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)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(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, 2007 |
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
Annual Report
March 31, 2007
(2_fidelity_logos) (Registered_Trademark)
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. or an affiliated company.
Annual Report
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 quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Annual Report
Chairman's Message
(Photograph of Edward C. Johnson 3d.)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies
indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Annual Report
Fidelity Advisor Freedom Income 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 each class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and each class' 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, 2007 | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | 0.26% | 3.05% |
Class T (incl. 3.50% sales charge) | 2.40% | 3.45% |
Class B (incl. contingent deferred sales charge)B | 0.57% | 3.18% |
Class C (incl. contingent deferred sales charge)C | 4.48% | 3.91% |
A From July 24, 2003.
B Class B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.
C 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 Income Fund® - Class T on July 24, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® U.S. Aggregate 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 each class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and each class' 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, 2007 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | 1.99% | 5.71% |
Class T (incl. 3.50% sales charge) | | 4.17% | 6.17% |
Class B (incl. contingent deferred sales charge) B | | 2.40% | 6.01% |
Class C (incl. contingent deferred sales charge) C | | 6.36% | 6.77% |
A From November 6, 2003.
B Class B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.
C 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 2005 Fund® - Class T on November 6, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers U.S. Aggregate 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 each class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and each class' 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, 2007 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | 2.00% | 6.46% |
Class T (incl. 3.50% sales charge) | | 4.22% | 6.89% |
Class B (incl. contingent deferred sales charge) B | | 2.47% | 6.71% |
Class C (incl. contingent deferred sales charge) C | | 6.45% | 7.37% |
A From July 24, 2003.
B Class B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.
C 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 2010 Fund® - Class T on July 24, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers U.S. Aggregate 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 each class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and each class' 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, 2007 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | 2.31% | 7.01% |
Class T (incl. 3.50% sales charge) | | 4.60% | 7.51% |
Class B (incl. contingent deferred sales charge) B | | 2.83% | 7.39% |
Class C (incl. contingent deferred sales charge) C | | 6.81% | 8.11% |
A From November 6, 2003.
B Class B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.
C 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 2015 Fund® - Class T on November 6, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500SM Index (S&P 500®) 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 each class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and each class' 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, 2007 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | 2.93% | 9.14% |
Class T (incl. 3.50% sales charge) | | 5.15% | 9.59% |
Class B (incl. contingent deferred sales charge) B | | 3.40% | 9.46% |
Class C (incl. contingent deferred sales charge) C | | 7.45% | 10.11% |
A From July 24, 2003.
B Class B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.
C 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 2020 Fund® - Class T on July 24, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 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 each class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and each class' 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, 2007 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | 2.98% | 8.36% |
Class T (incl. 3.50% sales charge) | | 5.28% | 8.98% |
Class B (incl. contingent deferred sales charge)B | | 3.57% | 8.78% |
Class C (incl. contingent deferred sales charge)C | | 7.51% | 9.46% |
A From November 6, 2003.
B Class B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.
C 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 2025 Fund® - Class T on November 6, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 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 each class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and each class' 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, 2007 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | 3.50% | 10.50% |
Class T (incl. 3.50% sales charge) | | 5.75% | 10.94% |
Class B (incl. contingent deferred sales charge)B | | 3.98% | 10.84% |
Class C (incl. contingent deferred sales charge)C | | 8.00% | 11.46% |
A From July 24, 2003.
B Class B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.
C 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 2030 Fund® - Class T on July 24, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 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 each class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and each class' 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, 2007 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | 3.43% | 9.38% |
Class T (incl. 3.50% sales charge) | | 5.63% | 9.84% |
Class B (incl. contingent deferred sales charge)B | | 3.98% | 9.73% |
Class C (incl. contingent deferred sales charge)C | | 7.99% | 10.46% |
A From November 6, 2003.
B Class B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.
C 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 2035 Fund® - Class T on November 6, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 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 each class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and each class' 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, 2007 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | 3.76% | 11.37% |
Class T (incl. 3.50% sales charge) | | 5.96% | 11.77% |
Class B (incl. contingent deferred sales charge)B | | 4.25% | 11.71% |
Class C (incl. contingent deferred sales charge)C | | 8.17% | 12.28% |
A From July 24, 2003.
B Class B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.
C 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 2040 Fund® - Class T on July 24, 2003, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.
Annual Report
Fidelity Advisor Freedom 2045 FundSM - 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 each class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and each class' 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 take Fidelity Advisor Freedom 2045 FundSM - Class T cumulative total return and show you what would have happened if Fidelity Advisor Freedom 2045 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2045 - Class T on June 1, 2006, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.
Annual Report
Fidelity Advisor Freedom 2050 FundSM - 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 each class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and each class' 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 take Fidelity Advisor Freedom 2050 FundSM - Class T cumulative total return and show you what would have happened if Fidelity Advisor Freedom 2050 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2050 - Class T on June 1, 2006, when the fund started, and the current 3.50% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.
Annual Report
Fidelity Advisor Freedom Funds
Management's Discussion of Fund Performance
Comments from Ren Cheng and Jonathan Shelon, Co-Portfolio Managers of Fidelity Advisor Freedom Funds®
The U.S. equity market benchmark Standard & Poor's 500SM Index gained 11.83% during the year ending March 31, 2007. Stocks did well early on, but ended the three-month span from May through July with a negative return in response to soaring energy prices and inflation warnings from the Federal Reserve Board. But equities rebounded from August into early 2007 after the Fed put its interest-rate-hike campaign on hold. On October 3, the Dow Jones Industrial AverageSM closed at an all-time high, and would set roughly 30 new highs as the period progressed. However, cracks began to show in the U.S. economy. Energy prices crept higher, the housing market slumped, and subprime mortgage loan defaults and delinquencies mounted. On February 27, the Dow fell 416 points and the S&P 500® lost about 3.5% of its value. A moderate rebound in March offset some of that damage. For the year overall, the Dow rose 13.83% and the NASDAQ Composite® Index returned 4.23%. In comparison, the Morgan Stanley Capital InternationalSM Europe, Australasia, Far East Index (MSCI® EAFE®) - designed to represent the performance of developed stock markets outside the United States and Canada - returned 20.38%, helped in part by the weakness of the U.S. dollar relative to many foreign currencies. U.S. investment-grade bonds also were positive, as the Lehman Brothers® U.S. Aggregate Index increased 6.59%. High-yield debt gained 11.06% according to the Merrill Lynch® U.S. High Yield Master II Constrained Index.
During the 12 months ending March 31, 2007, the Advisor Freedom Funds all had solid absolute returns, but underperformed their respective composite benchmarks. At the same time, each Fund produced a return that was consistent with its individual age-appropriate asset allocation, with those having greater exposure to equities delivering higher absolute returns than those with greater exposure to fixed-income investments. The biggest factor in the Funds' relative underperformance was the somewhat lackluster showing of their domestic and international equity allocations. Both asset classes were negatively impacted by periods of sharp volatility in the global equity markets during this 12-month span, which caused the majority of our underlying funds in those two areas to underperform their benchmarks. The Dow Jones Wilshire 5000 Composite IndexSM - the broad market index the Advisor Freedom Funds use to measure the performance of U.S. equities in their composite benchmarks - gained 11.33%, while the MSCI EAFE index's healthy gain reflected the strong performance of foreign equities during the period. On the fixed-income side, the Funds' three asset classes - investment-grade, high-yield and short-term - all performed generally in line with their respective benchmarks, which helped soften the impact of the underperformance of the Funds' equity classes.
Notes to shareholders: The Fidelity Advisor Freedom Funds are in the process of adding four new underlying funds and began investing in them as the period ending March 31st was coming to a close. The new funds include two equity offerings launched specifically for use by Fidelity asset allocation funds such as the Advisor Freedom Funds: Fidelity 100 Index Fund, which will invest in many of the S&P 500's largest and most liquid ´mega-cap' stocks; and Fidelity Small Cap Opportunities Fund, whose assets will be allocated across the 10 sectors in the widely recognized Global Industry Classification Standard (GICS), developed by Standard & Poor's® and MSCI®. Advisor Freedom Funds also will add a bond offering to its underlying funds lineup - Fidelity Advisor Total Bond Fund, which invests in a diversified universe of debt securities - as well as a money-market offering - Fidelity Institutional Money Market Portfolio Class I - which will gradually be replacing the existing underlying money-market fund and should provide a more cost-effective way to construct the short-term asset category. Over the next year, as these new underlying funds are added, the Funds' investments in certain existing underlying funds will be eliminated. These will include Fidelity Advisor Intermediate Bond Fund, Fidelity Advisor Government Income Fund and Fidelity Cash Reserves. Some adjustments to the weightings of the Funds' underlying funds will likely be made as a result of these changes.
In addition, the benchmark for the Advisor Freedom Funds' underlying high-yield bond funds was changed to the Merrill Lynch U.S. High Yield Master II Constrained Index, effective July 1, 2006, concurrent with the scheduled rebalancing of the Funds' composite indexes. In Fidelity's view, the Constrained index - which replaces the Merrill Lynch U.S. High Yield Master II Index - represents a better measure of the high-yield market.
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
Shareholder Expense Example
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, 2006 to March 31, 2007).
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.
| Beginning
Account Value
October 1, 2006 | Ending
Account Value
March 31, 2007 | Expenses Paid
During Period*
October 1, 2006
to March 31, 2007 |
Advisor Freedom Income | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,039.70 | $ 1.27 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,038.40 | $ 2.54 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,035.80 | $ 5.08 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,034.80 | $ 5.07 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,040.80 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2005 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,062.90 | $ 1.29 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,061.90 | $ 2.57 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,059.60 | $ 5.13 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
| Beginning
Account Value
October 1, 2006 | Ending
Account Value
March 31, 2007 | Expenses Paid
During Period*
October 1, 2006
to March 31, 2007 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,059.20 | $ 5.13 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,064.00 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2010 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,063.70 | $ 1.29 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,063.00 | $ 2.57 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,060.00 | $ 5.14 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,059.60 | $ 5.13 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,065.10 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2015 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,070.30 | $ 1.29 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,069.30 | $ 2.58 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,066.70 | $ 5.15 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,066.40 | $ 5.15 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,072.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2020 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,078.50 | $ 1.30 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,077.60 | $ 2.59 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,074.10 | $ 5.17 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,074.40 | $ 5.17 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,079.70 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
| Beginning
Account Value
October 1, 2006 | Ending
Account Value
March 31, 2007 | Expenses Paid
During Period*
October 1, 2006
to March 31, 2007 |
Advisor Freedom 2025 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,080.10 | $ 1.30 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,080.00 | $ 2.59 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,076.90 | $ 5.18 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,076.20 | $ 5.18 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,082.10 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2030 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,087.20 | $ 1.30 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,086.40 | $ 2.60 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,083.20 | $ 5.19 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,083.30 | $ 5.19 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,089.30 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2035 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,087.30 | $ 1.30 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,086.80 | $ 2.60 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,083.70 | $ 5.19 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,083.80 | $ 5.20 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,089.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2040 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,091.70 | $ 1.30 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,090.30 | $ 2.61 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Beginning
Account Value
October 1, 2006 | Ending
Account Value
March 31, 2007 | Expenses Paid
During Period*
October 1, 2006
to March 31, 2007 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,087.30 | $ 5.20 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,087.40 | $ 5.20 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,093.00 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2045 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,094.80 | $ 1.31 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,093.50 | $ 2.61 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,091.20 | $ 5.21 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,091.10 | $ 5.21 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,096.10 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2050 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,096.10 | $ 1.31 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,094.50 | $ 2.61 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,092.40 | $ 5.22 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,092.90 | $ 5.22 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,097.50 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); 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 the Fund invests are not included in each class' annualized expense ratio.
Annual Report
Investments
| Annualized
Expense Ratio |
Advisor Freedom Income | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2005 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2010 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2015 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2020 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2025 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2030 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2035 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
| Annualized
Expense Ratio |
Advisor Freedom 2040 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2045 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2050 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Annual Report
Fidelity Advisor Freedom Income Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.0 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 4.2 | 4.3 |
Fidelity Advisor Equity Growth Fund Institutional Class | 2.5 | 2.5 |
Fidelity Advisor Equity Income Fund Institutional Class | 4.3 | 4.3 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3.3 | 3.3 |
Fidelity Advisor Large Cap Fund Institutional Class | 3.2 | 3.3 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 1.7 | 1.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.2 | 1.2 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 20.4 | 20.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4.6 | 3.2 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 14.0 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 14.1 | 15.6 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 7.1 | 5.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.0 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 15.6 |
| 35.2 | 36.7 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 19.9 | 19.8 |
Fidelity Cash Reserves Fund | 2.1 | 19.8 |
Fidelity Institutional Money Market Portfolio Class I | 17.8 | 0.0 |
| 39.8 | 39.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
 | Domestic Equity Funds | 20.4% | |
 | Investment Grade Fixed-Income Funds | 35.2% | |
 | High Yield Fixed-Income Funds | 4.6% | |
 | Short-Term Funds | 39.8% | |
Six months ago |
| Domestic Equity Funds | 20.5% | |
| Investment Grade Fixed-Income Funds | 36.7% | |
| High Yield Fixed-Income Funds | 3.2% | |
| Short-Term Funds | 39.6% | |
The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. |
Annual Report
Fidelity Advisor Freedom Income Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 20.4% |
| Shares | | Value |
Domestic Equity Funds - 20.4% |
Fidelity 100 Index Fund | 3,454 | | $ 34,474 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 342,500 | | 4,651,155 |
Fidelity Advisor Equity Growth Fund Institutional Class | 49,348 | | 2,709,700 |
Fidelity Advisor Equity Income Fund Institutional Class | 153,676 | | 4,710,158 |
Fidelity Advisor Growth & Income Fund Institutional Class | 180,295 | | 3,600,497 |
Fidelity Advisor Large Cap Fund Institutional Class | 183,689 | | 3,587,441 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 69,758 | | 1,839,513 |
Fidelity Advisor Small Cap Fund Institutional Class | 55,170 | | 1,370,421 |
Fidelity Small Cap Opportunities Fund | 59 | | 592 |
TOTAL EQUITY FUNDS (Cost $19,520,100) | 22,503,951 |
Fixed-Income Funds - 39.8% |
| | | |
High Yield Fixed-Income Funds - 4.6% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 494,468 | | 5,107,854 |
Investment Grade Fixed-Income Funds - 35.2% |
Fidelity Advisor Government Income Fund Institutional Class | 1,538,853 | | 15,511,640 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 1,427,867 | | 15,535,189 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 752,554 | | 7,826,566 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,708 | | 17,883 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 38,891,278 |
TOTAL FIXED-INCOME FUNDS (Cost $43,957,549) | 43,999,132 |
Short-Term Funds - 39.8% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 2,333,476 | | 22,004,678 |
Fidelity Cash Reserves Fund | 2,359,901 | | 2,359,901 |
Fidelity Institutional Money Market Portfolio Class I | 19,683,728 | | 19,683,728 |
TOTAL SHORT-TERM FUNDS (Cost $44,146,203) | 44,048,307 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $107,623,852) | $ 110,551,390 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom Income Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $107,623,852) - See accompanying schedule | | $ 110,551,390 |
Cash | | 3 |
Receivable for investments sold | | 19,730,953 |
Receivable for fund shares sold | | 184,585 |
Total assets | | 130,466,931 |
| | |
Liabilities | | |
Payable for investments purchased | $ 19,742,978 | |
Payable for fund shares redeemed | 149,955 | |
Distribution fees payable | 41,865 | |
Total liabilities | | 19,934,798 |
| | |
Net Assets | | $ 110,532,133 |
Net Assets consist of: | | |
Paid in capital | | $ 106,804,242 |
Undistributed net investment income | | 332,205 |
Accumulated undistributed net realized gain (loss) on investments | | 468,148 |
Net unrealized appreciation (depreciation) on investments | | 2,927,538 |
Net Assets | | $ 110,532,133 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($49,721,415 ÷ 4,631,289 shares) | | $ 10.74 |
| | |
Maximum offering price per share (100/94.25 of $10.74) | | $ 11.40 |
Class T:
Net Asset Value and redemption price per share ($39,738,752 ÷ 3,703,850 shares) | | $ 10.73 |
| | |
Maximum offering price per share (100/96.50 of $10.73) | | $ 11.12 |
Class B:
Net Asset Value and offering price per share ($4,992,520 ÷ 465,789 shares)A | | $ 10.72 |
| | |
Class C:
Net Asset Value and offering price per share ($13,279,261 ÷ 1,239,364 shares)A | | $ 10.71 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,800,185 ÷ 260,297 shares) | | $ 10.76 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 3,183,545 |
| | |
Expenses | | |
Distribution fees | $ 434,104 | |
Independent trustees' compensation | 287 | |
Total expenses before reductions | 434,391 | |
Expense reductions | (287) | 434,104 |
Net investment income (loss) | | 2,749,441 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (146,744) | |
Capital gain distributions from underlying funds | 709,654 | 562,910 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 1,958,431 |
Net gain (loss) | | 2,521,341 |
Net increase (decrease) in net assets resulting from operations | | $ 5,270,782 |
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,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,749,441 | $ 1,619,838 |
Net realized gain (loss) | 562,910 | 508,459 |
Change in net unrealized appreciation (depreciation) | 1,958,431 | 864,314 |
Net increase (decrease) in net assets resulting from operations | 5,270,782 | 2,992,611 |
Distributions to shareholders from net investment income | (2,616,706) | (1,455,415) |
Distributions to shareholders from net realized gain | (557,413) | (201,782) |
Total distributions | (3,174,119) | (1,657,197) |
Share transactions - net increase (decrease) | 37,757,598 | 11,032,548 |
Total increase (decrease) in net assets | 39,854,261 | 12,367,962 |
| | |
Net Assets | | |
Beginning of period | 70,677,872 | 58,309,910 |
End of period (including undistributed net investment income of $332,205 and undistributed net investment income of $192,880, respectively) | $ 110,532,133 | $ 70,677,872 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 10.52 | $ 10.30 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .36 | .29 | .20 | .13 |
Net realized and unrealized gain (loss) | .29 | .23 | (.10) | .36 |
Total from investment operations | .65 | .52 | .10 | .49 |
Distributions from net investment income | (.35) | (.27) | (.19) | (.09) |
Distributions from net realized gain | (.08) | (.04) | (.01) | - |
Total distributions | (.43) | (.30) I | (.20) | (.09) |
Net asset value, end of period | $ 10.74 | $ 10.52 | $ 10.30 | $ 10.40 |
Total Return B, C, D | 6.38% | 5.12% | .99% | 4.95% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 3.46% | 2.83% | 1.96% | 1.81% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 49,721 | $ 18,524 | $ 10,120 | $ 5,009 |
Portfolio turnover rate | 38% | 21% | 18% | 46% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.300 per share is comprised of distributions from net investment income of $.265 and distributions from net realized gain of $.035 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 10.51 | $ 10.30 | $ 10.39 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .34 | .27 | .18 | .11 |
Net realized and unrealized gain (loss) | .29 | .22 | (.10) | .37 |
Total from investment operations | .63 | .49 | .08 | .48 |
Distributions from net investment income | (.33) | (.24) | (.16) | (.09) |
Distributions from net realized gain | (.08) | (.04) | (.01) | - |
Total distributions | (.41) | (.28) | (.17) | (.09) |
Net asset value, end of period | $ 10.73 | $ 10.51 | $ 10.30 | $ 10.39 |
Total Return B, C, D | 6.11% | 4.78% | .79% | 4.78% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .51% | .58% | .58% A |
Expenses net of all reductions | .50% | .51% | .58% | .58% A |
Net investment income (loss) | 3.21% | 2.58% | 1.71% | 1.56% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 39,739 | $ 32,469 | $ 29,013 | $ 14,535 |
Portfolio turnover rate | 38% | 21% | 18% | 46% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 10.50 | $ 10.29 | $ 10.38 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .29 | .22 | .12 | .07 |
Net realized and unrealized gain (loss) | .28 | .21 | (.10) | .37 |
Total from investment operations | .57 | .43 | .02 | .44 |
Distributions from net investment income | (.27) | (.19) | (.10) | (.06) |
Distributions from net realized gain | (.08) | (.04) | (.01) | - |
Total distributions | (.35) | (.22) I | (.11) | (.06) |
Net asset value, end of period | $ 10.72 | $ 10.50 | $ 10.29 | $ 10.38 |
Total Return B, C, D | 5.57% | 4.27% | .23% | 4.45% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 2.71% | 2.08% | 1.21% | 1.06% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 4,993 | $ 4,873 | $ 4,454 | $ 3,649 |
Portfolio turnover rate | 38% | 21% | 18% | 46% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.224 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 10.50 | $ 10.28 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .29 | .22 | .12 | .07 |
Net realized and unrealized gain (loss) | .27 | .22 | (.09) | .37 |
Total from investment operations | .56 | .44 | .03 | .44 |
Distributions from net investment income | (.27) | (.19) | (.11) | (.07) |
Distributions from net realized gain | (.08) | (.04) | (.01) | - |
Total distributions | (.35) | (.22) I | (.12) | (.07) |
Net asset value, end of period | $ 10.71 | $ 10.50 | $ 10.28 | $ 10.37 |
Total Return B, C, D | 5.48% | 4.37% | .24% | 4.39% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 2.71% | 2.08% | 1.21% | 1.06% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 13,279 | $ 13,678 | $ 14,097 | $ 9,248 |
Portfolio turnover rate | 38% | 21% | 18% | 46% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.224 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 10.53 | $ 10.31 | $ 10.41 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .39 | .32 | .23 | .14 |
Net realized and unrealized gain (loss) | .30 | .23 | (.11) | .37 |
Total from investment operations | .69 | .55 | .12 | .51 |
Distributions from net investment income | (.38) | (.29) | (.21) | (.10) |
Distributions from net realized gain | (.08) | (.04) | (.01) | - |
Total distributions | (.46) | (.33) | (.22) | (.10) |
Net asset value, end of period | $ 10.76 | $ 10.53 | $ 10.31 | $ 10.41 |
Total Return B, C | 6.72% | 5.39% | 1.21% | 5.16% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .01% | .08% | .08% A |
Expenses net of all reductions | .00% | .01% | .08% | .08% A |
Net investment income (loss) | 3.71% | 3.08% | 2.21% | 2.05% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 2,800 | $ 1,134 | $ 626 | $ 359 |
Portfolio turnover rate | 38% | 21% | 18% | 46% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period July 24, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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 2005 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 8.0 | 8.4 |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.7 | 4.8 |
Fidelity Advisor Equity Income Fund Institutional Class | 8.1 | 8.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6.2 | 6.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.2 | 6.4 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 3.2 | 3.2 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.4 | 2.3 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 38.9 | 39.9 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.8 | 4.8 |
Fidelity Advisor Overseas Fund Institutional Class | 4.9 | 4.8 |
| 9.7 | 9.6 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4.9 | 5.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 13.7 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 13.6 | 14.5 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 7.3 | 5.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.2 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 14.5 |
| 34.8 | 34.5 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 5.9 | 5.5 |
Fidelity Cash Reserves Fund | 0.6 | 5.5 |
Fidelity Institutional Money Market Portfolio Class I | 5.2 | 0.0 |
| 11.7 | 11.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 38.9% | |
| International Equity Funds | 9.7% | |
 | Investment Grade Fixed-Income Funds | 34.8% | |
 | High Yield Fixed-Income Funds | 4.9% | |
| Short-Term Funds | 11.7% | |
Six months ago |
| Domestic Equity Funds | 39.9% | |
| International Equity Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 34.5% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 11.0% | |
Expected |
| Domestic Equity Funds | 39.2% | |
| International Equity Funds | 9.3% | |
| Investment Grade Fixed-Income Funds | 34.3% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 12.2% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 48.6% |
| Shares | | Value |
Domestic Equity Funds - 38.9% |
Fidelity 100 Index Fund | 5,094 | | $ 50,836 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 509,100 | | 6,913,579 |
Fidelity Advisor Equity Growth Fund Institutional Class | 73,563 | | 4,039,356 |
Fidelity Advisor Equity Income Fund Institutional Class | 228,531 | | 7,004,481 |
Fidelity Advisor Growth & Income Fund Institutional Class | 269,601 | | 5,383,932 |
Fidelity Advisor Large Cap Fund Institutional Class | 273,802 | | 5,347,349 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 103,934 | | 2,740,730 |
Fidelity Advisor Small Cap Fund Institutional Class | 82,822 | | 2,057,296 |
Fidelity Small Cap Opportunities Fund | 1,408 | | 14,028 |
TOTAL DOMESTIC EQUITY FUNDS | | 33,551,587 |
International Equity Funds - 9.7% |
Fidelity Advisor Diversified International Fund Institutional Class | 171,769 | | 4,143,060 |
Fidelity Advisor Overseas Fund Institutional Class | 181,735 | | 4,210,809 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 8,353,869 |
TOTAL EQUITY FUNDS (Cost $37,872,007) | 41,905,456 |
Fixed-Income Funds - 39.7% |
| | | |
High Yield Fixed-Income Funds - 4.9% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 409,604 | | 4,231,207 |
Investment Grade Fixed-Income Funds - 34.8% |
Fidelity Advisor Government Income Fund Institutional Class | 1,170,918 | | 11,802,854 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 1,080,321 | | 11,753,897 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 602,354 | | 6,264,482 |
Fidelity Advisor Total Bond Fund Institutional Class | 19,901 | | 208,366 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 30,029,599 |
TOTAL FIXED-INCOME FUNDS (Cost $33,914,043) | 34,260,806 |
Short-Term Funds - 11.7% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 536,167 | | $ 5,056,053 |
Fidelity Cash Reserves Fund | 530,988 | | 530,988 |
Fidelity Institutional Money Market Portfolio Class I | 4,488,228 | | 4,488,228 |
TOTAL SHORT-TERM FUNDS (Cost $10,082,429) | 10,075,269 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $81,868,479) | $ 86,241,531 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $81,868,479) - See accompanying schedule | | $ 86,241,531 |
Cash | | 1 |
Receivable for investments sold | | 4,531,324 |
Receivable for fund shares sold | | 1,266,342 |
Total assets | | 92,039,198 |
| | |
Liabilities | | |
Payable for investments purchased | $ 4,869,295 | |
Payable for fund shares redeemed | 928,395 | |
Distribution fees payable | 29,236 | |
Total liabilities | | 5,826,926 |
| | |
Net Assets | | $ 86,212,272 |
Net Assets consist of: | | |
Paid in capital | | $ 80,667,728 |
Undistributed net investment income | | 327,028 |
Accumulated undistributed net realized gain (loss) on investments | | 844,464 |
Net unrealized appreciation (depreciation) on investments | | 4,373,052 |
Net Assets | | $ 86,212,272 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($49,418,450 ÷ 4,178,408 shares) | | $ 11.83 |
| | |
Maximum offering price per share (100/94.25 of $11.83) | | $ 12.55 |
Class T:
Net Asset Value and redemption price per share ($20,288,810 ÷ 1,717,834 shares) | | $ 11.81 |
| | |
Maximum offering price per share (100/96.50 of $11.81) | | $ 12.24 |
Class B:
Net Asset Value and offering price per share ($3,973,588 ÷ 337,320 shares)A | | $ 11.78 |
| | |
Class C:
Net Asset Value and offering price per share ($9,107,469 ÷ 774,254 shares)A | | $ 11.76 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,423,955 ÷ 288,370 shares) | | $ 11.87 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 1,589,054 |
Interest | | 48 |
Total income | | 1,589,102 |
| | |
Expenses | | |
Distribution fees | $ 275,199 | |
Independent trustees' compensation | 187 | |
Total expenses before reductions | 275,386 | |
Expense reductions | (187) | 275,199 |
Net investment income (loss) | | 1,313,903 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (180,097) | |
Capital gain distributions from underlying funds | 1,264,943 | 1,084,846 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 2,293,259 |
Net gain (loss) | | 3,378,105 |
Net increase (decrease) in net assets resulting from operations | | $ 4,692,008 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2005 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,313,903 | $ 662,933 |
Net realized gain (loss) | 1,084,846 | 616,846 |
Change in net unrealized appreciation (depreciation) | 2,293,259 | 1,887,861 |
Net increase (decrease) in net assets resulting from operations | 4,692,008 | 3,167,640 |
Distributions to shareholders from net investment income | (1,128,986) | (559,364) |
Distributions to shareholders from net realized gain | (779,745) | (151,533) |
Total distributions | (1,908,731) | (710,897) |
Share transactions - net increase (decrease) | 40,480,285 | 17,491,701 |
Total increase (decrease) in net assets | 43,263,562 | 19,948,444 |
| | |
Net Assets | | |
Beginning of period | 42,948,710 | 23,000,266 |
End of period (including undistributed net investment income of $327,028 and undistributed net investment income of $142,110, respectively) | $ 86,212,272 | $ 42,948,710 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.33 | $ 10.57 | $ 10.49 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .28 | .25 | .22 | .09 |
Net realized and unrealized gain (loss) | .63 | .76 | .03 | .46 |
Total from investment operations | .91 | 1.01 | .25 | .55 |
Distributions from net investment income | (.23) | (.20) | (.17) | (.06) |
Distributions from net realized gain | (.18) | (.05) | - I | - |
Total distributions | (.41) | (.25) | (.17) | (.06) |
Net asset value, end of period | $ 11.83 | $ 11.33 | $ 10.57 | $ 10.49 |
Total Return B, C, D | 8.21% | 9.63% | 2.38% | 5.52% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 2.49% | 2.25% | 2.13% | 2.21% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 49,418 | $ 16,194 | $ 5,970 | $ 1,386 |
Portfolio turnover rate | 30% | 34% | 24% | 9% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.31 | $ 10.56 | $ 10.48 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .25 | .22 | .20 | .08 |
Net realized and unrealized gain (loss) | .63 | .75 | .03 | .46 |
Total from investment operations | .88 | .97 | .23 | .54 |
Distributions from net investment income | (.20) | (.17) | (.14) | (.06) |
Distributions from net realized gain | (.18) | (.05) | - I | - |
Total distributions | (.38) | (.22) | (.15) J | (.06) |
Net asset value, end of period | $ 11.81 | $ 11.31 | $ 10.56 | $ 10.48 |
Total Return B, C, D | 7.95% | 9.31% | 2.17% | 5.36% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .58% | .58% A |
Expenses net of all reductions | .50% | .50% | .58% | .58% A |
Net investment income (loss) | 2.24% | 2.00% | 1.88% | 1.97% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 20,289 | $ 13,906 | $ 7,977 | $ 2,031 |
Portfolio turnover rate | 30% | 34% | 24% | 9% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.148 per share is comprised of distributions from net investment income of $.144 and distributions from net realized gain of $.004 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.28 | $ 10.53 | $ 10.47 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .20 | .16 | .14 | .06 |
Net realized and unrealized gain (loss) | .62 | .76 | .03 | .46 |
Total from investment operations | .82 | .92 | .17 | .52 |
Distributions from net investment income | (.14) | (.12) | (.11) | (.05) |
Distributions from net realized gain | (.18) | (.05) | - I | - |
Total distributions | (.32) | (.17) | (.11) | (.05) |
Net asset value, end of period | $ 11.78 | $ 11.28 | $ 10.53 | $ 10.47 |
Total Return B, C, D | 7.40% | 8.80% | 1.64% | 5.21% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.08% | 1.08% A |
Net investment income (loss) | 1.74% | 1.50% | 1.38% | 1.47% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 3,974 | $ 3,835 | $ 2,747 | $ 1,203 |
Portfolio turnover rate | 30% | 34% | 24% | 9% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.27 | $ 10.53 | $ 10.47 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .20 | .16 | .14 | .06 |
Net realized and unrealized gain (loss) | .62 | .75 | .04 | .46 |
Total from investment operations | .82 | .91 | .18 | .52 |
Distributions from net investment income | (.15) | (.12) | (.12) | (.05) |
Distributions from net realized gain | (.18) | (.05) | - I | - |
Total distributions | (.33) | (.17) | (.12) | (.05) |
Net asset value, end of period | $ 11.76 | $ 11.27 | $ 10.53 | $ 10.47 |
Total Return B, C, D | 7.36% | 8.74% | 1.74% | 5.21% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.74% | 1.50% | 1.38% | 1.47% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 9,107 | $ 7,637 | $ 5,655 | $ 1,073 |
Portfolio turnover rate | 30% | 34% | 24% | 9% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.37 | $ 10.60 | $ 10.49 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .31 | .28 | .25 | .10 |
Net realized and unrealized gain (loss) | .62 | .76 | .04 | .45 |
Total from investment operations | .93 | 1.04 | .29 | .55 |
Distributions from net investment income | (.25) | (.22) | (.18) | (.06) |
Distributions from net realized gain | (.18) | (.05) | - H | - |
Total distributions | (.43) | (.27) | (.18) | (.06) |
Net asset value, end of period | $ 11.87 | $ 11.37 | $ 10.60 | $ 10.49 |
Total Return B, C | 8.37% | 9.92% | 2.79% | 5.52% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 2.74% | 2.50% | 2.38% | 2.46% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 3,424 | $ 1,376 | $ 651 | $ 397 |
Portfolio turnover rate | 30% | 34% | 24% | 9% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period November 6, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 8.4 | 8.6 |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.8 | 4.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 8.4 | 8.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6.5 | 6.5 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.4 | 6.5 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 3.4 | 3.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.5 | 2.4 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 40.5 | 40.8 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 5.2 | 4.9 |
Fidelity Advisor Overseas Fund Institutional Class | 5.3 | 5.0 |
| 10.5 | 9.9 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.0 | 5.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 13.6 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 13.7 | 14.6 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.9 | 5.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 14.6 |
| 34.3 | 34.7 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 4.9 | 4.8 |
Fidelity Cash Reserves Fund | 0.5 | 4.8 |
Fidelity Institutional Money Market Portfolio Class I | 4.3 | 0.0 |
| 9.7 | 9.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 40.5% | |
| International Equity Funds | 10.5% | |
| Investment Grade Fixed-Income Funds | 34.3% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 9.7% | |
Six months ago |
| Domestic Equity Funds | 40.8% | |
| International Equity Funds | 9.9% | |
| Investment Grade Fixed-Income Funds | 34.7% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 9.6% | |
Expected |
| Domestic Equity Funds | 40.2% | |
| International Equity Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 34.9% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 9.9% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 51.0% |
| Shares | | Value |
Domestic Equity Funds - 40.5% |
Fidelity 100 Index Fund | 34,090 | | $ 340,223 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 3,372,068 | | 45,792,682 |
Fidelity Advisor Equity Growth Fund Institutional Class | 481,821 | | 26,456,816 |
Fidelity Advisor Equity Income Fund Institutional Class | 1,508,702 | | 46,241,719 |
Fidelity Advisor Growth & Income Fund Institutional Class | 1,785,467 | | 35,655,770 |
Fidelity Advisor Large Cap Fund Institutional Class | 1,797,701 | | 35,109,097 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 694,734 | | 18,320,142 |
Fidelity Advisor Small Cap Fund Institutional Class | 544,884 | | 13,534,930 |
Fidelity Small Cap Opportunities Fund | 5,920 | | 58,960 |
TOTAL DOMESTIC EQUITY FUNDS | | 221,510,339 |
International Equity Funds - 10.5% |
Fidelity Advisor Diversified International Fund Institutional Class | 1,181,590 | | 28,499,956 |
Fidelity Advisor Overseas Fund Institutional Class | 1,255,327 | | 29,085,917 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 57,585,873 |
TOTAL EQUITY FUNDS (Cost $244,606,688) | 279,096,212 |
Fixed-Income Funds - 39.3% |
| | | |
High Yield Fixed-Income Funds - 5.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 2,637,921 | | 27,249,726 |
Investment Grade Fixed-Income Funds - 34.3% |
Fidelity Advisor Government Income Fund Institutional Class | 7,401,204 | | 74,604,140 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 6,874,553 | | 74,795,142 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 3,634,516 | | 37,798,963 |
Fidelity Advisor Total Bond Fund Institutional Class | 83,958 | | 879,038 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 188,077,283 |
TOTAL FIXED-INCOME FUNDS (Cost $213,935,670) | 215,327,009 |
Short-Term Funds - 9.7% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 2,811,166 | | $ 26,509,299 |
Fidelity Cash Reserves Fund | 2,935,119 | | 2,935,119 |
Fidelity Institutional Money Market Portfolio Class I | 23,641,272 | | 23,641,272 |
TOTAL SHORT-TERM FUNDS (Cost $53,200,847) | 53,085,690 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $511,743,205) | $ 547,508,911 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $511,743,205) - See accompanying schedule | | $ 547,508,911 |
Cash | | 1,980 |
Receivable for investments sold | | 23,949,520 |
Receivable for fund shares sold | | 2,040,385 |
Total assets | | 573,500,796 |
| | |
Liabilities | | |
Payable for investments purchased | $ 25,290,966 | |
Payable for fund shares redeemed | 615,114 | |
Distribution fees payable | 199,283 | |
Total liabilities | | 26,105,363 |
| | |
Net Assets | | $ 547,395,433 |
Net Assets consist of: | | |
Paid in capital | | $ 503,406,110 |
Undistributed net investment income | | 1,918,008 |
Accumulated undistributed net realized gain (loss) on investments | | 6,305,609 |
Net unrealized appreciation (depreciation) on investments | | 35,765,706 |
Net Assets | | $ 547,395,433 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($248,499,940 ÷ 20,233,064 shares) | | $ 12.28 |
| | |
Maximum offering price per share (100/94.25 of $12.28) | | $ 13.03 |
Class T:
Net Asset Value and redemption price per share ($194,563,407 ÷ 15,898,392 shares) | | $ 12.24 |
| | |
Maximum offering price per share (100/96.50 of $12.24) | | $ 12.68 |
Class B:
Net Asset Value and offering price per share ($34,834,350 ÷ 2,855,496 shares)A | | $ 12.20 |
| | |
Class C:
Net Asset Value and offering price per share ($47,918,090 ÷ 3,936,139 shares)A | | $ 12.17 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($21,579,646 ÷ 1,751,252 shares) | | $ 12.32 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 11,644,266 |
| | |
Expenses | | |
Distribution fees | $ 2,046,096 | |
Independent trustees' compensation | 1,458 | |
Total expenses before reductions | 2,047,554 | |
Expense reductions | (1,458) | 2,046,096 |
Net investment income (loss) | | 9,598,170 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,393,924) | |
Capital gain distributions from underlying funds | 9,491,974 | 8,098,050 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 17,456,575 |
Net gain (loss) | | 25,554,625 |
Net increase (decrease) in net assets resulting from operations | | $ 35,152,795 |
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,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 9,598,170 | $ 5,895,515 |
Net realized gain (loss) | 8,098,050 | 5,266,331 |
Change in net unrealized appreciation (depreciation) | 17,456,575 | 15,956,793 |
Net increase (decrease) in net assets resulting from operations | 35,152,795 | 27,118,639 |
Distributions to shareholders from net investment income | (8,928,486) | (5,136,102) |
Distributions to shareholders from net realized gain | (6,751,314) | (1,279,124) |
Total distributions | (15,679,800) | (6,415,226) |
Share transactions - net increase (decrease) | 154,994,187 | 123,162,830 |
Total increase (decrease) in net assets | 174,467,182 | 143,866,243 |
| | |
Net Assets | | |
Beginning of period | 372,928,251 | 229,062,008 |
End of period (including undistributed net investment income of $1,918,008 and undistributed net investment income of $1,256,073, respectively) | $ 547,395,433 | $ 372,928,251 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.79 | $ 11.01 | $ 10.92 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .29 | .25 | .23 | .16 |
Net realized and unrealized gain (loss) | .66 | .80 | .04 | .83 |
Total from investment operations | .95 | 1.05 | .27 | .99 |
Distributions from net investment income | (.26) | (.22) | (.18) | (.07) |
Distributions from net realized gain | (.20) | (.06) | - I | - |
Total distributions | (.46) | (.27) J | (.18) | (.07) |
Net asset value, end of period | $ 12.28 | $ 11.79 | $ 11.01 | $ 10.92 |
Total Return B, C, D | 8.22% | 9.65% | 2.48% | 9.92% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 2.43% | 2.23% | 2.10% | 2.14% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 248,500 | $ 146,593 | $ 74,013 | $ 32,615 |
Portfolio turnover rate | 22% | 7% | 5% | 103% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests>.
I Amount represents less than $.01 per share.
J Total distributions of $.270 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.055 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.75 | $ 10.97 | $ 10.90 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .26 | .22 | .20 | .14 |
Net realized and unrealized gain (loss) | .66 | .80 | .04 | .83 |
Total from investment operations | .92 | 1.02 | .24 | .97 |
Distributions from net investment income | (.23) | (.19) | (.17) | (.07) |
Distributions from net realized gain | (.20) | (.06) | - I | - |
Total distributions | (.43) | (.24) J | (.17) | (.07) |
Net asset value, end of period | $ 12.24 | $ 11.75 | $ 10.97 | $ 10.90 |
Total Return B, C, D | 8.00% | 9.42% | 2.18% | 9.72% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .51% | .58% | .58% A |
Expenses net of all reductions | .50% | .51% | .58% | .58% A |
Net investment income (loss) | 2.18% | 1.98% | 1.86% | 1.89% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 194,563 | $ 143,012 | $ 94,744 | $ 29,964 |
Portfolio turnover rate | 22% | 7% | 5% | 103% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.242 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.055 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.71 | $ 10.94 | $ 10.87 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .20 | .17 | .15 | .10 |
Net realized and unrealized gain (loss) | .66 | .79 | .04 | .83 |
Total from investment operations | .86 | .96 | .19 | .93 |
Distributions from net investment income | (.17) | (.13) | (.12) | (.06) |
Distributions from net realized gain | (.20) | (.06) | - I | - |
Total distributions | (.37) | (.19) | (.12) | (.06) |
Net asset value, end of period | $ 12.20 | $ 11.71 | $ 10.94 | $ 10.87 |
Total Return B, C, D | 7.47% | 8.83% | 1.72% | 9.32% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.68% | 1.48% | 1.35% | 1.39% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 34,834 | $ 33,404 | $ 27,098 | $ 14,897 |
Portfolio turnover rate | 22% | 7% | 5% | 103% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.69 | $ 10.93 | $ 10.87 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .20 | .17 | .15 | .10 |
Net realized and unrealized gain (loss) | .66 | .78 | .04 | .83 |
Total from investment operations | .86 | .95 | .19 | .93 |
Distributions from net investment income | (.18) | (.14) | (.13) | (.06) |
Distributions from net realized gain | (.20) | (.06) | - I | - |
Total distributions | (.38) | (.19) J | (.13) | (.06) |
Net asset value, end of period | $ 12.17 | $ 11.69 | $ 10.93 | $ 10.87 |
Total Return B, C, D | 7.45% | 8.78% | 1.72% | 9.32% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.68% | 1.48% | 1.36% | 1.39% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 47,918 | $ 38,882 | $ 27,668 | $ 11,552 |
Portfolio turnover rate | 22% | 7% | 5% | 103% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.191 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.055 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.82 | $ 11.03 | $ 10.93 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .32 | .28 | .26 | .17 |
Net realized and unrealized gain (loss) | .67 | .80 | .05 | .83 |
Total from investment operations | .99 | 1.08 | .31 | 1.00 |
Distributions from net investment income | (.29) | (.24) | (.20) | (.07) |
Distributions from net realized gain | (.20) | (.06) | - H | - |
Total distributions | (.49) | (.29) J | (.21) I | (.07) |
Net asset value, end of period | $ 12.32 | $ 11.82 | $ 11.03 | $ 10.93 |
Total Return B, C | 8.52% | 9.94% | 2.80% | 10.02% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .01% | .08% | .08% A |
Expenses net of all reductions | .00% | .01% | .08% | .08% A |
Net investment income (loss) | 2.68% | 2.48% | 2.35% | 2.38% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 21,580 | $ 11,038 | $ 5,538 | $ 1,691 |
Portfolio turnover rate | 22% | 7% | 5% | 103% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period July 24, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
I Total distributions of $.206 per share is comprised of distributions from net investment income of $.204 and distributions from net realized gain of $.002 per share.
J Total distributions of $.292 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.055 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 9.4 | 10.0 |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.5 | 5.7 |
Fidelity Advisor Equity Income Fund Institutional Class | 9.6 | 9.9 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7.3 | 7.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 7.3 | 7.5 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 3.8 | 3.7 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.8 | 2.8 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 45.8 | 47.2 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 5.9 | 5.7 |
Fidelity Advisor Overseas Fund Institutional Class | 5.9 | 5.8 |
| 11.8 | 11.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 6.0 | 6.3 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 12.3 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 12.3 | 12.7 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.2 | 4.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 12.8 |
| 30.9 | 30.3 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 2.8 | 2.4 |
Fidelity Cash Reserves Fund | 0.3 | 2.3 |
Fidelity Institutional Money Market Portfolio Class I | 2.4 | 0.0 |
| 5.5 | 4.7 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 45.8% | |
| International Equity Funds | 11.8% | |
| Investment Grade Fixed-Income Funds | 30.9% | |
| High Yield Fixed-Income Funds | 6.0% | |
| Short-Term Funds | 5.5% | |
Six months ago |
| Domestic Equity Funds | 47.2% | |
| International Equity Funds | 11.5% | |
| Investment Grade Fixed-Income Funds | 30.3% | |
| High Yield Fixed-Income Funds | 6.3% | |
| Short-Term Funds | 4.7% | |
Expected |
| Domestic Equity Funds | 44.6% | |
| International Equity Funds | 11.2% | |
| Investment Grade Fixed-Income Funds | 32.0% | |
| High Yield Fixed-Income Funds | 5.9% | |
| Short-Term Funds | 6.3% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 57.6% |
| Shares | | Value |
Domestic Equity Funds - 45.8% |
Fidelity 100 Index Fund | 43,124 | | $ 430,374 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 4,269,615 | | 57,981,377 |
Fidelity Advisor Equity Growth Fund Institutional Class | 616,862 | | 33,871,903 |
Fidelity Advisor Equity Income Fund Institutional Class | 1,928,116 | | 59,096,747 |
Fidelity Advisor Growth & Income Fund Institutional Class | 2,265,438 | | 45,240,806 |
Fidelity Advisor Large Cap Fund Institutional Class | 2,300,760 | | 44,933,846 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 877,606 | | 23,142,459 |
Fidelity Advisor Small Cap Fund Institutional Class | 692,296 | | 17,196,630 |
Fidelity Small Cap Opportunities Fund | 3,820 | | 38,049 |
TOTAL DOMESTIC EQUITY FUNDS | | 281,932,191 |
International Equity Funds - 11.8% |
Fidelity Advisor Diversified International Fund Institutional Class | 1,496,512 | | 36,095,870 |
Fidelity Advisor Overseas Fund Institutional Class | 1,583,723 | | 36,694,873 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 72,790,743 |
TOTAL EQUITY FUNDS (Cost $318,076,925) | 354,722,934 |
Fixed-Income Funds - 36.9% |
| | | |
High Yield Fixed-Income Funds - 6.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 3,584,247 | | 37,025,276 |
Investment Grade Fixed-Income Funds - 30.9% |
Fidelity Advisor Government Income Fund Institutional Class | 7,498,154 | | 75,581,392 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 6,957,505 | | 75,697,653 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 3,674,916 | | 38,219,130 |
Fidelity Advisor Total Bond Fund Institutional Class | 43,919 | | 459,831 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 189,958,006 |
TOTAL FIXED-INCOME FUNDS (Cost $224,334,080) | 226,983,282 |
Short-Term Funds - 5.5% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 1,804,964 | | $ 17,020,810 |
Fidelity Cash Reserves Fund | 1,900,229 | | 1,900,229 |
Fidelity Institutional Money Market Portfolio Class I | 15,142,611 | | 15,142,611 |
TOTAL SHORT-TERM FUNDS (Cost $34,059,885) | 34,063,650 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $576,470,890) | $ 615,769,866 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $576,470,890) - See accompanying schedule | | $ 615,769,866 |
Receivable for investments sold | | 15,641,300 |
Receivable for fund shares sold | | 2,082,083 |
Total assets | | 633,493,249 |
| | |
Liabilities | | |
Payable to custodian bank | $ 397 | |
Payable for investments purchased | 16,397,537 | |
Payable for fund shares redeemed | 1,248,059 | |
Distribution fees payable | 217,276 | |
Total liabilities | | 17,863,269 |
| | |
Net Assets | | $ 615,629,980 |
Net Assets consist of: | | |
Paid in capital | | $ 565,287,686 |
Undistributed net investment income | | 1,688,198 |
Accumulated undistributed net realized gain (loss) on investments | | 9,355,120 |
Net unrealized appreciation (depreciation) on investments | | 39,298,976 |
Net Assets | | $ 615,629,980 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($291,783,180 ÷ 23,524,542 shares) | | $ 12.40 |
| | |
Maximum offering price per share (100/94.25 of $12.40) | | $ 13.16 |
Class T:
Net Asset Value and redemption price per share ($186,105,558 ÷ 15,035,723 shares) | | $ 12.38 |
| | |
Maximum offering price per share (100/96.50 of $12.38) | | $ 12.83 |
Class B:
Net Asset Value and offering price per share ($41,423,659 ÷ 3,359,756 shares)A | | $ 12.33 |
| | |
Class C:
Net Asset Value and offering price per share ($56,686,351 ÷ 4,600,608 shares)A | | $ 12.32 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($39,631,232 ÷ 3,179,373 shares) | | $ 12.47 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 11,279,395 |
Interest | | 489 |
Total income | | 11,279,884 |
| | |
Expenses | | |
Distribution fees | $ 2,060,236 | |
Independent trustees' compensation | 1,508 | |
Total expenses before reductions | 2,061,744 | |
Expense reductions | (1,508) | 2,060,236 |
Net investment income (loss) | | 9,219,648 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (379,945) | |
Capital gain distributions from underlying funds | 11,833,573 | 11,453,628 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 19,737,804 |
Net gain (loss) | | 31,191,432 |
Net increase (decrease) in net assets resulting from operations | | $ 40,411,080 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2015 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 9,219,648 | $ 4,052,598 |
Net realized gain (loss) | 11,453,628 | 5,365,866 |
Change in net unrealized appreciation (depreciation) | 19,737,804 | 18,399,382 |
Net increase (decrease) in net assets resulting from operations | 40,411,080 | 27,817,846 |
Distributions to shareholders from net investment income | (8,406,068) | (3,337,676) |
Distributions to shareholders from net realized gain | (6,941,908) | (1,130,850) |
Total distributions | (15,347,976) | (4,468,526) |
Share transactions - net increase (decrease) | 240,828,001 | 174,816,071 |
Total increase (decrease) in net assets | 265,891,105 | 198,165,391 |
| | |
Net Assets | | |
Beginning of period | 349,738,875 | 151,573,484 |
End of period (including undistributed net investment income of $1,688,198 and undistributed net investment income of $874,617, respectively) | $ 615,629,980 | $ 349,738,875 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.84 | $ 10.77 | $ 10.57 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .26 | .22 | .21 | .07 |
Net realized and unrealized gain (loss) | .74 | 1.07 | .13 | .56 |
Total from investment operations | 1.00 | 1.29 | .34 | .63 |
Distributions from net investment income | (.23) | (.16) | (.14) | (.06) |
Distributions from net realized gain | (.21) | (.06) | - I | - |
Total distributions | (.44) | (.22) | (.14) | (.06) |
Net asset value, end of period | $ 12.40 | $ 11.84 | $ 10.77 | $ 10.57 |
Total Return B, C, D | 8.56% | 12.12% | 3.22% | 6.32% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 2.21% | 1.93% | 2.02% | 1.84% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 291,783 | $ 128,241 | $ 45,028 | $ 4,773 |
Portfolio turnover rate | 11% | 4% | 3% | 5% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.81 | $ 10.76 | $ 10.57 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .23 | .19 | .19 | .06 |
Net realized and unrealized gain (loss) | .75 | 1.06 | .13 | .57 |
Total from investment operations | .98 | 1.25 | .32 | .63 |
Distributions from net investment income | (.20) | (.14) | (.13) | (.06) |
Distributions from net realized gain | (.21) | (.06) | - I | - |
Total distributions | (.41) | (.20) | (.13) | (.06) |
Net asset value, end of period | $ 12.38 | $ 11.81 | $ 10.76 | $ 10.57 |
Total Return B, C, D | 8.40% | 11.71% | 3.01% | 6.27% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .51% | .58% | .58% A |
Expenses net of all reductions | .50% | .51% | .58% | .58% A |
Net investment income (loss) | 1.96% | 1.68% | 1.77% | 1.59% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 186,106 | $ 125,323 | $ 55,945 | $ 5,038 |
Portfolio turnover rate | 11% | 4% | 3% | 5% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.77 | $ 10.73 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .17 | .13 | .13 | .04 |
Net realized and unrealized gain (loss) | .74 | 1.06 | .13 | .58 |
Total from investment operations | .91 | 1.19 | .26 | .62 |
Distributions from net investment income | (.14) | (.09) | (.09) | (.06) |
Distributions from net realized gain | (.21) | (.06) | - I | - |
Total distributions | (.35) | (.15) | (.09) | (.06) |
Net asset value, end of period | $ 12.33 | $ 11.77 | $ 10.73 | $ 10.56 |
Total Return B, C, D | 7.83% | 11.17% | 2.49% | 6.17% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.46% | 1.18% | 1.28% | 1.09% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 41,424 | $ 33,633 | $ 18,813 | $ 4,259 |
Portfolio turnover rate | 11% | 4% | 3% | 5% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.77 | $ 10.73 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .17 | .13 | .13 | .04 |
Net realized and unrealized gain (loss) | .74 | 1.06 | .13 | .57 |
Total from investment operations | .91 | 1.19 | .26 | .61 |
Distributions from net investment income | (.15) | (.09) | (.09) | (.05) |
Distributions from net realized gain | (.21) | (.06) | - I | - |
Total distributions | (.36) | (.15) | (.09) | (.05) |
Net asset value, end of period | $ 12.32 | $ 11.77 | $ 10.73 | $ 10.56 |
Total Return B, C, D | 7.81% | 11.19% | 2.47% | 6.12% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.46% | 1.18% | 1.28% | 1.09% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 56,686 | $ 35,656 | $ 18,926 | $ 3,593 |
Portfolio turnover rate | 11% | 4% | 3% | 5% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.89 | $ 10.81 | $ 10.59 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .29 | .25 | .24 | .09 |
Net realized and unrealized gain (loss) | .75 | 1.07 | .13 | .56 |
Total from investment operations | 1.04 | 1.32 | .37 | .65 |
Distributions from net investment income | (.25) | (.18) | (.15) | (.06) |
Distributions from net realized gain | (.21) | (.06) | - H | - |
Total distributions | (.46) | (.24) | (.15) | (.06) |
Net asset value, end of period | $ 12.47 | $ 11.89 | $ 10.81 | $ 10.59 |
Total Return B, C | 8.90% | 12.36% | 3.52% | 6.52% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 2.46% | 2.18% | 2.27% | 2.09% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 39,631 | $ 26,886 | $ 12,861 | $ 282 |
Portfolio turnover rate | 11% | 4% | 3% | 5% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period November 6, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 11.2 | 11.8 |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.6 | 6.7 |
Fidelity Advisor Equity Income Fund Institutional Class | 11.4 | 11.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 8.8 | 8.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 8.7 | 8.8 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 4.5 | 4.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.3 | 3.3 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 54.6 | 55.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 7.0 | 6.8 |
Fidelity Advisor Overseas Fund Institutional Class | 7.1 | 6.9 |
| 14.1 | 13.7 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.4 | 7.4 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 9.4 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 9.4 | 9.7 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4.7 | 3.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 9.8 |
| 23.6 | 23.3 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 0.2 | 0.1 |
Fidelity Cash Reserves Fund | 0.0 | 0.1 |
Fidelity Institutional Money Market Portfolio Class I | 0.1 | 0.0 |
| 0.3 | 0.2 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 54.6% | |
| International Equity Funds | 14.1% | |
| Investment Grade Fixed-Income Funds | 23.6% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Short-Term Funds | 0.3% | |
Six months ago |
| Domestic Equity Funds | 55.4% | |
| International Equity Funds | 13.7% | |
| Investment Grade Fixed-Income Funds | 23.3% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Short-Term Funds | 0.2% | |
Expected |
| Domestic Equity Funds | 54.2% | |
| International Equity Funds | 13.6% | |
| Investment Grade Fixed-Income Funds | 24.3% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Short-Term Funds | 0.5% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 68.7% |
| Shares | | Value |
Domestic Equity Funds - 54.6% |
Fidelity 100 Index Fund | 96,224 | | $ 960,320 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 9,520,937 | | 129,294,324 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,376,954 | | 75,608,541 |
Fidelity Advisor Equity Income Fund Institutional Class | 4,307,252 | | 132,017,281 |
Fidelity Advisor Growth & Income Fund Institutional Class | 5,066,405 | | 101,176,111 |
Fidelity Advisor Large Cap Fund Institutional Class | 5,141,814 | | 100,419,623 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 1,953,965 | | 51,526,059 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,542,714 | | 38,321,013 |
Fidelity Small Cap Opportunities Fund | 10,597 | | 105,547 |
TOTAL DOMESTIC EQUITY FUNDS | | 629,428,819 |
International Equity Funds - 14.1% |
Fidelity Advisor Diversified International Fund Institutional Class | 3,334,653 | | 80,431,839 |
Fidelity Advisor Overseas Fund Institutional Class | 3,527,066 | | 81,722,122 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 162,153,961 |
TOTAL EQUITY FUNDS (Cost $693,725,898) | 791,582,780 |
Fixed-Income Funds - 31.0% |
| | | |
High Yield Fixed-Income Funds - 7.4% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 8,193,739 | | 84,641,329 |
Investment Grade Fixed-Income Funds - 23.6% |
Fidelity Advisor Government Income Fund Institutional Class | 10,791,616 | | 108,779,490 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 9,980,430 | | 108,587,078 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5,205,959 | | 54,141,970 |
Fidelity Advisor Total Bond Fund Institutional Class | 75,903 | | 794,704 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 272,303,242 |
TOTAL FIXED-INCOME FUNDS (Cost $350,042,619) | 356,944,571 |
Short-Term Funds - 0.3% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 208,686 | | $ 1,967,906 |
Fidelity Cash Reserves Fund | 224,908 | | 224,908 |
Fidelity Institutional Money Market Portfolio Class I | 1,767,377 | | 1,767,377 |
TOTAL SHORT-TERM FUNDS (Cost $3,956,962) | 3,960,191 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,047,725,479) | $ 1,152,487,542 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $1,047,725,479) - See accompanying schedule | | $ 1,152,487,542 |
Cash | | 31 |
Receivable for investments sold | | 2,834,099 |
Receivable for fund shares sold | | 3,466,398 |
Total assets | | 1,158,788,070 |
| | |
Liabilities | | |
Payable for investments purchased | $ 4,356,480 | |
Payable for fund shares redeemed | 1,377,304 | |
Distribution fees payable | 422,786 | |
Total liabilities | | 6,156,570 |
| | |
Net Assets | | $ 1,152,631,500 |
Net Assets consist of: | | |
Paid in capital | | $ 1,025,772,811 |
Undistributed net investment income | | 1,801,481 |
Accumulated undistributed net realized gain (loss) on investments | | 20,295,145 |
Net unrealized appreciation (depreciation) on investments | | 104,762,063 |
Net Assets | | $ 1,152,631,500 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($511,536,249 ÷ 37,927,557 shares) | | $ 13.49 |
| | |
Maximum offering price per share (100/94.25 of $13.49) | | $ 14.31 |
Class T:
Net Asset Value and redemption price per share ($431,886,108 ÷ 32,061,907 shares) | | $ 13.47 |
| | |
Maximum offering price per share (100/96.50 of $13.47) | | $ 13.96 |
Class B:
Net Asset Value and offering price per share ($85,980,902 ÷ 6,410,033 shares)A | | $ 13.41 |
| | |
Class C:
Net Asset Value and offering price per share ($85,075,638 ÷ 6,348,881 shares)A | | $ 13.40 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($38,152,603 ÷ 2,815,675 shares) | | $ 13.55 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 19,385,567 |
| | |
Expenses | | |
Distribution fees | $ 4,228,551 | |
Independent trustees' compensation | 3,027 | |
Total expenses before reductions | 4,231,578 | |
Expense reductions | (3,027) | 4,228,551 |
Net investment income (loss) | | 15,157,016 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (2,285,140) | |
Capital gain distributions from underlying funds | 27,362,052 | 25,076,912 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 44,485,432 |
Net gain (loss) | | 69,562,344 |
Net increase (decrease) in net assets resulting from operations | | $ 84,719,360 |
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,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 15,157,016 | $ 7,591,715 |
Net realized gain (loss) | 25,076,912 | 15,057,100 |
Change in net unrealized appreciation (depreciation) | 44,485,432 | 49,835,325 |
Net increase (decrease) in net assets resulting from operations | 84,719,360 | 72,484,140 |
Distributions to shareholders from net investment income | (14,683,101) | (6,539,824) |
Distributions to shareholders from net realized gain | (18,704,702) | (3,059,372) |
Total distributions | (33,387,803) | (9,599,196) |
Share transactions - net increase (decrease) | 366,470,672 | 258,660,731 |
Total increase (decrease) in net assets | 417,802,229 | 321,545,675 |
| | |
Net Assets | | |
Beginning of period | 734,829,271 | 413,283,596 |
End of period (including undistributed net investment income of $1,801,481 and undistributed net investment income of $1,350,482, respectively) | $ 1,152,631,500 | $ 734,829,271 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.85 | $ 11.53 | $ 11.29 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .24 | .19 | .20 | .13 |
Net realized and unrealized gain (loss) | .92 | 1.36 | .23 | 1.25 |
Total from investment operations | 1.16 | 1.55 | .43 | 1.38 |
Distributions from net investment income | (.23) | (.16) | (.18) | (.09) |
Distributions from net realized gain | (.30) | (.08) | - I | - |
Total distributions | (.52) L | (.23) K | (.19) J | (.09) |
Net asset value, end of period | $ 13.49 | $ 12.85 | $ 11.53 | $ 11.29 |
Total Return B, C, D | 9.21% | 13.62% | 3.75% | 13.78% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 1.89% | 1.60% | 1.80% | 1.74% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 511,536 | $ 284,466 | $ 135,306 | $ 72,334 |
Portfolio turnover rate | 13% | 6% | 1% | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.185 per share is comprised of distributions from net investment income of $.181 and distributions from net realized gain of $.004 per share.
K Total distributions of $.233 per share is comprised of distributions from net investment income of $.158 and distributions from net realized gain of $.075 per share.
