (.22) | (.20) | (.17) | (.05) |
Distributions from net realized gain | (.25) | (.27) | (.36) | (.12) | (.04) |
Total distributions | (.28) | (.49) | (.56) | (.29) | (.09) |
Net asset value, end of period | $ 14.21 | $ 13.39 | $ 12.93 | $ 13.12 | $ 11.97 |
Total Return B | 8.34% | 7.53% | 3.08% | 12.17% | 20.62% |
Ratios to Average Net Assets D, F | | | | | |
Expenses before reductions | .05% | .05% | .05% | .05% | .05% A |
Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% A |
Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% A |
Net investment income (loss) | 1.48% | 1.65% | 1.85% | 1.82% | 2.04% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 4,337,964 | $ 4,699,784 | $ 4,130,786 | $ 2,665,237 | $ 675,704 |
Portfolio turnover rate D | 39% | 30% | 28% | 42% | 29% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E For the period July 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2015 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund Class F | 1.2 | 0.0 |
Fidelity Series 1000 Value Index Fund
Class F | 0.7 | 0.0 |
Fidelity Series All-Sector Equity Fund Class F | 4.8 | 4.8 |
Fidelity Series Blue Chip Growth Fund
Class F | 3.9 | 0.0 |
Fidelity Series Commodity Strategy Fund Class F | 1.1 | 5.3 |
Fidelity Series Equity-Income Fund Class F | 5.9 | 3.2 |
Fidelity Series Growth & Income Fund
Class F | 4.5 | 1.3 |
Fidelity Series Growth Company Fund
Class F | 4.8 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund Class F | 2.9 | 2.4 |
Fidelity Series Opportunistic Insights Fund Class F | 2.9 | 2.5 |
Fidelity Series Real Estate Equity Fund
Class F | 0.5 | 0.5 |
Fidelity Series Small Cap Discovery Fund Class F | 0.7 | 0.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 2.4 | 1.3 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 3.9 | 2.8 |
Fidelity Blue Chip Growth Fund Class F | 0.0 | 3.6 |
Fidelity Growth Company Fund Class F | 0.0 | 4.5 |
Fidelity Series 100 Index Fund | 0.0 | 1.0 |
Fidelity Series Large Cap Value Fund
Class F | 0.0 | 2.5 |
Fidelity Small Cap Growth Fund Class F | 0.0 | 0.7 |
Fidelity Small Cap Value Fund Class F | 0.0 | 0.7 |
| 40.2 | 37.1 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund
Class F | 3.4 | 2.9 |
Fidelity Series International Growth Fund Class F | 5.9 | 5.0 |
Fidelity Series International Small Cap Fund Class F | 1.5 | 1.0 |
Fidelity Series International Value Fund
Class F | 6.0 | 5.0 |
| 16.8 | 13.9 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
Fidelity Series Floating Rate High Income Fund Class F | 1.1 | 1.1 |
Fidelity Series High Income Fund Class F | 5.8 | 4.7 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 1.4 | 9.8 |
Fidelity Series Investment Grade Bond Fund Class F | 23.8 | 22.5 |
Fidelity Series Real Estate Income Fund
Class F | 0.5 | 0.5 |
| 33.2 | 39.2 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 5.4 | 5.4 |
Fidelity Short-Term Bond Fund Class F | 4.4 | 4.4 |
| 9.8 | 9.8 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 40.2% | |
| International Equity Funds | 16.8% | |
| Bond Funds | 33.2% | |
| Short-Term Funds | 9.8% | |
Six months ago |
| Domestic Equity Funds** | 37.1% | |
| International Equity Funds | 13.9% | |
| Bond Funds | 39.2% | |
| Short-Term Funds | 9.8% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom K® 2015 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 40.2% |
| Shares | | Value |
Fidelity Series 100 Index Fund
Class F (c) | 7,049,992 | | $ 85,798,408 |
Fidelity Series 1000 Value Index Fund Class F (c) | 4,999,626 | | 53,396,005 |
Fidelity Series All-Sector Equity Fund Class F (c) | 24,544,893 | | 346,328,439 |
Fidelity Series Blue Chip Growth Fund Class F (c) | 25,792,566 | | 279,333,485 |
Fidelity Series Commodity Strategy Fund Class F (a)(c) | 9,541,589 | | 81,103,505 |
Fidelity Series Equity-Income Fund
Class F (c) | 34,097,070 | | 426,213,374 |
Fidelity Series Growth & Income Fund Class F (c) | 25,230,474 | | 327,743,855 |
Fidelity Series Growth Company Fund Class F (c) | 31,764,491 | | 344,327,084 |
Fidelity Series Intrinsic Opportunities Fund Class F (c) | 14,976,981 | | 208,329,810 |
Fidelity Series Opportunistic Insights Fund Class F (c) | 15,099,769 | | 210,943,778 |
Fidelity Series Real Estate Equity Fund Class F (c) | 2,868,029 | | 37,054,938 |
Fidelity Series Small Cap Discovery Fund Class F (c) | 5,093,242 | | 52,613,189 |
Fidelity Series Small Cap Opportunities Fund Class F (c) | 12,399,737 | | 169,132,415 |
Fidelity Series Stock Selector Large Cap Value Fund Class F (c) | 22,697,183 | | 284,395,703 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $2,531,277,987) |
2,906,713,988
|
International Equity Funds - 16.8% |
| | | |
Fidelity Series Emerging Markets Fund Class F (c) | 14,518,460 | | 249,572,323 |
Fidelity Series International Growth Fund Class F (c) | 30,209,584 | | 428,673,993 |
Fidelity Series International Small Cap Fund Class F (c) | 6,407,317 | | 103,990,762 |
Fidelity Series International Value Fund Class F (c) | 38,897,007 | | 433,701,625 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,005,759,473) |
1,215,938,703
|
Bond Funds - 33.2% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund Class F (c) | 4,141,895 | | $ 42,247,330 |
Fidelity Series Floating Rate High Income Fund Class F (c) | 7,713,722 | | 80,685,527 |
Fidelity Series High Income Fund Class F (c) | 39,518,566 | | 418,501,613 |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c) | 9,952,599 | | 98,132,623 |
Fidelity Series Investment Grade Bond Fund Class F (c) | 153,044,908 | | 1,723,285,662 |
Fidelity Series Real Estate Income Fund Class F (c) | 3,049,617 | | 34,399,679 |
TOTAL BOND FUNDS (Cost $2,418,215,986) |
2,397,252,434
|
Short-Term Funds - 9.8% |
| | | |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c) | 388,323,850 | | 388,323,850 |
Fidelity Short-Term Bond Fund Class F (c) | 37,009,036 | | 317,907,616 |
TOTAL SHORT-TERM FUNDS (Cost $702,413,909) |
706,231,466
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $6,657,667,355) | | 7,226,136,591 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (279,883) |
NET ASSETS - 100% | $ 7,225,856,708 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund Class F | $ 237,838,735 | $ 38,891,443 | $ 309,813,541 | $ 910,391 | $ - |
Fidelity Disciplined Equity Fund Class F | 52,358,996 | 400,751 | 55,322,111 | - | - |
Fidelity Growth Company Fund Class F | 322,600,509 | 29,197,744 | 410,487,197 | - | - |
Fidelity Institutional Money Market Portfolio Class F | 381,045,557 | 72,142,384 | 64,864,091 | 387,336 | 388,323,850 |
Fidelity Series 100 Index Fund | 81,337,216 | 11,466,073 | 102,884,459 | 1,577,845 | - |
Fidelity Series 100 Index Fund Class F | - | 87,566,478 | 5,203,460 | - | 85,798,408 |
Fidelity Series 1000 Value Index Fund Class F | - | 53,314,199 | 2,958,950 | 184,504 | 53,396,005 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series All-Sector Equity Fund Class F | $ 351,010,140 | $ 57,839,531 | $ 96,993,092 | $ 3,741,585 | $ 346,328,439 |
Fidelity Series Blue Chip Growth Fund Class F | - | 293,826,658 | 37,263,827 | 327,478 | 279,333,485 |
Fidelity Series Commodity Strategy Fund Class F | 380,986,843 | 65,268,607 | 333,937,450 | - | 81,103,505 |
Fidelity Series Emerging Markets Debt Fund Class F | 44,393,155 | 5,987,225 | 5,268,307 | 2,345,235 | 42,247,330 |
Fidelity Series Emerging Markets Fund Class F | 207,804,129 | 63,908,571 | 27,264,952 | 2,544,546 | 249,572,323 |
Fidelity Series Equity-Income Fund Class F | 218,217,212 | 332,604,193 | 158,129,852 | 6,085,282 | 426,213,374 |
Fidelity Series Floating Rate High Income Fund Class F | 80,285,954 | 11,316,772 | 9,603,530 | 3,598,500 | 80,685,527 |
Fidelity Series Growth & Income Fund Class F (formerly Fidelity Series Mega Cap Fund Class F) | 79,795,267 | 279,227,193 | 54,698,368 | 2,044,801 | 327,743,855 |
Fidelity Series Growth Company Fund Class F | - | 352,107,524 | 35,708,590 | 332,012 | 344,327,084 |
Fidelity Series High Income Fund Class F | 337,458,576 | 125,853,156 | 48,201,022 | 19,796,121 | 418,501,613 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 707,349,178 | 91,717,015 | 657,602,841 | 180,185 | 98,132,623 |
Fidelity Series International Growth Fund Class F | 343,583,858 | 95,952,547 | 52,750,934 | 3,483,736 | 428,673,993 |
Fidelity Series International Small Cap Fund Class F | 70,175,563 | 34,548,207 | 13,832,414 | 903,103 | 103,990,762 |
Fidelity Series International Value Fund Class F | 341,221,853 | 136,603,332 | 89,615,416 | 9,728,773 | 433,701,625 |
Fidelity Series Intrinsic Opportunities Fund Class F | 129,280,499 | 70,999,557 | 26,646,194 | 2,434,769 | 208,329,810 |
Fidelity Series Investment Grade Bond Fund Class F | 1,608,848,595 | 365,091,505 | 210,154,478 | 41,523,008 | 1,723,285,662 |
Fidelity Series Large Cap Value Fund Class F | 209,293,319 | 63,584,749 | 254,385,233 | 2,511,440 | - |
Fidelity Series Opportunistic Insights Fund Class F | 159,564,808 | 42,009,770 | 34,457,681 | 285,782 | 210,943,778 |
Fidelity Series Real Estate Equity Fund Class F | 29,832,276 | 11,926,881 | 4,446,796 | 619,111 | 37,054,938 |
Fidelity Series Real Estate Income Fund Class F | 39,787,328 | 5,635,986 | 9,614,281 | 2,134,626 | 34,399,679 |
Fidelity Series Small Cap Discovery Fund Class F | - | 54,754,845 | 3,818,815 | 69,020 | 52,613,189 |
Fidelity Series Small Cap Opportunities Fund Class F | 90,905,560 | 107,539,202 | 40,878,547 | 124,322 | 169,132,415 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 219,647,351 | 101,476,113 | 62,392,220 | 3,063,417 | 284,395,703 |
Fidelity Short-Term Bond Fund Class F | 313,710,106 | 57,851,964 | 53,236,093 | 3,056,205 | 317,907,616 |
Fidelity Small Cap Growth Fund Class F | 48,597,274 | 7,421,862 | 59,994,114 | - | - |
Fidelity Small Cap Value Fund Class F | 52,008,882 | 5,187,745 | 60,083,534 | 137,471 | - |
Total | $ 7,138,938,739 | $ 3,133,219,782 | $ 3,392,512,390 | $ 114,130,604 | $ 7,226,136,591 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2015 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $6,657,667,355) - See accompanying schedule | | $ 7,226,136,591 |
Receivable for investments sold | | 8,057,569 |
Receivable for fund shares sold | | 9,906,206 |
Total assets | | 7,244,100,366 |
| | |
Liabilities | | |
Payable for investments purchased | $ 6,401,731 | |
Payable for fund shares redeemed | 11,559,684 | |
Transfer agent fees payable | 282,243 | |
Total liabilities | | 18,243,658 |
| | |
Net Assets | | $ 7,225,856,708 |
Net Assets consist of: | | |
Paid in capital | | $ 6,190,504,037 |
Undistributed net investment income | | 110,360,273 |
Accumulated undistributed net realized gain (loss) on investments | | 356,523,162 |
Net unrealized appreciation (depreciation) on investments | | 568,469,236 |
Net Assets, for 500,936,322 shares outstanding | | $ 7,225,856,708 |
Net Asset Value, offering price and redemption price per share ($7,225,856,708 ÷ 500,936,322 shares) | | $ 14.42 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 114,130,604 |
| | |
Expenses | | |
Transfer agent fees | $ 3,441,407 | |
Independent trustees' compensation | 27,619 | |
Total expenses | | 3,469,026 |
Net investment income (loss) | | 110,661,578 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 198,604,840 | |
Capital gain distributions from underlying funds | 171,974,083 | |
Total net realized gain (loss) | | 370,578,923 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 147,876,840 |
Net gain (loss) | | 518,455,763 |
Net increase (decrease) in net assets resulting from operations | | $ 629,117,341 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 110,661,578 | $ 104,973,156 |
Net realized gain (loss) | 370,578,923 | 193,870,703 |
Change in net unrealized appreciation (depreciation) | 147,876,840 | 191,632,000 |
Net increase (decrease) in net assets resulting from operations | 629,117,341 | 490,475,859 |
Distributions to shareholders from net investment income | (14,431,750) | (104,060,774) |
Distributions to shareholders from net realized gain | (122,402,552) | (121,907,706) |
Total distributions | (136,834,302) | (225,968,480) |
Share transactions
Proceeds from sales of shares | 2,373,256,073 | 2,897,817,791 |
Reinvestment of distributions | 136,834,302 | 225,968,480 |
Cost of shares redeemed | (2,915,161,474) | (1,715,829,396) |
Net increase (decrease) in net assets resulting from share transactions | (405,071,099) | 1,407,956,875 |
Total increase (decrease) in net assets | 87,211,940 | 1,672,464,254 |
| | |
Net Assets | | |
Beginning of period | 7,138,644,768 | 5,466,180,514 |
End of period (including undistributed net investment income of $110,360,273 and undistributed net investment income of $14,130,444, respectively) | $ 7,225,856,708 | $ 7,138,644,768 |
Other Information Shares | | |
Sold | 172,742,684 | 222,954,292 |
Issued in reinvestment of distributions | 10,135,874 | 17,651,115 |
Redeemed | (211,598,007) | (131,962,603) |
Net increase (decrease) | (28,719,449) | 108,642,804 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.48 | $ 12.98 | $ 13.17 | $ 12.01 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .21 | .22 | .24 | .23 | .19 |
Net realized and unrealized gain (loss) | .99 | .75 | .13 | 1.24 | 1.95 |
Total from investment operations | 1.20 | .97 | .37 | 1.47 | 2.14 |
Distributions from net investment income | (.03) | (.21) | (.20) | (.18) | (.07) |
Distributions from net realized gain | (.23) | (.26) | (.36) | (.14) | (.06) |
Total distributions | (.26) | (.47) | (.56) | (.31) G | (.13) |
Net asset value, end of period | $ 14.42 | $ 13.48 | $ 12.98 | $ 13.17 | $ 12.01 |
Total Return B | 9.00% | 7.70% | 3.00% | 12.42% | 21.38% |
Ratios to Average Net Assets D, F | | | | | |
Expenses before reductions | .05% | .05% | .05% | .05% | .05% A |
Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% A |
Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% A |
Net investment income (loss) | 1.52% | 1.68% | 1.86% | 1.83% | 2.26% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 7,225,857 | $ 7,138,645 | $ 5,466,181 | $ 3,148,854 | $ 870,342 |
Portfolio turnover rate D | 43% | 21% | 23% | 35% | 23% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E For the period July 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
G Total distributions of $.31 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.137 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2020 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund Class F | 1.3 | 0.0 |
Fidelity Series 1000 Value Index Fund
Class F | 0.8 | 0.0 |
Fidelity Series All-Sector Equity Fund Class F | 5.2 | 5.2 |
Fidelity Series Blue Chip Growth Fund
Class F | 4.3 | 0.0 |
Fidelity Series Commodity Strategy Fund Class F | 1.1 | 5.7 |
Fidelity Series Equity-Income Fund Class F | 6.5 | 3.5 |
Fidelity Series Growth & Income Fund
Class F | 5.0 | 1.3 |
Fidelity Series Growth Company Fund
Class F | 5.3 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund Class F | 3.2 | 2.6 |
Fidelity Series Opportunistic Insights Fund Class F | 3.3 | 2.7 |
Fidelity Series Real Estate Equity Fund
Class F | 0.5 | 0.5 |
Fidelity Series Small Cap Discovery Fund Class F | 0.8 | 0.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 2.6 | 1.4 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 4.4 | 3.1 |
Fidelity Blue Chip Growth Fund Class F | 0.0 | 3.9 |
Fidelity Growth Company Fund Class F | 0.0 | 4.9 |
Fidelity Series 100 Index Fund | 0.0 | 1.1 |
Fidelity Series Large Cap Value Fund
Class F | 0.0 | 2.7 |
Fidelity Small Cap Growth Fund Class F | 0.0 | 0.7 |
Fidelity Small Cap Value Fund Class F | 0.0 | 0.7 |
| 44.3 | 40.0 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund
Class F | 3.8 | 3.2 |
Fidelity Series International Growth Fund Class F | 6.6 | 5.4 |
Fidelity Series International Small Cap Fund Class F | 1.5 | 1.1 |
Fidelity Series International Value Fund
Class F | 6.6 | 5.3 |
| 18.5 | 15.0 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund Class F | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 1.1 | 1.1 |
Fidelity Series High Income Fund Class F | 6.0 | 5.1 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.9 | 8.3 |
Fidelity Series Investment Grade Bond Fund Class F | 21.6 | 22.0 |
Fidelity Series Real Estate Income Fund
Class F | 0.5 | 0.5 |
| 30.8 | 37.7 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 3.5 | 4.0 |
Fidelity Short-Term Bond Fund Class F | 2.9 | 3.3 |
| 6.4 | 7.3 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 44.3% | |
| International Equity Funds | 18.5% | |
| Bond Funds | 30.8% | |
| Short-Term Funds | 6.4% | |
Six months ago |
| Domestic Equity Funds** | 40.0% | |
| International Equity Funds | 15.0% | |
| Bond Funds | 37.7% | |
| Short-Term Funds | 7.3% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom K® 2020 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 44.3% |
| Shares | | Value |
Fidelity Series 100 Index Fund
Class F (c) | 18,263,410 | | $ 222,265,705 |
Fidelity Series 1000 Value Index Fund Class F (c) | 12,764,100 | | 136,320,588 |
Fidelity Series All-Sector Equity Fund Class F (c) | 63,349,003 | | 893,854,428 |
Fidelity Series Blue Chip Growth Fund Class F (c) | 69,066,393 | | 747,989,031 |
Fidelity Series Commodity Strategy Fund Class F (a)(c) | 23,159,196 | | 196,853,166 |
Fidelity Series Equity-Income Fund
Class F (c) | 90,159,695 | | 1,126,996,192 |
Fidelity Series Growth & Income Fund Class F (c) | 66,478,652 | | 863,557,686 |
Fidelity Series Growth Company Fund Class F (c) | 84,337,988 | | 914,223,789 |
Fidelity Series Intrinsic Opportunities Fund Class F (c) | 39,945,614 | | 555,643,492 |
Fidelity Series Opportunistic Insights Fund Class F (c) | 40,596,197 | | 567,128,875 |
Fidelity Series Real Estate Equity Fund Class F (c) | 7,454,546 | | 96,312,738 |
Fidelity Series Small Cap Discovery Fund Class F (c) | 13,230,528 | | 136,671,355 |
Fidelity Series Small Cap Opportunities Fund Class F (c) | 33,231,860 | | 453,282,565 |
Fidelity Series Stock Selector Large Cap Value Fund Class F (c) | 60,936,835 | | 763,538,536 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $6,727,633,205) |
7,674,638,146
|
International Equity Funds - 18.5% |
| | | |
Fidelity Series Emerging Markets Fund Class F (c) | 38,684,456 | | 664,985,790 |
Fidelity Series International Growth Fund Class F (c) | 80,027,162 | | 1,135,585,423 |
Fidelity Series International Small Cap Fund Class F (c) | 16,248,190 | | 263,708,117 |
Fidelity Series International Value Fund Class F (c) | 102,958,030 | | 1,147,982,030 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,687,703,468) |
3,212,261,360
|
Bond Funds - 30.8% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund Class F (c) | 11,679,233 | | $ 119,128,172 |
Fidelity Series Floating Rate High Income Fund Class F (c) | 18,062,518 | | 188,933,942 |
Fidelity Series High Income Fund
Class F (c) | 98,352,430 | | 1,041,552,233 |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c) | 16,594,386 | | 163,620,641 |
Fidelity Series Investment Grade Bond Fund Class F (c) | 331,808,625 | | 3,736,165,116 |
Fidelity Series Real Estate Income Fund Class F (c) | 7,306,711 | | 82,419,701 |
TOTAL BOND FUNDS (Cost $5,373,228,666) |
5,331,819,805
|
Short-Term Funds - 6.4% |
| | | |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c) | 605,962,850 | | 605,962,850 |
Fidelity Short-Term Bond Fund Class F (c) | 57,964,663 | | 497,916,457 |
TOTAL SHORT-TERM FUNDS (Cost $1,099,993,338) |
1,103,879,307
|
TOTAL INVESTMENT
PORTFOLIO - 100.0% (Cost $15,888,558,677) | 17,322,598,618 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (674,750) |
NET ASSETS - 100% | $ 17,321,923,868 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund Class F | $ 588,498,575 | $ 93,896,010 | $ 764,563,587 | $ 2,254,983 | $ - |
Fidelity Disciplined Equity Fund Class F | 129,158,280 | 997,721 | 136,451,376 | - | - |
Fidelity Growth Company Fund Class F | 789,365,850 | 70,285,805 | 1,005,749,755 | - | - |