L Total distributions of $.520 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $.295 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.83 | $ 11.52 | $ 11.29 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .21 | .16 | .18 | .11 |
Net realized and unrealized gain (loss) | .92 | 1.36 | .21 | 1.26 |
Total from investment operations | 1.13 | 1.52 | .39 | 1.37 |
Distributions from net investment income | (.19) | (.13) | (.16) | (.08) |
Distributions from net realized gain | (.30) | (.08) | - I | - |
Total distributions | (.49) J | (.21) | (.16) | (.08) |
Net asset value, end of period | $ 13.47 | $ 12.83 | $ 11.52 | $ 11.29 |
Total Return B, C, D | 8.97% | 13.28% | 3.46% | 13.73% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .51% | .58% | .58% A |
Expenses net of all reductions | .50% | .51% | .58% | .58% A |
Net investment income (loss) | 1.63% | 1.35% | 1.55% | 1.49% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 431,886 | $ 296,477 | $ 177,336 | $ 52,310 |
Portfolio turnover rate | 13% | 6% | 1% | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.489 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.295 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.78 | $ 11.48 | $ 11.27 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .15 | .10 | .12 | .07 |
Net realized and unrealized gain (loss) | .91 | 1.35 | .21 | 1.27 |
Total from investment operations | 1.06 | 1.45 | .33 | 1.34 |
Distributions from net investment income | (.13) | (.08) | (.12) | (.07) |
Distributions from net realized gain | (.30) | (.07) | - I | - |
Total distributions | (.43) J | (.15) | (.12) | (.07) |
Net asset value, end of period | $ 13.41 | $ 12.78 | $ 11.48 | $ 11.27 |
Total Return B, C, D | 8.40% | 12.71% | 2.93% | 13.37% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.13% | .85% | 1.05% | .99% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 85,981 | $ 71,232 | $ 49,398 | $ 23,274 |
Portfolio turnover rate | 13% | 6% | 1% | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.426 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.295 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.77 | $ 11.48 | $ 11.26 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .15 | .10 | .12 | .07 |
Net realized and unrealized gain (loss) | .91 | 1.34 | .22 | 1.26 |
Total from investment operations | 1.06 | 1.44 | .34 | 1.33 |
Distributions from net investment income | (.14) | (.08) | (.12) | (.07) |
Distributions from net realized gain | (.30) | (.07) | - I | - |
Total distributions | (.43) J | (.15) | (.12) | (.07) |
Net asset value, end of period | $ 13.40 | $ 12.77 | $ 11.48 | $ 11.26 |
Total Return B, C, D | 8.45% | 12.66% | 3.02% | 13.32% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.14% | .85% | 1.05% | .99% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 85,076 | $ 61,442 | $ 39,310 | $ 15,871 |
Portfolio turnover rate | 13% | 6% | 1% | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.430 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.295 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.90 | $ 11.57 | $ 11.31 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .28 | .23 | .23 | .15 |
Net realized and unrealized gain (loss) | .92 | 1.36 | .23 | 1.25 |
Total from investment operations | 1.20 | 1.59 | .46 | 1.40 |
Distributions from net investment income | (.25) | (.18) | (.20) | (.09) |
Distributions from net realized gain | (.30) | (.08) | - H | - |
Total distributions | (.55) I | (.26) | (.20) | (.09) |
Net asset value, end of period | $ 13.55 | $ 12.90 | $ 11.57 | $ 11.31 |
Total Return B, C | 9.47% | 13.88% | 4.06% | 14.03% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 2.13% | 1.85% | 2.05% | 1.98% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 38,153 | $ 21,212 | $ 11,932 | $ 2,278 |
Portfolio turnover rate | 13% | 6% | 1% | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period July 24, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
I Total distributions of $.547 per share is comprised of distributions from net investment income of $.252 and distributions from net realized gain of $.295 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 11.7 | 12.2 |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.8 | 7.0 |
Fidelity Advisor Equity Income Fund Institutional Class | 12.0 | 12.2 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.2 | 9.3 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.1 | 9.3 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 4.7 | 4.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.5 | 3.4 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 57.1 | 58.0 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 7.3 | 7.2 |
Fidelity Advisor Overseas Fund Institutional Class | 7.4 | 7.2 |
| 14.7 | 14.4 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.4 | 7.5 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 8.2 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 8.2 | 8.4 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4.3 | 3.3 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 8.4 |
| 20.8 | 20.1 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 57.1% | |
| International Equity Funds | 14.7% | |
| Investment Grade Fixed-Income Funds | 20.8% | |
| High Yield Fixed-Income Funds | 7.4% | |
Six months ago |
| Domestic Equity Funds | 58.0% | |
| International Equity Funds | 14.4% | |
| Investment Grade Fixed-Income Funds | 20.1% | |
| High Yield Fixed-Income Funds | 7.5% | |
Expected |
| Domestic Equity Funds | 56.6% | |
| International Equity Funds | 14.1% | |
| Investment Grade Fixed-Income Funds | 21.8% | |
| High Yield Fixed-Income Funds | 7.5% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 71.8% |
| Shares | | Value |
Domestic Equity Funds - 57.1% |
Fidelity 100 Index Fund | 47,192 | | $ 470,978 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 4,677,254 | | 63,517,111 |
Fidelity Advisor Equity Growth Fund Institutional Class | 678,849 | | 37,275,614 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,133,691 | | 65,397,619 |
Fidelity Advisor Growth & Income Fund Institutional Class | 2,512,981 | | 50,184,238 |
Fidelity Advisor Large Cap Fund Institutional Class | 2,548,415 | | 49,770,540 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 968,689 | | 25,544,320 |
Fidelity Advisor Small Cap Fund Institutional Class | 759,262 | | 18,860,062 |
Fidelity Small Cap Opportunities Fund | 11,728 | | 116,807 |
TOTAL DOMESTIC EQUITY FUNDS | | 311,137,289 |
International Equity Funds - 14.7% |
Fidelity Advisor Diversified International Fund Institutional Class | 1,650,194 | | 39,802,670 |
Fidelity Advisor Overseas Fund Institutional Class | 1,749,955 | | 40,546,457 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 80,349,127 |
TOTAL EQUITY FUNDS (Cost $355,718,459) | 391,486,416 |
Fixed-Income Funds - 28.2% |
| | | |
High Yield Fixed-Income Funds - 7.4% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 3,884,384 | | 40,125,685 |
Investment Grade Fixed-Income Funds - 20.8% |
Fidelity Advisor Government Income Fund Institutional Class | 4,430,995 | | 44,664,433 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 4,117,209 | | 44,795,235 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2,249,940 | | 23,399,379 |
Fidelity Advisor Total Bond Fund Institutional Class | 72,597 | | 760,090 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 113,619,137 |
TOTAL FIXED-INCOME FUNDS (Cost $150,885,156) | 153,744,822 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $506,603,615) | $ 545,231,238 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $506,603,615) - See accompanying schedule | | $ 545,231,238 |
Cash | | 52 |
Receivable for investments sold | | 514,060 |
Receivable for fund shares sold | | 4,249,224 |
Total assets | | 549,994,574 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,462,077 | |
Payable for fund shares redeemed | 2,301,155 | |
Distribution fees payable | 182,004 | |
Total liabilities | | 4,945,236 |
| | |
Net Assets | | $ 545,049,338 |
Net Assets consist of: | | |
Paid in capital | | $ 495,846,574 |
Undistributed net investment income | | 882,661 |
Accumulated undistributed net realized gain (loss) on investments | | 9,692,480 |
Net unrealized appreciation (depreciation) on investments | | 38,627,623 |
Net Assets | | $ 545,049,338 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($306,543,869 ÷ 23,554,224 shares) | | $ 13.01 |
| | |
Maximum offering price per share (100/94.25 of $13.01) | | $ 13.80 |
Class T:
Net Asset Value and redemption price per share ($154,042,421 ÷ 11,822,701 shares) | | $ 13.03 |
| | |
Maximum offering price per share (100/96.50 of $13.03) | | $ 13.50 |
Class B:
Net Asset Value and offering price per share ($37,880,947 ÷ 2,930,413 shares)A | | $ 12.93 |
| | |
Class C:
Net Asset Value and offering price per share ($32,678,726 ÷ 2,528,573 shares)A | | $ 12.92 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($13,903,375 ÷ 1,063,063 shares) | | $ 13.08 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year endaed March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 7,566,649 |
Interest | | 411 |
Total income | | 7,567,060 |
| | |
Expenses | | |
Distribution fees | $ 1,622,767 | |
Independent trustees' compensation | 1,198 | |
Total expenses before reductions | 1,623,965 | |
Expense reductions | (1,198) | 1,622,767 |
Net investment income (loss) | | 5,944,293 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (222,413) | |
Capital gain distributions from underlying funds | 12,024,427 | 11,802,014 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 18,500,292 |
Net gain (loss) | | 30,302,306 |
Net increase (decrease) in net assets resulting from operations | | $ 36,246,599 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2025 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,944,293 | $ 2,279,349 |
Net realized gain (loss) | 11,802,014 | 4,997,172 |
Change in net unrealized appreciation (depreciation) | 18,500,292 | 18,627,272 |
Net increase (decrease) in net assets resulting from operations | 36,246,599 | 25,903,793 |
Distributions to shareholders from net investment income | (5,346,689) | (2,006,218) |
Distributions to shareholders from net realized gain | (6,744,686) | (689,007) |
Total distributions | (12,091,375) | (2,695,225) |
Share transactions - net increase (decrease) | 255,833,989 | 119,342,923 |
Total increase (decrease) in net assets | 279,989,213 | 142,551,491 |
| | |
Net Assets | | |
Beginning of period | 265,060,125 | 122,508,634 |
End of period (including undistributed net investment income of $882,661 and undistributed net investment income of $285,056, respectively) | $ 545,049,338 | $ 265,060,125 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.34 | $ 10.96 | $ 10.67 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .22 | .17 | .19 | .06 |
Net realized and unrealized gain (loss) | .90 | 1.39 | .23 | .67 |
Total from investment operations | 1.12 | 1.56 | .42 | .73 |
Distributions from net investment income | (.19) | (.13) | (.13) | (.06) |
Distributions from net realized gain | (.26) | (.05) | - I | - |
Total distributions | (.45) | (.18) | (.13) | (.06) |
Net asset value, end of period | $ 13.01 | $ 12.34 | $ 10.96 | $ 10.67 |
Total Return B, C, D | 9.26% | 14.35% | 3.96% | 7.32% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .33% | .33% A |
Expenses net of all reductions | .25% | .25% | .33% | .33% A |
Net investment income (loss) | 1.79% | 1.44% | 1.76% | 1.59% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 306,544 | $ 128,504 | $ 59,347 | $ 2,284 |
Portfolio turnover rate | 3% | 5% | 10% | 6% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.35 | $ 10.97 | $ 10.69 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .19 | .14 | .16 | .05 |
Net realized and unrealized gain (loss) | .91 | 1.39 | .24 | .70 |
Total from investment operations | 1.10 | 1.53 | .40 | .75 |
Distributions from net investment income | (.16) | (.11) | (.12) | (.06) |
Distributions from net realized gain | (.26) | (.05) | - I | - |
Total distributions | (.42) | (.15) J | (.12) | (.06) |
Net asset value, end of period | $ 13.03 | $ 12.35 | $ 10.97 | $ 10.69 |
Total Return B, C, D | 9.10% | 14.07% | 3.75% | 7.52% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .58% | .58% A |
Expenses net of all reductions | .50% | .50% | .58% | .58% A |
Net investment income (loss) | 1.54% | 1.19% | 1.51% | 1.34% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 154,042 | $ 83,955 | $ 36,966 | $ 2,556 |
Portfolio turnover rate | 3% | 5% | 10% | 6% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.154 per share is comprised of distributions from net investment income of $.108 and distributions from net realized gain of $.046 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.26 | $ 10.91 | $ 10.64 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .13 | .08 | .11 | .03 |
Net realized and unrealized gain (loss) | .90 | 1.38 | .24 | .67 |
Total from investment operations | 1.03 | 1.46 | .35 | .70 |
Distributions from net investment income | (.10) | (.07) | (.08) | (.06) |
Distributions from net realized gain | (.26) | (.04) | - I | - |
Total distributions | (.36) | (.11) | (.08) | (.06) |
Net asset value, end of period | $ 12.93 | $ 12.26 | $ 10.91 | $ 10.64 |
Total Return B, C, D | 8.57% | 13.46% | 3.29% | 6.97% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.04% | .69% | 1.01% | .84% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 37,881 | $ 27,111 | $ 13,415 | $ 2,771 |
Portfolio turnover rate | 3% | 5% | 10% | 6% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.26 | $ 10.91 | $ 10.65 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .13 | .08 | .11 | .03 |
Net realized and unrealized gain (loss) | .89 | 1.38 | .23 | .67 |
Total from investment operations | 1.02 | 1.46 | .34 | .70 |
Distributions from net investment income | (.10) | (.07) | (.08) | (.05) |
Distributions from net realized gain | (.26) | (.04) | - I | - |
Total distributions | (.36) | (.11) | (.08) | (.05) |
Net asset value, end of period | $ 12.92 | $ 12.26 | $ 10.91 | $ 10.65 |
Total Return B, C, D | 8.51% | 13.46% | 3.19% | 7.02% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.04% | .69% | 1.01% | .84% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 32,679 | $ 20,323 | $ 10,859 | $ 2,137 |
Portfolio turnover rate | 3% | 5% | 10% | 6% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.39 | $ 10.99 | $ 10.68 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .25 | .20 | .22 | .08 |
Net realized and unrealized gain (loss) | .91 | 1.40 | .24 | .66 |
Total from investment operations | 1.16 | 1.60 | .46 | .74 |
Distributions from net investment income | (.21) | (.15) | (.15) | (.06) |
Distributions from net realized gain | (.26) | (.05) | - H | - |
Total distributions | (.47) | (.20) | (.15) | (.06) |
Net asset value, end of period | $ 13.08 | $ 12.39 | $ 10.99 | $ 10.68 |
Total Return B, C | 9.60% | 14.69% | 4.25% | 7.42% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 2.04% | 1.69% | 2.01% | 1.84% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 13,903 | $ 5,167 | $ 1,921 | $ 222 |
Portfolio turnover rate | 3% | 5% | 10% | 6% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period November 6, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 13.5 | 13.8 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.9 | 7.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 13.6 | 13.9 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.4 | 10.5 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.5 | 10.5 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 5.3 | 5.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 4.0 | 3.9 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 65.3 | 65.8 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.3 | 8.2 |
Fidelity Advisor Overseas Fund Institutional Class | 8.4 | 8.3 |
| 16.7 | 16.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.3 | 7.4 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 4.3 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 4.3 | 4.3 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.0 | 1.7 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 4.3 |
| 10.7 | 10.3 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 65.3% | |
| International Equity Funds | 16.7% | |
| Investment Grade Fixed-Income Funds | 10.7% | |
| High Yield Fixed-Income Funds | 7.3% | |
Six months ago |
| Domestic Equity Funds | 65.8% | |
| International Equity Funds | 16.5% | |
| Investment Grade Fixed-Income Funds | 10.3% | |
| High Yield Fixed-Income Funds | 7.4% | |
Expected |
| Domestic Equity Funds | 65.4% | |
| International Equity Funds | 16.4% | |
| Investment Grade Fixed-Income Funds | 10.7% | |
| High Yield Fixed-Income Funds | 7.5% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 82.0% |
| Shares | | Value |
Domestic Equity Funds - 65.3% |
Fidelity 100 Index Fund | 75,987 | | $ 758,350 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 7,549,649 | | 102,524,233 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,094,381 | | 60,092,472 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,390,234 | | 103,910,667 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3,986,190 | | 79,604,216 |
Fidelity Advisor Large Cap Fund Institutional Class | 4,078,002 | | 79,643,389 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 1,535,199 | | 40,483,190 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,216,351 | | 30,214,152 |
Fidelity Small Cap Opportunities Fund | 19,810 | | 197,307 |
TOTAL DOMESTIC EQUITY FUNDS | | 497,427,976 |
International Equity Funds - 16.7% |
Fidelity Advisor Diversified International Fund Institutional Class | 2,610,111 | | 62,955,877 |
Fidelity Advisor Overseas Fund Institutional Class | 2,757,773 | | 63,897,602 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 126,853,479 |
TOTAL EQUITY FUNDS (Cost $556,227,043) | 624,281,455 |
Fixed-Income Funds - 18.0% |
| | | |
High Yield Fixed-Income Funds - 7.3% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5,381,369 | | 55,589,546 |
Investment Grade Fixed-Income Funds - 10.7% |
Fidelity Advisor Government Income Fund Institutional Class | 3,247,958 | | 32,739,415 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 3,000,881 | | 32,649,584 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,480,064 | | 15,392,668 |
Fidelity Advisor Total Bond Fund Institutional Class | 51,973 | | 544,153 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 81,325,820 |
TOTAL FIXED-INCOME FUNDS (Cost $132,506,468) | 136,915,366 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $688,733,511) | $ 761,196,821 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $688,733,511) - See accompanying schedule | | $ 761,196,821 |
Cash | | 24,610 |
Receivable for investments sold | | 760,235 |
Receivable for fund shares sold | | 3,724,001 |
Total assets | | 765,705,667 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,055,226 | |
Payable for fund shares redeemed | 1,437,267 | |
Distribution fees payable | 275,798 | |
Total liabilities | | 4,768,291 |
| | |
Net Assets | | $ 760,937,376 |
Net Assets consist of: | | |
Paid in capital | | $ 671,700,524 |
Undistributed net investment income | | 702,959 |
Accumulated undistributed net realized gain (loss) on investments | | 16,070,583 |
Net unrealized appreciation (depreciation) on investments | | 72,463,310 |
Net Assets | | $ 760,937,376 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($343,345,089 ÷ 24,060,163 shares) | | $ 14.27 |
| | |
Maximum offering price per share (100/94.25 of $14.27) | | $ 15.14 |
Class T:
Net Asset Value and redemption price per share ($281,508,170 ÷ 19,788,967 shares) | | $ 14.23 |
| | |
Maximum offering price per share (100/96.50 of $14.23) | | $ 14.75 |
Class B:
Net Asset Value and offering price per share ($56,844,698 ÷ 4,016,308 shares)A | | $ 14.15 |
| | |
Class C:
Net Asset Value and offering price per share ($54,337,851 ÷ 3,840,471 shares)A | | $ 14.15 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($24,901,568 ÷ 1,739,013 shares) | | $ 14.32 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 9,821,965 |
| | |
Expenses | | |
Distribution fees | $ 2,660,673 | |
Independent trustees' compensation | 1,857 | |
Total expenses before reductions | 2,662,530 | |
Expense reductions | (1,857) | 2,660,673 |
Net investment income (loss) | | 7,161,292 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (912,760) | |
Capital gain distributions from underlying funds | 20,682,155 | 19,769,395 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 30,271,320 |
Net gain (loss) | | 50,040,715 |
Net increase (decrease) in net assets resulting from operations | | $ 57,202,007 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2030 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 7,161,292 | $ 2,852,425 |
Net realized gain (loss) | 19,769,395 | 8,803,566 |
Change in net unrealized appreciation (depreciation) | 30,271,320 | 35,545,698 |
Net increase (decrease) in net assets resulting from operations | 57,202,007 | 47,201,689 |
Distributions to shareholders from net investment income | (6,933,419) | (2,377,341) |
Distributions to shareholders from net realized gain | (11,633,462) | (1,802,422) |
Total distributions | (18,566,881) | (4,179,763) |
Share transactions - net increase (decrease) | 289,401,681 | 164,372,570 |
Total increase (decrease) in net assets | 328,036,807 | 207,394,496 |
| | |
Net Assets | | |
Beginning of period | 432,900,569 | 225,506,073 |
End of period (including undistributed net investment income of $702,959 and undistributed net investment income of $475,086, respectively) | $ 760,937,376 | $ 432,900,569 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.47 | $ 11.81 | $ 11.48 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .20 | .15 | .18 | .11 |
Net realized and unrealized gain (loss) | 1.09 | 1.70 | .30 | 1.46 |
Total from investment operations | 1.29 | 1.85 | .48 | 1.57 |
Distributions from net investment income | (.18) | (.11) | (.15) | (.09) |
Distributions from net realized gain | (.31) | (.08) | - I | - |
Total distributions | (.49) | (.19) | (.15) | (.09) |
Net asset value, end of period | $ 14.27 | $ 13.47 | $ 11.81 | $ 11.48 |
Total Return B, C, D | 9.82% | 15.84% | 4.19% | 15.68% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 1.49% | 1.17% | 1.55% | 1.44% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 343,345 | $ 156,916 | $ 65,593 | $ 27,879 |
Portfolio turnover rate | 8% | 4% | 2% | 2% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.43 | $ 11.78 | $ 11.47 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .17 | .11 | .15 | .09 |
Net realized and unrealized gain (loss) | 1.09 | 1.70 | .30 | 1.46 |
Total from investment operations | 1.26 | 1.81 | .45 | 1.55 |
Distributions from net investment income | (.15) | (.09) | (.14) | (.08) |
Distributions from net realized gain | (.31) | (.08) | - I | - |
Total distributions | (.46) | (.16) J | (.14) | (.08) |
Net asset value, end of period | $ 14.23 | $ 13.43 | $ 11.78 | $ 11.47 |
Total Return B, C, D | 9.59% | 15.52% | 3.91% | 15.53% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .51% | .58% | .58% A |
Expenses net of all reductions | .50% | .51% | .58% | .58% A |
Net investment income (loss) | 1.24% | .92% | 1.30% | 1.19% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 281,508 | $ 184,029 | $ 102,153 | $ 27,201 |
Portfolio turnover rate | 8% | 4% | 2% | 2% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.164 per share is comprised of distributions from net investment income of $.087 and distributions from net realized gain of $.077 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.37 | $ 11.74 | $ 11.44 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .10 | .05 | .09 | .05 |
Net realized and unrealized gain (loss) | 1.08 | 1.70 | .30 | 1.46 |
Total from investment operations | 1.18 | 1.75 | .39 | 1.51 |
Distributions from net investment income | (.09) | (.05) | (.09) | (.07) |
Distributions from net realized gain | (.31) | (.07) | - I | - |
Total distributions | (.40) | (.12) | (.09) | (.07) |
Net asset value, end of period | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 |
Total Return B, C, D | 8.98% | 14.96% | 3.41% | 15.12% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | .74% | .42% | .80% | .69% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 56,845 | $ 43,099 | $ 27,653 | $ 12,229 |
Portfolio turnover rate | 8% | 4% | 2% | 2% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.37 | $ 11.74 | $ 11.44 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .10 | .05 | .09 | .05 |
Net realized and unrealized gain (loss) | 1.08 | 1.70 | .30 | 1.46 |
Total from investment operations | 1.18 | 1.75 | .39 | 1.51 |
Distributions from net investment income | (.09) | (.05) | (.09) | (.07) |
Distributions from net realized gain | (.31) | (.07) | - I | - |
Total distributions | (.40) | (.12) | (.09) | (.07) |
Net asset value, end of period | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 |
Total Return B, C, D | 9.00% | 14.99% | 3.41% | 15.12% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | .74% | .42% | .80% | .69% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 54,338 | $ 37,940 | $ 22,265 | $ 9,722 |
Portfolio turnover rate | 8% | 4% | 2% | 2% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.51 | $ 11.84 | $ 11.49 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .24 | .18 | .21 | .13 |
Net realized and unrealized gain (loss) | 1.09 | 1.71 | .31 | 1.45 |
Total from investment operations | 1.33 | 1.89 | .52 | 1.58 |
Distributions from net investment income | (.21) | (.13) | (.17) | (.09) |
Distributions from net realized gain | (.31) | (.09) | - H | - |
Total distributions | (.52) | (.22) | (.17) | (.09) |
Net asset value, end of period | $ 14.32 | $ 13.51 | $ 11.84 | $ 11.49 |
Total Return B, C | 10.08% | 16.10% | 4.50% | 15.83% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .07% A |
Net investment income (loss) | 1.74% | 1.42% | 1.80% | 1.69% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 24,902 | $ 10,918 | $ 7,841 | $ 1,030 |
Portfolio turnover rate | 8% | 4% | 2% | 2% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period July 24, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 14.1 | 13.8 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.9 | 7.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 13.7 | 14.0 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.5 | 10.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.4 | 10.7 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 5.3 | 5.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 4.0 | 4.0 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 66.0 | 66.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.3 | 8.3 |
Fidelity Advisor Overseas Fund Institutional Class | 8.5 | 8.4 |
| 16.8 | 16.7 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.6 | 8.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 3.6 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 3.6 | 3.7 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.3 | 1.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 3.7 |
| 9.6 | 8.9 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 66.0% | |
| International Equity Funds | 16.8% | |
| Investment Grade Fixed-Income Funds | 9.6% | |
| High Yield Fixed-Income Funds | 7.6% | |
Six months ago |
| Domestic Equity Funds | 66.4% | |
| International Equity Funds | 16.7% | |
| Investment Grade Fixed-Income Funds | 8.9% | |
| High Yield Fixed-Income Funds | 8.0% | |
Expected |
| Domestic Equity Funds | 66.1% | |
| International Equity Funds | 16.6% | |
| Investment Grade Fixed-Income Funds | 9.6% | |
| High Yield Fixed-Income Funds | 7.7% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 82.8% |
| Shares | | Value |
Domestic Equity Funds - 66.0% |
Fidelity 100 Index Fund | 29,239 | | $ 291,805 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 2,892,612 | | 39,281,676 |
Fidelity Advisor Equity Growth Fund Institutional Class | 400,663 | | 22,000,391 |
Fidelity Advisor Equity Income Fund Institutional Class | 1,243,921 | | 38,126,166 |
Fidelity Advisor Growth & Income Fund Institutional Class | 1,466,632 | | 29,288,649 |
Fidelity Advisor Large Cap Fund Institutional Class | 1,493,333 | | 29,164,799 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 565,640 | | 14,915,933 |
Fidelity Advisor Small Cap Fund Institutional Class | 445,399 | | 11,063,715 |
Fidelity Small Cap Opportunities Fund | 9,912 | | 98,721 |
TOTAL DOMESTIC EQUITY FUNDS | | 184,231,855 |
International Equity Funds - 16.8% |
Fidelity Advisor Diversified International Fund Institutional Class | 964,896 | | 23,273,281 |
Fidelity Advisor Overseas Fund Institutional Class | 1,020,395 | | 23,642,559 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 46,915,840 |
TOTAL EQUITY FUNDS (Cost $212,462,040) | 231,147,695 |
Fixed-Income Funds - 17.2% |
| | | |
High Yield Fixed-Income Funds - 7.6% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 2,048,693 | | 21,162,996 |
Investment Grade Fixed-Income Funds - 9.6% |
Fidelity Advisor Government Income Fund Institutional Class | 995,105 | | 10,030,663 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 924,222 | | 10,055,535 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 622,753 | | 6,476,627 |
Fidelity Advisor Total Bond Fund Institutional Class | 23,348 | | 244,453 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 26,807,278 |
TOTAL FIXED-INCOME FUNDS (Cost $46,472,926) | 47,970,274 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $258,934,966) | $ 279,117,969 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $258,934,966) - See accompanying schedule | | $ 279,117,969 |
Cash | | 143 |
Receivable for investments sold | | 302,221 |
Receivable for fund shares sold | | 1,525,277 |
Total assets | | 280,945,610 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,524,680 | |
Payable for fund shares redeemed | 302,790 | |
Distribution fees payable | 98,450 | |
Total liabilities | | 1,925,920 |
| | |
Net Assets | | $ 279,019,690 |
Net Assets consist of: | | |
Paid in capital | | $ 252,955,897 |
Undistributed net investment income | | 129,257 |
Accumulated undistributed net realized gain (loss) on investments | | 5,751,533 |
Net unrealized appreciation (depreciation) on investments | | 20,183,003 |
Net Assets | | $ 279,019,690 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($146,175,334 ÷ 10,872,982 shares) | | $ 13.44 |
| | |
Maximum offering price per share (100/94.25 of $13.44) | | $ 14.26 |
Class T:
Net Asset Value and redemption price per share ($84,367,914 ÷ 6,305,947 shares) | | $ 13.38 |
| | |
Maximum offering price per share (100/96.50 of $13.38) | | $ 13.87 |
Class B:
Net Asset Value and offering price per share ($23,064,708 ÷ 1,735,585 shares)A | | $ 13.29 |
| | |
Class C:
Net Asset Value and offering price per share ($19,040,504 ÷ 1,431,632 shares)A | | $ 13.30 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($6,371,230 ÷ 472,224 shares) | | $ 13.49 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 3,202,913 |
Interest | | 215 |
Total income | | 3,203,128 |
| | |
Expenses | | |
Distribution fees | $ 866,505 | |
Independent trustees' compensation | 592 | |
Total expenses before reductions | 867,097 | |
Expense reductions | (592) | 866,505 |
Net investment income (loss) | | 2,336,623 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (85,962) | |
Capital gain distributions from underlying funds | 7,057,183 | 6,971,221 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 10,021,524 |
Net gain (loss) | | 16,992,745 |
Net increase (decrease) in net assets resulting from operations | | $ 19,329,368 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2035 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,336,623 | $ 736,017 |
Net realized gain (loss) | 6,971,221 | 2,416,401 |
Change in net unrealized appreciation (depreciation) | 10,021,524 | 9,386,127 |
Net increase (decrease) in net assets resulting from operations | 19,329,368 | 12,538,545 |
Distributions to shareholders from net investment income | (2,210,017) | (733,367) |
Distributions to shareholders from net realized gain | (3,462,283) | (249,712) |
Total distributions | (5,672,300) | (983,079) |
Share transactions - net increase (decrease) | 140,482,789 | 69,137,683 |
Total increase (decrease) in net assets | 154,139,857 | 80,693,149 |
| | |
Net Assets | | |
Beginning of period | 124,879,833 | 44,186,684 |
End of period (including undistributed net investment income of $129,257 and undistributed net investment income of $2,651, respectively) | $ 279,019,690 | $ 124,879,833 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.67 | $ 11.06 | $ 10.70 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .19 | .14 | .19 | .07 |
Net realized and unrealized gain (loss) | 1.02 | 1.62 | .32 | .72 |
Total from investment operations | 1.21 | 1.76 | .51 | .79 |
Distributions from net investment income | (.15) | (.11) | (.15) | (.09) |
Distributions from net realized gain | (.29) | (.04) | - I | - |
Total distributions | (.44) J | (.15) | (.15) | (.09) |
Net asset value, end of period | $ 13.44 | $ 12.67 | $ 11.06 | $ 10.70 |
Total Return B, C, D | 9.74% | 16.03% | 4.76% | 7.88% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .33% | .33% A |
Expenses net of all reductions | .25% | .25% | .33% | .33% A |
Net investment income (loss) | 1.48% | 1.20% | 1.71% | 1.80% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 146,175 | $ 49,877 | $ 15,281 | $ 1,884 |
Portfolio turnover rate | 5% | 4% | 5% | 1% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of sale of shares) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.440 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.287 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.62 | $ 11.02 | $ 10.69 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .16 | .11 | .16 | .06 |
Net realized and unrealized gain (loss) | 1.01 | 1.63 | .31 | .71 |
Total from investment operations | 1.17 | 1.74 | .47 | .77 |
Distributions from net investment income | (.13) | (.10) | (.14) | (.08) |
Distributions from net realized gain | (.28) | (.04) | - I | - |
Total distributions | (.41) J | (.14) | (.14) | (.08) |
Net asset value, end of period | $ 13.38 | $ 12.62 | $ 11.02 | $ 10.69 |
Total Return B, C, D | 9.46% | 15.84% | 4.37% | 7.73% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .58% | .58% A |
Expenses net of all reductions | .50% | .50% | .58% | .58% A |
Net investment income (loss) | 1.23% | .95% | 1.46% | 1.55% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 84,368 | $ 45,421 | $ 16,432 | $ 1,047 |
Portfolio turnover rate | 5% | 4% | 5% | 1% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of sale of shares) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.411per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.280 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.54 | $ 10.98 | $ 10.67 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .09 | .05 | .10 | .04 |
Net realized and unrealized gain (loss) | 1.02 | 1.61 | .32 | .71 |
Total from investment operations | 1.11 | 1.66 | .42 | .75 |
Distributions from net investment income | (.09) | (.06) | (.11) | (.08) |
Distributions from net realized gain | (.27) | (.04) | - I | - |
Total distributions | (.36) J | (.10) | (.11) | (.08) |
Net asset value, end of period | $ 13.29 | $ 12.54 | $ 10.98 | $ 10.67 |
Total Return B, C, D | 8.98% | 15.17% | 3.88% | 7.48% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.08% | 1.08% A |
Net investment income (loss) | .73% | .45% | .96% | 1.05% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 23,065 | $ 15,351 | $ 6,917 | $ 1,123 |
Portfolio turnover rate | 5% | 4% | 5% | 1% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of sale of shares) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.356 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.270 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.55 | $ 10.99 | $ 10.68 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .09 | .05 | .10 | .04 |
Net realized and unrealized gain (loss) | 1.02 | 1.61 | .32 | .72 |
Total from investment operations | 1.11 | 1.66 | .42 | .76 |
Distributions from net investment income | (.09) | (.06) | (.11) | (.08) |
Distributions from net realized gain | (.27) | (.04) | - I | - |
Total distributions | (.36) J | (.10) | (.11) | (.08) |
Net asset value, end of period | $ 13.30 | $ 12.55 | $ 10.99 | $ 10.68 |
Total Return B, C, D | 8.99% | 15.15% | 3.87% | 7.58% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.08% | 1.08% A |
Net investment income (loss) | .73% | .45% | .96% | 1.05% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 19,041 | $ 12,023 | $ 5,089 | $ 890 |
Portfolio turnover rate | 5% | 4% | 5% | 1% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of sale of shares) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.358 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.270 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.71 | $ 11.07 | $ 10.71 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .22 | .17 | .21 | .08 |
Net realized and unrealized gain (loss) | 1.02 | 1.64 | .31 | .72 |
Total from investment operations | 1.24 | 1.81 | .52 | .80 |
Distributions from net investment income | (.18) | (.13) | (.16) | (.09) |
Distributions from net realized gain | (.29) | (.04) | - H | - |
Total distributions | (.46) I | (.17) | (.16) | (.09) |
Net asset value, end of period | $ 13.49 | $ 12.71 | $ 11.07 | $ 10.71 |
Total Return B, C | 9.98% | 16.45% | 4.87% | 7.98% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 1.72% | 1.45% | 1.96% | 2.04% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 6,371 | $ 2,207 | $ 467 | $ 216 |
Portfolio turnover rate | 5% | 4% | 5% | 1% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period November 6, 2003 (commencement of sale of shares) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
I Total distributions of $.463 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.287 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 13.9 | 14.2 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.2 | 8.1 |
Fidelity Advisor Equity Income Fund Institutional Class | 14.2 | 14.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.8 | 10.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.8 | 10.9 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 5.5 | 5.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 4.2 | 4.1 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 67.7 | 68.0 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.6 | 8.5 |
Fidelity Advisor Overseas Fund Institutional Class | 8.7 | 8.5 |
| 17.3 | 17.0 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9.7 | 9.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 2.1 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 2.1 | 2.1 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1.0 | 0.9 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 2.1 |
| 5.3 | 5.1 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 67.7% | |
| International Equity Funds | 17.3% | |
| Investment Grade Fixed-Income Funds | 5.3% | |
| High Yield Fixed-Income Funds | 9.7% | |
Six months ago |
| Domestic Equity Funds | 68.0% | |
| International Equity Funds | 17.0% | |
| Investment Grade Fixed-Income Funds | 5.1% | |
| High Yield Fixed-Income Funds | 9.9% | |
Expected |
| Domestic Equity Funds | 67.9% | |
| International Equity Funds | 17.0% | |
| Investment Grade Fixed-Income Funds | 5.3% | |
| High Yield Fixed-Income Funds | 9.8% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 85.0% |
| Shares | | Value |
Domestic Equity Funds - 67.7% |
Fidelity 100 Index Fund | 62,453 | | $ 623,284 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 6,193,120 | | 84,102,569 |
Fidelity Advisor Equity Growth Fund Institutional Class | 897,351 | | 49,273,568 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,804,111 | | 85,945,992 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3,274,854 | | 65,398,829 |
Fidelity Advisor Large Cap Fund Institutional Class | 3,354,989 | | 65,522,933 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 1,269,099 | | 33,466,151 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,021,109 | | 25,364,335 |
Fidelity Small Cap Opportunities Fund | 11,378 | | 113,325 |
TOTAL DOMESTIC EQUITY FUNDS | | 409,810,986 |
International Equity Funds - 17.3% |
Fidelity Advisor Diversified International Fund Institutional Class | 2,152,163 | | 51,910,172 |
Fidelity Advisor Overseas Fund Institutional Class | 2,271,395 | | 52,628,216 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 104,538,388 |
TOTAL EQUITY FUNDS (Cost $459,027,025) | 514,349,374 |
Fixed-Income Funds - 15.0% |
| | | |
High Yield Fixed-Income Funds - 9.7% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5,695,654 | | 58,836,108 |
Investment Grade Fixed-Income Funds - 5.3% |
Fidelity Advisor Government Income Fund Institutional Class | 1,266,574 | | 12,767,061 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 1,172,569 | | 12,757,556 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 583,094 | | 6,064,182 |
Fidelity Advisor Total Bond Fund Institutional Class | 14,131 | | 147,952 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 31,736,751 |
TOTAL FIXED-INCOME FUNDS (Cost $86,105,828) | 90,572,859 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $545,132,853) | $ 604,922,233 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $545,132,853) - See accompanying schedule | | $ 604,922,233 |
Cash | | 540 |
Receivable for investments sold | | 658,194 |
Receivable for fund shares sold | | 2,411,374 |
Total assets | | 607,992,341 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,053,284 | |
Payable for fund shares redeemed | 835,305 | |
Distribution fees payable | 226,372 | |
Total liabilities | | 3,114,961 |
| | |
Net Assets | | $ 604,877,380 |
Net Assets consist of: | | |
Paid in capital | | $ 531,349,591 |
Undistributed net investment income | | 408,767 |
Accumulated undistributed net realized gain (loss) on investments | | 13,329,642 |
Net unrealized appreciation (depreciation) on investments | | 59,789,380 |
Net Assets | | $ 604,877,380 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($263,732,877 ÷ 17,957,997 shares) | | $ 14.69 |
| | |
Maximum offering price per share (100/94.25 of $14.69) | | $ 15.59 |
Class T:
Net Asset Value and redemption price per share ($221,814,526 ÷ 15,149,573 shares) | | $ 14.64 |
| | |
Maximum offering price per share (100/96.50 of $14.64) | | $ 15.17 |
Class B:
Net Asset Value and offering price per share ($46,110,349 ÷ 3,173,028 shares)A | | $ 14.53 |
| | |
Class C:
Net Asset Value and offering price per share ($54,022,131 ÷ 3,719,392 shares)A | | $ 14.52 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($19,197,497 ÷ 1,302,705 shares) | | $ 14.74 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 7,907,389 |
| | |
Expenses | | |
Distribution fees | $ 2,179,457 | |
Independent trustees' compensation | 1,501 | |
Total expenses before reductions | 2,180,958 | |
Expense reductions | (1,501) | 2,179,457 |
Net investment income (loss) | | 5,727,932 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (898,930) | |
Capital gain distributions from underlying funds | 17,178,419 | 16,279,489 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 25,694,610 |
Net gain (loss) | | 41,974,099 |
Net increase (decrease) in net assets resulting from operations | | $ 47,702,031 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2040 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,727,932 | $ 2,231,572 |
Net realized gain (loss) | 16,279,489 | 7,176,784 |
Change in net unrealized appreciation (depreciation) | 25,694,610 | 29,421,318 |
Net increase (decrease) in net assets resulting from operations | 47,702,031 | 38,829,674 |
Distributions to shareholders from net investment income | (5,475,037) | (2,075,700) |
Distributions to shareholders from net realized gain | (9,442,737) | (1,111,246) |
Total distributions | (14,917,774) | (3,186,946) |
Share transactions - net increase (decrease) | 222,765,428 | 151,023,971 |
Total increase (decrease) in net assets | 255,549,685 | 186,666,699 |
| | |
Net Assets | | |
Beginning of period | 349,327,695 | 162,660,996 |
End of period (including undistributed net investment income of $408,767 and undistributed net investment income of $155,872, respectively) | $ 604,877,380 | $ 349,327,695 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.83 | $ 12.03 | $ 11.62 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .21 | .15 | .18 | .12 |
Net realized and unrealized gain (loss) | 1.16 | 1.84 | .39 | 1.60 |
Total from investment operations | 1.37 | 1.99 | .57 | 1.72 |
Distributions from net investment income | (.18) | (.12) | (.16) | (.10) |
Distributions from net realized gain | (.33) | (.07) | - | - |
Total distributions | (.51) I | (.19) | (.16) | (.10) |
Net asset value, end of period | $ 14.69 | $ 13.83 | $ 12.03 | $ 11.62 |
Total Return B, C, D | 10.09% | 16.65% | 4.87% | 17.19% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 1.48% | 1.18% | 1.50% | 1.53% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 263,733 | $ 133,817 | $ 51,718 | $ 9,666 |
Portfolio turnover rate | 7% | 4% | 3% | 3% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.506 per share is comprised of distributions from net investment income of $.181 and distributions from net realized gain of $.325 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.79 | $ 12.00 | $ 11.60 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .17 | .12 | .15 | .10 |
Net realized and unrealized gain (loss) | 1.16 | 1.83 | .38 | 1.59 |
Total from investment operations | 1.33 | 1.95 | .53 | 1.69 |
Distributions from net investment income | (.15) | (.10) | (.13) | (.09) |
Distributions from net realized gain | (.33) | (.06) | - | - |
Total distributions | (.48) I | (.16) | (.13) | (.09) |
Net asset value, end of period | $ 14.64 | $ 13.79 | $ 12.00 | $ 11.60 |
Total Return B, C, D | 9.81% | 16.35% | 4.57% | 16.93% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .51% | .58% | .58% A |
Expenses net of all reductions | .50% | .51% | .58% | .58% A |
Net investment income (loss) | 1.23% | .93% | 1.25% | 1.28% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 221,815 | $ 136,679 | $ 66,136 | $ 19,191 |
Portfolio turnover rate | 7% | 4% | 3% | 3% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.475 per share is comprised of distributions from net investment income of $.150 and distributions from net realized gain of $.325 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.70 | $ 11.94 | $ 11.57 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .10 | .05 | .09 | .06 |
Net realized and unrealized gain (loss) | 1.14 | 1.83 | .38 | 1.60 |
Total from investment operations | 1.24 | 1.88 | .47 | 1.66 |
Distributions from net investment income | (.10) | (.06) | (.10) | (.09) |
Distributions from net realized gain | (.32) | (.06) | - | - |
Total distributions | (.41) I | (.12) | (.10) | (.09) |
Net asset value, end of period | $ 14.53 | $ 13.70 | $ 11.94 | $ 11.57 |
Total Return B, C, D | 9.25% | 15.81% | 4.04% | 16.58% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | .73% | .43% | .75% | .78% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 46,110 | $ 32,658 | $ 18,541 | $ 7,232 |
Portfolio turnover rate | 7% | 4% | 3% | 3% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.413 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.70 | $ 11.94 | $ 11.57 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .10 | .05 | .09 | .06 |
Net realized and unrealized gain (loss) | 1.13 | 1.83 | .38 | 1.59 |
Total from investment operations | 1.23 | 1.88 | .47 | 1.65 |
Distributions from net investment income | (.10) | (.06) | (.10) | (.08) |
Distributions from net realized gain | (.32) | (.06) | - | - |
Total distributions | (.41) I | (.12) | (.10) | (.08) |
Net asset value, end of period | $ 14.52 | $ 13.70 | $ 11.94 | $ 11.57 |
Total Return B, C, D | 9.17% | 15.82% | 4.04% | 16.53% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | .73% | .43% | .75% | .78% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 54,022 | $ 38,947 | $ 21,792 | $ 6,958 |
Portfolio turnover rate | 7% | 4% | 3% | 3% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.413 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.87 | $ 12.05 | $ 11.63 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .24 | .18 | .21 | .13 |
Net realized and unrealized gain (loss) | 1.17 | 1.85 | .38 | 1.60 |
Total from investment operations | 1.41 | 2.03 | .59 | 1.73 |
Distributions from net investment income | (.21) | (.14) | (.17) | (.10) |
Distributions from net realized gain | (.33) | (.07) | - | - |
Total distributions | (.54) H | (.21) | (.17) | (.10) |
Net asset value, end of period | $ 14.74 | $ 13.87 | $ 12.05 | $ 11.63 |
Total Return B, C | 10.36% | 16.99% | 5.07% | 17.34% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 1.73% | 1.43% | 1.75% | 1.78% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 19,197 | $ 7,227 | $ 4,474 | $ 294 |
Portfolio turnover rate | 7% | 4% | 3% | 3% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period July 24, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Total distributions of $.535 per share is comprised of distributions from net investment income of $.210 and distributions from net realized gain of $.325 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 14.2 | 14.9 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.2 | 8.3 |
Fidelity Advisor Equity Income Fund Institutional Class | 14.5 | 14.8 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.9 | 11.1 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.9 | 11.0 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 5.6 | 5.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 4.2 | 4.1 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 68.6 | 69.6 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 9.7 | 9.6 |
Fidelity Advisor Overseas Fund Institutional Class | 9.8 | 9.6 |
| 19.5 | 19.2 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 10.1 | 9.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 0.8 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.7 | 0.6 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.3 | 0.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.0 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 0.6 |
| 1.8 | 1.3 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 68.6% | |
| International Equity Funds | 19.5% | |
| Investment Grade Fixed-Income Funds | 1.8% | |
| High Yield Fixed-Income Funds | 10.1% | |
Six months ago |
| Domestic Equity Funds | 69.6% | |
| International Equity Funds | 19.2% | |
| Investment Grade Fixed-Income Funds | 1.3% | |
| High Yield Fixed-Income Funds | 9.9% | |
Expected |
| Domestic Equity Funds | 68.5% | |
| International Equity Funds | 17.9% | |
| Investment Grade Fixed-Income Funds | 3.6% | |
| High Yield Fixed-Income Funds | 10.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 88.1% |
| Shares | | Value |
Domestic Equity Funds - 68.6% |
Fidelity 100 Index Fund | 1,883 | | $ 18,788 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 189,615 | | 2,574,978 |
Fidelity Advisor Equity Growth Fund Institutional Class | 26,864 | | 1,475,122 |
Fidelity Advisor Equity Income Fund Institutional Class | 85,338 | | 2,615,606 |
Fidelity Advisor Growth & Income Fund Institutional Class | 98,658 | | 1,970,202 |
Fidelity Advisor Large Cap Fund Institutional Class | 100,783 | | 1,968,291 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 38,623 | | 1,018,477 |
Fidelity Advisor Small Cap Fund Institutional Class | 30,554 | | 758,971 |
Fidelity Small Cap Opportunities Fund | 95 | | 948 |
TOTAL DOMESTIC EQUITY FUNDS | | 12,401,383 |
International Equity Funds - 19.5% |
Fidelity Advisor Diversified International Fund Institutional Class | 72,707 | | 1,753,702 |
Fidelity Advisor Overseas Fund Institutional Class | 76,415 | | 1,770,535 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 3,524,237 |
TOTAL EQUITY FUNDS (Cost $15,702,398) | 15,925,620 |
Fixed-Income Funds - 11.9% |
| | | |
High Yield Fixed-Income Funds - 10.1% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 175,610 | | 1,814,048 |
Investment Grade Fixed-Income Funds - 1.8% |
Fidelity Advisor Government Income Fund Institutional Class | 13,798 | | 139,081 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 12,772 | | 138,959 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4,866 | | 50,603 |
Fidelity Advisor Total Bond Fund Institutional Class | 71 | | 741 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 329,384 |
TOTAL FIXED-INCOME FUNDS (Cost $2,115,028) | 2,143,432 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $17,817,426) | $ 18,069,052 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $17,817,426) - See accompanying schedule | | $ 18,069,052 |
Receivable for investments sold | | 10,505 |
Receivable for fund shares sold | | 113,346 |
Total assets | | 18,192,903 |
| | |
Liabilities | | |
Payable for investments purchased | $ 109,155 | |
Payable for fund shares redeemed | 14,562 | |
Distribution fees payable | 4,723 | |
Total liabilities | | 128,440 |
| | |
Net Assets | | $ 18,064,463 |
Net Assets consist of: | | |
Paid in capital | | $ 17,672,042 |
Undistributed net investment income | | 7,369 |
Accumulated undistributed net realized gain (loss) on investments | | 133,426 |
Net unrealized appreciation (depreciation) on investments | | 251,626 |
Net Assets | | $ 18,064,463 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($12,549,944 ÷ 1,135,783 shares) | | $ 11.05 |
| | |
Maximum offering price per share (100/94.25 of $11.05) | | $ 11.72 |
Class T:
Net Asset Value and redemption price per share ($3,339,178 ÷ 302,735 shares) | | $ 11.03 |
| | |
Maximum offering price per share (100/96.50 of $11.03) | | $ 11.43 |
Class B:
Net Asset Value and offering price per share ($776,261 ÷ 70,490 shares)A | | $ 11.01 |
| | |
Class C:
Net Asset Value and offering price per share ($769,632 ÷ 69,924 shares)A | | $ 11.01 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($629,448 ÷ 56,873 shares) | | $ 11.07 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| For the period June 1, 2006 (commencement of operations) to March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 58,091 |
| | |
Expenses | | |
Distribution fees | $ 15,455 | |
Independent trustees' compensation | 7 | |
Total expenses before reductions | 15,462 | |
Expense reductions | (7) | 15,455 |
Net investment income (loss) | | 42,636 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (4,170) | |
Capital gain distributions from underlying funds | 163,158 | 158,988 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 251,626 |
Net gain (loss) | | 410,614 |
Net increase (decrease) in net assets resulting from operations | | $ 453,250 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2045 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
June 1, 2006
(commencement of
operations) to
March 31, 2007 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 42,636 |
Net realized gain (loss) | 158,988 |
Change in net unrealized appreciation (depreciation) | 251,626 |
Net increase (decrease) in net assets resulting from operations | 453,250 |
Distributions to shareholders from net investment income | (35,267) |
Distributions to shareholders from net realized gain | (25,563) |
Total distributions | (60,830) |
Share transactions - net increase (decrease) | 17,672,043 |
Total increase (decrease) in net assets | 18,064,463 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $7,369) | $ 18,064,463 |
Financial Highlights - Class A
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .12 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.18 |
Distributions from net investment income | (.08) |
Distributions from net realized gain | (.05) |
Total distributions | (.13) |
Net asset value, end of period | $ 11.05 |
Total Return B, C, D | 11.78% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | .25% A |
Expenses net of fee waivers, if any | .25% A |
Expenses net of all reductions | .25% A |
Net investment income (loss) | 1.31% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 12,550 |
Portfolio turnover rate | 16% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .09 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.15 |
Distributions from net investment income | (.07) |
Distributions from net realized gain | (.05) |
Total distributions | (.12) |
Net asset value, end of period | $ 11.03 |
Total Return B, C, D | 11.53% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | .50% A |
Expenses net of fee waivers, if any | .50% A |
Expenses net of all reductions | .50% A |
Net investment income (loss) | 1.06% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 3,339 |
Portfolio turnover rate | 16% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Class B
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .05 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.11 |
Distributions from net investment income | (.05) |
Distributions from net realized gain | (.05) |
Total distributions | (.10) |
Net asset value, end of period | $ 11.01 |
Total Return B, C, D | 11.09% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 1.00% A |
Expenses net of fee waivers, if any | 1.00% A |
Expenses net of all reductions | 1.00% A |
Net investment income (loss) | .56% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 776 |
Portfolio turnover rate | 16% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .05 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.11 |
Distributions from net investment income | (.05) |
Distributions from net realized gain | (.05) |
Total distributions | (.10) |
Net asset value, end of period | $ 11.01 |
Total Return B, C, D | 11.08% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 1.00% A |
Expenses net of fee waivers, if any | 1.00% A |
Expenses net of all reductions | 1.00% A |
Net investment income (loss) | .56% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 770 |
Portfolio turnover rate | 16% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Institutional Class
Period ended March 31, | 2007 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .14 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.20 |
Distributions from net investment income | (.08) |
Distributions from net realized gain | (.05) |
Total distributions | (.13) |
Net asset value, end of period | $ 11.07 |
Total Return B, C | 12.02% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | .00% A |
Expenses net of fee waivers, if any | .00% A |
Expenses net of all reductions | .00% A |
Net investment income (loss) | 1.56% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 629 |
Portfolio turnover rate | 16% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period June 1, 2006 (commencement of operations) to March 31, 2007.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 14.1 | 15.0 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.2 | 8.4 |
Fidelity Advisor Equity Income Fund Institutional Class | 14.4 | 14.9 |
Fidelity Advisor Growth & Income Fund Institutional Class | 11.1 | 11.3 |
Fidelity Advisor Large Cap Fund Institutional Class | 11.1 | 11.2 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 5.8 | 5.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 4.3 | 4.1 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 69.1 | 70.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 10.2 | 9.8 |
Fidelity Advisor Overseas Fund Institutional Class | 10.3 | 9.9 |
| 20.5 | 19.7 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 10.1 | 9.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 0.2 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.0 | 0.0 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.0 | 0.0 |
| 0.3 | 0.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 69.1% | |
| International Equity Funds | 20.5% | |
| Investment Grade Fixed-Income Funds | 0.3% | |
| High Yield Fixed-Income Funds | 10.1% | |
Six months ago |
| Domestic Equity Funds | 70.4% | |
| International Equity Funds | 19.7% | |
| Investment Grade Fixed-Income Funds | 0.0% | |
| High Yield Fixed-Income Funds | 9.9% | |
Expected |
| Domestic Equity Funds | 69.6% | |
| International Equity Funds | 20.0% | |
| Investment Grade Fixed-Income Funds | 0.4% | |
| High Yield Fixed-Income Funds | 10.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 89.6% |
| Shares | | Value |
Domestic Equity Funds - 69.1% |
Fidelity 100 Index Fund | 2,061 | | $ 20,568 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 209,347 | | 2,842,928 |
Fidelity Advisor Equity Growth Fund Institutional Class | 30,172 | | 1,656,771 |
Fidelity Advisor Equity Income Fund Institutional Class | 94,410 | | 2,893,677 |
Fidelity Advisor Growth & Income Fund Institutional Class | 111,561 | | 2,227,871 |
Fidelity Advisor Large Cap Fund Institutional Class | 114,148 | | 2,229,315 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 43,992 | | 1,160,080 |
Fidelity Advisor Small Cap Fund Institutional Class | 34,686 | | 861,600 |
Fidelity Small Cap Opportunities Fund | 254 | | 2,530 |
TOTAL DOMESTIC EQUITY FUNDS | | 13,895,340 |
International Equity Funds - 20.5% |
Fidelity Advisor Diversified International Fund Institutional Class | 85,019 | | 2,050,652 |
Fidelity Advisor Overseas Fund Institutional Class | 89,372 | | 2,070,755 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 4,121,407 |
TOTAL EQUITY FUNDS (Cost $17,669,081) | 18,016,747 |
Fixed-Income Funds - 10.4% |
| | | |
High Yield Fixed-Income Funds - 10.1% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 195,526 | | 2,019,779 |
Investment Grade Fixed-Income Funds - 0.3% |
Fidelity Advisor Government Income Fund Institutional Class | 3,043 | | 30,671 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 2,819 | | 30,670 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 15 | | 155 |
Fidelity Advisor Total Bond Fund Institutional Class | 17 | | 181 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 61,677 |
TOTAL FIXED-INCOME FUNDS (Cost $2,034,148) | 2,081,456 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $19,703,229) | $ 20,098,203 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $19,703,229) - See accompanying schedule | | $ 20,098,203 |
Cash | | 1 |
Receivable for investments sold | | 8,957 |
Receivable for fund shares sold | | 286,972 |
Total assets | | 20,394,133 |
| | |
Liabilities | | |
Payable for investments purchased | $ 293,821 | |
Payable for fund shares redeemed | 2,095 | |
Distribution fees payable | 5,768 | |
Total liabilities | | 301,684 |
| | |
Net Assets | | $ 20,092,449 |
Net Assets consist of: | | |
Paid in capital | | $ 19,481,763 |
Undistributed net investment income | | 5,602 |
Accumulated undistributed net realized gain (loss) on investments | | 210,110 |
Net unrealized appreciation (depreciation) on investments | | 394,974 |
Net Assets | | $ 20,092,449 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($12,906,853 ÷ 1,169,198 shares) | | $ 11.04 |
| | |
Maximum offering price per share (100/94.25 of $11.04) | | $ 11.71 |
Class T:
Net Asset Value and redemption price per share ($3,519,549 ÷ 319,322 shares) | | $ 11.02 |
| | |
Maximum offering price per share (100/96.50 of $11.02) | | $ 11.42 |
Class B:
Net Asset Value and offering price per share ($1,177,015 ÷ 107,023 shares)A | | $ 11.00 |
| | |
Class C:
Net Asset Value and offering price per share ($1,507,382 ÷ 137,077 shares)A | | $ 11.00 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($981,650 ÷ 88,776 shares) | | $ 11.06 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| For the period June 1, 2006 (commencement of operations) to March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 82,997 |
| | |
Expenses | | |
Distribution fees | $ 20,365 | |
Independent trustees' compensation | 11 | |
Total expenses before reductions | 20,376 | |
Expense reductions | (11) | 20,365 |
Net investment income (loss) | | 62,632 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (3,368) | |
Capital gain distributions from underlying funds | 254,837 | 251,469 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 394,974 |
Net gain (loss) | | 646,443 |
Net increase (decrease) in net assets resulting from operations | | $ 709,075 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2050 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
June 1, 2006
(commencement of
operations) to
March 31, 2007 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 62,632 |
Net realized gain (loss) | 251,469 |
Change in net unrealized appreciation (depreciation) | 394,974 |
Net increase (decrease) in net assets resulting from operations | 709,075 |
Distributions to shareholders from net investment income | (57,030) |
Distributions to shareholders from net realized gain | (41,358) |
Total distributions | (98,388) |
Share transactions - net increase (decrease) | 19,481,762 |
Total increase (decrease) in net assets | 20,092,449 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $5,602) | $ 20,092,449 |
Financial Highlights - Class A
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .13 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.19 |
Distributions from net investment income | (.09) |
Distributions from net realized gain | (.06) |
Total distributions | (.15) |
Net asset value, end of period | $ 11.04 |
Total Return B, C, D | 11.91% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | .25% A |
Expenses net of fee waivers, if any | .25% A |
Expenses net of all reductions | .25% A |
Net investment income (loss) | 1.45% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 12,907 |
Portfolio turnover rate | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .11 |
Net realized and unrealized gain (loss) | 1.05 |
Total from investment operations | 1.16 |
Distributions from net investment income | (.08) |
Distributions from net realized gain | (.06) |
Total distributions | (.14) |
Net asset value, end of period | $ 11.02 |
Total Return B, C, D | 11.64% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | .50% A |
Expenses net of fee waivers, if any | .50% A |
Expenses net of all reductions | .50% A |
Net investment income (loss) | 1.20% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 3,520 |
Portfolio turnover rate | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Class B
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .06 |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.13 |
Distributions from net investment income | (.07) |
Distributions from net realized gain | (.06) |
Total distributions | (.13) |
Net asset value, end of period | $ 11.00 |
Total Return B, C, D | 11.31% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 1.00% A |
Expenses net of fee waivers, if any | 1.00% A |
Expenses net of all reductions | 1.00% A |
Net investment income (loss) | .70% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,177 |
Portfolio turnover rate | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .06 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.12 |
Distributions from net investment income | (.06) |
Distributions from net realized gain | (.06) |
Total distributions | (.12) |
Net asset value, end of period | $ 11.00 |
Total Return B, C, D | 11.25% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 1.00% A |
Expenses net of fee waivers, if any | 1.00% A |
Expenses net of all reductions | 1.00% A |
Net investment income (loss) | .70% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,507 |
Portfolio turnover rate | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Institutional Class
Period ended March 31, | 2007 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .15 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.21 |
Distributions from net investment income | (.09) |
Distributions from net realized gain | (.06) |
Total distributions | (.15) |
Net asset value, end of period | $ 11.06 |
Total Return B, C | 12.16% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | .00% A |
Expenses net of fee waivers, if any | .00% A |
Expenses net of all reductions | .00% A |
Net investment income (loss) | 1.70% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 982 |
Portfolio turnover rate | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period June 1, 2006 (commencement of operations) to March 31, 2007.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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
Notes to Financial Statements
For the period ended March 31, 2007
1. Organization.
Fidelity Advisor Freedom Income Fund, Advisor Freedom 2005 Fund, Advisor Freedom 2010 Fund, Advisor Freedom 2015 Fund, Advisor Freedom 2020 Fund, Advisor Freedom 2025 Fund, Advisor Freedom 2030 Fund, Advisor Freedom 2035 Fund, Advisor Freedom 2040 Fund, Advisor Freedom 2045 Fund and Advisor Freedom 2050 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, fixed income, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR). Advisor Freedom 2045 Fund and Advisor Freedom 2050 Fund commenced operations on June 1, 2006. Each Fund offers Class A, Class T, Class B, Class C, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. 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. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions also differ by class. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements.
2. Significant Accounting Policies.
The following summarizes the significant accounting policies of the Funds:
Security Valuation. Net asset value per share is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Investments in the Underlying Funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.
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 for processing shareholder transactions 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. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. 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 by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Distributions are 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 generally accepted accounting principles.
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain capital 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 tax-basis components of distributable earnings and the federal tax cost as of period end were as follows for each Fund:
| Cost for Federal
Income Tax Purposes | Unrealized
Appreciation | Unrealized
Depreciation | Net Unrealized
Appreciation/
(Depreciation) |
Advisor Freedom Income | $ 107,629,911 | $ 3,578,489 | $ (657,010) | $ 2,921,479 |
Advisor Freedom 2005 | 81,870,199 | 4,644,159 | (272,827) | 4,371,332 |
Advisor Freedom 2010 | 511,761,141 | 38,352,310 | (2,604,540) | 35,747,770 |
Advisor Freedom 2015 | 576,491,594 | 41,412,923 | (2,134,651) | 39,278,272 |
Advisor Freedom 2020 | 1,047,750,940 | 108,017,675 | (3,281,073) | 104,736,602 |
Advisor Freedom 2025 | 506,617,557 | 40,156,737 | (1,543,056) | 38,613,681 |
Advisor Freedom 2030 | 688,741,863 | 74,170,779 | (1,715,821) | 72,454,958 |
Advisor Freedom 2035 | 258,940,101 | 20,955,174 | (777,306) | 20,177,868 |
Advisor Freedom 2040 | 545,136,608 | 60,877,529 | (1,091,904) | 59,785,625 |
Advisor Freedom 2045 | 17,817,449 | 336,176 | (84,573) | 251,603 |
Advisor Freedom 2050 | 19,703,327 | 476,953 | (82,077) | 394,876 |
| Undistributed
Ordinary Income | Undistributed
Long-term Capital Gain |
Advisor Freedom Income | $ 370,471 | $ 435,941 |
Advisor Freedom 2005 | 327,028 | 846,181 |
Advisor Freedom 2010 | 2,201,437 | 6,040,114 |
Advisor Freedom 2015 | 2,008,764 | 9,055,258 |
Advisor Freedom 2020 | 2,676,710 | 19,445,379 |
Advisor Freedom 2025 | 1,195,028 | 9,394,053 |
Advisor Freedom 2030 | 1,143,438 | 15,638,456 |
Advisor Freedom 2035 | 341,723 | 5,544,199 |
Advisor Freedom 2040 | 862,821 | 12,879,341 |
Advisor Freedom 2045 | 12,217 | 128,602 |
Advisor Freedom 2050 | 12,614 | 203,196 |
The tax character of distributions paid was as follows:
March 31, 2007 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 2,738,533 | $ 435,586 | $ 3,174,119 |
Advisor Freedom 2005 | 1,379,493 | 529,238 | 1,908,731 |
Advisor Freedom 2010 | 10,809,995 | 4,869,805 | 15,679,800 |
Advisor Freedom 2015 | 10,658,643 | 4,689,333 | 15,347,976 |
Advisor Freedom 2020 | 19,829,363 | 13,558,440 | 33,387,803 |
Advisor Freedom 2025 | 7,571,599 | 4,519,776 | 12,091,375 |
Advisor Freedom 2030 | 10,595,472 | 7,971,409 | 18,566,881 |
Advisor Freedom 2035 | 3,480,235 | 2,192,065 | 5,672,300 |
Advisor Freedom 2040 | 8,552,165 | 6,365,609 | 14,917,774 |
Advisor Freedom 2045 | 60,830 | - | 60,830 |
Advisor Freedom 2050 | 98,388 | - | 98,388 |
March 31, 2006 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 1,513,067 | $ 144,130 | $ 1,657,197 |
Advisor Freedom 2005 | 621,106 | 89,791 | 710,897 |
Advisor Freedom 2010 | 5,639,391 | 775,835 | 6,415,226 |
Advisor Freedom 2015 | 3,990,749 | 477,777 | 4,468,526 |
Advisor Freedom 2020 | 7,886,283 | 1,712,913 | 9,599,196 |
Advisor Freedom 2025 | 2,446,690 | 248,535 | 2,695,225 |
Advisor Freedom 2030 | 3,352,916 | 826,847 | 4,179,763 |
Advisor Freedom 2035 | 889,584 | 93,495 | 983,079 |
Advisor Freedom 2040 | 2,735,694 | 451,252 | 3,186,946 |
Annual Report
2. Significant Accounting Policies - continued
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Funds' net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds' financial statement disclosures.
3. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits certain Funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Certain Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Each applicable Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
4. Purchases and Sales of Investments.
Purchases and redemptions of the underlying fund shares are noted in the table below.
| Purchases ($) | Redemptions ($) |
Advisor Freedom Income | 70,993,402 | 32,923,468 |
Advisor Freedom 2005 | 58,721,925 | 17,561,248 |
Advisor Freedom 2010 | 254,415,815 | 96,038,629 |
Advisor Freedom 2015 | 297,023,186 | 50,485,181 |
Advisor Freedom 2020 | 491,150,371 | 115,989,654 |
Advisor Freedom 2025 | 272,165,828 | 10,375,133 |
Advisor Freedom 2030 | 344,156,977 | 45,398,905 |
Advisor Freedom 2035 | 153,702,980 | 9,453,328 |
Advisor Freedom 2040 | 264,805,828 | 34,153,677 |
Advisor Freedom 2045 | 18,575,226 | 753,631 |
Advisor Freedom 2050 | 19,931,305 | 224,708 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Strategic Advisers, Inc. (Strategic Advisers), an affiliate of FMR, provides the Funds with investment management related services. The Funds do not pay any fees for these services.
Other Transactions. Strategic Advisers 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.
Annual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, 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 and the total amounts paid to and retained by FDC were as follows:
Advisor Freedom Income | Distribution
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 76,769 | $ 19,900 |
Class T | .25% | .25% | 176,991 | - |
Class B | .75% | .25% | 49,100 | 36,850 |
Class C | .75% | .25% | 131,244 | 20,798 |
| | | $ 434,104 | $ 77,548 |
Advisor Freedom 2005 | | | | |
Class A | 0% | .25% | $ 66,565 | $ 22,393 |
Class T | .25% | .25% | 83,297 | 536 |
Class B | .75% | .25% | 39,725 | 30,224 |
Class C | .75% | .25% | 85,612 | 25,171 |
| | | $ 275,199 | $ 78,324 |
Advisor Freedom 2010 | | | | |
Class A | 0% | .25% | $ 438,752 | $ 64,133 |
Class T | .25% | .25% | 844,529 | 377 |
Class B | .75% | .25% | 339,274 | 254,613 |
Class C | .75% | .25% | 423,541 | 104,053 |
| | | $ 2,046,096 | $ 423,176 |
Advisor Freedom 2015 | | | | |
Class A | 0% | .25% | $ 483,977 | $ 81,044 |
Class T | .25% | .25% | 747,766 | - |
Class B | .75% | .25% | 377,662 | 283,485 |
Class C | .75% | .25% | 450,831 | 155,153 |
| | | $ 2,060,236 | $ 519,682 |
Advisor Freedom 2020 | | | | |
Class A | 0% | .25% | $ 924,007 | $ 161,448 |
Class T | .25% | .25% | 1,810,210 | - |
Class B | .75% | .25% | 777,356 | 583,661 |
Class C | .75% | .25% | 716,978 | 172,266 |
| | | $ 4,228,551 | $ 917,375 |
Advisor Freedom 2025 | | | | |
Class A | 0% | .25% | $ 478,951 | $ 104,462 |
Class T | .25% | .25% | 568,490 | - |
Class B | .75% | .25% | 319,289 | 239,862 |
Class C | .75% | .25% | 256,037 | 74,399 |
| | | $ 1,622,767 | $ 418,723 |
Advisor Freedom 2030 | | | | |
Class A | 0% | .25% | $ 562,314 | $ 108,587 |
Class T | .25% | .25% | 1,149,158 | - |
Class B | .75% | .25% | 494,040 | 371,060 |
Class C | .75% | .25% | 455,161 | 124,605 |
| | | $ 2,660,673 | $ 604,252 |
Advisor Freedom 2035 | | | | |
Class A | 0% | .25% | $ 213,537 | $ 52,620 |
Class T | .25% | .25% | 310,691 | 41 |
Class B | .75% | .25% | 188,928 | 141,956 |
Class C | .75% | .25% | 153,349 | 56,878 |
| | | $ 866,505 | $ 251,495 |
Annual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
Advisor Freedom 2040 | Distribution
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 463,654 | $ 80,082 |
Class T | .25% | .25% | 868,759 | - |
Class B | .75% | .25% | 387,735 | 291,287 |
Class C | .75% | .25% | 459,309 | 125,308 |
| | | $ 2,179,457 | $ 496,677 |
Advisor Freedom 2045 | | | | |
Class A | 0% | .25% | $ 5,225 | $ 3,869 |
Class T | .25% | .25% | 4,301 | 335 |
Class B | .75% | .25% | 2,916 | 2,396 |
Class C | .75% | .25% | 3,013 | 2,006 |
| | | $ 15,455 | $ 8,606 |
Advisor Freedom 2050 | | | | |
Class A | 0% | .25% | $ 7,201 | $ 5,009 |
Class T | .25% | .25% | 4,172 | 370 |
Class B | .75% | .25% | 3,795 | 3,049 |
Class C | .75% | .25% | 5,197 | 3,969 |
| | | $ 20,365 | $ 12,397 |
Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% 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 | $ 21,340 |
Class T | 6,319 |
Class B* | 12,417 |
Class C* | 3,174 |
| $ 43,250 |
| |
Advisor Freedom 2005 | |
Class A | $ 15,465 |
Class T | 4,148 |
Class B* | 12,098 |
Class C* | 2,198 |
| $ 33,909 |
| |
Advisor Freedom 2010 | |
Class A | $ 79,260 |
Class T | 17,824 |
Class B* | 91,403 |
Class C* | 6,462 |
| $ 194,949 |
| |
Advisor Freedom 2015 | |
Class A | $ 144,711 |
Class T | 33,824 |
Class B* | 65,569 |
Class C* | 8,481 |
| $ 252,585 |
| |
Annual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
Advisor Freedom 2020 | Retained
by FDC |
Class A | $ 224,779 |
Class T | 50,459 |
Class B* | 188,859 |
Class C* | 13,684 |
| $ 477,781 |
| |
Advisor Freedom 2025 | |
Class A | $ 142,938 |
Class T | 34,233 |
Class B* | 92,939 |
Class C* | 4,494 |
| $ 274,604 |
| |
Advisor Freedom 2030 | |
Class A | $ 152,754 |
Class T | 36,947 |
Class B* | 126,015 |
Class C* | 7,261 |
| $ 322,977 |
| |
Advisor Freedom 2035 | |
Class A | $ 95,430 |
Class T | 18,943 |
Class B* | 54,848 |
Class C* | 3,809 |
| $ 173,030 |
| |
Advisor Freedom 2040 | |
Class A | $ 167,699 |
Class T | 32,320 |
Class B* | 130,102 |
Class C* | 9,619 |
| $ 339,740 |
| |
Advisor Freedom 2045 | |
Class A | $ 5,719 |
Class T | 1,126 |
Class B* | 236 |
Class C* | 68 |
| $ 7,149 |
| |
Advisor Freedom 2050 | |
Class A | $ 12,723 |
Class T | 2,791 |
Class B* | 561 |
Class C* | 8 |
| $ 16,083 |
* 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
6. Expense Reductions.
FMR voluntarily agreed to reimburse 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
from adviser |
Advisor Freedom Income | | |
Class A | .25% | $ 103 |
Class T | .50% | 119 |
Class B | 1.00% | 16 |
Class C | 1.00% | 44 |
Institutional Class | .00% | 5 |
Advisor Freedom 2005 | | |
Class A | .25% | 85 |
Class T | .50% | 54 |
Class B | 1.00% | 13 |
Class C | 1.00% | 28 |
Institutional Class | .00% | 7 |
Advisor Freedom 2010 | | |
Class A | .25% | 591 |
Class T | .50% | 567 |
Class B | 1.00% | 114 |
Class C | 1.00% | 142 |
Institutional Class | .00% | 44 |
Advisor Freedom 2015 | | |
Class A | .25% | 637 |
Class T | .50% | 491 |
Class B | 1.00% | 124 |
Class C | 1.00% | 148 |
Institutional Class | .00% | 108 |
Advisor Freedom 2020 | | |
Class A | .25% | 1,234 |
Class T | .50% | 1,207 |
Class B | 1.00% | 259 |
Class C | 1.00% | 239 |
Institutional Class | .00% | 88 |
Advisor Freedom 2025 | | |
Class A | .25% | 618 |
Class T | .50% | 367 |
Class B | 1.00% | 103 |
Class C | 1.00% | 83 |
Institutional Class | .00% | 27 |
Advisor Freedom 2030 | | |
Class A | .25% | 740 |
Class T | .50% | 756 |
Class B | 1.00% | 162 |
Class C | 1.00% | 150 |
Institutional Class | .00% | 49 |
Annual Report
Notes to Financial Statements - continued
6. Expense Reductions - continued
| Expense
Limitations | Reimbursement
from adviser |
Advisor Freedom 2035 | | |
Class A | .25% | $ 273 |
Class T | .50% | 198 |
Class B | 1.00% | 60 |
Class C | 1.00% | 49 |
Institutional Class | .00% | 12 |
Advisor Freedom 2040 | | |
Class A | .25% | 611 |
Class T | .50% | 572 |
Class B | 1.00% | 128 |
Class C | 1.00% | 151 |
Institutional Class | .00% | 39 |
Advisor Freedom 2045 | | |
Class A | .25% | 4 |
Class T | .50% | 2 |
Class B | 1.00% | 1 |
Class C | 1.00% | - |
Institutional Class | .00% | - |
Advisor Freedom 2050 | | |
Class A | .25% | 6 |
Class T | .50% | 2 |
Class B | 1.00% | 1 |
Class C | 1.00% | 1 |
Institutional Class | .00% | 1 |
7. 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 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 Large Cap Fund | 41% |
Fidelity Advisor Growth & Income Fund | 26% |
Fidelity Advisor Overseas Fund | 26% |
Fidelity Advisor Intermediate Bond Fund | 24% |
During the period, the Funds' transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Funds that the Funds' books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Funds' reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Funds. FIIOC is in the process of determining appropriate remediation to affected shareholder accounts.
Annual Report
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Years ended March 31, |
| 2007 | 2006 |
Advisor Freedom Income | | |
From net investment income | | |
Class A | $ 1,002,334 | $ 360,423 |
Class T | 1,094,267 | 716,147 |
Class B | 127,152 | 85,800 |
Class C | 340,423 | 263,465 |
Institutional Class | 52,530 | 29,580 |
Total | $ 2,616,706 | $ 1,455,415 |
From net realized gain | | |
Class A | $ 159,694 | $ 35,475 |
Class T | 250,213 | 101,688 |
Class B | 37,002 | 15,014 |
Class C | 101,597 | 47,334 |
Institutional Class | 8,907 | 2,271 |
Total | $ 557,413 | $ 201,782 |
Advisor Freedom 2005 | | |
From net investment income | | |
Class A | $ 605,813 | $ 206,518 |
Class T | 313,704 | 208,572 |
Class B | 49,294 | 38,357 |
Class C | 113,001 | 78,865 |
Institutional Class | 47,174 | 27,052 |
Total | $ 1,128,986 | $ 559,364 |
From net realized gain | | |
Class A | $ 315,950 | $ 40,250 |
Class T | 248,166 | 62,014 |
Class B | 62,256 | 14,837 |
Class C | 128,211 | 29,953 |
Institutional Class | 25,162 | 4,479 |
Total | $ 779,745 | $ 151,533 |
Advisor Freedom 2010 | | |
From net investment income | | |
Class A | $ 3,995,531 | $ 2,171,009 |
Class T | 3,440,551 | 2,009,465 |
Class B | 495,075 | 367,156 |
Class C | 652,244 | 407,816 |
Institutional Class | 345,085 | 180,656 |
Total | $ 8,928,486 | $ 5,136,102 |
From net realized gain | | |
Class A | $ 2,696,358 | $ 441,149 |
Class T | 2,598,359 | 514,332 |
Class B | 569,438 | 144,772 |
Class C | 682,976 | 147,544 |
Institutional Class | 204,183 | 31,327 |
Total | $ 6,751,314 | $ 1,279,124 |
Annual Report
Notes to Financial Statements - continued
8. Distributions to Shareholders - continued
| Years ended March 31, |
| 2007 | 2006 |
Advisor Freedom 2015 | | |
From net investment income | | |
Class A | $ 4,043,265 | $ 1,356,176 |
Class T | 2,579,826 | 1,245,899 |
Class B | 470,817 | 232,461 |
Class C | 606,365 | 245,384 |
Institutional Class | 705,795 | 257,756 |
Total | $ 8,406,068 | $ 3,337,676 |
From net realized gain | | |
Class A | $ 2,739,513 | $ 361,841 |
Class T | 2,384,892 | 431,884 |
Class B | 622,101 | 129,149 |
Class C | 694,561 | 130,303 |
Institutional Class | 500,841 | 77,673 |
Total | $ 6,941,908 | $ 1,130,850 |
Advisor Freedom 2020 | | |
From net investment income | | |
Class A | $ 6,850,858 | $ 2,883,663 |
Class T | 5,698,586 | 2,628,309 |
Class B | 810,487 | 420,463 |
Class C | 784,767 | 364,285 |
Institutional Class | 538,403 | 243,104 |
Total | $ 14,683,101 | $ 6,539,824 |
From net realized gain | | |
Class A | $ 7,537,514 | $ 1,061,003 |
Class T | 7,396,310 | 1,308,678 |
Class B | 1,713,469 | 326,977 |
Class C | 1,527,861 | 276,300 |
Institutional Class | 529,548 | 86,414 |
Total | $ 18,704,702 | $ 3,059,372 |
Advisor Freedom 2025 | | |
From net investment income | | |
Class A | $ 3,125,692 | $ 1,121,310 |
Class T | 1,560,568 | 596,908 |
Class B | 278,660 | 141,241 |
Class C | 229,679 | 106,449 |
Institutional Class | 152,090 | 40,310 |
Total | $ 5,346,689 | $ 2,006,218 |
From net realized gain | | |
Class A | $ 3,415,791 | $ 347,287 |
Class T | 2,067,705 | 210,648 |
Class B | 626,709 | 67,889 |
Class C | 496,499 | 51,620 |
Institutional Class | 137,982 | 11,563 |
Total | $ 6,744,686 | $ 689,007 |
Annual Report
8. Distributions to Shareholders - continued
| Years ended March 31, |
| 2007 | 2006 |
Advisor Freedom 2030 | | |
From net investment income | | |
Class A | $ 3,346,670 | $ 1,047,937 |
Class T | 2,694,894 | 974,321 |
Class B | 337,549 | 133,986 |
Class C | 318,345 | 126,130 |
Institutional Class | 235,961 | 94,967 |
Total | $ 6,933,419 | $ 2,377,341 |
From net realized gain | | |
Class A | $ 4,490,893 | $ 622,840 |
Class T | 4,779,075 | 768,934 |
Class B | 1,090,033 | 191,018 |
Class C | 983,447 | 157,380 |
Institutional Class | 290,014 | 62,250 |
Total | $ 11,633,462 | $ 1,802,422 |
Advisor Freedom 2035 | | |
From net investment income | | |
Class A | $ 1,192,816 | $ 336,621 |
Class T | 710,451 | 271,292 |
Class B | 137,177 | 62,536 |
Class C | 115,447 | 46,277 |
Institutional Class | 54,126 | 16,641 |
Total | $ 2,210,017 | $ 733,367 |
From net realized gain | | |
Class A | $ 1,548,250 | $ 92,405 |
Class T | 1,184,405 | 90,299 |
Class B | 371,468 | 36,328 |
Class C | 297,049 | 27,177 |
Institutional Class | 61,111 | 3,503 |
Total | $ 3,462,283 | $ 249,712 |
Advisor Freedom 2040 | | |
From net investment income | | |
Class A | $ 2,619,392 | $ 950,126 |
Class T | 2,038,155 | 792,429 |
Class B | 289,047 | 121,700 |
Class C | 344,514 | 148,642 |
Institutional Class | 183,929 | 62,803 |
Total | $ 5,475,037 | $ 2,075,700 |
From net realized gain | | |
Class A | $ 3,781,697 | $ 407,878 |
Class T | 3,639,201 | 422,998 |
Class B | 826,884 | 116,257 |
Class C | 978,964 | 134,587 |
Institutional Class | 215,991 | 29,526 |
Total | $ 9,442,737 | $ 1,111,246 |
Annual Report
Notes to Financial Statements - continued
8. Distributions to Shareholders - continued
| Years ended March 31, |
| 2007 | 2006 |
Advisor Freedom 2045A | | |
From net investment income | | |
Class A | $ 17,761 | $ - |
Class T | 11,873 | - |
Class B | 1,977 | - |
Class C | 2,080 | - |
Institutional Class | 1,576 | - |
Total | $ 35,267 | $ - |
From net realized gain | | |
Class A | $ 11,838 | $ - |
Class T | 8,362 | - |
Class B | 2,103 | - |
Class C | 2,262 | - |
Institutional Class | 998 | - |
Total | $ 25,563 | $ - |
Advisor Freedom 2050A | | |
From net investment income | | |
Class A | $ 36,386 | $ - |
Class T | 8,564 | - |
Class B | 4,114 | - |
Class C | 4,848 | - |
Institutional Class | 3,118 | - |
Total | $ 57,030 | $ - |
From net realized gain | | |
Class A | $ 24,808 | $ - |
Class T | 6,344 | - |
Class B | 3,578 | - |
Class C | 4,617 | - |
Institutional Class | 2,011 | - |
Total | $ 41,358 | $ - |
A For the period June 1, 2006 (commencement of operations) to March 31, 2007.
Annual Report
9. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2007 | 2006 | 2007 | 2006 |
Advisor Freedom Income | | | | |
Class A | | | | |
Shares sold | 3,998,819 | 1,248,334 | $ 42,215,890 | $ 13,023,137 |
Reinvestment of distributions | 102,485 | 34,742 | 1,078,852 | 361,381 |
Shares redeemed | (1,230,892) | (504,418) | (12,986,012) | (5,262,926) |
Net increase (decrease) | 2,870,412 | 778,658 | $ 30,308,730 | $ 8,121,592 |
Class T | | | | |
Shares sold | 2,071,786 | 1,413,853 | $ 21,825,406 | $ 14,717,233 |
Reinvestment of distributions | 122,503 | 74,755 | 1,286,011 | 776,259 |
Shares redeemed | (1,579,074) | (1,217,170) | (16,645,393) | (12,681,876) |
Net increase (decrease) | 615,215 | 271,438 | $ 6,466,024 | $ 2,811,616 |
Class B | | | | |
Shares sold | 104,130 | 151,645 | $ 1,094,305 | $ 1,576,981 |
Reinvestment of distributions | 14,103 | 8,915 | 147,869 | 92,494 |
Shares redeemed | (116,492) | (129,511) | (1,222,471) | (1,343,127) |
Net increase (decrease) | 1,741 | 31,049 | $ 19,703 | $ 326,348 |
Class C | | | | |
Shares sold | 289,104 | 424,993 | $ 3,032,611 | $ 4,420,146 |
Reinvestment of distributions | 31,301 | 22,295 | 328,081 | 231,247 |
Shares redeemed | (384,133) | (514,989) | (4,025,882) | (5,366,087) |
Net increase (decrease) | (63,728) | (67,701) | $ (665,190) | $ (714,694) |
Institutional Class | | | | |
Shares sold | 209,024 | 110,433 | $ 2,227,313 | $ 1,154,968 |
Reinvestment of distributions | 5,153 | 2,279 | 54,344 | 23,731 |
Shares redeemed | (61,571) | (65,692) | (653,326) | (691,013) |
Net increase (decrease) | 152,606 | 47,020 | $ 1,628,331 | $ 487,686 |
Advisor Freedom 2005 | | | | |
Class A | | | | |
Shares sold | 3,787,746 | 1,045,087 | $ 43,883,709 | $ 11,488,136 |
Reinvestment of distributions | 76,807 | 20,715 | 885,668 | 227,182 |
Shares redeemed | (1,115,226) | (201,347) | (12,859,998) | (2,219,234) |
Net increase (decrease) | 2,749,327 | 864,455 | $ 31,909,379 | $ 9,496,084 |
Class T | | | | |
Shares sold | 1,234,660 | 1,419,295 | $ 14,090,491 | $ 15,260,795 |
Reinvestment of distributions | 47,993 | 24,717 | 550,611 | 269,302 |
Shares redeemed | (793,872) | (970,234) | (9,030,257) | (10,565,587) |
Net increase (decrease) | 488,781 | 473,778 | $ 5,610,845 | $ 4,964,510 |
Class B | | | | |
Shares sold | 116,869 | 122,820 | $ 1,310,125 | $ 1,330,376 |
Reinvestment of distributions | 8,797 | 4,304 | 100,501 | 46,985 |
Shares redeemed | (128,275) | (48,057) | (1,454,001) | (526,073) |
Net increase (decrease) | (2,609) | 79,067 | $ (43,375) | $ 851,288 |
Class C | | | | |
Shares sold | 232,197 | 316,798 | $ 2,619,306 | $ 3,462,176 |
Reinvestment of distributions | 18,367 | 8,537 | 209,932 | 93,176 |
Shares redeemed | (153,843) | (185,035) | (1,749,764) | (2,016,625) |
Net increase (decrease) | 96,721 | 140,300 | $ 1,079,474 | $ 1,538,727 |
Institutional Class | | | | |
Shares sold | 208,498 | 89,143 | $ 2,404,546 | $ 967,402 |
Reinvestment of distributions | 6,260 | 2,817 | 72,336 | 31,000 |
Shares redeemed | (47,487) | (32,274) | (552,920) | (357,310) |
Net increase (decrease) | 167,271 | 59,686 | $ 1,923,962 | $ 641,092 |
Annual Report
Notes to Financial Statements - continued
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2007 | 2006 | 2007 | 2006 |
Advisor Freedom 2010 | | | | |
Class A | | | | |
Shares sold | 13,374,637 | 7,739,808 | $ 159,853,302 | $ 88,298,046 |
Reinvestment of distributions | 545,669 | 223,520 | 6,515,960 | 2,536,606 |
Shares redeemed | (6,124,760) | (2,250,375) | (71,950,410) | (25,763,889) |
Net increase (decrease) | 7,795,546 | 5,712,953 | $ 94,418,852 | $ 65,070,763 |
Class T | | | | |
Shares sold | 8,317,218 | 7,216,617 | $ 97,643,792 | $ 81,687,336 |
Reinvestment of distributions | 503,504 | 222,039 | 5,992,339 | 2,509,373 |
Shares redeemed | (5,095,468) | (3,900,266) | (60,236,553) | (44,179,760) |
Net increase (decrease) | 3,725,254 | 3,538,390 | $ 43,399,578 | $ 40,016,949 |
Class B | | | | |
Shares sold | 554,718 | 834,087 | $ 6,527,082 | $ 9,388,818 |
Reinvestment of distributions | 80,803 | 40,955 | 957,744 | 460,771 |
Shares redeemed | (632,615) | (499,400) | (7,468,667) | (5,655,011) |
Net increase (decrease) | 2,906 | 375,642 | $ 16,159 | $ 4,194,578 |
Class C | | | | |
Shares sold | 1,325,915 | 1,335,196 | $ 15,583,541 | $ 15,082,752 |
Reinvestment of distributions | 100,155 | 43,770 | 1,185,377 | 492,426 |
Shares redeemed | (814,977) | (585,637) | (9,586,446) | (6,617,347) |
Net increase (decrease) | 611,093 | 793,329 | $ 7,182,472 | $ 8,957,831 |
Institutional Class | | | | |
Shares sold | 1,216,876 | 700,184 | $ 14,661,891 | $ 8,032,090 |
Reinvestment of distributions | 41,121 | 14,123 | 492,727 | 160,978 |
Shares redeemed | (440,638) | (282,482) | (5,177,492) | (3,270,359) |
Net increase (decrease) | 817,359 | 431,825 | $ 9,977,126 | $ 4,922,709 |
Advisor Freedom 2015 | | | | |
Class A | | | | |
Shares sold | 16,710,642 | 7,755,416 | $ 200,771,970 | $ 87,784,785 |
Reinvestment of distributions | 551,943 | 148,528 | 6,663,795 | 1,681,279 |
Shares redeemed | (4,573,003) | (1,248,688) | (54,952,585) | (14,243,836) |
Net increase (decrease) | 12,689,582 | 6,655,256 | $ 152,483,180 | $ 75,222,228 |
Class T | | | | |
Shares sold | 7,721,319 | 7,331,499 | $ 92,149,992 | $ 82,443,787 |
Reinvestment of distributions | 409,024 | 146,891 | 4,918,891 | 1,655,344 |
Shares redeemed | (3,704,390) | (2,069,563) | (44,146,399) | (23,392,515) |
Net increase (decrease) | 4,425,953 | 5,408,827 | $ 52,922,484 | $ 60,706,616 |
Class B | | | | |
Shares sold | 956,714 | 1,320,734 | $ 11,262,926 | $ 14,714,003 |
Reinvestment of distributions | 84,955 | 29,554 | 1,017,658 | 331,712 |
Shares redeemed | (539,119) | (246,964) | (6,415,601) | (2,776,985) |
Net increase (decrease) | 502,550 | 1,103,324 | $ 5,864,983 | $ 12,268,730 |
Class C | | | | |
Shares sold | 2,127,630 | 1,634,319 | $ 25,214,598 | $ 18,295,083 |
Reinvestment of distributions | 94,790 | 29,172 | 1,136,191 | 327,542 |
Shares redeemed | (651,145) | (398,401) | (7,748,011) | (4,467,845) |
Net increase (decrease) | 1,571,275 | 1,265,090 | $ 18,602,778 | $ 14,154,780 |
Institutional Class | | | | |
Shares sold | 1,369,022 | 1,374,943 | $ 16,393,429 | $ 15,910,190 |
Reinvestment of distributions | 97,887 | 27,882 | 1,185,250 | 315,005 |
Shares redeemed | (549,649) | (330,682) | (6,624,103) | (3,761,478) |
Net increase (decrease) | 917,260 | 1,072,143 | $ 10,954,576 | $ 12,463,717 |
Annual Report
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2007 | 2006 | 2007 | 2006 |
Advisor Freedom 2020 | | | | |
Class A | | | | |
Shares sold | 23,846,967 | 14,590,446 | $ 308,792,249 | $ 177,880,434 |
Reinvestment of distributions | 1,084,342 | 318,258 | 14,167,012 | 3,855,895 |
Shares redeemed | (9,148,908) | (4,501,371) | (115,715,246) | (55,311,034) |
Net increase (decrease) | 15,782,401 | 10,407,333 | $ 207,244,015 | $ 126,425,295 |
Class T | | | | |
Shares sold | 15,749,378 | 13,438,162 | $ 200,592,709 | $ 162,737,119 |
Reinvestment of distributions | 996,748 | 323,423 | 13,003,180 | 3,903,406 |
Shares redeemed | (7,788,390) | (6,053,700) | (100,250,106) | (73,680,929) |
Net increase (decrease) | 8,957,736 | 7,707,885 | $ 113,345,783 | $ 92,959,596 |
Class B | | | | |
Shares sold | 1,566,662 | 1,799,544 | $ 20,015,458 | $ 21,593,687 |
Reinvestment of distributions | 185,085 | 59,314 | 2,401,388 | 711,860 |
Shares redeemed | (914,111) | (589,847) | (11,718,717) | (7,123,757) |
Net increase (decrease) | 837,636 | 1,269,011 | $ 10,698,129 | $ 15,181,790 |
Class C | | | | |
Shares sold | 2,364,641 | 2,110,159 | $ 30,268,265 | $ 25,285,625 |
Reinvestment of distributions | 157,258 | 47,015 | 2,039,411 | 564,041 |
Shares redeemed | (982,764) | (773,044) | (12,533,396) | (9,282,747) |
Net increase (decrease) | 1,539,135 | 1,384,130 | $ 19,774,280 | $ 16,566,919 |
Institutional Class | | | | |
Shares sold | 1,665,024 | 845,222 | $ 21,746,839 | $ 10,376,829 |
Reinvestment of distributions | 72,996 | 22,706 | 958,005 | 275,559 |
Shares redeemed | (567,015) | (254,821) | (7,296,379) | (3,125,257) |
Net increase (decrease) | 1,171,005 | 613,107 | $ 15,408,465 | $ 7,527,131 |
Advisor Freedom 2025 | | | | |
Class A | | | | |
Shares sold | 15,737,696 | 6,210,144 | $ 197,945,688 | $ 72,280,640 |
Reinvestment of distributions | 518,473 | 124,720 | 6,492,103 | 1,454,965 |
Shares redeemed | (3,113,289) | (1,339,389) | (38,954,335) | (15,549,227) |
Net increase (decrease) | 13,142,880 | 4,995,475 | $ 165,483,456 | $ 58,186,378 |
Class T | | | | |
Shares sold | 7,015,432 | 4,779,347 | $ 87,481,183 | $ 55,329,806 |
Reinvestment of distributions | 288,574 | 68,757 | 3,613,946 | 804,360 |
Shares redeemed | (2,276,653) | (1,422,431) | (28,529,518) | (16,584,794) |
Net increase (decrease) | 5,027,353 | 3,425,673 | $ 62,565,611 | $ 39,549,372 |
Class B | | | | |
Shares sold | 998,291 | 1,133,308 | $ 12,299,748 | $ 12,946,544 |
Reinvestment of distributions | 70,208 | 17,249 | 869,570 | 200,192 |
Shares redeemed | (348,807) | (169,943) | (4,303,451) | (1,979,347) |
Net increase (decrease) | 719,692 | 980,614 | $ 8,865,867 | $ 11,167,389 |
Class C | | | | |
Shares sold | 1,074,566 | 835,184 | $ 13,324,519 | $ 9,579,811 |
Reinvestment of distributions | 52,399 | 11,884 | 649,142 | 137,922 |
Shares redeemed | (255,502) | (185,560) | (3,161,389) | (2,143,096) |
Net increase (decrease) | 871,463 | 661,508 | $ 10,812,272 | $ 7,574,637 |
Institutional Class | | | | |
Shares sold | 801,952 | 395,871 | $ 10,021,125 | $ 4,647,168 |
Reinvestment of distributions | 22,778 | 4,061 | 286,866 | 47,460 |
Shares redeemed | (178,765) | (157,588) | (2,201,208) | (1,829,481) |
Net increase (decrease) | 645,965 | 242,344 | $ 8,106,783 | $ 2,865,147 |
Annual Report
Notes to Financial Statements - continued
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2007 | 2006 | 2007 | 2006 |
Advisor Freedom 2030 | | | | |
Class A | | | | |
Shares sold | 16,253,114 | 7,622,210 | $ 222,796,744 | $ 95,830,636 |
Reinvestment of distributions | 566,443 | 131,003 | 7,751,676 | 1,642,629 |
Shares redeemed | (4,408,382) | (1,657,097) | (59,297,181) | (20,896,249) |
Net increase (decrease) | 12,411,175 | 6,096,116 | $ 171,251,239 | $ 76,577,016 |
Class T | | | | |
Shares sold | 10,263,782 | 8,271,712 | $ 137,668,691 | $ 103,937,897 |
Reinvestment of distributions | 543,658 | 138,114 | 7,398,466 | 1,718,369 |
Shares redeemed | (4,719,385) | (3,379,705) | (64,003,737) | (42,137,889) |
Net increase (decrease) | 6,088,055 | 5,030,121 | $ 81,063,420 | $ 63,518,377 |
Class B | | | | |
Shares sold | 1,215,032 | 1,157,095 | $ 16,319,475 | $ 14,320,376 |
Reinvestment of distributions | 101,708 | 25,279 | 1,372,910 | 311,100 |
Shares redeemed | (523,647) | (314,426) | (7,048,793) | (3,917,552) |
Net increase (decrease) | 793,093 | 867,948 | $ 10,643,592 | $ 10,713,924 |
Class C | | | | |
Shares sold | 1,532,477 | 1,235,865 | $ 20,559,653 | $ 15,380,567 |
Reinvestment of distributions | 87,426 | 20,600 | 1,180,816 | 254,461 |
Shares redeemed | (617,269) | (314,678) | (8,273,949) | (3,929,603) |
Net increase (decrease) | 1,002,634 | 941,787 | $ 13,466,520 | $ 11,705,425 |
Institutional Class | | | | |
Shares sold | 1,246,804 | 327,266 | $ 17,216,002 | $ 4,137,340 |
Reinvestment of distributions | 31,872 | 9,043 | 437,589 | 113,199 |
Shares redeemed | (347,902) | (190,476) | (4,676,681) | (2,392,711) |
Net increase (decrease) | 930,774 | 145,833 | $ 12,976,910 | $ 1,857,828 |
Advisor Freedom 2035 | | | | |
Class A | | | | |
Shares sold | 7,937,543 | 2,810,083 | $ 102,858,844 | $ 33,259,729 |
Reinvestment of distributions | 209,021 | 34,961 | 2,703,345 | 418,335 |
Shares redeemed | (1,209,654) | (291,205) | (15,624,179) | (3,451,031) |
Net increase (decrease) | 6,936,910 | 2,553,839 | $ 89,938,010 | $ 30,227,033 |
Class T | | | | |
Shares sold | 4,037,876 | 2,779,197 | $ 51,279,521 | $ 32,690,026 |
Reinvestment of distributions | 146,879 | 30,222 | 1,885,587 | 359,343 |
Shares redeemed | (1,479,180) | (700,210) | (18,890,769) | (8,256,703) |
Net increase (decrease) | 2,705,575 | 2,109,209 | $ 34,274,339 | $ 24,792,666 |
Class B | | | | |
Shares sold | 657,867 | 677,778 | $ 8,288,850 | $ 7,827,768 |
Reinvestment of distributions | 39,171 | 8,197 | 497,716 | 96,381 |
Shares redeemed | (185,316) | (92,314) | (2,339,596) | (1,090,117) |
Net increase (decrease) | 511,722 | 593,661 | $ 6,446,970 | $ 6,834,032 |
Class C | | | | |
Shares sold | 675,368 | 594,915 | $ 8,503,831 | $ 6,913,576 |
Reinvestment of distributions | 29,650 | 5,735 | 377,444 | 67,452 |
Shares redeemed | (231,098) | (106,161) | (2,893,598) | (1,246,975) |
Net increase (decrease) | 473,920 | 494,489 | $ 5,987,677 | $ 5,734,053 |
Institutional Class | | | | |
Shares sold | 411,593 | 153,700 | $ 5,305,575 | $ 1,815,954 |
Reinvestment of distributions | 8,649 | 1,611 | 112,282 | 19,381 |
Shares redeemed | (121,717) | (23,805) | (1,582,064) | (285,436) |
Net increase (decrease) | 298,525 | 131,506 | $ 3,835,793 | $ 1,549,899 |
Annual Report
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2007 | 2006 | 2007 | 2006 |
Advisor Freedom 2040 | | | | |
Class A | | | | |
Shares sold | 11,078,922 | 6,594,125 | $ 155,096,929 | $ 84,779,212 |
Reinvestment of distributions | 449,793 | 103,322 | 6,329,119 | 1,336,258 |
Shares redeemed | (3,247,820) | (1,319,831) | (44,707,746) | (17,027,651) |
Net increase (decrease) | 8,280,895 | 5,377,616 | $ 116,718,302 | $ 69,087,819 |
Class T | | | | |
Shares sold | 8,566,986 | 6,934,246 | $ 118,422,507 | $ 88,873,959 |
Reinvestment of distributions | 404,471 | 94,278 | 5,668,499 | 1,212,995 |
Shares redeemed | (3,731,784) | (2,629,297) | (51,893,964) | (33,492,621) |
Net increase (decrease) | 5,239,673 | 4,399,227 | $ 72,197,042 | $ 56,594,333 |
Class B | | | | |
Shares sold | 1,165,934 | 1,066,326 | $ 16,033,302 | $ 13,457,885 |
Reinvestment of distributions | 78,169 | 18,114 | 1,084,424 | 229,826 |
Shares redeemed | (454,770) | (252,957) | (6,294,964) | (3,223,373) |
Net increase (decrease) | 789,333 | 831,483 | $ 10,822,762 | $ 10,464,338 |
Class C | | | | |
Shares sold | 1,529,531 | 1,277,719 | $ 20,942,119 | $ 16,223,875 |
Reinvestment of distributions | 88,855 | 20,564 | 1,232,104 | 261,225 |
Shares redeemed | (742,685) | (279,598) | (10,212,837) | (3,548,799) |
Net increase (decrease) | 875,701 | 1,018,685 | $ 11,961,386 | $ 12,936,301 |
Institutional Class | | | | |
Shares sold | 962,985 | 291,937 | $ 13,586,544 | $ 3,766,408 |
Reinvestment of distributions | 23,689 | 5,062 | 335,253 | 65,359 |
Shares redeemed | (205,086) | (147,050) | (2,855,861) | (1,890,587) |
Net increase (decrease) | 781,588 | 149,949 | $ 11,065,936 | $ 1,941,180 |
Advisor Freedom 2045 A | | | | |
Class A | | | | |
Shares sold | 1,214,659 | - | $ 13,198,339 | $ - |
Reinvestment of distributions | 2,732 | - | 29,586 | - |
Shares redeemed | (81,608) | - | (893,392) | - |
Net increase (decrease) | 1,135,783 | - | $ 12,334,533 | $ - |
Class T | | | | |
Shares sold | 328,167 | - | $ 3,531,809 | $ - |
Reinvestment of distributions | 1,870 | - | 20,235 | - |
Shares redeemed | (27,302) | - | (296,286) | - |
Net increase (decrease) | 302,735 | - | $ 3,255,758 | $ - |
Class B | | | | |
Shares sold | 70,701 | - | $ 743,408 | $ - |
Reinvestment of distributions | 377 | - | 4,080 | - |
Shares redeemed | (588) | - | (6,408) | - |
Net increase (decrease) | 70,490 | - | $ 741,080 | $ - |
Class C | | | | |
Shares sold | 75,902 | - | $ 795,052 | $ - |
Reinvestment of distributions | 334 | - | 3,613 | - |
Shares redeemed | (6,312) | - | (68,258) | - |
Net increase (decrease) | 69,924 | - | $ 730,407 | $ - |
Institutional Class | | | | |
Shares sold | 64,697 | - | $ 696,742 | $ - |
Reinvestment of distributions | 237 | - | 2,574 | - |
Shares redeemed | (8,061) | - | (89,051) | - |
Net increase (decrease) | 56,873 | - | $ 610,265 | $ - |
Annual Report
Notes to Financial Statements - continued
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2007 | 2006 | 2007 | 2006 |
Advisor Freedom 2050 A | | | | |
Class A | | | | |
Shares sold | 1,276,625 | - | $ 13,684,931 | $ - |
Reinvestment of distributions | 5,624 | - | 60,797 | - |
Shares redeemed | (113,051) | - | (1,223,026) | - |
Net increase (decrease) | 1,169,198 | - | $ 12,522,702 | $ - |
Class T | | | | |
Shares sold | 354,770 | - | $ 3,810,949 | $ - |
Reinvestment of distributions | 1,380 | - | 14,908 | - |
Shares redeemed | (36,828) | - | (403,059) | - |
Net increase (decrease) | 319,322 | - | $ 3,422,798 | $ - |
Class B | | | | |
Shares sold | 111,977 | - | $ 1,191,055 | $ - |
Reinvestment of distributions | 705 | - | 7,610 | - |
Shares redeemed | (5,659) | - | (61,502) | - |
Net increase (decrease) | 107,023 | - | $ 1,137,163 | $ - |
Class C | | | | |
Shares sold | 144,191 | - | $ 1,517,547 | $ - |
Reinvestment of distributions | 871 | - | 9,399 | - |
Shares redeemed | (7,985) | - | (87,268) | - |
Net increase (decrease) | 137,077 | - | $ 1,439,678 | $ - |
Institutional Class | | | | |
Shares sold | 90,084 | - | $ 973,960 | $ - |
Reinvestment of distributions | 474 | - | 5,129 | - |
Shares redeemed | (1,782) | - | (19,668) | - |
Net increase (decrease) | 88,776 | - | $ 959,421 | $ - |
A For the period June 1, 2006 (commencement of operations) to March 31, 2007.
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 and Fidelity Advisor Freedom 2050 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 and Fidelity Advisor Freedom 2050 Fund (the Funds) each a fund of Fidelity Aberdeen Street Trust, including the schedules of investments, as of March 31, 2007, and the related statements of operations for the year then ended, the statements of changes in net assets 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 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 its 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 Fund's 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, 2007, by correspondence with the custodians and broker. 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 and Fidelity Advisor Freedom 2050 Fund as of March 31, 2007, the results of their operations for the year then ended, the changes in their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 18, 2007
Annual Report
Trustees and Officers
The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each 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 Advisor Freedom Fund's activities, review contractual arrangements with companies that provide services to each Advisor Freedom Fund, and review each Advisor Freedom Fund's performance. If the interests of an Advisor Freedom Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees and Member of the Advisory Board fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the 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, the Trustees, and Member of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for James C. Curvey, each of the Trustees oversees 353 funds advised by FMR or an affiliate. Mr. Curvey oversees 314 funds advised by FMR or an affiliate.
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) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member 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.
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, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
Edward C. Johnson 3d (76) |
| Year of Election or Appointment: 1991 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR Corp.; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL). |
James C. Curvey (71) |
| Year of Election or Appointment: 2007 Mr. Curvey is Vice Chairman (2006-present) and Director of FMR Corp. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR Corp. (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution, 1994-present). |
* 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.
Annual Report
Trustees and Officers - continued
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, Age; Principal Occupation |
Dennis J. Dirks (58) |
| Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005-present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present). |
Albert R. Gamper, Jr. (65) |
| Year of Election or Appointment: 2006 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 (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. |
George H. Heilmeier (70) |
| Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame. |
James H. Keyes (66) |
| Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). |
Marie L. Knowles (60) |
| Year of Election or Appointment: 2001 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. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. |
Ned C. Lautenbach (63) |
| Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. |
Cornelia M. Small (62) |
| Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy. |
William S. Stavropoulos (67) |
| Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science. |
Kenneth L. Wolfe (68) |
| Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present). |
Advisory Board Member and Executive Officers:
Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
Peter S. Lynch (63) |
| Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. |
Kimberley H. Monasterio (43) |
| Year of Election or Appointment: 2007 President and Treasurer of Advisor Freedom Income, Advisor Freedom 2005, Advisor Freedom 2010, Advisor Freedom 2015, Advisor Freedom 2020, Advisor Freedom 2025, Advisor Freedom 2030, Advisor Freedom 2035, Advisor Freedom 2040, Advisor Freedom 2045, and Advisor Freedom 2050. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004). |
Boyce I. Greer (51) |
| Year of Election or Appointment: 2005 or 2006 Vice President of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Greer also serves as Vice President of certain Equity Funds (2005-present), certain Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). He is an Executive Vice President of FMR (2005-present) and FMR Co., Inc. (2005-present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2006-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005), and Executive Vice President (2000-2002) and Money Market Group Leader (1997-2002) of the Fidelity Investments Fixed Income Division. He also served as Vice President of Fidelity's Money Market Funds (1997-2002), Senior Vice President of FMR (1997-2002), and Vice President of FIMM (1998-2002). |
Ren Y. Cheng (50) |
| Year of Election or Appointment: 2003 or 2006 Vice President of Advisor Freedom Income (2003-present), Advisor Freedom 2005 (2003-present), Advisor Freedom 2010 (2003-present), Advisor Freedom 2015 (2003-present), Advisor Freedom 2020 (2003-present), Advisor Freedom 2025 (2003-present), Advisor Freedom 2030 (2003-present), Advisor Freedom 2035 (2003-present), Advisor Freedom 2040 (2003-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Cheng also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Cheng worked as a portfolio manager. Mr. Cheng also serves as Vice President of FMR (2002) and FMR Co., Inc. (2002), and previously served as Vice President of Strategic Advisers, Inc. (2005). |
Jonathan A. Shelon (33) |
| Year of Election or Appointment: 2003 or 2006 Vice President of Advisor Freedom Income (2003-present), Advisor Freedom 2005 (2003-present), Advisor Freedom 2010 (2003-present), Advisor Freedom 2015 (2003-present), Advisor Freedom 2020 (2003-present), Advisor Freedom 2025 (2003-present), Advisor Freedom 2030 (2003-present), Advisor Freedom 2035 (2003-present), Advisor Freedom 2040 (2003-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Shelon also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Shelon worked as a quantitative consultant at Callan Associates, Inc. Mr. Shelon also serves as Vice President of FMR and FMR Co., Inc. (2006). |
Eric D. Roiter (58) |
| Year of Election or Appointment: 2003 or 2006 Secretary of Advisor Freedom Income (2003-present), Advisor Freedom 2005 (2003-present), Advisor Freedom 2010 (2003-present), Advisor Freedom 2015 (2003-present), Advisor Freedom 2020 (2003-present), Advisor Freedom 2025 (2003-present), Advisor Freedom 2030 (2003-present), Advisor Freedom 2035 (2003-present), Advisor Freedom 2040 (2003-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005). |
Scott C. Goebel (39) |
| Year of Election or Appointment: 2007 Assistant Secretary of Advisor Freedom Income, Advisor Freedom 2005, Advisor Freedom 2010, Advisor Freedom 2015, Advisor Freedom 2020, Advisor Freedom 2025, Advisor Freedom 2030, Advisor Freedom 2035, Advisor Freedom 2040, Advisor Freedom 2045, and Advisor Freedom 2050. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), Vice President and Secretary of FDC (2006-present), and is an employee of FMR. |
R. Stephen Ganis (41) |
| Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of Advisor Freedom Income, Advisor Freedom 2005, Advisor Freedom 2010, Advisor Freedom 2015, Advisor Freedom 2020, Advisor Freedom 2025, Advisor Freedom 2030, Advisor Freedom 2035, Advisor Freedom 2040, Advisor Freedom 2045, and Advisor Freedom 2050. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR Corp. (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002). |
Joseph B. Hollis (58) |
| Year of Election or Appointment: 2006 Chief Financial Officer of Advisor Freedom Income, Advisor Freedom 2005, Advisor Freedom 2010, Advisor Freedom 2015, Advisor Freedom 2020, Advisor Freedom 2025, Advisor Freedom 2030, Advisor Freedom 2035, Advisor Freedom 2040, Advisor Freedom 2045, and Advisor Freedom 2050. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005). |
Kenneth A. Rathgeber (59) |
| Year of Election or Appointment: 2004 or 2006 Chief Compliance Officer of Advisor Freedom Income (2004-present), Advisor Freedom 2005 (2004-present), Advisor Freedom 2010 (2004-present), Advisor Freedom 2015 (2004-present), Advisor Freedom 2020 (2004-present), Advisor Freedom 2025 (2004-present), Advisor Freedom 2030 (2004-present), Advisor Freedom 2035 (2004-present), Advisor Freedom 2040 (2004-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004-present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002). |
Bryan A. Mehrmann (45) |
| Year of Election or Appointment: 2005 or 2006 Deputy Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004). |
Kenneth B. Robins (37) |
| Year of Election or Appointment: 2005 or 2006 Deputy Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002). |
Robert G. Byrnes (40) |
| Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003). |
Peter L. Lydecker (53) |
| Year of Election or Appointment: 2004 or 2006 Assistant Treasurer of Advisor Freedom Income (2004-present), Advisor Freedom 2005 (2004-present), Advisor Freedom 2010 (2004-present), Advisor Freedom 2015 (2004-present), Advisor Freedom 2020 (2004-present), Advisor Freedom 2025 (2004-present), Advisor Freedom 2030 (2004-present), Advisor Freedom 2035 (2004-present), Advisor Freedom 2040 (2004-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR. |
Gary W. Ryan (48) |
| Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005). |
Salvatore Schiavone (41) |
| Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003-2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996-2003). |
Annual Report
Distributions
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:
Advisor Freedom Income | Pay Date | Record Date | Dividends | Capital Gains |
Class A | 05/07/2007 | 05/04/2007 | $.034 | $.046 |
Class T | 05/07/2007 | 05/04/2007 | $.032 | $.046 |
Class B | 05/07/2007 | 05/04/2007 | $.027 | $.046 |
Class C | 05/07/2007 | 05/04/2007 | $.027 | $.046 |
Advisor Freedom 2005 | Pay Date | Record Date | Dividends | Capital Gains |
Class A | 05/07/2007 | 05/04/2007 | $.053 | $.110 |
Class T | 05/07/2007 | 05/04/2007 | $.045 | $.110 |
Class B | 05/07/2007 | 05/04/2007 | $.028 | $.110 |
Class C | 05/07/2007 | 05/04/2007 | $.029 | $.110 |
Advisor Freedom 2010 | Pay Date | Record Date | Dividends | Capital Gains |
Class A | 05/07/2007 | 05/04/2007 | $.047 | $.140 |
Class T | 05/07/2007 | 05/04/2007 | $.040 | $.140 |
Class B | 05/07/2007 | 05/04/2007 | $.023 | $.140 |
Class C | 05/07/2007 | 05/04/2007 | $.025 | $.140 |
Advisor Freedom 2015 | Pay Date | Record Date | Dividends | Capital Gains |
Class A | 05/07/2007 | 05/04/2007 | $.038 | $.183 |
Class T | 05/07/2007 | 05/04/2007 | $.030 | $.183 |
Class B | 05/07/2007 | 05/04/2007 | $.014 | $.183 |
Class C | 05/07/2007 | 05/04/2007 | $.016 | $.183 |
Advisor Freedom 2020 | Pay Date | Record Date | Dividends | Capital Gains |
Class A | 05/07/2007 | 05/04/2007 | $.027 | $.231 |
Class T | 05/07/2007 | 05/04/2007 | $.018 | $.231 |
Class B | 05/07/2007 | 05/04/2007 | $.002 | $.231 |
Class C | 05/07/2007 | 05/04/2007 | $.002 | $.231 |
Advisor Freedom 2025 | Pay Date | Record Date | Dividends | Capital Gains |
Class A | 05/07/2007 | 05/04/2007 | $.025 | $.220 |
Class T | 05/07/2007 | 05/04/2007 | $.017 | $.220 |
Class B | 05/07/2007 | 05/04/2007 | $.001 | $.220 |
Class C | 05/07/2007 | 05/04/2007 | $.002 | $.220 |
Advisor Freedom 2030 | Pay Date | Record Date | Dividends | Capital Gains |
Class A | 05/07/2007 | 05/04/2007 | $.018 | $.288 |
Class T | 05/07/2007 | 05/04/2007 | $.009 | $.288 |
Class B | 05/07/2007 | 05/04/2007 | - | $.280 |
Class C | 05/07/2007 | 05/04/2007 | - | $.280 |
Advisor Freedom 2035 | Pay Date | Record Date | Dividends | Capital Gains |
Class A | 05/07/2007 | 05/04/2007 | $.010 | $.259 |
Class T | 05/07/2007 | 05/04/2007 | - | $.254 |
Class B | 05/07/2007 | 05/04/2007 | - | $.240 |
Class C | 05/07/2007 | 05/04/2007 | - | $.240 |
Advisor Freedom 2040 | Pay Date | Record Date | Dividends | Capital Gains |
Class A | 05/07/2007 | 05/04/2007 | $.015 | $.314 |
Class T | 05/07/2007 | 05/04/2007 | $.006 | $.314 |
Class B | 05/07/2007 | 05/04/2007 | - | $.303 |
Class C | 05/07/2007 | 05/04/2007 | - | $.302 |
Advisor Freedom 2045 | Pay Date | Record Date | Dividends | Capital Gains |
Class A | 05/07/2007 | 05/04/2007 | $.005 | $.068 |
Class T | 05/07/2007 | 05/04/2007 | - | $.067 |
Class B | 05/07/2007 | 05/04/2007 | - | $.060 |
Class C | 05/07/2007 | 05/04/2007 | - | $.060 |
Advisor Freedom 2050 | Pay Date | Record Date | Dividends | Capital Gains |
Class A | 05/07/2007 | 05/04/2007 | $.003 | $.097 |
Class T | 05/07/2007 | 05/04/2007 | - | $.095 |
Class B | 05/07/2007 | 05/04/2007 | - | $.090 |
Class C | 05/07/2007 | 05/04/2007 | - | $.090 |
The funds hereby designate as capital gain dividends the amounts noted below for the taxable year ended 2007, or, if subsequently determined to be different, the net capital gain of such year.
Fund | |
Advisor Freedom Income | $ 435,961 |
Advisor Freedom 2005 | $ 852,981 |
Advisor Freedom 2010 | $ 6,142,132 |
Advisor Freedom 2015 | $ 9,055,258 |
Advisor Freedom 2020 | $ 19,618,835 |
Advisor Freedom 2025 | $ 9,436,471 |
Advisor Freedom 2030 | $ 15,740,084 |
Advisor Freedom 2035 | $ 5,601,942 |
Advisor Freedom 2040 | $ 12,952,714 |
Advisor Freedom 2045 | $ 128,602 |
Advisor Freedom 2050 | $ 203,196 |
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:
Advisor Freedom Income Fund | |
Class A | 6.69% |
Class T | 6.69% |
Class B | 6.69% |
Class C | 6.69% |
Advisor Freedom 2005 Fund | |
Class A | 4.28% |
Class T | 4.28% |
Class B | 4.28% |
Class C | 4.28% |
Advisor Freedom 2010 Fund | |
Class A | 4.65% |
Class T | 4.65% |
Class B | 4.65% |
Class C | 4.65% |
Annual Report
A percentage of the dividends distributed during the fiscal year for the following funds qualifies for the dividends-received deduction for corporate shareholders:
| Class A | Class T | Class B | Class C |
Advisor Freedom Income | | | | |
May, 2006 | 5% | 6% | 7% | 7% |
June, 2006 | 7% | 7% | 9% | 9% |
July, 2006 | 7% | 7% | 9% | 9% |
August, 2006 | 7% | 7% | 9% | 9% |
September, 2006 | 7% | 7% | 9% | 9% |
October, 2006 | 7% | 7% | 9% | 9% |
November, 2006 | 7% | 7% | 9% | 9% |
December, 2006 (Ex-Date 12/01/06) | 7% | 8% | 9% | 9% |
December, 2006 (Ex-Date 12/28/06) | 7% | 8% | 8% | 8% |
February, 2007 | 4% | 5% | 7% | 7% |
March, 2007 | 5% | 5% | 6% | 6% |
Advisor Freedom 2005 | | | | |
May, 2006 | 5% | 6% | 9% | 9% |
December, 2006 | 16% | 17% | 23% | 22% |
Advisor Freedom 2010 | | | | |
May, 2006 | 1% | 1% | 2% | 2% |
December, 2006 | 16% | 17% | 22% | 21% |
Advisor Freedom 2015 | | | | |
May, 2006 | 1% | 2% | 3% | 3% |
December, 2006 | 19% | 21% | 26% | 25% |
Advisor Freedom 2020 | | | | |
May, 2006 | 1% | 1% | 2% | 2% |
December, 2006 | 24% | 26% | 33% | 33% |
Advisor Freedom 2025 | | | | |
May, 2006 | 1% | 1% | 7% | 5% |
December, 2006 | 27% | 29% | 37% | 37% |
Advisor Freedom 2030 | | | | |
May, 2006 | 4% | 6% | 100% | 52% |
December, 2006 | 32% | 36% | 46% | 45% |
Advisor Freedom 2035 | | | | |
May, 2006 | 2% | 4% | - | - |
December, 2006 | 32% | 35% | 45% | 45% |
Advisor Freedom 2040 | | | | |
May, 2006 | 1% | 2% | - | - |
December, 2006 | 33% | 36% | 46% | 46% |
Advisor Freedom 2045 | | | | |
December, 2006 | 33% | 34% | 43% | 43% |
Advisor Freedom 2050 | | | | |
December, 2006 | 34% | 36% | 39% | 41% |
Annual Report
Distributions - 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 |
Advisor Freedom Income | | | | |
May, 2006 | 6% | 7% | 8% | 8% |
June, 2006 | 8% | 9% | 10% | 10% |
July, 2006 | 8% | 9% | 10% | 10% |
August, 2006 | 8% | 9% | 10% | 10% |
September, 2006 | 8% | 9% | 10% | 10% |
October, 2006 | 8% | 9% | 10% | 10% |
November, 2006 | 8% | 9% | 10% | 10% |
December, 2006 (Ex-Date 12/01/06) | 8% | 9% | 10% | 10% |
December, 2006 (Ex-Date 12/28/06) | 8% | 9% | 9% | 9% |
February, 2007 | 4% | 4% | 6% | 6% |
March, 2007 | 4% | 4% | 5% | 5% |
Advisor Freedom 2005 | | | | |
May, 2006 | 1% | 1% | 2% | 2% |
December, 2006 | 23% | 26% | 33% | 32% |
Advisor Freedom 2010 | | | | |
May, 2006 | 4% | 4% | 6% | 5% |
December, 2006 | 24% | 26% | 33% | 32% |
Advisor Freedom 2015 | | | | |
May, 2006 | 3% | 4% | 6% | 6% |
December, 2006 | 29% | 32% | 39% | 38% |
Advisor Freedom 2020 | | | | |
May, 2006 | 3% | 4% | 8% | 8% |
December, 2006 | 36% | 39% | 50% | 49% |
Advisor Freedom 2025 | | | | |
May, 2006 | 5% | 7% | 31% | 25% |
December, 2006 | 40% | 44% | 56% | 55% |
Advisor Freedom 2030 | | | | |
May, 2006 | 13% | 19% | 100% | 100% |
December, 2006 | 48% | 54% | 69% | 69% |
Advisor Freedom 2035 | | | | |
May, 2006 | 11% | 18% | - | - |
December, 2006 | 48% | 54% | 69% | 68% |
Advisor Freedom 2040 | | | | |
May, 2006 | 9% | 15% | - | - |
December, 2006 | 50% | 55% | 70% | 70% |
Advisor Freedom 2045 | | | | |
December, 2006 | 54% | 56% | 69% | 70% |
Advisor Freedom 2050 | | | | |
December, 2006 | 56% | 58% | 64% | 67% |
The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.
Annual Report
Proxy Voting Results
A special meeting of each fund's shareholders was held on November 15, 2006. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. A |
| # of
Votes | % of
Votes |
Dennis J. Dirks |
Affirmative | 18,830,405,833.72 | 96.597 |
Withheld | 663,346,737.87 | 3.403 |
TOTAL | 19,493,752,571.59 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 18,831,910,040.83 | 96.605 |
Withheld | 661,842,530.76 | 3.395 |
TOTAL | 19,493,752,571.59 | 100.000 |
Robert M. Gates |
Affirmative | 18,773,843,345.17 | 96.307 |
Withheld | 719,909,226.42 | 3.693 |
TOTAL | 19,493,752,571.59 | 100.000 |
George H. Heilmeier |
Affirmative | 18,812,771,918.57 | 96.507 |
Withheld | 680,980,653.02 | 3.493 |
TOTAL | 19,493,752,571.59 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 18,782,518,015.61 | 96.351 |
Withheld | 711,234,555.98 | 3.649 |
TOTAL | 19,493,752,571.59 | 100.000 |
Stephen P. Jonas |
Affirmative | 18,830,271,862.75 | 96.596 |
Withheld | 663,480,708.84 | 3.404 |
TOTAL | 19,493,752,571.59 | 100.000 |
James H. KeyesB |
Affirmative | 18,826,889,110.63 | 96.579 |
Withheld | 666,863,460.96 | 3.421 |
TOTAL | 19,493,752,571.59 | 100.000 |
Marie L. Knowles |
Affirmative | 18,823,799,568.68 | 96.563 |
Withheld | 669,953,002.91 | 3.437 |
TOTAL | 19,493,752,571.59 | 100.000 |
Ned C. Lautenbach |
Affirmative | 18,825,887,364.77 | 96.574 |
Withheld | 667,865,206.82 | 3.426 |
TOTAL | 19,493,752,571.59 | 100.000 |
William O. McCoy |
Affirmative | 18,808,878,406.86 | 96.487 |
Withheld | 684,874,164.73 | 3.513 |
TOTAL | 19,493,752,571.59 | 100.000 |
| # of
Votes | % of
Votes |
Robert L. Reynolds |
Affirmative | 18,833,005,141.90 | 96.610 |
Withheld | 660,747,429.69 | 3.390 |
TOTAL | 19,493,752,571.59 | 100.000 |
Cornelia M. Small |
Affirmative | 18,830,550,887.27 | 96.598 |
Withheld | 663,201,684.32 | 3.402 |
TOTAL | 19,493,752,571.59 | 100.000 |
William S. Stavropoulos |
Affirmative | 18,814,171,579.92 | 96.514 |
Withheld | 679,580,991,67 | 3.486 |
TOTAL | 19,493,752,571.59 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 18,821,873,222.11 | 96.553 |
Withheld | 671,879,349.48 | 3.447 |
TOTAL | 19,493,752,571.59 | 100.000 |
A Denotes trust-wide proposal and voting results. B Effective on or about January 1, 2007. |
Annual Report
Annual Report
Annual Report
Annual Report
Investment Adviser
Strategic Advisers, Inc.
Boston, MA
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York
New York, NY
(Fidelity Investment logo)(registered trademark)
AFF-UANN-0507
1.792134.103
Fidelity Advisor Freedom Funds®-
Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 - Institutional Class
Annual Report
March 31, 2007
(2_fidelity_logos) (Registered_Trademark)
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. or an affiliated company.
Annual Report
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 quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Annual Report
Chairman's Message
(Photograph of Edward C. Johnson 3d.)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies
indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
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' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the class' 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, 2007 | | Past 1
year | Life of
fund A |
Institutional Class | | 6.72% | 5.00% |
A From July 24, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom Income Fund® - Institutional Class on July 24, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® U.S. Aggregate 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' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the class' 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, 2007 | Past 1
year | Life of
fund A |
Institutional Class | 8.37% | 7.82% |
A From November 6, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2005 Fund® - Institutional Class on November 6, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers U.S. Aggregate 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' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the class' 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, 2007 | Past 1
year | Life of
fund A |
Institutional Class | 8.52% | 8.46% |
A From July 24, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2010 Fund® - Institutional Class on July 24, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers U.S. Aggregate 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' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the class' 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, 2007 | Past 1
year | Life of
fund A |
Institutional Class | 8.90% | 9.21% |
A From November 6, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2015 Fund® - Institutional Class on November 6, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500SM Index (S&P 500®) 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' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the class' 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, 2007 | | Past 1
year | Life of
fund A |
Institutional Class | | 9.47% | 11.20% |
A From July 24, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2020 Fund® - Institutional Class on July 24, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 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' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the class' 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, 2007 | Past 1
year | Life of
fund A |
Institutional Class | 9.60% | 10.58% |
A From November 6, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2025 Fund® - Institutional Class on November 6, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 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' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the class' 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, 2007 | | Past 1
year | Life of
fund A |
Institutional Class | | 10.08% | 12.56% |
A From July 24, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2030 Fund® - Institutional Class on July 24, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 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' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the class' 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, 2007 | Past 1
year | Life of
fund A |
Institutional Class | 9.98% | 11.55% |
A From November 6, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2035 Fund® - Institutional Class on November 6, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 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' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the class' 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, 2007 | | Past 1
year | Life of
fund A |
Institutional Class | | 10.36% | 13.43% |
A From July 24, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2040 Fund® - Institutional Class on July 24, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.
Annual Report
Fidelity Advisor Freedom 2045 FundSM - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the class' 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 take Fidelity Advisor Freedom 2045 FundSM - Institutional Class cumulative total return and show you what would have happened if Fidelity Advisor Freedom 2045 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2045 - 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 performed over the same period.
Annual Report
Fidelity Advisor Freedom 2050 FundSM - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of performance each year. The $10,000 table and the class' 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 take Fidelity Advisor Freedom 2050 FundSM - Institutional Class cumulative total return and show you what would have happened if Fidelity Advisor Freedom 2050 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2050 - 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 performed over the same period.
Annual Report
Fidelity Advisor Freedom Funds
Management's Discussion of Fund Performance
Comments from Ren Cheng and Jonathan Shelon, Co-Portfolio Managers of Fidelity Advisor Freedom Funds®
The U.S. equity market benchmark Standard & Poor's 500SM Index gained 11.83% during the year ending March 31, 2007. Stocks did well early on, but ended the three-month span from May through July with a negative return in response to soaring energy prices and inflation warnings from the Federal Reserve Board. But equities rebounded from August into early 2007 after the Fed put its interest-rate-hike campaign on hold. On October 3, the Dow Jones Industrial AverageSM closed at an all-time high, and would set roughly 30 new highs as the period progressed. However, cracks began to show in the U.S. economy. Energy prices crept higher, the housing market slumped, and subprime mortgage loan defaults and delinquencies mounted. On February 27, the Dow fell 416 points and the S&P 500® lost about 3.5% of its value. A moderate rebound in March offset some of that damage. For the year overall, the Dow rose 13.83% and the NASDAQ Composite® Index returned 4.23%. In comparison, the Morgan Stanley Capital InternationalSM Europe, Australasia, Far East Index (MSCI® EAFE®) - designed to represent the performance of developed stock markets outside the United States and Canada - returned 20.38%, helped in part by the weakness of the U.S. dollar relative to many foreign currencies. U.S. investment-grade bonds also were positive, as the Lehman Brothers® U.S. Aggregate Index increased 6.59%. High-yield debt gained 11.06% according to the Merrill Lynch® U.S. High Yield Master II Constrained Index.
During the 12 months ending March 31, 2007, the Advisor Freedom Funds all had solid absolute returns, but underperformed their respective composite benchmarks. At the same time, each Fund produced a return that was consistent with its individual age-appropriate asset allocation, with those having greater exposure to equities delivering higher absolute returns than those with greater exposure to fixed-income investments. The biggest factor in the Funds' relative underperformance was the somewhat lackluster showing of their domestic and international equity allocations. Both asset classes were negatively impacted by periods of sharp volatility in the global equity markets during this 12-month span, which caused the majority of our underlying funds in those two areas to underperform their benchmarks. The Dow Jones Wilshire 5000 Composite IndexSM - the broad market index the Advisor Freedom Funds use to measure the performance of U.S. equities in their composite benchmarks - gained 11.33%, while the MSCI EAFE index's healthy gain reflected the strong performance of foreign equities during the period. On the fixed-income side, the Funds' three asset classes - investment-grade, high-yield and short-term - all performed generally in line with their respective benchmarks, which helped soften the impact of the underperformance of the Funds' equity classes.
Notes to shareholders: The Fidelity Advisor Freedom Funds are in the process of adding four new underlying funds and began investing in them as the period ending March 31st was coming to a close. The new funds include two equity offerings launched specifically for use by Fidelity asset allocation funds such as the Advisor Freedom Funds: Fidelity 100 Index Fund, which will invest in many of the S&P 500's largest and most liquid ´mega-cap' stocks; and Fidelity Small Cap Opportunities Fund, whose assets will be allocated across the 10 sectors in the widely recognized Global Industry Classification Standard (GICS), developed by Standard & Poor's® and MSCI®. Advisor Freedom Funds also will add a bond offering to its underlying funds lineup - Fidelity Advisor Total Bond Fund, which invests in a diversified universe of debt securities - as well as a money-market offering - Fidelity Institutional Money Market Portfolio Class I - which will gradually be replacing the existing underlying money-market fund and should provide a more cost-effective way to construct the short-term asset category. Over the next year, as these new underlying funds are added, the Funds' investments in certain existing underlying funds will be eliminated. These will include Fidelity Advisor Intermediate Bond Fund, Fidelity Advisor Government Income Fund and Fidelity Cash Reserves. Some adjustments to the weightings of the Funds' underlying funds will likely be made as a result of these changes.
In addition, the benchmark for the Advisor Freedom Funds' underlying high-yield bond funds was changed to the Merrill Lynch U.S. High Yield Master II Constrained Index, effective July 1, 2006, concurrent with the scheduled rebalancing of the Funds' composite indexes. In Fidelity's view, the Constrained index - which replaces the Merrill Lynch U.S. High Yield Master II Index - represents a better measure of the high-yield market.
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
Shareholder Expense Example
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, 2006 to March 31, 2007).
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.
| Beginning
Account Value
October 1, 2006 | Ending
Account Value
March 31, 2007 | Expenses Paid
During Period*
October 1, 2006
to March 31, 2007 |
Advisor Freedom Income | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,039.70 | $ 1.27 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,038.40 | $ 2.54 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,035.80 | $ 5.08 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,034.80 | $ 5.07 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,040.80 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2005 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,062.90 | $ 1.29 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,061.90 | $ 2.57 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,059.60 | $ 5.13 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
| Beginning
Account Value
October 1, 2006 | Ending
Account Value
March 31, 2007 | Expenses Paid
During Period*
October 1, 2006
to March 31, 2007 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,059.20 | $ 5.13 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,064.00 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2010 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,063.70 | $ 1.29 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,063.00 | $ 2.57 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,060.00 | $ 5.14 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,059.60 | $ 5.13 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,065.10 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2015 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,070.30 | $ 1.29 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,069.30 | $ 2.58 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,066.70 | $ 5.15 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,066.40 | $ 5.15 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,072.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2020 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,078.50 | $ 1.30 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,077.60 | $ 2.59 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,074.10 | $ 5.17 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,074.40 | $ 5.17 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,079.70 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
| Beginning
Account Value
October 1, 2006 | Ending
Account Value
March 31, 2007 | Expenses Paid
During Period*
October 1, 2006
to March 31, 2007 |
Advisor Freedom 2025 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,080.10 | $ 1.30 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,080.00 | $ 2.59 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,076.90 | $ 5.18 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,076.20 | $ 5.18 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,082.10 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2030 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,087.20 | $ 1.30 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,086.40 | $ 2.60 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,083.20 | $ 5.19 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,083.30 | $ 5.19 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,089.30 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2035 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,087.30 | $ 1.30 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,086.80 | $ 2.60 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,083.70 | $ 5.19 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,083.80 | $ 5.20 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,089.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2040 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,091.70 | $ 1.30 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,090.30 | $ 2.61 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Beginning
Account Value
October 1, 2006 | Ending
Account Value
March 31, 2007 | Expenses Paid
During Period*
October 1, 2006
to March 31, 2007 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,087.30 | $ 5.20 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,087.40 | $ 5.20 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,093.00 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2045 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,094.80 | $ 1.31 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,093.50 | $ 2.61 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,091.20 | $ 5.21 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,091.10 | $ 5.21 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,096.10 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2050 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 1,096.10 | $ 1.31 |
HypotheticalA | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,094.50 | $ 2.61 |
HypotheticalA | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,092.40 | $ 5.22 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,092.90 | $ 5.22 |
HypotheticalA | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,097.50 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ .00 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); 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 the Fund invests are not included in each class' annualized expense ratio.