Fidelity Institutional Money Market Portfolio Class F | 593,164,107 | 130,715,051 | 117,916,308 | 625,663 | 605,962,850 |
Fidelity Series 100 Index Fund | 199,972,738 | 38,047,945 | 262,955,677 | 4,123,881 | - |
Fidelity Series 100 Index Fund Class F | - | 226,748,300 | 13,355,015 | - | 222,265,705 |
Fidelity Series 1000 Value Index Fund Class F | - | 132,619,409 | 4,308,207 | 441,454 | 136,320,588 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series All-Sector Equity Fund Class F | $ 865,819,849 | $ 149,829,303 | $ 207,320,636 | $ 9,460,157 | $ 893,854,428 |
Fidelity Series Blue Chip Growth Fund Class F | - | 751,936,310 | 63,123,837 | 868,920 | 747,989,031 |
Fidelity Series Commodity Strategy Fund Class F | 942,685,044 | 151,796,464 | 820,496,872 | - | 196,853,166 |
Fidelity Series Emerging Markets Debt Fund Class F | 118,940,141 | 19,417,442 | 11,527,817 | 6,451,715 | 119,128,172 |
Fidelity Series Emerging Markets Fund Class F | 511,073,597 | 189,143,587 | 47,728,063 | 7,018,642 | 664,985,790 |
Fidelity Series Equity-Income Fund Class F | 541,381,458 | 761,036,108 | 259,491,466 | 15,637,671 | 1,126,996,192 |
Fidelity Series Floating Rate High Income Fund Class F | 180,424,834 | 31,189,936 | 19,630,151 | 8,273,944 | 188,933,942 |
Fidelity Series Growth & Income Fund Class F (formerly Fidelity Series Mega Cap Fund Class F) | 197,708,377 | 707,706,161 | 102,898,863 | 5,253,077 | 863,557,686 |
Fidelity Series Growth Company Fund Class F | - | 895,810,307 | 54,011,575 | 866,955 | 914,223,789 |
Fidelity Series High Income Fund Class F | 862,323,043 | 275,793,066 | 104,541,563 | 49,796,154 | 1,041,552,233 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 1,313,135,289 | 218,889,797 | 1,289,162,800 | 308,989 | 163,620,641 |
Fidelity Series International Growth Fund Class F | 843,420,577 | 277,451,275 | 91,032,772 | 8,585,218 | 1,135,585,423 |
Fidelity Series International Small Cap Fund Class F | 171,602,530 | 81,788,374 | 22,746,456 | 1,920,981 | 263,708,117 |
Fidelity Series International Value Fund Class F | 835,290,115 | 298,293,056 | 98,525,431 | 23,700,884 | 1,147,982,030 |
Fidelity Series Intrinsic Opportunities Fund Class F | 302,249,698 | 210,040,253 | 40,707,123 | 6,169,311 | 555,643,492 |
Fidelity Series Investment Grade Bond Fund Class F | 3,483,007,844 | 649,891,369 | 307,860,084 | 90,906,483 | 3,736,165,116 |
Fidelity Series Large Cap Value Fund Class F | 514,984,893 | 158,671,154 | 626,869,234 | 6,268,846 | - |
Fidelity Series Opportunistic Insights Fund Class F | 395,214,863 | 126,220,300 | 64,458,724 | 747,862 | 567,128,875 |
Fidelity Series Real Estate Equity Fund Class F | 75,712,362 | 28,838,236 | 7,875,422 | 1,565,168 | 96,312,738 |
Fidelity Series Real Estate Income Fund Class F | 95,886,354 | 15,156,216 | 25,153,094 | 5,131,125 | 82,419,701 |
Fidelity Series Small Cap Discovery Fund Class F | - | 140,695,158 | 8,370,079 | 175,178 | 136,671,355 |
Fidelity Series Small Cap Opportunities Fund Class F | 224,645,527 | 255,793,852 | 56,391,924 | 327,725 | 453,282,565 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 544,827,638 | 302,471,748 | 146,167,585 | 8,328,120 | 763,538,536 |
Fidelity Short-Term Bond Fund Class F | 486,687,301 | 108,061,404 | 96,239,951 | 4,925,527 | 497,916,457 |
Fidelity Small Cap Growth Fund Class F | 118,596,302 | 18,269,843 | 146,644,971 | - | - |
Fidelity Small Cap Value Fund Class F | 126,823,443 | 12,726,293 | 146,787,633 | 333,449 | - |
Total | $ 16,052,600,629 | $ 7,530,227,253 | $ 7,171,064,051 | $ 270,468,082 | $ 17,322,598,618 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2020 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $15,888,558,677) - See accompanying schedule | | $ 17,322,598,618 |
Receivable for investments sold | | 85,280,072 |
Receivable for fund shares sold | | 19,805,251 |
Total assets | | 17,427,683,941 |
| | |
Liabilities | | |
Payable for investments purchased | $ 19,959,999 | |
Payable for fund shares redeemed | 85,123,109 | |
Transfer agent fees payable | 676,965 | |
Total liabilities | | 105,760,073 |
| | |
Net Assets | | $ 17,321,923,868 |
Net Assets consist of: | | |
Paid in capital | | $ 14,753,992,084 |
Undistributed net investment income | | 261,832,807 |
Accumulated undistributed net realized gain (loss) on investments | | 872,059,036 |
Net unrealized appreciation (depreciation) on investments | | 1,434,039,941 |
Net Assets, for 1,149,483,244 shares outstanding | | $ 17,321,923,868 |
Net Asset Value, offering price and redemption price per share ($17,321,923,868 ÷ 1,149,483,244 shares) | | $ 15.07 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 270,468,082 |
| | |
Expenses | | |
Transfer agent fees | $ 7,973,822 | |
Independent trustees' compensation | 63,679 | |
Total expenses | | 8,037,501 |
Net investment income (loss) | | 262,430,581 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 470,344,920 | |
Capital gain distributions from underlying funds | 427,060,068 | |
Total net realized gain (loss) | | 897,404,988 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 440,491,871 |
Net gain (loss) | | 1,337,896,859 |
Net increase (decrease) in net assets resulting from operations | | $ 1,600,327,440 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2020 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 262,430,581 | $ 245,370,726 |
Net realized gain (loss) | 897,404,988 | 448,704,104 |
Change in net unrealized appreciation (depreciation) | 440,491,871 | 471,599,307 |
Net increase (decrease) in net assets resulting from operations | 1,600,327,440 | 1,165,674,137 |
Distributions to shareholders from net investment income | (32,613,953) | (242,055,622) |
Distributions to shareholders from net realized gain | (293,525,248) | (272,202,329) |
Total distributions | (326,139,201) | (514,257,951) |
Share transactions
Proceeds from sales of shares | 4,821,205,670 | 5,706,482,439 |
Reinvestment of distributions | 326,139,201 | 514,257,951 |
Cost of shares redeemed | (5,151,550,145) | (2,874,667,076) |
Net increase (decrease) in net assets resulting from share transactions | (4,205,274) | 3,346,073,314 |
Total increase (decrease) in net assets | 1,269,982,965 | 3,997,489,500 |
| | |
Net Assets | | |
Beginning of period | 16,051,940,903 | 12,054,451,403 |
End of period (including undistributed net investment income of $261,832,807 and undistributed net investment income of $31,790,272, respectively) | $ 17,321,923,868 | $ 16,051,940,903 |
Other Information Shares | | |
Sold | 336,544,773 | 425,101,001 |
Issued in reinvestment of distributions | 23,262,425 | 38,982,612 |
Redeemed | (358,225,587) | (214,551,170) |
Net increase (decrease) | 1,581,611 | 249,532,443 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.98 | $ 13.42 | $ 13.72 | $ 12.37 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .22 | .24 | .25 | .24 | .18 |
Net realized and unrealized gain (loss) | 1.15 | .82 | .06 | 1.42 | 2.30 |
Total from investment operations | 1.37 | 1.06 | .31 | 1.66 | 2.48 |
Distributions from net investment income | (.03) | (.23) | (.21) | (.18) | (.06) |
Distributions from net realized gain | (.25) | (.27) | (.40) | (.13) | (.05) |
Total distributions | (.28) | (.50) | (.61) | (.31) | (.11) |
Net asset value, end of period | $ 15.07 | $ 13.98 | $ 13.42 | $ 13.72 | $ 12.37 |
Total Return B | 9.95% | 8.17% | 2.50% | 13.62% | 24.78% |
Ratios to Average Net Assets D, F | | | | | |
Expenses before reductions | .05% | .05% | .05% | .05% | .05% A |
Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% A |
Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% A |
Net investment income (loss) | 1.56% | 1.78% | 1.94% | 1.89% | 2.01% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 17,321,924 | $ 16,051,941 | $ 12,054,451 | $ 6,632,569 | $ 1,585,350 |
Portfolio turnover rate D | 43% | 23% | 21% | 37% | 20% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E For the period July 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2025 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund Class F | 1.5 | 0.0 |
Fidelity Series 1000 Value Index Fund Class F | 1.0 | 0.0 |
Fidelity Series All-Sector Equity Fund Class F | 6.1 | 6.2 |
Fidelity Series Blue Chip Growth Fund Class F | 5.1 | 0.0 |
Fidelity Series Commodity Strategy Fund Class F | 1.3 | 7.1 |
Fidelity Series Equity-Income Fund Class F | 7.6 | 4.2 |
Fidelity Series Growth & Income Fund Class F | 5.8 | 1.7 |
Fidelity Series Growth Company Fund Class F | 6.1 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund Class F | 3.8 | 3.2 |
Fidelity Series Opportunistic Insights Fund Class F | 3.8 | 3.3 |
Fidelity Series Real Estate Equity Fund Class F | 0.7 | 0.6 |
Fidelity Series Small Cap Discovery Fund Class F | 0.9 | 0.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 3.1 | 1.7 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 4.9 | 3.7 |
Fidelity Blue Chip Growth Fund Class F | 0.0 | 4.8 |
Fidelity Growth Company Fund Class F | 0.0 | 6.0 |
Fidelity Series 100 Index Fund | 0.0 | 1.4 |
Fidelity Series Large Cap Value Fund Class F | 0.0 | 3.2 |
Fidelity Small Cap Growth Fund Class F | 0.0 | 0.9 |
Fidelity Small Cap Value Fund Class F | 0.0 | 0.9 |
| 51.7 | 48.9 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 4.6 | 3.8 |
Fidelity Series International Growth Fund Class F | 7.7 | 6.5 |
Fidelity Series International Small Cap Fund Class F | 1.8 | 1.4 |
Fidelity Series International Value Fund Class F | 7.7 | 6.5 |
| 21.8 | 18.2 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund Class F | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 0.9 | 0.9 |
Fidelity Series High Income Fund Class F | 6.3 | 6.8 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 5.6 |
Fidelity Series Investment Grade Bond Fund Class F | 17.1 | 17.4 |
Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| 26.0 | 31.9 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 0.3 | 0.5 |
Fidelity Short-Term Bond Fund Class F | 0.2 | 0.5 |
| 0.5 | 1.0 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.01% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 51.7% | |
| International Equity Funds | 21.8% | |
| Bond Funds | 26.0% | |
| Short-Term Funds | 0.5% | |
Six months ago |
| Domestic Equity Funds** | 48.9% | |
| International Equity Funds | 18.2% | |
| Bond Funds | 31.9% | |
| Short-Term Funds | 1.0% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom K® 2025 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 51.7% |
| Shares | | Value |
Fidelity Series 100 Index Fund Class F (c) | 14,988,526 | | $ 182,410,365 |
Fidelity Series 1000 Value Index Fund Class F (c) | 11,477,009 | | 122,574,455 |
Fidelity Series All-Sector Equity Fund Class F (c) | 50,731,520 | | 715,821,743 |
Fidelity Series Blue Chip Growth Fund Class F (c) | 55,732,353 | | 603,581,385 |
Fidelity Series Commodity Strategy Fund Class F (a)(c) | 17,476,613 | | 148,551,214 |
Fidelity Series Equity-Income Fund Class F (c) | 71,367,954 | | 892,099,428 |
Fidelity Series Growth & Income Fund Class F (c) | 53,059,168 | | 689,238,591 |
Fidelity Series Growth Company Fund Class F (c) | 66,792,465 | | 724,030,320 |
Fidelity Series Intrinsic Opportunities Fund Class F (c) | 31,824,542 | | 442,679,378 |
Fidelity Series Opportunistic Insights Fund Class F (c) | 32,146,829 | | 449,091,202 |
Fidelity Series Real Estate Equity Fund Class F (c) | 6,279,152 | | 81,126,643 |
Fidelity Series Small Cap Discovery Fund Class F (c) | 10,276,780 | | 106,159,140 |
Fidelity Series Small Cap Opportunities Fund Class F (c) | 26,543,814 | | 362,057,625 |
Fidelity Series Stock Selector Large Cap Value Fund Class F (c) | 46,388,525 | | 581,248,217 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $5,374,881,224) |
6,100,669,706
|
International Equity Funds - 21.8% |
| | | |
Fidelity Series Emerging Markets Fund Class F (c) | 31,520,278 | | 541,833,587 |
Fidelity Series International Growth Fund Class F (c) | 63,792,307 | | 905,212,840 |
Fidelity Series International Small Cap Fund Class F (c) | 13,282,437 | | 215,573,958 |
Fidelity Series International Value Fund Class F (c) | 81,697,415 | | 910,926,175 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,181,042,022) |
2,573,546,560
|
Bond Funds - 26.0% |
| Shares | | Value |
Fidelity Series Emerging Markets Debt Fund Class F (c) | 7,895,423 | | $ 80,533,314 |
Fidelity Series Floating Rate High Income Fund Class F (c) | 10,086,965 | | 105,509,655 |
Fidelity Series High Income Fund Class F (c) | 70,164,928 | | 743,046,588 |
Fidelity Series Inflation-Protected Bond Index Fund Class F (c) | 6,236,357 | | 61,490,480 |
Fidelity Series Investment Grade Bond Fund Class F (c) | 179,531,284 | | 2,021,522,254 |
Fidelity Series Real Estate Income Fund Class F (c) | 4,989,315 | | 56,279,472 |
TOTAL BOND FUNDS (Cost $3,078,026,305) |
3,068,381,763
|
Short-Term Funds - 0.5% |
| | | |
Fidelity Institutional Money Market Portfolio Class F 0.09% (b)(c) | 30,377,402 | | 30,377,402 |
Fidelity Short-Term Bond Fund Class F (c) | 2,894,042 | | 24,859,824 |
TOTAL SHORT-TERM FUNDS (Cost $55,133,891) |
55,237,226
|
TOTAL INVESTMENT
PORTFOLIO - 100.0% (Cost $10,689,083,442) | | 11,797,835,255 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (454,819) |
NET ASSETS - 100% | $ 11,797,380,436 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund Class F | $ 441,725,132 | $ 86,608,699 | $ 592,152,585 | $ 1,791,347 | $ - |
Fidelity Disciplined Equity Fund Class F | 97,000,644 | 1,131,756 | 102,876,859 | - | - |
Fidelity Growth Company Fund Class F | 601,589,634 | 68,440,791 | 783,931,312 | - | - |
Fidelity Institutional Money Market Portfolio Class F | 39,758,924 | 41,398,493 | 50,780,015 | 42,079 | 30,377,402 |
Fidelity Series 100 Index Fund | 151,059,084 | 29,424,774 | 200,114,921 | 3,237,783 | - |
Fidelity Series 100 Index Fund Class F | - | 182,672,364 | 7,420,006 | - | 182,410,365 |
Fidelity Series 1000 Value Index Fund Class F | - | 119,979,258 | 3,781,554 | 352,239 | 122,574,455 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series All-Sector Equity Fund Class F | $ 651,250,933 | $ 141,760,111 | $ 143,411,376 | $ 7,486,059 | $ 715,821,743 |
Fidelity Series Blue Chip Growth Fund Class F | - | 601,428,003 | 44,117,529 | 672,798 | 603,581,385 |
Fidelity Series Commodity Strategy Fund Class F | 714,281,419 | 176,798,300 | 679,945,558 | - | 148,551,214 |
Fidelity Series Emerging Markets Debt Fund Class F | 71,957,407 | 18,674,880 | 5,434,141 | 4,117,959 | 80,533,314 |
Fidelity Series Emerging Markets Fund Class F | 381,386,399 | 188,705,472 | 38,100,074 | 5,708,254 | 541,833,587 |
Fidelity Series Equity-Income Fund Class F | 396,747,170 | 535,214,080 | 102,983,347 | 11,924,019 | 892,099,428 |
Fidelity Series Floating Rate High Income Fund Class F | 90,181,158 | 24,110,840 | 7,197,502 | 4,357,762 | 105,509,655 |
Fidelity Series Growth & Income Fund Class F (formerly Fidelity Series Mega Cap Fund Class F) | 145,116,806 | 550,134,011 | 52,558,900 | 4,158,075 | 689,238,591 |
Fidelity Series Growth Company Fund Class F | - | 713,357,232 | 45,962,338 | 675,182 | 724,030,320 |
Fidelity Series High Income Fund Class F | 684,251,795 | 168,681,782 | 116,043,379 | 39,426,529 | 743,046,588 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 529,707,916 | 137,261,261 | 573,133,910 | 119,449 | 61,490,480 |
Fidelity Series International Growth Fund Class F | 629,703,229 | 252,888,313 | 59,206,283 | 7,044,704 | 905,212,840 |
Fidelity Series International Small Cap Fund Class F | 128,141,475 | 72,767,254 | 11,850,209 | 1,549,003 | 215,573,958 |
Fidelity Series International Value Fund Class F | 624,323,358 | 261,740,261 | 63,356,444 | 18,890,026 | 910,926,175 |
Fidelity Series Intrinsic Opportunities Fund Class F | 236,976,345 | 166,848,530 | 27,955,733 | 4,873,394 | 442,679,378 |
Fidelity Series Investment Grade Bond Fund Class F | 1,697,697,363 | 537,116,948 | 169,495,044 | 46,790,320 | 2,021,522,254 |
Fidelity Series Large Cap Value Fund Class F | 386,286,269 | 136,645,473 | 485,101,923 | 4,983,750 | - |
Fidelity Series Opportunistic Insights Fund Class F | 289,984,373 | 117,891,796 | 42,742,087 | 570,641 | 449,091,202 |
Fidelity Series Real Estate Equity Fund Class F | 55,497,972 | 31,203,446 | 5,458,022 | 1,243,962 | 81,126,643 |
Fidelity Series Real Estate Income Fund Class F | 53,104,120 | 12,827,459 | 7,844,293 | 3,120,869 | 56,279,472 |
Fidelity Series Small Cap Discovery Fund Class F | - | 108,590,194 | 5,812,676 | 131,025 | 106,159,140 |
Fidelity Series Small Cap Opportunities Fund Class F | 169,246,938 | 201,035,544 | 30,891,428 | 247,802 | 362,057,625 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 399,975,994 | 211,521,381 | 79,101,220 | 6,012,981 | 581,248,217 |
Fidelity Short-Term Bond Fund Class F | 32,611,876 | 31,995,832 | 39,694,450 | 319,084 | 24,859,824 |
Fidelity Small Cap Growth Fund Class F | 91,028,733 | 17,521,983 | 116,280,779 | - | - |
Fidelity Small Cap Value Fund Class F | 97,515,534 | 13,155,471 | 116,482,415 | 271,785 | - |
Total | $ 9,888,108,000 | $ 5,959,531,992 | $ 4,811,218,312 | $ 180,118,880 | $ 11,797,835,255 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2025 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $10,689,083,442) - See accompanying schedule | | $ 11,797,835,255 |
Receivable for investments sold | | 24,995,892 |
Receivable for fund shares sold | | 20,129,925 |
Total assets | | 11,842,961,072 |
| | |
Liabilities | | |
Payable for investments purchased | $ 35,958,846 | |
Payable for fund shares redeemed | 9,165,266 | |
Transfer agent fees payable | 456,524 | |
Total liabilities | | 45,580,636 |
| | |
Net Assets | | $ 11,797,380,436 |
Net Assets consist of: | | |
Paid in capital | | $ 9,875,134,047 |
Undistributed net investment income | | 174,618,488 |
Accumulated undistributed net realized gain (loss) on investments | | 638,876,088 |
Net unrealized appreciation (depreciation) on investments | | 1,108,751,813 |
Net Assets, for 751,308,262 shares outstanding | | $ 11,797,380,436 |
Net Asset Value, offering price and redemption price per share ($11,797,380,436 ÷ 751,308,262 shares) | | $ 15.70 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 180,118,880 |
| | |
Expenses | | |
Transfer agent fees | $ 5,171,578 | |
Independent trustees' compensation | 41,020 | |
Total expenses | | 5,212,598 |
Net investment income (loss) | | 174,906,282 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 330,577,046 | |
Capital gain distributions from underlying funds | 326,255,422 | |
Total net realized gain (loss) | | 656,832,468 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 430,813,027 |
Net gain (loss) | | 1,087,645,495 |
Net increase (decrease) in net assets resulting from operations | | $ 1,262,551,777 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 174,906,282 | $ 152,593,328 |
Net realized gain (loss) | 656,832,468 | 271,388,589 |
Change in net unrealized appreciation (depreciation) | 430,813,027 | 368,201,225 |
Net increase (decrease) in net assets resulting from operations | 1,262,551,777 | 792,183,142 |
Distributions to shareholders from net investment income | (19,149,282) | (147,879,817) |
Distributions to shareholders from net realized gain | (198,584,527) | (145,666,744) |
Total distributions | (217,733,809) | (293,546,561) |
Share transactions
Proceeds from sales of shares | 3,726,420,199 | 3,914,024,849 |
Reinvestment of distributions | 217,733,809 | 293,546,561 |
Cost of shares redeemed | (3,079,294,678) | (1,497,471,333) |
Net increase (decrease) in net assets resulting from share transactions | 864,859,330 | 2,710,100,077 |
Total increase (decrease) in net assets | 1,909,677,298 | 3,208,736,658 |
| | |
Net Assets | | |
Beginning of period | 9,887,703,138 | 6,678,966,480 |
End of period (including undistributed net investment income of $174,618,488 and undistributed net investment income of $18,861,488, respectively) | $ 11,797,380,436 | $ 9,887,703,138 |