Annual Report
Investments
| Annualized
Expense Ratio |
Advisor Freedom Income | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2005 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2010 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2015 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2020 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2025 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2030 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2035 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
| Annualized
Expense Ratio |
Advisor Freedom 2040 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2045 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Advisor Freedom 2050 | |
Class A | .25% |
Class T | .50% |
Class B | 1.00% |
Class C | 1.00% |
Institutional Class | .00% |
Annual Report
Fidelity Advisor Freedom Income Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.0 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 4.2 | 4.3 |
Fidelity Advisor Equity Growth Fund Institutional Class | 2.5 | 2.5 |
Fidelity Advisor Equity Income Fund Institutional Class | 4.3 | 4.3 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3.3 | 3.3 |
Fidelity Advisor Large Cap Fund Institutional Class | 3.2 | 3.3 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 1.7 | 1.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.2 | 1.2 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 20.4 | 20.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4.6 | 3.2 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 14.0 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 14.1 | 15.6 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 7.1 | 5.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.0 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 15.6 |
| 35.2 | 36.7 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 19.9 | 19.8 |
Fidelity Cash Reserves Fund | 2.1 | 19.8 |
Fidelity Institutional Money Market Portfolio Class I | 17.8 | 0.0 |
| 39.8 | 39.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
 | Domestic Equity Funds | 20.4% | |
 | Investment Grade Fixed-Income Funds | 35.2% | |
 | High Yield Fixed-Income Funds | 4.6% | |
 | Short-Term Funds | 39.8% | |
Six months ago |
| Domestic Equity Funds | 20.5% | |
| Investment Grade Fixed-Income Funds | 36.7% | |
| High Yield Fixed-Income Funds | 3.2% | |
| Short-Term Funds | 39.6% | |
The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. |
Annual Report
Fidelity Advisor Freedom Income Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 20.4% |
| Shares | | Value |
Domestic Equity Funds - 20.4% |
Fidelity 100 Index Fund | 3,454 | | $ 34,474 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 342,500 | | 4,651,155 |
Fidelity Advisor Equity Growth Fund Institutional Class | 49,348 | | 2,709,700 |
Fidelity Advisor Equity Income Fund Institutional Class | 153,676 | | 4,710,158 |
Fidelity Advisor Growth & Income Fund Institutional Class | 180,295 | | 3,600,497 |
Fidelity Advisor Large Cap Fund Institutional Class | 183,689 | | 3,587,441 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 69,758 | | 1,839,513 |
Fidelity Advisor Small Cap Fund Institutional Class | 55,170 | | 1,370,421 |
Fidelity Small Cap Opportunities Fund | 59 | | 592 |
TOTAL EQUITY FUNDS (Cost $19,520,100) | 22,503,951 |
Fixed-Income Funds - 39.8% |
| | | |
High Yield Fixed-Income Funds - 4.6% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 494,468 | | 5,107,854 |
Investment Grade Fixed-Income Funds - 35.2% |
Fidelity Advisor Government Income Fund Institutional Class | 1,538,853 | | 15,511,640 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 1,427,867 | | 15,535,189 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 752,554 | | 7,826,566 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,708 | | 17,883 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 38,891,278 |
TOTAL FIXED-INCOME FUNDS (Cost $43,957,549) | 43,999,132 |
Short-Term Funds - 39.8% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 2,333,476 | | 22,004,678 |
Fidelity Cash Reserves Fund | 2,359,901 | | 2,359,901 |
Fidelity Institutional Money Market Portfolio Class I | 19,683,728 | | 19,683,728 |
TOTAL SHORT-TERM FUNDS (Cost $44,146,203) | 44,048,307 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $107,623,852) | $ 110,551,390 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom Income Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $107,623,852) - See accompanying schedule | | $ 110,551,390 |
Cash | | 3 |
Receivable for investments sold | | 19,730,953 |
Receivable for fund shares sold | | 184,585 |
Total assets | | 130,466,931 |
| | |
Liabilities | | |
Payable for investments purchased | $ 19,742,978 | |
Payable for fund shares redeemed | 149,955 | |
Distribution fees payable | 41,865 | |
Total liabilities | | 19,934,798 |
| | |
Net Assets | | $ 110,532,133 |
Net Assets consist of: | | |
Paid in capital | | $ 106,804,242 |
Undistributed net investment income | | 332,205 |
Accumulated undistributed net realized gain (loss) on investments | | 468,148 |
Net unrealized appreciation (depreciation) on investments | | 2,927,538 |
Net Assets | | $ 110,532,133 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($49,721,415 ÷ 4,631,289 shares) | | $ 10.74 |
| | |
Maximum offering price per share (100/94.25 of $10.74) | | $ 11.40 |
Class T:
Net Asset Value and redemption price per share ($39,738,752 ÷ 3,703,850 shares) | | $ 10.73 |
| | |
Maximum offering price per share (100/96.50 of $10.73) | | $ 11.12 |
Class B:
Net Asset Value and offering price per share ($4,992,520 ÷ 465,789 shares)A | | $ 10.72 |
| | |
Class C:
Net Asset Value and offering price per share ($13,279,261 ÷ 1,239,364 shares)A | | $ 10.71 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,800,185 ÷ 260,297 shares) | | $ 10.76 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 3,183,545 |
| | |
Expenses | | |
Distribution fees | $ 434,104 | |
Independent trustees' compensation | 287 | |
Total expenses before reductions | 434,391 | |
Expense reductions | (287) | 434,104 |
Net investment income (loss) | | 2,749,441 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (146,744) | |
Capital gain distributions from underlying funds | 709,654 | 562,910 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 1,958,431 |
Net gain (loss) | | 2,521,341 |
Net increase (decrease) in net assets resulting from operations | | $ 5,270,782 |
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,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,749,441 | $ 1,619,838 |
Net realized gain (loss) | 562,910 | 508,459 |
Change in net unrealized appreciation (depreciation) | 1,958,431 | 864,314 |
Net increase (decrease) in net assets resulting from operations | 5,270,782 | 2,992,611 |
Distributions to shareholders from net investment income | (2,616,706) | (1,455,415) |
Distributions to shareholders from net realized gain | (557,413) | (201,782) |
Total distributions | (3,174,119) | (1,657,197) |
Share transactions - net increase (decrease) | 37,757,598 | 11,032,548 |
Total increase (decrease) in net assets | 39,854,261 | 12,367,962 |
| | |
Net Assets | | |
Beginning of period | 70,677,872 | 58,309,910 |
End of period (including undistributed net investment income of $332,205 and undistributed net investment income of $192,880, respectively) | $ 110,532,133 | $ 70,677,872 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 10.52 | $ 10.30 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .36 | .29 | .20 | .13 |
Net realized and unrealized gain (loss) | .29 | .23 | (.10) | .36 |
Total from investment operations | .65 | .52 | .10 | .49 |
Distributions from net investment income | (.35) | (.27) | (.19) | (.09) |
Distributions from net realized gain | (.08) | (.04) | (.01) | - |
Total distributions | (.43) | (.30) I | (.20) | (.09) |
Net asset value, end of period | $ 10.74 | $ 10.52 | $ 10.30 | $ 10.40 |
Total Return B, C, D | 6.38% | 5.12% | .99% | 4.95% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 3.46% | 2.83% | 1.96% | 1.81% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 49,721 | $ 18,524 | $ 10,120 | $ 5,009 |
Portfolio turnover rate | 38% | 21% | 18% | 46% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.300 per share is comprised of distributions from net investment income of $.265 and distributions from net realized gain of $.035 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 10.51 | $ 10.30 | $ 10.39 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .34 | .27 | .18 | .11 |
Net realized and unrealized gain (loss) | .29 | .22 | (.10) | .37 |
Total from investment operations | .63 | .49 | .08 | .48 |
Distributions from net investment income | (.33) | (.24) | (.16) | (.09) |
Distributions from net realized gain | (.08) | (.04) | (.01) | - |
Total distributions | (.41) | (.28) | (.17) | (.09) |
Net asset value, end of period | $ 10.73 | $ 10.51 | $ 10.30 | $ 10.39 |
Total Return B, C, D | 6.11% | 4.78% | .79% | 4.78% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .51% | .58% | .58% A |
Expenses net of all reductions | .50% | .51% | .58% | .58% A |
Net investment income (loss) | 3.21% | 2.58% | 1.71% | 1.56% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 39,739 | $ 32,469 | $ 29,013 | $ 14,535 |
Portfolio turnover rate | 38% | 21% | 18% | 46% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 10.50 | $ 10.29 | $ 10.38 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .29 | .22 | .12 | .07 |
Net realized and unrealized gain (loss) | .28 | .21 | (.10) | .37 |
Total from investment operations | .57 | .43 | .02 | .44 |
Distributions from net investment income | (.27) | (.19) | (.10) | (.06) |
Distributions from net realized gain | (.08) | (.04) | (.01) | - |
Total distributions | (.35) | (.22) I | (.11) | (.06) |
Net asset value, end of period | $ 10.72 | $ 10.50 | $ 10.29 | $ 10.38 |
Total Return B, C, D | 5.57% | 4.27% | .23% | 4.45% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 2.71% | 2.08% | 1.21% | 1.06% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 4,993 | $ 4,873 | $ 4,454 | $ 3,649 |
Portfolio turnover rate | 38% | 21% | 18% | 46% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.224 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 10.50 | $ 10.28 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .29 | .22 | .12 | .07 |
Net realized and unrealized gain (loss) | .27 | .22 | (.09) | .37 |
Total from investment operations | .56 | .44 | .03 | .44 |
Distributions from net investment income | (.27) | (.19) | (.11) | (.07) |
Distributions from net realized gain | (.08) | (.04) | (.01) | - |
Total distributions | (.35) | (.22) I | (.12) | (.07) |
Net asset value, end of period | $ 10.71 | $ 10.50 | $ 10.28 | $ 10.37 |
Total Return B, C, D | 5.48% | 4.37% | .24% | 4.39% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 2.71% | 2.08% | 1.21% | 1.06% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 13,279 | $ 13,678 | $ 14,097 | $ 9,248 |
Portfolio turnover rate | 38% | 21% | 18% | 46% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.224 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 10.53 | $ 10.31 | $ 10.41 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .39 | .32 | .23 | .14 |
Net realized and unrealized gain (loss) | .30 | .23 | (.11) | .37 |
Total from investment operations | .69 | .55 | .12 | .51 |
Distributions from net investment income | (.38) | (.29) | (.21) | (.10) |
Distributions from net realized gain | (.08) | (.04) | (.01) | - |
Total distributions | (.46) | (.33) | (.22) | (.10) |
Net asset value, end of period | $ 10.76 | $ 10.53 | $ 10.31 | $ 10.41 |
Total Return B, C | 6.72% | 5.39% | 1.21% | 5.16% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .01% | .08% | .08% A |
Expenses net of all reductions | .00% | .01% | .08% | .08% A |
Net investment income (loss) | 3.71% | 3.08% | 2.21% | 2.05% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 2,800 | $ 1,134 | $ 626 | $ 359 |
Portfolio turnover rate | 38% | 21% | 18% | 46% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period July 24, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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 2005 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 8.0 | 8.4 |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.7 | 4.8 |
Fidelity Advisor Equity Income Fund Institutional Class | 8.1 | 8.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6.2 | 6.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.2 | 6.4 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 3.2 | 3.2 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.4 | 2.3 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 38.9 | 39.9 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.8 | 4.8 |
Fidelity Advisor Overseas Fund Institutional Class | 4.9 | 4.8 |
| 9.7 | 9.6 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4.9 | 5.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 13.7 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 13.6 | 14.5 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 7.3 | 5.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.2 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 14.5 |
| 34.8 | 34.5 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 5.9 | 5.5 |
Fidelity Cash Reserves Fund | 0.6 | 5.5 |
Fidelity Institutional Money Market Portfolio Class I | 5.2 | 0.0 |
| 11.7 | 11.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 38.9% | |
| International Equity Funds | 9.7% | |
 | Investment Grade Fixed-Income Funds | 34.8% | |
 | High Yield Fixed-Income Funds | 4.9% | |
| Short-Term Funds | 11.7% | |
Six months ago |
| Domestic Equity Funds | 39.9% | |
| International Equity Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 34.5% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 11.0% | |
Expected |
| Domestic Equity Funds | 39.2% | |
| International Equity Funds | 9.3% | |
| Investment Grade Fixed-Income Funds | 34.3% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 12.2% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 48.6% |
| Shares | | Value |
Domestic Equity Funds - 38.9% |
Fidelity 100 Index Fund | 5,094 | | $ 50,836 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 509,100 | | 6,913,579 |
Fidelity Advisor Equity Growth Fund Institutional Class | 73,563 | | 4,039,356 |
Fidelity Advisor Equity Income Fund Institutional Class | 228,531 | | 7,004,481 |
Fidelity Advisor Growth & Income Fund Institutional Class | 269,601 | | 5,383,932 |
Fidelity Advisor Large Cap Fund Institutional Class | 273,802 | | 5,347,349 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 103,934 | | 2,740,730 |
Fidelity Advisor Small Cap Fund Institutional Class | 82,822 | | 2,057,296 |
Fidelity Small Cap Opportunities Fund | 1,408 | | 14,028 |
TOTAL DOMESTIC EQUITY FUNDS | | 33,551,587 |
International Equity Funds - 9.7% |
Fidelity Advisor Diversified International Fund Institutional Class | 171,769 | | 4,143,060 |
Fidelity Advisor Overseas Fund Institutional Class | 181,735 | | 4,210,809 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 8,353,869 |
TOTAL EQUITY FUNDS (Cost $37,872,007) | 41,905,456 |
Fixed-Income Funds - 39.7% |
| | | |
High Yield Fixed-Income Funds - 4.9% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 409,604 | | 4,231,207 |
Investment Grade Fixed-Income Funds - 34.8% |
Fidelity Advisor Government Income Fund Institutional Class | 1,170,918 | | 11,802,854 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 1,080,321 | | 11,753,897 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 602,354 | | 6,264,482 |
Fidelity Advisor Total Bond Fund Institutional Class | 19,901 | | 208,366 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 30,029,599 |
TOTAL FIXED-INCOME FUNDS (Cost $33,914,043) | 34,260,806 |
Short-Term Funds - 11.7% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 536,167 | | $ 5,056,053 |
Fidelity Cash Reserves Fund | 530,988 | | 530,988 |
Fidelity Institutional Money Market Portfolio Class I | 4,488,228 | | 4,488,228 |
TOTAL SHORT-TERM FUNDS (Cost $10,082,429) | 10,075,269 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $81,868,479) | $ 86,241,531 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $81,868,479) - See accompanying schedule | | $ 86,241,531 |
Cash | | 1 |
Receivable for investments sold | | 4,531,324 |
Receivable for fund shares sold | | 1,266,342 |
Total assets | | 92,039,198 |
| | |
Liabilities | | |
Payable for investments purchased | $ 4,869,295 | |
Payable for fund shares redeemed | 928,395 | |
Distribution fees payable | 29,236 | |
Total liabilities | | 5,826,926 |
| | |
Net Assets | | $ 86,212,272 |
Net Assets consist of: | | |
Paid in capital | | $ 80,667,728 |
Undistributed net investment income | | 327,028 |
Accumulated undistributed net realized gain (loss) on investments | | 844,464 |
Net unrealized appreciation (depreciation) on investments | | 4,373,052 |
Net Assets | | $ 86,212,272 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($49,418,450 ÷ 4,178,408 shares) | | $ 11.83 |
| | |
Maximum offering price per share (100/94.25 of $11.83) | | $ 12.55 |
Class T:
Net Asset Value and redemption price per share ($20,288,810 ÷ 1,717,834 shares) | | $ 11.81 |
| | |
Maximum offering price per share (100/96.50 of $11.81) | | $ 12.24 |
Class B:
Net Asset Value and offering price per share ($3,973,588 ÷ 337,320 shares)A | | $ 11.78 |
| | |
Class C:
Net Asset Value and offering price per share ($9,107,469 ÷ 774,254 shares)A | | $ 11.76 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,423,955 ÷ 288,370 shares) | | $ 11.87 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 1,589,054 |
Interest | | 48 |
Total income | | 1,589,102 |
| | |
Expenses | | |
Distribution fees | $ 275,199 | |
Independent trustees' compensation | 187 | |
Total expenses before reductions | 275,386 | |
Expense reductions | (187) | 275,199 |
Net investment income (loss) | | 1,313,903 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (180,097) | |
Capital gain distributions from underlying funds | 1,264,943 | 1,084,846 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 2,293,259 |
Net gain (loss) | | 3,378,105 |
Net increase (decrease) in net assets resulting from operations | | $ 4,692,008 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2005 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,313,903 | $ 662,933 |
Net realized gain (loss) | 1,084,846 | 616,846 |
Change in net unrealized appreciation (depreciation) | 2,293,259 | 1,887,861 |
Net increase (decrease) in net assets resulting from operations | 4,692,008 | 3,167,640 |
Distributions to shareholders from net investment income | (1,128,986) | (559,364) |
Distributions to shareholders from net realized gain | (779,745) | (151,533) |
Total distributions | (1,908,731) | (710,897) |
Share transactions - net increase (decrease) | 40,480,285 | 17,491,701 |
Total increase (decrease) in net assets | 43,263,562 | 19,948,444 |
| | |
Net Assets | | |
Beginning of period | 42,948,710 | 23,000,266 |
End of period (including undistributed net investment income of $327,028 and undistributed net investment income of $142,110, respectively) | $ 86,212,272 | $ 42,948,710 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.33 | $ 10.57 | $ 10.49 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .28 | .25 | .22 | .09 |
Net realized and unrealized gain (loss) | .63 | .76 | .03 | .46 |
Total from investment operations | .91 | 1.01 | .25 | .55 |
Distributions from net investment income | (.23) | (.20) | (.17) | (.06) |
Distributions from net realized gain | (.18) | (.05) | - I | - |
Total distributions | (.41) | (.25) | (.17) | (.06) |
Net asset value, end of period | $ 11.83 | $ 11.33 | $ 10.57 | $ 10.49 |
Total Return B, C, D | 8.21% | 9.63% | 2.38% | 5.52% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 2.49% | 2.25% | 2.13% | 2.21% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 49,418 | $ 16,194 | $ 5,970 | $ 1,386 |
Portfolio turnover rate | 30% | 34% | 24% | 9% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.31 | $ 10.56 | $ 10.48 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .25 | .22 | .20 | .08 |
Net realized and unrealized gain (loss) | .63 | .75 | .03 | .46 |
Total from investment operations | .88 | .97 | .23 | .54 |
Distributions from net investment income | (.20) | (.17) | (.14) | (.06) |
Distributions from net realized gain | (.18) | (.05) | - I | - |
Total distributions | (.38) | (.22) | (.15) J | (.06) |
Net asset value, end of period | $ 11.81 | $ 11.31 | $ 10.56 | $ 10.48 |
Total Return B, C, D | 7.95% | 9.31% | 2.17% | 5.36% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .58% | .58% A |
Expenses net of all reductions | .50% | .50% | .58% | .58% A |
Net investment income (loss) | 2.24% | 2.00% | 1.88% | 1.97% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 20,289 | $ 13,906 | $ 7,977 | $ 2,031 |
Portfolio turnover rate | 30% | 34% | 24% | 9% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.148 per share is comprised of distributions from net investment income of $.144 and distributions from net realized gain of $.004 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.28 | $ 10.53 | $ 10.47 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .20 | .16 | .14 | .06 |
Net realized and unrealized gain (loss) | .62 | .76 | .03 | .46 |
Total from investment operations | .82 | .92 | .17 | .52 |
Distributions from net investment income | (.14) | (.12) | (.11) | (.05) |
Distributions from net realized gain | (.18) | (.05) | - I | - |
Total distributions | (.32) | (.17) | (.11) | (.05) |
Net asset value, end of period | $ 11.78 | $ 11.28 | $ 10.53 | $ 10.47 |
Total Return B, C, D | 7.40% | 8.80% | 1.64% | 5.21% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.08% | 1.08% A |
Net investment income (loss) | 1.74% | 1.50% | 1.38% | 1.47% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 3,974 | $ 3,835 | $ 2,747 | $ 1,203 |
Portfolio turnover rate | 30% | 34% | 24% | 9% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.27 | $ 10.53 | $ 10.47 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .20 | .16 | .14 | .06 |
Net realized and unrealized gain (loss) | .62 | .75 | .04 | .46 |
Total from investment operations | .82 | .91 | .18 | .52 |
Distributions from net investment income | (.15) | (.12) | (.12) | (.05) |
Distributions from net realized gain | (.18) | (.05) | - I | - |
Total distributions | (.33) | (.17) | (.12) | (.05) |
Net asset value, end of period | $ 11.76 | $ 11.27 | $ 10.53 | $ 10.47 |
Total Return B, C, D | 7.36% | 8.74% | 1.74% | 5.21% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.74% | 1.50% | 1.38% | 1.47% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 9,107 | $ 7,637 | $ 5,655 | $ 1,073 |
Portfolio turnover rate | 30% | 34% | 24% | 9% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.37 | $ 10.60 | $ 10.49 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .31 | .28 | .25 | .10 |
Net realized and unrealized gain (loss) | .62 | .76 | .04 | .45 |
Total from investment operations | .93 | 1.04 | .29 | .55 |
Distributions from net investment income | (.25) | (.22) | (.18) | (.06) |
Distributions from net realized gain | (.18) | (.05) | - H | - |
Total distributions | (.43) | (.27) | (.18) | (.06) |
Net asset value, end of period | $ 11.87 | $ 11.37 | $ 10.60 | $ 10.49 |
Total Return B, C | 8.37% | 9.92% | 2.79% | 5.52% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 2.74% | 2.50% | 2.38% | 2.46% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 3,424 | $ 1,376 | $ 651 | $ 397 |
Portfolio turnover rate | 30% | 34% | 24% | 9% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period November 6, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 8.4 | 8.6 |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.8 | 4.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 8.4 | 8.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6.5 | 6.5 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.4 | 6.5 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 3.4 | 3.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.5 | 2.4 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 40.5 | 40.8 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 5.2 | 4.9 |
Fidelity Advisor Overseas Fund Institutional Class | 5.3 | 5.0 |
| 10.5 | 9.9 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.0 | 5.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 13.6 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 13.7 | 14.6 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.9 | 5.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 14.6 |
| 34.3 | 34.7 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 4.9 | 4.8 |
Fidelity Cash Reserves Fund | 0.5 | 4.8 |
Fidelity Institutional Money Market Portfolio Class I | 4.3 | 0.0 |
| 9.7 | 9.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 40.5% | |
| International Equity Funds | 10.5% | |
| Investment Grade Fixed-Income Funds | 34.3% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 9.7% | |
Six months ago |
| Domestic Equity Funds | 40.8% | |
| International Equity Funds | 9.9% | |
| Investment Grade Fixed-Income Funds | 34.7% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 9.6% | |
Expected |
| Domestic Equity Funds | 40.2% | |
| International Equity Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 34.9% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 9.9% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 51.0% |
| Shares | | Value |
Domestic Equity Funds - 40.5% |
Fidelity 100 Index Fund | 34,090 | | $ 340,223 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 3,372,068 | | 45,792,682 |
Fidelity Advisor Equity Growth Fund Institutional Class | 481,821 | | 26,456,816 |
Fidelity Advisor Equity Income Fund Institutional Class | 1,508,702 | | 46,241,719 |
Fidelity Advisor Growth & Income Fund Institutional Class | 1,785,467 | | 35,655,770 |
Fidelity Advisor Large Cap Fund Institutional Class | 1,797,701 | | 35,109,097 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 694,734 | | 18,320,142 |
Fidelity Advisor Small Cap Fund Institutional Class | 544,884 | | 13,534,930 |
Fidelity Small Cap Opportunities Fund | 5,920 | | 58,960 |
TOTAL DOMESTIC EQUITY FUNDS | | 221,510,339 |
International Equity Funds - 10.5% |
Fidelity Advisor Diversified International Fund Institutional Class | 1,181,590 | | 28,499,956 |
Fidelity Advisor Overseas Fund Institutional Class | 1,255,327 | | 29,085,917 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 57,585,873 |
TOTAL EQUITY FUNDS (Cost $244,606,688) | 279,096,212 |
Fixed-Income Funds - 39.3% |
| | | |
High Yield Fixed-Income Funds - 5.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 2,637,921 | | 27,249,726 |
Investment Grade Fixed-Income Funds - 34.3% |
Fidelity Advisor Government Income Fund Institutional Class | 7,401,204 | | 74,604,140 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 6,874,553 | | 74,795,142 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 3,634,516 | | 37,798,963 |
Fidelity Advisor Total Bond Fund Institutional Class | 83,958 | | 879,038 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 188,077,283 |
TOTAL FIXED-INCOME FUNDS (Cost $213,935,670) | 215,327,009 |
Short-Term Funds - 9.7% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 2,811,166 | | $ 26,509,299 |
Fidelity Cash Reserves Fund | 2,935,119 | | 2,935,119 |
Fidelity Institutional Money Market Portfolio Class I | 23,641,272 | | 23,641,272 |
TOTAL SHORT-TERM FUNDS (Cost $53,200,847) | 53,085,690 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $511,743,205) | $ 547,508,911 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $511,743,205) - See accompanying schedule | | $ 547,508,911 |
Cash | | 1,980 |
Receivable for investments sold | | 23,949,520 |
Receivable for fund shares sold | | 2,040,385 |
Total assets | | 573,500,796 |
| | |
Liabilities | | |
Payable for investments purchased | $ 25,290,966 | |
Payable for fund shares redeemed | 615,114 | |
Distribution fees payable | 199,283 | |
Total liabilities | | 26,105,363 |
| | |
Net Assets | | $ 547,395,433 |
Net Assets consist of: | | |
Paid in capital | | $ 503,406,110 |
Undistributed net investment income | | 1,918,008 |
Accumulated undistributed net realized gain (loss) on investments | | 6,305,609 |
Net unrealized appreciation (depreciation) on investments | | 35,765,706 |
Net Assets | | $ 547,395,433 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($248,499,940 ÷ 20,233,064 shares) | | $ 12.28 |
| | |
Maximum offering price per share (100/94.25 of $12.28) | | $ 13.03 |
Class T:
Net Asset Value and redemption price per share ($194,563,407 ÷ 15,898,392 shares) | | $ 12.24 |
| | |
Maximum offering price per share (100/96.50 of $12.24) | | $ 12.68 |
Class B:
Net Asset Value and offering price per share ($34,834,350 ÷ 2,855,496 shares)A | | $ 12.20 |
| | |
Class C:
Net Asset Value and offering price per share ($47,918,090 ÷ 3,936,139 shares)A | | $ 12.17 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($21,579,646 ÷ 1,751,252 shares) | | $ 12.32 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 11,644,266 |
| | |
Expenses | | |
Distribution fees | $ 2,046,096 | |
Independent trustees' compensation | 1,458 | |
Total expenses before reductions | 2,047,554 | |
Expense reductions | (1,458) | 2,046,096 |
Net investment income (loss) | | 9,598,170 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,393,924) | |
Capital gain distributions from underlying funds | 9,491,974 | 8,098,050 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 17,456,575 |
Net gain (loss) | | 25,554,625 |
Net increase (decrease) in net assets resulting from operations | | $ 35,152,795 |
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,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 9,598,170 | $ 5,895,515 |
Net realized gain (loss) | 8,098,050 | 5,266,331 |
Change in net unrealized appreciation (depreciation) | 17,456,575 | 15,956,793 |
Net increase (decrease) in net assets resulting from operations | 35,152,795 | 27,118,639 |
Distributions to shareholders from net investment income | (8,928,486) | (5,136,102) |
Distributions to shareholders from net realized gain | (6,751,314) | (1,279,124) |
Total distributions | (15,679,800) | (6,415,226) |
Share transactions - net increase (decrease) | 154,994,187 | 123,162,830 |
Total increase (decrease) in net assets | 174,467,182 | 143,866,243 |
| | |
Net Assets | | |
Beginning of period | 372,928,251 | 229,062,008 |
End of period (including undistributed net investment income of $1,918,008 and undistributed net investment income of $1,256,073, respectively) | $ 547,395,433 | $ 372,928,251 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.79 | $ 11.01 | $ 10.92 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .29 | .25 | .23 | .16 |
Net realized and unrealized gain (loss) | .66 | .80 | .04 | .83 |
Total from investment operations | .95 | 1.05 | .27 | .99 |
Distributions from net investment income | (.26) | (.22) | (.18) | (.07) |
Distributions from net realized gain | (.20) | (.06) | - I | - |
Total distributions | (.46) | (.27) J | (.18) | (.07) |
Net asset value, end of period | $ 12.28 | $ 11.79 | $ 11.01 | $ 10.92 |
Total Return B, C, D | 8.22% | 9.65% | 2.48% | 9.92% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 2.43% | 2.23% | 2.10% | 2.14% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 248,500 | $ 146,593 | $ 74,013 | $ 32,615 |
Portfolio turnover rate | 22% | 7% | 5% | 103% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests>.
I Amount represents less than $.01 per share.
J Total distributions of $.270 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.055 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.75 | $ 10.97 | $ 10.90 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .26 | .22 | .20 | .14 |
Net realized and unrealized gain (loss) | .66 | .80 | .04 | .83 |
Total from investment operations | .92 | 1.02 | .24 | .97 |
Distributions from net investment income | (.23) | (.19) | (.17) | (.07) |
Distributions from net realized gain | (.20) | (.06) | - I | - |
Total distributions | (.43) | (.24) J | (.17) | (.07) |
Net asset value, end of period | $ 12.24 | $ 11.75 | $ 10.97 | $ 10.90 |
Total Return B, C, D | 8.00% | 9.42% | 2.18% | 9.72% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .51% | .58% | .58% A |
Expenses net of all reductions | .50% | .51% | .58% | .58% A |
Net investment income (loss) | 2.18% | 1.98% | 1.86% | 1.89% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 194,563 | $ 143,012 | $ 94,744 | $ 29,964 |
Portfolio turnover rate | 22% | 7% | 5% | 103% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.242 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.055 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.71 | $ 10.94 | $ 10.87 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .20 | .17 | .15 | .10 |
Net realized and unrealized gain (loss) | .66 | .79 | .04 | .83 |
Total from investment operations | .86 | .96 | .19 | .93 |
Distributions from net investment income | (.17) | (.13) | (.12) | (.06) |
Distributions from net realized gain | (.20) | (.06) | - I | - |
Total distributions | (.37) | (.19) | (.12) | (.06) |
Net asset value, end of period | $ 12.20 | $ 11.71 | $ 10.94 | $ 10.87 |
Total Return B, C, D | 7.47% | 8.83% | 1.72% | 9.32% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.68% | 1.48% | 1.35% | 1.39% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 34,834 | $ 33,404 | $ 27,098 | $ 14,897 |
Portfolio turnover rate | 22% | 7% | 5% | 103% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.69 | $ 10.93 | $ 10.87 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .20 | .17 | .15 | .10 |
Net realized and unrealized gain (loss) | .66 | .78 | .04 | .83 |
Total from investment operations | .86 | .95 | .19 | .93 |
Distributions from net investment income | (.18) | (.14) | (.13) | (.06) |
Distributions from net realized gain | (.20) | (.06) | - I | - |
Total distributions | (.38) | (.19) J | (.13) | (.06) |
Net asset value, end of period | $ 12.17 | $ 11.69 | $ 10.93 | $ 10.87 |
Total Return B, C, D | 7.45% | 8.78% | 1.72% | 9.32% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.68% | 1.48% | 1.36% | 1.39% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 47,918 | $ 38,882 | $ 27,668 | $ 11,552 |
Portfolio turnover rate | 22% | 7% | 5% | 103% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.191 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.055 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.82 | $ 11.03 | $ 10.93 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .32 | .28 | .26 | .17 |
Net realized and unrealized gain (loss) | .67 | .80 | .05 | .83 |
Total from investment operations | .99 | 1.08 | .31 | 1.00 |
Distributions from net investment income | (.29) | (.24) | (.20) | (.07) |
Distributions from net realized gain | (.20) | (.06) | - H | - |
Total distributions | (.49) | (.29) J | (.21) I | (.07) |
Net asset value, end of period | $ 12.32 | $ 11.82 | $ 11.03 | $ 10.93 |
Total Return B, C | 8.52% | 9.94% | 2.80% | 10.02% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .01% | .08% | .08% A |
Expenses net of all reductions | .00% | .01% | .08% | .08% A |
Net investment income (loss) | 2.68% | 2.48% | 2.35% | 2.38% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 21,580 | $ 11,038 | $ 5,538 | $ 1,691 |
Portfolio turnover rate | 22% | 7% | 5% | 103% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period July 24, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
I Total distributions of $.206 per share is comprised of distributions from net investment income of $.204 and distributions from net realized gain of $.002 per share.
J Total distributions of $.292 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.055 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 9.4 | 10.0 |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.5 | 5.7 |
Fidelity Advisor Equity Income Fund Institutional Class | 9.6 | 9.9 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7.3 | 7.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 7.3 | 7.5 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 3.8 | 3.7 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.8 | 2.8 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 45.8 | 47.2 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 5.9 | 5.7 |
Fidelity Advisor Overseas Fund Institutional Class | 5.9 | 5.8 |
| 11.8 | 11.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 6.0 | 6.3 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 12.3 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 12.3 | 12.7 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.2 | 4.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 12.8 |
| 30.9 | 30.3 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 2.8 | 2.4 |
Fidelity Cash Reserves Fund | 0.3 | 2.3 |
Fidelity Institutional Money Market Portfolio Class I | 2.4 | 0.0 |
| 5.5 | 4.7 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 45.8% | |
| International Equity Funds | 11.8% | |
| Investment Grade Fixed-Income Funds | 30.9% | |
| High Yield Fixed-Income Funds | 6.0% | |
| Short-Term Funds | 5.5% | |
Six months ago |
| Domestic Equity Funds | 47.2% | |
| International Equity Funds | 11.5% | |
| Investment Grade Fixed-Income Funds | 30.3% | |
| High Yield Fixed-Income Funds | 6.3% | |
| Short-Term Funds | 4.7% | |
Expected |
| Domestic Equity Funds | 44.6% | |
| International Equity Funds | 11.2% | |
| Investment Grade Fixed-Income Funds | 32.0% | |
| High Yield Fixed-Income Funds | 5.9% | |
| Short-Term Funds | 6.3% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 57.6% |
| Shares | | Value |
Domestic Equity Funds - 45.8% |
Fidelity 100 Index Fund | 43,124 | | $ 430,374 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 4,269,615 | | 57,981,377 |
Fidelity Advisor Equity Growth Fund Institutional Class | 616,862 | | 33,871,903 |
Fidelity Advisor Equity Income Fund Institutional Class | 1,928,116 | | 59,096,747 |
Fidelity Advisor Growth & Income Fund Institutional Class | 2,265,438 | | 45,240,806 |
Fidelity Advisor Large Cap Fund Institutional Class | 2,300,760 | | 44,933,846 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 877,606 | | 23,142,459 |
Fidelity Advisor Small Cap Fund Institutional Class | 692,296 | | 17,196,630 |
Fidelity Small Cap Opportunities Fund | 3,820 | | 38,049 |
TOTAL DOMESTIC EQUITY FUNDS | | 281,932,191 |
International Equity Funds - 11.8% |
Fidelity Advisor Diversified International Fund Institutional Class | 1,496,512 | | 36,095,870 |
Fidelity Advisor Overseas Fund Institutional Class | 1,583,723 | | 36,694,873 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 72,790,743 |
TOTAL EQUITY FUNDS (Cost $318,076,925) | 354,722,934 |
Fixed-Income Funds - 36.9% |
| | | |
High Yield Fixed-Income Funds - 6.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 3,584,247 | | 37,025,276 |
Investment Grade Fixed-Income Funds - 30.9% |
Fidelity Advisor Government Income Fund Institutional Class | 7,498,154 | | 75,581,392 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 6,957,505 | | 75,697,653 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 3,674,916 | | 38,219,130 |
Fidelity Advisor Total Bond Fund Institutional Class | 43,919 | | 459,831 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 189,958,006 |
TOTAL FIXED-INCOME FUNDS (Cost $224,334,080) | 226,983,282 |
Short-Term Funds - 5.5% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 1,804,964 | | $ 17,020,810 |
Fidelity Cash Reserves Fund | 1,900,229 | | 1,900,229 |
Fidelity Institutional Money Market Portfolio Class I | 15,142,611 | | 15,142,611 |
TOTAL SHORT-TERM FUNDS (Cost $34,059,885) | 34,063,650 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $576,470,890) | $ 615,769,866 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $576,470,890) - See accompanying schedule | | $ 615,769,866 |
Receivable for investments sold | | 15,641,300 |
Receivable for fund shares sold | | 2,082,083 |
Total assets | | 633,493,249 |
| | |
Liabilities | | |
Payable to custodian bank | $ 397 | |
Payable for investments purchased | 16,397,537 | |
Payable for fund shares redeemed | 1,248,059 | |
Distribution fees payable | 217,276 | |
Total liabilities | | 17,863,269 |
| | |
Net Assets | | $ 615,629,980 |
Net Assets consist of: | | |
Paid in capital | | $ 565,287,686 |
Undistributed net investment income | | 1,688,198 |
Accumulated undistributed net realized gain (loss) on investments | | 9,355,120 |
Net unrealized appreciation (depreciation) on investments | | 39,298,976 |
Net Assets | | $ 615,629,980 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($291,783,180 ÷ 23,524,542 shares) | | $ 12.40 |
| | |
Maximum offering price per share (100/94.25 of $12.40) | | $ 13.16 |
Class T:
Net Asset Value and redemption price per share ($186,105,558 ÷ 15,035,723 shares) | | $ 12.38 |
| | |
Maximum offering price per share (100/96.50 of $12.38) | | $ 12.83 |
Class B:
Net Asset Value and offering price per share ($41,423,659 ÷ 3,359,756 shares)A | | $ 12.33 |
| | |
Class C:
Net Asset Value and offering price per share ($56,686,351 ÷ 4,600,608 shares)A | | $ 12.32 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($39,631,232 ÷ 3,179,373 shares) | | $ 12.47 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 11,279,395 |
Interest | | 489 |
Total income | | 11,279,884 |
| | |
Expenses | | |
Distribution fees | $ 2,060,236 | |
Independent trustees' compensation | 1,508 | |
Total expenses before reductions | 2,061,744 | |
Expense reductions | (1,508) | 2,060,236 |
Net investment income (loss) | | 9,219,648 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (379,945) | |
Capital gain distributions from underlying funds | 11,833,573 | 11,453,628 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 19,737,804 |
Net gain (loss) | | 31,191,432 |
Net increase (decrease) in net assets resulting from operations | | $ 40,411,080 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2015 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 9,219,648 | $ 4,052,598 |
Net realized gain (loss) | 11,453,628 | 5,365,866 |
Change in net unrealized appreciation (depreciation) | 19,737,804 | 18,399,382 |
Net increase (decrease) in net assets resulting from operations | 40,411,080 | 27,817,846 |
Distributions to shareholders from net investment income | (8,406,068) | (3,337,676) |
Distributions to shareholders from net realized gain | (6,941,908) | (1,130,850) |
Total distributions | (15,347,976) | (4,468,526) |
Share transactions - net increase (decrease) | 240,828,001 | 174,816,071 |
Total increase (decrease) in net assets | 265,891,105 | 198,165,391 |
| | |
Net Assets | | |
Beginning of period | 349,738,875 | 151,573,484 |
End of period (including undistributed net investment income of $1,688,198 and undistributed net investment income of $874,617, respectively) | $ 615,629,980 | $ 349,738,875 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.84 | $ 10.77 | $ 10.57 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .26 | .22 | .21 | .07 |
Net realized and unrealized gain (loss) | .74 | 1.07 | .13 | .56 |
Total from investment operations | 1.00 | 1.29 | .34 | .63 |
Distributions from net investment income | (.23) | (.16) | (.14) | (.06) |
Distributions from net realized gain | (.21) | (.06) | - I | - |
Total distributions | (.44) | (.22) | (.14) | (.06) |
Net asset value, end of period | $ 12.40 | $ 11.84 | $ 10.77 | $ 10.57 |
Total Return B, C, D | 8.56% | 12.12% | 3.22% | 6.32% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 2.21% | 1.93% | 2.02% | 1.84% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 291,783 | $ 128,241 | $ 45,028 | $ 4,773 |
Portfolio turnover rate | 11% | 4% | 3% | 5% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.81 | $ 10.76 | $ 10.57 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .23 | .19 | .19 | .06 |
Net realized and unrealized gain (loss) | .75 | 1.06 | .13 | .57 |
Total from investment operations | .98 | 1.25 | .32 | .63 |
Distributions from net investment income | (.20) | (.14) | (.13) | (.06) |
Distributions from net realized gain | (.21) | (.06) | - I | - |
Total distributions | (.41) | (.20) | (.13) | (.06) |
Net asset value, end of period | $ 12.38 | $ 11.81 | $ 10.76 | $ 10.57 |
Total Return B, C, D | 8.40% | 11.71% | 3.01% | 6.27% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .51% | .58% | .58% A |
Expenses net of all reductions | .50% | .51% | .58% | .58% A |
Net investment income (loss) | 1.96% | 1.68% | 1.77% | 1.59% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 186,106 | $ 125,323 | $ 55,945 | $ 5,038 |
Portfolio turnover rate | 11% | 4% | 3% | 5% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.77 | $ 10.73 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .17 | .13 | .13 | .04 |
Net realized and unrealized gain (loss) | .74 | 1.06 | .13 | .58 |
Total from investment operations | .91 | 1.19 | .26 | .62 |
Distributions from net investment income | (.14) | (.09) | (.09) | (.06) |
Distributions from net realized gain | (.21) | (.06) | - I | - |
Total distributions | (.35) | (.15) | (.09) | (.06) |
Net asset value, end of period | $ 12.33 | $ 11.77 | $ 10.73 | $ 10.56 |
Total Return B, C, D | 7.83% | 11.17% | 2.49% | 6.17% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.46% | 1.18% | 1.28% | 1.09% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 41,424 | $ 33,633 | $ 18,813 | $ 4,259 |
Portfolio turnover rate | 11% | 4% | 3% | 5% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.77 | $ 10.73 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .17 | .13 | .13 | .04 |
Net realized and unrealized gain (loss) | .74 | 1.06 | .13 | .57 |
Total from investment operations | .91 | 1.19 | .26 | .61 |
Distributions from net investment income | (.15) | (.09) | (.09) | (.05) |
Distributions from net realized gain | (.21) | (.06) | - I | - |
Total distributions | (.36) | (.15) | (.09) | (.05) |
Net asset value, end of period | $ 12.32 | $ 11.77 | $ 10.73 | $ 10.56 |
Total Return B, C, D | 7.81% | 11.19% | 2.47% | 6.12% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.46% | 1.18% | 1.28% | 1.09% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 56,686 | $ 35,656 | $ 18,926 | $ 3,593 |
Portfolio turnover rate | 11% | 4% | 3% | 5% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.89 | $ 10.81 | $ 10.59 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .29 | .25 | .24 | .09 |
Net realized and unrealized gain (loss) | .75 | 1.07 | .13 | .56 |
Total from investment operations | 1.04 | 1.32 | .37 | .65 |
Distributions from net investment income | (.25) | (.18) | (.15) | (.06) |
Distributions from net realized gain | (.21) | (.06) | - H | - |
Total distributions | (.46) | (.24) | (.15) | (.06) |
Net asset value, end of period | $ 12.47 | $ 11.89 | $ 10.81 | $ 10.59 |
Total Return B, C | 8.90% | 12.36% | 3.52% | 6.52% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 2.46% | 2.18% | 2.27% | 2.09% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 39,631 | $ 26,886 | $ 12,861 | $ 282 |
Portfolio turnover rate | 11% | 4% | 3% | 5% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period November 6, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 11.2 | 11.8 |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.6 | 6.7 |
Fidelity Advisor Equity Income Fund Institutional Class | 11.4 | 11.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 8.8 | 8.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 8.7 | 8.8 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 4.5 | 4.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.3 | 3.3 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 54.6 | 55.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 7.0 | 6.8 |
Fidelity Advisor Overseas Fund Institutional Class | 7.1 | 6.9 |
| 14.1 | 13.7 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.4 | 7.4 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 9.4 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 9.4 | 9.7 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4.7 | 3.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 9.8 |
| 23.6 | 23.3 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 0.2 | 0.1 |
Fidelity Cash Reserves Fund | 0.0 | 0.1 |
Fidelity Institutional Money Market Portfolio Class I | 0.1 | 0.0 |
| 0.3 | 0.2 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 54.6% | |
| International Equity Funds | 14.1% | |
| Investment Grade Fixed-Income Funds | 23.6% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Short-Term Funds | 0.3% | |
Six months ago |
| Domestic Equity Funds | 55.4% | |
| International Equity Funds | 13.7% | |
| Investment Grade Fixed-Income Funds | 23.3% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Short-Term Funds | 0.2% | |
Expected |
| Domestic Equity Funds | 54.2% | |
| International Equity Funds | 13.6% | |
| Investment Grade Fixed-Income Funds | 24.3% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Short-Term Funds | 0.5% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 68.7% |
| Shares | | Value |
Domestic Equity Funds - 54.6% |
Fidelity 100 Index Fund | 96,224 | | $ 960,320 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 9,520,937 | | 129,294,324 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,376,954 | | 75,608,541 |
Fidelity Advisor Equity Income Fund Institutional Class | 4,307,252 | | 132,017,281 |
Fidelity Advisor Growth & Income Fund Institutional Class | 5,066,405 | | 101,176,111 |
Fidelity Advisor Large Cap Fund Institutional Class | 5,141,814 | | 100,419,623 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 1,953,965 | | 51,526,059 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,542,714 | | 38,321,013 |
Fidelity Small Cap Opportunities Fund | 10,597 | | 105,547 |
TOTAL DOMESTIC EQUITY FUNDS | | 629,428,819 |
International Equity Funds - 14.1% |
Fidelity Advisor Diversified International Fund Institutional Class | 3,334,653 | | 80,431,839 |
Fidelity Advisor Overseas Fund Institutional Class | 3,527,066 | | 81,722,122 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 162,153,961 |
TOTAL EQUITY FUNDS (Cost $693,725,898) | 791,582,780 |
Fixed-Income Funds - 31.0% |
| | | |
High Yield Fixed-Income Funds - 7.4% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 8,193,739 | | 84,641,329 |
Investment Grade Fixed-Income Funds - 23.6% |
Fidelity Advisor Government Income Fund Institutional Class | 10,791,616 | | 108,779,490 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 9,980,430 | | 108,587,078 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5,205,959 | | 54,141,970 |
Fidelity Advisor Total Bond Fund Institutional Class | 75,903 | | 794,704 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 272,303,242 |
TOTAL FIXED-INCOME FUNDS (Cost $350,042,619) | 356,944,571 |
Short-Term Funds - 0.3% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 208,686 | | $ 1,967,906 |
Fidelity Cash Reserves Fund | 224,908 | | 224,908 |
Fidelity Institutional Money Market Portfolio Class I | 1,767,377 | | 1,767,377 |
TOTAL SHORT-TERM FUNDS (Cost $3,956,962) | 3,960,191 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,047,725,479) | $ 1,152,487,542 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $1,047,725,479) - See accompanying schedule | | $ 1,152,487,542 |
Cash | | 31 |
Receivable for investments sold | | 2,834,099 |
Receivable for fund shares sold | | 3,466,398 |
Total assets | | 1,158,788,070 |
| | |
Liabilities | | |
Payable for investments purchased | $ 4,356,480 | |
Payable for fund shares redeemed | 1,377,304 | |
Distribution fees payable | 422,786 | |
Total liabilities | | 6,156,570 |
| | |
Net Assets | | $ 1,152,631,500 |
Net Assets consist of: | | |
Paid in capital | | $ 1,025,772,811 |
Undistributed net investment income | | 1,801,481 |
Accumulated undistributed net realized gain (loss) on investments | | 20,295,145 |
Net unrealized appreciation (depreciation) on investments | | 104,762,063 |
Net Assets | | $ 1,152,631,500 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($511,536,249 ÷ 37,927,557 shares) | | $ 13.49 |
| | |
Maximum offering price per share (100/94.25 of $13.49) | | $ 14.31 |
Class T:
Net Asset Value and redemption price per share ($431,886,108 ÷ 32,061,907 shares) | | $ 13.47 |
| | |
Maximum offering price per share (100/96.50 of $13.47) | | $ 13.96 |
Class B:
Net Asset Value and offering price per share ($85,980,902 ÷ 6,410,033 shares)A | | $ 13.41 |
| | |
Class C:
Net Asset Value and offering price per share ($85,075,638 ÷ 6,348,881 shares)A | | $ 13.40 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($38,152,603 ÷ 2,815,675 shares) | | $ 13.55 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 19,385,567 |
| | |
Expenses | | |
Distribution fees | $ 4,228,551 | |
Independent trustees' compensation | 3,027 | |
Total expenses before reductions | 4,231,578 | |
Expense reductions | (3,027) | 4,228,551 |
Net investment income (loss) | | 15,157,016 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (2,285,140) | |
Capital gain distributions from underlying funds | 27,362,052 | 25,076,912 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 44,485,432 |
Net gain (loss) | | 69,562,344 |
Net increase (decrease) in net assets resulting from operations | | $ 84,719,360 |
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,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 15,157,016 | $ 7,591,715 |
Net realized gain (loss) | 25,076,912 | 15,057,100 |
Change in net unrealized appreciation (depreciation) | 44,485,432 | 49,835,325 |
Net increase (decrease) in net assets resulting from operations | 84,719,360 | 72,484,140 |
Distributions to shareholders from net investment income | (14,683,101) | (6,539,824) |
Distributions to shareholders from net realized gain | (18,704,702) | (3,059,372) |
Total distributions | (33,387,803) | (9,599,196) |
Share transactions - net increase (decrease) | 366,470,672 | 258,660,731 |
Total increase (decrease) in net assets | 417,802,229 | 321,545,675 |
| | |
Net Assets | | |
Beginning of period | 734,829,271 | 413,283,596 |
End of period (including undistributed net investment income of $1,801,481 and undistributed net investment income of $1,350,482, respectively) | $ 1,152,631,500 | $ 734,829,271 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.85 | $ 11.53 | $ 11.29 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .24 | .19 | .20 | .13 |
Net realized and unrealized gain (loss) | .92 | 1.36 | .23 | 1.25 |
Total from investment operations | 1.16 | 1.55 | .43 | 1.38 |
Distributions from net investment income | (.23) | (.16) | (.18) | (.09) |
Distributions from net realized gain | (.30) | (.08) | - I | - |
Total distributions | (.52) L | (.23) K | (.19) J | (.09) |
Net asset value, end of period | $ 13.49 | $ 12.85 | $ 11.53 | $ 11.29 |
Total Return B, C, D | 9.21% | 13.62% | 3.75% | 13.78% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 1.89% | 1.60% | 1.80% | 1.74% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 511,536 | $ 284,466 | $ 135,306 | $ 72,334 |
Portfolio turnover rate | 13% | 6% | 1% | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.185 per share is comprised of distributions from net investment income of $.181 and distributions from net realized gain of $.004 per share.
K Total distributions of $.233 per share is comprised of distributions from net investment income of $.158 and distributions from net realized gain of $.075 per share.
L Total distributions of $.520 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $.295 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.83 | $ 11.52 | $ 11.29 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .21 | .16 | .18 | .11 |
Net realized and unrealized gain (loss) | .92 | 1.36 | .21 | 1.26 |
Total from investment operations | 1.13 | 1.52 | .39 | 1.37 |
Distributions from net investment income | (.19) | (.13) | (.16) | (.08) |
Distributions from net realized gain | (.30) | (.08) | - I | - |
Total distributions | (.49) J | (.21) | (.16) | (.08) |
Net asset value, end of period | $ 13.47 | $ 12.83 | $ 11.52 | $ 11.29 |
Total Return B, C, D | 8.97% | 13.28% | 3.46% | 13.73% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .51% | .58% | .58% A |
Expenses net of all reductions | .50% | .51% | .58% | .58% A |
Net investment income (loss) | 1.63% | 1.35% | 1.55% | 1.49% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 431,886 | $ 296,477 | $ 177,336 | $ 52,310 |
Portfolio turnover rate | 13% | 6% | 1% | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.489 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.295 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.78 | $ 11.48 | $ 11.27 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .15 | .10 | .12 | .07 |
Net realized and unrealized gain (loss) | .91 | 1.35 | .21 | 1.27 |
Total from investment operations | 1.06 | 1.45 | .33 | 1.34 |
Distributions from net investment income | (.13) | (.08) | (.12) | (.07) |
Distributions from net realized gain | (.30) | (.07) | - I | - |
Total distributions | (.43) J | (.15) | (.12) | (.07) |
Net asset value, end of period | $ 13.41 | $ 12.78 | $ 11.48 | $ 11.27 |
Total Return B, C, D | 8.40% | 12.71% | 2.93% | 13.37% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.13% | .85% | 1.05% | .99% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 85,981 | $ 71,232 | $ 49,398 | $ 23,274 |
Portfolio turnover rate | 13% | 6% | 1% | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.426 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.295 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.77 | $ 11.48 | $ 11.26 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .15 | .10 | .12 | .07 |
Net realized and unrealized gain (loss) | .91 | 1.34 | .22 | 1.26 |
Total from investment operations | 1.06 | 1.44 | .34 | 1.33 |
Distributions from net investment income | (.14) | (.08) | (.12) | (.07) |
Distributions from net realized gain | (.30) | (.07) | - I | - |
Total distributions | (.43) J | (.15) | (.12) | (.07) |
Net asset value, end of period | $ 13.40 | $ 12.77 | $ 11.48 | $ 11.26 |
Total Return B, C, D | 8.45% | 12.66% | 3.02% | 13.32% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.14% | .85% | 1.05% | .99% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 85,076 | $ 61,442 | $ 39,310 | $ 15,871 |
Portfolio turnover rate | 13% | 6% | 1% | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.430 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.295 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.90 | $ 11.57 | $ 11.31 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .28 | .23 | .23 | .15 |
Net realized and unrealized gain (loss) | .92 | 1.36 | .23 | 1.25 |
Total from investment operations | 1.20 | 1.59 | .46 | 1.40 |
Distributions from net investment income | (.25) | (.18) | (.20) | (.09) |
Distributions from net realized gain | (.30) | (.08) | - H | - |
Total distributions | (.55) I | (.26) | (.20) | (.09) |
Net asset value, end of period | $ 13.55 | $ 12.90 | $ 11.57 | $ 11.31 |
Total Return B, C | 9.47% | 13.88% | 4.06% | 14.03% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 2.13% | 1.85% | 2.05% | 1.98% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 38,153 | $ 21,212 | $ 11,932 | $ 2,278 |
Portfolio turnover rate | 13% | 6% | 1% | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period July 24, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
I Total distributions of $.547 per share is comprised of distributions from net investment income of $.252 and distributions from net realized gain of $.295 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 11.7 | 12.2 |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.8 | 7.0 |
Fidelity Advisor Equity Income Fund Institutional Class | 12.0 | 12.2 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.2 | 9.3 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.1 | 9.3 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 4.7 | 4.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.5 | 3.4 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 57.1 | 58.0 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 7.3 | 7.2 |
Fidelity Advisor Overseas Fund Institutional Class | 7.4 | 7.2 |
| 14.7 | 14.4 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.4 | 7.5 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 8.2 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 8.2 | 8.4 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4.3 | 3.3 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 8.4 |
| 20.8 | 20.1 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 57.1% | |
| International Equity Funds | 14.7% | |
| Investment Grade Fixed-Income Funds | 20.8% | |
| High Yield Fixed-Income Funds | 7.4% | |
Six months ago |
| Domestic Equity Funds | 58.0% | |
| International Equity Funds | 14.4% | |
| Investment Grade Fixed-Income Funds | 20.1% | |
| High Yield Fixed-Income Funds | 7.5% | |
Expected |
| Domestic Equity Funds | 56.6% | |
| International Equity Funds | 14.1% | |
| Investment Grade Fixed-Income Funds | 21.8% | |
| High Yield Fixed-Income Funds | 7.5% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 71.8% |
| Shares | | Value |
Domestic Equity Funds - 57.1% |
Fidelity 100 Index Fund | 47,192 | | $ 470,978 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 4,677,254 | | 63,517,111 |
Fidelity Advisor Equity Growth Fund Institutional Class | 678,849 | | 37,275,614 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,133,691 | | 65,397,619 |
Fidelity Advisor Growth & Income Fund Institutional Class | 2,512,981 | | 50,184,238 |
Fidelity Advisor Large Cap Fund Institutional Class | 2,548,415 | | 49,770,540 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 968,689 | | 25,544,320 |
Fidelity Advisor Small Cap Fund Institutional Class | 759,262 | | 18,860,062 |
Fidelity Small Cap Opportunities Fund | 11,728 | | 116,807 |
TOTAL DOMESTIC EQUITY FUNDS | | 311,137,289 |
International Equity Funds - 14.7% |
Fidelity Advisor Diversified International Fund Institutional Class | 1,650,194 | | 39,802,670 |
Fidelity Advisor Overseas Fund Institutional Class | 1,749,955 | | 40,546,457 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 80,349,127 |
TOTAL EQUITY FUNDS (Cost $355,718,459) | 391,486,416 |
Fixed-Income Funds - 28.2% |
| | | |
High Yield Fixed-Income Funds - 7.4% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 3,884,384 | | 40,125,685 |
Investment Grade Fixed-Income Funds - 20.8% |
Fidelity Advisor Government Income Fund Institutional Class | 4,430,995 | | 44,664,433 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 4,117,209 | | 44,795,235 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2,249,940 | | 23,399,379 |
Fidelity Advisor Total Bond Fund Institutional Class | 72,597 | | 760,090 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 113,619,137 |
TOTAL FIXED-INCOME FUNDS (Cost $150,885,156) | 153,744,822 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $506,603,615) | $ 545,231,238 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $506,603,615) - See accompanying schedule | | $ 545,231,238 |
Cash | | 52 |
Receivable for investments sold | | 514,060 |
Receivable for fund shares sold | | 4,249,224 |
Total assets | | 549,994,574 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,462,077 | |
Payable for fund shares redeemed | 2,301,155 | |
Distribution fees payable | 182,004 | |
Total liabilities | | 4,945,236 |
| | |
Net Assets | | $ 545,049,338 |
Net Assets consist of: | | |
Paid in capital | | $ 495,846,574 |
Undistributed net investment income | | 882,661 |
Accumulated undistributed net realized gain (loss) on investments | | 9,692,480 |
Net unrealized appreciation (depreciation) on investments | | 38,627,623 |
Net Assets | | $ 545,049,338 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($306,543,869 ÷ 23,554,224 shares) | | $ 13.01 |
| | |
Maximum offering price per share (100/94.25 of $13.01) | | $ 13.80 |
Class T:
Net Asset Value and redemption price per share ($154,042,421 ÷ 11,822,701 shares) | | $ 13.03 |
| | |
Maximum offering price per share (100/96.50 of $13.03) | | $ 13.50 |
Class B:
Net Asset Value and offering price per share ($37,880,947 ÷ 2,930,413 shares)A | | $ 12.93 |
| | |
Class C:
Net Asset Value and offering price per share ($32,678,726 ÷ 2,528,573 shares)A | | $ 12.92 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($13,903,375 ÷ 1,063,063 shares) | | $ 13.08 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year endaed March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 7,566,649 |
Interest | | 411 |
Total income | | 7,567,060 |
| | |
Expenses | | |
Distribution fees | $ 1,622,767 | |
Independent trustees' compensation | 1,198 | |
Total expenses before reductions | 1,623,965 | |
Expense reductions | (1,198) | 1,622,767 |
Net investment income (loss) | | 5,944,293 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (222,413) | |
Capital gain distributions from underlying funds | 12,024,427 | 11,802,014 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 18,500,292 |
Net gain (loss) | | 30,302,306 |
Net increase (decrease) in net assets resulting from operations | | $ 36,246,599 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2025 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,944,293 | $ 2,279,349 |
Net realized gain (loss) | 11,802,014 | 4,997,172 |
Change in net unrealized appreciation (depreciation) | 18,500,292 | 18,627,272 |
Net increase (decrease) in net assets resulting from operations | 36,246,599 | 25,903,793 |
Distributions to shareholders from net investment income | (5,346,689) | (2,006,218) |
Distributions to shareholders from net realized gain | (6,744,686) | (689,007) |
Total distributions | (12,091,375) | (2,695,225) |
Share transactions - net increase (decrease) | 255,833,989 | 119,342,923 |
Total increase (decrease) in net assets | 279,989,213 | 142,551,491 |
| | |
Net Assets | | |
Beginning of period | 265,060,125 | 122,508,634 |
End of period (including undistributed net investment income of $882,661 and undistributed net investment income of $285,056, respectively) | $ 545,049,338 | $ 265,060,125 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.34 | $ 10.96 | $ 10.67 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .22 | .17 | .19 | .06 |
Net realized and unrealized gain (loss) | .90 | 1.39 | .23 | .67 |
Total from investment operations | 1.12 | 1.56 | .42 | .73 |
Distributions from net investment income | (.19) | (.13) | (.13) | (.06) |
Distributions from net realized gain | (.26) | (.05) | - I | - |
Total distributions | (.45) | (.18) | (.13) | (.06) |
Net asset value, end of period | $ 13.01 | $ 12.34 | $ 10.96 | $ 10.67 |
Total Return B, C, D | 9.26% | 14.35% | 3.96% | 7.32% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .33% | .33% A |
Expenses net of all reductions | .25% | .25% | .33% | .33% A |
Net investment income (loss) | 1.79% | 1.44% | 1.76% | 1.59% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 306,544 | $ 128,504 | $ 59,347 | $ 2,284 |
Portfolio turnover rate | 3% | 5% | 10% | 6% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.35 | $ 10.97 | $ 10.69 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .19 | .14 | .16 | .05 |
Net realized and unrealized gain (loss) | .91 | 1.39 | .24 | .70 |
Total from investment operations | 1.10 | 1.53 | .40 | .75 |
Distributions from net investment income | (.16) | (.11) | (.12) | (.06) |
Distributions from net realized gain | (.26) | (.05) | - I | - |
Total distributions | (.42) | (.15) J | (.12) | (.06) |
Net asset value, end of period | $ 13.03 | $ 12.35 | $ 10.97 | $ 10.69 |
Total Return B, C, D | 9.10% | 14.07% | 3.75% | 7.52% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .58% | .58% A |
Expenses net of all reductions | .50% | .50% | .58% | .58% A |
Net investment income (loss) | 1.54% | 1.19% | 1.51% | 1.34% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 154,042 | $ 83,955 | $ 36,966 | $ 2,556 |
Portfolio turnover rate | 3% | 5% | 10% | 6% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.154 per share is comprised of distributions from net investment income of $.108 and distributions from net realized gain of $.046 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.26 | $ 10.91 | $ 10.64 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .13 | .08 | .11 | .03 |
Net realized and unrealized gain (loss) | .90 | 1.38 | .24 | .67 |
Total from investment operations | 1.03 | 1.46 | .35 | .70 |
Distributions from net investment income | (.10) | (.07) | (.08) | (.06) |
Distributions from net realized gain | (.26) | (.04) | - I | - |
Total distributions | (.36) | (.11) | (.08) | (.06) |
Net asset value, end of period | $ 12.93 | $ 12.26 | $ 10.91 | $ 10.64 |
Total Return B, C, D | 8.57% | 13.46% | 3.29% | 6.97% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.04% | .69% | 1.01% | .84% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 37,881 | $ 27,111 | $ 13,415 | $ 2,771 |
Portfolio turnover rate | 3% | 5% | 10% | 6% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.26 | $ 10.91 | $ 10.65 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .13 | .08 | .11 | .03 |
Net realized and unrealized gain (loss) | .89 | 1.38 | .23 | .67 |
Total from investment operations | 1.02 | 1.46 | .34 | .70 |
Distributions from net investment income | (.10) | (.07) | (.08) | (.05) |
Distributions from net realized gain | (.26) | (.04) | - I | - |
Total distributions | (.36) | (.11) | (.08) | (.05) |
Net asset value, end of period | $ 12.92 | $ 12.26 | $ 10.91 | $ 10.65 |
Total Return B, C, D | 8.51% | 13.46% | 3.19% | 7.02% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.04% | .69% | 1.01% | .84% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 32,679 | $ 20,323 | $ 10,859 | $ 2,137 |
Portfolio turnover rate | 3% | 5% | 10% | 6% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.39 | $ 10.99 | $ 10.68 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .25 | .20 | .22 | .08 |
Net realized and unrealized gain (loss) | .91 | 1.40 | .24 | .66 |
Total from investment operations | 1.16 | 1.60 | .46 | .74 |
Distributions from net investment income | (.21) | (.15) | (.15) | (.06) |
Distributions from net realized gain | (.26) | (.05) | - H | - |
Total distributions | (.47) | (.20) | (.15) | (.06) |
Net asset value, end of period | $ 13.08 | $ 12.39 | $ 10.99 | $ 10.68 |
Total Return B, C | 9.60% | 14.69% | 4.25% | 7.42% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 2.04% | 1.69% | 2.01% | 1.84% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 13,903 | $ 5,167 | $ 1,921 | $ 222 |
Portfolio turnover rate | 3% | 5% | 10% | 6% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period November 6, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 13.5 | 13.8 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.9 | 7.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 13.6 | 13.9 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.4 | 10.5 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.5 | 10.5 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 5.3 | 5.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 4.0 | 3.9 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 65.3 | 65.8 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.3 | 8.2 |
Fidelity Advisor Overseas Fund Institutional Class | 8.4 | 8.3 |
| 16.7 | 16.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.3 | 7.4 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 4.3 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 4.3 | 4.3 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.0 | 1.7 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 4.3 |
| 10.7 | 10.3 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 65.3% | |
| International Equity Funds | 16.7% | |
| Investment Grade Fixed-Income Funds | 10.7% | |
| High Yield Fixed-Income Funds | 7.3% | |
Six months ago |
| Domestic Equity Funds | 65.8% | |
| International Equity Funds | 16.5% | |
| Investment Grade Fixed-Income Funds | 10.3% | |
| High Yield Fixed-Income Funds | 7.4% | |
Expected |
| Domestic Equity Funds | 65.4% | |
| International Equity Funds | 16.4% | |
| Investment Grade Fixed-Income Funds | 10.7% | |
| High Yield Fixed-Income Funds | 7.5% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 82.0% |
| Shares | | Value |
Domestic Equity Funds - 65.3% |
Fidelity 100 Index Fund | 75,987 | | $ 758,350 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 7,549,649 | | 102,524,233 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,094,381 | | 60,092,472 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,390,234 | | 103,910,667 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3,986,190 | | 79,604,216 |
Fidelity Advisor Large Cap Fund Institutional Class | 4,078,002 | | 79,643,389 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 1,535,199 | | 40,483,190 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,216,351 | | 30,214,152 |
Fidelity Small Cap Opportunities Fund | 19,810 | | 197,307 |
TOTAL DOMESTIC EQUITY FUNDS | | 497,427,976 |
International Equity Funds - 16.7% |
Fidelity Advisor Diversified International Fund Institutional Class | 2,610,111 | | 62,955,877 |
Fidelity Advisor Overseas Fund Institutional Class | 2,757,773 | | 63,897,602 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 126,853,479 |
TOTAL EQUITY FUNDS (Cost $556,227,043) | 624,281,455 |
Fixed-Income Funds - 18.0% |
| | | |
High Yield Fixed-Income Funds - 7.3% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5,381,369 | | 55,589,546 |
Investment Grade Fixed-Income Funds - 10.7% |
Fidelity Advisor Government Income Fund Institutional Class | 3,247,958 | | 32,739,415 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 3,000,881 | | 32,649,584 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,480,064 | | 15,392,668 |
Fidelity Advisor Total Bond Fund Institutional Class | 51,973 | | 544,153 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 81,325,820 |
TOTAL FIXED-INCOME FUNDS (Cost $132,506,468) | 136,915,366 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $688,733,511) | $ 761,196,821 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $688,733,511) - See accompanying schedule | | $ 761,196,821 |
Cash | | 24,610 |
Receivable for investments sold | | 760,235 |
Receivable for fund shares sold | | 3,724,001 |
Total assets | | 765,705,667 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,055,226 | |
Payable for fund shares redeemed | 1,437,267 | |
Distribution fees payable | 275,798 | |
Total liabilities | | 4,768,291 |
| | |
Net Assets | | $ 760,937,376 |
Net Assets consist of: | | |
Paid in capital | | $ 671,700,524 |
Undistributed net investment income | | 702,959 |
Accumulated undistributed net realized gain (loss) on investments | | 16,070,583 |
Net unrealized appreciation (depreciation) on investments | | 72,463,310 |
Net Assets | | $ 760,937,376 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($343,345,089 ÷ 24,060,163 shares) | | $ 14.27 |
| | |
Maximum offering price per share (100/94.25 of $14.27) | | $ 15.14 |
Class T:
Net Asset Value and redemption price per share ($281,508,170 ÷ 19,788,967 shares) | | $ 14.23 |
| | |
Maximum offering price per share (100/96.50 of $14.23) | | $ 14.75 |
Class B:
Net Asset Value and offering price per share ($56,844,698 ÷ 4,016,308 shares)A | | $ 14.15 |
| | |
Class C:
Net Asset Value and offering price per share ($54,337,851 ÷ 3,840,471 shares)A | | $ 14.15 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($24,901,568 ÷ 1,739,013 shares) | | $ 14.32 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 9,821,965 |
| | |
Expenses | | |
Distribution fees | $ 2,660,673 | |
Independent trustees' compensation | 1,857 | |
Total expenses before reductions | 2,662,530 | |
Expense reductions | (1,857) | 2,660,673 |
Net investment income (loss) | | 7,161,292 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (912,760) | |
Capital gain distributions from underlying funds | 20,682,155 | 19,769,395 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 30,271,320 |
Net gain (loss) | | 50,040,715 |
Net increase (decrease) in net assets resulting from operations | | $ 57,202,007 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2030 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 7,161,292 | $ 2,852,425 |
Net realized gain (loss) | 19,769,395 | 8,803,566 |
Change in net unrealized appreciation (depreciation) | 30,271,320 | 35,545,698 |
Net increase (decrease) in net assets resulting from operations | 57,202,007 | 47,201,689 |
Distributions to shareholders from net investment income | (6,933,419) | (2,377,341) |
Distributions to shareholders from net realized gain | (11,633,462) | (1,802,422) |
Total distributions | (18,566,881) | (4,179,763) |
Share transactions - net increase (decrease) | 289,401,681 | 164,372,570 |
Total increase (decrease) in net assets | 328,036,807 | 207,394,496 |
| | |
Net Assets | | |
Beginning of period | 432,900,569 | 225,506,073 |
End of period (including undistributed net investment income of $702,959 and undistributed net investment income of $475,086, respectively) | $ 760,937,376 | $ 432,900,569 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.47 | $ 11.81 | $ 11.48 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .20 | .15 | .18 | .11 |
Net realized and unrealized gain (loss) | 1.09 | 1.70 | .30 | 1.46 |
Total from investment operations | 1.29 | 1.85 | .48 | 1.57 |
Distributions from net investment income | (.18) | (.11) | (.15) | (.09) |
Distributions from net realized gain | (.31) | (.08) | - I | - |
Total distributions | (.49) | (.19) | (.15) | (.09) |
Net asset value, end of period | $ 14.27 | $ 13.47 | $ 11.81 | $ 11.48 |
Total Return B, C, D | 9.82% | 15.84% | 4.19% | 15.68% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 1.49% | 1.17% | 1.55% | 1.44% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 343,345 | $ 156,916 | $ 65,593 | $ 27,879 |
Portfolio turnover rate | 8% | 4% | 2% | 2% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.43 | $ 11.78 | $ 11.47 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .17 | .11 | .15 | .09 |
Net realized and unrealized gain (loss) | 1.09 | 1.70 | .30 | 1.46 |
Total from investment operations | 1.26 | 1.81 | .45 | 1.55 |
Distributions from net investment income | (.15) | (.09) | (.14) | (.08) |
Distributions from net realized gain | (.31) | (.08) | - I | - |
Total distributions | (.46) | (.16) J | (.14) | (.08) |
Net asset value, end of period | $ 14.23 | $ 13.43 | $ 11.78 | $ 11.47 |
Total Return B, C, D | 9.59% | 15.52% | 3.91% | 15.53% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .51% | .58% | .58% A |
Expenses net of all reductions | .50% | .51% | .58% | .58% A |
Net investment income (loss) | 1.24% | .92% | 1.30% | 1.19% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 281,508 | $ 184,029 | $ 102,153 | $ 27,201 |
Portfolio turnover rate | 8% | 4% | 2% | 2% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.164 per share is comprised of distributions from net investment income of $.087 and distributions from net realized gain of $.077 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.37 | $ 11.74 | $ 11.44 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .10 | .05 | .09 | .05 |
Net realized and unrealized gain (loss) | 1.08 | 1.70 | .30 | 1.46 |
Total from investment operations | 1.18 | 1.75 | .39 | 1.51 |
Distributions from net investment income | (.09) | (.05) | (.09) | (.07) |
Distributions from net realized gain | (.31) | (.07) | - I | - |
Total distributions | (.40) | (.12) | (.09) | (.07) |
Net asset value, end of period | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 |
Total Return B, C, D | 8.98% | 14.96% | 3.41% | 15.12% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | .74% | .42% | .80% | .69% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 56,845 | $ 43,099 | $ 27,653 | $ 12,229 |
Portfolio turnover rate | 8% | 4% | 2% | 2% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.37 | $ 11.74 | $ 11.44 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .10 | .05 | .09 | .05 |
Net realized and unrealized gain (loss) | 1.08 | 1.70 | .30 | 1.46 |
Total from investment operations | 1.18 | 1.75 | .39 | 1.51 |
Distributions from net investment income | (.09) | (.05) | (.09) | (.07) |
Distributions from net realized gain | (.31) | (.07) | - I | - |
Total distributions | (.40) | (.12) | (.09) | (.07) |
Net asset value, end of period | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 |
Total Return B, C, D | 9.00% | 14.99% | 3.41% | 15.12% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | .74% | .42% | .80% | .69% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 54,338 | $ 37,940 | $ 22,265 | $ 9,722 |
Portfolio turnover rate | 8% | 4% | 2% | 2% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.51 | $ 11.84 | $ 11.49 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .24 | .18 | .21 | .13 |
Net realized and unrealized gain (loss) | 1.09 | 1.71 | .31 | 1.45 |
Total from investment operations | 1.33 | 1.89 | .52 | 1.58 |
Distributions from net investment income | (.21) | (.13) | (.17) | (.09) |
Distributions from net realized gain | (.31) | (.09) | - H | - |
Total distributions | (.52) | (.22) | (.17) | (.09) |
Net asset value, end of period | $ 14.32 | $ 13.51 | $ 11.84 | $ 11.49 |
Total Return B, C | 10.08% | 16.10% | 4.50% | 15.83% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .07% A |
Net investment income (loss) | 1.74% | 1.42% | 1.80% | 1.69% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 24,902 | $ 10,918 | $ 7,841 | $ 1,030 |
Portfolio turnover rate | 8% | 4% | 2% | 2% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period July 24, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 14.1 | 13.8 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.9 | 7.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 13.7 | 14.0 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.5 | 10.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.4 | 10.7 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 5.3 | 5.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 4.0 | 4.0 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 66.0 | 66.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.3 | 8.3 |
Fidelity Advisor Overseas Fund Institutional Class | 8.5 | 8.4 |
| 16.8 | 16.7 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.6 | 8.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 3.6 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 3.6 | 3.7 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.3 | 1.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 3.7 |
| 9.6 | 8.9 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 66.0% | |
| International Equity Funds | 16.8% | |
| Investment Grade Fixed-Income Funds | 9.6% | |
| High Yield Fixed-Income Funds | 7.6% | |
Six months ago |
| Domestic Equity Funds | 66.4% | |
| International Equity Funds | 16.7% | |
| Investment Grade Fixed-Income Funds | 8.9% | |
| High Yield Fixed-Income Funds | 8.0% | |
Expected |
| Domestic Equity Funds | 66.1% | |
| International Equity Funds | 16.6% | |
| Investment Grade Fixed-Income Funds | 9.6% | |
| High Yield Fixed-Income Funds | 7.7% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 82.8% |
| Shares | | Value |
Domestic Equity Funds - 66.0% |
Fidelity 100 Index Fund | 29,239 | | $ 291,805 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 2,892,612 | | 39,281,676 |
Fidelity Advisor Equity Growth Fund Institutional Class | 400,663 | | 22,000,391 |
Fidelity Advisor Equity Income Fund Institutional Class | 1,243,921 | | 38,126,166 |
Fidelity Advisor Growth & Income Fund Institutional Class | 1,466,632 | | 29,288,649 |
Fidelity Advisor Large Cap Fund Institutional Class | 1,493,333 | | 29,164,799 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 565,640 | | 14,915,933 |
Fidelity Advisor Small Cap Fund Institutional Class | 445,399 | | 11,063,715 |
Fidelity Small Cap Opportunities Fund | 9,912 | | 98,721 |
TOTAL DOMESTIC EQUITY FUNDS | | 184,231,855 |
International Equity Funds - 16.8% |
Fidelity Advisor Diversified International Fund Institutional Class | 964,896 | | 23,273,281 |
Fidelity Advisor Overseas Fund Institutional Class | 1,020,395 | | 23,642,559 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 46,915,840 |
TOTAL EQUITY FUNDS (Cost $212,462,040) | 231,147,695 |
Fixed-Income Funds - 17.2% |
| | | |
High Yield Fixed-Income Funds - 7.6% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 2,048,693 | | 21,162,996 |
Investment Grade Fixed-Income Funds - 9.6% |
Fidelity Advisor Government Income Fund Institutional Class | 995,105 | | 10,030,663 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 924,222 | | 10,055,535 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 622,753 | | 6,476,627 |
Fidelity Advisor Total Bond Fund Institutional Class | 23,348 | | 244,453 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 26,807,278 |
TOTAL FIXED-INCOME FUNDS (Cost $46,472,926) | 47,970,274 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $258,934,966) | $ 279,117,969 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $258,934,966) - See accompanying schedule | | $ 279,117,969 |
Cash | | 143 |
Receivable for investments sold | | 302,221 |
Receivable for fund shares sold | | 1,525,277 |
Total assets | | 280,945,610 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,524,680 | |
Payable for fund shares redeemed | 302,790 | |
Distribution fees payable | 98,450 | |
Total liabilities | | 1,925,920 |
| | |
Net Assets | | $ 279,019,690 |
Net Assets consist of: | | |
Paid in capital | | $ 252,955,897 |
Undistributed net investment income | | 129,257 |
Accumulated undistributed net realized gain (loss) on investments | | 5,751,533 |
Net unrealized appreciation (depreciation) on investments | | 20,183,003 |
Net Assets | | $ 279,019,690 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($146,175,334 ÷ 10,872,982 shares) | | $ 13.44 |
| | |
Maximum offering price per share (100/94.25 of $13.44) | | $ 14.26 |
Class T:
Net Asset Value and redemption price per share ($84,367,914 ÷ 6,305,947 shares) | | $ 13.38 |
| | |
Maximum offering price per share (100/96.50 of $13.38) | | $ 13.87 |
Class B:
Net Asset Value and offering price per share ($23,064,708 ÷ 1,735,585 shares)A | | $ 13.29 |
| | |
Class C:
Net Asset Value and offering price per share ($19,040,504 ÷ 1,431,632 shares)A | | $ 13.30 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($6,371,230 ÷ 472,224 shares) | | $ 13.49 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 3,202,913 |
Interest | | 215 |
Total income | | 3,203,128 |
| | |
Expenses | | |
Distribution fees | $ 866,505 | |
Independent trustees' compensation | 592 | |
Total expenses before reductions | 867,097 | |
Expense reductions | (592) | 866,505 |
Net investment income (loss) | | 2,336,623 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (85,962) | |
Capital gain distributions from underlying funds | 7,057,183 | 6,971,221 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 10,021,524 |
Net gain (loss) | | 16,992,745 |
Net increase (decrease) in net assets resulting from operations | | $ 19,329,368 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2035 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,336,623 | $ 736,017 |
Net realized gain (loss) | 6,971,221 | 2,416,401 |
Change in net unrealized appreciation (depreciation) | 10,021,524 | 9,386,127 |
Net increase (decrease) in net assets resulting from operations | 19,329,368 | 12,538,545 |
Distributions to shareholders from net investment income | (2,210,017) | (733,367) |
Distributions to shareholders from net realized gain | (3,462,283) | (249,712) |
Total distributions | (5,672,300) | (983,079) |
Share transactions - net increase (decrease) | 140,482,789 | 69,137,683 |
Total increase (decrease) in net assets | 154,139,857 | 80,693,149 |
| | |
Net Assets | | |
Beginning of period | 124,879,833 | 44,186,684 |
End of period (including undistributed net investment income of $129,257 and undistributed net investment income of $2,651, respectively) | $ 279,019,690 | $ 124,879,833 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.67 | $ 11.06 | $ 10.70 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .19 | .14 | .19 | .07 |
Net realized and unrealized gain (loss) | 1.02 | 1.62 | .32 | .72 |
Total from investment operations | 1.21 | 1.76 | .51 | .79 |
Distributions from net investment income | (.15) | (.11) | (.15) | (.09) |
Distributions from net realized gain | (.29) | (.04) | - I | - |
Total distributions | (.44) J | (.15) | (.15) | (.09) |
Net asset value, end of period | $ 13.44 | $ 12.67 | $ 11.06 | $ 10.70 |
Total Return B, C, D | 9.74% | 16.03% | 4.76% | 7.88% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .33% | .33% A |
Expenses net of all reductions | .25% | .25% | .33% | .33% A |
Net investment income (loss) | 1.48% | 1.20% | 1.71% | 1.80% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 146,175 | $ 49,877 | $ 15,281 | $ 1,884 |
Portfolio turnover rate | 5% | 4% | 5% | 1% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of sale of shares) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.440 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.287 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.62 | $ 11.02 | $ 10.69 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .16 | .11 | .16 | .06 |
Net realized and unrealized gain (loss) | 1.01 | 1.63 | .31 | .71 |
Total from investment operations | 1.17 | 1.74 | .47 | .77 |
Distributions from net investment income | (.13) | (.10) | (.14) | (.08) |
Distributions from net realized gain | (.28) | (.04) | - I | - |
Total distributions | (.41) J | (.14) | (.14) | (.08) |
Net asset value, end of period | $ 13.38 | $ 12.62 | $ 11.02 | $ 10.69 |
Total Return B, C, D | 9.46% | 15.84% | 4.37% | 7.73% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .58% | .58% A |
Expenses net of all reductions | .50% | .50% | .58% | .58% A |
Net investment income (loss) | 1.23% | .95% | 1.46% | 1.55% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 84,368 | $ 45,421 | $ 16,432 | $ 1,047 |
Portfolio turnover rate | 5% | 4% | 5% | 1% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of sale of shares) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.411per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.280 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.54 | $ 10.98 | $ 10.67 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .09 | .05 | .10 | .04 |
Net realized and unrealized gain (loss) | 1.02 | 1.61 | .32 | .71 |
Total from investment operations | 1.11 | 1.66 | .42 | .75 |
Distributions from net investment income | (.09) | (.06) | (.11) | (.08) |
Distributions from net realized gain | (.27) | (.04) | - I | - |
Total distributions | (.36) J | (.10) | (.11) | (.08) |
Net asset value, end of period | $ 13.29 | $ 12.54 | $ 10.98 | $ 10.67 |
Total Return B, C, D | 8.98% | 15.17% | 3.88% | 7.48% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.08% | 1.08% A |
Net investment income (loss) | .73% | .45% | .96% | 1.05% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 23,065 | $ 15,351 | $ 6,917 | $ 1,123 |
Portfolio turnover rate | 5% | 4% | 5% | 1% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of sale of shares) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.356 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.270 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.55 | $ 10.99 | $ 10.68 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .09 | .05 | .10 | .04 |
Net realized and unrealized gain (loss) | 1.02 | 1.61 | .32 | .72 |
Total from investment operations | 1.11 | 1.66 | .42 | .76 |
Distributions from net investment income | (.09) | (.06) | (.11) | (.08) |
Distributions from net realized gain | (.27) | (.04) | - I | - |
Total distributions | (.36) J | (.10) | (.11) | (.08) |
Net asset value, end of period | $ 13.30 | $ 12.55 | $ 10.99 | $ 10.68 |
Total Return B, C, D | 8.99% | 15.15% | 3.87% | 7.58% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.08% | 1.08% A |
Net investment income (loss) | .73% | .45% | .96% | 1.05% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 19,041 | $ 12,023 | $ 5,089 | $ 890 |
Portfolio turnover rate | 5% | 4% | 5% | 1% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 November 6, 2003 (commencement of sale of shares) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Amount represents less than $.01 per share.
J Total distributions of $.358 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.270 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.71 | $ 11.07 | $ 10.71 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .22 | .17 | .21 | .08 |
Net realized and unrealized gain (loss) | 1.02 | 1.64 | .31 | .72 |
Total from investment operations | 1.24 | 1.81 | .52 | .80 |
Distributions from net investment income | (.18) | (.13) | (.16) | (.09) |
Distributions from net realized gain | (.29) | (.04) | - H | - |
Total distributions | (.46) I | (.17) | (.16) | (.09) |
Net asset value, end of period | $ 13.49 | $ 12.71 | $ 11.07 | $ 10.71 |
Total Return B, C | 9.98% | 16.45% | 4.87% | 7.98% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 1.72% | 1.45% | 1.96% | 2.04% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 6,371 | $ 2,207 | $ 467 | $ 216 |
Portfolio turnover rate | 5% | 4% | 5% | 1% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period November 6, 2003 (commencement of sale of shares) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
I Total distributions of $.463 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.287 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 13.9 | 14.2 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.2 | 8.1 |
Fidelity Advisor Equity Income Fund Institutional Class | 14.2 | 14.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.8 | 10.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.8 | 10.9 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 5.5 | 5.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 4.2 | 4.1 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 67.7 | 68.0 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.6 | 8.5 |
Fidelity Advisor Overseas Fund Institutional Class | 8.7 | 8.5 |
| 17.3 | 17.0 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9.7 | 9.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 2.1 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 2.1 | 2.1 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1.0 | 0.9 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 2.1 |
| 5.3 | 5.1 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 67.7% | |
| International Equity Funds | 17.3% | |
| Investment Grade Fixed-Income Funds | 5.3% | |
| High Yield Fixed-Income Funds | 9.7% | |
Six months ago |
| Domestic Equity Funds | 68.0% | |
| International Equity Funds | 17.0% | |
| Investment Grade Fixed-Income Funds | 5.1% | |
| High Yield Fixed-Income Funds | 9.9% | |
Expected |
| Domestic Equity Funds | 67.9% | |
| International Equity Funds | 17.0% | |
| Investment Grade Fixed-Income Funds | 5.3% | |
| High Yield Fixed-Income Funds | 9.8% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 85.0% |
| Shares | | Value |
Domestic Equity Funds - 67.7% |
Fidelity 100 Index Fund | 62,453 | | $ 623,284 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 6,193,120 | | 84,102,569 |
Fidelity Advisor Equity Growth Fund Institutional Class | 897,351 | | 49,273,568 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,804,111 | | 85,945,992 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3,274,854 | | 65,398,829 |
Fidelity Advisor Large Cap Fund Institutional Class | 3,354,989 | | 65,522,933 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 1,269,099 | | 33,466,151 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,021,109 | | 25,364,335 |
Fidelity Small Cap Opportunities Fund | 11,378 | | 113,325 |
TOTAL DOMESTIC EQUITY FUNDS | | 409,810,986 |
International Equity Funds - 17.3% |
Fidelity Advisor Diversified International Fund Institutional Class | 2,152,163 | | 51,910,172 |
Fidelity Advisor Overseas Fund Institutional Class | 2,271,395 | | 52,628,216 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 104,538,388 |
TOTAL EQUITY FUNDS (Cost $459,027,025) | 514,349,374 |
Fixed-Income Funds - 15.0% |
| | | |
High Yield Fixed-Income Funds - 9.7% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5,695,654 | | 58,836,108 |
Investment Grade Fixed-Income Funds - 5.3% |
Fidelity Advisor Government Income Fund Institutional Class | 1,266,574 | | 12,767,061 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 1,172,569 | | 12,757,556 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 583,094 | | 6,064,182 |
Fidelity Advisor Total Bond Fund Institutional Class | 14,131 | | 147,952 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 31,736,751 |
TOTAL FIXED-INCOME FUNDS (Cost $86,105,828) | 90,572,859 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $545,132,853) | $ 604,922,233 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $545,132,853) - See accompanying schedule | | $ 604,922,233 |
Cash | | 540 |
Receivable for investments sold | | 658,194 |
Receivable for fund shares sold | | 2,411,374 |
Total assets | | 607,992,341 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,053,284 | |
Payable for fund shares redeemed | 835,305 | |
Distribution fees payable | 226,372 | |
Total liabilities | | 3,114,961 |
| | |
Net Assets | | $ 604,877,380 |
Net Assets consist of: | | |
Paid in capital | | $ 531,349,591 |
Undistributed net investment income | | 408,767 |
Accumulated undistributed net realized gain (loss) on investments | | 13,329,642 |
Net unrealized appreciation (depreciation) on investments | | 59,789,380 |
Net Assets | | $ 604,877,380 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($263,732,877 ÷ 17,957,997 shares) | | $ 14.69 |
| | |
Maximum offering price per share (100/94.25 of $14.69) | | $ 15.59 |
Class T:
Net Asset Value and redemption price per share ($221,814,526 ÷ 15,149,573 shares) | | $ 14.64 |
| | |
Maximum offering price per share (100/96.50 of $14.64) | | $ 15.17 |
Class B:
Net Asset Value and offering price per share ($46,110,349 ÷ 3,173,028 shares)A | | $ 14.53 |
| | |
Class C:
Net Asset Value and offering price per share ($54,022,131 ÷ 3,719,392 shares)A | | $ 14.52 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($19,197,497 ÷ 1,302,705 shares) | | $ 14.74 |
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, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 7,907,389 |
| | |
Expenses | | |
Distribution fees | $ 2,179,457 | |
Independent trustees' compensation | 1,501 | |
Total expenses before reductions | 2,180,958 | |
Expense reductions | (1,501) | 2,179,457 |
Net investment income (loss) | | 5,727,932 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (898,930) | |
Capital gain distributions from underlying funds | 17,178,419 | 16,279,489 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 25,694,610 |
Net gain (loss) | | 41,974,099 |
Net increase (decrease) in net assets resulting from operations | | $ 47,702,031 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2040 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,727,932 | $ 2,231,572 |
Net realized gain (loss) | 16,279,489 | 7,176,784 |
Change in net unrealized appreciation (depreciation) | 25,694,610 | 29,421,318 |
Net increase (decrease) in net assets resulting from operations | 47,702,031 | 38,829,674 |
Distributions to shareholders from net investment income | (5,475,037) | (2,075,700) |
Distributions to shareholders from net realized gain | (9,442,737) | (1,111,246) |
Total distributions | (14,917,774) | (3,186,946) |
Share transactions - net increase (decrease) | 222,765,428 | 151,023,971 |
Total increase (decrease) in net assets | 255,549,685 | 186,666,699 |
| | |
Net Assets | | |
Beginning of period | 349,327,695 | 162,660,996 |
End of period (including undistributed net investment income of $408,767 and undistributed net investment income of $155,872, respectively) | $ 604,877,380 | $ 349,327,695 |
Financial Highlights - Class A
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.83 | $ 12.03 | $ 11.62 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .21 | .15 | .18 | .12 |
Net realized and unrealized gain (loss) | 1.16 | 1.84 | .39 | 1.60 |
Total from investment operations | 1.37 | 1.99 | .57 | 1.72 |
Distributions from net investment income | (.18) | (.12) | (.16) | (.10) |
Distributions from net realized gain | (.33) | (.07) | - | - |
Total distributions | (.51) I | (.19) | (.16) | (.10) |
Net asset value, end of period | $ 14.69 | $ 13.83 | $ 12.03 | $ 11.62 |
Total Return B, C, D | 10.09% | 16.65% | 4.87% | 17.19% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .26% | .33% | .33% A |
Expenses net of all reductions | .25% | .26% | .33% | .33% A |
Net investment income (loss) | 1.48% | 1.18% | 1.50% | 1.53% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 263,733 | $ 133,817 | $ 51,718 | $ 9,666 |
Portfolio turnover rate | 7% | 4% | 3% | 3% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.506 per share is comprised of distributions from net investment income of $.181 and distributions from net realized gain of $.325 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.79 | $ 12.00 | $ 11.60 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .17 | .12 | .15 | .10 |
Net realized and unrealized gain (loss) | 1.16 | 1.83 | .38 | 1.59 |
Total from investment operations | 1.33 | 1.95 | .53 | 1.69 |
Distributions from net investment income | (.15) | (.10) | (.13) | (.09) |
Distributions from net realized gain | (.33) | (.06) | - | - |
Total distributions | (.48) I | (.16) | (.13) | (.09) |
Net asset value, end of period | $ 14.64 | $ 13.79 | $ 12.00 | $ 11.60 |
Total Return B, C, D | 9.81% | 16.35% | 4.57% | 16.93% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .51% | .58% | .58% A |
Expenses net of all reductions | .50% | .51% | .58% | .58% A |
Net investment income (loss) | 1.23% | .93% | 1.25% | 1.28% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 221,815 | $ 136,679 | $ 66,136 | $ 19,191 |
Portfolio turnover rate | 7% | 4% | 3% | 3% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.475 per share is comprised of distributions from net investment income of $.150 and distributions from net realized gain of $.325 per share.
Financial Highlights - Class B
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.70 | $ 11.94 | $ 11.57 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .10 | .05 | .09 | .06 |
Net realized and unrealized gain (loss) | 1.14 | 1.83 | .38 | 1.60 |
Total from investment operations | 1.24 | 1.88 | .47 | 1.66 |
Distributions from net investment income | (.10) | (.06) | (.10) | (.09) |
Distributions from net realized gain | (.32) | (.06) | - | - |
Total distributions | (.41) I | (.12) | (.10) | (.09) |
Net asset value, end of period | $ 14.53 | $ 13.70 | $ 11.94 | $ 11.57 |
Total Return B, C, D | 9.25% | 15.81% | 4.04% | 16.58% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | .73% | .43% | .75% | .78% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 46,110 | $ 32,658 | $ 18,541 | $ 7,232 |
Portfolio turnover rate | 7% | 4% | 3% | 3% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.413 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.70 | $ 11.94 | $ 11.57 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .10 | .05 | .09 | .06 |
Net realized and unrealized gain (loss) | 1.13 | 1.83 | .38 | 1.59 |
Total from investment operations | 1.23 | 1.88 | .47 | 1.65 |
Distributions from net investment income | (.10) | (.06) | (.10) | (.08) |
Distributions from net realized gain | (.32) | (.06) | - | - |
Total distributions | (.41) I | (.12) | (.10) | (.08) |
Net asset value, end of period | $ 14.52 | $ 13.70 | $ 11.94 | $ 11.57 |
Total Return B, C, D | 9.17% | 15.82% | 4.04% | 16.53% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | .73% | .43% | .75% | .78% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 54,022 | $ 38,947 | $ 21,792 | $ 6,958 |
Portfolio turnover rate | 7% | 4% | 3% | 3% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 July 24, 2003 (commencement of operations) to March 31, 2004.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.413 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 13.87 | $ 12.05 | $ 11.63 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .24 | .18 | .21 | .13 |
Net realized and unrealized gain (loss) | 1.17 | 1.85 | .38 | 1.60 |
Total from investment operations | 1.41 | 2.03 | .59 | 1.73 |
Distributions from net investment income | (.21) | (.14) | (.17) | (.10) |
Distributions from net realized gain | (.33) | (.07) | - | - |
Total distributions | (.54) H | (.21) | (.17) | (.10) |
Net asset value, end of period | $ 14.74 | $ 13.87 | $ 12.05 | $ 11.63 |
Total Return B, C | 10.36% | 16.99% | 5.07% | 17.34% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 1.73% | 1.43% | 1.75% | 1.78% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 19,197 | $ 7,227 | $ 4,474 | $ 294 |
Portfolio turnover rate | 7% | 4% | 3% | 3% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period July 24, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
H Total distributions of $.535 per share is comprised of distributions from net investment income of $.210 and distributions from net realized gain of $.325 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 14.2 | 14.9 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.2 | 8.3 |
Fidelity Advisor Equity Income Fund Institutional Class | 14.5 | 14.8 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.9 | 11.1 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.9 | 11.0 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 5.6 | 5.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 4.2 | 4.1 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 68.6 | 69.6 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 9.7 | 9.6 |
Fidelity Advisor Overseas Fund Institutional Class | 9.8 | 9.6 |
| 19.5 | 19.2 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 10.1 | 9.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 0.8 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.7 | 0.6 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.3 | 0.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.0 | 0.0 |
Fidelity Advisor Government Investment Fund Institutional Class | 0.0 | 0.6 |
| 1.8 | 1.3 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 68.6% | |
| International Equity Funds | 19.5% | |
| Investment Grade Fixed-Income Funds | 1.8% | |
| High Yield Fixed-Income Funds | 10.1% | |
Six months ago |
| Domestic Equity Funds | 69.6% | |
| International Equity Funds | 19.2% | |
| Investment Grade Fixed-Income Funds | 1.3% | |
| High Yield Fixed-Income Funds | 9.9% | |
Expected |
| Domestic Equity Funds | 68.5% | |
| International Equity Funds | 17.9% | |
| Investment Grade Fixed-Income Funds | 3.6% | |
| High Yield Fixed-Income Funds | 10.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 88.1% |
| Shares | | Value |
Domestic Equity Funds - 68.6% |
Fidelity 100 Index Fund | 1,883 | | $ 18,788 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 189,615 | | 2,574,978 |
Fidelity Advisor Equity Growth Fund Institutional Class | 26,864 | | 1,475,122 |
Fidelity Advisor Equity Income Fund Institutional Class | 85,338 | | 2,615,606 |
Fidelity Advisor Growth & Income Fund Institutional Class | 98,658 | | 1,970,202 |
Fidelity Advisor Large Cap Fund Institutional Class | 100,783 | | 1,968,291 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 38,623 | | 1,018,477 |
Fidelity Advisor Small Cap Fund Institutional Class | 30,554 | | 758,971 |
Fidelity Small Cap Opportunities Fund | 95 | | 948 |
TOTAL DOMESTIC EQUITY FUNDS | | 12,401,383 |
International Equity Funds - 19.5% |
Fidelity Advisor Diversified International Fund Institutional Class | 72,707 | | 1,753,702 |
Fidelity Advisor Overseas Fund Institutional Class | 76,415 | | 1,770,535 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 3,524,237 |
TOTAL EQUITY FUNDS (Cost $15,702,398) | 15,925,620 |
Fixed-Income Funds - 11.9% |
| | | |
High Yield Fixed-Income Funds - 10.1% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 175,610 | | 1,814,048 |
Investment Grade Fixed-Income Funds - 1.8% |
Fidelity Advisor Government Income Fund Institutional Class | 13,798 | | 139,081 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 12,772 | | 138,959 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4,866 | | 50,603 |
Fidelity Advisor Total Bond Fund Institutional Class | 71 | | 741 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 329,384 |
TOTAL FIXED-INCOME FUNDS (Cost $2,115,028) | 2,143,432 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $17,817,426) | $ 18,069,052 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $17,817,426) - See accompanying schedule | | $ 18,069,052 |
Receivable for investments sold | | 10,505 |
Receivable for fund shares sold | | 113,346 |
Total assets | | 18,192,903 |
| | |
Liabilities | | |
Payable for investments purchased | $ 109,155 | |
Payable for fund shares redeemed | 14,562 | |
Distribution fees payable | 4,723 | |
Total liabilities | | 128,440 |
| | |
Net Assets | | $ 18,064,463 |
Net Assets consist of: | | |
Paid in capital | | $ 17,672,042 |
Undistributed net investment income | | 7,369 |
Accumulated undistributed net realized gain (loss) on investments | | 133,426 |
Net unrealized appreciation (depreciation) on investments | | 251,626 |
Net Assets | | $ 18,064,463 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($12,549,944 ÷ 1,135,783 shares) | | $ 11.05 |
| | |
Maximum offering price per share (100/94.25 of $11.05) | | $ 11.72 |
Class T:
Net Asset Value and redemption price per share ($3,339,178 ÷ 302,735 shares) | | $ 11.03 |
| | |
Maximum offering price per share (100/96.50 of $11.03) | | $ 11.43 |
Class B:
Net Asset Value and offering price per share ($776,261 ÷ 70,490 shares)A | | $ 11.01 |
| | |
Class C:
Net Asset Value and offering price per share ($769,632 ÷ 69,924 shares)A | | $ 11.01 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($629,448 ÷ 56,873 shares) | | $ 11.07 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| For the period June 1, 2006 (commencement of operations) to March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 58,091 |
| | |
Expenses | | |
Distribution fees | $ 15,455 | |
Independent trustees' compensation | 7 | |
Total expenses before reductions | 15,462 | |
Expense reductions | (7) | 15,455 |
Net investment income (loss) | | 42,636 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (4,170) | |
Capital gain distributions from underlying funds | 163,158 | 158,988 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 251,626 |
Net gain (loss) | | 410,614 |
Net increase (decrease) in net assets resulting from operations | | $ 453,250 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2045 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
June 1, 2006
(commencement of
operations) to
March 31, 2007 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 42,636 |
Net realized gain (loss) | 158,988 |
Change in net unrealized appreciation (depreciation) | 251,626 |
Net increase (decrease) in net assets resulting from operations | 453,250 |
Distributions to shareholders from net investment income | (35,267) |
Distributions to shareholders from net realized gain | (25,563) |
Total distributions | (60,830) |
Share transactions - net increase (decrease) | 17,672,043 |
Total increase (decrease) in net assets | 18,064,463 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $7,369) | $ 18,064,463 |
Financial Highlights - Class A
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .12 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.18 |
Distributions from net investment income | (.08) |
Distributions from net realized gain | (.05) |
Total distributions | (.13) |
Net asset value, end of period | $ 11.05 |
Total Return B, C, D | 11.78% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | .25% A |
Expenses net of fee waivers, if any | .25% A |
Expenses net of all reductions | .25% A |
Net investment income (loss) | 1.31% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 12,550 |
Portfolio turnover rate | 16% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .09 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.15 |
Distributions from net investment income | (.07) |
Distributions from net realized gain | (.05) |
Total distributions | (.12) |
Net asset value, end of period | $ 11.03 |
Total Return B, C, D | 11.53% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | .50% A |
Expenses net of fee waivers, if any | .50% A |
Expenses net of all reductions | .50% A |
Net investment income (loss) | 1.06% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 3,339 |
Portfolio turnover rate | 16% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Class B
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .05 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.11 |
Distributions from net investment income | (.05) |
Distributions from net realized gain | (.05) |
Total distributions | (.10) |
Net asset value, end of period | $ 11.01 |
Total Return B, C, D | 11.09% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 1.00% A |
Expenses net of fee waivers, if any | 1.00% A |
Expenses net of all reductions | 1.00% A |
Net investment income (loss) | .56% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 776 |
Portfolio turnover rate | 16% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .05 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.11 |
Distributions from net investment income | (.05) |
Distributions from net realized gain | (.05) |
Total distributions | (.10) |
Net asset value, end of period | $ 11.01 |
Total Return B, C, D | 11.08% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 1.00% A |
Expenses net of fee waivers, if any | 1.00% A |
Expenses net of all reductions | 1.00% A |
Net investment income (loss) | .56% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 770 |
Portfolio turnover rate | 16% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Institutional Class
Period ended March 31, | 2007 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .14 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.20 |
Distributions from net investment income | (.08) |
Distributions from net realized gain | (.05) |
Total distributions | (.13) |
Net asset value, end of period | $ 11.07 |
Total Return B, C | 12.02% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | .00% A |
Expenses net of fee waivers, if any | .00% A |
Expenses net of all reductions | .00% A |
Net investment income (loss) | 1.56% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 629 |
Portfolio turnover rate | 16% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period June 1, 2006 (commencement of operations) to March 31, 2007.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 14.1 | 15.0 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.2 | 8.4 |
Fidelity Advisor Equity Income Fund Institutional Class | 14.4 | 14.9 |
Fidelity Advisor Growth & Income Fund Institutional Class | 11.1 | 11.3 |
Fidelity Advisor Large Cap Fund Institutional Class | 11.1 | 11.2 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 5.8 | 5.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 4.3 | 4.1 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
| 69.1 | 70.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 10.2 | 9.8 |
Fidelity Advisor Overseas Fund Institutional Class | 10.3 | 9.9 |
| 20.5 | 19.7 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 10.1 | 9.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 0.2 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.1 | 0.0 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.0 | 0.0 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.0 | 0.0 |
| 0.3 | 0.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 69.1% | |
| International Equity Funds | 20.5% | |
| Investment Grade Fixed-Income Funds | 0.3% | |
| High Yield Fixed-Income Funds | 10.1% | |
Six months ago |
| Domestic Equity Funds | 70.4% | |
| International Equity Funds | 19.7% | |
| Investment Grade Fixed-Income Funds | 0.0% | |
| High Yield Fixed-Income Funds | 9.9% | |
Expected |
| Domestic Equity Funds | 69.6% | |
| International Equity Funds | 20.0% | |
| Investment Grade Fixed-Income Funds | 0.4% | |
| High Yield Fixed-Income Funds | 10.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 89.6% |
| Shares | | Value |
Domestic Equity Funds - 69.1% |
Fidelity 100 Index Fund | 2,061 | | $ 20,568 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 209,347 | | 2,842,928 |
Fidelity Advisor Equity Growth Fund Institutional Class | 30,172 | | 1,656,771 |
Fidelity Advisor Equity Income Fund Institutional Class | 94,410 | | 2,893,677 |
Fidelity Advisor Growth & Income Fund Institutional Class | 111,561 | | 2,227,871 |
Fidelity Advisor Large Cap Fund Institutional Class | 114,148 | | 2,229,315 |
Fidelity Advisor Mid-Cap Fund Institutional Class | 43,992 | | 1,160,080 |
Fidelity Advisor Small Cap Fund Institutional Class | 34,686 | | 861,600 |
Fidelity Small Cap Opportunities Fund | 254 | | 2,530 |
TOTAL DOMESTIC EQUITY FUNDS | | 13,895,340 |
International Equity Funds - 20.5% |
Fidelity Advisor Diversified International Fund Institutional Class | 85,019 | | 2,050,652 |
Fidelity Advisor Overseas Fund Institutional Class | 89,372 | | 2,070,755 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 4,121,407 |
TOTAL EQUITY FUNDS (Cost $17,669,081) | 18,016,747 |
Fixed-Income Funds - 10.4% |
| | | |
High Yield Fixed-Income Funds - 10.1% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 195,526 | | 2,019,779 |
Investment Grade Fixed-Income Funds - 0.3% |
Fidelity Advisor Government Income Fund Institutional Class | 3,043 | | 30,671 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 2,819 | | 30,670 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 15 | | 155 |
Fidelity Advisor Total Bond Fund Institutional Class | 17 | | 181 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 61,677 |
TOTAL FIXED-INCOME FUNDS (Cost $2,034,148) | 2,081,456 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $19,703,229) | $ 20,098,203 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $19,703,229) - See accompanying schedule | | $ 20,098,203 |
Cash | | 1 |
Receivable for investments sold | | 8,957 |
Receivable for fund shares sold | | 286,972 |
Total assets | | 20,394,133 |
| | |
Liabilities | | |
Payable for investments purchased | $ 293,821 | |
Payable for fund shares redeemed | 2,095 | |
Distribution fees payable | 5,768 | |
Total liabilities | | 301,684 |
| | |
Net Assets | | $ 20,092,449 |
Net Assets consist of: | | |
Paid in capital | | $ 19,481,763 |
Undistributed net investment income | | 5,602 |
Accumulated undistributed net realized gain (loss) on investments | | 210,110 |
Net unrealized appreciation (depreciation) on investments | | 394,974 |
Net Assets | | $ 20,092,449 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($12,906,853 ÷ 1,169,198 shares) | | $ 11.04 |
| | |
Maximum offering price per share (100/94.25 of $11.04) | | $ 11.71 |
Class T:
Net Asset Value and redemption price per share ($3,519,549 ÷ 319,322 shares) | | $ 11.02 |
| | |
Maximum offering price per share (100/96.50 of $11.02) | | $ 11.42 |
Class B:
Net Asset Value and offering price per share ($1,177,015 ÷ 107,023 shares)A | | $ 11.00 |
| | |
Class C:
Net Asset Value and offering price per share ($1,507,382 ÷ 137,077 shares)A | | $ 11.00 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($981,650 ÷ 88,776 shares) | | $ 11.06 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| For the period June 1, 2006 (commencement of operations) to March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 82,997 |
| | |
Expenses | | |
Distribution fees | $ 20,365 | |
Independent trustees' compensation | 11 | |
Total expenses before reductions | 20,376 | |
Expense reductions | (11) | 20,365 |
Net investment income (loss) | | 62,632 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (3,368) | |
Capital gain distributions from underlying funds | 254,837 | 251,469 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 394,974 |
Net gain (loss) | | 646,443 |
Net increase (decrease) in net assets resulting from operations | | $ 709,075 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2050 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
June 1, 2006
(commencement of
operations) to
March 31, 2007 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 62,632 |
Net realized gain (loss) | 251,469 |
Change in net unrealized appreciation (depreciation) | 394,974 |
Net increase (decrease) in net assets resulting from operations | 709,075 |
Distributions to shareholders from net investment income | (57,030) |
Distributions to shareholders from net realized gain | (41,358) |
Total distributions | (98,388) |
Share transactions - net increase (decrease) | 19,481,762 |
Total increase (decrease) in net assets | 20,092,449 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $5,602) | $ 20,092,449 |
Financial Highlights - Class A
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .13 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.19 |
Distributions from net investment income | (.09) |
Distributions from net realized gain | (.06) |
Total distributions | (.15) |
Net asset value, end of period | $ 11.04 |
Total Return B, C, D | 11.91% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | .25% A |
Expenses net of fee waivers, if any | .25% A |
Expenses net of all reductions | .25% A |
Net investment income (loss) | 1.45% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 12,907 |
Portfolio turnover rate | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .11 |
Net realized and unrealized gain (loss) | 1.05 |
Total from investment operations | 1.16 |
Distributions from net investment income | (.08) |
Distributions from net realized gain | (.06) |
Total distributions | (.14) |
Net asset value, end of period | $ 11.02 |
Total Return B, C, D | 11.64% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | .50% A |
Expenses net of fee waivers, if any | .50% A |
Expenses net of all reductions | .50% A |
Net investment income (loss) | 1.20% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 3,520 |
Portfolio turnover rate | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Class B
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .06 |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.13 |
Distributions from net investment income | (.07) |
Distributions from net realized gain | (.06) |
Total distributions | (.13) |
Net asset value, end of period | $ 11.00 |
Total Return B, C, D | 11.31% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 1.00% A |
Expenses net of fee waivers, if any | 1.00% A |
Expenses net of all reductions | 1.00% A |
Net investment income (loss) | .70% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,177 |
Portfolio turnover rate | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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
Period ended March 31, | 2007 G |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .06 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.12 |
Distributions from net investment income | (.06) |
Distributions from net realized gain | (.06) |
Total distributions | (.12) |
Net asset value, end of period | $ 11.00 |
Total Return B, C, D | 11.25% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 1.00% A |
Expenses net of fee waivers, if any | 1.00% A |
Expenses net of all reductions | 1.00% A |
Net investment income (loss) | .70% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,507 |
Portfolio turnover rate | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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, 2006 (commencement of operations) to March 31, 2007.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Institutional Class
Period ended March 31, | 2007 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .15 |
Net realized and unrealized gain (loss) | 1.06 |
Total from investment operations | 1.21 |
Distributions from net investment income | (.09) |
Distributions from net realized gain | (.06) |
Total distributions | (.15) |
Net asset value, end of period | $ 11.06 |
Total Return B, C | 12.16% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | .00% A |
Expenses net of fee waivers, if any | .00% A |
Expenses net of all reductions | .00% A |
Net investment income (loss) | 1.70% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 982 |
Portfolio turnover rate | 4% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period June 1, 2006 (commencement of operations) to March 31, 2007.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class 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 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
Notes to Financial Statements
For the period ended March 31, 2007
1. Organization.
Fidelity Advisor Freedom Income Fund, Advisor Freedom 2005 Fund, Advisor Freedom 2010 Fund, Advisor Freedom 2015 Fund, Advisor Freedom 2020 Fund, Advisor Freedom 2025 Fund, Advisor Freedom 2030 Fund, Advisor Freedom 2035 Fund, Advisor Freedom 2040 Fund, Advisor Freedom 2045 Fund and Advisor Freedom 2050 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, fixed income, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR). Advisor Freedom 2045 Fund and Advisor Freedom 2050 Fund commenced operations on June 1, 2006. Each Fund offers Class A, Class T, Class B, Class C, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. 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. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions also differ by class. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements.
2. Significant Accounting Policies.
The following summarizes the significant accounting policies of the Funds:
Security Valuation. Net asset value per share is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Investments in the Underlying Funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.
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 for processing shareholder transactions 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. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. 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 by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Distributions are 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 generally accepted accounting principles.
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain capital 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 tax-basis components of distributable earnings and the federal tax cost as of period end were as follows for each Fund:
| Cost for Federal
Income Tax Purposes | Unrealized
Appreciation | Unrealized
Depreciation | Net Unrealized
Appreciation/
(Depreciation) |
Advisor Freedom Income | $ 107,629,911 | $ 3,578,489 | $ (657,010) | $ 2,921,479 |
Advisor Freedom 2005 | 81,870,199 | 4,644,159 | (272,827) | 4,371,332 |
Advisor Freedom 2010 | 511,761,141 | 38,352,310 | (2,604,540) | 35,747,770 |
Advisor Freedom 2015 | 576,491,594 | 41,412,923 | (2,134,651) | 39,278,272 |
Advisor Freedom 2020 | 1,047,750,940 | 108,017,675 | (3,281,073) | 104,736,602 |
Advisor Freedom 2025 | 506,617,557 | 40,156,737 | (1,543,056) | 38,613,681 |
Advisor Freedom 2030 | 688,741,863 | 74,170,779 | (1,715,821) | 72,454,958 |
Advisor Freedom 2035 | 258,940,101 | 20,955,174 | (777,306) | 20,177,868 |
Advisor Freedom 2040 | 545,136,608 | 60,877,529 | (1,091,904) | 59,785,625 |
Advisor Freedom 2045 | 17,817,449 | 336,176 | (84,573) | 251,603 |
Advisor Freedom 2050 | 19,703,327 | 476,953 | (82,077) | 394,876 |
| Undistributed
Ordinary Income | Undistributed
Long-term Capital Gain |
Advisor Freedom Income | $ 370,471 | $ 435,941 |
Advisor Freedom 2005 | 327,028 | 846,181 |
Advisor Freedom 2010 | 2,201,437 | 6,040,114 |
Advisor Freedom 2015 | 2,008,764 | 9,055,258 |
Advisor Freedom 2020 | 2,676,710 | 19,445,379 |
Advisor Freedom 2025 | 1,195,028 | 9,394,053 |
Advisor Freedom 2030 | 1,143,438 | 15,638,456 |
Advisor Freedom 2035 | 341,723 | 5,544,199 |
Advisor Freedom 2040 | 862,821 | 12,879,341 |
Advisor Freedom 2045 | 12,217 | 128,602 |
Advisor Freedom 2050 | 12,614 | 203,196 |
The tax character of distributions paid was as follows:
March 31, 2007 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 2,738,533 | $ 435,586 | $ 3,174,119 |
Advisor Freedom 2005 | 1,379,493 | 529,238 | 1,908,731 |
Advisor Freedom 2010 | 10,809,995 | 4,869,805 | 15,679,800 |
Advisor Freedom 2015 | 10,658,643 | 4,689,333 | 15,347,976 |
Advisor Freedom 2020 | 19,829,363 | 13,558,440 | 33,387,803 |
Advisor Freedom 2025 | 7,571,599 | 4,519,776 | 12,091,375 |
Advisor Freedom 2030 | 10,595,472 | 7,971,409 | 18,566,881 |
Advisor Freedom 2035 | 3,480,235 | 2,192,065 | 5,672,300 |
Advisor Freedom 2040 | 8,552,165 | 6,365,609 | 14,917,774 |
Advisor Freedom 2045 | 60,830 | - | 60,830 |
Advisor Freedom 2050 | 98,388 | - | 98,388 |
March 31, 2006 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 1,513,067 | $ 144,130 | $ 1,657,197 |
Advisor Freedom 2005 | 621,106 | 89,791 | 710,897 |
Advisor Freedom 2010 | 5,639,391 | 775,835 | 6,415,226 |
Advisor Freedom 2015 | 3,990,749 | 477,777 | 4,468,526 |
Advisor Freedom 2020 | 7,886,283 | 1,712,913 | 9,599,196 |
Advisor Freedom 2025 | 2,446,690 | 248,535 | 2,695,225 |
Advisor Freedom 2030 | 3,352,916 | 826,847 | 4,179,763 |
Advisor Freedom 2035 | 889,584 | 93,495 | 983,079 |
Advisor Freedom 2040 | 2,735,694 | 451,252 | 3,186,946 |
Annual Report
2. Significant Accounting Policies - continued
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Funds' net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds' financial statement disclosures.
3. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits certain Funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Certain Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Each applicable Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
4. Purchases and Sales of Investments.
Purchases and redemptions of the underlying fund shares are noted in the table below.
| Purchases ($) | Redemptions ($) |
Advisor Freedom Income | 70,993,402 | 32,923,468 |
Advisor Freedom 2005 | 58,721,925 | 17,561,248 |
Advisor Freedom 2010 | 254,415,815 | 96,038,629 |
Advisor Freedom 2015 | 297,023,186 | 50,485,181 |
Advisor Freedom 2020 | 491,150,371 | 115,989,654 |
Advisor Freedom 2025 | 272,165,828 | 10,375,133 |
Advisor Freedom 2030 | 344,156,977 | 45,398,905 |
Advisor Freedom 2035 | 153,702,980 | 9,453,328 |
Advisor Freedom 2040 | 264,805,828 | 34,153,677 |
Advisor Freedom 2045 | 18,575,226 | 753,631 |
Advisor Freedom 2050 | 19,931,305 | 224,708 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Strategic Advisers, Inc. (Strategic Advisers), an affiliate of FMR, provides the Funds with investment management related services. The Funds do not pay any fees for these services.
Other Transactions. Strategic Advisers 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.
Annual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, 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 and the total amounts paid to and retained by FDC were as follows:
Advisor Freedom Income | Distribution
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 76,769 | $ 19,900 |
Class T | .25% | .25% | 176,991 | - |
Class B | .75% | .25% | 49,100 | 36,850 |
Class C | .75% | .25% | 131,244 | 20,798 |
| | | $ 434,104 | $ 77,548 |
Advisor Freedom 2005 | | | | |
Class A | 0% | .25% | $ 66,565 | $ 22,393 |
Class T | .25% | .25% | 83,297 | 536 |
Class B | .75% | .25% | 39,725 | 30,224 |
Class C | .75% | .25% | 85,612 | 25,171 |
| | | $ 275,199 | $ 78,324 |
Advisor Freedom 2010 | | | | |
Class A | 0% | .25% | $ 438,752 | $ 64,133 |
Class T | .25% | .25% | 844,529 | 377 |
Class B | .75% | .25% | 339,274 | 254,613 |
Class C | .75% | .25% | 423,541 | 104,053 |
| | | $ 2,046,096 | $ 423,176 |
Advisor Freedom 2015 | | | | |
Class A | 0% | .25% | $ 483,977 | $ 81,044 |
Class T | .25% | .25% | 747,766 | - |
Class B | .75% | .25% | 377,662 | 283,485 |
Class C | .75% | .25% | 450,831 | 155,153 |
| | | $ 2,060,236 | $ 519,682 |
Advisor Freedom 2020 | | | | |
Class A | 0% | .25% | $ 924,007 | $ 161,448 |
Class T | .25% | .25% | 1,810,210 | - |
Class B | .75% | .25% | 777,356 | 583,661 |
Class C | .75% | .25% | 716,978 | 172,266 |
| | | $ 4,228,551 | $ 917,375 |
Advisor Freedom 2025 | | | | |
Class A | 0% | .25% | $ 478,951 | $ 104,462 |
Class T | .25% | .25% | 568,490 | - |
Class B | .75% | .25% | 319,289 | 239,862 |
Class C | .75% | .25% | 256,037 | 74,399 |
| | | $ 1,622,767 | $ 418,723 |
Advisor Freedom 2030 | | | | |
Class A | 0% | .25% | $ 562,314 | $ 108,587 |
Class T | .25% | .25% | 1,149,158 | - |
Class B | .75% | .25% | 494,040 | 371,060 |
Class C | .75% | .25% | 455,161 | 124,605 |
| | | $ 2,660,673 | $ 604,252 |
Advisor Freedom 2035 | | | | |
Class A | 0% | .25% | $ 213,537 | $ 52,620 |
Class T | .25% | .25% | 310,691 | 41 |
Class B | .75% | .25% | 188,928 | 141,956 |
Class C | .75% | .25% | 153,349 | 56,878 |
| | | $ 866,505 | $ 251,495 |
Annual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
Advisor Freedom 2040 | Distribution
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 463,654 | $ 80,082 |
Class T | .25% | .25% | 868,759 | - |
Class B | .75% | .25% | 387,735 | 291,287 |
Class C | .75% | .25% | 459,309 | 125,308 |
| | | $ 2,179,457 | $ 496,677 |
Advisor Freedom 2045 | | | | |
Class A | 0% | .25% | $ 5,225 | $ 3,869 |
Class T | .25% | .25% | 4,301 | 335 |
Class B | .75% | .25% | 2,916 | 2,396 |
Class C | .75% | .25% | 3,013 | 2,006 |
| | | $ 15,455 | $ 8,606 |
Advisor Freedom 2050 | | | | |
Class A | 0% | .25% | $ 7,201 | $ 5,009 |
Class T | .25% | .25% | 4,172 | 370 |
Class B | .75% | .25% | 3,795 | 3,049 |
Class C | .75% | .25% | 5,197 | 3,969 |
| | | $ 20,365 | $ 12,397 |
Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% 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 | $ 21,340 |
Class T | 6,319 |
Class B* | 12,417 |
Class C* | 3,174 |
| $ 43,250 |
| |
Advisor Freedom 2005 | |
Class A | $ 15,465 |
Class T | 4,148 |
Class B* | 12,098 |
Class C* | 2,198 |
| $ 33,909 |
| |
Advisor Freedom 2010 | |
Class A | $ 79,260 |
Class T | 17,824 |
Class B* | 91,403 |
Class C* | 6,462 |
| $ 194,949 |
| |
Advisor Freedom 2015 | |
Class A | $ 144,711 |
Class T | 33,824 |
Class B* | 65,569 |
Class C* | 8,481 |
| $ 252,585 |
| |
Annual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
Advisor Freedom 2020 | Retained
by FDC |
Class A | $ 224,779 |
Class T | 50,459 |
Class B* | 188,859 |
Class C* | 13,684 |
| $ 477,781 |
| |
Advisor Freedom 2025 | |
Class A | $ 142,938 |
Class T | 34,233 |
Class B* | 92,939 |
Class C* | 4,494 |
| $ 274,604 |
| |
Advisor Freedom 2030 | |
Class A | $ 152,754 |
Class T | 36,947 |
Class B* | 126,015 |
Class C* | 7,261 |
| $ 322,977 |
| |
Advisor Freedom 2035 | |
Class A | $ 95,430 |
Class T | 18,943 |
Class B* | 54,848 |
Class C* | 3,809 |
| $ 173,030 |
| |
Advisor Freedom 2040 | |
Class A | $ 167,699 |
Class T | 32,320 |
Class B* | 130,102 |
Class C* | 9,619 |
| $ 339,740 |
| |
Advisor Freedom 2045 | |
Class A | $ 5,719 |
Class T | 1,126 |
Class B* | 236 |
Class C* | 68 |
| $ 7,149 |
| |
Advisor Freedom 2050 | |
Class A | $ 12,723 |
Class T | 2,791 |
Class B* | 561 |
Class C* | 8 |
| $ 16,083 |
* 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
6. Expense Reductions.
FMR voluntarily agreed to reimburse 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
from adviser |
Advisor Freedom Income | | |
Class A | .25% | $ 103 |
Class T | .50% | 119 |
Class B | 1.00% | 16 |
Class C | 1.00% | 44 |
Institutional Class | .00% | 5 |
Advisor Freedom 2005 | | |
Class A | .25% | 85 |
Class T | .50% | 54 |
Class B | 1.00% | 13 |
Class C | 1.00% | 28 |
Institutional Class | .00% | 7 |
Advisor Freedom 2010 | | |
Class A | .25% | 591 |
Class T | .50% | 567 |
Class B | 1.00% | 114 |
Class C | 1.00% | 142 |
Institutional Class | .00% | 44 |
Advisor Freedom 2015 | | |
Class A | .25% | 637 |
Class T | .50% | 491 |
Class B | 1.00% | 124 |
Class C | 1.00% | 148 |
Institutional Class | .00% | 108 |
Advisor Freedom 2020 | | |
Class A | .25% | 1,234 |
Class T | .50% | 1,207 |
Class B | 1.00% | 259 |
Class C | 1.00% | 239 |
Institutional Class | .00% | 88 |
Advisor Freedom 2025 | | |
Class A | .25% | 618 |
Class T | .50% | 367 |
Class B | 1.00% | 103 |
Class C | 1.00% | 83 |
Institutional Class | .00% | 27 |
Advisor Freedom 2030 | | |
Class A | .25% | 740 |
Class T | .50% | 756 |
Class B | 1.00% | 162 |
Class C | 1.00% | 150 |
Institutional Class | .00% | 49 |
Annual Report
Notes to Financial Statements - continued
6. Expense Reductions - continued
| Expense
Limitations | Reimbursement
from adviser |
Advisor Freedom 2035 | | |
Class A | .25% | $ 273 |
Class T | .50% | 198 |
Class B | 1.00% | 60 |
Class C | 1.00% | 49 |
Institutional Class | .00% | 12 |
Advisor Freedom 2040 | | |
Class A | .25% | 611 |
Class T | .50% | 572 |
Class B | 1.00% | 128 |
Class C | 1.00% | 151 |
Institutional Class | .00% | 39 |
Advisor Freedom 2045 | | |
Class A | .25% | 4 |
Class T | .50% | 2 |
Class B | 1.00% | 1 |
Class C | 1.00% | - |
Institutional Class | .00% | - |
Advisor Freedom 2050 | | |
Class A | .25% | 6 |
Class T | .50% | 2 |
Class B | 1.00% | 1 |
Class C | 1.00% | 1 |
Institutional Class | .00% | 1 |
7. 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 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 Large Cap Fund | 41% |
Fidelity Advisor Growth & Income Fund | 26% |
Fidelity Advisor Overseas Fund | 26% |
Fidelity Advisor Intermediate Bond Fund | 24% |
During the period, the Funds' transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Funds that the Funds' books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Funds' reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Funds. FIIOC is in the process of determining appropriate remediation to affected shareholder accounts.
Annual Report
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Years ended March 31, |
| 2007 | 2006 |
Advisor Freedom Income | | |
From net investment income | | |
Class A | $ 1,002,334 | $ 360,423 |
Class T | 1,094,267 | 716,147 |
Class B | 127,152 | 85,800 |
Class C | 340,423 | 263,465 |
Institutional Class | 52,530 | 29,580 |
Total | $ 2,616,706 | $ 1,455,415 |
From net realized gain | | |
Class A | $ 159,694 | $ 35,475 |
Class T | 250,213 | 101,688 |
Class B | 37,002 | 15,014 |
Class C | 101,597 | 47,334 |
Institutional Class | 8,907 | 2,271 |
Total | $ 557,413 | $ 201,782 |
Advisor Freedom 2005 | | |
From net investment income | | |
Class A | $ 605,813 | $ 206,518 |
Class T | 313,704 | 208,572 |
Class B | 49,294 | 38,357 |
Class C | 113,001 | 78,865 |
Institutional Class | 47,174 | 27,052 |
Total | $ 1,128,986 | $ 559,364 |
From net realized gain | | |
Class A | $ 315,950 | $ 40,250 |
Class T | 248,166 | 62,014 |
Class B | 62,256 | 14,837 |
Class C | 128,211 | 29,953 |
Institutional Class | 25,162 | 4,479 |
Total | $ 779,745 | $ 151,533 |
Advisor Freedom 2010 | | |
From net investment income | | |
Class A | $ 3,995,531 | $ 2,171,009 |
Class T | 3,440,551 | 2,009,465 |
Class B | 495,075 | 367,156 |
Class C | 652,244 | 407,816 |
Institutional Class | 345,085 | 180,656 |
Total | $ 8,928,486 | $ 5,136,102 |
From net realized gain | | |
Class A | $ 2,696,358 | $ 441,149 |
Class T | 2,598,359 | 514,332 |
Class B | 569,438 | 144,772 |
Class C | 682,976 | 147,544 |
Institutional Class | 204,183 | 31,327 |
Total | $ 6,751,314 | $ 1,279,124 |
Annual Report
Notes to Financial Statements - continued
8. Distributions to Shareholders - continued
| Years ended March 31, |
| 2007 | 2006 |
Advisor Freedom 2015 | | |
From net investment income | | |
Class A | $ 4,043,265 | $ 1,356,176 |
Class T | 2,579,826 | 1,245,899 |
Class B | 470,817 | 232,461 |
Class C | 606,365 | 245,384 |
Institutional Class | 705,795 | 257,756 |
Total | $ 8,406,068 | $ 3,337,676 |
From net realized gain | | |
Class A | $ 2,739,513 | $ 361,841 |
Class T | 2,384,892 | 431,884 |
Class B | 622,101 | 129,149 |
Class C | 694,561 | 130,303 |
Institutional Class | 500,841 | 77,673 |
Total | $ 6,941,908 | $ 1,130,850 |
Advisor Freedom 2020 | | |
From net investment income | | |
Class A | $ 6,850,858 | $ 2,883,663 |
Class T | 5,698,586 | 2,628,309 |
Class B | 810,487 | 420,463 |
Class C | 784,767 | 364,285 |
Institutional Class | 538,403 | 243,104 |
Total | $ 14,683,101 | $ 6,539,824 |
From net realized gain | | |
Class A | $ 7,537,514 | $ 1,061,003 |
Class T | 7,396,310 | 1,308,678 |
Class B | 1,713,469 | 326,977 |
Class C | 1,527,861 | 276,300 |
Institutional Class | 529,548 | 86,414 |
Total | $ 18,704,702 | $ 3,059,372 |
Advisor Freedom 2025 | | |
From net investment income | | |
Class A | $ 3,125,692 | $ 1,121,310 |
Class T | 1,560,568 | 596,908 |
Class B | 278,660 | 141,241 |
Class C | 229,679 | 106,449 |
Institutional Class | 152,090 | 40,310 |
Total | $ 5,346,689 | $ 2,006,218 |
From net realized gain | | |
Class A | $ 3,415,791 | $ 347,287 |
Class T | 2,067,705 | 210,648 |
Class B | 626,709 | 67,889 |
Class C | 496,499 | 51,620 |
Institutional Class | 137,982 | 11,563 |
Total | $ 6,744,686 | $ 689,007 |
Annual Report
8. Distributions to Shareholders - continued
| Years ended March 31, |
| 2007 | 2006 |
Advisor Freedom 2030 | | |
From net investment income | | |
Class A | $ 3,346,670 | $ 1,047,937 |
Class T | 2,694,894 | 974,321 |
Class B | 337,549 | 133,986 |
Class C | 318,345 | 126,130 |
Institutional Class | 235,961 | 94,967 |
Total | $ 6,933,419 | $ 2,377,341 |
From net realized gain | | |
Class A | $ 4,490,893 | $ 622,840 |
Class T | 4,779,075 | 768,934 |
Class B | 1,090,033 | 191,018 |
Class C | 983,447 | 157,380 |
Institutional Class | 290,014 | 62,250 |
Total | $ 11,633,462 | $ 1,802,422 |
Advisor Freedom 2035 | | |
From net investment income | | |
Class A | $ 1,192,816 | $ 336,621 |
Class T | 710,451 | 271,292 |
Class B | 137,177 | 62,536 |
Class C | 115,447 | 46,277 |
Institutional Class | 54,126 | 16,641 |
Total | $ 2,210,017 | $ 733,367 |
From net realized gain | | |
Class A | $ 1,548,250 | $ 92,405 |
Class T | 1,184,405 | 90,299 |
Class B | 371,468 | 36,328 |
Class C | 297,049 | 27,177 |
Institutional Class | 61,111 | 3,503 |
Total | $ 3,462,283 | $ 249,712 |
Advisor Freedom 2040 | | |
From net investment income | | |
Class A | $ 2,619,392 | $ 950,126 |
Class T | 2,038,155 | 792,429 |
Class B | 289,047 | 121,700 |
Class C | 344,514 | 148,642 |
Institutional Class | 183,929 | 62,803 |
Total | $ 5,475,037 | $ 2,075,700 |
From net realized gain | | |
Class A | $ 3,781,697 | $ 407,878 |
Class T | 3,639,201 | 422,998 |
Class B | 826,884 | 116,257 |
Class C | 978,964 | 134,587 |
Institutional Class | 215,991 | 29,526 |
Total | $ 9,442,737 | $ 1,111,246 |
Annual Report
Notes to Financial Statements - continued
8. Distributions to Shareholders - continued
| Years ended March 31, |
| 2007 | 2006 |
Advisor Freedom 2045A | | |
From net investment income | | |
Class A | $ 17,761 | $ - |
Class T | 11,873 | - |
Class B | 1,977 | - |
Class C | 2,080 | - |
Institutional Class | 1,576 | - |
Total | $ 35,267 | $ - |
From net realized gain | | |
Class A | $ 11,838 | $ - |
Class T | 8,362 | - |
Class B | 2,103 | - |
Class C | 2,262 | - |
Institutional Class | 998 | - |
Total | $ 25,563 | $ - |
Advisor Freedom 2050A | | |
From net investment income | | |
Class A | $ 36,386 | $ - |
Class T | 8,564 | - |
Class B | 4,114 | - |
Class C | 4,848 | - |
Institutional Class | 3,118 | - |
Total | $ 57,030 | $ - |
From net realized gain | | |
Class A | $ 24,808 | $ - |
Class T | 6,344 | - |
Class B | 3,578 | - |
Class C | 4,617 | - |
Institutional Class | 2,011 | - |
Total | $ 41,358 | $ - |
A For the period June 1, 2006 (commencement of operations) to March 31, 2007.