Other Information Shares | | |
Sold | 251,471,985 | 288,192,126 |
Issued in reinvestment of distributions | 15,141,433 | 22,013,209 |
Redeemed | (206,818,599) | (110,265,804) |
Net increase (decrease) | 59,794,819 | 199,939,531 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.30 | $ 13.59 | $ 13.99 | $ 12.50 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .24 | .26 | .26 | .25 | .18 |
Net realized and unrealized gain (loss) | 1.47 | .95 | (.02) | 1.57 | 2.44 |
Total from investment operations | 1.71 | 1.21 | .24 | 1.82 | 2.62 |
Distributions from net investment income | (.03) | (.24) | (.21) | (.19) | (.07) |
Distributions from net realized gain | (.28) | (.26) | (.43) | (.14) | (.05) |
Total distributions | (.31) | (.50) | (.64) | (.33) | (.12) |
Net asset value, end of period | $ 15.70 | $ 14.30 | $ 13.59 | $ 13.99 | $ 12.50 |
Total Return B | 12.13% | 9.17% | 2.02% | 14.72% | 26.24% |
Ratios to Average Net Assets D, F | | | | | |
Expenses before reductions | .05% | .05% | .05% | .05% | .05% A |
Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% A |
Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% A |
Net investment income (loss) | 1.60% | 1.89% | 1.95% | 1.90% | 2.02% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 11,797,380 | $ 9,887,703 | $ 6,678,966 | $ 3,454,146 | $ 930,417 |
Portfolio turnover rate D | 44% | 23% | 20% | 38% | 19% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E For the period July 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2030 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund Class F | 1.8 | 0.0 |
Fidelity Series 1000 Value Index Fund Class F | 1.2 | 0.0 |
Fidelity Series All-Sector Equity Fund Class F | 6.7 | 6.6 |
Fidelity Series Blue Chip Growth Fund Class F | 5.9 | 0.0 |
Fidelity Series Commodity Strategy Fund Class F | 1.2 | 7.5 |
Fidelity Series Equity-Income Fund Class F | 9.0 | 4.4 |
Fidelity Series Growth & Income Fund Class F | 7.0 | 1.7 |
Fidelity Series Growth Company Fund Class F | 7.2 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund Class F | 4.5 | 3.4 |
Fidelity Series Opportunistic Insights Fund Class F | 4.5 | 3.5 |
Fidelity Series Real Estate Equity Fund Class F | 0.7 | 0.7 |
Fidelity Series Small Cap Discovery Fund Class F | 1.1 | 0.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 3.7 | 1.8 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 6.1 | 4.0 |
Fidelity Blue Chip Growth Fund Class F | 0.0 | 5.0 |
Fidelity Growth Company Fund Class F | 0.0 | 6.3 |
Fidelity Series 100 Index Fund | 0.0 | 1.5 |
Fidelity Series Large Cap Value Fund Class F | 0.0 | 3.4 |
Fidelity Small Cap Growth Fund Class F | 0.0 | 1.0 |
Fidelity Small Cap Value Fund Class F | 0.0 | 0.9 |
| 60.6 | 51.7 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 5.3 | 4.1 |
Fidelity Series International Growth Fund Class F | 9.1 | 6.9 |
Fidelity Series International Small Cap Fund Class F | 2.1 | 1.4 |
Fidelity Series International Value Fund Class F | 9.1 | 6.9 |
| 25.6 | 19.3 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund Class F | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 0.8 | 0.9 |
Fidelity Series High Income Fund Class F | 6.6 | 6.9 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.1 | 2.8 |
Fidelity Series Investment Grade Bond Fund Class F | 5.1 | 17.2 |
Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| 13.8 | 29.0 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 60.6% | |
 | International Equity Funds | 25.6% | |
| Bond Funds | 13.8% | |
Six months ago |
| Domestic Equity Funds** | 51.7% | |
| International Equity Funds | 19.3% | |
| Bond Funds | 29.0% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom K® 2030 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 60.6% |
| Shares | | Value |
Fidelity Series 100 Index Fund Class F (b) | 22,230,138 | | $ 270,540,783 |
Fidelity Series 1000 Value Index Fund Class F (b) | 17,064,802 | | 182,252,090 |
Fidelity Series All-Sector Equity Fund Class F (b) | 71,250,638 | | 1,005,346,504 |
Fidelity Series Blue Chip Growth Fund Class F (b) | 81,676,660 | | 884,558,224 |
Fidelity Series Commodity Strategy Fund Class F (a)(b) | 21,569,719 | | 183,342,610 |
Fidelity Series Equity-Income Fund Class F (b) | 107,343,953 | | 1,341,799,407 |
Fidelity Series Growth & Income Fund Class F (b) | 79,805,105 | | 1,036,668,308 |
Fidelity Series Growth Company Fund Class F (b) | 99,673,123 | | 1,080,456,652 |
Fidelity Series Intrinsic Opportunities Fund Class F (b) | 48,555,497 | | 675,406,959 |
Fidelity Series Opportunistic Insights Fund Class F (b) | 47,804,892 | | 667,834,335 |
Fidelity Series Real Estate Equity Fund Class F (b) | 8,296,186 | | 107,186,720 |
Fidelity Series Small Cap Discovery Fund Class F (b) | 15,367,098 | | 158,742,122 |
Fidelity Series Small Cap Opportunities Fund Class F (b) | 40,039,144 | | 546,133,920 |
Fidelity Series Stock Selector Large Cap Value Fund Class F (b) | 71,980,462 | | 901,915,192 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $8,027,202,462) |
9,042,183,826
|
International Equity Funds - 25.6% |
| | | |
Fidelity Series Emerging Markets Fund Class F (b) | 46,326,282 | | 796,348,784 |
Fidelity Series International Growth Fund Class F (b) | 95,901,835 | | 1,360,847,043 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund Class F (b) | 18,797,747 | | $ 305,087,429 |
Fidelity Series International Value Fund Class F (b) | 121,867,991 | | 1,358,828,103 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $3,283,931,949) |
3,821,111,359
|
Bond Funds - 13.8% |
| | | |
Fidelity Series Emerging Markets Debt Fund Class F (b) | 10,016,439 | | 102,167,682 |
Fidelity Series Floating Rate High Income Fund Class F (b) | 12,097,289 | | 126,537,640 |
Fidelity Series High Income Fund Class F (b) | 92,794,805 | | 982,696,990 |
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | 1,636,186 | | 16,132,795 |
Fidelity Series Investment Grade Bond Fund Class F (b) | 67,920,806 | | 764,788,281 |
Fidelity Series Real Estate Income Fund Class F (b) | 6,312,074 | | 71,200,199 |
TOTAL BOND FUNDS (Cost $2,000,260,955) |
2,063,523,587
|
TOTAL INVESTMENT
PORTFOLIO - 100.0% (Cost $13,311,395,366) | | 14,926,818,772 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (579,261) |
NET ASSETS - 100% | $ 14,926,239,511 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund Class F | $ 602,111,489 | $ 99,903,764 | $ 787,914,865 | $ 2,405,337 | $ - |
Fidelity Disciplined Equity Fund Class F | 132,360,247 | 913,005 | 139,788,766 | - | - |
Fidelity Growth Company Fund Class F | 828,709,110 | 69,918,916 | 1,053,709,104 | - | - |
Fidelity Series 100 Index Fund | 205,820,148 | 60,637,329 | 292,779,853 | 4,880,752 | - |
Fidelity Series 100 Index Fund Class F | - | 271,741,193 | 11,837,950 | - | 270,540,783 |
Fidelity Series 1000 Value Index Fund Class F | - | 181,091,542 | 7,806,485 | 491,027 | 182,252,090 |
Fidelity Series All-Sector Equity Fund Class F | 888,597,916 | 208,391,325 | 179,459,242 | 10,396,167 | 1,005,346,504 |
Fidelity Series Blue Chip Growth Fund Class F | - | 863,808,196 | 45,096,797 | 977,244 | 884,558,224 |
Fidelity Series Commodity Strategy Fund Class F | 980,829,744 | 205,448,664 | 920,387,575 | - | 183,342,610 |
Fidelity Series Emerging Markets Debt Fund Class F | 94,633,090 | 20,763,785 | 7,172,828 | 5,283,734 | 102,167,682 |
Fidelity Series Emerging Markets Fund Class F | 522,651,248 | 344,618,964 | 83,256,598 | 9,213,442 | 796,348,784 |
Fidelity Series Equity-Income Fund Class F | 549,196,646 | 836,264,479 | 131,354,448 | 16,955,345 | 1,341,799,407 |
Fidelity Series Floating Rate High Income Fund Class F | 111,519,649 | 26,512,089 | 9,598,161 | 5,285,315 | 126,537,640 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Growth & Income Fund Class F (formerly Series Mega Cap Fund Class F) | $ 200,841,703 | $ 847,511,884 | $ 75,118,340 | $ 5,957,453 | $ 1,036,668,308 |
Fidelity Series Growth Company Fund Class F | - | 1,043,432,594 | 45,719,284 | 1,013,795 | 1,080,456,652 |
Fidelity Series High Income Fund Class F | 903,277,695 | 203,591,783 | 132,081,279 | 52,024,324 | 982,696,990 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 328,765,237 | 96,563,427 | 390,615,868 | 46,537 | 16,132,795 |
Fidelity Series International Growth Fund Class F | 862,997,755 | 501,950,751 | 117,401,439 | 11,032,997 | 1,360,847,043 |
Fidelity Series International Small Cap Fund Class F | 175,227,326 | 110,916,081 | 18,470,985 | 2,242,143 | 305,087,429 |
Fidelity Series International Value Fund Class F | 855,871,899 | 477,111,863 | 92,614,796 | 29,161,698 | 1,358,828,103 |
Fidelity Series Intrinsic Opportunities Fund Class F | 326,611,115 | 306,404,711 | 51,291,362 | 7,046,197 | 675,406,959 |
Fidelity Series Investment Grade Bond Fund Class F | 2,249,073,002 | 544,593,667 | 1,963,531,043 | 40,802,552 | 764,788,281 |
Fidelity Series Large Cap Value Fund Class F | 532,173,112 | 173,680,192 | 655,704,559 | 6,705,946 | - |
Fidelity Series Opportunistic Insights Fund Class F | 401,399,062 | 213,404,006 | 64,708,428 | 861,065 | 667,834,335 |
Fidelity Series Real Estate Equity Fund Class F | 74,960,322 | 40,868,463 | 8,443,077 | 1,670,881 | 107,186,720 |
Fidelity Series Real Estate Income Fund Class F | 63,065,894 | 16,622,367 | 6,347,503 | 3,900,397 | 71,200,199 |
Fidelity Series Small Cap Discovery Fund Class F | - | 160,624,708 | 7,255,320 | 178,187 | 158,742,122 |
Fidelity Series Small Cap Opportunities Fund Class F | 231,089,918 | 327,065,123 | 44,466,651 | 360,986 | 546,133,920 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 553,830,035 | 404,836,332 | 121,022,479 | 9,636,122 | 901,915,192 |
Fidelity Small Cap Growth Fund Class F | 126,536,017 | 21,283,697 | 158,335,812 | - | - |
Fidelity Small Cap Value Fund Class F | 136,042,302 | 15,255,522 | 159,244,513 | 369,456 | - |
Total | $ 12,938,191,681 | $ 8,695,730,422 | $ 7,782,535,410 | $ 228,899,099 | $ 14,926,818,772 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2030 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $13,311,395,366) - See accompanying schedule | | $ 14,926,818,772 |
Receivable for investments sold | | 47,056,560 |
Receivable for fund shares sold | | 21,892,107 |
Total assets | | 14,995,767,439 |
| | |
Liabilities | | |
Payable for investments purchased | $ 16,586,768 | |
Payable for fund shares redeemed | 52,360,916 | |
Transfer agent fees payable | 580,244 | |
Total liabilities | | 69,527,928 |
| | |
Net Assets | | $ 14,926,239,511 |
Net Assets consist of: | | |
Paid in capital | | $ 12,277,446,805 |
Undistributed net investment income | | 221,998,691 |
Accumulated undistributed net realized gain (loss) on investments | | 811,370,609 |
Net unrealized appreciation (depreciation) on investments | | 1,615,423,406 |
Net Assets, for 930,590,688 shares outstanding | | $ 14,926,239,511 |
Net Asset Value, offering price and redemption price per share ($14,926,239,511 ÷ 930,590,688 shares) | | $ 16.04 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 228,899,099 |
| | |
Expenses | | |
Transfer agent fees | $ 6,629,287 | |
Independent trustees' compensation | 52,688 | |
Total expenses | | 6,681,975 |
Net investment income (loss) | | 222,217,124 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 384,445,944 | |
Capital gain distributions from underlying funds | 451,560,233 | |
Total net realized gain (loss) | | 836,006,177 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 690,958,999 |
Net gain (loss) | | 1,526,965,176 |
Net increase (decrease) in net assets resulting from operations | | $ 1,749,182,300 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 222,217,124 | $ 207,635,923 |
Net realized gain (loss) | 836,006,177 | 365,148,570 |
Change in net unrealized appreciation (depreciation) | 690,958,999 | 493,923,180 |
Net increase (decrease) in net assets resulting from operations | 1,749,182,300 | 1,066,707,673 |
Distributions to shareholders from net investment income | (24,505,853) | (202,803,148) |
Distributions to shareholders from net realized gain | (274,101,284) | (198,489,086) |
Total distributions | (298,607,137) | (401,292,234) |
Share transactions
Proceeds from sales of shares | 4,187,539,586 | 4,684,029,188 |
Reinvestment of distributions | 298,607,137 | 401,292,234 |
Cost of shares redeemed | (3,948,144,278) | (2,019,839,253) |
Net increase (decrease) in net assets resulting from share transactions | 538,002,445 | 3,065,482,169 |
Total increase (decrease) in net assets | 1,988,577,608 | 3,730,897,608 |
| | |
Net Assets | | |
Beginning of period | 12,937,661,903 | 9,206,764,295 |
End of period (including undistributed net investment income of $221,998,691 and undistributed net investment income of $24,287,420, respectively) | $ 14,926,239,511 | $ 12,937,661,903 |
Other Information Shares | | |
Sold | 277,666,183 | 341,169,501 |
Issued in reinvestment of distributions | 20,494,657 | 29,813,341 |
Redeemed | (260,727,298) | (147,480,227) |
Net increase (decrease) | 37,433,542 | 223,502,615 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.49 | $ 13.75 | $ 14.22 | $ 12.67 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .24 | .27 | .26 | .25 | .17 |
Net realized and unrealized gain (loss) | 1.64 | .99 | (.07) | 1.62 | 2.62 |
Total from investment operations | 1.88 | 1.26 | .19 | 1.87 | 2.79 |
Distributions from net investment income | (.03) | (.25) | (.22) | (.18) | (.07) |
Distributions from net realized gain | (.30) | (.26) | (.44) | (.14) | (.05) |
Total distributions | (.33) | (.52) G | (.66) | (.32) | (.12) |
Net asset value, end of period | $ 16.04 | $ 14.49 | $ 13.75 | $ 14.22 | $ 12.67 |
Total Return B | 13.20% | 9.46% | 1.62% | 14.95% | 27.94% |
Ratios to Average Net Assets D, F | | | | | |
Expenses before reductions | .05% | .05% | .05% | .05% | .05% A |
Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% A |
Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% A |
Net investment income (loss) | 1.58% | 1.94% | 1.99% | 1.88% | 1.93% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,926,240 | $ 12,937,662 | $ 9,206,764 | $ 4,890,405 | $ 1,280,910 |
Portfolio turnover rate D | 56% | 25% | 19% | 37% | 23% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E For the period July 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
G Total distributions of $.52 per share is comprised of distributions from net investment income of $.252 and distributions from net realized gain of $.264 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2035 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund Class F | 1.9 | 0.0 |
Fidelity Series 1000 Value Index Fund Class F | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund Class F | 7.3 | 7.6 |
Fidelity Series Blue Chip Growth Fund Class F | 6.2 | 0.0 |
Fidelity Series Commodity Strategy Fund Class F | 1.0 | 8.6 |
Fidelity Series Equity-Income Fund Class F | 9.5 | 5.0 |
Fidelity Series Growth & Income Fund Class F | 7.3 | 2.0 |
Fidelity Series Growth Company Fund Class F | 7.5 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund Class F | 4.7 | 3.8 |
Fidelity Series Opportunistic Insights Fund Class F | 4.7 | 3.9 |
Fidelity Series Real Estate Equity Fund Class F | 0.8 | 0.8 |
Fidelity Series Small Cap Discovery Fund Class F | 1.1 | 0.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 3.8 | 2.1 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 6.3 | 4.5 |
Fidelity Blue Chip Growth Fund Class F | 0.0 | 5.8 |
Fidelity Growth Company Fund Class F | 0.0 | 7.2 |
Fidelity Series 100 Index Fund | 0.0 | 1.7 |
Fidelity Series Large Cap Value Fund Class F | 0.0 | 3.9 |
Fidelity Small Cap Growth Fund Class F | 0.0 | 1.1 |
Fidelity Small Cap Value Fund Class F | 0.0 | 1.1 |
| 63.4 | 59.1 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 5.4 | 4.8 |
Fidelity Series International Growth Fund Class F | 9.5 | 7.8 |
Fidelity Series International Small Cap Fund Class F | 2.1 | 1.7 |
Fidelity Series International Value Fund Class F | 9.6 | 7.8 |
| 26.6 | 22.1 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund Class F | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 0.7 | 0.8 |
Fidelity Series High Income Fund Class F | 6.7 | 6.8 |
Fidelity Series Investment Grade Bond Fund Class F | 1.4 | 10.1 |
Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.4 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.0 | 0.0* |
| 10.0 | 18.8 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.01% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.4% | |
| International Equity Funds | 26.6% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 59.1% | |
| International Equity Funds | 22.1% | |
| Bond Funds | 18.8% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom K® 2035 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.4% |
| Shares | | Value |
Fidelity Series 100 Index Fund Class F (b) | 14,186,460 | | $ 172,649,223 |
Fidelity Series 1000 Value Index Fund Class F (b) | 10,863,746 | | 116,024,811 |
Fidelity Series All-Sector Equity Fund Class F (b) | 46,805,486 | | 660,425,414 |
Fidelity Series Blue Chip Growth Fund Class F (b) | 52,379,705 | | 567,272,210 |
Fidelity Series Commodity Strategy Fund Class F (a)(b) | 10,302,129 | | 87,568,097 |
Fidelity Series Equity-Income Fund Class F (b) | 69,367,611 | | 867,095,141 |
Fidelity Series Growth & Income Fund Class F (b) | 50,808,985 | | 660,008,711 |
Fidelity Series Growth Company Fund Class F (b) | 62,710,242 | | 679,779,024 |
Fidelity Series Intrinsic Opportunities Fund Class F (b) | 30,806,620 | | 428,520,087 |
Fidelity Series Opportunistic Insights Fund Class F (b) | 30,389,205 | | 424,537,199 |
Fidelity Series Real Estate Equity Fund Class F (b) | 5,783,420 | | 74,721,789 |
Fidelity Series Small Cap Discovery Fund Class F (b) | 9,568,086 | | 98,838,323 |
Fidelity Series Small Cap Opportunities Fund Class F (b) | 25,233,095 | | 344,179,416 |
Fidelity Series Stock Selector Large Cap Value Fund Class F (b) | 45,948,703 | | 575,737,253 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $5,106,828,981) |
5,757,356,698
|
International Equity Funds - 26.6% |
| | | |
Fidelity Series Emerging Markets Fund Class F (b) | 28,731,059 | | 493,886,898 |
Fidelity Series International Growth Fund Class F (b) | 60,608,668 | | 860,036,992 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund Class F (b) | 11,990,011 | | $ 194,597,886 |
Fidelity Series International Value Fund Class F (b) | 77,810,206 | | 867,583,803 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,064,659,293) |
2,416,105,579
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund Class F (b) | 6,076,650 | | 61,981,828 |
Fidelity Series Floating Rate High Income Fund Class F (b) | 6,480,694 | | 67,788,064 |
Fidelity Series High Income Fund Class F (b) | 57,109,759 | | 604,792,352 |
Fidelity Series Investment Grade Bond Fund Class F (b) | 11,714,037 | | 131,900,060 |
Fidelity Series Real Estate Income Fund Class F (b) | 3,856,912 | | 43,505,962 |
TOTAL BOND FUNDS (Cost $874,873,473) |
909,968,266
|
TOTAL INVESTMENT
PORTFOLIO - 100.0% (Cost $8,046,361,747) | | 9,083,430,543 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (350,341) |
NET ASSETS - 100% | $ 9,083,080,202 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund Class F | $ 395,059,637 | $ 74,029,608 | $ 526,771,904 | $ 1,631,765 | $ - |
Fidelity Disciplined Equity Fund Class F | 86,464,431 | 988,632 | 91,706,632 | - | - |
Fidelity Growth Company Fund Class F | 542,350,097 | 55,009,886 | 701,049,792 | - | - |
Fidelity Series 100 Index Fund | 134,827,963 | 24,960,226 | 177,425,948 | 2,965,094 | - |
Fidelity Series 100 Index Fund Class F | - | 170,881,615 | 4,924,378 | - | 172,649,223 |
Fidelity Series 1000 Value Index Fund Class F | - | 114,493,971 | 4,352,937 | 325,269 | 116,024,811 |
Fidelity Series All-Sector Equity Fund Class F | 582,232,287 | 134,549,403 | 116,385,910 | 6,793,531 | 660,425,414 |
Fidelity Series Blue Chip Growth Fund Class F | - | 553,353,057 | 27,975,498 | 607,220 | 567,272,210 |
Fidelity Series Commodity Strategy Fund Class F | 643,392,529 | 144,551,230 | 641,716,882 | - | 87,568,097 |
Fidelity Series Emerging Markets Debt Fund Class F | 52,821,472 | 16,349,021 | 3,538,632 | 3,151,257 | 61,981,828 |
Fidelity Series Emerging Markets Fund Class F | 341,026,305 | 195,907,688 | 53,118,546 | 5,652,254 | 493,886,898 |
Fidelity Series Equity-Income Fund Class F | 351,785,243 | 496,406,888 | 37,016,935 | 10,868,179 | 867,095,141 |
Fidelity Series Floating Rate High Income Fund Class F | 55,436,095 | 17,557,877 | 4,168,760 | 2,777,419 | 67,788,064 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Growth & Income Fund Class F (formerly Fidelity Series Mega Cap Fund Class F) | $ 128,675,865 | $ 515,390,850 | $ 23,131,657 | $ 3,658,769 | $ 660,008,711 |
Fidelity Series Growth Company Fund Class F | - | 653,305,082 | 25,788,804 | 629,026 | 679,779,024 |
Fidelity Series High Income Fund Class F | 504,997,060 | 139,857,043 | 45,174,625 | 30,412,352 | 604,792,352 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 1,572,504 | 1,571,378 | 169 | - |
Fidelity Series International Growth Fund Class F | 561,777,471 | 272,867,270 | 49,817,077 | 6,647,215 | 860,036,992 |
Fidelity Series International Small Cap Fund Class F | 114,078,949 | 65,376,010 | 8,742,740 | 1,568,882 | 194,597,886 |
Fidelity Series International Value Fund Class F | 556,916,636 | 280,707,564 | 49,243,587 | 17,903,070 | 867,583,803 |
Fidelity Series Intrinsic Opportunities Fund Class F | 206,594,366 | 185,953,550 | 24,902,398 | 4,518,438 | 428,520,087 |
Fidelity Series Investment Grade Bond Fund Class F | 701,187,533 | 208,894,847 | 756,618,688 | 12,690,158 | 131,900,060 |
Fidelity Series Large Cap Value Fund Class F | 353,277,341 | 127,609,546 | 446,149,755 | 4,572,003 | - |
Fidelity Series Opportunistic Insights Fund Class F | 257,134,571 | 117,317,842 | 25,737,903 | 532,705 | 424,537,199 |
Fidelity Series Real Estate Equity Fund Class F | 49,405,638 | 29,993,234 | 4,531,529 | 1,137,197 | 74,721,789 |
Fidelity Series Real Estate Income Fund Class F | 32,314,117 | 14,498,589 | 2,290,593 | 2,157,774 | 43,505,962 |
Fidelity Series Small Cap Discovery Fund Class F | - | 100,283,166 | 4,565,769 | 120,665 | 98,838,323 |
Fidelity Series Small Cap Opportunities Fund Class F | 151,752,500 | 195,383,566 | 24,071,286 | 216,356 | 344,179,416 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 355,149,012 | 243,241,047 | 64,923,686 | 5,947,006 | 575,737,253 |
Fidelity Small Cap Growth Fund Class F | 82,451,331 | 16,550,054 | 105,945,348 | - | - |
Fidelity Small Cap Value Fund Class F | 88,434,960 | 12,850,804 | 106,497,979 | 250,097 | - |
Total | $ 7,329,543,409 | $ 5,180,691,670 | $ 4,159,857,556 | $ 127,733,870 | $ 9,083,430,543 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2035 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $8,046,361,747) - See accompanying schedule | | $ 9,083,430,543 |
Receivable for fund shares sold | | 17,915,752 |
Total assets | | 9,101,346,295 |
| | |
Liabilities | | |
Payable for investments purchased | $ 9,503,732 | |
Payable for fund shares redeemed | 8,411,373 | |
Transfer agent fees payable | 350,988 | |
Total liabilities | | 18,266,093 |
| | |
Net Assets | | $ 9,083,080,202 |
Net Assets consist of: | | |
Paid in capital | | $ 7,380,458,784 |
Undistributed net investment income | | 123,626,674 |
Accumulated undistributed net realized gain (loss) on investments | | 541,925,948 |
Net unrealized appreciation (depreciation) on investments | | 1,037,068,796 |
Net Assets, for 548,770,468 shares outstanding | | $ 9,083,080,202 |
Net Asset Value, offering price and redemption price per share ($9,083,080,202 ÷ 548,770,468 shares) | | $ 16.55 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 127,733,870 |
| | |
Expenses | | |
Transfer agent fees | $ 3,910,983 | |
Independent trustees' compensation | 30,933 | |
Total expenses | | 3,941,916 |
Net investment income (loss) | | 123,791,954 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 261,831,473 | |
Capital gain distributions from underlying funds | 293,187,414 | |
Total net realized gain (loss) | | 555,018,887 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 471,199,890 |
Net gain (loss) | | 1,026,218,777 |
Net increase (decrease) in net assets resulting from operations | | $ 1,150,010,731 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 123,791,954 | $ 110,661,777 |
Net realized gain (loss) | 555,018,887 | 195,486,050 |
Change in net unrealized appreciation (depreciation) | 471,199,890 | 332,298,561 |
Net increase (decrease) in net assets resulting from operations | 1,150,010,731 | 638,446,388 |
Distributions to shareholders from net investment income | (11,191,676) | (107,158,832) |
Distributions to shareholders from net realized gain | (164,311,064) | (89,768,174) |
Total distributions | (175,502,740) | (196,927,006) |
Share transactions
Proceeds from sales of shares | 2,879,083,996 | 2,960,649,419 |
Reinvestment of distributions | 175,502,740 | 196,927,006 |
Cost of shares redeemed | (2,275,258,549) | (1,052,885,544) |
Net increase (decrease) in net assets resulting from share transactions | 779,328,187 | 2,104,690,881 |
Total increase (decrease) in net assets | 1,753,836,178 | 2,546,210,263 |
| | |
Net Assets | | |
Beginning of period | 7,329,244,024 | 4,783,033,761 |
End of period (including undistributed net investment income of $123,626,674 and undistributed net investment income of $11,026,396, respectively) | $ 9,083,080,202 | $ 7,329,244,024 |
Other Information Shares | | |
Sold | 185,996,763 | 213,995,655 |
Issued in reinvestment of distributions | 11,890,432 | 14,476,142 |
Redeemed | (146,109,003) | (76,102,506) |
Net increase (decrease) | 51,778,192 | 152,369,291 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.75 | $ 13.88 | $ 14.46 | $ 12.78 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .23 | .26 | .24 | .23 | .15 |
Net realized and unrealized gain (loss) | 1.92 | 1.09 | (.17) | 1.76 | 2.74 |
Total from investment operations | 2.15 | 1.35 | .07 | 1.99 | 2.89 |
Distributions from net investment income | (.02) | (.24) | (.20) | (.18) | (.06) |
Distributions from net realized gain | (.32) | (.23) | (.45) | (.13) | (.05) |
Total distributions | (.35) H | (.48) G | (.65) | (.31) | (.11) |
Net asset value, end of period | $ 16.55 | $ 14.75 | $ 13.88 | $ 14.46 | $ 12.78 |
Total Return B | 14.83% | 10.01% | .78% | 15.76% | 28.94% |
Ratios to Average Net Assets D, F | | | | | |
Expenses before reductions | .05% | .05% | .05% | .05% | .05% A |
Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% A |
Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% A |
Net investment income (loss) | 1.50% | 1.90% | 1.81% | 1.75% | 1.72% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,083,080 | $ 7,329,244 | $ 4,783,034 | $ 2,321,903 | $ 632,052 |
Portfolio turnover rate D | 50% | 26% | 17% | 37% | 19% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E For the period July 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
G Total distributions of $.48 per share is comprised of distributions from net investment income of $.243 and distributions from net realized gain of $.232 per share.
H Total distributions of $.35 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.323 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2040 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund Class F | 1.9 | 0.0 |
Fidelity Series 1000 Value Index Fund Class F | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund Class F | 7.5 | 7.8 |
Fidelity Series Blue Chip Growth Fund Class F | 6.3 | 0.0 |
Fidelity Series Commodity Strategy Fund Class F | 1.0 | 8.7 |
Fidelity Series Equity-Income Fund Class F | 9.5 | 5.1 |
Fidelity Series Growth & Income Fund Class F | 7.1 | 2.1 |
Fidelity Series Growth Company Fund Class F | 7.5 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund Class F | 4.7 | 3.9 |
Fidelity Series Opportunistic Insights Fund Class F | 4.6 | 4.0 |
Fidelity Series Real Estate Equity Fund Class F | 0.8 | 0.8 |
Fidelity Series Small Cap Discovery Fund Class F | 1.1 | 0.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 3.8 | 2.1 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 6.3 | 4.6 |
Fidelity Blue Chip Growth Fund Class F | 0.0 | 5.9 |
Fidelity Growth Company Fund Class F | 0.0 | 7.4 |
Fidelity Series 100 Index Fund | 0.0 | 1.7 |
Fidelity Series Large Cap Value Fund Class F | 0.0 | 4.1 |
Fidelity Small Cap Growth Fund Class F | 0.0 | 1.2 |
Fidelity Small Cap Value Fund Class F | 0.0 | 1.1 |
| 63.4 | 60.5 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 5.5 | 5.0 |
Fidelity Series International Growth Fund Class F | 9.5 | 8.0 |
Fidelity Series International Small Cap Fund Class F | 2.1 | 1.6 |
Fidelity Series International Value Fund Class F | 9.5 | 8.0 |
| 26.6 | 22.6 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund Class F | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 0.7 | 0.7 |
Fidelity Series High Income Fund Class F | 6.6 | 6.9 |
Fidelity Series Investment Grade Bond Fund Class F | 1.5 | 8.2 |
Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.4 |
| 10.0 | 16.9 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.01% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.4% | |
| International Equity Funds | 26.6% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 60.5% | |
| International Equity Funds | 22.6% | |
| Bond Funds | 16.9% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom K® 2040 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.4% |
| Shares | | Value |
Fidelity Series 100 Index Fund Class F (b) | 15,350,594 | | $ 186,816,726 |
Fidelity Series 1000 Value Index Fund Class F (b) | 11,819,129 | | 126,228,300 |
Fidelity Series All-Sector Equity Fund Class F (b) | 52,402,936 | | 739,405,434 |
Fidelity Series Blue Chip Growth Fund Class F (b) | 57,065,424 | | 618,018,537 |
Fidelity Series Commodity Strategy Fund Class F (a)(b) | 11,113,352 | | 94,463,488 |
Fidelity Series Equity-Income Fund Class F (b) | 75,441,371 | | 943,017,142 |
Fidelity Series Growth & Income Fund Class F (b) | 54,302,890 | | 705,394,536 |
Fidelity Series Growth Company Fund Class F (b) | 68,293,323 | | 740,299,626 |
Fidelity Series Intrinsic Opportunities Fund Class F (b) | 33,108,262 | | 460,535,921 |
Fidelity Series Opportunistic Insights Fund Class F (b) | 32,828,109 | | 458,608,688 |
Fidelity Series Real Estate Equity Fund Class F (b) | 6,420,642 | | 82,954,695 |
Fidelity Series Small Cap Discovery Fund Class F (b) | 10,706,420 | | 110,597,321 |
Fidelity Series Small Cap Opportunities Fund Class F (b) | 27,547,279 | | 375,744,889 |
Fidelity Series Stock Selector Large Cap Value Fund Class F (b) | 49,783,577 | | 623,788,223 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $5,531,967,624) |
6,265,873,526
|
International Equity Funds - 26.6% |
| | | |
Fidelity Series Emerging Markets Fund Class F (b) | 31,611,517 | | 543,401,982 |
Fidelity Series International Growth Fund Class F (b) | 66,014,530 | | 936,746,179 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund Class F (b) | 12,946,354 | | $ 210,119,333 |
Fidelity Series International Value Fund Class F (b) | 84,739,737 | | 944,848,072 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,241,676,941) |
2,635,115,566
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund Class F (b) | 6,644,727 | | 67,776,214 |
Fidelity Series Floating Rate High Income Fund Class F (b) | 6,429,299 | | 67,250,469 |
Fidelity Series High Income Fund Class F (b) | 62,134,367 | | 658,002,950 |
Fidelity Series Investment Grade Bond Fund Class F (b) | 13,502,673 | | 152,040,096 |
Fidelity Series Real Estate Income Fund Class F (b) | 4,197,756 | | 47,350,685 |
TOTAL BOND FUNDS (Cost $952,875,524) |
992,420,414
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $8,726,520,089) | | 9,893,409,506 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (382,266) |
NET ASSETS - 100% | $ 9,893,027,240 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund Class F | $ 448,403,754 | $ 75,830,061 | $ 589,004,218 | $ 1,829,727 | $ - |
Fidelity Disciplined Equity Fund Class F | 97,971,049 | 830,283 | 103,637,232 | - | - |
Fidelity Growth Company Fund Class F | 618,160,833 | 53,919,414 | 788,995,153 | - | - |
Fidelity Series 100 Index Fund | 152,710,597 | 23,641,858 | 196,028,434 | 3,269,523 | - |
Fidelity Series 100 Index Fund Class F | - | 186,313,543 | 6,779,377 | - | 186,816,726 |
Fidelity Series 1000 Value Index Fund Class F | - | 125,260,865 | 5,516,758 | 362,873 | 126,228,300 |
Fidelity Series All-Sector Equity Fund Class F | 658,822,164 | 146,346,872 | 132,837,263 | 7,669,176 | 739,405,434 |
Fidelity Series Blue Chip Growth Fund Class F | - | 605,944,280 | 34,382,181 | 678,559 | 618,018,537 |
Fidelity Series Commodity Strategy Fund Class F | 735,852,317 | 151,387,996 | 726,144,703 | - | 94,463,488 |
Fidelity Series Emerging Markets Debt Fund Class F | 59,502,957 | 17,518,678 | 5,080,739 | 3,500,396 | 67,776,214 |
Fidelity Series Emerging Markets Fund Class F | 387,556,934 | 201,882,660 | 57,689,277 | 6,203,190 | 543,401,982 |
Fidelity Series Equity-Income Fund Class F | 401,068,775 | 529,692,099 | 50,190,099 | 12,062,398 | 943,017,142 |
Fidelity Series Floating Rate High Income Fund Class F | 56,448,298 | 17,546,927 | 5,679,239 | 2,805,593 | 67,250,469 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Growth & Income Fund Class F (formerly Fidelity Series Mega Cap Fund Class F) | $ 146,710,372 | $ 541,687,176 | $ 30,473,453 | $ 4,070,990 | $ 705,394,536 |
Fidelity Series Growth Company Fund Class F | - | 721,841,909 | 39,094,681 | 690,535 | 740,299,626 |
Fidelity Series High Income Fund Class F | 574,593,348 | 138,820,054 | 60,659,549 | 33,546,664 | 658,002,950 |
Fidelity Series International Growth Fund Class F | 638,637,618 | 282,138,374 | 67,869,543 | 7,319,640 | 936,746,179 |
Fidelity Series International Small Cap Fund Class F | 129,324,708 | 67,171,993 | 12,918,566 | 1,676,506 | 210,119,333 |
Fidelity Series International Value Fund Class F | 633,729,325 | 283,407,710 | 61,348,859 | 19,647,869 | 944,848,072 |
Fidelity Series Intrinsic Opportunities Fund Class F | 235,273,091 | 187,812,613 | 30,179,048 | 5,010,154 | 460,535,921 |
Fidelity Series Investment Grade Bond Fund Class F | 678,043,519 | 142,058,269 | 647,580,023 | 11,861,322 | 152,040,096 |
Fidelity Series Large Cap Value Fund Class F | 401,880,827 | 138,896,508 | 501,787,237 | 5,142,875 | - |
Fidelity Series Opportunistic Insights Fund Class F | 293,159,852 | 114,193,588 | 33,736,638 | 579,026 | 458,608,688 |
Fidelity Series Real Estate Equity Fund Class F | 55,218,701 | 34,378,106 | 6,376,633 | 1,278,294 | 82,954,695 |
Fidelity Series Real Estate Income Fund Class F | 33,209,173 | 18,253,969 | 3,091,324 | 2,302,124 | 47,350,685 |
Fidelity Series Small Cap Discovery Fund Class F | - | 112,960,051 | 5,886,925 | 136,405 | 110,597,321 |
Fidelity Series Small Cap Opportunities Fund Class F | 171,771,572 | 207,229,312 | 26,504,223 | 244,443 | 375,744,889 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 404,871,081 | 248,286,405 | 77,484,728 | 6,257,652 | 623,788,223 |
Fidelity Small Cap Growth Fund Class F | 95,162,312 | 17,444,480 | 120,469,973 | - | - |
Fidelity Small Cap Value Fund Class F | 102,447,957 | 13,186,088 | 121,506,179 | 282,248 | - |
Total | $ 8,210,531,134 | $ 5,405,882,141 | $ 4,548,932,255 | $ 138,428,182 | $ 9,893,409,506 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2040 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $8,726,520,089) - See accompanying schedule | | $ 9,893,409,506 |
Receivable for investments sold | | 14,566,269 |
Receivable for fund shares sold | | 19,604,574 |
Total assets | | 9,927,580,349 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 34,170,215 | |
Transfer agent fees payable | 382,894 | |
Total liabilities | | 34,553,109 |
| | |
Net Assets | | $ 9,893,027,240 |
Net Assets consist of: | | |
Paid in capital | | $ 7,978,841,454 |
Undistributed net investment income | | 133,904,663 |
Accumulated undistributed net realized gain (loss) on investments | | 613,391,706 |
Net unrealized appreciation (depreciation) on investments | | 1,166,889,417 |
Net Assets, for 594,314,649 shares outstanding | | $ 9,893,027,240 |
Net Asset Value, offering price and redemption price per share ($9,893,027,240 ÷ 594,314,649 shares) | | $ 16.65 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 138,428,182 |
| | |
Expenses | | |
Transfer agent fees | $ 4,300,878 | |
Independent trustees' compensation | 34,080 | |
Total expenses | | 4,334,958 |
Net investment income (loss) | | 134,093,224 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 305,778,422 | |
Capital gain distributions from underlying funds | 325,969,041 | |
Total net realized gain (loss) | | 631,747,463 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 520,125,716 |
Net gain (loss) | | 1,151,873,179 |
Net increase (decrease) in net assets resulting from operations | | $ 1,285,966,403 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 134,093,224 | $ 125,505,409 |
Net realized gain (loss) | 631,747,463 | 222,961,042 |
Change in net unrealized appreciation (depreciation) | 520,125,716 | 370,796,035 |
Net increase (decrease) in net assets resulting from operations | 1,285,966,403 | 719,262,486 |
Distributions to shareholders from net investment income | (12,426,918) | (121,755,541) |
Distributions to shareholders from net realized gain | (188,663,267) | (104,692,158) |
Total distributions | (201,090,185) | (226,447,699) |
Share transactions
Proceeds from sales of shares | 3,061,609,220 | 3,194,396,979 |
Reinvestment of distributions | 201,090,185 | 226,447,699 |
Cost of shares redeemed | (2,664,743,887) | (1,313,097,134) |
Net increase (decrease) in net assets resulting from share transactions | 597,955,518 | 2,107,747,544 |
Total increase (decrease) in net assets | 1,682,831,736 | 2,600,562,331 |
| | |
Net Assets | | |
Beginning of period | 8,210,195,504 | 5,609,633,173 |
End of period (including undistributed net investment income of $133,904,663 and undistributed net investment income of $12,238,357, respectively) | $ 9,893,027,240 | $ 8,210,195,504 |
Other Information Shares | | |
Sold | 196,549,519 | 230,116,813 |
Issued in reinvestment of distributions | 13,578,000 | 16,605,081 |
Redeemed | (170,450,334) | (94,807,866) |
Net increase (decrease) | 39,677,185 | 151,914,028 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.80 | $ 13.93 | $ 14.55 | $ 12.85 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .23 | .26 | .24 | .24 | .15 |
Net realized and unrealized gain (loss) | 1.98 | 1.09 | (.19) | 1.77 | 2.81 |
Total from investment operations | 2.21 | 1.35 | .05 | 2.01 | 2.96 |
Distributions from net investment income | (.02) | (.25) | (.20) | (.18) | (.07) |
Distributions from net realized gain | (.33) | (.24) | (.47) | (.13) | (.05) |
Total distributions | (.36) I | (.48) H | (.67) | (.31) | (.11) G |
Net asset value, end of period | $ 16.65 | $ 14.80 | $ 13.93 | $ 14.55 | $ 12.85 |
Total Return B | 15.20% | 10.04% | .67% | 15.81% | 29.64% |
Ratios to Average Net Assets D, F | | | | | |
Expenses before reductions | .05% | .05% | .05% | .05% | .05% A |
Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% A |
Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% A |
Net investment income (loss) | 1.47% | 1.90% | 1.82% | 1.79% | 1.70% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,893,027 | $ 8,210,196 | $ 5,609,633 | $ 2,881,829 | $ 749,360 |
Portfolio turnover rate D | 50% | 27% | 18% | 38% | 19% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E For the period July 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
G Total distributions of $.11 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.045 per share.