Annual Report
9. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2007 | 2006 | 2007 | 2006 |
Advisor Freedom Income | | | | |
Class A | | | | |
Shares sold | 3,998,819 | 1,248,334 | $ 42,215,890 | $ 13,023,137 |
Reinvestment of distributions | 102,485 | 34,742 | 1,078,852 | 361,381 |
Shares redeemed | (1,230,892) | (504,418) | (12,986,012) | (5,262,926) |
Net increase (decrease) | 2,870,412 | 778,658 | $ 30,308,730 | $ 8,121,592 |
Class T | | | | |
Shares sold | 2,071,786 | 1,413,853 | $ 21,825,406 | $ 14,717,233 |
Reinvestment of distributions | 122,503 | 74,755 | 1,286,011 | 776,259 |
Shares redeemed | (1,579,074) | (1,217,170) | (16,645,393) | (12,681,876) |
Net increase (decrease) | 615,215 | 271,438 | $ 6,466,024 | $ 2,811,616 |
Class B | | | | |
Shares sold | 104,130 | 151,645 | $ 1,094,305 | $ 1,576,981 |
Reinvestment of distributions | 14,103 | 8,915 | 147,869 | 92,494 |
Shares redeemed | (116,492) | (129,511) | (1,222,471) | (1,343,127) |
Net increase (decrease) | 1,741 | 31,049 | $ 19,703 | $ 326,348 |
Class C | | | | |
Shares sold | 289,104 | 424,993 | $ 3,032,611 | $ 4,420,146 |
Reinvestment of distributions | 31,301 | 22,295 | 328,081 | 231,247 |
Shares redeemed | (384,133) | (514,989) | (4,025,882) | (5,366,087) |
Net increase (decrease) | (63,728) | (67,701) | $ (665,190) | $ (714,694) |
Institutional Class | | | | |
Shares sold | 209,024 | 110,433 | $ 2,227,313 | $ 1,154,968 |
Reinvestment of distributions | 5,153 | 2,279 | 54,344 | 23,731 |
Shares redeemed | (61,571) | (65,692) | (653,326) | (691,013) |
Net increase (decrease) | 152,606 | 47,020 | $ 1,628,331 | $ 487,686 |
Advisor Freedom 2005 | | | | |
Class A | | | | |
Shares sold | 3,787,746 | 1,045,087 | $ 43,883,709 | $ 11,488,136 |
Reinvestment of distributions | 76,807 | 20,715 | 885,668 | 227,182 |
Shares redeemed | (1,115,226) | (201,347) | (12,859,998) | (2,219,234) |
Net increase (decrease) | 2,749,327 | 864,455 | $ 31,909,379 | $ 9,496,084 |
Class T | | | | |
Shares sold | 1,234,660 | 1,419,295 | $ 14,090,491 | $ 15,260,795 |
Reinvestment of distributions | 47,993 | 24,717 | 550,611 | 269,302 |
Shares redeemed | (793,872) | (970,234) | (9,030,257) | (10,565,587) |
Net increase (decrease) | 488,781 | 473,778 | $ 5,610,845 | $ 4,964,510 |
Class B | | | | |
Shares sold | 116,869 | 122,820 | $ 1,310,125 | $ 1,330,376 |
Reinvestment of distributions | 8,797 | 4,304 | 100,501 | 46,985 |
Shares redeemed | (128,275) | (48,057) | (1,454,001) | (526,073) |
Net increase (decrease) | (2,609) | 79,067 | $ (43,375) | $ 851,288 |
Class C | | | | |
Shares sold | 232,197 | 316,798 | $ 2,619,306 | $ 3,462,176 |
Reinvestment of distributions | 18,367 | 8,537 | 209,932 | 93,176 |
Shares redeemed | (153,843) | (185,035) | (1,749,764) | (2,016,625) |
Net increase (decrease) | 96,721 | 140,300 | $ 1,079,474 | $ 1,538,727 |
Institutional Class | | | | |
Shares sold | 208,498 | 89,143 | $ 2,404,546 | $ 967,402 |
Reinvestment of distributions | 6,260 | 2,817 | 72,336 | 31,000 |
Shares redeemed | (47,487) | (32,274) | (552,920) | (357,310) |
Net increase (decrease) | 167,271 | 59,686 | $ 1,923,962 | $ 641,092 |
Annual Report
Notes to Financial Statements - continued
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2007 | 2006 | 2007 | 2006 |
Advisor Freedom 2010 | | | | |
Class A | | | | |
Shares sold | 13,374,637 | 7,739,808 | $ 159,853,302 | $ 88,298,046 |
Reinvestment of distributions | 545,669 | 223,520 | 6,515,960 | 2,536,606 |
Shares redeemed | (6,124,760) | (2,250,375) | (71,950,410) | (25,763,889) |
Net increase (decrease) | 7,795,546 | 5,712,953 | $ 94,418,852 | $ 65,070,763 |
Class T | | | | |
Shares sold | 8,317,218 | 7,216,617 | $ 97,643,792 | $ 81,687,336 |
Reinvestment of distributions | 503,504 | 222,039 | 5,992,339 | 2,509,373 |
Shares redeemed | (5,095,468) | (3,900,266) | (60,236,553) | (44,179,760) |
Net increase (decrease) | 3,725,254 | 3,538,390 | $ 43,399,578 | $ 40,016,949 |
Class B | | | | |
Shares sold | 554,718 | 834,087 | $ 6,527,082 | $ 9,388,818 |
Reinvestment of distributions | 80,803 | 40,955 | 957,744 | 460,771 |
Shares redeemed | (632,615) | (499,400) | (7,468,667) | (5,655,011) |
Net increase (decrease) | 2,906 | 375,642 | $ 16,159 | $ 4,194,578 |
Class C | | | | |
Shares sold | 1,325,915 | 1,335,196 | $ 15,583,541 | $ 15,082,752 |
Reinvestment of distributions | 100,155 | 43,770 | 1,185,377 | 492,426 |
Shares redeemed | (814,977) | (585,637) | (9,586,446) | (6,617,347) |
Net increase (decrease) | 611,093 | 793,329 | $ 7,182,472 | $ 8,957,831 |
Institutional Class | | | | |
Shares sold | 1,216,876 | 700,184 | $ 14,661,891 | $ 8,032,090 |
Reinvestment of distributions | 41,121 | 14,123 | 492,727 | 160,978 |
Shares redeemed | (440,638) | (282,482) | (5,177,492) | (3,270,359) |
Net increase (decrease) | 817,359 | 431,825 | $ 9,977,126 | $ 4,922,709 |
Advisor Freedom 2015 | | | | |
Class A | | | | |
Shares sold | 16,710,642 | 7,755,416 | $ 200,771,970 | $ 87,784,785 |
Reinvestment of distributions | 551,943 | 148,528 | 6,663,795 | 1,681,279 |
Shares redeemed | (4,573,003) | (1,248,688) | (54,952,585) | (14,243,836) |
Net increase (decrease) | 12,689,582 | 6,655,256 | $ 152,483,180 | $ 75,222,228 |
Class T | | | | |
Shares sold | 7,721,319 | 7,331,499 | $ 92,149,992 | $ 82,443,787 |
Reinvestment of distributions | 409,024 | 146,891 | 4,918,891 | 1,655,344 |
Shares redeemed | (3,704,390) | (2,069,563) | (44,146,399) | (23,392,515) |
Net increase (decrease) | 4,425,953 | 5,408,827 | $ 52,922,484 | $ 60,706,616 |
Class B | | | | |
Shares sold | 956,714 | 1,320,734 | $ 11,262,926 | $ 14,714,003 |
Reinvestment of distributions | 84,955 | 29,554 | 1,017,658 | 331,712 |
Shares redeemed | (539,119) | (246,964) | (6,415,601) | (2,776,985) |
Net increase (decrease) | 502,550 | 1,103,324 | $ 5,864,983 | $ 12,268,730 |
Class C | | | | |
Shares sold | 2,127,630 | 1,634,319 | $ 25,214,598 | $ 18,295,083 |
Reinvestment of distributions | 94,790 | 29,172 | 1,136,191 | 327,542 |
Shares redeemed | (651,145) | (398,401) | (7,748,011) | (4,467,845) |
Net increase (decrease) | 1,571,275 | 1,265,090 | $ 18,602,778 | $ 14,154,780 |
Institutional Class | | | | |
Shares sold | 1,369,022 | 1,374,943 | $ 16,393,429 | $ 15,910,190 |
Reinvestment of distributions | 97,887 | 27,882 | 1,185,250 | 315,005 |
Shares redeemed | (549,649) | (330,682) | (6,624,103) | (3,761,478) |
Net increase (decrease) | 917,260 | 1,072,143 | $ 10,954,576 | $ 12,463,717 |
Annual Report
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2007 | 2006 | 2007 | 2006 |
Advisor Freedom 2020 | | | | |
Class A | | | | |
Shares sold | 23,846,967 | 14,590,446 | $ 308,792,249 | $ 177,880,434 |
Reinvestment of distributions | 1,084,342 | 318,258 | 14,167,012 | 3,855,895 |
Shares redeemed | (9,148,908) | (4,501,371) | (115,715,246) | (55,311,034) |
Net increase (decrease) | 15,782,401 | 10,407,333 | $ 207,244,015 | $ 126,425,295 |
Class T | | | | |
Shares sold | 15,749,378 | 13,438,162 | $ 200,592,709 | $ 162,737,119 |
Reinvestment of distributions | 996,748 | 323,423 | 13,003,180 | 3,903,406 |
Shares redeemed | (7,788,390) | (6,053,700) | (100,250,106) | (73,680,929) |
Net increase (decrease) | 8,957,736 | 7,707,885 | $ 113,345,783 | $ 92,959,596 |
Class B | | | | |
Shares sold | 1,566,662 | 1,799,544 | $ 20,015,458 | $ 21,593,687 |
Reinvestment of distributions | 185,085 | 59,314 | 2,401,388 | 711,860 |
Shares redeemed | (914,111) | (589,847) | (11,718,717) | (7,123,757) |
Net increase (decrease) | 837,636 | 1,269,011 | $ 10,698,129 | $ 15,181,790 |
Class C | | | | |
Shares sold | 2,364,641 | 2,110,159 | $ 30,268,265 | $ 25,285,625 |
Reinvestment of distributions | 157,258 | 47,015 | 2,039,411 | 564,041 |
Shares redeemed | (982,764) | (773,044) | (12,533,396) | (9,282,747) |
Net increase (decrease) | 1,539,135 | 1,384,130 | $ 19,774,280 | $ 16,566,919 |
Institutional Class | | | | |
Shares sold | 1,665,024 | 845,222 | $ 21,746,839 | $ 10,376,829 |
Reinvestment of distributions | 72,996 | 22,706 | 958,005 | 275,559 |
Shares redeemed | (567,015) | (254,821) | (7,296,379) | (3,125,257) |
Net increase (decrease) | 1,171,005 | 613,107 | $ 15,408,465 | $ 7,527,131 |
Advisor Freedom 2025 | | | | |
Class A | | | | |
Shares sold | 15,737,696 | 6,210,144 | $ 197,945,688 | $ 72,280,640 |
Reinvestment of distributions | 518,473 | 124,720 | 6,492,103 | 1,454,965 |
Shares redeemed | (3,113,289) | (1,339,389) | (38,954,335) | (15,549,227) |
Net increase (decrease) | 13,142,880 | 4,995,475 | $ 165,483,456 | $ 58,186,378 |
Class T | | | | |
Shares sold | 7,015,432 | 4,779,347 | $ 87,481,183 | $ 55,329,806 |
Reinvestment of distributions | 288,574 | 68,757 | 3,613,946 | 804,360 |
Shares redeemed | (2,276,653) | (1,422,431) | (28,529,518) | (16,584,794) |
Net increase (decrease) | 5,027,353 | 3,425,673 | $ 62,565,611 | $ 39,549,372 |
Class B | | | | |
Shares sold | 998,291 | 1,133,308 | $ 12,299,748 | $ 12,946,544 |
Reinvestment of distributions | 70,208 | 17,249 | 869,570 | 200,192 |
Shares redeemed | (348,807) | (169,943) | (4,303,451) | (1,979,347) |
Net increase (decrease) | 719,692 | 980,614 | $ 8,865,867 | $ 11,167,389 |
Class C | | | | |
Shares sold | 1,074,566 | 835,184 | $ 13,324,519 | $ 9,579,811 |
Reinvestment of distributions | 52,399 | 11,884 | 649,142 | 137,922 |
Shares redeemed | (255,502) | (185,560) | (3,161,389) | (2,143,096) |
Net increase (decrease) | 871,463 | 661,508 | $ 10,812,272 | $ 7,574,637 |
Institutional Class | | | | |
Shares sold | 801,952 | 395,871 | $ 10,021,125 | $ 4,647,168 |
Reinvestment of distributions | 22,778 | 4,061 | 286,866 | 47,460 |
Shares redeemed | (178,765) | (157,588) | (2,201,208) | (1,829,481) |
Net increase (decrease) | 645,965 | 242,344 | $ 8,106,783 | $ 2,865,147 |
Annual Report
Notes to Financial Statements - continued
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2007 | 2006 | 2007 | 2006 |
Advisor Freedom 2030 | | | | |
Class A | | | | |
Shares sold | 16,253,114 | 7,622,210 | $ 222,796,744 | $ 95,830,636 |
Reinvestment of distributions | 566,443 | 131,003 | 7,751,676 | 1,642,629 |
Shares redeemed | (4,408,382) | (1,657,097) | (59,297,181) | (20,896,249) |
Net increase (decrease) | 12,411,175 | 6,096,116 | $ 171,251,239 | $ 76,577,016 |
Class T | | | | |
Shares sold | 10,263,782 | 8,271,712 | $ 137,668,691 | $ 103,937,897 |
Reinvestment of distributions | 543,658 | 138,114 | 7,398,466 | 1,718,369 |
Shares redeemed | (4,719,385) | (3,379,705) | (64,003,737) | (42,137,889) |
Net increase (decrease) | 6,088,055 | 5,030,121 | $ 81,063,420 | $ 63,518,377 |
Class B | | | | |
Shares sold | 1,215,032 | 1,157,095 | $ 16,319,475 | $ 14,320,376 |
Reinvestment of distributions | 101,708 | 25,279 | 1,372,910 | 311,100 |
Shares redeemed | (523,647) | (314,426) | (7,048,793) | (3,917,552) |
Net increase (decrease) | 793,093 | 867,948 | $ 10,643,592 | $ 10,713,924 |
Class C | | | | |
Shares sold | 1,532,477 | 1,235,865 | $ 20,559,653 | $ 15,380,567 |
Reinvestment of distributions | 87,426 | 20,600 | 1,180,816 | 254,461 |
Shares redeemed | (617,269) | (314,678) | (8,273,949) | (3,929,603) |
Net increase (decrease) | 1,002,634 | 941,787 | $ 13,466,520 | $ 11,705,425 |
Institutional Class | | | | |
Shares sold | 1,246,804 | 327,266 | $ 17,216,002 | $ 4,137,340 |
Reinvestment of distributions | 31,872 | 9,043 | 437,589 | 113,199 |
Shares redeemed | (347,902) | (190,476) | (4,676,681) | (2,392,711) |
Net increase (decrease) | 930,774 | 145,833 | $ 12,976,910 | $ 1,857,828 |
Advisor Freedom 2035 | | | | |
Class A | | | | |
Shares sold | 7,937,543 | 2,810,083 | $ 102,858,844 | $ 33,259,729 |
Reinvestment of distributions | 209,021 | 34,961 | 2,703,345 | 418,335 |
Shares redeemed | (1,209,654) | (291,205) | (15,624,179) | (3,451,031) |
Net increase (decrease) | 6,936,910 | 2,553,839 | $ 89,938,010 | $ 30,227,033 |
Class T | | | | |
Shares sold | 4,037,876 | 2,779,197 | $ 51,279,521 | $ 32,690,026 |
Reinvestment of distributions | 146,879 | 30,222 | 1,885,587 | 359,343 |
Shares redeemed | (1,479,180) | (700,210) | (18,890,769) | (8,256,703) |
Net increase (decrease) | 2,705,575 | 2,109,209 | $ 34,274,339 | $ 24,792,666 |
Class B | | | | |
Shares sold | 657,867 | 677,778 | $ 8,288,850 | $ 7,827,768 |
Reinvestment of distributions | 39,171 | 8,197 | 497,716 | 96,381 |
Shares redeemed | (185,316) | (92,314) | (2,339,596) | (1,090,117) |
Net increase (decrease) | 511,722 | 593,661 | $ 6,446,970 | $ 6,834,032 |
Class C | | | | |
Shares sold | 675,368 | 594,915 | $ 8,503,831 | $ 6,913,576 |
Reinvestment of distributions | 29,650 | 5,735 | 377,444 | 67,452 |
Shares redeemed | (231,098) | (106,161) | (2,893,598) | (1,246,975) |
Net increase (decrease) | 473,920 | 494,489 | $ 5,987,677 | $ 5,734,053 |
Institutional Class | | | | |
Shares sold | 411,593 | 153,700 | $ 5,305,575 | $ 1,815,954 |
Reinvestment of distributions | 8,649 | 1,611 | 112,282 | 19,381 |
Shares redeemed | (121,717) | (23,805) | (1,582,064) | (285,436) |
Net increase (decrease) | 298,525 | 131,506 | $ 3,835,793 | $ 1,549,899 |
Annual Report
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2007 | 2006 | 2007 | 2006 |
Advisor Freedom 2040 | | | | |
Class A | | | | |
Shares sold | 11,078,922 | 6,594,125 | $ 155,096,929 | $ 84,779,212 |
Reinvestment of distributions | 449,793 | 103,322 | 6,329,119 | 1,336,258 |
Shares redeemed | (3,247,820) | (1,319,831) | (44,707,746) | (17,027,651) |
Net increase (decrease) | 8,280,895 | 5,377,616 | $ 116,718,302 | $ 69,087,819 |
Class T | | | | |
Shares sold | 8,566,986 | 6,934,246 | $ 118,422,507 | $ 88,873,959 |
Reinvestment of distributions | 404,471 | 94,278 | 5,668,499 | 1,212,995 |
Shares redeemed | (3,731,784) | (2,629,297) | (51,893,964) | (33,492,621) |
Net increase (decrease) | 5,239,673 | 4,399,227 | $ 72,197,042 | $ 56,594,333 |
Class B | | | | |
Shares sold | 1,165,934 | 1,066,326 | $ 16,033,302 | $ 13,457,885 |
Reinvestment of distributions | 78,169 | 18,114 | 1,084,424 | 229,826 |
Shares redeemed | (454,770) | (252,957) | (6,294,964) | (3,223,373) |
Net increase (decrease) | 789,333 | 831,483 | $ 10,822,762 | $ 10,464,338 |
Class C | | | | |
Shares sold | 1,529,531 | 1,277,719 | $ 20,942,119 | $ 16,223,875 |
Reinvestment of distributions | 88,855 | 20,564 | 1,232,104 | 261,225 |
Shares redeemed | (742,685) | (279,598) | (10,212,837) | (3,548,799) |
Net increase (decrease) | 875,701 | 1,018,685 | $ 11,961,386 | $ 12,936,301 |
Institutional Class | | | | |
Shares sold | 962,985 | 291,937 | $ 13,586,544 | $ 3,766,408 |
Reinvestment of distributions | 23,689 | 5,062 | 335,253 | 65,359 |
Shares redeemed | (205,086) | (147,050) | (2,855,861) | (1,890,587) |
Net increase (decrease) | 781,588 | 149,949 | $ 11,065,936 | $ 1,941,180 |
Advisor Freedom 2045 A | | | | |
Class A | | | | |
Shares sold | 1,214,659 | - | $ 13,198,339 | $ - |
Reinvestment of distributions | 2,732 | - | 29,586 | - |
Shares redeemed | (81,608) | - | (893,392) | - |
Net increase (decrease) | 1,135,783 | - | $ 12,334,533 | $ - |
Class T | | | | |
Shares sold | 328,167 | - | $ 3,531,809 | $ - |
Reinvestment of distributions | 1,870 | - | 20,235 | - |
Shares redeemed | (27,302) | - | (296,286) | - |
Net increase (decrease) | 302,735 | - | $ 3,255,758 | $ - |
Class B | | | | |
Shares sold | 70,701 | - | $ 743,408 | $ - |
Reinvestment of distributions | 377 | - | 4,080 | - |
Shares redeemed | (588) | - | (6,408) | - |
Net increase (decrease) | 70,490 | - | $ 741,080 | $ - |
Class C | | | | |
Shares sold | 75,902 | - | $ 795,052 | $ - |
Reinvestment of distributions | 334 | - | 3,613 | - |
Shares redeemed | (6,312) | - | (68,258) | - |
Net increase (decrease) | 69,924 | - | $ 730,407 | $ - |
Institutional Class | | | | |
Shares sold | 64,697 | - | $ 696,742 | $ - |
Reinvestment of distributions | 237 | - | 2,574 | - |
Shares redeemed | (8,061) | - | (89,051) | - |
Net increase (decrease) | 56,873 | - | $ 610,265 | $ - |
Annual Report
Notes to Financial Statements - continued
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2007 | 2006 | 2007 | 2006 |
Advisor Freedom 2050 A | | | | |
Class A | | | | |
Shares sold | 1,276,625 | - | $ 13,684,931 | $ - |
Reinvestment of distributions | 5,624 | - | 60,797 | - |
Shares redeemed | (113,051) | - | (1,223,026) | - |
Net increase (decrease) | 1,169,198 | - | $ 12,522,702 | $ - |
Class T | | | | |
Shares sold | 354,770 | - | $ 3,810,949 | $ - |
Reinvestment of distributions | 1,380 | - | 14,908 | - |
Shares redeemed | (36,828) | - | (403,059) | - |
Net increase (decrease) | 319,322 | - | $ 3,422,798 | $ - |
Class B | | | | |
Shares sold | 111,977 | - | $ 1,191,055 | $ - |
Reinvestment of distributions | 705 | - | 7,610 | - |
Shares redeemed | (5,659) | - | (61,502) | - |
Net increase (decrease) | 107,023 | - | $ 1,137,163 | $ - |
Class C | | | | |
Shares sold | 144,191 | - | $ 1,517,547 | $ - |
Reinvestment of distributions | 871 | - | 9,399 | - |
Shares redeemed | (7,985) | - | (87,268) | - |
Net increase (decrease) | 137,077 | - | $ 1,439,678 | $ - |
Institutional Class | | | | |
Shares sold | 90,084 | - | $ 973,960 | $ - |
Reinvestment of distributions | 474 | - | 5,129 | - |
Shares redeemed | (1,782) | - | (19,668) | - |
Net increase (decrease) | 88,776 | - | $ 959,421 | $ - |
A For the period June 1, 2006 (commencement of operations) to March 31, 2007.
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 and Fidelity Advisor Freedom 2050 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 and Fidelity Advisor Freedom 2050 Fund (the Funds) each a fund of Fidelity Aberdeen Street Trust, including the schedules of investments, as of March 31, 2007, and the related statements of operations for the year then ended, the statements of changes in net assets 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 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 its 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 Fund's 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, 2007, by correspondence with the custodians and broker. 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 and Fidelity Advisor Freedom 2050 Fund as of March 31, 2007, the results of their operations for the year then ended, the changes in their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 18, 2007
Annual Report
Trustees and Officers
The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each 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 Advisor Freedom Fund's activities, review contractual arrangements with companies that provide services to each Advisor Freedom Fund, and review each Advisor Freedom Fund's performance. If the interests of an Advisor Freedom Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees and Member of the Advisory Board fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the 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, the Trustees, and Member of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for James C. Curvey, each of the Trustees oversees 353 funds advised by FMR or an affiliate. Mr. Curvey oversees 314 funds advised by FMR or an affiliate.
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) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member 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.
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, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
Edward C. Johnson 3d (76) |
| Year of Election or Appointment: 1991 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR Corp.; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL). |
James C. Curvey (71) |
| Year of Election or Appointment: 2007 Mr. Curvey is Vice Chairman (2006-present) and Director of FMR Corp. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR Corp. (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution, 1994-present). |
* 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.
Annual Report
Trustees and Officers - continued
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, Age; Principal Occupation |
Dennis J. Dirks (58) |
| Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005-present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present). |
Albert R. Gamper, Jr. (65) |
| Year of Election or Appointment: 2006 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 (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. |
George H. Heilmeier (70) |
| Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame. |
James H. Keyes (66) |
| Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). |
Marie L. Knowles (60) |
| Year of Election or Appointment: 2001 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. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. |
Ned C. Lautenbach (63) |
| Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. |
Cornelia M. Small (62) |
| Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002-present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy. |
William S. Stavropoulos (67) |
| Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science. |
Kenneth L. Wolfe (68) |
| Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present). |
Advisory Board Member and Executive Officers:
Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
Peter S. Lynch (63) |
| Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. |
Kimberley H. Monasterio (43) |
| Year of Election or Appointment: 2007 President and Treasurer of Advisor Freedom Income, Advisor Freedom 2005, Advisor Freedom 2010, Advisor Freedom 2015, Advisor Freedom 2020, Advisor Freedom 2025, Advisor Freedom 2030, Advisor Freedom 2035, Advisor Freedom 2040, Advisor Freedom 2045, and Advisor Freedom 2050. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004). |
Boyce I. Greer (51) |
| Year of Election or Appointment: 2005 or 2006 Vice President of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Greer also serves as Vice President of certain Equity Funds (2005-present), certain Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). He is an Executive Vice President of FMR (2005-present) and FMR Co., Inc. (2005-present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2006-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005), and Executive Vice President (2000-2002) and Money Market Group Leader (1997-2002) of the Fidelity Investments Fixed Income Division. He also served as Vice President of Fidelity's Money Market Funds (1997-2002), Senior Vice President of FMR (1997-2002), and Vice President of FIMM (1998-2002). |
Ren Y. Cheng (50) |
| Year of Election or Appointment: 2003 or 2006 Vice President of Advisor Freedom Income (2003-present), Advisor Freedom 2005 (2003-present), Advisor Freedom 2010 (2003-present), Advisor Freedom 2015 (2003-present), Advisor Freedom 2020 (2003-present), Advisor Freedom 2025 (2003-present), Advisor Freedom 2030 (2003-present), Advisor Freedom 2035 (2003-present), Advisor Freedom 2040 (2003-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Cheng also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Cheng worked as a portfolio manager. Mr. Cheng also serves as Vice President of FMR (2002) and FMR Co., Inc. (2002), and previously served as Vice President of Strategic Advisers, Inc. (2005). |
Jonathan A. Shelon (33) |
| Year of Election or Appointment: 2003 or 2006 Vice President of Advisor Freedom Income (2003-present), Advisor Freedom 2005 (2003-present), Advisor Freedom 2010 (2003-present), Advisor Freedom 2015 (2003-present), Advisor Freedom 2020 (2003-present), Advisor Freedom 2025 (2003-present), Advisor Freedom 2030 (2003-present), Advisor Freedom 2035 (2003-present), Advisor Freedom 2040 (2003-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Shelon also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Shelon worked as a quantitative consultant at Callan Associates, Inc. Mr. Shelon also serves as Vice President of FMR and FMR Co., Inc. (2006). |
Eric D. Roiter (58) |
| Year of Election or Appointment: 2003 or 2006 Secretary of Advisor Freedom Income (2003-present), Advisor Freedom 2005 (2003-present), Advisor Freedom 2010 (2003-present), Advisor Freedom 2015 (2003-present), Advisor Freedom 2020 (2003-present), Advisor Freedom 2025 (2003-present), Advisor Freedom 2030 (2003-present), Advisor Freedom 2035 (2003-present), Advisor Freedom 2040 (2003-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005). |
Scott C. Goebel (39) |
| Year of Election or Appointment: 2007 Assistant Secretary of Advisor Freedom Income, Advisor Freedom 2005, Advisor Freedom 2010, Advisor Freedom 2015, Advisor Freedom 2020, Advisor Freedom 2025, Advisor Freedom 2030, Advisor Freedom 2035, Advisor Freedom 2040, Advisor Freedom 2045, and Advisor Freedom 2050. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), Vice President and Secretary of FDC (2006-present), and is an employee of FMR. |
R. Stephen Ganis (41) |
| Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of Advisor Freedom Income, Advisor Freedom 2005, Advisor Freedom 2010, Advisor Freedom 2015, Advisor Freedom 2020, Advisor Freedom 2025, Advisor Freedom 2030, Advisor Freedom 2035, Advisor Freedom 2040, Advisor Freedom 2045, and Advisor Freedom 2050. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR Corp. (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002). |
Joseph B. Hollis (58) |
| Year of Election or Appointment: 2006 Chief Financial Officer of Advisor Freedom Income, Advisor Freedom 2005, Advisor Freedom 2010, Advisor Freedom 2015, Advisor Freedom 2020, Advisor Freedom 2025, Advisor Freedom 2030, Advisor Freedom 2035, Advisor Freedom 2040, Advisor Freedom 2045, and Advisor Freedom 2050. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005). |
Kenneth A. Rathgeber (59) |
| Year of Election or Appointment: 2004 or 2006 Chief Compliance Officer of Advisor Freedom Income (2004-present), Advisor Freedom 2005 (2004-present), Advisor Freedom 2010 (2004-present), Advisor Freedom 2015 (2004-present), Advisor Freedom 2020 (2004-present), Advisor Freedom 2025 (2004-present), Advisor Freedom 2030 (2004-present), Advisor Freedom 2035 (2004-present), Advisor Freedom 2040 (2004-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004-present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002). |
Bryan A. Mehrmann (45) |
| Year of Election or Appointment: 2005 or 2006 Deputy Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004). |
Kenneth B. Robins (37) |
| Year of Election or Appointment: 2005 or 2006 Deputy Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002). |
Robert G. Byrnes (40) |
| Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003). |
Peter L. Lydecker (53) |
| Year of Election or Appointment: 2004 or 2006 Assistant Treasurer of Advisor Freedom Income (2004-present), Advisor Freedom 2005 (2004-present), Advisor Freedom 2010 (2004-present), Advisor Freedom 2015 (2004-present), Advisor Freedom 2020 (2004-present), Advisor Freedom 2025 (2004-present), Advisor Freedom 2030 (2004-present), Advisor Freedom 2035 (2004-present), Advisor Freedom 2040 (2004-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR. |
Gary W. Ryan (48) |
| Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005). |
Salvatore Schiavone (41) |
| Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Advisor Freedom Income (2005-present), Advisor Freedom 2005 (2005-present), Advisor Freedom 2010 (2005-present), Advisor Freedom 2015 (2005-present), Advisor Freedom 2020 (2005-present), Advisor Freedom 2025 (2005-present), Advisor Freedom 2030 (2005-present), Advisor Freedom 2035 (2005-present), Advisor Freedom 2040 (2005-present), Advisor Freedom 2045 (2006-present), and Advisor Freedom 2050 (2006-present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003-2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996-2003). |
Annual Report
Distributions
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:
Institutional Class | Pay Date | Record Date | Dividends | Capital Gains |
Advisor Freedom Income | 05/07/2007 | 05/04/2007 | $.036 | $.046 |
Advisor Freedom 2005 | 05/07/2007 | 05/04/2007 | $.059 | $.110 |
Advisor Freedom 2010 | 05/07/2007 | 05/04/2007 | $.054 | $.140 |
Advisor Freedom 2015 | 05/07/2007 | 05/04/2007 | $.044 | $.183 |
Advisor Freedom 2020 | 05/07/2007 | 05/04/2007 | $.034 | $.231 |
Advisor Freedom 2025 | 05/07/2007 | 05/04/2007 | $.031 | $.220 |
Advisor Freedom 2030 | 05/07/2007 | 05/04/2007 | $.025 | $.288 |
Advisor Freedom 2035 | 05/07/2007 | 05/04/2007 | $.021 | $.259 |
Advisor Freedom 2040 | 05/07/2007 | 05/04/2007 | $.023 | $.314 |
Advisor Freedom 2045 | 05/07/2007 | 05/04/2007 | $.008 | $.068 |
Advisor Freedom 2050 | 05/07/2007 | 05/04/2007 | $.008 | $.097 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended 2007, or, if subsequently determined to be different, the net capital gain of such year.
Fund | |
Advisor Freedom Income | $ 435,961 |
Advisor Freedom 2005 | $ 852,981 |
Advisor Freedom 2010 | $ 6,142,132 |
Advisor Freedom 2015 | $ 9,055,258 |
Advisor Freedom 2020 | $ 19,618,835 |
Advisor Freedom 2025 | $ 9,436,471 |
Advisor Freedom 2030 | $ 15,740,084 |
Advisor Freedom 2035 | $ 5,601,942 |
Advisor Freedom 2040 | $ 12,952,714 |
Advisor Freedom 2045 | $ 128,602 |
Advisor Freedom 2050 | $ 203,196 |
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:
| Institutional Class |
Advisor Freedom Income | 6.69% |
Advisor Freedom 2005 | 4.28% |
Advisor Freedom 2010 | 4.65% |
Annual Report
Distributions - continued
A percentage of the dividends distributed during the fiscal year for the following funds qualifies for the dividends-received deduction for corporate shareholders:
Advisor Freedom Income | Institutional Class |
May, 2006 | 5% |
June, 2006 | 6% |
July, 2006 | 7% |
August, 2006 | 6% |
September, 2006 | 6% |
October, 2006 | 6% |
November, 2006 | 7% |
December, 2006 (Ex-Date 12/01/06) | 6% |
December, 2006 (Ex-Date 12/28/06) | 7% |
February, 2007 | 4% |
March, 2007 | 4% |
Advisor Freedom 2005 | |
May, 2006 | 5% |
December, 2006 | 15% |
Advisor Freedom 2010 | |
May, 2006 | 1% |
December, 2006 | 15% |
Advisor Freedom 2015 | |
May, 2006 | 1% |
December, 2006 | 18% |
Advisor Freedom 2020 | |
May, 2006 | 1% |
December, 2006 | 22% |
Advisor Freedom 2025 | |
May, 2006 | 1% |
December, 2006 | 25% |
Advisor Freedom 2030 | |
May, 2006 | 3% |
December, 2006 | 29% |
Advisor Freedom 2035 | |
May, 2006 | 2% |
December, 2006 | 29% |
Advisor Freedom 2040 | |
May, 2006 | 1% |
December, 2006 | 30% |
Advisor Freedom 2045 | |
December, 2006 | 32% |
Advisor Freedom 2050 | |
December, 2006 | 33% |
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.
Advisor Freedom Income | Institutional Class |
May, 2006 | 6% |
June, 2006 | 7% |
July, 2006 | 8% |
August, 2006 | 8% |
September, 2006 | 7% |
October, 2006 | 7% |
November, 2006 | 8% |
December, 2006 (Ex-Date 12/01/06) | 7% |
December, 2006 (Ex-Date 12/28/06) | 8% |
February, 2007 | 3% |
March, 2007 | 4% |
Advisor Freedom 2005 | |
May, 2006 | 2% |
December, 2006 | 22% |
Advisor Freedom 2010 | |
May, 2006 | 3% |
December, 2006 | 23% |
Advisor Freedom 2015 | |
May, 2006 | 3% |
December, 2006 | 27% |
Advisor Freedom 2020 | |
May, 2006 | 3% |
December, 2006 | 33% |
Advisor Freedom 2025 | |
May, 2006 | 4% |
December, 2006 | 37% |
Advisor Freedom 2030 | |
May, 2006 | 10% |
December, 2006 | 44% |
Advisor Freedom 2035 | |
May, 2006 | 8% |
December, 2006 | 45% |
Advisor Freedom 2040 | |
May, 2006 | 7% |
December, 2006 | 46% |
Advisor Freedom 2045 | |
December, 2006 | 52% |
Advisor Freedom 2050 | |
December, 2006 | 54% |
The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.
Annual Report
Proxy Voting Results
A special meeting of each fund's shareholders was held on November 15, 2006. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. A |
| # of
Votes | % of
Votes |
Dennis J. Dirks |
Affirmative | 18,830,405,833.72 | 96.597 |
Withheld | 663,346,737.87 | 3.403 |
TOTAL | 19,493,752,571.59 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 18,831,910,040.83 | 96.605 |
Withheld | 661,842,530.76 | 3.395 |
TOTAL | 19,493,752,571.59 | 100.000 |
Robert M. Gates |
Affirmative | 18,773,843,345.17 | 96.307 |
Withheld | 719,909,226.42 | 3.693 |
TOTAL | 19,493,752,571.59 | 100.000 |
George H. Heilmeier |
Affirmative | 18,812,771,918.57 | 96.507 |
Withheld | 680,980,653.02 | 3.493 |
TOTAL | 19,493,752,571.59 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 18,782,518,015.61 | 96.351 |
Withheld | 711,234,555.98 | 3.649 |
TOTAL | 19,493,752,571.59 | 100.000 |
Stephen P. Jonas |
Affirmative | 18,830,271,862.75 | 96.596 |
Withheld | 663,480,708.84 | 3.404 |
TOTAL | 19,493,752,571.59 | 100.000 |
James H. KeyesB |
Affirmative | 18,826,889,110.63 | 96.579 |
Withheld | 666,863,460.96 | 3.421 |
TOTAL | 19,493,752,571.59 | 100.000 |
Marie L. Knowles |
Affirmative | 18,823,799,568.68 | 96.563 |
Withheld | 669,953,002.91 | 3.437 |
TOTAL | 19,493,752,571.59 | 100.000 |
Ned C. Lautenbach |
Affirmative | 18,825,887,364.77 | 96.574 |
Withheld | 667,865,206.82 | 3.426 |
TOTAL | 19,493,752,571.59 | 100.000 |
William O. McCoy |
Affirmative | 18,808,878,406.86 | 96.487 |
Withheld | 684,874,164.73 | 3.513 |
TOTAL | 19,493,752,571.59 | 100.000 |
| # of
Votes | % of
Votes |
Robert L. Reynolds |
Affirmative | 18,833,005,141.90 | 96.610 |
Withheld | 660,747,429.69 | 3.390 |
TOTAL | 19,493,752,571.59 | 100.000 |
Cornelia M. Small |
Affirmative | 18,830,550,887.27 | 96.598 |
Withheld | 663,201,684.32 | 3.402 |
TOTAL | 19,493,752,571.59 | 100.000 |
William S. Stavropoulos |
Affirmative | 18,814,171,579.92 | 96.514 |
Withheld | 679,580,991,67 | 3.486 |
TOTAL | 19,493,752,571.59 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 18,821,873,222.11 | 96.553 |
Withheld | 671,879,349.48 | 3.447 |
TOTAL | 19,493,752,571.59 | 100.000 |
A Denotes trust-wide proposal and voting results. B Effective on or about January 1, 2007. |
Annual Report
Investment Adviser
Strategic Advisers, Inc.
Boston, MA
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York
New York, NY
(Fidelity Investment logo)(registered trademark)
AFFI-UANN-0507
1.792135.103
Fidelity Freedom Funds ® -
Income, 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050
Annual Report
March 31, 2007
(2_fidelity_logos) (Registered_Trademark)
Contents
Annual Report
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. or an affiliated company.
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 quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Annual Report
Chairman's Message
(Photograph of Edward C. Johnson 3d.)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies
indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
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 dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) 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, 2007 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom Income Fund® | 6.54% | 4.50% | 5.97% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Income Fund® on March 31, 1997. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® U.S. Aggregate 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 dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) 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, 2007 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2000 Fund® | 6.72% | 4.80% | 6.98% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2000 Fund® on March 31, 1997. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers U.S. Aggregate 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 dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) 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, 2007 | | Past 1
year | Life of
fundA |
Fidelity Freedom 2005 Fund® | | 8.27% | 7.94% |
A From November 6, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2005 Fund® on November 6, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers U.S. Aggregate 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 dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) 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, 2007 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2010 Fund® | 8.17% | 6.68% | 8.52% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2010 Fund® on March 31, 1997. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers U.S. Aggregate 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 dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) 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, 2007 | | Past 1
year | Life of
fundA |
Fidelity Freedom 2015 Fund® | | 8.58% | 9.37% |
A From November 6, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2015 Fund® on November 6, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500SM Index (S&P 500®) 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 dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) 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, 2007 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2020 Fund® | 8.95% | 7.66% | 9.00% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2020 Fund® on March 31, 1997. 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 dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) 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, 2007 | | Past 1
year | Life of
fundA |
Fidelity Freedom 2025 Fund® | | 9.18% | 10.84% |
A From November 6, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2025 Fund® on November 6, 2003, 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 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 dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) 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, 2007 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2030 Fund® | 9.40% | 7.99% | 8.95% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2030 Fund® on March 31, 1997. 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 dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) 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, 2007 | Past 1
year | Life of
fundA |
Fidelity Freedom 2035 Fund® | 9.51% | 11.84% |
A From November 6, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2035 Fund® on November 6, 2003, 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 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 dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) 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, 2007 | Past 1
year | Past 5
years | Life of
fundA |
Fidelity Freedom 2040 Fund® | 9.68% | 8.13% | 1.88% |
A From September 6, 2000.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2040 Fund® on September 6, 2000, 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 2045 FundSM
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) 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 take Fidelity Freedom 2045 Fund's cumulative total return and show you what would have happened if Fidelity Freedom 2045 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2045 FundSM 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 FundSM
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) 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 take Fidelity Freedom 2050 Fund's cumulative total return and show you what would have happened if Fidelity Freedom 2050 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2050 FundSM 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
Management's Discussion of Fund Performance
Comments from Ren Cheng and Jonathan Shelon, Co-Portfolio Managers of Fidelity Freedom Funds®
The U.S. equity market benchmark Standard & Poor's 500SM Index gained 11.83% during the year ending March 31, 2007. Stocks did well early on, but ended the three-month span from May through July with a negative return in response to soaring energy prices and inflation warnings from the Federal Reserve Board. But equities rebounded from August into early 2007 after the Fed put its interest-rate-hike campaign on hold. On October 3, the Dow Jones Industrial AverageSM closed at an all-time high, and would set roughly 30 new highs as the period progressed. However, cracks began to show in the U.S. economy. Energy prices crept higher, the housing market slumped, and subprime mortgage loan defaults and delinquencies mounted. On February 27, the Dow fell 416 points and the S&P 500® lost about 3.5% of its value. A moderate rebound in March offset some of that damage. For the year overall, the Dow rose 13.83% and the NASDAQ Composite® Index returned 4.23%. In comparison, the Morgan Stanley Capital InternationalSM Europe, Australasia, Far East Index (MSCI® EAFE®) - designed to represent the performance of developed stock markets outside the United States and Canada - returned 20.38%, helped in part by the weakness of the U.S. dollar relative to many foreign currencies. U.S. investment-grade bonds also were positive, as the Lehman Brothers® U.S. Aggregate Index increased 6.59%. High-yield debt gained 11.06% according to the Merrill Lynch® U.S. High Yield Master II Constrained Index.
During the 12 months ending March 31, 2007, the Freedom Funds all had solid absolute returns, but underperformed their respective composite benchmarks. At the same time, each Fund produced a return that was consistent with its individual age-appropriate asset allocation, with those having greater exposure to equities delivering higher absolute returns than those with greater exposure to fixed-income investments. The biggest factor in the Funds' relative underperformance was the somewhat lackluster showing of the Funds' domestic and international equity allocations. Both asset classes were negatively impacted by periods of sharp volatility in the global equity markets during this 12-month span, which caused the majority of our underlying funds in those two areas to underperform their benchmarks. The Dow Jones Wilshire 5000 Composite IndexSM - the broad market index the Freedom Funds use to measure the performance of U.S. equities in their composite benchmarks - gained 11.33%, while the MSCI EAFE index's healthy gain reflected the strong performance of foreign equities during the period. On the fixed-income side, the Funds' three asset classes - investment-grade, high-yield and short-term - all performed generally in line with their respective benchmarks, which helped soften the impact of the underperformance of the Funds' equity classes.
Note to shareholders:
The Fidelity Freedom Funds are in the process of adding four new underlying funds and began investing in them as the period ending March 31st was coming to a close. The new funds include two equity offerings launched specifically for use by asset allocation funds such as the Freedom Funds: Fidelity 100 Index Fund, which will invest in many of the S&P 500's largest and most liquid 'mega-cap' stocks; and Fidelity Small Cap Opportunities Fund, whose assets will be allocated across the 10 sectors in the widely recognized Global Industry Classification Standard (GICS), developed by Standard & Poor's® and MSCI®. Freedom Funds also will add a bond offering to its underlying funds lineup - Fidelity Total Bond Fund, which invests in a diversified universe of debt securities - as well as a money-market offering - Fidelity Institutional Money Market Portfolio Class I - which will be replacing the existing underlying money-market fund and should provide a more cost-effective way to construct the short-term asset category.
Over the next year, as these new funds are added, the Funds' investments in certain existing underlying funds will be eliminated. These will include Fidelity Growth & Income Portfolio, Fidelity Small Cap Independence Fund, Fidelity Intermediate Bond Fund, Fidelity Investment Grade Bond Fund and Fidelity Retirement Money Market Portfolio. Some adjustments to the weightings of the Funds' underlying funds will likely be made as a result of these changes.
In addition, the benchmark for the Freedom Funds' underlying high-yield bond funds was changed to the Merrill Lynch U.S. High Yield Master II Constrained Index, effective July 1, 2006, concurrent with the scheduled rebalancing of the Funds' composite indexes. In Fidelity's view, the Constrained index - which replaces the Merrill Lynch U.S. High Yield Master II Index - represents a better measure of the high-yield market.
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
Shareholder Expense Example
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, 2006 to March 31, 2007).
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.
| Beginning
Account Value
October 1, 2006 | Ending
Account Value
March 31, 2007 | Expenses Paid
During Period*
October 1, 2006
to March 31, 2007 |
Freedom Income | | | |
Actual | $ 1,000.00 | $ 1,041.40 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2000 | | | |
Actual | $ 1,000.00 | $ 1,046.00 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2005 | | | |
Actual | $ 1,000.00 | $ 1,065.10 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2010 | | | |
Actual | $ 1,000.00 | $ 1,064.80 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2015 | | | |
Actual | $ 1,000.00 | $ 1,071.50 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2020 | | | |
Actual | $ 1,000.00 | $ 1,078.80 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2025 | | | |
Actual | $ 1,000.00 | $ 1,082.60 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2030 | | | |
Actual | $ 1,000.00 | $ 1,087.70 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2035 | | | |
Actual | $ 1,000.00 | $ 1,089.20 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ - |
| Beginning
Account Value
October 1, 2006 | Ending
Account Value
March 31, 2007 | Expenses Paid
During Period*
October 1, 2006
to March 31, 2007 |
Freedom 2040 | | | |
Actual | $ 1,000.00 | $ 1,090.90 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2045 | | | |
Actual | $ 1,000.00 | $ 1,092.60 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2050 | | | |
Actual | $ 1,000.00 | $ 1,094.70 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,024.93 | $ - |
A 5% return per year before expenses
* Expenses are equal to each Fund's annualized expense ratio (shown in the table below); 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 the Fund invests are not included in the Fund's annualized expense ratio.