H Total distributions of $.48 per share is comprised of distributions from net investment income of $.245 and distributions from net realized gain of $.237 per share.
I Total distributions of $.36 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.334 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2045 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund Class F | 1.9 | 0.0 |
Fidelity Series 1000 Value Index Fund Class F | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund Class F | 7.4 | 7.9 |
Fidelity Series Blue Chip Growth Fund Class F | 6.3 | 0.0 |
Fidelity Series Commodity Strategy Fund Class F | 1.0 | 9.0 |
Fidelity Series Equity-Income Fund Class F | 9.5 | 5.2 |
Fidelity Series Growth & Income Fund Class F | 7.1 | 2.2 |
Fidelity Series Growth Company Fund Class F | 7.4 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund Class F | 4.7 | 4.0 |
Fidelity Series Opportunistic Insights Fund Class F | 4.6 | 4.1 |
Fidelity Series Real Estate Equity Fund Class F | 0.9 | 0.8 |
Fidelity Series Small Cap Discovery Fund Class F | 1.1 | 0.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 3.8 | 2.2 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 6.4 | 4.7 |
Fidelity Blue Chip Growth Fund Class F | 0.0 | 6.1 |
Fidelity Growth Company Fund Class F | 0.0 | 7.6 |
Fidelity Series 100 Index Fund | 0.0 | 1.7 |
Fidelity Series Large Cap Value Fund Class F | 0.0 | 4.2 |
Fidelity Small Cap Growth Fund Class F | 0.0 | 1.2 |
Fidelity Small Cap Value Fund Class F | 0.0 | 1.1 |
| 63.4 | 62.0 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 5.5 | 5.1 |
Fidelity Series International Growth Fund Class F | 9.5 | 8.1 |
Fidelity Series International Small Cap Fund Class F | 2.1 | 1.7 |
Fidelity Series International Value Fund Class F | 9.5 | 8.2 |
| 26.6 | 23.1 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund Class F | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.4 |
Fidelity Series High Income Fund Class F | 6.7 | 8.8 |
Fidelity Series Investment Grade Bond Fund Class F | 1.8 | 4.6 |
Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.4 |
| 10.0 | 14.9 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.4% | |
| International Equity Funds | 26.6% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 62.0% | |
| International Equity Funds | 23.1% | |
| Bond Funds | 14.9% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom K® 2045 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.4% |
| Shares | | Value |
Fidelity Series 100 Index Fund Class F (b) | 7,925,278 | | $ 96,450,636 |
Fidelity Series 1000 Value Index Fund Class F (b) | 6,069,705 | | 64,824,449 |
Fidelity Series All-Sector Equity Fund Class F (b) | 26,512,854 | | 374,096,364 |
Fidelity Series Blue Chip Growth Fund Class F (b) | 29,294,494 | | 317,259,373 |
Fidelity Series Commodity Strategy Fund Class F (a)(b) | 5,695,620 | | 48,412,770 |
Fidelity Series Equity-Income Fund Class F (b) | 38,511,370 | | 481,392,128 |
Fidelity Series Growth & Income Fund Class F (b) | 27,732,223 | | 360,241,576 |
Fidelity Series Growth Company Fund Class F (b) | 34,538,906 | | 374,401,742 |
Fidelity Series Intrinsic Opportunities Fund Class F (b) | 17,012,768 | | 236,647,607 |
Fidelity Series Opportunistic Insights Fund Class F (b) | 16,857,071 | | 235,493,289 |
Fidelity Series Real Estate Equity Fund Class F (b) | 3,424,140 | | 44,239,883 |
Fidelity Series Small Cap Discovery Fund Class F (b) | 5,588,637 | | 57,730,624 |
Fidelity Series Small Cap Opportunities Fund Class F (b) | 14,130,465 | | 192,739,544 |
Fidelity Series Stock Selector Large Cap Value Fund Class F (b) | 25,677,323 | | 321,736,857 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $2,852,779,970) |
3,205,666,842
|
International Equity Funds - 26.6% |
| | | |
Fidelity Series Emerging Markets Fund Class F (b) | 16,093,126 | | 276,640,827 |
Fidelity Series International Growth Fund Class F (b) | 33,807,205 | | 479,724,233 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund Class F (b) | 6,651,673 | | $ 107,956,652 |
Fidelity Series International Value Fund Class F (b) | 43,395,482 | | 483,859,618 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,159,943,988) |
1,348,181,330
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund Class F (b) | 3,381,020 | | 34,486,400 |
Fidelity Series Floating Rate High Income Fund Class F (b) | 1,695,191 | | 17,731,701 |
Fidelity Series High Income Fund Class F (b) | 31,783,476 | | 336,587,013 |
Fidelity Series Investment Grade Bond Fund Class F (b) | 8,279,253 | | 93,224,389 |
Fidelity Series Real Estate Income Fund Class F (b) | 2,147,136 | | 24,219,693 |
TOTAL BOND FUNDS (Cost $486,372,865) |
506,249,196
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $4,499,096,823) | | 5,060,097,368 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (193,666) |
NET ASSETS - 100% | $ 5,059,903,702 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund Class F | $ 215,336,932 | $ 47,382,352 | $ 294,798,060 | $ 916,616 | $ - |
Fidelity Disciplined Equity Fund Class F | 46,996,225 | 626,364 | 49,917,557 | - | - |
Fidelity Growth Company Fund Class F | 296,312,250 | 38,752,731 | 392,912,041 | - | - |
Fidelity Series 100 Index Fund | 73,092,900 | 15,150,622 | 98,038,225 | 1,618,934 | - |
Fidelity Series 100 Index Fund Class F | - | 95,294,654 | 2,546,551 | - | 96,450,636 |
Fidelity Series 1000 Value Index Fund Class F | - | 63,821,398 | 2,313,752 | 184,027 | 64,824,449 |
Fidelity Series All-Sector Equity Fund Class F | 315,682,810 | 86,597,785 | 61,478,288 | 3,810,105 | 374,096,364 |
Fidelity Series Blue Chip Growth Fund Class F | - | 312,882,319 | 18,894,942 | 337,823 | 317,259,373 |
Fidelity Series Commodity Strategy Fund Class F | 351,013,285 | 92,359,844 | 361,786,162 | - | 48,412,770 |
Fidelity Series Emerging Markets Debt Fund Class F | 27,249,057 | 10,821,334 | 1,713,870 | 1,672,761 | 34,486,400 |
Fidelity Series Emerging Markets Fund Class F | 186,479,953 | 105,093,873 | 21,246,208 | 3,024,560 | 276,640,827 |
Fidelity Series Equity-Income Fund Class F | 187,765,506 | 280,206,206 | 17,606,239 | 5,885,490 | 481,392,128 |
Fidelity Series Floating Rate High Income Fund Class F | 12,529,991 | 6,483,722 | 1,020,788 | 692,033 | 17,731,701 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Growth & Income Fund Class F (formerly Fidelity Series Mega Cap Fund Class F) | $ 68,657,819 | $ 276,951,667 | $ 8,119,865 | $ 2,011,769 | $ 360,241,576 |
Fidelity Series Growth Company Fund Class F | - | 370,089,577 | 24,415,673 | 339,796 | 374,401,742 |
Fidelity Series High Income Fund Class F | 345,564,155 | 107,900,739 | 119,413,479 | 19,505,215 | 336,587,013 |
Fidelity Series International Growth Fund Class F | 305,709,775 | 157,163,913 | 25,027,689 | 3,661,825 | 479,724,233 |
Fidelity Series International Small Cap Fund Class F | 62,296,415 | 37,423,600 | 4,966,710 | 840,077 | 107,956,652 |
Fidelity Series International Value Fund Class F | 304,345,181 | 160,208,349 | 25,184,841 | 9,567,587 | 483,859,618 |
Fidelity Series Intrinsic Opportunities Fund Class F | 110,278,545 | 106,290,973 | 13,111,428 | 2,492,529 | 236,647,607 |
Fidelity Series Investment Grade Bond Fund Class F | 170,479,657 | 61,825,731 | 133,993,304 | 3,678,605 | 93,224,389 |
Fidelity Series Large Cap Value Fund Class F | 191,402,042 | 76,503,328 | 247,551,440 | 2,601,259 | - |
Fidelity Series Opportunistic Insights Fund Class F | 137,293,423 | 68,906,809 | 12,257,590 | 281,069 | 235,493,289 |
Fidelity Series Real Estate Equity Fund Class F | 26,732,998 | 20,059,241 | 2,532,673 | 643,045 | 44,239,883 |
Fidelity Series Real Estate Income Fund Class F | 13,258,198 | 12,371,890 | 1,071,840 | 1,051,963 | 24,219,693 |
Fidelity Series Small Cap Discovery Fund Class F | - | 58,506,060 | 2,576,132 | 68,065 | 57,730,624 |
Fidelity Series Small Cap Opportunities Fund Class F | 82,322,283 | 110,496,944 | 11,624,830 | 121,534 | 192,739,544 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 189,619,093 | 140,748,404 | 31,993,404 | 3,115,884 | 321,736,857 |
Fidelity Small Cap Growth Fund Class F | 45,311,128 | 10,308,868 | 59,488,292 | - | - |
Fidelity Small Cap Value Fund Class F | 48,660,513 | 8,323,372 | 59,895,288 | 140,541 | - |
Total | $ 3,814,390,134 | $ 2,939,552,669 | $ 2,107,497,161 | $ 68,263,112 | $ 5,060,097,368 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2045 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $4,499,096,823) - See accompanying schedule | | $ 5,060,097,368 |
Receivable for fund shares sold | | 14,895,316 |
Total assets | | 5,074,992,684 |
| | |
Liabilities | | |
Payable for investments purchased | $ 8,536,245 | |
Payable for fund shares redeemed | 6,358,620 | |
Transfer agent fees payables | 194,117 | |
Total liabilities | | 15,088,982 |
| | |
Net Assets | | $ 5,059,903,702 |
Net Assets consist of: | | |
Paid in capital | | $ 4,135,594,326 |
Undistributed net investment income | | 66,066,708 |
Accumulated undistributed net realized gain (loss) on investments | | 297,242,123 |
Net unrealized appreciation (depreciation) on investments | | 561,000,545 |
Net Assets, for 297,975,601 shares outstanding | | $ 5,059,903,702 |
Net Asset Value, offering price and redemption price per share ($5,059,903,702 ÷ 297,975,601 shares) | | $ 16.98 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 68,263,112 |
| | |
Expenses | | |
Transfer agent fees | $ 2,099,450 | |
Independent trustees' compensation | 16,519 | |
Total expenses | | 2,115,969 |
Net investment income (loss) | | 66,147,143 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 140,566,709 | |
Capital gain distributions from underlying funds | 162,478,508 | |
Total net realized gain (loss) | | 303,045,217 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 273,085,851 |
Net gain (loss) | | 576,131,068 |
Net increase (decrease) in net assets resulting from operations | | $ 642,278,211 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2045 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 66,147,143 | $ 56,464,776 |
Net realized gain (loss) | 303,045,217 | 90,117,648 |
Change in net unrealized appreciation (depreciation) | 273,085,851 | 188,323,806 |
Net increase (decrease) in net assets resulting from operations | 642,278,211 | 334,906,230 |
Distributions to shareholders from net investment income | (5,761,733) | (54,226,677) |
Distributions to shareholders from net realized gain | (80,603,752) | (36,755,954) |
Total distributions | (86,365,485) | (90,982,631) |
Share transactions
Proceeds from sales of shares | 1,887,417,974 | 1,784,217,328 |
Reinvestment of distributions | 86,365,485 | 90,982,631 |
Cost of shares redeemed | (1,284,028,057) | (559,701,128) |
Net increase (decrease) in net assets resulting from share transactions | 689,755,402 | 1,315,498,831 |
Total increase (decrease) in net assets | 1,245,668,128 | 1,559,422,430 |
| | |
Net Assets | | |
Beginning of period | 3,814,235,574 | 2,254,813,144 |
End of period (including undistributed net investment income of $66,066,708 and undistributed net investment income of $5,681,298, respectively) | $ 5,059,903,702 | $ 3,814,235,574 |
Other Information Shares | | |
Sold | 118,830,944 | 126,875,232 |
Issued in reinvestment of distributions | 5,730,983 | 6,590,465 |
Redeemed | (80,479,587) | (39,824,450) |
Net increase (decrease) | 44,082,340 | 93,641,247 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 15.02 | $ 14.07 | $ 14.68 | $ 12.91 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .24 | .28 | .25 | .25 | .14 |
Net realized and unrealized gain (loss) | 2.05 | 1.12 | (.22) | 1.81 | 2.86 |
Total from investment operations | 2.29 | 1.40 | .03 | 2.06 | 3.00 |
Distributions from net investment income | (.02) | (.25) | (.20) | (.18) | (.06) |
Distributions from net realized gain | (.31) | (.20) | (.44) | (.11) | (.04) |
Total distributions | (.33) | (.45) | (.64) | (.29) | (.09) G |
Net asset value, end of period | $ 16.98 | $ 15.02 | $ 14.07 | $ 14.68 | $ 12.91 |
Total Return B | 15.52% | 10.27% | .45% | 16.12% | 30.03% |
Ratios to Average Net Assets D, F | | | | | |
Expenses before reductions | .05% | .05% | .05% | .05% | .05% A |
Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% A |
Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% A |
Net investment income (loss) | 1.49% | 1.96% | 1.85% | 1.83% | 1.55% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,059,904 | $ 3,814,236 | $ 2,254,813 | $ 927,418 | $ 175,992 |
Portfolio turnover rate D | 47% | 27% | 14% | 39% | 20% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E For the period July 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
G Total distributions of $.09 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.035 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2050 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund Class F | 1.9 | 0.0 |
Fidelity Series 1000 Value Index Fund Class F | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund Class F | 7.3 | 8.0 |
Fidelity Series Blue Chip Growth Fund Class F | 6.3 | 0.0 |
Fidelity Series Commodity Strategy Fund Class F | 1.0 | 9.1 |
Fidelity Series Equity-Income Fund Class F | 9.5 | 5.3 |
Fidelity Series Growth & Income Fund Class F | 7.1 | 2.2 |
Fidelity Series Growth Company Fund Class F | 7.4 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund Class F | 4.7 | 4.0 |
Fidelity Series Opportunistic Insights Fund Class F | 4.6 | 4.1 |
Fidelity Series Real Estate Equity Fund Class F | 0.9 | 0.8 |
Fidelity Series Small Cap Discovery Fund Class F | 1.1 | 0.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 3.8 | 2.2 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 6.4 | 4.8 |
Fidelity Blue Chip Growth Fund Class F | 0.0 | 6.1 |
Fidelity Growth Company Fund Class F | 0.0 | 7.6 |
Fidelity Series 100 Index Fund | 0.0 | 1.8 |
Fidelity Series Large Cap Value Fund Class F | 0.0 | 4.2 |
Fidelity Small Cap Growth Fund Class F | 0.0 | 1.2 |
Fidelity Small Cap Value Fund Class F | 0.0 | 1.1 |
| 63.3 | 62.5 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 5.5 | 5.2 |
Fidelity Series International Growth Fund Class F | 9.5 | 8.2 |
Fidelity Series International Small Cap Fund Class F | 2.1 | 1.7 |
Fidelity Series International Value Fund Class F | 9.6 | 8.2 |
| 26.7 | 23.3 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund Class F | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 0.1 | 0.1 |
Fidelity Series High Income Fund Class F | 6.6 | 9.1 |
Fidelity Series Investment Grade Bond Fund Class F | 2.1 | 4.0 |
Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.3 |
| 10.0 | 14.2 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.3% | |
| International Equity Funds | 26.7% | |
| Bond Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds** | 62.5% | |
| International Equity Funds | 23.3% | |
| Bond Funds | 14.2% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom K® 2050 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.3% |
| Shares | | Value |
Fidelity Series 100 Index Fund Class F (b) | 6,185,234 | | $ 75,274,302 |
Fidelity Series 1000 Value Index Fund Class F (b) | 4,739,621 | | 50,619,150 |
Fidelity Series All-Sector Equity Fund Class F (b) | 20,550,231 | | 289,963,763 |
Fidelity Series Blue Chip Growth Fund Class F (b) | 22,824,663 | | 247,191,104 |
Fidelity Series Commodity Strategy Fund Class F (a)(b) | 4,472,523 | | 38,016,442 |
Fidelity Series Equity-Income Fund Class F (b) | 30,076,156 | | 375,951,952 |
Fidelity Series Growth & Income Fund Class F (b) | 21,561,973 | | 280,090,032 |
Fidelity Series Growth Company Fund Class F (b) | 27,052,367 | | 293,247,654 |
Fidelity Series Intrinsic Opportunities Fund Class F (b) | 13,285,406 | | 184,799,994 |
Fidelity Series Opportunistic Insights Fund Class F (b) | 13,162,715 | | 183,883,122 |
Fidelity Series Real Estate Equity Fund Class F (b) | 2,724,111 | | 35,195,509 |
Fidelity Series Small Cap Discovery Fund Class F (b) | 4,347,196 | | 44,906,535 |
Fidelity Series Small Cap Opportunities Fund Class F (b) | 11,098,914 | | 151,389,190 |
Fidelity Series Stock Selector Large Cap Value Fund Class F (b) | 20,050,130 | | 251,228,133 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $2,227,289,755) |
2,501,756,882
|
International Equity Funds - 26.7% |
| | | |
Fidelity Series Emerging Markets Fund Class F (b) | 12,605,935 | | 216,696,020 |
Fidelity Series International Growth Fund Class F (b) | 26,391,588 | | 374,496,629 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund Class F (b) | 5,216,757 | | $ 84,667,970 |
Fidelity Series International Value Fund Class F (b) | 33,874,631 | | 377,702,134 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $907,384,780) |
1,053,562,753
|
Bond Funds - 10.0% |
| | | |
Fidelity Series Emerging Markets Debt Fund Class F (b) | 2,636,132 | | 26,888,551 |
Fidelity Series Floating Rate High Income Fund Class F (b) | 366,633 | | 3,834,984 |
Fidelity Series High Income Fund Class F (b) | 24,778,723 | | 262,406,674 |
Fidelity Series Investment Grade Bond Fund Class F (b) | 7,376,775 | | 83,062,491 |
Fidelity Series Real Estate Income Fund Class F (b) | 1,673,816 | | 18,880,645 |
TOTAL BOND FUNDS (Cost $380,635,591) |
395,073,345
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $3,515,310,126) | | 3,950,392,980 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (151,938) |
NET ASSETS - 100% | $ 3,950,241,042 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund Class F | $ 167,169,895 | $ 39,116,073 | $ 231,156,337 | $ 715,321 | $ - |
Fidelity Disciplined Equity Fund Class F | 36,467,074 | 355,705 | 38,598,137 | - | - |
Fidelity Growth Company Fund Class F | 227,775,172 | 33,537,773 | 305,962,662 | - | - |
Fidelity Series 100 Index Fund | 56,784,261 | 12,503,312 | 76,881,669 | 1,260,059 | - |
Fidelity Series 100 Index Fund Class F | - | 75,099,519 | 2,717,440 | - | 75,274,302 |
Fidelity Series 1000 Value Index Fund Class F | - | 50,435,878 | 2,422,851 | 145,966 | 50,619,150 |
Fidelity Series All-Sector Equity Fund Class F | 245,095,711 | 69,917,337 | 50,785,553 | 3,007,760 | 289,963,763 |
Fidelity Series Blue Chip Growth Fund Class F | - | 248,476,545 | 19,436,659 | 264,836 | 247,191,104 |
Fidelity Series Commodity Strategy Fund Class F | 273,632,432 | 74,703,592 | 284,556,956 | - | 38,016,442 |
Fidelity Series Emerging Markets Debt Fund Class F | 20,696,886 | 9,318,200 | 1,744,311 | 1,279,298 | 26,888,551 |
Fidelity Series Emerging Markets Fund Class F | 144,545,954 | 84,154,747 | 17,095,149 | 2,363,593 | 216,696,020 |
Fidelity Series Equity-Income Fund Class F | 146,194,818 | 224,636,804 | 19,073,119 | 4,607,032 | 375,951,952 |
Fidelity Series Floating Rate High Income Fund Class F | 2,265,171 | 1,915,015 | 286,980 | 144,035 | 3,834,984 |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Fidelity Series Growth & Income Fund Class F (formerly Fidelity Series Mega Cap Fund Class F) | $ 53,466,838 | $ 218,344,104 | $ 9,335,117 | $ 1,544,218 | $ 280,090,032 |
Fidelity Series Growth Company Fund Class F | - | 294,066,142 | 23,267,757 | 266,384 | 293,247,654 |
Fidelity Series High Income Fund Class F | 270,272,548 | 97,097,911 | 107,069,437 | 15,395,459 | 262,406,674 |
Fidelity Series International Growth Fund Class F | 234,908,722 | 131,551,044 | 24,618,576 | 2,763,385 | 374,496,629 |
Fidelity Series International Small Cap Fund Class F | 47,842,353 | 31,524,224 | 4,963,468 | 661,083 | 84,667,970 |
Fidelity Series International Value Fund Class F | 234,456,564 | 133,791,513 | 24,916,678 | 7,743,720 | 377,702,134 |
Fidelity Series Intrinsic Opportunities Fund Class F | 84,984,122 | 86,024,713 | 11,932,081 | 1,943,950 | 184,799,994 |
Fidelity Series Investment Grade Bond Fund Class F | 103,703,451 | 52,768,049 | 70,217,010 | 2,626,859 | 83,062,491 |
Fidelity Series Large Cap Value Fund Class F | 147,830,161 | 61,615,366 | 193,045,303 | 2,049,661 | - |
Fidelity Series Opportunistic Insights Fund Class F | 106,902,174 | 58,224,889 | 13,622,759 | 219,817 | 183,883,122 |
Fidelity Series Real Estate Equity Fund Class F | 20,757,443 | 16,948,450 | 2,545,024 | 506,087 | 35,195,509 |
Fidelity Series Real Estate Income Fund Class F | 8,942,416 | 11,166,109 | 1,058,371 | 766,201 | 18,880,645 |
Fidelity Series Small Cap Discovery Fund Class F | - | 46,057,803 | 2,547,325 | 52,953 | 44,906,535 |
Fidelity Series Small Cap Opportunities Fund Class F | 64,000,427 | 88,679,354 | 10,308,575 | 94,017 | 151,389,190 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 147,598,938 | 113,437,006 | 27,805,372 | 2,456,207 | 251,228,133 |
Fidelity Small Cap Growth Fund Class F | 34,686,982 | 8,421,784 | 46,056,628 | - | - |
Fidelity Small Cap Value Fund Class F | 37,181,666 | 6,949,822 | 46,345,000 | 108,339 | - |
Total | $ 2,918,162,179 | $ 2,380,838,783 | $ 1,670,372,304 | $ 52,986,240 | $ 3,950,392,980 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2050 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $3,515,310,126) - See accompanying schedule | | $ 3,950,392,980 |
Receivable for investments sold | | 8,205,796 |
Receivable for fund shares sold | | 11,712,869 |
Total assets | | 3,970,311,645 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 19,918,271 | |
Transfer agent fees payables | 152,332 | |
Total liabilities | | 20,070,603 |
| | |
Net Assets | | $ 3,950,241,042 |
Net Assets consist of: | | |
Paid in capital | | $ 3,236,896,663 |
Undistributed net investment income | | 51,187,044 |
Accumulated undistributed net realized gain (loss) on investments | | 227,074,481 |
Net unrealized appreciation (depreciation) on investments | | 435,082,854 |
Net Assets, for 231,652,032 shares outstanding | | $ 3,950,241,042 |
Net Asset Value, offering price and redemption price per share ($3,950,241,042 ÷ 231,652,032 shares) | | $ 17.05 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 52,986,240 |
| | |
Expenses | | |
Transfer agent fees | $ 1,627,054 | |
Independent trustees' compensation | 12,774 | |
Total expenses | | 1,639,828 |
Net investment income (loss) | | 51,346,412 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 105,141,205 | |
Capital gain distributions from underlying funds | 127,190,330 | |
Total net realized gain (loss) | | 232,331,535 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 216,623,771 |
Net gain (loss) | | 448,955,306 |
Net increase (decrease) in net assets resulting from operations | | $ 500,301,718 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2050 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 51,346,412 | $ 42,149,319 |
Net realized gain (loss) | 232,331,535 | 66,414,220 |
Change in net unrealized appreciation (depreciation) | 216,623,771 | 144,527,475 |
Net increase (decrease) in net assets resulting from operations | 500,301,718 | 253,091,014 |
Distributions to shareholders from net investment income | (4,183,728) | (40,396,292) |
Distributions to shareholders from net realized gain | (61,363,019) | (26,769,214) |
Total distributions | (65,546,747) | (67,165,506) |
Share transactions
Proceeds from sales of shares | 1,659,411,166 | 1,471,476,473 |
Reinvestment of distributions | 65,546,747 | 67,165,506 |
Cost of shares redeemed | (1,127,516,370) | (512,018,200) |
Net increase (decrease) in net assets resulting from share transactions | 597,441,543 | 1,026,623,779 |
Total increase (decrease) in net assets | 1,032,196,514 | 1,212,549,287 |
| | |
Net Assets | | |
Beginning of period | 2,918,044,528 | 1,705,495,241 |
End of period (including undistributed net investment income of $51,187,044 and undistributed net investment income of $4,024,360, respectively) | $ 3,950,241,042 | $ 2,918,044,528 |
Other Information Shares | | |
Sold | 104,032,436 | 104,262,767 |
Issued in reinvestment of distributions | 4,335,101 | 4,858,118 |
Redeemed | (70,340,311) | (36,404,612) |
Net increase (decrease) | 38,027,226 | 72,716,273 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 | 2011 | 2010 E |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 15.07 | $ 14.11 | $ 14.77 | $ 12.94 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .24 | .27 | .24 | .24 | .15 |
Net realized and unrealized gain (loss) | 2.07 | 1.13 | (.27) | 1.86 | 2.91 |
Total from investment operations | 2.31 | 1.40 | (.03) | 2.10 | 3.06 |
Distributions from net investment income | (.02) | (.25) | (.19) | (.17) | (.07) |
Distributions from net realized gain | (.31) | (.20) | (.44) | (.11) | (.05) |
Total distributions | (.33) | (.44) H | (.63) | (.27) G | (.12) |
Net asset value, end of period | $ 17.05 | $ 15.07 | $ 14.11 | $ 14.77 | $ 12.94 |
Total Return B | 15.60% | 10.26% | .06% | 16.43% | 30.59% |
Ratios to Average Net Assets D, F | | | | | |
Expenses before reductions | .05% | .05% | .05% | .05% | .05% A |
Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .05% A |
Expenses net of all reductions | .05% | .05% | .05% | .05% | .05% A |
Net investment income (loss) | 1.49% | 1.94% | 1.78% | 1.77% | 1.62% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 3,950,241 | $ 2,918,045 | $ 1,705,495 | $ 677,007 | $ 117,894 |
Portfolio turnover rate D | 48% | 29% | 14% | 42% | 24% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E For the period July 2, 2009 (commencement of operations) to March 31, 2010.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
G Total distributions of $.27 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $.106 per share.
H Total distributions of $.44 per share is comprised of distributions from net investment income of $.245 and distributions from net realized gain of $.198 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2055 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of March 31, 2014 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Domestic Equity Funds | | |
Fidelity Series 100 Index Fund Class F | 1.9 | 0.0 |
Fidelity Series 1000 Value Index Fund
Class F | 1.3 | 0.0 |
Fidelity Series All-Sector Equity Fund Class F | 6.4 | 8.3 |
Fidelity Series Blue Chip Growth Fund
Class F | 6.4 | 0.0 |
Fidelity Series Commodity Strategy Fund Class F | 1.0 | 9.4 |
Fidelity Series Equity-Income Fund Class F | 9.8 | 5.6 |
Fidelity Series Growth & Income Fund
Class F | 7.4 | 2.4 |
Fidelity Series Growth Company Fund
Class F | 7.1 | 0.0 |
Fidelity Series Intrinsic Opportunities Fund Class F | 4.8 | 4.3 |
Fidelity Series Opportunistic Insights Fund Class F | 4.7 | 4.3 |
Fidelity Series Real Estate Equity Fund
Class F | 1.1 | 0.9 |
Fidelity Series Small Cap Discovery Fund Class F | 1.2 | 0.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 3.9 | 2.3 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 6.5 | 4.9 |
Fidelity Blue Chip Growth Fund Class F | 0.0 | 6.3 |
Fidelity Growth Company Fund Class F | 0.0 | 8.0 |
Fidelity Series 100 Index Fund | 0.0 | 1.9 |
Fidelity Series Large Cap Value Fund
Class F | 0.0 | 4.4 |
Fidelity Small Cap Growth Fund Class F | 0.0 | 1.2 |
Fidelity Small Cap Value Fund Class F | 0.0 | 1.2 |
| 63.5 | 65.4 |
International Equity Funds | | |
Fidelity Series Emerging Markets Fund
Class F | 5.4 | 5.5 |
Fidelity Series International Growth Fund Class F | 9.4 | 8.6 |
Fidelity Series International Small Cap Fund Class F | 2.3 | 1.8 |
Fidelity Series International Value Fund
Class F | 9.6 | 8.6 |
| 26.7 | 24.5 |
Bond Funds | | |
Fidelity Series Emerging Markets Debt Fund Class F | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 0.0* | 0.0* |
Fidelity Series High Income Fund Class F | 6.6 | 9.0 |
Fidelity Series Investment Grade Bond Fund Class F | 2.2 | 0.1 |
Fidelity Series Real Estate Income Fund
Class F | 0.3 | 0.3 |
| 9.8 | 10.1 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) |
Period end |
| Domestic Equity Funds** | 63.5% | |
 | International EquityFunds | 26.7% | |
| Bond Funds | 9.8% | |
Six months ago |
| Domestic Equity Funds** | 65.4% | |
| International EquityFunds | 24.5% | |
| Bond Funds | 10.1% | |
** Includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. |
Annual Report
Fidelity Freedom K® 2055 Fund
Investments March 31, 2014
Showing Percentage of Net Assets
Domestic Equity Funds - 63.5% |
| Shares | | Value |
Fidelity Series 100 Index Fund Class F (b) | 875,602 | | $ 10,656,078 |
Fidelity Series 1000 Value Index Fund Class F (b) | 673,187 | | 7,189,640 |
Fidelity Series All-Sector Equity Fund Class F (b) | 2,495,119 | | 35,206,123 |
Fidelity Series Blue Chip Growth Fund Class F (b) | 3,234,920 | | 35,034,182 |
Fidelity Series Commodity Strategy Fund Class F (a)(b) | 663,149 | | 5,636,764 |
Fidelity Series Equity-Income Fund Class F (b) | 4,288,059 | | 53,600,742 |
Fidelity Series Growth & Income Fund Class F (b) | 3,104,871 | | 40,332,280 |
Fidelity Series Growth Company Fund Class F (b) | 3,613,072 | | 39,165,705 |
Fidelity Series Intrinsic Opportunities Fund Class F (b) | 1,898,596 | | 26,409,477 |
Fidelity Series Opportunistic Insights Fund Class F (b) | 1,863,293 | | 26,030,199 |
Fidelity Series Real Estate Equity Fund Class F (b) | 453,597 | | 5,860,474 |
Fidelity Series Small Cap Discovery Fund Class F (b) | 637,199 | | 6,582,268 |
Fidelity Series Small Cap Opportunities Fund Class F (b) | 1,565,605 | | 21,354,847 |
Fidelity Series Stock Selector Large Cap Value Fund Class F (b) | 2,843,169 | | 35,624,913 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $323,154,989) |
348,683,692
|
International Equity Funds - 26.7% |
| | | |
Fidelity Series Emerging Markets Fund Class F (b) | 1,733,741 | | 29,803,002 |
Fidelity Series International Growth Fund Class F (b) | 3,656,519 | | 51,886,010 |
|
| Shares | | Value |
Fidelity Series International Small Cap Fund Class F (b) | 762,302 | | $ 12,372,156 |
Fidelity Series International Value Fund Class F (b) | 4,713,581 | | 52,556,423 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $134,350,627) |
146,617,591
|
Bond Funds - 9.8% |
| | | |
Fidelity Series Emerging Markets Debt Fund Class F (b) | 363,773 | | 3,710,480 |
Fidelity Series Floating Rate High Income Fund Class F (b) | 5,419 | | 56,679 |
Fidelity Series High Income Fund Class F (b) | 3,440,267 | | 36,432,429 |
Fidelity Series Investment Grade Bond Fund Class F (b) | 1,079,962 | | 12,160,371 |
Fidelity Series Real Estate Income Fund Class F (b) | 147,161 | | 1,659,974 |
TOTAL BOND FUNDS (Cost $53,054,437) |
54,019,933
|
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $510,560,053) | | 549,321,216 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | | (20,500) |
NET ASSETS - 100% | $ 549,300,716 |
Legend |
(a) Non-income producing |
(b) Affiliated Fund |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales
Proceeds | Dividend Income | Value,
end of
period |
Fidelity Blue Chip Growth Fund Class F | $ 13,312,170 | $ 10,517,725 | $ 26,171,683 | $ 74,109 | $ - |
Fidelity Disciplined Equity Fund Class F | 2,881,689 | 100,939 | 3,132,167 | - | - |
Fidelity Growth Company Fund Class F | 17,586,800 | 11,684,590 | 33,530,407 | - | - |
Fidelity Series 100 Index Fund | 4,685,874 | 3,473,600 | 8,937,950 | 142,915 | - |
Fidelity Series 100 Index Fund Class F | - | 10,429,275 | 150,994 | - | 10,656,078 |
Fidelity Series 1000 Value Index Fund Class F | - | 6,990,461 | 148,917 | 18,703 | 7,189,640 |
Fidelity Series All-Sector Equity Fund Class F | 19,606,964 | 17,926,637 | 4,648,043 | 345,515 | 35,206,123 |
Fidelity Series Blue Chip Growth Fund Class F | - | 34,916,467 | 2,010,821 | 30,744 | 35,034,182 |
Fidelity Series Commodity Strategy Fund Class F | 20,452,316 | 17,549,997 | 30,128,598 | - | 5,636,764 |
Fidelity Series Emerging Markets Debt Fund Class F | 1,267,774 | 2,659,787 | 102,956 | 136,601 | 3,710,480 |
Fidelity Series Emerging Markets Fund Class F | 10,968,071 | 18,839,172 | 802,749 | 267,894 | 29,803,002 |
Fidelity Series Equity-Income Fund Class F | 9,261,291 | 43,024,698 | 1,407,790 | 473,443 | 53,600,742 |
Fidelity Series Floating Rate High Income Fund Class F | 6,513 | 53,382 | 2,539 | 1,542 | 56,679 |
Fidelity Series Growth & Income Fund Class F (formerly Fidelity Series Mega Cap Fund Class F) | 3,386,524 | 35,393,883 | 438,639 | 175,580 | 40,332,280 |
Fidelity Series Growth Company Fund Class F | - | 39,556,036 | 3,094,121 | 30,834 | 39,165,705 |
Affiliate | Value, beginning of period | Purchases | Sales
Proceeds | Dividend Income | Value,
end of
period |
Fidelity Series High Income Fund Class F | $ 19,306,774 | $ 26,466,424 | $ 9,755,646 | $ 1,590,157 | $ 36,432,429 |
Fidelity Series International Growth Fund Class F | 17,734,981 | 32,238,320 | 1,599,362 | 311,939 | 51,886,010 |
Fidelity Series International Small Cap Fund Class F | 3,582,563 | 8,000,938 | 357,897 | 80,694 | 12,372,156 |
Fidelity Series International Value Fund Class F | 17,569,569 | 33,386,652 | 1,922,324 | 907,093 | 52,556,423 |
Fidelity Series Intrinsic Opportunities Fund Class F | 5,879,837 | 18,782,938 | 942,108 | 219,108 | 26,409,477 |
Fidelity Series Investment Grade Bond Fund Class F | 307,537 | 12,194,657 | 378,666 | 111,182 | 12,160,371 |
Fidelity Series Large Cap Value Fund Class F | 11,297,163 | 11,474,650 | 20,599,821 | 230,685 | - |
Fidelity Series Opportunistic Insights Fund Class F | 6,789,237 | 16,884,586 | 866,070 | 26,085 | 26,030,199 |
Fidelity Series Real Estate Equity Fund Class F | 2,215,807 | 3,781,149 | 250,687 | 61,827 | 5,860,474 |
Fidelity Series Real Estate Income Fund Class F | 477,858 | 1,245,638 | 49,081 | 57,892 | 1,659,974 |
Fidelity Series Small Cap Discovery Fund Class F | - | 6,569,976 | 167,408 | 6,162 | 6,582,268 |
Fidelity Series Small Cap Opportunities Fund Class F | 5,145,422 | 16,254,449 | 988,797 | 11,767 | 21,354,847 |
Fidelity Series Stock Selector Large Cap Value Fund Class F | 9,314,599 | 26,454,569 | 1,820,232 | 293,255 | 35,624,913 |