| Annualized
Expense Ratio |
Freedom Income | 0.00% |
Freedom 2000 | 0.00% |
Freedom 2005 | 0.00% |
Freedom 2010 | 0.00% |
Freedom 2015 | 0.00% |
Freedom 2020 | 0.00% |
Freedom 2025 | 0.00% |
Freedom 2030 | 0.00% |
Freedom 2035 | 0.00% |
Freedom 2040 | 0.00% |
Freedom 2045 | 0.00% |
Freedom 2050 | 0.00% |
Annual Report
Fidelity Freedom Income Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.0 | 0.0 |
Fidelity Blue Chip Growth Fund | 2.9 | 3.1 |
Fidelity Disciplined Equity Fund | 3.1 | 3.0 |
Fidelity Equity-Income Fund | 3.1 | 3.1 |
Fidelity Fund | 0.0 | 0.6 |
Fidelity Growth & Income Portfolio | 3.0 | 3.4 |
Fidelity Growth Company Fund | 2.2 | 1.9 |
Fidelity Mid-Cap Stock Fund | 2.4 | 1.9 |
Fidelity OTC Portfolio | 1.6 | 1.6 |
Fidelity Small Cap Growth Fund | 0.2 | 0.1 |
Fidelity Small Cap Independence Fund | 0.4 | 0.4 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
Fidelity Small Cap Value Fund | 0.2 | 0.1 |
Fidelity Value Fund | 2.0 | 1.3 |
| 21.1 | 20.5 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.4 | 1.7 |
Fidelity High Income Fund | 2.4 | 1.8 |
| 4.8 | 3.5 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 8.7 | 9.8 |
Fidelity Intermediate Bond Fund | 6.9 | 7.4 |
Fidelity Investment Grade Bond Fund | 12.1 | 12.9 |
Fidelity Strategic Real Return Fund | 7.1 | 6.1 |
Fidelity Total Bond Fund | 0.0 | 0.0 |
| 34.8 | 36.2 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class I | 6.1 | 0.0 |
Fidelity Retirement Money Market Portfolio | 13.6 | 19.8 |
Fidelity Short-Term Bond Fund | 19.6 | 20.0 |
| 39.3 | 39.8 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
 | Domestic Equity Funds | 21.1% | |
 | Investment Grade Fixed-Income Funds | 34.8% | |
 | High Yield Fixed-Income Funds | 4.8% | |
 | Short-Term Funds | 39.3% | |
Six months ago |
| Domestic Equity Funds | 20.5% | |
| Investment Grade Fixed-Income Funds | 36.2% | |
| High Yield Fixed-Income Funds | 3.5% | |
| Short-Term Funds | 39.8% | |
Expected |
| Domestic Equity Funds | 20.0% | |
| Investment Grade Fixed-Income Funds | 35.0% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 40.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Freedom Income Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 21.1% |
| Shares | | Value |
Domestic Equity Funds - 21.1% |
Fidelity 100 Index Fund | 37,528 | | $ 374,526 |
Fidelity Blue Chip Growth Fund | 1,542,870 | | 67,948,016 |
Fidelity Disciplined Equity Fund | 2,488,108 | | 74,319,799 |
Fidelity Equity-Income Fund | 1,257,703 | | 73,236,059 |
Fidelity Growth & Income Portfolio | 2,319,558 | | 71,906,285 |
Fidelity Growth Company Fund (a) | 743,018 | | 51,654,631 |
Fidelity Mid-Cap Stock Fund | 1,796,857 | | 55,810,369 |
Fidelity OTC Portfolio (a) | 890,636 | | 37,424,537 |
Fidelity Small Cap Growth Fund | 333,944 | | 5,105,996 |
Fidelity Small Cap Independence Fund | 443,944 | | 9,802,282 |
Fidelity Small Cap Opportunities Fund | 2,209 | | 22,000 |
Fidelity Small Cap Value Fund | 351,034 | | 5,068,933 |
Fidelity Value Fund | 569,509 | | 48,095,036 |
TOTAL EQUITY FUNDS (Cost $418,631,867) | 500,768,469 |
Fixed-Income Funds - 39.6% |
| | | |
High Yield Fixed-Income Funds - 4.8% |
Fidelity Capital & Income Fund | 6,232,686 | | 56,343,480 |
Fidelity High Income Fund | 6,305,430 | | 57,505,521 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 113,849,001 |
Investment Grade Fixed-Income Funds - 34.8% |
Fidelity Government Income Fund | 20,676,932 | | 208,216,707 |
Fidelity Intermediate Bond Fund | 15,858,330 | | 163,340,801 |
Fidelity Investment Grade Bond Fund | 39,030,741 | | 288,046,866 |
Fidelity Strategic Real Return Fund | 16,198,251 | | 168,785,773 |
Fidelity Total Bond Fund | 3,922 | | 41,107 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 828,431,254 |
TOTAL FIXED-INCOME FUNDS (Cost $930,071,543) | 942,280,255 |
Short-Term Funds - 39.3% |
| | | |
Fidelity Institutional Money Market Portfolio Class I | 144,647,001 | | 144,647,001 |
Fidelity Retirement Money Market Portfolio | 322,488,536 | | 322,488,536 |
Fidelity Short-Term Bond Fund | 52,547,746 | | 466,098,506 |
TOTAL SHORT-TERM FUNDS (Cost $931,694,621) | 933,234,043 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $2,280,398,031) | $ 2,376,282,767 |
Legend |
(a) Non-income producing |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Income Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
Assets | | |
Investment in securities, at value (cost $2,280,398,031) - See accompanying schedule | | $ 2,376,282,767 |
Cash | | 73 |
Receivable for investments sold | | 155,638,779 |
Receivable for fund shares sold | | 4,281,694 |
Total assets | | 2,536,203,313 |
| | |
Liabilities | | |
Payable for investments purchased | $ 145,091,774 | |
Payable for fund shares redeemed | 14,834,258 | |
Total liabilities | | 159,926,032 |
| | |
Net Assets | | $ 2,376,277,281 |
Net Assets consist of: | | |
Paid in capital | | $ 2,256,274,583 |
Undistributed net investment income | | 8,663,568 |
Accumulated undistributed net realized gain (loss) on investments | | 15,454,394 |
Net unrealized appreciation (depreciation) on investments | | 95,884,736 |
Net Assets, for 203,838,267 shares outstanding | | $ 2,376,277,281 |
Net Asset Value, offering price and redemption price per share ($2,376,277,281 ÷ 203,838,267 shares) | | $ 11.66 |
Statement of Operations
| Year ended March 31, 2007 |
Investment Income | | |
Income distributions from underlying funds | | $ 84,760,389 |
Interest | | 80 |
Total income | | 84,760,469 |
| | |
Expenses | | |
Independent trustees' compensation | $ 7,727 | |
Total expenses before reductions | 7,727 | |
Expense reductions | (7,727) | - |
Net investment income (loss) | | 84,760,469 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 2,097,993 | |
Capital gain distributions from underlying funds | 30,043,280 | 32,141,273 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 24,044,262 |
Net gain (loss) | | 56,185,535 |
Net increase (decrease) in net assets resulting from operations | | $ 140,946,004 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Income Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 84,760,469 | $ 62,674,817 |
Net realized gain (loss) | 32,141,273 | 16,640,863 |
Change in net unrealized appreciation (depreciation) | 24,044,262 | 35,028,244 |
Net increase (decrease) in net assets resulting from operations | 140,946,004 | 114,343,924 |
Distributions to shareholders from net investment income | (84,752,207) | (55,780,710) |
Distributions to shareholders from net realized gain | (23,141,560) | (5,309,530) |
Total distributions | (107,893,767) | (61,090,240) |
Share transactions
Proceeds from sales of shares | 812,741,404 | 707,988,889 |
Reinvestment of distributions | 106,754,869 | 60,320,633 |
Cost of shares redeemed | (708,302,045) | (634,435,737) |
Net increase (decrease) in net assets resulting from share transactions | 211,194,228 | 133,873,785 |
Total increase (decrease) in net assets | 244,246,465 | 187,127,469 |
| | |
Net Assets | | |
Beginning of period | 2,132,030,816 | 1,944,903,347 |
End of period (including undistributed net investment income of $8,663,568 and undistributed net investment income of $8,718,884, respectively) | $ 2,376,277,281 | $ 2,132,030,816 |
Other Information Shares | | |
Sold | 70,682,404 | 62,311,783 |
Issued in reinvestment of distributions | 9,296,641 | 5,324,456 |
Redeemed | (61,664,856) | (55,841,448) |
Net increase (decrease) | 18,314,189 | 11,794,791 |
Financial Highlights
Years ended March 31, | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.49 | $ 11.20 | $ 11.24 | $ 10.59 | $ 10.89 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .44 | .35 | .22 | .18 | .24 |
Net realized and unrealized gain (loss) | .29 | .28 | (.01) | .75 | (.27) |
Total from investment operations | .73 | .63 | .21 | .93 | (.03) |
Distributions from net investment income | (.44) | (.31) | (.23) | (.22) | (.27) |
Distributions from net realized gain | (.12) | (.03) | (.02) | (.06) | - |
Total distributions | (.56) | (.34) | (.25) | (.28) | (.27) |
Net asset value, end of period | $ 11.66 | $ 11.49 | $ 11.20 | $ 11.24 | $ 10.59 |
Total Return A | 6.54% | 5.71% | 1.86% | 8.87% | (.23)% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% | .10% |
Expenses net of fee waivers, if any | .00% | .01% | .08% | .08% | .08% |
Expenses net of all reductions | .00% | .01% | .08% | .08% | .08% |
Net investment income (loss) | 3.81% | 3.07% | 1.97% | 1.68% | 2.28% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,376,277 | $ 2,132,031 | $ 1,944,903 | $ 1,753,286 | $ 1,242,816 |
Portfolio turnover rate | 26% | 18% | 7% | 6% | 7% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 2000 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.0 | 0.0 |
Fidelity Blue Chip Growth Fund | 3.8 | 4.0 |
Fidelity Disciplined Equity Fund | 4.2 | 4.0 |
Fidelity Equity-Income Fund | 4.1 | 4.1 |
Fidelity Fund | 0.0 | 0.7 |
Fidelity Growth & Income Portfolio | 4.1 | 4.4 |
Fidelity Growth Company Fund | 2.8 | 2.5 |
Fidelity Mid-Cap Stock Fund | 3.0 | 2.6 |
Fidelity OTC Portfolio | 2.1 | 2.1 |
Fidelity Small Cap Growth Fund | 0.2 | 0.1 |
Fidelity Small Cap Independence Fund | 0.6 | 0.5 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
Fidelity Small Cap Value Fund | 0.2 | 0.1 |
Fidelity Value Fund | 2.5 | 1.7 |
| 27.6 | 26.8 |
International Equity Funds | | |
Fidelity Diversified International Fund | 0.2 | 0.2 |
Fidelity Europe Fund | 0.3 | 0.3 |
Fidelity Japan Fund | 0.1 | 0.1 |
Fidelity Overseas Fund | 0.3 | 0.2 |
Fidelity Southeast Asia Fund | 0.1 | 0.1 |
| 1.0 | 0.9 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.3 | 1.7 |
Fidelity High Income Fund | 2.4 | 1.7 |
| 4.7 | 3.4 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 7.9 | 8.7 |
Fidelity Intermediate Bond Fund | 5.8 | 6.4 |
Fidelity Investment Grade Bond Fund | 10.4 | 11.4 |
Fidelity Strategic Real Return Fund | 6.1 | 5.3 |
| 30.2 | 31.8 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class I | 5.7 | 0.0 |
Fidelity Retirement Money Market Portfolio | 12.7 | 18.2 |
Fidelity Short-Term Bond Fund | 18.1 | 18.9 |
| 36.5 | 37.1 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 27.6% | |
| International Equity Funds | 1.0% | |
 | Investment Grade Fixed-Income Funds | 30.2% | |
 | High Yield Fixed-Income Funds | 4.7% | |
| Short-Term Funds | 36.5% | |
Six months ago |
| Domestic Equity Funds | 26.8% | |
| International Equity Funds | 0.9% | |
| Investment Grade Fixed-Income Funds | 31.8% | |
| High Yield Fixed-Income Funds | 3.4% | |
| Short-Term Funds | 37.1% | |
Expected |
| Domestic Equity Funds | 25.0% | |
| International Equity Funds | 0.5% | |
| Investment Grade Fixed-Income Funds | 31.0% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 38.5% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Freedom 2000 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 28.6% |
| Shares | | Value |
Domestic Equity Funds - 27.6% |
Fidelity 100 Index Fund | 31,163 | | $ 311,006 |
Fidelity Blue Chip Growth Fund | 1,463,175 | | 64,438,227 |
Fidelity Disciplined Equity Fund | 2,352,672 | | 70,274,301 |
Fidelity Equity-Income Fund | 1,196,949 | | 69,698,344 |
Fidelity Growth & Income Portfolio | 2,259,518 | | 70,045,074 |
Fidelity Growth Company Fund (a) | 684,485 | | 47,585,422 |
Fidelity Mid-Cap Stock Fund | 1,644,538 | | 51,079,365 |
Fidelity OTC Portfolio (a) | 841,719 | | 35,369,020 |
Fidelity Small Cap Growth Fund | 261,650 | | 4,000,629 |
Fidelity Small Cap Independence Fund | 412,803 | | 9,114,700 |
Fidelity Small Cap Opportunities Fund | 2,038 | | 20,303 |
Fidelity Small Cap Value Fund | 273,550 | | 3,950,065 |
Fidelity Value Fund | 500,144 | | 42,237,175 |
TOTAL DOMESTIC EQUITY FUNDS | | 468,123,631 |
International Equity Funds - 1.0% |
Fidelity Diversified International Fund | 107,186 | | 4,082,731 |
Fidelity Europe Fund | 143,355 | | 5,778,653 |
Fidelity Japan Fund | 87,318 | | 1,554,267 |
Fidelity Overseas Fund | 90,843 | | 4,214,193 |
Fidelity Southeast Asia Fund | 31,266 | | 895,445 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 16,525,289 |
TOTAL EQUITY FUNDS (Cost $414,362,734) | 484,648,920 |
Fixed-Income Funds - 34.9% |
| | | |
High Yield Fixed-Income Funds - 4.7% |
Fidelity Capital & Income Fund | 4,406,389 | | 39,833,760 |
Fidelity High Income Fund | 4,421,261 | | 40,321,897 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 80,155,657 |
Investment Grade Fixed-Income Funds - 30.2% |
Fidelity Government Income Fund | 13,269,357 | | 133,622,427 |
Fidelity Intermediate Bond Fund | 9,522,802 | | 98,084,860 |
Fidelity Investment Grade Bond Fund | 23,856,356 | | 176,059,904 |
Fidelity Strategic Real Return Fund | 9,863,539 | | 102,778,073 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 510,545,264 |
TOTAL FIXED-INCOME FUNDS (Cost $573,901,808) | 590,700,921 |
Short-Term Funds - 36.5% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Class I | 96,462,842 | | $ 96,462,842 |
Fidelity Retirement Money Market Portfolio | 215,481,429 | | 215,481,429 |
Fidelity Short-Term Bond Fund | 34,620,499 | | 307,083,821 |
TOTAL SHORT-TERM FUNDS (Cost $617,637,653) | 619,028,092 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,605,902,195) | $ 1,694,377,933 |
Legend |
(a) Non-income producing |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2000 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
Assets | | |
Investment in securities, at value (cost $1,605,902,195) - See accompanying schedule | | $ 1,694,377,933 |
Cash | | 52 |
Receivable for investments sold | | 100,624,460 |
Receivable for fund shares sold | | 3,166,887 |
Total assets | | 1,798,169,332 |
| | |
Liabilities | | |
Payable for investments purchased | $ 96,794,758 | |
Payable for fund shares redeemed | 6,997,281 | |
Total liabilities | | 103,792,039 |
| | |
Net Assets | | $ 1,694,377,293 |
Net Assets consist of: | | |
Paid in capital | | $ 1,576,369,067 |
Undistributed net investment income | | 12,924,924 |
Accumulated undistributed net realized gain (loss) on investments | | 16,607,564 |
Net unrealized appreciation (depreciation) on investments | | 88,475,738 |
Net Assets, for 133,867,535 shares outstanding | | $ 1,694,377,293 |
Net Asset Value, offering price and redemption price per share ($1,694,377,293 ÷ 133,867,535 shares) | | $ 12.66 |
Statement of Operations
| Year ended March 31, 2007 |
Investment Income | | |
Income distributions from underlying funds | | $ 56,704,133 |
Interest | | 215 |
Total income | | 56,704,348 |
| | |
Expenses | | |
Independent trustees' compensation | $ 5,599 | |
Total expenses before reductions | 5,599 | |
Expense reductions | (5,599) | - |
Net investment income (loss) | | 56,704,348 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 2,295,014 | |
Capital gain distributions from underlying funds | 29,080,756 | 31,375,770 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 16,054,294 |
Net gain (loss) | | 47,430,064 |
Net increase (decrease) in net assets resulting from operations | | $ 104,134,412 |
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,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 56,704,348 | $ 47,094,930 |
Net realized gain (loss) | 31,375,770 | 11,889,328 |
Change in net unrealized appreciation (depreciation) | 16,054,294 | 37,942,703 |
Net increase (decrease) in net assets resulting from operations | 104,134,412 | 96,926,961 |
Distributions to shareholders from net investment income | (54,996,316) | (41,865,016) |
Distributions to shareholders from net realized gain | (17,909,527) | (2,614,295) |
Total distributions | (72,905,843) | (44,479,311) |
Share transactions
Proceeds from sales of shares | 453,634,213 | 383,853,505 |
Reinvestment of distributions | 72,600,661 | 44,282,778 |
Cost of shares redeemed | (464,213,365) | (455,350,550) |
Net increase (decrease) in net assets resulting from share transactions | 62,021,509 | (27,214,267) |
Total increase (decrease) in net assets | 93,250,078 | 25,233,383 |
| | |
Net Assets | | |
Beginning of period | 1,601,127,215 | 1,575,893,832 |
End of period (including undistributed net investment income of $12,924,924 and undistributed net investment income of $10,582,757, respectively) | $ 1,694,377,293 | $ 1,601,127,215 |
Other Information Shares | | |
Sold | 36,227,381 | 31,323,504 |
Issued in reinvestment of distributions | 5,832,782 | 3,639,361 |
Redeemed | (37,260,092) | (37,173,069) |
Net increase (decrease) | 4,800,071 | (2,210,204) |
Financial Highlights
Years ended March 31, | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.41 | $ 12.00 | $ 11.97 | $ 11.01 | $ 11.52 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .44 | .36 | .24 | .21 | .26 |
Net realized and unrealized gain (loss) | .38 | .40 | .02 | .99 | (.47) |
Total from investment operations | .82 | .76 | .26 | 1.20 | (.21) |
Distributions from net investment income | (.43) | (.33) | (.23) | (.24) | (.30) |
Distributions from net realized gain | (.14) | (.02) | - | - | - |
Total distributions | (.57) | (.35) | (.23) | (.24) | (.30) |
Net asset value, end of period | $ 12.66 | $ 12.41 | $ 12.00 | $ 11.97 | $ 11.01 |
Total Return A | 6.72% | 6.40% | 2.18% | 10.97% | (1.81)% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% | .10% |
Expenses net of fee waivers, if any | .00% | .01% | .08% | .08% | .08% |
Expenses net of all reductions | .00% | .01% | .08% | .08% | .08% |
Net investment income (loss) | 3.54% | 2.98% | 2.02% | 1.79% | 2.37% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,694,377 | $ 1,601,127 | $ 1,575,894 | $ 1,592,068 | $ 1,265,181 |
Portfolio turnover rate | 34% | 20% | 11% | 7% | 7% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 2005 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.0 | 0.0 |
Fidelity Blue Chip Growth Fund | 5.3 | 6.0 |
Fidelity Disciplined Equity Fund | 5.9 | 5.9 |
Fidelity Equity-Income Fund | 5.9 | 6.1 |
Fidelity Fund | 0.0 | 1.0 |
Fidelity Growth & Income Portfolio | 5.1 | 6.6 |
Fidelity Growth Company Fund | 4.3 | 3.8 |
Fidelity Mid-Cap Stock Fund | 4.7 | 3.8 |
Fidelity OTC Portfolio | 2.9 | 3.2 |
Fidelity Small Cap Growth Fund | 0.5 | 0.2 |
Fidelity Small Cap Independence Fund | 0.7 | 0.8 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
Fidelity Small Cap Value Fund | 0.5 | 0.2 |
Fidelity Value Fund | 4.1 | 2.6 |
| 39.9 | 40.2 |
International Equity Funds | | |
Fidelity Diversified International Fund | 2.4 | 2.3 |
Fidelity Europe Fund | 3.3 | 3.2 |
Fidelity Japan Fund | 1.0 | 0.9 |
Fidelity Overseas Fund | 2.5 | 2.3 |
Fidelity Southeast Asia Fund | 0.5 | 0.4 |
| 9.7 | 9.1 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.5 | 2.4 |
Fidelity High Income Fund | 2.5 | 2.6 |
| 5.0 | 5.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 8.5 | 9.4 |
Fidelity Intermediate Bond Fund | 6.8 | 7.1 |
Fidelity Investment Grade Bond Fund | 11.9 | 12.3 |
Fidelity Strategic Real Return Fund | 6.8 | 5.9 |
Fidelity Total Bond Fund | 0.1 | 0.0 |
| 34.1 | 34.7 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class I | 1.7 | 0.0 |
Fidelity Retirement Money Market Portfolio | 3.9 | 5.5 |
Fidelity Short-Term Bond Fund | 5.7 | 5.5 |
| 11.3 | 11.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 39.9% | |
| International Equity Funds | 9.7% | |
| Investment Grade Fixed-Income Funds | 34.1% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 11.3% | |
Six months ago |
| Domestic Equity Funds | 40.2% | |
| International Equity Funds | 9.1% | |
| Investment Grade Fixed-Income Funds | 34.7% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 11.0% | |
Expected |
| Domestic Equity Funds | 39.2% | |
| International Equity Funds | 9.3% | |
| Investment Grade Fixed-Income Funds | 34.3% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 12.2% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Freedom 2005 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 49.6% |
| Shares | | Value |
Domestic Equity Funds - 39.9% |
Fidelity 100 Index Fund | 17,907 | | $ 178,715 |
Fidelity Blue Chip Growth Fund | 1,038,195 | | 45,722,111 |
Fidelity Disciplined Equity Fund | 1,726,842 | | 51,580,771 |
Fidelity Equity-Income Fund | 884,230 | | 51,488,726 |
Fidelity Growth & Income Portfolio | 1,430,877 | | 44,357,194 |
Fidelity Growth Company Fund (a) | 542,304 | | 37,700,983 |
Fidelity Mid-Cap Stock Fund | 1,311,536 | | 40,736,301 |
Fidelity OTC Portfolio (a) | 592,524 | | 24,897,851 |
Fidelity Small Cap Growth Fund | 276,562 | | 4,228,635 |
Fidelity Small Cap Independence Fund | 255,597 | | 5,643,575 |
Fidelity Small Cap Opportunities Fund | 10,627 | | 105,849 |
Fidelity Small Cap Value Fund | 288,456 | | 4,165,301 |
Fidelity Value Fund | 420,694 | | 35,527,598 |
TOTAL DOMESTIC EQUITY FUNDS | | 346,333,610 |
International Equity Funds - 9.7% |
Fidelity Diversified International Fund | 544,816 | | 20,752,045 |
Fidelity Europe Fund | 717,337 | | 28,915,851 |
Fidelity Japan Fund | 473,525 | | 8,428,745 |
Fidelity Overseas Fund | 455,984 | | 21,153,094 |
Fidelity Southeast Asia Fund | 151,256 | | 4,331,984 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 83,581,719 |
TOTAL EQUITY FUNDS (Cost $397,965,944) | 429,915,329 |
Fixed-Income Funds - 39.1% |
| | | |
High Yield Fixed-Income Funds - 5.0% |
Fidelity Capital & Income Fund | 2,395,740 | | 21,657,493 |
Fidelity High Income Fund | 2,360,845 | | 21,530,908 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 43,188,401 |
Investment Grade Fixed-Income Funds - 34.1% |
Fidelity Government Income Fund | 7,340,847 | | 73,922,332 |
Fidelity Intermediate Bond Fund | 5,723,839 | | 58,955,541 |
Fidelity Investment Grade Bond Fund | 13,956,339 | | 102,997,783 |
Fidelity Strategic Real Return Fund | 5,716,163 | | 59,562,418 |
Fidelity Total Bond Fund | 91,483 | | 958,738 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 296,396,812 |
TOTAL FIXED-INCOME FUNDS (Cost $337,555,903) | 339,585,213 |
Short-Term Funds - 11.3% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Class I | 14,912,936 | | $ 14,912,936 |
Fidelity Retirement Money Market Portfolio | 34,010,616 | | 34,010,616 |
Fidelity Short-Term Bond Fund | 5,512,266 | | 48,893,802 |
TOTAL SHORT-TERM FUNDS (Cost $97,723,951) | 97,817,354 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $833,245,798) | $ 867,317,896 |
Legend |
(a) Non-income producing |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
Assets | | |
Investment in securities, at value (cost $833,245,798) - See accompanying schedule | | $ 867,317,896 |
Cash | | 98 |
Receivable for investments sold | | 14,627,234 |
Receivable for fund shares sold | | 5,347,478 |
Total assets | | 887,292,706 |
| | |
Liabilities | | |
Payable for investments purchased | $ 19,301,747 | |
Payable for fund shares redeemed | 673,432 | |
Total liabilities | | 19,975,179 |
| | |
Net Assets | | $ 867,317,527 |
Net Assets consist of: | | |
Paid in capital | | $ 814,556,941 |
Undistributed net investment income | | 4,157,103 |
Accumulated undistributed net realized gain (loss) on investments | | 14,531,385 |
Net unrealized appreciation (depreciation) on investments | | 34,072,098 |
Net Assets, for 73,275,230 shares outstanding | | $ 867,317,527 |
Net Asset Value, offering price and redemption price per share ($867,317,527 ÷ 73,275,230 shares) | | $ 11.84 |
Statement of Operations
| Year ended March 31, 2007 |
Investment Income | | |
Income distributions from underlying funds | | $ 18,028,579 |
Interest | | 48 |
Total income | | 18,028,627 |
| | |
Expenses | | |
Independent trustees' compensation | $ 2,200 | |
Total expenses before reductions | 2,200 | |
Expense reductions | (2,200) | - |
Net investment income (loss) | | 18,028,627 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 667,697 | |
Capital gain distributions from underlying funds | 22,936,758 | 23,604,455 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 13,508,627 |
Net gain (loss) | | 37,113,082 |
Net increase (decrease) in net assets resulting from operations | | $ 55,141,709 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2005 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 18,028,627 | $ 9,010,453 |
Net realized gain (loss) | 23,604,455 | 6,345,138 |
Change in net unrealized appreciation (depreciation) | 13,508,627 | 18,878,383 |
Net increase (decrease) in net assets resulting from operations | 55,141,709 | 34,233,974 |
Distributions to shareholders from net investment income | (16,755,724) | (6,943,785) |
Distributions to shareholders from net realized gain | (13,457,462) | (2,453,402) |
Total distributions | (30,213,186) | (9,397,187) |
Share transactions
Proceeds from sales of shares | 528,505,086 | 399,971,947 |
Reinvestment of distributions | 30,106,759 | 9,339,468 |
Cost of shares redeemed | (246,438,574) | (132,176,701) |
Net increase (decrease) in net assets resulting from share transactions | 312,173,271 | 277,134,714 |
Total increase (decrease) in net assets | 337,101,794 | 301,971,501 |
| | |
Net Assets | | |
Beginning of period | 530,215,733 | 228,244,232 |
End of period (including undistributed net investment income of $4,157,103 and undistributed net investment income of $2,812,640, respectively) | $ 867,317,527 | $ 530,215,733 |
Other Information Shares | | |
Sold | 45,768,587 | 36,001,118 |
Issued in reinvestment of distributions | 2,597,062 | 844,860 |
Redeemed | (21,421,023) | (11,914,522) |
Net increase (decrease) | 26,944,626 | 24,931,456 |
Financial Highlights
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.44 | $ 10.67 | $ 10.48 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .31 | .28 | .23 | .08 |
Net realized and unrealized gain (loss) | .62 | .78 | .13 | .44 |
Total from investment operations | .93 | 1.06 | .36 | .52 |
Distributions from net investment income | (.29) | (.21) | (.16) | (.04) |
Distributions from net realized gain | (.24) | (.08) | (.01) | - |
Total distributions | (.53) | (.29) | (.17) | (.04) |
Net asset value, end of period | $ 11.84 | $ 11.44 | $ 10.67 | $ 10.48 |
Total Return B, C | 8.27% | 10.05% | 3.44% | 5.21% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 2.70% | 2.55% | 2.18% | 2.03% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 867,318 | $ 530,216 | $ 228,244 | $ 36,483 |
Portfolio turnover rate | 12% | 4% | 7% | 22% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period November 6, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 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 2010 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.0 | 0.0 |
Fidelity Blue Chip Growth Fund | 5.6 | 6.1 |
Fidelity Disciplined Equity Fund | 6.1 | 6.0 |
Fidelity Equity-Income Fund | 6.1 | 6.2 |
Fidelity Fund | 0.0 | 1.3 |
Fidelity Growth & Income Portfolio | 6.1 | 6.7 |
Fidelity Growth Company Fund | 4.3 | 3.8 |
Fidelity Mid-Cap Stock Fund | 4.6 | 3.9 |
Fidelity OTC Portfolio | 3.1 | 3.2 |
Fidelity Small Cap Growth Fund | 0.5 | 0.2 |
Fidelity Small Cap Independence Fund | 0.8 | 0.8 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
Fidelity Small Cap Value Fund | 0.4 | 0.2 |
Fidelity Value Fund | 3.9 | 2.8 |
| 41.5 | 41.2 |
International Equity Funds | | |
Fidelity Diversified International Fund | 2.5 | 2.3 |
Fidelity Europe Fund | 3.5 | 3.2 |
Fidelity Japan Fund | 1.0 | 0.9 |
Fidelity Overseas Fund | 2.6 | 2.3 |
Fidelity Southeast Asia Fund | 0.6 | 0.5 |
| 10.2 | 9.2 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.5 | 2.5 |
Fidelity High Income Fund | 2.4 | 2.5 |
| 4.9 | 5.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 8.5 | 9.7 |
Fidelity Intermediate Bond Fund | 6.8 | 7.2 |
Fidelity Investment Grade Bond Fund | 11.8 | 12.5 |
Fidelity Strategic Real Return Fund | 6.8 | 5.8 |
Fidelity Total Bond Fund | 0.0 | 0.0 |
| 33.9 | 35.2 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class I | 1.5 | 0.0 |
Fidelity Retirement Money Market Portfolio | 3.3 | 4.7 |
Fidelity Short-Term Bond Fund | 4.7 | 4.7 |
| 9.5 | 9.4 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 41.5% | |
| International Equity Funds | 10.2% | |
| Investment Grade Fixed-Income Funds | 33.9% | |
| High Yield Fixed-Income Funds | 4.9% | |
| Short-Term Funds | 9.5% | |
Six months ago |
| Domestic Equity Funds | 41.2% | |
| International Equity Funds | 9.2% | |
| Investment Grade Fixed-Income Funds | 35.2% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 9.4% | |
Expected |
| Domestic Equity Funds | 40.2% | |
| International Equity Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 34.9% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 9.9% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Freedom 2010 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 51.7% |
| Shares | | Value |
Domestic Equity Funds - 41.5% |
Fidelity 100 Index Fund | 279,250 | | $ 2,786,917 |
Fidelity Blue Chip Growth Fund | 16,624,516 | | 732,143,684 |
Fidelity Disciplined Equity Fund | 26,823,480 | | 801,217,346 |
Fidelity Equity-Income Fund | 13,711,170 | | 798,401,404 |
Fidelity Growth & Income Portfolio | 25,749,622 | | 798,238,274 |
Fidelity Growth Company Fund (a) | 8,049,410 | | 559,594,980 |
Fidelity Mid-Cap Stock Fund | 19,587,317 | | 608,382,062 |
Fidelity OTC Portfolio (a) | 9,664,545 | | 406,104,177 |
Fidelity Small Cap Growth Fund | 3,921,457 | | 59,959,074 |
Fidelity Small Cap Independence Fund | 4,685,115 | | 103,447,341 |
Fidelity Small Cap Opportunities Fund | 23,283 | | 231,895 |
Fidelity Small Cap Value Fund | 4,087,078 | | 59,017,413 |
Fidelity Value Fund | 6,069,088 | | 512,534,491 |
TOTAL DOMESTIC EQUITY FUNDS | | 5,442,059,058 |
International Equity Funds - 10.2% |
Fidelity Diversified International Fund | 8,676,630 | | 330,492,842 |
Fidelity Europe Fund | 11,450,401 | | 461,565,683 |
Fidelity Japan Fund | 7,451,741 | | 132,640,986 |
Fidelity Overseas Fund | 7,194,152 | | 333,736,688 |
Fidelity Southeast Asia Fund | 2,448,096 | | 70,113,472 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 1,328,549,671 |
TOTAL EQUITY FUNDS (Cost $5,862,330,687) | 6,770,608,729 |
Fixed-Income Funds - 38.8% |
| | | |
High Yield Fixed-Income Funds - 4.9% |
Fidelity Capital & Income Fund | 35,790,249 | | 323,543,847 |
Fidelity High Income Fund | 35,331,422 | | 322,222,565 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 645,766,412 |
Investment Grade Fixed-Income Funds - 33.9% |
Fidelity Government Income Fund | 109,949,699 | | 1,107,193,473 |
Fidelity Intermediate Bond Fund | 86,185,327 | | 887,708,869 |
Fidelity Investment Grade Bond Fund | 210,113,813 | | 1,550,639,944 |
Fidelity Strategic Real Return Fund | 85,591,749 | | 891,866,024 |
Fidelity Total Bond Fund | 15,885 | | 166,472 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 4,437,574,782 |
TOTAL FIXED-INCOME FUNDS (Cost $4,978,905,737) | 5,083,341,194 |
Short-Term Funds - 9.5% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Class I | 193,114,945 | | $ 193,114,945 |
Fidelity Retirement Money Market Portfolio | 432,006,819 | | 432,006,819 |
Fidelity Short-Term Bond Fund | 70,331,374 | | 623,839,287 |
TOTAL SHORT-TERM FUNDS (Cost $1,247,294,599) | 1,248,961,051 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $12,088,531,023) | $ 13,102,910,974 |
Legend |
(a) Non-income producing |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
Assets | | |
Investment in securities, at value (cost $12,088,531,023) - See accompanying schedule | | $ 13,102,910,974 |
Cash | | 92 |
Receivable for investments sold | | 208,200,769 |
Receivable for fund shares sold | | 35,284,819 |
Total assets | | 13,346,396,654 |
| | |
Liabilities | | |
Payable for investments purchased | $ 196,403,974 | |
Payable for fund shares redeemed | 47,092,431 | |
Total liabilities | | 243,496,405 |
| | |
Net Assets | | $ 13,102,900,249 |
Net Assets consist of: | | |
Paid in capital | | $ 11,770,749,663 |
Undistributed net investment income | | 61,329,095 |
Accumulated undistributed net realized gain (loss) on investments | | 256,441,540 |
Net unrealized appreciation (depreciation) on investments | | 1,014,379,951 |
Net Assets, for 879,891,746 shares outstanding | | $ 13,102,900,249 |
Net Asset Value, offering price and redemption price per share ($13,102,900,249 ÷ 879,891,746 shares) | | $ 14.89 |
Statement of Operations
| Year ended March 31, 2007 |
Investment Income | | |
Income distributions from underlying funds | | $ 308,721,577 |
Interest | | 358 |
Total income | | 308,721,935 |
| | |
Expenses | | |
Independent trustees' compensation | $ 39,705 | |
Total expenses before reductions | 39,705 | |
Expense reductions | (39,705) | - |
Net investment income (loss) | | 308,721,935 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 59,433,999 | |
Capital gain distributions from underlying funds | 413,087,901 | 472,521,900 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 157,025,735 |
Net gain (loss) | | 629,547,635 |
Net increase (decrease) in net assets resulting from operations | | $ 938,269,570 |
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,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 308,721,935 | $ 236,800,382 |
Net realized gain (loss) | 472,521,900 | 138,186,171 |
Change in net unrealized appreciation (depreciation) | 157,025,735 | 583,275,019 |
Net increase (decrease) in net assets resulting from operations | 938,269,570 | 958,261,572 |
Distributions to shareholders from net investment income | (302,539,526) | (206,242,560) |
Distributions to shareholders from net realized gain | (291,361,878) | (46,432,435) |
Total distributions | (593,901,404) | (252,674,995) |
Share transactions
Proceeds from sales of shares | 3,957,458,496 | 3,085,283,033 |
Reinvestment of distributions | 592,129,488 | 251,913,287 |
Cost of shares redeemed | (2,480,326,685) | (2,047,023,706) |
Net increase (decrease) in net assets resulting from share transactions | 2,069,261,299 | 1,290,172,614 |
Total increase (decrease) in net assets | 2,413,629,465 | 1,995,759,191 |
| | |
Net Assets | | |
Beginning of period | 10,689,270,784 | 8,693,511,593 |
End of period (including undistributed net investment income of $61,329,095 and undistributed net investment income of $55,899,006, respectively) | $ 13,102,900,249 | $ 10,689,270,784 |
Other Information Shares | | |
Sold | 271,963,827 | 220,380,588 |
Issued in reinvestment of distributions | 40,541,770 | 18,118,645 |
Redeemed | (171,064,092) | (146,600,739) |
Net increase (decrease) | 141,441,505 | 91,898,494 |
Financial Highlights
Years ended March 31, | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.48 | $ 13.45 | $ 13.31 | $ 11.40 | $ 12.61 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .39 | .35 | .28 | .26 | .28 |
Net realized and unrealized gain (loss) | .77 | 1.05 | .20 | 2.02 | (1.18) |
Total from investment operations | 1.16 | 1.40 | .48 | 2.28 | (.90) |
Distributions from net investment income | (.38) | (.30) | (.29) | (.28) | (.31) |
Distributions from net realized gain | (.37) | (.07) | (.05) | (.09) | - |
Total distributions | (.75) | (.37) | (.34) | (.37) | (.31) |
Net asset value, end of period | $ 14.89 | $ 14.48 | $ 13.45 | $ 13.31 | $ 11.40 |
Total Return A | 8.17% | 10.54% | 3.59% | 20.15% | (7.17)% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% | .10% |
Expenses net of fee waivers, if any | .00% | .01% | .08% | .08% | .08% |
Expenses net of all reductions | .00% | .01% | .08% | .08% | .08% |
Net investment income (loss) | 2.67% | 2.48% | 2.11% | 2.07% | 2.44% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 13,102,900 | $ 10,689,271 | $ 8,693,512 | $ 7,387,863 | $ 4,682,513 |
Portfolio turnover rate | 12% | 8% | 1% | 4% | 8% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 2015 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.0 | 0.0 |
Fidelity Blue Chip Growth Fund | 5.8 | 7.1 |
Fidelity Disciplined Equity Fund | 7.1 | 6.9 |
Fidelity Equity-Income Fund | 7.0 | 7.1 |
Fidelity Fund | 0.0 | 1.6 |
Fidelity Growth & Income Portfolio | 5.9 | 7.8 |
Fidelity Growth Company Fund | 5.1 | 4.5 |
Fidelity Mid-Cap Stock Fund | 5.5 | 4.5 |
Fidelity OTC Portfolio | 3.2 | 3.7 |
Fidelity Small Cap Growth Fund | 0.6 | 0.2 |
Fidelity Small Cap Independence Fund | 0.7 | 0.9 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
Fidelity Small Cap Value Fund | 0.6 | 0.2 |
Fidelity Value Fund | 4.8 | 3.0 |
| 46.3 | 47.5 |
International Equity Funds | | |
Fidelity Diversified International Fund | 2.9 | 2.9 |
Fidelity Europe Fund | 4.0 | 4.0 |
Fidelity Japan Fund | 1.2 | 1.1 |
Fidelity Overseas Fund | 2.9 | 2.8 |
Fidelity Southeast Asia Fund | 0.6 | 0.6 |
| 11.6 | 11.4 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 3.0 | 3.0 |
Fidelity High Income Fund | 3.0 | 3.3 |
| 6.0 | 6.3 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 7.6 | 8.1 |
Fidelity Intermediate Bond Fund | 6.1 | 6.2 |
Fidelity Investment Grade Bond Fund | 10.7 | 10.7 |
Fidelity Strategic Real Return Fund | 6.2 | 5.1 |
Fidelity Total Bond Fund | 0.1 | 0.0 |
| 30.7 | 30.1 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class I | 0.8 | 0.0 |
Fidelity Retirement Money Market Portfolio | 1.9 | 2.4 |
Fidelity Short-Term Bond Fund | 2.7 | 2.3 |
| 5.4 | 4.7 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 46.3% | |
| International Equity Funds | 11.6% | |
| Investment Grade Fixed-Income Funds | 30.7% | |
| High Yield Fixed-Income Funds | 6.0% | |
| Short-Term Funds | 5.4% | |
Six months ago |
| Domestic Equity Funds | 47.5% | |
| International Equity Funds | 11.4% | |
| Investment Grade Fixed-Income Funds | 30.1% | |
| High Yield Fixed-Income Funds | 6.3% | |
| Short-Term Funds | 4.7% | |
Expected |
| Domestic Equity Funds | 44.6% | |
| International Equity Funds | 11.2% | |
| Investment Grade Fixed-Income Funds | 32.0% | |
| High Yield Fixed-Income Funds | 5.9% | |
| Short-Term Funds | 6.3% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Freedom 2015 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 57.9% |
| Shares | | Value |
Domestic Equity Funds - 46.3% |
Fidelity 100 Index Fund | 106,224 | | $ 1,060,115 |
Fidelity Blue Chip Growth Fund | 6,728,511 | | 296,323,613 |
Fidelity Disciplined Equity Fund | 12,109,919 | | 361,723,267 |
Fidelity Equity-Income Fund | 6,115,910 | | 356,129,428 |
Fidelity Growth & Income Portfolio | 9,685,600 | | 300,253,593 |
Fidelity Growth Company Fund (a) | 3,734,685 | | 259,635,289 |
Fidelity Mid-Cap Stock Fund | 8,992,792 | | 279,316,113 |
Fidelity OTC Portfolio (a) | 3,883,816 | | 163,197,949 |
Fidelity Small Cap Growth Fund | 2,040,579 | | 31,200,451 |
Fidelity Small Cap Independence Fund | 1,681,545 | | 37,128,503 |
Fidelity Small Cap Opportunities Fund | 67,568 | | 672,977 |
Fidelity Small Cap Value Fund | 2,111,968 | | 30,496,813 |
Fidelity Value Fund | 2,898,875 | | 244,809,965 |
TOTAL DOMESTIC EQUITY FUNDS | | 2,361,948,076 |
International Equity Funds - 11.6% |
Fidelity Diversified International Fund | 3,857,186 | | 146,920,216 |
Fidelity Europe Fund | 5,115,321 | | 206,198,596 |
Fidelity Japan Fund | 3,289,409 | | 58,551,484 |
Fidelity Overseas Fund | 3,194,166 | | 148,177,367 |
Fidelity Southeast Asia Fund | 1,060,245 | | 30,365,414 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 590,213,077 |
TOTAL EQUITY FUNDS (Cost $2,754,948,234) | 2,952,161,153 |
Fixed-Income Funds - 36.7% |
| | | |
High Yield Fixed-Income Funds - 6.0% |
Fidelity Capital & Income Fund | 16,998,899 | | 153,670,049 |
Fidelity High Income Fund | 16,757,336 | | 152,826,900 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 306,496,949 |
Investment Grade Fixed-Income Funds - 30.7% |
Fidelity Government Income Fund | 38,677,934 | | 389,486,792 |
Fidelity Intermediate Bond Fund | 30,177,474 | | 310,827,979 |
Fidelity Investment Grade Bond Fund | 73,561,465 | | 542,883,612 |
Fidelity Strategic Real Return Fund | 30,198,370 | | 314,667,016 |
Fidelity Total Bond Fund | 488,994 | | 5,124,659 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 1,562,990,058 |
TOTAL FIXED-INCOME FUNDS (Cost $1,852,108,019) | 1,869,487,007 |
Short-Term Funds - 5.4% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Class I | 42,271,044 | | $ 42,271,044 |
Fidelity Retirement Money Market Portfolio | 96,188,418 | | 96,188,418 |
Fidelity Short-Term Bond Fund | 15,603,956 | | 138,407,086 |
TOTAL SHORT-TERM FUNDS (Cost $276,591,240) | 276,866,548 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $4,883,647,493) | $ 5,098,514,708 |
Legend |
(a) Non-income producing |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $4,883,647,493) - See accompanying schedule | | $ 5,098,514,708 |
Cash | | 87 |
Receivable for investments sold | | 41,388,269 |
Receivable for fund shares sold | | 28,684,605 |
Total assets | | 5,168,587,669 |
| | |
Liabilities | | |
Payable for investments purchased | $ 67,748,520 | |
Payable for fund shares redeemed | 2,325,117 | |
Total liabilities | | 70,073,637 |
| | |
Net Assets | | $ 5,098,514,032 |
Net Assets consist of: | | |
Paid in capital | | $ 4,763,246,871 |
Undistributed net investment income | | 20,787,184 |
Accumulated undistributed net realized gain (loss) on investments | | 99,612,762 |
Net unrealized appreciation (depreciation) on investments | | 214,867,215 |
Net Assets, for 409,613,016 shares outstanding | | $ 5,098,514,032 |
Net Asset Value, offering price and redemption price per share ($5,098,514,032 ÷ 409,613,016 shares) | | $ 12.45 |
Statement of Operations
| Year ended March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 87,537,744 |
Interest | | 88 |
Total income | | 87,537,832 |
| | |
Expenses | | |
Independent trustees' compensation | $ 11,932 | |
Total expenses before reductions | 11,932 | |
Expense reductions | (11,932) | - |
Net investment income (loss) | | 87,537,832 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 10,705,007 | |
Capital gain distributions from underlying funds | 152,074,816 | 162,779,823 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 81,827,379 |
Net gain (loss) | | 244,607,202 |
Net increase (decrease) in net assets resulting from operations | | $ 332,145,034 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2015 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 87,537,832 | $ 34,630,643 |
Net realized gain (loss) | 162,779,823 | 37,141,190 |
Change in net unrealized appreciation (depreciation) | 81,827,379 | 122,725,107 |
Net increase (decrease) in net assets resulting from operations | 332,145,034 | 194,496,940 |
Distributions to shareholders from net investment income | (75,158,276) | (27,970,696) |
Distributions to shareholders from net realized gain | (92,481,994) | (10,642,857) |
Total distributions | (167,640,270) | (38,613,553) |
Share transactions
Proceeds from sales of shares | 2,767,201,544 | 1,847,831,476 |
Reinvestment of distributions | 167,397,718 | 38,532,294 |
Cost of shares redeemed | (678,368,546) | (276,961,461) |
Net increase (decrease) in net assets resulting from share transactions | 2,256,230,716 | 1,609,402,309 |
Total increase (decrease) in net assets | 2,420,735,480 | 1,765,285,696 |
| | |
Net Assets | | |
Beginning of period | 2,677,778,552 | 912,492,856 |
End of period (including undistributed net investment income of $20,787,184 and undistributed net investment income of $8,665,079, respectively) | $ 5,098,514,032 | $ 2,677,778,552 |
Other Information Shares | | |
Sold | 228,576,379 | 160,428,368 |
Issued in reinvestment of distributions | 13,740,481 | 3,362,406 |
Redeemed | (56,277,175) | (24,131,931) |
Net increase (decrease) | 186,039,685 | 139,658,843 |
Financial Highlights
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 11.98 | $ 10.87 | $ 10.57 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .29 | .25 | .21 | .07 |
Net realized and unrealized gain (loss) | .72 | 1.13 | .25 | .54 |
Total from investment operations | 1.01 | 1.38 | .46 | .61 |
Distributions from net investment income | (.23) | (.19) | (.14) | (.04) |
Distributions from net realized gain | (.31) | (.08) | (.02) | - |
Total distributions | (.54) | (.27) | (.16) | (.04) |
Net asset value, end of period | $ 12.45 | $ 11.98 | $ 10.87 | $ 10.57 |
Total Return B,C | 8.58% | 12.83% | 4.30% | 6.11% |
Ratios to Average Net Assets E,G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 2.37% | 2.20% | 2.01% | 1.79% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 5,098,514 | $ 2,677,779 | $ 912,493 | $ 114,335 |
Portfolio turnover rate | 4% | 1% | 0% | 2% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period November 6, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 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 2020 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.0 | 0.0 |
Fidelity Blue Chip Growth Fund | 7.3 | 8.3 |
Fidelity Disciplined Equity Fund | 8.2 | 8.2 |
Fidelity Equity-Income Fund | 8.2 | 8.4 |
Fidelity Fund | 0.0 | 2.0 |
Fidelity Growth & Income Portfolio | 8.0 | 9.1 |
Fidelity Growth Company Fund | 5.8 | 5.3 |
Fidelity Mid-Cap Stock Fund | 6.3 | 5.3 |
Fidelity OTC Portfolio | 4.1 | 4.3 |
Fidelity Small Cap Growth Fund | 0.6 | 0.3 |
Fidelity Small Cap Independence Fund | 1.1 | 1.1 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
Fidelity Small Cap Value Fund | 0.6 | 0.3 |
Fidelity Value Fund | 5.4 | 3.7 |
| 55.6 | 56.3 |
International Equity Funds | | |
Fidelity Diversified International Fund | 3.4 | 3.3 |
Fidelity Europe Fund | 4.8 | 4.7 |
Fidelity Japan Fund | 1.4 | 1.3 |
Fidelity Overseas Fund | 3.4 | 3.3 |
Fidelity Southeast Asia Fund | 0.7 | 0.7 |
| 13.7 | 13.3 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 3.7 | 3.6 |
Fidelity High Income Fund | 3.6 | 3.8 |
| 7.3 | 7.4 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 5.8 | 6.2 |
Fidelity Intermediate Bond Fund | 4.6 | 4.7 |
Fidelity Investment Grade Bond Fund | 8.1 | 8.1 |
Fidelity Strategic Real Return Fund | 4.6 | 3.8 |
Fidelity Total Bond Fund | 0.0 | 0.0 |
| 23.1 | 22.8 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class I | 0.0 | 0.0 |
Fidelity Retirement Money Market Portfolio | 0.1 | 0.1 |
Fidelity Short-Term Bond Fund | 0.2 | 0.1 |
| 0.3 | 0.2 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 55.6% | |
| International Equity Funds | 13.7% | |
| Investment Grade Fixed-Income Funds | 23.1% | |
| High Yield Fixed-Income Funds | 7.3% | |
| Short-Term Funds | 0.3% | |
Six months ago |
| Domestic Equity Funds | 56.3% | |
| International Equity Funds | 13.3% | |
| Investment Grade Fixed-Income Funds | 22.8% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Short-Term Funds | 0.2% | |
Expected |
| Domestic Equity Funds | 54.2% | |
| International Equity Funds | 13.6% | |
| Investment Grade Fixed-Income Funds | 24.3% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Short-Term Funds | 0.5% | |
/s/Edward C. Johnson 3d
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Freedom 2020 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 69.3% |
| Shares | | Value |
Domestic Equity Funds - 55.6% |
Fidelity 100 Index Fund | 411,296 | | $ 4,104,730 |
Fidelity Blue Chip Growth Fund | 30,522,874 | | 1,344,227,380 |
Fidelity Disciplined Equity Fund | 49,946,360 | | 1,491,897,766 |
Fidelity Equity-Income Fund | 25,646,841 | | 1,493,415,553 |
Fidelity Growth & Income Portfolio | 47,428,442 | | 1,470,281,717 |
Fidelity Growth Company Fund (a) | 15,327,086 | | 1,065,539,043 |
Fidelity Mid-Cap Stock Fund | 37,372,853 | | 1,160,800,814 |
Fidelity OTC Portfolio (a) | 17,731,223 | | 745,065,993 |
Fidelity Small Cap Growth Fund | 7,546,683 | | 115,388,785 |
Fidelity Small Cap Independence Fund | 8,691,047 | | 191,898,320 |
Fidelity Small Cap Opportunities Fund | 42,546 | | 423,759 |
Fidelity Small Cap Value Fund | 7,847,963 | | 113,324,580 |
Fidelity Value Fund | 11,630,979 | | 982,236,157 |
TOTAL DOMESTIC EQUITY FUNDS | | 10,178,604,597 |
International Equity Funds - 13.7% |
Fidelity Diversified International Fund | 16,366,186 | | 623,388,033 |
Fidelity Europe Fund | 21,560,684 | | 869,111,181 |
Fidelity Japan Fund | 14,150,731 | | 251,883,014 |
Fidelity Overseas Fund | 13,571,810 | | 629,596,270 |
Fidelity Southeast Asia Fund | 4,596,269 | | 131,637,155 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 2,505,615,653 |
TOTAL EQUITY FUNDS (Cost $10,921,117,367) | 12,684,220,250 |
Fixed-Income Funds - 30.4% |
| | | |
High Yield Fixed-Income Funds - 7.3% |
Fidelity Capital & Income Fund | 74,417,634 | | 672,735,415 |
Fidelity High Income Fund | 73,321,352 | | 668,690,734 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 1,341,426,149 |
Investment Grade Fixed-Income Funds - 23.1% |
Fidelity Government Income Fund | 104,700,729 | | 1,054,336,346 |
Fidelity Intermediate Bond Fund | 82,039,599 | | 845,007,866 |
Fidelity Investment Grade Bond Fund | 200,057,340 | | 1,476,423,171 |
|
| Shares | | Value |
Fidelity Strategic Real Return Fund | 81,403,061 | | $ 848,219,894 |
Fidelity Total Bond Fund | 20,266 | | 212,383 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 4,224,199,660 |
TOTAL FIXED-INCOME FUNDS (Cost $5,444,882,459) | 5,565,625,809 |
Short-Term Funds - 0.3% |
| | | |
Fidelity Institutional Money Market Portfolio Class I | 8,591,232 | | 8,591,232 |
Fidelity Retirement Money Market Portfolio | 19,365,686 | | 19,365,686 |
Fidelity Short-Term Bond Fund | 3,125,671 | | 27,724,704 |
TOTAL SHORT-TERM FUNDS (Cost $55,637,582) | 55,681,622 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $16,421,637,408) | $ 18,305,527,681 |
Legend |
(a) Non-income producing |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $16,421,637,408) - See accompanying schedule | | $ 18,305,527,681 |
Cash | | 55 |
Receivable for investments sold | | 38,693,163 |
Receivable for fund shares sold | | 54,882,019 |
Total assets | | 18,399,102,918 |
| | |
Liabilities | | |
Payable for investments purchased | $ 13,335,068 | |
Payable for fund shares redeemed | 80,243,259 | |
Total liabilities | | 93,578,327 |
| | |
Net Assets | | $ 18,305,524,591 |
Net Assets consist of: | | |
Paid in capital | | $ 15,851,410,085 |
Undistributed net investment income | | 61,758,750 |
Accumulated undistributed net realized gain (loss) on investments | | 508,465,483 |
Net unrealized appreciation (depreciation) on investments | | 1,883,890,273 |
Net Assets, for 1,155,456,287 shares outstanding | | $ 18,305,524,591 |
Net Asset Value, offering price and redemption price per share ($18,305,524,591 ÷ 1,155,456,287 shares) | | $ 15.84 |
Statement of Operations
| Year ended March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 311,425,317 |
Interest | | 482 |
Total income | | 311,425,799 |
| | |
Expenses | | |
Independent trustees' compensation | $ 53,084 | |
Total expenses before reductions | 53,084 | |
Expense reductions | (53,084) | - |
Net investment income (loss) | | 311,425,799 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 141,112,330 | |
Capital gain distributions from underlying funds | 758,405,966 | 899,518,296 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 200,024,257 |
Net gain (loss) | | 1,099,542,553 |
Net increase (decrease) in net assets resulting from operations | | $ 1,410,968,352 |
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,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 311,425,799 | $ 215,180,111 |
Net realized gain (loss) | 899,518,296 | 258,421,328 |
Change in net unrealized appreciation (depreciation) | 200,024,257 | 1,118,615,027 |
Net increase (decrease) in net assets resulting from operations | 1,410,968,352 | 1,592,216,466 |
Distributions to shareholders from net investment income | (287,223,703) | (186,835,535) |
Distributions to shareholders from net realized gain | (590,142,909) | (73,505,183) |
Total distributions | (877,366,612) | (260,340,718) |
Share transactions
Proceeds from sales of shares | 5,653,109,779 | 4,400,017,334 |
Reinvestment of distributions | 876,040,780 | 259,887,224 |
Cost of shares redeemed | (2,604,525,744) | (2,060,303,055) |
Net increase (decrease) in net assets resulting from share transactions | 3,924,624,815 | 2,599,601,503 |
Total increase (decrease) in net assets | 4,458,226,555 | 3,931,477,251 |
| | |
Net Assets | | |
Beginning of period | 13,847,298,036 | 9,915,820,785 |
End of period (including undistributed net investment income of $61,758,750 and undistributed net investment income of $39,872,822, respectively) | $ 18,305,524,591 | $ 13,847,298,036 |
Other Information Shares | | |
Sold | 367,463,918 | 302,147,223 |
Issued in reinvestment of distributions | 56,773,885 | 17,970,360 |
Redeemed | (169,857,854) | (142,121,404) |
Net increase (decrease) | 254,379,949 | 177,996,179 |
Financial Highlights
Years ended March 31, | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 15.37 | $ 13.71 | $ 13.34 | $ 10.50 | $ 12.60 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .31 | .27 | .24 | .23 | .21 |
Net realized and unrealized gain (loss) | 1.03 | 1.72 | .43 | 2.87 | (2.09) |
Total from investment operations | 1.34 | 1.99 | .67 | 3.10 | (1.88) |
Distributions from net investment income | (.28) | (.23) | (.26) | (.22) | (.22) |
Distributions from net realized gain | (.59) | (.10) | (.04) | (.04) | - |
Total distributions | (.87) | (.33) | (.30) | (.26) | (.22) |
Net asset value, end of period | $ 15.84 | $ 15.37 | $ 13.71 | $ 13.34 | $ 10.50 |
Total Return A | 8.95% | 14.64% | 5.01% | 29.68% | (14.96)% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% | .10% |
Expenses net of fee waivers, if any | .00% | .01% | .08% | .08% | .08% |
Expenses net of all reductions | .00% | .01% | .08% | .08% | .08% |
Net investment income (loss) | 1.99% | 1.87% | 1.79% | 1.85% | 1.96% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 18,305,525 | $ 13,847,298 | $ 9,915,821 | $ 7,541,432 | $ 4,087,602 |
Portfolio turnover rate | 7% | 4% | 0% | 3% | 6% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 2025 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.0 | 0.0 |
Fidelity Blue Chip Growth Fund | 7.1 | 8.6 |
Fidelity Disciplined Equity Fund | 8.9 | 8.5 |
Fidelity Equity-Income Fund | 8.8 | 8.7 |
Fidelity Fund | 0.0 | 1.8 |
Fidelity Growth & Income Portfolio | 6.8 | 9.5 |
Fidelity Growth Company Fund | 6.4 | 5.6 |
Fidelity Mid-Cap Stock Fund | 6.9 | 5.6 |
Fidelity OTC Portfolio | 3.9 | 4.5 |
Fidelity Small Cap Growth Fund | 0.8 | 0.3 |
Fidelity Small Cap Independence Fund | 0.9 | 1.1 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
Fidelity Small Cap Value Fund | 0.8 | 0.3 |
Fidelity Value Fund | 6.1 | 3.7 |
| 57.4 | 58.2 |
International Equity Funds | | |
Fidelity Diversified International Fund | 3.6 | 3.6 |
Fidelity Europe Fund | 5.1 | 5.0 |
Fidelity Japan Fund | 1.4 | 1.4 |
Fidelity Overseas Fund | 3.6 | 3.5 |
Fidelity Southeast Asia Fund | 0.8 | 0.7 |
| 14.5 | 14.2 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 3.7 | 3.6 |
Fidelity High Income Fund | 3.7 | 3.8 |
| 7.4 | 7.4 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 5.1 | 5.4 |
Fidelity Intermediate Bond Fund | 4.1 | 4.1 |
Fidelity Investment Grade Bond Fund | 7.2 | 7.0 |
Fidelity Strategic Real Return Fund | 4.2 | 3.7 |
Fidelity Total Bond Fund | 0.1 | 0.0 |
| 20.7 | 20.2 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 57.4% | |
| International Equity Funds | 14.5% | |
| Investment Grade Fixed-Income Funds | 20.7% | |
| High Yield Fixed-Income Funds | 7.4% | |
Six months ago |
| Domestic Equity Funds | 58.2% | |
| International Equity Funds | 14.2% | |
| Investment Grade Fixed-Income Funds | 20.2% | |
| High Yield Fixed-Income Funds | 7.4% | |
Expected |
| Domestic Equity Funds | 56.6% | |
| International Equity Funds | 14.1% | |
| Investment Grade Fixed-Income Funds | 21.8% | |
| High Yield Fixed-Income Funds | 7.5% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Freedom 2025 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 71.9% |
| Shares | | Value |
Domestic Equity Funds - 57.4% |
Fidelity 100 Index Fund | 93,460 | | $ 932,734 |
Fidelity Blue Chip Growth Fund | 6,992,181 | | 307,935,673 |
Fidelity Disciplined Equity Fund | 12,984,590 | | 387,849,706 |
Fidelity Equity-Income Fund | 6,541,291 | | 380,899,386 |
Fidelity Growth & Income Portfolio | 9,547,880 | | 295,984,277 |
Fidelity Growth Company Fund (a) | 4,010,574 | | 278,815,114 |
Fidelity Mid-Cap Stock Fund | 9,623,815 | | 298,915,708 |
Fidelity OTC Portfolio (a) | 4,060,138 | | 170,606,982 |
Fidelity Small Cap Growth Fund | 2,283,055 | | 34,907,910 |
Fidelity Small Cap Independence Fund | 1,699,454 | | 37,523,952 |
Fidelity Small Cap Opportunities Fund | 95,006 | | 946,262 |
Fidelity Small Cap Value Fund | 2,368,979 | | 34,208,056 |
Fidelity Value Fund | 3,133,319 | | 264,608,755 |
TOTAL DOMESTIC EQUITY FUNDS | | 2,494,134,515 |
International Equity Funds - 14.5% |
Fidelity Diversified International Fund | 4,122,439 | | 157,023,699 |
Fidelity Europe Fund | 5,472,715 | | 220,605,133 |
Fidelity Japan Fund | 3,521,618 | | 62,684,801 |
Fidelity Overseas Fund | 3,407,927 | | 158,093,749 |
Fidelity Southeast Asia Fund | 1,129,924 | | 32,361,031 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 630,768,413 |
TOTAL EQUITY FUNDS (Cost $2,929,244,155) | 3,124,902,928 |
Fixed-Income Funds - 28.1% |
| | | |
High Yield Fixed-Income Funds - 7.4% |
Fidelity Capital & Income Fund | 17,846,918 | | 161,336,141 |
Fidelity High Income Fund | 17,604,795 | | 160,555,729 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 321,891,870 |
Investment Grade Fixed-Income Funds - 20.7% |
Fidelity Government Income Fund | 22,322,093 | | 224,783,474 |
Fidelity Intermediate Bond Fund | 17,391,995 | | 179,137,550 |
Fidelity Investment Grade Bond Fund | 42,393,277 | | 312,862,381 |
Fidelity Strategic Real Return Fund | 17,431,302 | | 181,634,170 |
Fidelity Total Bond Fund | 380,287 | | 3,985,407 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 902,402,982 |
TOTAL FIXED-INCOME FUNDS (Cost $1,208,440,265) | 1,224,294,852 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $4,137,684,420) | $ 4,349,197,780 |
Legend |
(a) Non-income producing |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $4,137,684,420) - See accompanying schedule | | $ 4,349,197,780 |
Cash | | 92 |
Receivable for investments sold | | 246,942 |
Receivable for fund shares sold | | 32,439,462 |
Total assets | | 4,381,884,276 |
| | |
Liabilities | | |
Payable for investments purchased | $ 30,184,064 | |
Payable for fund shares redeemed | 2,502,992 | |
Total liabilities | | 32,687,056 |
| | |
Net Assets | | $ 4,349,197,220 |
Net Assets consist of: | | |
Paid in capital | | $ 4,023,145,443 |
Undistributed net investment income | | 14,498,774 |
Accumulated undistributed net realized gain (loss) on investments | | 100,039,643 |
Net unrealized appreciation (depreciation) on investments | | 211,513,360 |
Net Assets, for 333,379,001 shares outstanding | | $ 4,349,197,220 |
Net Asset Value, offering price and redemption price per share ($4,349,197,220 ÷ 333,379,001 shares) | | $ 13.05 |
Statement of Operations
| Year ended March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 56,427,551 |
Interest | | 45 |
Total income | | 56,427,596 |
| | |
Expenses | | |
Independent trustees' compensation | $ 9,651 | |
Total expenses before reductions | 9,651 | |
Expense reductions | (9,651) | - |
Net investment income (loss) | | 56,427,596 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 10,889,393 | |
Capital gain distributions from underlying funds | 154,038,383 | 164,927,776 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 75,388,926 |
Net gain (loss) | | 240,316,702 |
Net increase (decrease) in net assets resulting from operations | | $ 296,744,298 |
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,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 56,427,596 | $ 21,319,700 |
Net realized gain (loss) | 164,927,776 | 36,135,806 |
Change in net unrealized appreciation (depreciation) | 75,388,926 | 126,091,211 |
Net increase (decrease) in net assets resulting from operations | 296,744,298 | 183,546,717 |
Distributions to shareholders from net investment income | (47,426,166) | (16,674,108) |
Distributions to shareholders from net realized gain | (93,881,898) | (10,143,500) |
Total distributions | (141,308,064) | (26,817,608) |
Share transactions
Proceeds from sales of shares | 2,417,756,353 | 1,430,171,607 |
Reinvestment of distributions | 141,172,740 | 26,801,156 |
Cost of shares redeemed | (464,978,274) | (196,390,229) |
Net increase (decrease) in net assets resulting from share transactions | 2,093,950,819 | 1,260,582,534 |
Total increase (decrease) in net assets | 2,249,387,053 | 1,417,311,643 |
| | |
Net Assets | | |
Beginning of period | 2,099,810,167 | 682,498,524 |
End of period (including undistributed net investment income of $14,498,774 and undistributed net investment income of $5,649,658, respectively) | $ 4,349,197,220 | $ 2,099,810,167 |
Other Information Shares | | |
Sold | 191,492,013 | 120,312,980 |
Issued in reinvestment of distributions | 11,118,756 | 2,257,270 |
Redeemed | (36,904,215) | (16,551,042) |
Net increase (decrease) | 165,706,554 | 106,019,208 |
Financial Highlights
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.52 | $ 11.07 | $ 10.64 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .24 | .21 | .18 | .06 |
Net realized and unrealized gain (loss) | .89 | 1.48 | .39 | .63 |
Total from investment operations | 1.13 | 1.69 | .57 | .69 |
Distributions from net investment income | (.19) | (.15) | (.13) | (.05) |
Distributions from net realized gain | (.41) | (.10) | (.01) | - |
Total distributions | (.60) | (.24) H | (.14) | (.05) |
Net asset value, end of period | $ 13.05 | $ 12.52 | $ 11.07 | $ 10.64 |
Total Return B,C | 9.18% | 15.41% | 5.33% | 6.92% |
Ratios to Average Net Assets E,G | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 1.88% | 1.75% | 1.67% | 1.53% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 4,349,197 | $ 2,099,810 | $ 682,499 | $ 66,423 |
Portfolio turnover rate | 3% | 1% | 0% | 7% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period November 6, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 but do not include expenses of the investment companies in which the Fund invests.
H Total distributions of $.24 per share is comprised of distributions from net investment income of $.145 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
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.0 | 0.0 |
Fidelity Blue Chip Growth Fund | 8.6 | 9.9 |
Fidelity Disciplined Equity Fund | 9.8 | 9.7 |
Fidelity Equity-Income Fund | 9.8 | 10.0 |
Fidelity Fund | 0.0 | 2.0 |
Fidelity Growth & Income Portfolio | 9.3 | 10.9 |
Fidelity Growth Company Fund | 7.0 | 6.3 |
Fidelity Mid-Cap Stock Fund | 7.6 | 6.4 |
Fidelity OTC Portfolio | 4.7 | 5.2 |
Fidelity Small Cap Growth Fund | 0.9 | 0.3 |
Fidelity Small Cap Independence Fund | 1.2 | 1.3 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
Fidelity Small Cap Value Fund | 0.9 | 0.3 |
Fidelity Value Fund | 6.5 | 4.6 |
| 66.3 | 66.9 |
International Equity Funds | | |
Fidelity Diversified International Fund | 4.1 | 4.0 |
Fidelity Europe Fund | 5.7 | 5.5 |
Fidelity Japan Fund | 1.6 | 1.5 |
Fidelity Overseas Fund | 4.1 | 4.0 |
Fidelity Southeast Asia Fund | 0.8 | 0.8 |
| 16.3 | 15.8 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 3.7 | 3.6 |
Fidelity High Income Fund | 3.6 | 3.8 |
| 7.3 | 7.4 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 2.6 | 2.7 |
Fidelity Intermediate Bond Fund | 2.0 | 2.0 |
Fidelity Investment Grade Bond Fund | 3.5 | 3.5 |
Fidelity Strategic Real Return Fund | 2.0 | 1.7 |
Fidelity Total Bond Fund | 0.0 | 0.0 |
| 10.1 | 9.9 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 66.3% | |
| International Equity Funds | 16.3% | |
| Investment Grade Fixed-Income Funds | 10.1% | |
| High Yield Fixed-Income Funds | 7.3% | |
Six months ago |
| Domestic Equity Funds | 66.9% | |
| International Equity Funds | 15.8% | |
| Investment Grade Fixed-Income Funds | 9.9% | |
| High Yield Fixed-Income Funds | 7.4% | |
Expected |
| Domestic Equity Funds | 65.4% | |
| International Equity Funds | 16.4% | |
| Investment Grade Fixed-Income Funds | 10.7% | |
| High Yield Fixed-Income Funds | 7.5% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Freedom 2030 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 82.6% |
| Shares | | Value |
Domestic Equity Funds - 66.3% |
Fidelity 100 Index Fund | 258,713 | | $ 2,581,957 |
Fidelity Blue Chip Growth Fund | 23,101,856 | | 1,017,405,725 |
Fidelity Disciplined Equity Fund | 38,872,265 | | 1,161,114,552 |
Fidelity Equity-Income Fund | 19,905,493 | | 1,159,096,863 |
Fidelity Growth & Income Portfolio | 35,706,011 | | 1,106,886,352 |
Fidelity Growth Company Fund (a) | 11,967,703 | | 831,994,742 |
Fidelity Mid-Cap Stock Fund | 29,097,459 | | 903,767,091 |
Fidelity OTC Portfolio (a) | 13,369,570 | | 561,789,318 |
Fidelity Small Cap Growth Fund | 6,841,562 | | 104,607,485 |
Fidelity Small Cap Independence Fund | 6,535,868 | | 144,311,968 |
Fidelity Small Cap Opportunities Fund | 31,851 | | 317,235 |
Fidelity Small Cap Value Fund | 7,143,232 | | 103,148,266 |
Fidelity Value Fund | 9,162,722 | | 773,791,838 |
TOTAL DOMESTIC EQUITY FUNDS | | 7,870,813,392 |
International Equity Funds - 16.3% |
Fidelity Diversified International Fund | 12,691,595 | | 483,422,860 |
Fidelity Europe Fund | 16,728,885 | | 674,341,370 |
Fidelity Japan Fund | 11,008,797 | | 195,956,578 |
Fidelity Overseas Fund | 10,509,114 | | 487,517,793 |
Fidelity Southeast Asia Fund | 3,504,297 | | 100,363,057 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 1,941,601,658 |
TOTAL EQUITY FUNDS (Cost $8,624,511,756) | 9,812,415,050 |
Fixed-Income Funds - 17.4% |
| | | |
High Yield Fixed-Income Funds - 7.3% |
Fidelity Capital & Income Fund | 48,487,524 | | 438,327,213 |
Fidelity High Income Fund | 47,611,706 | | 434,218,760 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 872,545,973 |
Investment Grade Fixed-Income Funds - 10.1% |
Fidelity Government Income Fund | 29,649,142 | | 298,566,863 |
Fidelity Intermediate Bond Fund | 23,201,705 | | 238,977,557 |
Fidelity Investment Grade Bond Fund | 56,508,607 | | 417,033,516 |
|
| Shares | | Value |
Fidelity Strategic Real Return Fund | 22,918,684 | | $ 238,812,690 |
Fidelity Total Bond Fund | 5,926 | | 62,105 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 1,193,452,731 |
TOTAL FIXED-INCOME FUNDS (Cost $2,003,925,246) | 2,065,998,704 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $10,628,437,002) | $ 11,878,413,754 |
Legend |
(a) Non-income producing |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $10,628,437,002) - See accompanying schedule | | $ 11,878,413,754 |
Cash | | 82 |
Receivable for investments sold | | 13,331,380 |
Receivable for fund shares sold | | 50,021,648 |
Total assets | | 11,941,766,864 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,969,233 | |
Payable for fund shares redeemed | 60,385,036 | |
Total liabilities | | 63,354,269 |
| | |
Net Assets | | $ 11,878,412,595 |
Net Assets consist of: | | |
Paid in capital | | $ 10,235,939,134 |
Undistributed net investment income | | 26,699,819 |
Accumulated undistributed net realized gain (loss) on investments | | 365,796,890 |
Net unrealized appreciation (depreciation) on investments | | 1,249,976,752 |
Net Assets, for 725,869,346 shares outstanding | | $ 11,878,412,595 |
Net Asset Value, offering price and redemption price per share ($11,878,412,595 ÷ 725,869,346 shares) | | $ 16.36 |
Statement of Operations
| Year ended March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 148,106,822 |
Interest | | 1,059 |
Total income | | 148,107,881 |
| | |
Expenses | | |
Independent trustees' compensation | $ 33,045 | |
Total expenses before reductions | 33,045 | |
Expense reductions | (33,045) | - |
Net investment income (loss) | | 148,107,881 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 96,721,648 | |
Capital gain distributions from underlying funds | 565,613,605 | 662,335,253 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 125,329,164 |
Net gain (loss) | | 787,664,417 |
Net increase (decrease) in net assets resulting from operations | | $ 935,772,298 |
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,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 148,107,881 | $ 102,300,809 |
Net realized gain (loss) | 662,335,253 | 166,655,944 |
Change in net unrealized appreciation (depreciation) | 125,329,164 | 827,718,237 |
Net increase (decrease) in net assets resulting from operations | 935,772,298 | 1,096,674,990 |
Distributions to shareholders from net investment income | (132,487,067) | (89,395,734) |
Distributions to shareholders from net realized gain | (428,672,628) | (50,329,442) |
Total distributions | (561,159,695) | (139,725,176) |
Share transactions
Proceeds from sales of shares | 4,020,634,851 | 2,868,245,229 |
Reinvestment of distributions | 560,458,829 | 139,589,694 |
Cost of shares redeemed | (1,627,797,348) | (1,271,096,644) |
Net increase (decrease) in net assets resulting from share transactions | 2,953,296,332 | 1,736,738,279 |
Total increase (decrease) in net assets | 3,327,908,935 | 2,693,688,093 |
| | |
Net Assets | | |
Beginning of period | 8,550,503,660 | 5,856,815,567 |
End of period (including undistributed net investment income of $26,699,819 and undistributed net investment income of $13,216,238, respectively) | $ 11,878,412,595 | $ 8,550,503,660 |
Other Information Shares | | |
Sold | 253,324,030 | 193,397,312 |
Issued in reinvestment of distributions | 35,161,692 | 9,474,303 |
Redeemed | (103,165,630) | (86,363,640) |
Net increase (decrease) | 185,320,092 | 116,507,975 |
Financial Highlights
Years ended March 31, | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 15.82 | $ 13.81 | $ 13.27 | $ 10.04 | $ 12.58 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .24 | .22 | .20 | .19 | .16 |
Net realized and unrealized gain (loss) | 1.21 | 2.09 | .56 | 3.23 | (2.55) |
Total from investment operations | 1.45 | 2.31 | .76 | 3.42 | (2.39) |
Distributions from net investment income | (.21) | (.19) | (.22) | (.19) | (.15) |
Distributions from net realized gain | (.70) | (.11) | - | - | - |
Total distributions | (.91) | (.30) | (.22) | (.19) | (.15) |
Net asset value, end of period | $ 16.36 | $ 15.82 | $ 13.81 | $ 13.27 | $ 10.04 |
Total Return A | 9.40% | 16.86% | 5.72% | 34.22% | (19.05)% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% | .10% |
Expenses net of fee waivers, if any | .00% | .01% | .08% | .08% | .08% |
Expenses net of all reductions | .00% | .01% | .08% | .08% | .08% |
Net investment income (loss) | 1.51% | 1.48% | 1.52% | 1.58% | 1.52% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 11,878,413 | $ 8,550,504 | $ 5,856,816 | $ 4,363,601 | $ 2,335,210 |
Portfolio turnover rate | 6% | 5% | 0% | 2% | 4% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 2035 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.0 | 0.0 |
Fidelity Blue Chip Growth Fund | 8.4 | 10.0 |
Fidelity Disciplined Equity Fund | 10.2 | 9.8 |
Fidelity Equity-Income Fund | 10.1 | 10.0 |
Fidelity Fund | 0.0 | 1.8 |
Fidelity Growth & Income Portfolio | 7.7 | 10.9 |
Fidelity Growth Company Fund | 7.4 | 6.4 |
Fidelity Mid-Cap Stock Fund | 8.0 | 6.4 |
Fidelity OTC Portfolio | 4.7 | 5.2 |
Fidelity Small Cap Growth Fund | 0.9 | 0.3 |
Fidelity Small Cap Independence Fund | 1.0 | 1.3 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
Fidelity Small Cap Value Fund | 0.9 | 0.3 |
Fidelity Value Fund | 7.0 | 4.3 |
| 66.3 | 66.7 |
International Equity Funds | | |
Fidelity Diversified International Fund | 4.2 | 4.1 |
Fidelity Europe Fund | 5.8 | 5.8 |
Fidelity Japan Fund | 1.7 | 1.6 |
Fidelity Overseas Fund | 4.2 | 4.1 |
Fidelity Southeast Asia Fund | 0.9 | 0.8 |
| 16.8 | 16.4 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 3.9 | 3.8 |
Fidelity High Income Fund | 3.8 | 4.2 |
| 7.7 | 8.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 2.3 | 2.4 |
Fidelity Intermediate Bond Fund | 1.8 | 1.8 |
Fidelity Investment Grade Bond Fund | 3.2 | 3.2 |
Fidelity Strategic Real Return Fund | 1.8 | 1.5 |
Fidelity Total Bond Fund | 0.1 | 0.0 |
| 9.2 | 8.9 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 66.3% | |
| International Equity Funds | 16.8% | |
| Investment Grade Fixed-Income Funds | 9.2% | |
| High Yield Fixed-Income Funds | 7.7% | |
Six months ago |
| Domestic Equity Funds | 66.7% | |
| International Equity Funds | 16.4% | |
| Investment Grade Fixed-Income Funds | 8.9% | |
| High Yield Fixed-Income Funds | 8.0% | |
Expected |
| Domestic Equity Funds | 66.1% | |
| International Equity Funds | 16.6% | |
| Investment Grade Fixed-Income Funds | 9.6% | |
| High Yield Fixed-Income Funds | 7.7% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Freedom 2035 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 83.1% |
| Shares | | Value |
Domestic Equity Funds - 66.3% |
Fidelity 100 Index Fund | 56,087 | | $ 559,751 |
Fidelity Blue Chip Growth Fund | 4,861,762 | | 214,111,997 |
Fidelity Disciplined Equity Fund | 8,750,265 | | 261,370,422 |
Fidelity Equity-Income Fund | 4,429,021 | | 257,901,865 |
Fidelity Growth & Income Portfolio | 6,299,024 | | 195,269,754 |
Fidelity Growth Company Fund (a) | 2,732,871 | | 189,989,161 |
Fidelity Mid-Cap Stock Fund | 6,588,396 | | 204,635,577 |
Fidelity OTC Portfolio (a) | 2,825,811 | | 118,740,559 |
Fidelity Small Cap Growth Fund | 1,522,980 | | 23,286,371 |
Fidelity Small Cap Independence Fund | 1,112,940 | | 24,573,723 |
Fidelity Small Cap Opportunities Fund | 71,626 | | 713,392 |
Fidelity Small Cap Value Fund | 1,581,692 | | 22,839,633 |
Fidelity Value Fund | 2,122,620 | | 179,255,299 |
TOTAL DOMESTIC EQUITY FUNDS | | 1,693,247,504 |
International Equity Funds - 16.8% |
Fidelity Diversified International Fund | 2,799,120 | | 106,618,492 |
Fidelity Europe Fund | 3,707,613 | | 149,453,879 |
Fidelity Japan Fund | 2,406,788 | | 42,840,830 |
Fidelity Overseas Fund | 2,317,978 | | 107,531,016 |
Fidelity Southeast Asia Fund | 768,070 | | 21,997,514 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 428,441,731 |
TOTAL EQUITY FUNDS (Cost $1,997,691,254) | 2,121,689,235 |
Fixed-Income Funds - 16.9% |
| | | |
High Yield Fixed-Income Funds - 7.7% |
Fidelity Capital & Income Fund | 10,977,582 | | 99,237,346 |
Fidelity High Income Fund | 10,801,515 | | 98,509,817 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 197,747,163 |
Investment Grade Fixed-Income Funds - 9.2% |
Fidelity Government Income Fund | 5,799,999 | | 58,405,993 |
Fidelity Intermediate Bond Fund | 4,510,434 | | 46,457,466 |
Fidelity Investment Grade Bond Fund | 11,002,157 | | 81,195,920 |
Fidelity Strategic Real Return Fund | 4,520,072 | | 47,099,152 |
Fidelity Total Bond Fund | 108,990 | | 1,142,217 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 234,300,748 |
TOTAL FIXED-INCOME FUNDS (Cost $423,674,382) | 432,047,911 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $2,421,365,636) | $ 2,553,737,146 |
Legend |
(a) Non-income producing |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $2,421,365,636) - See accompanying schedule | | $ 2,553,737,146 |
Cash | | 50 |
Receivable for investments sold | | 21,116 |
Receivable for fund shares sold | | 21,737,673 |
Total assets | | 2,575,495,985 |
| | |
Liabilities | | |
Payable for investments purchased | $ 19,524,834 | |
Payable for fund shares redeemed | 2,234,202 | |
Total liabilities | | 21,759,036 |
| | |
Net Assets | | $ 2,553,736,949 |
Net Assets consist of: | | |
Paid in capital | | $ 2,349,587,603 |
Undistributed net investment income | | 4,141,975 |
Accumulated undistributed net realized gain (loss) on investments | | 67,635,861 |
Net unrealized appreciation (depreciation) on investments | | 132,371,510 |
Net Assets, for 189,422,360 shares outstanding | | $ 2,553,736,949 |
Net Asset Value, offering price and redemption price per share ($2,553,736,949 ÷ 189,422,360 shares) | | $ 13.48 |
Statement of Operations
| Year ended March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 25,617,854 |
Interest | | 17 |
Total income | | 25,617,871 |
| | |
Expenses | | |
Independent trustees' compensation | $ 5,446 | |
Total expenses before reductions | 5,446 | |
Expense reductions | (5,446) | - |
Net investment income (loss) | | 25,617,871 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 6,093,402 | |
Capital gain distributions from underlying funds | 101,008,250 | 107,101,652 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 46,402,827 |
Net gain (loss) | | 153,504,479 |
Net increase (decrease) in net assets resulting from operations | | $ 179,122,350 |
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,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 25,617,871 | $ 9,753,632 |
Net realized gain (loss) | 107,101,652 | 22,007,041 |
Change in net unrealized appreciation (depreciation) | 46,402,827 | 79,791,676 |
Net increase (decrease) in net assets resulting from operations | 179,122,350 | 111,552,349 |
Distributions to shareholders from net investment income | (23,453,185) | (8,057,826) |
Distributions to shareholders from net realized gain | (56,286,504) | (6,197,986) |
Total distributions | (79,739,689) | (14,255,812) |
Share transactions Proceeds from sales of shares | 1,516,133,194 | 810,298,913 |
Reinvestment of distributions | 79,694,105 | 14,249,651 |
Cost of shares redeemed | (297,379,120) | (118,030,363) |
Net increase (decrease) in net assets resulting from share transactions | 1,298,448,179 | 706,518,201 |
Total increase (decrease) in net assets | 1,397,830,840 | 803,814,738 |
| | |
Net Assets | | |
Beginning of period | 1,155,906,109 | 352,091,371 |
End of period (including undistributed net investment income of $4,141,975 and undistributed net investment income of $1,977,290, respectively) | $ 2,553,736,949 | $ 1,155,906,109 |
Other Information Shares | | |
Sold | 116,589,656 | 66,855,909 |
Issued in reinvestment of distributions | 6,079,818 | 1,174,172 |
Redeemed | (22,916,069) | (9,749,789) |
Net increase (decrease) | 99,753,405 | 58,280,292 |
Financial Highlights
Years ended March 31, | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 12.89 | $ 11.22 | $ 10.69 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .19 | .18 | .17 | .06 |
Net realized and unrealized gain (loss) | 1.01 | 1.73 | .49 | .68 |
Total from investment operations | 1.20 | 1.91 | .66 | .74 |
Distributions from net investment income | (.17) | (.13) | (.13) | (.05) |
Distributions from net realized gain | (.44) | (.11) | - | - |
Total distributions | (.61) | (.24) | (.13) | (.05) |
Net asset value, end of period | $ 13.48 | $ 12.89 | $ 11.22 | $ 10.69 |
Total Return B, C | 9.51% | 17.18% | 6.12% | 7.42% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .00% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 1.50% | 1.48% | 1.56% | 1.49% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 2,553,737 | $ 1,155,906 | $ 352,091 | $ 27,943 |
Portfolio turnover rate | 3% | 1% | 0% | 18% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period November 6, 2003 (commencement of operations) to March 31, 2004.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 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 2040 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.0 | 0.0 |
Fidelity Blue Chip Growth Fund | 8.7 | 10.1 |
Fidelity Disciplined Equity Fund | 10.2 | 10.0 |
Fidelity Equity-Income Fund | 10.1 | 10.3 |
Fidelity Fund | 0.0 | 2.4 |
Fidelity Growth & Income Portfolio | 9.1 | 11.0 |
Fidelity Growth Company Fund | 7.3 | 6.5 |
Fidelity Mid-Cap Stock Fund | 7.9 | 6.6 |
Fidelity OTC Portfolio | 4.7 | 5.3 |
Fidelity Small Cap Growth Fund | 1.1 | 0.3 |
Fidelity Small Cap Independence Fund | 1.2 | 1.3 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
Fidelity Small Cap Value Fund | 1.1 | 0.3 |
Fidelity Value Fund | 6.9 | 4.5 |
| 68.3 | 68.6 |
International Equity Funds | | |
Fidelity Diversified International Fund | 4.2 | 4.2 |
Fidelity Europe Fund | 5.9 | 5.8 |
Fidelity Japan Fund | 1.7 | 1.6 |
Fidelity Overseas Fund | 4.3 | 4.1 |
Fidelity Southeast Asia Fund | 0.9 | 0.9 |
| 17.0 | 16.6 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 4.9 | 4.7 |
Fidelity High Income Fund | 4.8 | 5.1 |
| 9.7 | 9.8 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 1.3 | 1.3 |
Fidelity Intermediate Bond Fund | 1.0 | 1.0 |
Fidelity Investment Grade Bond Fund | 1.7 | 1.8 |
Fidelity Strategic Real Return Fund | 1.0 | 0.9 |
Fidelity Total Bond Fund | 0.0 | 0.0 |
| 5.0 | 5.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 68.3% | |
| International Equity Funds | 17.0% | |
| Investment Grade Fixed-Income Funds | 5.0% | |
| High Yield Fixed-Income Funds | 9.7% | |
Six months ago |
| Domestic Equity Funds | 68.6% | |
| International Equity Funds | 16.6% | |
| Investment Grade Fixed-Income Funds | 5.0% | |
| High Yield Fixed-Income Funds | 9.8% | |
Expected |
| Domestic Equity Funds | 67.9% | |
| International Equity Funds | 17.0% | |
| Investment Grade Fixed-Income Funds | 5.3% | |
| High Yield Fixed-Income Funds | 9.8% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Freedom 2040 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 85.3% |
| Shares | | Value |
Domestic Equity Funds - 68.3% |
Fidelity 100 Index Fund | 121,170 | | $ 1,209,278 |
Fidelity Blue Chip Growth Fund | 11,585,709 | | 510,234,606 |
Fidelity Disciplined Equity Fund | 20,130,311 | | 601,292,388 |
Fidelity Equity-Income Fund | 10,250,442 | | 596,883,212 |
Fidelity Growth & Income Portfolio | 17,249,554 | | 534,736,161 |
Fidelity Growth Company Fund (a) | 6,214,558 | | 432,036,092 |
Fidelity Mid-Cap Stock Fund | 15,086,791 | | 468,595,724 |
Fidelity OTC Portfolio (a) | 6,660,396 | | 279,869,831 |
Fidelity Small Cap Growth Fund | 4,191,549 | | 64,088,782 |
Fidelity Small Cap Independence Fund | 3,222,358 | | 71,149,657 |
Fidelity Small Cap Opportunities Fund | 15,543 | | 154,813 |
Fidelity Small Cap Value Fund | 4,361,985 | | 62,987,064 |
Fidelity Value Fund | 4,781,654 | | 403,810,664 |
TOTAL DOMESTIC EQUITY FUNDS | | 4,027,048,272 |
International Equity Funds - 17.0% |
Fidelity Diversified International Fund | 6,529,027 | | 248,690,625 |
Fidelity Europe Fund | 8,624,677 | | 347,660,729 |
Fidelity Japan Fund | 5,642,809 | | 100,441,994 |
Fidelity Overseas Fund | 5,406,363 | | 250,801,179 |
Fidelity Southeast Asia Fund | 1,791,318 | | 51,303,345 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 998,897,872 |
TOTAL EQUITY FUNDS (Cost $4,441,858,047) | 5,025,946,144 |
Fixed-Income Funds - 14.7% |
| | | |
High Yield Fixed-Income Funds - 9.7% |
Fidelity Capital & Income Fund | 31,919,662 | | 288,553,744 |
Fidelity High Income Fund | 31,317,584 | | 285,616,371 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 574,170,115 |
Investment Grade Fixed-Income Funds - 5.0% |
Fidelity Government Income Fund | 7,328,311 | | 73,796,095 |
Fidelity Intermediate Bond Fund | 5,733,935 | | 59,059,529 |
Fidelity Investment Grade Bond Fund | 13,948,874 | | 102,942,692 |
Fidelity Strategic Real Return Fund | 5,662,826 | | 59,006,652 |
Fidelity Total Bond Fund | 763 | | 8,000 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 294,812,968 |
TOTAL FIXED-INCOME FUNDS (Cost $831,726,876) | 868,983,083 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $5,273,584,923) | $ 5,894,929,227 |
Legend |
(a) Non-income producing |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $5,273,584,923) - See accompanying schedule | | $ 5,894,929,227 |
Cash | | 97 |
Receivable for investments sold | | 13,234,037 |
Receivable for fund shares sold | | 26,257,435 |
Total assets | | 5,934,420,796 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,372,727 | |
Payable for fund shares redeemed | 38,119,380 | |
Total liabilities | | 39,492,107 |
| | |
Net Assets | | $ 5,894,928,689 |
Net Assets consist of: | | |
Paid in capital | | $ 5,072,917,359 |
Undistributed net investment income | | 10,924,395 |
Accumulated undistributed net realized gain (loss) on investments | | 189,742,631 |
Net unrealized appreciation (depreciation) on investments | | 621,344,304 |
Net Assets, for 608,771,366 shares outstanding | | $ 5,894,928,689 |
Net Asset Value, offering price and redemption price per share ($5,894,928,689 ÷ 608,771,366 shares) | | $ 9.68 |
Statement of Operations
| Year ended March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 69,774,369 |
Interest | | 380 |
Total income | | 69,774,749 |
| | |
Expenses | | |
Independent trustees' compensation | $ 15,669 | |
Total expenses before reductions | 15,669 | |
Expense reductions | (15,669) | - |
Net investment income (loss) | | 69,774,749 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 37,734,626 | |
Capital gain distributions from underlying funds | 282,184,486 | 319,919,112 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 80,844,501 |
Net gain (loss) | | 400,763,613 |
Net increase (decrease) in net assets resulting from operations | | $ 470,538,362 |
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,
2007 | Year ended
March 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 69,774,749 | $ 40,883,018 |
Net realized gain (loss) | 319,919,112 | 90,285,023 |
Change in net unrealized appreciation (depreciation) | 80,844,501 | 341,600,643 |
Net increase (decrease) in net assets resultingfrom operations | 470,538,362 | 472,768,684 |
Distributions to shareholders from net investment income | (67,434,345) | (32,543,730) |
Distributions to shareholders from net realized gain | (197,857,714) | (29,066,944) |
Total distributions | (265,292,059) | (61,610,674) |
Share transactions Proceeds from sales of shares | 2,640,009,648 | 1,979,220,860 |
Reinvestment of distributions | 264,943,522 | 61,529,413 |
Cost of shares redeemed | (1,083,155,803) | (722,125,077) |
Net increase (decrease) in net assets resulting from share transactions | 1,821,797,367 | 1,318,625,196 |
Total increase (decrease) in net assets | 2,027,043,670 | 1,729,783,206 |
| | |
Net Assets | | |
Beginning of period | 3,867,885,019 | 2,138,101,813 |
End of period (including undistributed net investment income of $10,924,395 and undistributed net investment income of $8,635,299, respectively) | $ 5,894,928,689 | $ 3,867,885,019 |
Other Information Shares | | |
Sold | 282,407,236 | 226,884,158 |
Issued in reinvestment of distributions | 28,157,745 | 7,070,550 |
Redeemed | (116,246,509) | (83,478,836) |
Net increase (decrease) | 194,318,472 | 150,475,872 |
Financial Highlights
Years ended March 31, | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.33 | $ 8.10 | $ 7.75 | $ 5.72 | $ 7.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .14 | .13 | .11 | .11 | .08 |
Net realized and unrealized gain (loss) | .74 | 1.29 | .38 | 2.04 | (1.69) |
Total from investment operations | .88 | 1.42 | .49 | 2.15 | (1.61) |
Distributions from net investment income | (.13) | (.10) | (.13) | (.09) | (.07) |
Distributions from net realized gain | (.40) | (.09) | (.02) | (.03) | (.01) |
Total distributions | (.53) | (.19) | (.14) E | (.12) | (.08) |
Net asset value, end of period | $ 9.68 | $ 9.33 | $ 8.10 | $ 7.75 | $ 5.72 |
Total Return A | 9.68% | 17.65% | 6.35% | 37.75% | (21.79)% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .01% | .10% | .10% | .10% |
Expenses net of fee waivers, if any | .00% | .01% | .08% | .08% | .08% |
Expenses net of all reductions | .00% | .01% | .08% | .08% | .08% |
Net investment income (loss) | 1.49% | 1.45% | 1.45% | 1.55% | 1.38% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,894,929 | $ 3,867,885 | $ 2,138,102 | $ 1,295,302 | $ 482,708 |
Portfolio turnover rate | 4% | 4% | 1% | 3% | 4% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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.