Fidelity Small Cap Growth Fund Class F | 2,691,226 | 2,030,344 | 4,985,876 | - | - |
Fidelity Small Cap Value Fund Class F | 2,852,288 | 1,866,880 | 4,932,688 | 11,344 | - |
Total | $ 208,580,847 | $ 470,748,819 | $ 164,325,037 | $ 5,617,070 | $ 549,321,216 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2055 Fund
Statement of Assets and Liabilities
| March 31, 2014 |
| | |
Assets | | |
Investment in securities, at value (cost $510,560,053) - See accompanying schedule | | $ 549,321,216 |
Receivable for fund shares sold | | 3,843,156 |
Total assets | | 553,164,372 |
| | |
Liabilities | | |
Payable to custodian bank | $ 3 | |
Payable for investments purchased | 2,611,260 | |
Payable for fund shares redeemed | 1,231,749 | |
Transfer agent fees payables | 20,644 | |
Total liabilities | | 3,863,656 |
| | |
Net Assets | | $ 549,300,716 |
Net Assets consist of: | | |
Paid in capital | | $ 484,256,797 |
Undistributed net investment income | | 5,434,701 |
Accumulated undistributed net realized gain (loss) on investments | | 20,848,055 |
Net unrealized appreciation (depreciation) on investments | | 38,761,163 |
Net Assets, for 44,992,112 shares outstanding | | $ 549,300,716 |
Net Asset Value, offering price and redemption price per share ($549,300,716 ÷ 44,992,112 shares) | | $ 12.21 |
Statement of Operations
| Year ended March 31, 2014 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 5,617,070 |
| | |
Expenses | | |
Transfer agent fees | $ 171,383 | |
Independent trustees' compensation | 1,283 | |
Total expenses | | 172,666 |
Net investment income (loss) | | 5,444,404 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 6,528,497 | |
Capital gain distributions from underlying funds | 14,522,553 | |
Total net realized gain (loss) | | 21,051,050 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 27,788,141 |
Net gain (loss) | | 48,839,191 |
Net increase (decrease) in net assets resulting from operations | | $ 54,283,595 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2055 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2014 | Year ended
March 31,
2013 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,444,404 | $ 1,948,221 |
Net realized gain (loss) | 21,051,050 | 2,656,117 |
Change in net unrealized appreciation (depreciation) | 27,788,141 | 10,191,458 |
Net increase (decrease) in net assets resulting from operations | 54,283,595 | 14,795,796 |
Distributions to shareholders from net investment income | (238,637) | (1,740,051) |
Distributions to shareholders from net realized gain | (2,600,273) | (381,047) |
Total distributions | (2,838,910) | (2,121,098) |
Share transactions
Proceeds from sales of shares | 437,597,445 | 206,753,109 |
Reinvestment of distributions | 2,838,910 | 2,121,098 |
Cost of shares redeemed | (151,153,116) | (37,846,021) |
Net increase (decrease) in net assets resulting from share transactions | 289,283,239 | 171,028,186 |
Total increase (decrease) in net assets | 340,727,924 | 183,702,884 |
| | |
Net Assets | | |
Beginning of period | 208,572,792 | 24,869,908 |
End of period (including undistributed net investment income of $5,434,701 and undistributed net investment income of $228,934, respectively) | $ 549,300,716 | $ 208,572,792 |
Other Information Shares | | |
Sold | 38,298,258 | 20,650,775 |
Issued in reinvestment of distributions | 263,353 | 216,279 |
Redeemed | (13,177,477) | (3,787,133) |
Net increase (decrease) | 25,384,134 | 17,079,921 |
Financial Highlights
Years ended March 31, | 2014 | 2013 | 2012 E |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.64 | $ 9.84 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) C | .17 | .22 | .14 |
Net realized and unrealized gain (loss) | 1.53 | .79 | (.11) |
Total from investment operations | 1.70 | 1.01 | .03 |
Distributions from net investment income | (.01) | (.15) | (.10) |
Distributions from net realized gain | (.12) | (.06) | (.08) |
Total distributions | (.13) | (.21) | (.19) G |
Net asset value, end of period | $ 12.21 | $ 10.64 | $ 9.84 |
Total Return B | 16.15% | 10.48% | .47% |
Ratios to Average Net Assets D, F | | | |
Expenses before reductions | .05% | .05% | .05% A |
Expenses net of fee waivers, if any | .05% | .05% | .05% A |
Expenses net of all reductions | .05% | .05% | .05% A |
Net investment income (loss) | 1.50% | 2.17% | 1.78% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 549,301 | $ 208,573 | $ 24,870 |
Portfolio turnover rate D | 45% | 27% | 7% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the Underlying Funds.
E For the period June 1, 2011 (commencement of operations) to March 31, 2012.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
G Total distributions of $.19 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $.081 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended March 31, 2014
1. Organization.
Fidelity Freedom K® Income Fund, Fidelity Freedom K® 2000 Fund, Fidelity Freedom K® 2005 Fund, Fidelity Freedom K® 2010 Fund, Fidelity Freedom K® 2015 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 and Fidelity Freedom K® 2055 Fund (the Funds) are funds of Fidelity Aberdeen Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other Fidelity equity, bond and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds and losses deferred due to wash sales.
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized
appreciation | Gross unrealized
depreciation | Net unrealized
appreciation
(depreciation) on
securities and
other investments |
Fidelity Freedom K® Income Fund | $ 1,461,165,934 | $ 63,680,815 | $ (14,184,180) | $ 49,496,635 |
Fidelity Freedom K® 2000 Fund | 663,791,706 | 30,124,496 | (6,168,760) | 23,955,736 |
Fidelity Freedom K® 2005 Fund | 459,437,344 | 30,924,203 | (3,362,580) | 27,561,623 |
Fidelity Freedom K® 2010 Fund | 4,002,679,280 | 368,324,941 | (32,869,802) | 335,455,139 |
Fidelity Freedom K® 2015 Fund | 6,668,413,457 | 618,652,493 | (60,929,359) | 557,723,134 |
Fidelity Freedom K® 2020 Fund | 15,906,968,062 | 1,554,180,116 | (138,549,560) | 1,415,630,556 |
Fidelity Freedom K® 2025 Fund | 10,703,783,579 | 1,173,739,679 | (79,688,003) | 1,094,051,676 |
Fidelity Freedom K® 2030 Fund | 13,333,547,810 | 1,625,313,409 | (32,042,447) | 1,593,270,962 |
Fidelity Freedom K® 2035 Fund | 8,057,652,888 | 1,040,586,890 | (14,809,235) | 1,025,777,655 |
Fidelity Freedom K® 2040 Fund | 8,741,338,711 | 1,168,691,274 | (16,620,479) | 1,152,070,795 |
Fidelity Freedom K® 2045 Fund | 4,504,184,860 | 566,054,338 | (10,141,830) | 555,912,508 |
Fidelity Freedom K® 2050 Fund | 3,520,496,524 | 438,377,192 | (8,480,736) | 429,896,456 |
Fidelity Freedom K® 2055 Fund | 510,937,626 | 39,247,183 | (863,593) | 38,383,590 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| Undistributed
ordinary income | Undistributed
long-term
capital gain | Net unrealized
appreciation
(depreciation) |
Fidelity Freedom K® Income Fund | $ 14,837,675 | $ 24,423,888 | $ 49,496,635 |
Fidelity Freedom K® 2000 Fund | 16,509,734 | 14,036,754 | 23,955,736 |
Fidelity Freedom K® 2005 Fund | 12,710,018 | 13,970,556 | 27,561,623 |
Fidelity Freedom K® 2010 Fund | 135,716,792 | 178,476,452 | 335,455,139 |
Fidelity Freedom K® 2015 Fund | 217,833,631 | 259,795,907 | 557,723,134 |
Fidelity Freedom K® 2020 Fund | 520,029,107 | 632,272,122 | 1,415,630,556 |
Fidelity Freedom K® 2025 Fund | 372,095,588 | 456,099,125 | 1,094,051,676 |
Fidelity Freedom K® 2030 Fund | 480,054,606 | 575,467,137 | 1,593,270,962 |
Fidelity Freedom K® 2035 Fund | 300,035,528 | 376,808,236 | 1,025,777,655 |
Fidelity Freedom K® 2040 Fund | 326,212,455 | 435,902,536 | 1,152,070,795 |
Fidelity Freedom K® 2045 Fund | 166,896,672 | 201,500,196 | 555,912,508 |
Fidelity Freedom K® 2050 Fund | 129,612,750 | 153,835,173 | 429,896,456 |
Fidelity Freedom K® 2055 Fund | 16,793,717 | 9,866,613 | 38,383,590 |
The tax character of distributions paid was as follows:
March 31, 2014 | | | |
| Ordinary Income | Long-term
Capital Gains | Total |
Fidelity Freedom K® Income Fund | $ 22,160,789 | $ 12,922,535 | $ 35,083,324 |
Fidelity Freedom K® 2000 Fund | 2,083,824 | 6,504,056 | 8,587,880 |
Fidelity Freedom K® 2005 Fund | 1,427,627 | 6,713,702 | 8,141,329 |
Fidelity Freedom K® 2010 Fund | 14,008,978 | 83,353,373 | 97,362,351 |
Fidelity Freedom K® 2015 Fund | 21,380,367 | 115,453,935 | 136,834,302 |
Fidelity Freedom K® 2020 Fund | 47,756,129 | 278,383,072 | 326,139,201 |
Fidelity Freedom K® 2025 Fund | 29,787,739 | 187,946,070 | 217,733,809 |
Fidelity Freedom K® 2030 Fund | 40,843,016 | 257,764,121 | 298,607,137 |
Fidelity Freedom K® 2035 Fund | 20,348,330 | 155,154,410 | 175,502,740 |
Fidelity Freedom K® 2040 Fund | 22,029,539 | 179,060,646 | 201,090,185 |
Fidelity Freedom K® 2045 Fund | 10,210,641 | 76,154,844 | 86,365,485 |
Fidelity Freedom K® 2050 Fund | 7,570,647 | 57,976,100 | 65,546,747 |
Fidelity Freedom K® 2055 Fund | 455,326 | 2,383,584 | 2,838,910 |
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
March 31, 2013 | | | |
| Ordinary Income | Long-term
Capital Gains | Total |
Fidelity Freedom K® Income Fund | $ 29,521,630 | $ 10,626,954 | $ 40,148,584 |
Fidelity Freedom K® 2000 Fund | 15,346,814 | 5,742,868 | 21,089,682 |
Fidelity Freedom K® 2005 Fund | 9,410,574 | 4,553,123 | 13,963,697 |
Fidelity Freedom K® 2010 Fund | 104,835,329 | 58,661,704 | 163,497,033 |
Fidelity Freedom K® 2015 Fund | 148,778,147 | 77,190,333 | 225,968,480 |
Fidelity Freedom K® 2020 Fund | 333,637,341 | 180,620,610 | 514,257,951 |
Fidelity Freedom K® 2025 Fund | 191,261,365 | 102,285,196 | 293,546,561 |
Fidelity Freedom K® 2030 Fund | 253,539,696 | 147,752,538 | 401,292,234 |
Fidelity Freedom K® 2035 Fund | 123,782,283 | 73,144,723 | 196,927,006 |
Fidelity Freedom K® 2040 Fund | 139,416,755 | 87,030,944 | 226,447,699 |
Fidelity Freedom K® 2045 Fund | 59,811,042 | 31,171,589 | 90,982,631 |
Fidelity Freedom K® 2050 Fund | 43,922,576 | 23,242,930 | 67,165,506 |
Fidelity Freedom K® 2055 Fund | 1,860,148 | 260,950 | 2,121,098 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares and in-kind transactions are noted in the table below.
| Purchases ($) | Redemptions ($) |
Fidelity Freedom K® Income Fund | 623,696,302 | 698,105,408 |
Fidelity Freedom K® 2000 Fund | 260,234,810 | 348,063,248 |
Fidelity Freedom K® 2005 Fund | 271,938,776 | 296,171,274 |
Fidelity Freedom K® 2010 Fund | 1,761,599,861 | 2,320,656,795 |
Fidelity Freedom K® 2015 Fund | 3,133,219,782 | 3,392,512,390 |
Fidelity Freedom K® 2020 Fund | 7,530,227,253 | 7,171,064,051 |
Fidelity Freedom K® 2025 Fund | 5,959,531,992 | 4,811,218,312 |
Fidelity Freedom K® 2030 Fund | 8,695,730,422 | 7,782,535,410 |
Fidelity Freedom K® 2035 Fund | 5,180,691,670 | 4,159,857,556 |
Fidelity Freedom K® 2040 Fund | 5,405,882,141 | 4,548,932,255 |
Fidelity Freedom K® 2045 Fund | 2,939,552,669 | 2,107,497,161 |
Fidelity Freedom K® 2050 Fund | 2,380,838,783 | 1,670,372,304 |
Fidelity Freedom K® 2055 Fund | 470,748,819 | 164,325,037 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Strategic Advisers, Inc. (the investment adviser), an affiliate of FMR, provides the Funds with investment management related services. The Funds do not pay any fees for these services.
Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding the transfer agent fees, the compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .05% based on each Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Reallocation of Underlying Fund Investments. During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in Fidelity Blue Chip Growth Fund Class F, Fidelity Growth Company Class F, Fidelity Series All-Sector Equity Fund Class F, Fidelity Series Large Cap Value Fund Class F, Fidelity Small Cap Growth Fund Class F and Fidelity Small Cap Value Fund Class F ("selected Underlying Funds") for investments and non-taxable exchanges of those investments for shares of Fidelity Series 1000 Value Index Class F,
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Reallocation of Underlying Fund Investments - continued
Fidelity Series Blue Chip Growth Fund Class F, Fidelity Series Equity-Income Fund Class F, Fidelity Series Growth Company Class F, Fidelity Series Large Cap Value Fund Class F, Fidelity Series Small Cap Discovery Fund Class F, Fidelity Series Growth & Income Fund Class F and Fidelity Series Small Cap Opportunities Fund Class F, all of which are affiliated investment companies managed by FMR. Realized gains and losses on the redemptions of the selected Underlying Funds in connection with the reallocation are included in the accompanying Statements of Operations as "Realized gain (loss) on sale of underlying fund shares."
Details of these transactions with the related gain (loss) for the Funds are presented in the accompanying table:
| Value of Investments,
including accrued interest,
reallocated | Realized Gain (Loss) on
redemptions of selected
Underlying Funds |
Fidelity Freedom K® Income Fund | $ 88,479,801 | $ 19,605,896 |
Fidelity Freedom K® 2000 Fund | 40,928,134 | 9,854,545 |
Fidelity Freedom K® 2005 Fund | 43,574,139 | 10,954,613 |
Fidelity Freedom K® 2010 Fund | 556,364,207 | 139,462,982 |
Fidelity Freedom K® 2015 Fund | 950,204,334 | 216,751,631 |
Fidelity Freedom K® 2020 Fund | 2,368,075,247 | 535,853,746 |
Fidelity Freedom K® 2025 Fund | 1,875,683,431 | 391,692,043 |
Fidelity Freedom K® 2030 Fund | 2,514,536,239 | 544,547,285 |
Fidelity Freedom K® 2035 Fund | 1,697,840,052 | 344,132,576 |
Fidelity Freedom K® 2040 Fund | 1,898,465,327 | 395,215,563 |
Fidelity Freedom K® 2045 Fund | 958,985,038 | 177,465,133 |
Fidelity Freedom K® 2050 Fund | 749,845,972 | 135,692,259 |
Fidelity Freedom K® 2055 Fund | 85,093,086 | 8,128,364 |
5. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Freedom K® Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
Fund | Fidelity Freedom K® 2020 Fund | Fidelity Freedom K® 2030 Fund |
Fidelity Series 1000 Value Index Fund | - | 10% |
Fidelity Series Blue Chip Growth Fund | - | 11% |
Fidelity Series Emerging Markets Debt Fund | 10% | - |
Fidelity Series Equity-Income Fund | - | 11% |
Fidelity Series Floating Rate High Income Fund | 13% | - |
Fidelity Series Growth & Income Fund | - | 11% |
Fidelity Series Growth Company Fund | - | 11% |
Fidelity Series Inflation-Protected Bond Index Fund | 14% | - |
Fidelity Series International Growth Fund | - | 10% |
Fidelity Series Intrinsic Opportunities Fund | - | 12% |
Fidelity Series Investment Grade Bond Fund | 16% | - |
Fidelity Series Opportunistic Insights Fund | - | 11% |
Fidelity Series Real Estate Equity Fund | - | - |
Fidelity Series Real Estate Income Fund | 10% | - |
Fidelity Series Small Cap Discovery Fund | - | 11% |
Fidelity Series Small Cap Opportunities Fund | - | 10% |
Fidelity Series Stock Selector Large Cap Value Fund | - | 11% |
Annual Report
5. Other - continued
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
Fund | % of shares held |
Fidelity Series 100 Index Fund | 47% |
Fidelity Series 1000 Value Index Fund | 51% |
Fidelity Series All-Sector Equity Fund | 50% |
Fidelity Series Blue Chip Growth Fund | 57% |
Fidelity Series Commodity Strategy Fund | 41% |
Fidelity Series Emerging Markets Debt Fund | 50% |
Fidelity Series Emerging Markets Fund | 50% |
Fidelity Series Equity-Income Fund | 57% |
Fidelity Series Floating Rate High Income Fund | 49% |
Fidelity Series Growth & Income Fund | 57% |
Fidelity Series Growth Company Fund | 57% |
Fidelity Series High Income Fund | 50% |
Fidelity Series Inflation-Protected Bond Index Fund | 42% |
Fidelity Series International Growth Fund | 51% |
Fidelity Series International Small Cap Fund | 51% |
Fidelity Series International Value Fund | 51% |
Fidelity Series Intrinsic Opportunities Fund | 58% |
Fidelity Series Investment Grade Bond Fund | 48% |
Fidelity Series Opportunistic Insights Fund | 57% |
Fidelity Series Real Estate Equity Fund | 51% |
Fidelity Series Real Estate Income Fund | 50% |
Fidelity Series Small Cap Discovery Fund | 58% |
Fidelity Series Small Cap Opportunities Fund | 51% |
Fidelity Series Stock Selector Large Cap Value Fund | 57% |
6. Proposed Reorganization.
The Board of Trustees of Fidelity Freedom K 2000 Fund and Fidelity Freedom K Income Fund approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Freedom K 2000 Fund and Fidelity Freedom K Income Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Freedom K 2000 Fund in exchange for shares of Fidelity Freedom K Income Fund equal in value to the net assets of Fidelity Freedom K 2000 Fund on the day the reorganization is effective. The reorganization does not require shareholder approval and is expected to become effective during July 2014. The reorganization is expected to qualify as a tax-free transaction with no gain or loss recognized by the funds or their shareholders.
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Aberdeen Street Trust and the Shareholders of Fidelity Freedom K® Income Fund, Fidelity Freedom K® 2000 Fund, Fidelity Freedom K® 2005 Fund, Fidelity Freedom K® 2010 Fund, Fidelity Freedom K® 2015 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 and Fidelity Freedom K® 2055 Fund:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial positions of Fidelity Freedom K® Income Fund, Fidelity Freedom K® 2000 Fund, Fidelity Freedom K® 2005 Fund, Fidelity Freedom K® 2010 Fund, Fidelity Freedom K® 2015 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 and Fidelity Freedom K® 2055 Fund (funds of Fidelity Aberdeen Street Trust) at March 31, 2014, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Aberdeen Street Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 16, 2014
Annual Report
The Trustees and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Fidelity Freedom K® Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fidelity Freedom K® Fund's activities, review contractual arrangements with companies that provide services to each Fidelity Freedom K® Fund, oversee management of the risks associated with such activities and contractual arrangements, and review each Fidelity Freedom K® Fund's performance. If the interests of a Fidelity Freedom K® Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Fidelity Freedom K® Funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers and the Trustees would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for Elizabeth S. Acton and James C. Curvey, each of the Trustees oversees 223 funds. Ms. Acton oversees 205 funds. Mr. Curvey oversees 395 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds (Independent Trustee), shall retire not later than the last day of the month in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The officers hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Funds' Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Albert R. Gamper, Jr. serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR , its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Funds' Trustees."
Annual Report
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ |
James C. Curvey (1935) |
Year of Election or Appointment: 2007 Trustee |
| Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp. |
Abigail P. Johnson (1961) |
Year of Election or Appointment: 2009 Trustee Chairman of the Board of Trustees |
| Ms. Johnson also serves as Trustee of other Fidelity funds. Ms. Johnson serves as President of FMR LLC (2013-present), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related. |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+ |
Elizabeth S. Acton (1951) |
Year of Election or Appointment: 2013 Trustee |
| Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). |
Albert R. Gamper, Jr. (1942) |
Year of Election or Appointment: 2006 Trustee Chairman of the Independent Trustees |
| Mr. Gamper also serves as Trustee of other Fidelity funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Barnabas Health Care System. Previously, Mr. Gamper served as Vice Chairman of the Independent Trustees of certain Fidelity funds (2011-2012) and as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Robert F. Gartland (1951) |
Year of Election or Appointment: 2010 Trustee |
| Mr. Gartland also serves as Trustee of other Fidelity funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007). |
Arthur E. Johnson (1947) |
Year of Election or Appointment: 2008 Trustee |
| Mr. Johnson also serves as Trustee of other Fidelity funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson. |
Michael E. Kenneally (1954) |
Year of Election or Appointment: 2009 Trustee |
| Mr. Kenneally also serves as Trustee of other Fidelity funds. Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity funds before joining the Board of Trustees (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
James H. Keyes (1940) |
Year of Election or Appointment: 2007 Trustee |
| Mr. Keyes also serves as Trustee of other Fidelity funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (1946) |
Year of Election or Appointment: 2001 Trustee Vice Chairman of the Independent Trustees |
| Ms. Knowles also serves as Trustee of other Fidelity funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). |
Kenneth L. Wolfe (1939) |
Year of Election or Appointment: 2005 Trustee |
| Mr. Wolfe also serves as Trustee of other Fidelity funds. Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009). Mr. Wolfe previously served as Chairman of the Independent Trustees of other Fidelity funds (2008-2012). |
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Officers:
Correspondence intended for each officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation |
Elizabeth Paige Baumann (1968) |
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer |
| Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012). |
Marc Bryant (1966) |
Year of Election or Appointment: 2013 Assistant Secretary |
| Mr. Bryant also serves as an officer of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC. Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006). |
Jonathan Davis (1968) |
Year of Election or Appointment: 2010 Assistant Treasurer |
| Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010). |
Adrien E. Deberghes (1967) |
Year of Election or Appointment: 2010 Assistant Treasurer |
| Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). |
Stephanie J. Dorsey (1969) |
Year of Election or Appointment: 2013 President and Treasurer |
| Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank. |
Scott C. Goebel (1968) |
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) |
| Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001. |
Bruce T. Herring (1965) |
Year of Election or Appointment: 2013 Vice President of Fidelity's Asset Allocation Funds |
| Mr. Herring also serves as Vice President of other funds. He serves as Chief Investment Officer of Fidelity Global Asset Allocation (GAA) (2013-present), Group Chief Investment Officer of FMR, and President of Fidelity Research & Analysis Company (2010-present). Previously, Mr. Herring served as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-2013), Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007), and as a portfolio manager for Fidelity U.S. Equity Funds. |
Chris Maher (1972) |
Year of Election or Appointment: 2013 Assistant Treasurer |
| Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010). |
Charles S. Morrison (1960) |
Year of Election or Appointment: 2012 Vice President |
| Mr. Morrison also serves as Trustee or Vice President of other funds. He serves as President, Asset Management (2014-present) and is an employee of Fidelity Investments. Previously, Mr. Morrison served as President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division. |
Christine Reynolds (1958) |
Year of Election or Appointment: 2008 Chief Financial Officer |
| Ms. Reynolds also serves as Chief Financial Officer of other funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). |
Kenneth B. Robins (1969) |
Year of Election or Appointment: 2009 Assistant Treasurer |
| Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles. |
Stephen Sadoski (1971) |
Year of Election or Appointment: 2013 Deputy Treasurer |
| Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009). |
Stacie M. Smith (1974) |
Year of Election or Appointment: 2013 Assistant Treasurer |
| Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). |
Renee Stagnone (1975) |
Year of Election or Appointment: 2013 Deputy Treasurer |
| Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments. |
Michael H. Whitaker (1967) |
Year of Election or Appointment: 2008 Chief Compliance Officer |
| Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel. |
Derek L. Young (1964) |
Year of Election or Appointment: 2009 Vice President of Fidelity's Asset Allocation Funds |
| Mr. Young also serves as Trustee or an officer of other funds. He is President and a Director of Strategic Advisers, Inc. (2011-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of Pyramis Global Advisors, LLC (2011-present). Previously, Mr. Young served as Chief Investment Officer of GAA (2009-2011) and as a portfolio manager. |
Joseph F. Zambello (1957) |
Year of Election or Appointment: 2011 Deputy Treasurer |
| Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009). |
Annual Report
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Freedom K Income Fund | 05/05/14 | 05/02/14 | $0.018 | $0.300 |
Fidelity Freedom K 2000 Fund | 05/12/14 | 05/09/14 | $0.188 | $0.375 |
Fidelity Freedom K 2005 Fund | 05/12/14 | 05/09/14 | $0.197 | $0.553 |
Fidelity Freedom K 2010 Fund | 05/12/14 | 05/09/14 | $0.226 | $0.829 |
Fidelity Freedom K 2015 Fund | 05/12/14 | 05/09/14 | $0.225 | $0.750 |
Fidelity Freedom K 2020 Fund | 05/12/14 | 05/09/14 | $0.230 | $0.783 |
Fidelity Freedom K 2025 Fund | 05/12/14 | 05/09/14 | $0.233 | $0.872 |
Fidelity Freedom K 2030 Fund | 05/12/14 | 05/09/14 | $0.240 | $0.901 |
Fidelity Freedom K 2035 Fund | 05/12/14 | 05/09/14 | $0.226 | $1.012 |
Fidelity Freedom K 2040 Fund | 05/12/14 | 05/09/14 | $0.226 | $1.060 |
Fidelity Freedom K 2045 Fund | 05/12/14 | 05/09/14 | $0.221 | $1.011 |
Fidelity Freedom K 2050 Fund | 05/12/14 | 05/09/14 | $0.219 | $0.991 |
Fidelity Freedom K 2055 Fund | 05/12/14 | 05/09/14 | $0.115 | $0.449 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2014, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Freedom K Income Fund | $24,458,738 |
Fidelity Freedom K 2000 Fund | $14,088,930 |
Fidelity Freedom K 2005 Fund | $14,003,427 |
Fidelity Freedom K 2010 Fund | $178,581,969 |
Fidelity Freedom K 2015 Fund | $260,008,692 |
Fidelity Freedom K 2020 Fund | $633,612,605 |
Fidelity Freedom K 2025 Fund | $457,142,161 |
Fidelity Freedom K 2030 Fund | $575,526,516 |
Fidelity Freedom K 2035 Fund | $377,247,586 |
Fidelity Freedom K 2040 Fund | $436,566,273 |
Fidelity Freedom K 2045 Fund | $201,574,884 |
Fidelity Freedom K 2050 Fund | $153,851,436 |
Fidelity Freedom K 2055 Fund | $9,871,326 |
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
Fidelity Freedom K Income Fund | 13.98% |
Fidelity Freedom K 2000 Fund | 13.93% |
Fidelity Freedom K 2005 Fund | 9.16% |
Fidelity Freedom K 2010 Fund | 6.85% |
Fidelity Freedom K 2015 Fund | 5.66% |
Fidelity Freedom K 2020 Fund | 4.28% |
Fidelity Freedom K 2025 Fund | 2.55% |
Fidelity Freedom K 2030 Fund | 1.23% |
Fidelity Freedom K 2035 Fund | 0.52% |
Fidelity Freedom K 2040 Fund | 0.44% |
Fidelity Freedom K 2045 Fund | 0.27% |
Fidelity Freedom K 2050 Fund | 0.24% |
Fidelity Freedom K 2055 Fund | 0.08% |
The funds will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.
Annual Report
Investment Adviser
Strategic Advisers, Inc.
Boston, MA
Administrator
Fidelity Management & Research Company
Boston, MA
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodians
JPMorgan Chase Bank
New York, NY
Income, 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050
The Bank of New York Mellon
New York, NY
2055
FF-K-UANNPRO-0514
1.927081.103
Item 2. Code of Ethics
As of the end of the period, March 31, 2014, Fidelity Aberdeen Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
The Board of Trustees of the trust has determined that James H. Keyes is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Keyes is independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, Fidelity Advisor Freedom 2050 Fund, Fidelity Advisor Freedom 2055 Fund, Fidelity Freedom Index Income Fund, Fidelity Freedom Index 2000 Fund, Fidelity Freedom Index 2005 Fund, Fidelity Freedom Index 2010 Fund, Fidelity Freedom Index 2015 Fund, Fidelity Freedom Index 2020 Fund, Fidelity Freedom Index 2025 Fund, Fidelity Freedom Index 2030 Fund, Fidelity Freedom Index 2035 Fund, Fidelity Freedom Index 2040 Fund, Fidelity Freedom Index 2045 Fund, Fidelity Freedom Index 2050 Fund and Fidelity Freedom Index 2055 Fund (the "Funds"):
Services Billed by Deloitte Entities
March 31, 2014 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Freedom Income Fund | $20,000 | $- | $4,700 | $500 |
Fidelity Advisor Freedom 2005 Fund | $20,000 | $- | $4,700 | $500 |
Fidelity Advisor Freedom 2010 Fund | $20,000 | $- | $4,700 | $500 |
Fidelity Advisor Freedom 2015 Fund | $20,000 | $- | $4,700 | $500 |
Fidelity Advisor Freedom 2020 Fund | $20,000 | $- | $4,700 | $500 |
Fidelity Advisor Freedom 2025 Fund | $20,000 | $- | $4,700 | $500 |
Fidelity Advisor Freedom 2030 Fund | $20,000 | $- | $4,700 | $500 |
Fidelity Advisor Freedom 2035 Fund | $20,000 | $- | $4,700 | $500 |
Fidelity Advisor Freedom 2040 Fund | $20,000 | $- | $4,700 | $500 |
Fidelity Advisor Freedom 2045 Fund | $20,000 | $- | $5,800 | $500 |
Fidelity Advisor Freedom 2050 Fund | $20,000 | $- | $5,800 | $500 |
Fidelity Advisor Freedom 2055 Fund | $20,000 | $- | $4,700 | $500 |
Fidelity Freedom Index Income Fund | $16,000 | $- | $4,700 | $500 |
Fidelity Freedom Index 2000 Fund | $16,000 | $- | $4,700 | $500 |
Fidelity Freedom Index 2005 Fund | $16,000 | $- | $4,900 | $500 |
Fidelity Freedom Index 2010 Fund | $16,000 | $- | $4,700 | $500 |
Fidelity Freedom Index 2015 Fund | $16,000 | $- | $4,700 | $500 |
Fidelity Freedom Index 2020 Fund | $16,000 | $- | $4,700 | $500 |
Fidelity Freedom Index 2025 Fund | $16,000 | $- | $4,700 | $500 |
Fidelity Freedom Index 2030 Fund | $16,000 | $- | $4,700 | $500 |
Fidelity Freedom Index 2035 Fund | $16,000 | $- | $4,700 | $500 |
Fidelity Freedom Index 2040 Fund | $16,000 | $- | $4,700 | $500 |
Fidelity Freedom Index 2045 Fund | $16,000 | $- | $4,700 | $500 |
Fidelity Freedom Index 2050 Fund | $16,000 | $- | $4,700 | $500 |
Fidelity Freedom Index 2055 Fund | $16,000 | $- | $4,900 | $500 |
March 31, 2013 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Freedom Income Fund | $20,000 | $- | $4,700 | $400 |
Fidelity Advisor Freedom 2005 Fund | $20,000 | $- | $4,700 | $400 |
Fidelity Advisor Freedom 2010 Fund | $20,000 | $- | $4,700 | $400 |
Fidelity Advisor Freedom 2015 Fund | $20,000 | $- | $4,700 | $400 |
Fidelity Advisor Freedom 2020 Fund | $20,000 | $- | $4,700 | $400 |
Fidelity Advisor Freedom 2025 Fund | $20,000 | $- | $4,700 | $400 |
Fidelity Advisor Freedom 2030 Fund | $20,000 | $- | $4,700 | $400 |
Fidelity Advisor Freedom 2035 Fund | $20,000 | $- | $4,700 | $400 |
Fidelity Advisor Freedom 2040 Fund | $20,000 | $- | $4,700 | $400 |
Fidelity Advisor Freedom 2045 Fund | $20,000 | $- | $5,800 | $400 |
Fidelity Advisor Freedom 2050 Fund | $20,000 | $- | $5,800 | $400 |
Fidelity Advisor Freedom 2055 Fund | $20,000 | $- | $4,700 | $400 |
Fidelity Freedom Index Income Fund | $17,000 | $- | $4,700 | $400 |
Fidelity Freedom Index 2000 Fund | $17,000 | $- | $4,700 | $400 |
Fidelity Freedom Index 2005 Fund | $17,000 | $- | $4,700 | $400 |
Fidelity Freedom Index 2010 Fund | $17,000 | $- | $4,700 | $400 |
Fidelity Freedom Index 2015 Fund | $17,000 | $- | $4,700 | $400 |
Fidelity Freedom Index 2020 Fund | $17,000 | $- | $4,700 | $400 |
Fidelity Freedom Index 2025 Fund | $17,000 | $- | $4,700 | $400 |
Fidelity Freedom Index 2030 Fund | $17,000 | $- | $4,700 | $400 |
Fidelity Freedom Index 2035 Fund | $17,000 | $- | $4,700 | $400 |
Fidelity Freedom Index 2040 Fund | $17,000 | $- | $4,700 | $400 |
Fidelity Freedom Index 2045 Fund | $17,000 | $- | $4,700 | $400 |
Fidelity Freedom Index 2050 Fund | $17,000 | $- | $4,700 | $400 |
Fidelity Freedom Index 2055 Fund | $17,000 | $- | $4,700 | $400 |
A Amounts may reflect rounding.
The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Freedom Income Fund, Fidelity Freedom 2000 Fund, Fidelity Freedom 2005 Fund, Fidelity Freedom 2010 Fund, Fidelity Freedom 2015 Fund, Fidelity Freedom 2020 Fund, Fidelity Freedom 2025 Fund, Fidelity Freedom 2030 Fund, Fidelity Freedom 2035 Fund, Fidelity Freedom 2040 Fund, Fidelity Freedom 2045 Fund, Fidelity Freedom 2050 Fund, Fidelity Freedom 2055 Fund, Fidelity Freedom K® Income Fund, Fidelity Freedom K® 2000 Fund, Fidelity Freedom K® 2005 Fund, Fidelity Freedom K® 2010 Fund, Fidelity Freedom K® 2015 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 and Fidelity Freedom K® 2055 Fund (the "Funds"):
Services Billed by PwC
March 31, 2014 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Freedom Income Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2000 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2005 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2010 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2015 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2020 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2025 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2030 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2035 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2040 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2045 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2050 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2055 Fund | $23,000 | $- | $2,500 | $- |
Fidelity Freedom K® Income Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2000 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2005 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2010 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2015 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2020 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2025 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2030 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2035 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2040 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2045 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2050 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2055 Fund | $23,000 | $- | $2,500 | $- |
March 31, 2013 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Freedom Income Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom 2000 Fund | $21,000 | $- | $2,500 | $- |
Fidelity Freedom 2005 Fund | $21,000 | $- | $2,500 | $- |
Fidelity Freedom 2010 Fund | $21,000 | $- | $2,500 | $- |
Fidelity Freedom 2015 Fund | $21,000 | $- | $2,500 | $- |
Fidelity Freedom 2020 Fund | $21,000 | $- | $2,500 | $- |
Fidelity Freedom 2025 Fund | $21,000 | $- | $2,500 | $- |
Fidelity Freedom 2030 Fund | $21,000 | $- | $2,500 | $- |
Fidelity Freedom 2035 Fund | $21,000 | $- | $2,500 | $- |
Fidelity Freedom 2040 Fund | $21,000 | $- | $2,500 | $- |
Fidelity Freedom 2045 Fund | $21,000 | $- | $2,500 | $- |
Fidelity Freedom 2050 Fund | $21,000 | $- | $2,500 | $- |
Fidelity Freedom 2055 Fund | $23,000 | $- | $2,500 | $- |
Fidelity Freedom K® Income Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2000 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2005 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2010 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2015 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2020 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2025 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2030 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2035 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2040 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2045 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2050 Fund | $22,000 | $- | $2,500 | $- |
Fidelity Freedom K® 2055 Fund | $23,000 | $- | $2,500 | $- |
A Amounts may reflect rounding.
The following table presents fees billed by PwC and Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds ("Fund Service Providers"):
Services Billed by Deloitte Entities
| March 31, 2014A | March 31, 2013A |
Audit-Related Fees | $765,000 | $910,000 |
Tax Fees | $- | $- |
All Other Fees | $700,000 | $1,270,000 |
A Amounts may reflect rounding.
Services Billed by PwC
| March 31, 2014A | March 31, 2013A |
Audit-Related Fees | $4,970,000 | $4,755,000 |
Tax Fees | $- | $- |
All Other Fees | $50,000 | $- |
A Amounts may reflect rounding.
"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC and Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
Billed By | March 31, 2014 A | March 31, 2013 A |
Deloitte Entities | $1,640,000 | $2,405,000 |
PwC | $5,555,000 | $5,470,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC and Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of PwC and Deloitte Entities in their audits of the Funds, taking into account representations from PwC and Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding their independence from the Funds and their related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds' last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Aberdeen Street Trust
By: | /s/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
| |
Date: | May 28, 2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
| |
Date: | May 28, 2014 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
| |
Date: | May 28, 2014 |