E Total distributions of $.14 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.015 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2045 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.2 | 0.0 |
Fidelity Blue Chip Growth Fund | 10.0 | 10.4 |
Fidelity Disciplined Equity Fund | 10.5 | 10.4 |
Fidelity Equity-Income Fund | 10.8 | 10.5 |
Fidelity Growth & Income Portfolio | 10.2 | 11.8 |
Fidelity Growth Company Fund | 6.8 | 6.6 |
Fidelity Mid-Cap Stock Fund | 7.0 | 6.7 |
Fidelity OTC Portfolio | 5.4 | 5.6 |
Fidelity Small Cap Growth Fund | 0.9 | 0.3 |
Fidelity Small Cap Independence Fund | 0.3 | 1.4 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
Fidelity Small Cap Value Fund | 0.9 | 0.3 |
Fidelity Value Fund | 5.7 | 5.4 |
| 68.7 | 69.4 |
International Equity Funds | | |
Fidelity Diversified International Fund | 4.8 | 4.9 |
Fidelity Europe Fund | 6.8 | 6.8 |
Fidelity Japan Fund | 1.9 | 1.8 |
Fidelity Overseas Fund | 4.9 | 4.9 |
Fidelity Southeast Asia Fund | 1.0 | 1.0 |
| 19.4 | 19.4 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 5.0 | 5.0 |
Fidelity High Income Fund | 5.0 | 4.9 |
| 10.0 | 9.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 0.5 | 0.4 |
Fidelity Intermediate Bond Fund | 0.4 | 0.3 |
Fidelity Investment Grade Bond Fund | 0.7 | 0.5 |
Fidelity Strategic Real Return Fund | 0.3 | 0.1 |
Fidelity Total Bond Fund | 0.0 | 0.0 |
| 1.9 | 1.3 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 68.7% | |
| International Equity Funds | 19.4% | |
| Investment Grade Fixed-Income Funds | 1.9% | |
| High Yield Fixed-Income Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds | 69.4% | |
| International Equity Funds | 19.4% | |
| Investment Grade Fixed-Income Funds | 1.3% | |
| High Yield Fixed-Income Funds | 9.9% | |
Expected |
| Domestic Equity Funds | 68.5% | |
| International Equity Funds | 17.9% | |
| Investment Grade Fixed-Income Funds | 3.6% | |
| High Yield Fixed-Income Funds | 10.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Freedom 2045 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 88.1% |
| Shares | | Value |
Domestic Equity Funds - 68.7% |
Fidelity 100 Index Fund | 39,119 | | $ 390,403 |
Fidelity Blue Chip Growth Fund | 406,170 | | 17,887,719 |
Fidelity Disciplined Equity Fund | 624,162 | | 18,643,713 |
Fidelity Equity-Income Fund | 329,428 | | 19,182,614 |
Fidelity Growth & Income Portfolio | 586,180 | | 18,171,575 |
Fidelity Growth Company Fund (a) | 173,284 | | 12,046,669 |
Fidelity Mid-Cap Stock Fund | 402,292 | | 12,495,197 |
Fidelity OTC Portfolio (a) | 229,048 | | 9,624,606 |
Fidelity Small Cap Growth Fund | 102,023 | | 1,559,925 |
Fidelity Small Cap Independence Fund | 22,904 | | 505,712 |
Fidelity Small Cap Opportunities Fund | 5,380 | | 53,585 |
Fidelity Small Cap Value Fund | 106,583 | | 1,539,063 |
Fidelity Value Fund | 120,029 | | 10,136,452 |
TOTAL DOMESTIC EQUITY FUNDS | | 122,237,233 |
International Equity Funds - 19.4% |
Fidelity Diversified International Fund | 225,570 | | 8,591,944 |
Fidelity Europe Fund | 297,664 | | 11,998,854 |
Fidelity Japan Fund | 191,617 | | 3,410,778 |
Fidelity Overseas Fund | 186,532 | | 8,653,202 |
Fidelity Southeast Asia Fund | 60,572 | | 1,734,774 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 34,389,552 |
TOTAL EQUITY FUNDS (Cost $153,897,699) | 156,626,785 |
Fixed-Income Funds - 11.9% |
| | | |
High Yield Fixed-Income Funds - 10.0% |
Fidelity Capital & Income Fund | 984,795 | | 8,902,545 |
Fidelity High Income Fund | 968,110 | | 8,829,168 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 17,731,713 |
Investment Grade Fixed-Income Funds - 1.9% |
Fidelity Government Income Fund | 84,352 | | 849,422 |
Fidelity Intermediate Bond Fund | 63,038 | | 649,294 |
Fidelity Investment Grade Bond Fund | 171,530 | | 1,265,892 |
Fidelity Strategic Real Return Fund | 59,695 | | 622,027 |
Fidelity Total Bond Fund | 8,765 | | 91,859 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 3,478,494 |
TOTAL FIXED-INCOME FUNDS (Cost $20,923,223) | 21,210,207 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $174,820,922) | $ 177,836,992 |
Legend |
(a) Non-income producing |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $174,820,922) - See accompanying schedule | | $ 177,836,992 |
Cash | | 53 |
Receivable for fund shares sold | | 4,009,152 |
Total assets | | 181,846,197 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,827,488 | |
Payable for fund shares redeemed | 181,675 | |
Total liabilities | | 4,009,163 |
| | |
Net Assets | | $ 177,837,034 |
Net Assets consist of: | | |
Paid in capital | | $ 172,533,440 |
Undistributed net investment income | | 144,822 |
Accumulated undistributed net realized gain (loss) on investments | | 2,142,702 |
Net unrealized appreciation (depreciation) on investments | | 3,016,070 |
Net Assets, for 16,223,328 shares outstanding | | $ 177,837,034 |
Net Asset Value, offering price and redemption price per share ($177,837,034 ÷ 16,223,328 shares) | | $ 10.96 |
Statement of Operations
| For the period June 1, 2006 (commencement of operations) to March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 586,635 |
Interest | | 54 |
Total income | | 586,689 |
| | |
Expenses | | |
Independent trustees' compensation | $ 99 | |
Total expenses before reductions | 99 | |
Expense reductions | (99) | - |
Net investment income (loss) | | 586,689 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (176) | |
Capital gain distributions from underlying funds | 2,710,993 | 2,710,817 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 3,016,070 |
Net gain (loss) | | 5,726,887 |
Net increase (decrease) in net assets resulting from operations | | $ 6,313,576 |
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
| For the period
June 1, 2006
(commencement
of operations) to March 31, 2007 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 586,689 |
Net realized gain (loss) | 2,710,817 |
Change in net unrealized appreciation (depreciation) | 3,016,070 |
Net increase (decrease) in net assets resulting from operations | 6,313,576 |
Distributions to shareholders from net investment income | (441,867) |
Distributions to shareholders from net realized gain | (568,115) |
Total distributions | (1,009,982) |
Share transactions Proceeds from sales of shares | 182,601,478 |
Reinvestment of distributions | 1,008,957 |
Cost of shares redeemed | (11,076,995) |
Net increase (decrease) in net assets resulting from share transactions | 172,533,440 |
Total increase (decrease) in net assets | 177,837,034 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $144,822) | $ 177,837,034 |
Other Information Shares | |
Sold | 17,158,733 |
Issued in reinvestment of distributions | 93,682 |
Redeemed | (1,029,087) |
Net increase (decrease) | 16,223,328 |
Financial Highlights
Year ended March 31, | 2007 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .11 |
Net realized and unrealized gain (loss) | 1.01 |
Total from investment operations | 1.12 |
Distributions from net investment income | (.07) |
Distributions from net realized gain | (.09) |
Total distributions | (.16) |
Net asset value, end of period | $ 10.96 |
Total Return B, C | 11.23% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | .00% A |
Expenses net of fee waivers, if any | .00% A |
Expenses net of all reductions | .00% A |
Net investment income (loss) | 1.30% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 177,837 |
Portfolio turnover rate | 0% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period June 1, 2006 (commencement of operations) to March 31,2007.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 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 2050 Fund
Investment Changes
Fund Holdings as of March 31, 2007 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 0.1 | 0.0 |
Fidelity Blue Chip Growth Fund | 10.2 | 10.6 |
Fidelity Disciplined Equity Fund | 10.6 | 10.5 |
Fidelity Equity-Income Fund | 10.9 | 10.6 |
Fidelity Growth & Income Portfolio | 10.4 | 12.1 |
Fidelity Growth Company Fund | 6.8 | 6.7 |
Fidelity Mid-Cap Stock Fund | 7.1 | 6.8 |
Fidelity OTC Portfolio | 5.5 | 5.5 |
Fidelity Small Cap Growth Fund | 0.9 | 0.3 |
Fidelity Small Cap Independence Fund | 0.3 | 1.4 |
Fidelity Small Cap Opportunities Fund | 0.0 | 0.0 |
Fidelity Small Cap Value Fund | 0.9 | 0.3 |
Fidelity Value Fund | 5.8 | 5.4 |
| 69.5 | 70.2 |
International Equity Funds | | |
Fidelity Diversified International Fund | 5.1 | 5.0 |
Fidelity Europe Fund | 7.1 | 7.0 |
Fidelity Japan Fund | 2.0 | 1.9 |
Fidelity Overseas Fund | 5.1 | 5.0 |
Fidelity Southeast Asia Fund | 1.1 | 1.0 |
| 20.4 | 19.9 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 5.0 | 5.0 |
Fidelity High Income Fund | 5.0 | 4.9 |
| 10.0 | 9.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 0.0 | 0.0 |
Fidelity Investment Grade Bond Fund | 0.1 | 0.0 |
Fidelity Strategic Real Return Fund | 0.0 | 0.0 |
Fidelity Total Bond Fund | 0.0 | 0.0 |
| 0.1 | 0.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 69.5% | |
| International Equity Funds | 20.4% | |
| Investment Grade Fixed-Income Funds | 0.1% | |
| High Yield Fixed-Income Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds | 70.2% | |
| International Equity Funds | 19.9% | |
| High Yield Fixed-Income Funds | 9.9% | |
Expected |
| Domestic Equity Funds | 69.6% | |
| International Equity Funds | 20.0% | |
| Investment Grade Fixed-Income Funds | 0.4% | |
| High Yield Fixed-Income Funds | 10.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2006. The current allocation is based on the fund's holdings as of March 31, 2007. The expected allocation represents the fund's anticipated allocation at September 30, 2007. |
Annual Report
Fidelity Freedom 2050 Fund
Investments March 31, 2007
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 89.9% |
| Shares | | Value |
Domestic Equity Funds - 69.5% |
Fidelity 100 Index Fund | 19,860 | | $ 198,206 |
Fidelity Blue Chip Growth Fund | 342,600 | | 15,088,090 |
Fidelity Disciplined Equity Fund | 523,943 | | 15,650,171 |
Fidelity Equity-Income Fund | 276,601 | | 16,106,460 |
Fidelity Growth & Income Portfolio | 496,968 | | 15,405,993 |
Fidelity Growth Company Fund (a) | 145,878 | | 10,141,465 |
Fidelity Mid-Cap Stock Fund | 339,301 | | 10,538,678 |
Fidelity OTC Portfolio (a) | 194,129 | | 8,157,319 |
Fidelity Small Cap Growth Fund | 86,141 | | 1,317,092 |
Fidelity Small Cap Independence Fund | 17,598 | | 388,571 |
Fidelity Small Cap Opportunities Fund | 2,679 | | 26,682 |
Fidelity Small Cap Value Fund | 89,946 | | 1,298,816 |
Fidelity Value Fund | 101,046 | | 8,533,301 |
TOTAL DOMESTIC EQUITY FUNDS | | 102,850,844 |
International Equity Funds - 20.4% |
Fidelity Diversified International Fund | 198,367 | | 7,555,810 |
Fidelity Europe Fund | 261,415 | | 10,537,632 |
Fidelity Japan Fund | 168,489 | | 2,999,107 |
Fidelity Overseas Fund | 164,054 | | 7,610,486 |
Fidelity Southeast Asia Fund | 54,788 | | 1,569,124 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 30,272,159 |
TOTAL EQUITY FUNDS (Cost $131,067,294) | 133,123,003 |
Fixed-Income Funds - 10.1% |
| | | |
High Yield Fixed-Income Funds - 10.0% |
Fidelity Capital & Income Fund | 820,967 | | 7,421,542 |
Fidelity High Income Fund | 807,222 | | 7,361,863 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 14,783,405 |
Investment Grade Fixed-Income Funds - 0.1% |
Fidelity Government Income Fund | 189 | | 1,906 |
Fidelity Investment Grade Bond Fund | 16,089 | | 118,736 |
Fidelity Strategic Real Return Fund | 183 | | 1,906 |
Fidelity Total Bond Fund | 364 | | 3,812 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 126,360 |
TOTAL FIXED-INCOME FUNDS (Cost $14,685,507) | 14,909,765 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $145,752,801) | $ 148,032,768 |
Legend |
(a) Non-income producing |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2007 |
| | |
Assets | | |
Investment in securities, at value (cost $145,752,801) - See accompanying schedule | | $ 148,032,768 |
Receivable for fund shares sold | | 2,357,875 |
Total assets | | 150,390,643 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,908,329 | |
Payable for fund shares redeemed | 449,551 | |
Total liabilities | | 2,357,880 |
| | |
Net Assets | | $ 148,032,763 |
Net Assets consist of: | | |
Paid in capital | | $ 143,794,003 |
Undistributed net investment income | | 150,955 |
Accumulated undistributed net realized gain (loss) on investments | | 1,807,838 |
Net unrealized appreciation (depreciation) on investments | | 2,279,967 |
Net Assets, for 13,483,104 shares outstanding | | $ 148,032,763 |
Net Asset Value, offering price and redemption price per share ($148,032,763 ÷ 13,483,104 shares) | | $ 10.98 |
Statement of Operations
| For the period June 1, 2006 (commencement of operations) to March 31, 2007 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 474,500 |
Interest | | 139 |
Total income | | 474,639 |
| | |
Expenses | | |
Independent trustees' compensation | $ 84 | |
Total expenses before reductions | 84 | |
Expense reductions | (84) | - |
Net investment income (loss) | | 474,639 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (31,503) | |
Capital gain distributions from underlying funds | 2,324,866 | 2,293,363 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 2,279,967 |
Net gain (loss) | | 4,573,330 |
Net increase (decrease) in net assets resulting from operations | | $ 5,047,969 |
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
| For the period
June 1, 2006
(commencement
of operations) to March 31, 2007 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 474,639 |
Net realized gain (loss) | 2,293,363 |
Change in net unrealized appreciation (depreciation) | 2,279,967 |
Net increase (decrease) in net assets resulting from operations | 5,047,969 |
Distributions to shareholders from net investment income | (323,684) |
Distributions to shareholders from net realized gain | (485,525) |
Total distributions | (809,209) |
Share transactions Proceeds from sales of shares | 161,754,996 |
Reinvestment of distributions | 805,832 |
Cost of shares redeemed | (18,766,825) |
Net increase (decrease) in net assets resulting from share transactions | 143,794,003 |
Total increase (decrease) in net assets | 148,032,763 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $150,955) | $ 148,032,763 |
Other Information Shares | |
Sold | 15,157,883 |
Issued in reinvestment of distributions | 74,753 |
Redeemed | (1,749,532) |
Net increase (decrease) | 13,483,104 |
Financial Highlights
Year ended March 31, | 2007 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .11 |
Net realized and unrealized gain (loss) | 1.02 |
Total from investment operations | 1.13 |
Distributions from net investment income | (.06) |
Distributions from net realized gain | (.09) |
Total distributions | (.15) |
Net asset value, end of period | $ 10.98 |
Total Return B, C | 11.33% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | .00% A |
Expenses net of fee waivers, if any | .00% A |
Expenses net of all reductions | .00% A |
Net investment income (loss) | 1.23% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 148,033 |
Portfolio turnover rate | 2% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the underlying funds.
F For the period June 1, 2006 (commencement of operations) to March 31,2007.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 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
Notes to Financial Statements
For the period ended March 31, 2007
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 and Freedom 2050 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, fixed income, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR). The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements.
2. Significant Accounting Policies.
The following summarizes the significant accounting policies of the Funds:
Security Valuation. Net asset value per share is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Investments in the Underlying Funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates value.
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 for processing shareholder transactions 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. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. 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 by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
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. Temporary book-tax differences 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 tax-basis components of distributable earnings and the federal tax cost as of period end were as follows for each Fund:
| Cost for Federal
Income Tax
Purposes | Unrealized
Appreciation | Unrealized
Depreciation | Net Unrealized
Appreciation/
(Depreciation) |
Freedom Income | $ 2,281,457,696 | $ 107,339,178 | $ (12,514,107) | $ 94,825,071 |
Freedom 2000 | 1,607,355,276 | 96,018,077 | (8,995,420) | 87,022,657 |
Freedom 2005 | 833,287,186 | 42,501,353 | (8,470,643) | 34,030,710 |
Freedom 2010 | 12,106,965,099 | 1,184,288,436 | (188,342,561) | 995,945,875 |
Freedom 2015 | 4,883,717,541 | 265,655,818 | (50,858,651) | 214,797,167 |
Freedom 2020 | 16,433,229,132 | 2,151,717,155 | (279,418,606) | 1,872,298,549 |
Freedom 2025 | 4,137,726,271 | 259,026,153 | (47,554,644) | 211,471,509 |
Freedom 2030 | 10,637,641,456 | 1,472,361,236 | (231,588,938) | 1,240,772,298 |
Freedom 2035 | 2,421,383,454 | 162,025,868 | (29,672,176) | 132,353,692 |
Freedom 2040 | 5,274,333,513 | 694,286,444 | (73,690,730) | 620,595,714 |
Freedom 2045 | 174,820,924 | 4,069,127 | (1,053,059) | 3,016,068 |
Freedom 2050 | 145,752,863 | 3,273,812 | (993,907) | 2,279,905 |
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
| Undistributed
Ordinary
Income | Undistributed
Long-term
Capital Gain |
Freedom Income | $ 8,663,568 | $ 16,514,060 |
Freedom 2000 | 13,431,690 | 17,553,880 |
Freedom 2005 | 4,157,103 | 14,572,774 |
Freedom 2010 | 61,329,095 | 274,875,616 |
Freedom 2015 | 20,787,184 | 99,682,811 |
Freedom 2020 | 61,758,750 | 520,057,207 |
Freedom 2025 | 14,498,774 | 100,081,495 |
Freedom 2030 | 26,699,819 | 375,001,345 |
Freedom 2035 | 4,636,717 | 67,158,938 |
Freedom 2040 | 10,924,395 | 190,491,221 |
Freedom 2045 | 170,128 | 2,117,398 |
Freedom 2050 | 173,408 | 1,785,448 |
The tax character of distributions paid was as follows:
March 31, 2007 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
Freedom Income | $ 86,708,489 | $ 21,185,278 | $ 107,893,767 |
Freedom 2000 | 57,556,325 | 15,349,518 | 72,905,843 |
Freedom 2005 | 18,552,082 | 11,661,104 | 30,213,186 |
Freedom 2010 | 342,380,352 | 251,521,052 | 593,901,404 |
Freedom 2015 | 87,757,936 | 79,882,334 | 167,640,270 |
Freedom 2020 | 350,069,505 | 527,297,107 | 877,366,612 |
Freedom 2025 | 61,438,179 | 79,869,885 | 141,308,064 |
Freedom 2030 | 177,512,467 | 383,647,228 | 561,159,695 |
Freedom 2035 | 30,773,037 | 48,966,652 | 79,739,689 |
Freedom 2040 | 88,785,152 | 176,506,907 | 265,292,059 |
Freedom 2045 | 631,239 | 378,743 | 1,009,982 |
Freedom 2050 | 485,525 | 323,684 | 809,209 |
March 31, 2006 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
Freedom Income | $ 61,090,240 | $ - | $ 61,090,240 |
Freedom 2000 | 44,479,311 | - | 44,479,311 |
Freedom 2005 | 7,877,590 | 1,519,597 | 9,397,187 |
Freedom 2010 | 233,132,207 | 19,542,788 | 252,674,995 |
Freedom 2015 | 32,043,407 | 6,570,146 | 38,613,553 |
Freedom 2020 | 230,713,449 | 29,627,269 | 260,340,718 |
Freedom 2025 | 20,627,967 | 6,189,641 | 26,817,608 |
Freedom 2030 | 117,974,238 | 21,750,938 | 139,725,176 |
Freedom 2035 | 10,802,445 | 3,453,367 | 14,255,812 |
Freedom 2040 | 44,312,876 | 17,297,798 | 61,610,674 |
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Funds' net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds' financial statement disclosures.
Annual Report
3. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits certain Funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Certain Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Each applicable Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
4. Purchases and Sales of Investments.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| Purchases ($) | Redemptions ($) |
Freedom Income | 794,119,094 | 576,010,009 |
Freedom 2000 | 624,433,988 | 549,532,994 |
Freedom 2005 | 405,687,244 | 82,761,445 |
Freedom 2010 | 3,575,988,990 | 1,378,811,522 |
Freedom 2015 | 2,492,204,565 | 164,001,181 |
Freedom 2020 | 5,242,849,370 | 1,125,758,072 |
Freedom 2025 | 2,249,669,138 | 86,560,021 |
Freedom 2030 | 3,691,670,391 | 585,811,841 |
Freedom 2035 | 1,402,270,494 | 56,925,303 |
Freedom 2040 | 2,097,827,948 | 189,363,124 |
Freedom 2045 | 174,834,975 | 13,878 |
Freedom 2050 | 146,572,378 | 788,074 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Strategic Advisers, Inc. (Strategic Advisers), an affiliate of FMR, provides the Funds with investment management related services. The Funds do not pay any fees for these services.
Other Transactions. Strategic Advisers 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.
6. Expense Reductions.
FMR voluntarily agreed to reimburse each Funds' operating expenses.
During the period ended March 31, 2007, this reimbursement reduced each Fund's expenses by the following.
| Reimbursement
from adviser |
Freedom Income | $ 7,727 |
Freedom 2000 | 5,599 |
Freedom 2005 | 2,200 |
Freedom 2010 | 39,705 |
Freedom 2015 | 11,932 |
Freedom 2020 | 53,084 |
Freedom 2025 | 9,651 |
Freedom 2030 | 33,045 |
Freedom 2035 | 5,446 |
Freedom 2040 | 15,669 |
Freedom 2045 | 99 |
Freedom 2050 | 84 |
Annual Report
Notes to Financial Statements - continued
7. 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.
| Freedom 2010 | Freedom 2020 | Freedom 2025 | Freedom 2030 |
Fidelity 100 Index Fund | 12% | 17% | - | 11% |
Fidelity Disciplined Equity Fund | - | 17% | - | 13% |
Fidelity Europe Fund | - | 19% | - | 15% |
Fidelity Government Income Fund | 17% | 17% | - | - |
Fidelity High Income Fund | - | 14% | - | - |
Fidelity Intermediate Bond Fund | 11% | 10% | - | - |
Fidelity Investment Grade Bond Fund | 13% | 13% | - | - |
Fidelity Japan Fund | - | 14% | - | 11% |
Fidelity Small Cap Growth Fund | - | 13% | - | 12% |
Fidelity Small Cap Opportunities Fund | - | - | 10% | - |
Fidelity Strategic Real Return Fund | 22% | 21% | - | - |
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
| % of shares held |
Fidelity 100 Index Fund | 62% |
Fidelity Blue Chip Growth Fund | 23% |
Fidelity Capital & Income Fund | 27% |
Fidelity Disciplined Equity Fund | 59% |
Fidelity Europe Fund | 64% |
Fidelity Government Income Fund | 57% |
Fidelity High Income Fund | 46% |
Fidelity Intermediate Bond Fund | 35% |
Fidelity Investment Grade Bond Fund | 44% |
Fidelity Japan Fund | 46% |
Fidelity Mid-Cap Stock Fund | 28% |
Fidelity OTC Portfolio | 29% |
Fidelity Overseas Fund | 27% |
Fidelity Short-Term Bond Fund | 22% |
Fidelity Small Cap Growth Fund | 51% |
Fidelity Small Cap Independence Fund | 21% |
Fidelity Small Cap Opportunities Fund | 39% |
Fidelity Small Cap Value Fund | 35% |
Fidelity Strategic Real Return Fund | 73% |
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 and Fidelity Freedom 2050 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 position 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 and Fidelity Freedom 2050 Fund (funds of Fidelity Aberdeen Street Trust) at March 31, 2007, the results of each of their operations for the periods indicated, the changes in each of their net assets for each of the periods indicated 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, 2007 by correspondence with the transfer agent and brokers, provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 22, 2007
Annual Report
Trustees and Officers
The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each 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 Freedom Fund's activities, review contractual arrangements with companies that provide services to each Freedom Fund, and review each Freedom Fund's performance. If the interests of a Freedom Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees and Member of the Advisory Board fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Freedom Funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers, the Trustees, and Member of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for James C. Curvey, each of the Trustees oversees 353 funds advised by FMR or an affiliate. Mr. Curvey oversees 314 funds advised by FMR or an affiliate.
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) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member 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.
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, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
Edward C. Johnson 3d (76) |
| Year of Election or Appointment: 1991 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR Corp.; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of Fidelity International Limited (FIL). |
James C. Curvey (71) |
| Year of Election or Appointment: 2007 Mr. Curvey is Vice Chairman (2006-present) and Director of FMR Corp. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR Corp. (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution, 1994-present). |
* 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.
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, Age; Principal Occupation |
Dennis J. Dirks (58) |
| Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003) and Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005-present) and a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-present). |
Albert R. Gamper, Jr. (65) |
| Year of Election or Appointment: 2006 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 (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. |
George H. Heilmeier (70) |
| Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992-2002), Compaq (1994-2002), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame. |
James H. Keyes (66) |
| Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). |
Marie L. Knowles (60) |
| Year of Election or Appointment: 2001 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. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare service, 2002-present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. |
Ned C. Lautenbach (63) |
| Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. |
Cornelia M. Small (62) |
| Year of Election or Appointment: 2005 Ms. Small is a member (2000-present) and Chairperson (2002-present) of the Investment Committee, and a member (2002- present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999-2000), Director of Global Equity Investments (1996-1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990-1997) and Scudder Kemper Investments (1997-1999). In addition, Ms. Small served as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy. |
William S. Stavropoulos (67) |
| Year of Election or Appointment: 2001 Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), and Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science. |
Kenneth L. Wolfe (68) |
| Year of Election or Appointment: 2005 Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993-2001). He currently serves as a member of the boards of Adelphia Communications Corporation (2003-present), Bausch & Lomb, Inc., and Revlon Inc. (2004-present). |
Advisory Board Member and Executive Officers:
Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
Peter S. Lynch (63) |
| Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. |
Kimberley H. Monasterio (43) |
| Year of Election or Appointment: 2007 President and Treasurer of Freedom Income, Freedom 2005, Freedom 2010, Freedom 2015, Freedom 2020, Freedom 2025, Freedom 2030, Freedom 2035, Freedom 2040, Freedom 2045, and Freedom 2050. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000-2004) and Chief Financial Officer (2002-2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC (2000-2004). |
Boyce I. Greer (51) |
| Year of Election or Appointment: 2005 or 2006 Vice President of Freedom Income (2005), Freedom 2000 (2005), Freedom 2005 (2005), Freedom 2010 (2005), Freedom 2015 (2005), Freedom 2020 (2005), Freedom 2025 (2005), Freedom 2030 (2005), Freedom 2035 (2005), Freedom 2040 (2005), Freedom 2045 (2006), and Freedom 2050 (2006). Mr. Greer also serves as Vice President of certain Equity Funds (2005-present), certain Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). He is an Executive Vice President of FMR (2005-present) and FMR Co., Inc. (2005-present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2006-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005), and Executive Vice President (2000-2002) and Money Market Group Leader (1997-2002) of the Fidelity Investments Fixed Income Division. He also served as Vice President of Fidelity's Money Market Funds (1997-2002), Senior Vice President of FMR (1997-2002), and Vice President of FIMM (1998-2002). |
Ren Y. Cheng (50) |
| Year of Election or Appointment: 1996, 2000, 2003, or 2006 Vice President of Freedom Income (1996), Freedom 2000 (1996), Freedom 2005 (2003), Freedom 2010 (1996), Freedom 2015 (2003), Freedom 2020 (1996), Freedom 2025 (2003), Freedom 2030 (1996), Freedom 2035 (2003), Freedom 2040 (2000), Freedom 2045 (2006), and Freedom 2050 (2006). Mr. Cheng also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Cheng worked as a portfolio manager. Mr. Cheng also serves as Vice President of FMR (2002) and FMR Co., Inc. (2002); previously served as Vice President of Strategic Advisers, Inc. (2005). |
Jonathan Shelon (33) |
| Year of Election or Appointment: 2005 or 2006 Vice President of Freedom Income (2005), Freedom 2000 (2005), Freedom 2005 (2005), Freedom 2010 (2005), Freedom 2015 (2005), Freedom 2020 (2005), Freedom 2025 (2005), Freedom 2030 (2005), Freedom 2035 (2005), Freedom 2040 (2005), Freedom 2045 (2006), and Freedom 2050 (2006). Mr. Shelon also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Shelon worked as a quantitative consultant at Callan Associates, Inc. Mr. Shelon also serves as Vice President of FMR and FMR Co., Inc.(2006). |
Eric D. Roiter (58) |
| Year of Election or Appointment: 1998, 2000, 2003, or 2006 Secretary of Freedom Income (1998), Freedom 2000 (1998), Freedom 2005 (2003), Freedom 2010 (1998), Freedom 2015 (2003), Freedom 2020 (1998), Freedom 2025 (2003), Freedom 2030 (1998), Freedom 2035 (2003), Freedom 2040 (2000), Freedom 2045 (2006), and Freedom 2050 (2006). He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001-present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001-present), Fidelity Research & Analysis Company (2001-present), and Fidelity Investments Money Management, Inc. (2001-present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003-present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005). |
Scott C. Goebel (39) |
| Year of Election or Appointment: 2007 Assistant Secretary of Freedom Income, Freedom 2005, Freedom 2010, Freedom 2015, Freedom 2020, Freedom 2025, Freedom 2030, Freedom 2035, Freedom 2040, Freedom 2045, and Freedom 2050. Mr. Goebel also serves as Assistant Secretary of other Fidelity funds (2007-present), Vice President and Secretary of FDC (2006-present), and is an employee of FMR. |
R. Stephen Ganis (41) |
| Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of Freedom Income, Freedom 2005, Freedom 2010, Freedom 2015, Freedom 2020, Freedom 2025, Freedom 2030, Freedom 2035, Freedom 2040, Freedom 2045, and Freedom 2050. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR Corp. (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002). |
Joseph B. Hollis (58) |
| Year of Election or Appointment: 2006 Chief Financial Officer of Freedom Income, Freedom 2005, Freedom 2010, Freedom 2015, Freedom 2020, Freedom 2025, Freedom 2030, Freedom 2035, Freedom 2040, Freedom 2045, and Freedom 2050. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005). |
Kenneth A. Rathgeber (59) |
| Year of Election or Appointment: 2004 or 2006 Chief Compliance Officer of Freedom Income (2004), Freedom 2000 (2004), Freedom 2005 (2004), Freedom 2010 (2004), Freedom 2015 (2004), Freedom 2020 (2004), Freedom 2025 (2004), Freedom 2030 (2004), Freedom 2035 (2004), Freedom 2040 (2004), Freedom 2045 (2006), and Freedom 2050 (2006). Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004-present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002-present). He is Chief Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005- present), and Strategic Advisers, Inc. (2005-present). Previously, Mr. Rathgeber served as Executive Vice President and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998-2002). |
Bryan A. Mehrmann (45) |
| Year of Election or Appointment: 2005 or 2006 Deputy Treasurer of Freedom Income (2005), Freedom 2000 (2005), Freedom 2005 (2005), Freedom 2010 (2005), Freedom 2015 (2005), Freedom 2020 (2005), Freedom 2025 (2005), Freedom 2030 (2005), Freedom 2035 (2005), Freedom 2040 (2005), Freedom 2045 (2006), and Freedom 2050 (2006). Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004). |
Kenneth B. Robins (37) |
| Year of Election or Appointment: 2005 or 2006 Deputy Treasurer of Freedom Income (2005), Freedom 2000 (2005), Freedom 2005 (2005), Freedom 2010 (2005), Freedom 2015 (2005), Freedom 2020 (2005), Freedom 2025 (2005), Freedom 2030 (2005), Freedom 2035 (2005), Freedom 2040 (2005), Freedom 2045 (2006), and Freedom 2050 (2006). Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004) and a Senior Manager (1999-2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000-2002). |
Robert G. Byrnes (40) |
| Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Freedom Income (2005), Freedom 2000 (2005), Freedom 2005 (2005), Freedom 2010 (2005), Freedom 2015 (2005), Freedom 2020 (2005), Freedom 2025 (2005), Freedom 2030 (2005), Freedom 2035 (2005), Freedom 2040 (2005), Freedom 2045 (2006), and Freedom 2050 (2006). Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003). |
Peter L. Lydecker (53) |
| Year of Election or Appointment: 2004 or 2006 Assistant Treasurer of Freedom Income (2004), Freedom 2000 (2004), Freedom 2005 (2004), Freedom 2010 (2004), Freedom 2015 (2004), Freedom 2020 (2004), Freedom 2025 (2004), Freedom 2030 (2004), Freedom 2035 (2004), Freedom 2040 (2004), Freedom 2045 (2006), and Freedom 2050 (2006). Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR. |
Gary W. Ryan (48) |
| Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Freedom Income (2005), Freedom 2000 (2005), Freedom 2005 (2005), Freedom 2010 (2005), Freedom 2015 (2005), Freedom 2020 (2005), Freedom 2025 (2005), Freedom 2030 (2005), Freedom 2035 (2005), Freedom 2040 (2005), Freedom 2045 (2006), and Freedom 2050 (2006). Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999-2005). |
Salvatore Schiavone (41) |
| Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Freedom Income (2005), Freedom 2000 (2005), Freedom 2005 (2005), Freedom 2010 (2005), Freedom 2015 (2005), Freedom 2020 (2005), Freedom 2025 (2005), Freedom 2030 (2005), Freedom 2035 (2005), Freedom 2040 (2005), Freedom 2045 (2006), and Freedom 2050 (2006). Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003-2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996-2003). |
Annual Report
Distributions
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:
Fund | Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Freedom Income Fund | 05/07/2007 | 05/04/2007 | $.05 | $.08 |
Fidelity Freedom 2000 Fund | 05/07/2007 | 05/04/2007 | $.10 | $.14 |
Fidelity Freedom 2005 Fund | 05/07/2007 | 05/04/2007 | $.06 | $.20 |
Fidelity Freedom 2010 Fund | 05/07/2007 | 05/04/2007 | $.07 | $.31 |
Fidelity Freedom 2015 Fund | 05/07/2007 | 05/04/2007 | $.05 | $.24 |
Fidelity Freedom 2020 Fund | 05/07/2007 | 05/04/2007 | $.05 | $.45 |
Fidelity Freedom 2025 Fund | 05/07/2007 | 05/04/2007 | $.04 | $.29 |
Fidelity Freedom 2030 Fund | 05/07/2007 | 05/04/2007 | $.04 | $.51 |
Fidelity Freedom 2035 Fund | 05/07/2007 | 05/04/2007 | $.03 | $.34 |
Fidelity Freedom 2040 Fund | 05/07/2007 | 05/04/2007 | $.02 | $.31 |
Fidelity Freedom 2045 Fund | 05/07/2007 | 05/04/2007 | $.01 | $.12 |
Fidelity Freedom 2050 Fund | 05/07/2007 | 05/04/2007 | $.01 | $.12 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2007 or, if subsequently determined to be different, the net capital gain of such year.
Fund |
|
Fidelity Freedom Income Fund | $ 30,110,654 |
Fidelity Freedom 2000 Fund | $ 29,058,121 |
Fidelity Freedom 2005 Fund | $ 21,777,588 |
Fidelity Freedom 2010 Fund | $435,585,898 |
Fidelity Freedom 2015 Fund | $150,621,073 |
Fidelity Freedom 2020 Fund | $837,428,809 |
Fidelity Freedom 2025 Fund | $152,994,986 |
Fidelity Freedom 2030 Fund | $619,424,810 |
Fidelity Freedom 2035 Fund | $ 99,454,676 |
Fidelity Freedom 2040 Fund | $298,523,868 |
Fidelity Freedom 2045 Fund | $ 2,496,141 |
Fidelity Freedom 2050 Fund | $ 2,109,131 |
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 | 5.34% |
Fidelity Freedom 2000 Fund | 4.68% |
Fidelity Freedom 2005 Fund | 3.05% |
Fidelity Freedom 2010 Fund | 3.27% |
Annual Report
Distributions - 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, 2006 | 3% |
June, 2006 | 5% |
July, 2006 | 5% |
August, 2006 | 5% |
September, 2006 | 5% |
October, 2006 | 5% |
November, 2006 | 5% |
December, 2006 | 5% |
February, 2007 | 0% |
March, 2007 | 0% |
Fidelity Freedom 2000 Fund | |
December, 2006 | 7% |
Fidelity Freedom 2005 Fund | |
May, 2006 | 1% |
December, 2006 | 12% |
Fidelity Freedom 2010 Fund | |
May, 2006 | 1% |
December, 2006 | 13% |
Fidelity Freedom 2015 Fund | |
May, 2006 | 1% |
December, 2006 | 16% |
Fidelity Freedom 2020 Fund | |
May, 2006 | 2% |
December, 2006 | 21% |
Fidelity Freedom 2025 Fund | |
May, 2006 | 20% |
December, 2006 | 20% |
Fidelity Freedom 2030 Fund | |
May, 2006 | 6% |
December, 2006 | 29% |
Fidelity Freedom 2035 Fund | |
May, 2006 | 8% |
December, 2006 | 28% |
Fidelity Freedom 2040 Fund | |
December, 2006 | 29% |
Fidelity Freedom 2045 Fund | |
December, 2006 | 26% |
Fidelity Freedom 2050 Fund | |
December, 2006 | 29% |
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, 2006 | 4% |
June, 2006 | 6% |
July, 2006 | 6% |
August, 2006 | 6% |
September, 2006 | 6% |
October, 2006 | 6% |
November, 2006 | 6% |
December, 2006 | 6% |
February, 2007 | 0% |
March, 2007 | 0% |
Fidelity Freedom 2000 Fund | |
May, 2006 | 2% |
December, 2006 | 8% |
Fidelity Freedom 2005 Fund | |
May, 2006 | 3% |
December, 2006 | 17% |
Fidelity Freedom 2010 Fund | |
May, 2006 | 4% |
December, 2006 | 18% |
Fidelity Freedom 2015 Fund | |
May, 2006 | 6% |
December, 2006 | 22% |
Fidelity Freedom 2020 Fund | |
May, 2006 | 9% |
December, 2006 | 29% |
Fidelity Freedom 2025 Fund | |
May, 2006 | 6% |
December, 2006 | 32% |
Fidelity Freedom 2030 Fund | |
May, 2006 | 19% |
December, 2006 | 41% |
Fidelity Freedom 2035 Fund | |
May, 2006 | 19% |
December, 2006 | 40% |
Fidelity Freedom 2040 Fund | |
May, 2006 | 10% |
December, 2006 | 41% |
Fidelity Freedom 2045 Fund | |
December, 2006 | 45% |
Fidelity Freedom 2050 Fund | |
December, 2006 | 51% |
The fund will notify shareholders in January 2008 of amounts for use in preparing 2007 income tax returns.
Annual Report
Proxy Voting Results
A special meeting of each fund's shareholders was held on November 15, 2006. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees. A |
| # of
Votes | % of
Votes |
Dennis J. Dirks |
Affirmative | 18,830,405,833.72 | 96.597 |
Withheld | 663,346,737.87 | 3.403 |
TOTAL | 19,493,752,571.59 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 18,831,910,040.83 | 96.605 |
Withheld | 661,842,530.76 | 3.395 |
TOTAL | 19,493,752,571.59 | 100.000 |
Robert M. Gates |
Affirmative | 18,773,843,345.17 | 96.307 |
Withheld | 719,909,226.42 | 3.693 |
TOTAL | 19,493,752,571.59 | 100.000 |
George H. Heilmeier |
Affirmative | 18,812,771,918.57 | 96.507 |
Withheld | 680,980,653.02 | 3.493 |
TOTAL | 19,493,752,571.59 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 18,782,518,015.61 | 96.351 |
Withheld | 711,234,555.98 | 3.649 |
TOTAL | 19,493,752,571.59 | 100.000 |
Stephen P. Jonas |
Affirmative | 18,830,271,862.75 | 96.596 |
Withheld | 663,480,708.84 | 3.404 |
TOTAL | 19,493,752,571.59 | 100.000 |
James H. KeyesB |
Affirmative | 18,826,889,110.63 | 96.579 |
Withheld | 666,863,460.96 | 3.421 |
TOTAL | 19,493,752,571.59 | 100.000 |
Marie L. Knowles |
Affirmative | 18,823,799,568.68 | 96.563 |
Withheld | 669,953,002.91 | 3.437 |
TOTAL | 19,493,752,571.59 | 100.000 |
Ned C. Lautenbach |
Affirmative | 18,825,887,364.77 | 96.574 |
Withheld | 667,865,206.82 | 3.426 |
TOTAL | 19,493,752,571.59 | 100.000 |
William O. McCoy |
Affirmative | 18,808,878,406.86 | 96.487 |
Withheld | 684,874,164.73 | 3.513 |
TOTAL | 19,493,752,571.59 | 100.000 |
| # of
Votes | % of
Votes |
Robert L. Reynolds |
Affirmative | 18,833,005,141.90 | 96.610 |
Withheld | 660,747,429.69 | 3.390 |
TOTAL | 19,493,752,571.59 | 100.000 |
Cornelia M. Small |
Affirmative | 18,830,550,887.27 | 96.598 |
Withheld | 663,201,684.32 | 3.402 |
TOTAL | 19,493,752,571.59 | 100.000 |
William S. Stavropoulos |
Affirmative | 18,814,171,579.92 | 96.514 |
Withheld | 679,580,991,67 | 3.486 |
TOTAL | 19,493,752,571.59 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 18,821,873,222.11 | 96.553 |
Withheld | 671,879,349.48 | 3.447 |
TOTAL | 19,493,752,571.59 | 100.000 |
A Denotes trust-wide proposal and voting results. B Effective on or about January 1, 2007. |
Annual Report
Annual Report
Investment Adviser
Strategic Advisers, Inc.
Boston, MA
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York
New York, NY
Mellon Bank, N.A.
Pittsburgh, PA
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) (automated graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
FF-UANNPRO-0507
1.814503.102
Item 2. Code of Ethics
As of the end of the period, March 31, 2007, 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 Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Knowles is independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees.
For the fiscal years ended March 31, 2007 and March 31, 2006, the aggregate Audit Fees billed by PricewaterhouseCoopers LLP (PwC) for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, for 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, and Fidelity Freedom 2050 Fund (the funds) and for all funds in the Fidelity Group of Funds are shown in the table below.
Fund | 2007A | 2006A,B |
Fidelity Freedom Income Fund | $26,000 | $26,000 |
Fidelity Freedom 2000 Fund | $25,000 | $25,000 |
Fidelity Freedom 2005 Fund | $23,000 | $21,000 |
Fidelity Freedom 2010 Fund | $43,000 | $47,000 |
Fidelity Freedom 2015 Fund | $28,000 | $24,000 |
Fidelity Freedom 2020 Fund | $50,000 | $53,000 |
Fidelity Freedom 2025 Fund | $26,000 | $23,000 |
Fidelity Freedom 2030 Fund | $39,000 | $40,000 |
Fidelity Freedom 2035 Fund | $24,000 | $22,000 |
Fidelity Freedom 2040 Fund | $30,000 | $28,000 |
Fidelity Freedom 2045 Fund | $14,000 | $0 |
Fidelity Freedom 2050 Fund | $14,000 | $0 |
All funds in the Fidelity Group of Funds audited by PwC | $14,200,000 | $12,500,000 |
A | Aggregate amounts may reflect rounding. |
B | No Audit Fees were billed by PwC for professional services rendered for the audit of the annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements to Fidelity Freedom 2045 and Fidelity Freedom 2050, as the funds did not commence operations until June 1, 2006. |
For the fiscal years ended March 31, 2007 and March 31, 2006, the aggregate Audit Fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, for 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, and Fidelity Advisor Freedom 2050 Fund (the funds) and for all funds in the Fidelity Group of Funds are shown in the table below.
Fund | 2007A | 2006A,B |
Fidelity Advisor Freedom Income Fund | $17,000 | $17,000 |
Fidelity Advisor Freedom 2005 Fund | $17,000 | $17,000 |
Fidelity Advisor Freedom 2010 Fund | $18,000 | $18,000 |
Fidelity Advisor Freedom 2015 Fund | $18,000 | $18,000 |
Fidelity Advisor Freedom 2020 Fund | $20,000 | $18,000 |
Fidelity Advisor Freedom 2025 Fund | $18,000 | $18,000 |
Fidelity Advisor Freedom 2030 Fund | $19,000 | $18,000 |
Fidelity Advisor Freedom 2035 Fund | $18,000 | $17,000 |
Fidelity Advisor Freedom 2040 Fund | $18,000 | $18,000 |
Fidelity Advisor Freedom 2045 Fund | $25,000 | $0 |
Fidelity Advisor Freedom 2050 Fund | $25,000 | $0 |
All funds in the Fidelity Group of Funds audited by Deloitte Entities | $7,100,000 | $5,900,000 |
A | Aggregate amounts may reflect rounding. |
B | No Audit Fees were billed by Deloitte Entities for professional services rendered for the audit of the annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements to Fidelity Advisor Freedom 2045 and Fidelity Advisor Freedom 2050, as the funds did not commence operations until June 1, 2006. |
(b) Audit-Related Fees.
In each of the fiscal years ended March 31, 2007 and March 31, 2006, the aggregate Audit-Related Fees billed by PwC for services rendered for assurance and related services to each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.
Fund | 2007A | 2006A,B |
Fidelity Freedom Income Fund | $0 | $0 |
Fidelity Freedom 2005 Fund | $0 | $0 |
Fidelity Freedom 2010 Fund | $0 | $0 |
Fidelity Freedom 2015 Fund | $0 | $0 |
Fidelity Freedom 2020 Fund | $0 | $0 |
Fidelity Freedom 2025 Fund | $0 | $0 |
Fidelity Freedom 2030 Fund | $0 | $0 |
Fidelity Freedom 2035 Fund | $0 | $0 |
Fidelity Freedom 2040 Fund | $0 | $0 |
Fidelity Freedom 2045 Fund | $0 | $0 |
Fidelity Freedom 2050 Fund | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
B | No Audit-Related Fees were billed by PwC for services rendered for assurance and related services to Fidelity Freedom 2045 and Fidelity Freedom 2050, as the funds did not commence operations until June 1, 2006. |
In each of the fiscal years ended March 31, 2007 and March 31, 2006, the aggregate Audit-Related Fees billed by Deloitte Entities for services rendered for assurance and related services to each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.
Fund | 2007A | 2006A,B |
Fidelity Advisor Freedom Income Fund | $0 | $0 |
Fidelity Advisor Freedom 2005 Fund | $0 | $0 |
Fidelity Advisor Freedom 2010 Fund | $0 | $0 |
Fidelity Advisor Freedom 2015 Fund | $0 | $0 |
Fidelity Advisor Freedom 2020 Fund | $0 | $0 |
Fidelity Advisor Freedom 2025 Fund | $0 | $0 |
Fidelity Advisor Freedom 2030 Fund | $0 | $0 |
Fidelity Advisor Freedom 2035 Fund | $0 | $0 |
Fidelity Advisor Freedom 2040 Fund | $0 | $0 |
Fidelity Advisor Freedom 2045 Fund | $0 | $0 |
Fidelity Advisor Freedom 2050 Fund | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
B | No Audit-Related Fees were billed by Deloitte Entities for services rendered for assurance and related services to Fidelity Advisor Freedom 2045 and Fidelity Advisor Freedom 2050, as the funds did not commence operations until June 1, 2006. |
In each of the fiscal years ended March 31, 2007 and March 31, 2006, the aggregate Audit-Related Fees that were billed by PwC and Deloitte Entities that were required to be approved by the Audit Committee for services 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") for assurance and related services that relate directly to the operations and financial reporting of each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.
Billed By | 2007A | 2006A |
PwC | $0 | $0 |
Deloitte Entities | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
Fees included in the audit-related category comprise assurance and related services (e.g., due diligence services) that are traditionally performed by the independent registered public accounting firm. These audit-related services include due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews, attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.
(c) Tax Fees.
In each of the fiscal years ended March 31, 2007 and March 31, 2006, the aggregate Tax Fees billed by PwC for professional services rendered for tax compliance, tax advice, and tax planning for each fund is shown in the table below.
Fund | 2007A | 2006A,B |
Fidelity Freedom Income Fund | $1,700 | $1,600 |
Fidelity Freedom 2000 Fund | $1,700 | $1,600 |
Fidelity Freedom 2005 Fund | $1,700 | $1,600 |
Fidelity Freedom 2010 Fund | $1,700 | $1,600 |
Fidelity Freedom 2015 Fund | $1,700 | $1,600 |
Fidelity Freedom 2020 Fund | $1,700 | $1,600 |
Fidelity Freedom 2025 Fund | $1,700 | $1,600 |
Fidelity Freedom 2030 Fund | $1,700 | $1,600 |
Fidelity Freedom 2035 Fund | $1,700 | $1,600 |
Fidelity Freedom 2040 Fund | $1,700 | $1,600 |
Fidelity Freedom 2045 Fund | $1,600 | $0 |
Fidelity Freedom 2050 Fund | $1,600 | $0 |
A | Aggregate amounts may reflect rounding. |
B | No Tax Fees were billed by PwC for services rendered for tax compliance, tax advice, and tax planning for Fidelity Freedom 2045 and Fidelity Freedom 2050 as the funds did not commence operations until June 1, 2006. |
In each of the fiscal years ended March 31, 2007 and March 31, 2006, the aggregate Tax Fees billed by Deloitte Entities for professional services rendered for tax compliance, tax advice, and tax planning for each fund is shown in the table below.
Fund | 2007A | 2006A,B |
Fidelity Advisor Freedom Income Fund | $4,200 | $1,900 |
Fidelity Advisor Freedom 2005 Fund | $4,200 | $1,800 |
Fidelity Advisor Freedom 2010 Fund | $4,200 | $1,800 |
Fidelity Advisor Freedom 2015 Fund | $4,200 | $1,800 |
Fidelity Advisor Freedom 2020 Fund | $4,200 | $1,800 |
Fidelity Advisor Freedom 2025 Fund | $4,200 | $1,800 |
Fidelity Advisor Freedom 2030 Fund | $4,200 | $1,800 |
Fidelity Advisor Freedom 2035 Fund | $4,200 | $1,800 |
Fidelity Advisor Freedom 2040 Fund | $4,200 | $1,800 |
Fidelity Advisor Freedom 2045 Fund | $5,200 | $0 |
Fidelity Advisor Freedom 2050 Fund | $5,200 | $0 |
A | Aggregate amounts may reflect rounding. |
B | No Tax Fees were billed by Deloitte Entities for services rendered for tax compliance, tax advice, and tax planning for Fidelity Advisor Freedom 2045 and Fidelity Advisor Freedom 2050 as the funds did not commence operations until June 1, 2006. |
In each of the fiscal years ended March 31, 2007 and March 31, 2006, the aggregate Tax Fees billed by PwC and Deloitte Entities that were required to be approved by the Audit Committee for professional services rendered on behalf of the Fund Service Providers for tax compliance, tax advice, and tax planning that relate directly to the operations and financial reporting of each fund is shown in the table below.
Billed By | 2007A | 2006A |
PwC | $0 | $0 |
Deloitte Entities | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
Fees included in the Tax Fees category comprise all services performed by professional staff in the independent registered public accounting firm's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.
(d) All Other Fees.
In each of the fiscal years ended March 31, 2007 and March 31, 2006, the aggregate Other Fees billed by PwC for all other non-audit services rendered to the funds is shown in the table below.
Fund | 2007A | 2006A,B |
Fidelity Freedom Income Fund | $1,300 | $2,000 |
Fidelity Freedom 2000 Fund | $1,100 | $1,700 |
Fidelity Freedom 2005 Fund | $900 | $1,100 |
Fidelity Freedom 2010 Fund | $3,300 | $6,100 |
Fidelity Freedom 2015 Fund | $1,500 | $1,700 |
Fidelity Freedom 2020 Fund | $4,100 | $7,200 |
Fidelity Freedom 2025 Fund | $1,300 | $1,600 |
Fidelity Freedom 2030 Fund | $2,800 | $4,700 |
Fidelity Freedom 2035 Fund | $1,100 | $1,200 |
Fidelity Freedom 2040 Fund | $1,700 | $2,400 |
Fidelity Freedom 2045 Fund | $600 | $0 |
Fidelity Freedom 2050 Fund | $600 | $0 |
A | Aggregate amounts may reflect rounding. |
B | No Other Fees were billed by PwC for all other non-audit services rendered to Fidelity Freedom 2045 Fund and Fidelity Freedom 2050 as the funds did not commence operations until June 1, 2006. |
In each of the fiscal years ended March 31, 2007 and March 31, 2006, the aggregate Other Fees billed by Deloitte Entities for all other non-audit services rendered to the funds is shown in the table below.
Fund | 2007A | 2006A,B |
Fidelity Advisor Freedom Income Fund | $0 | $0 |
Fidelity Advisor Freedom 2005 Fund | $0 | $0 |
Fidelity Advisor Freedom 2010 Fund | $0 | $0 |
Fidelity Advisor Freedom 2015 Fund | $0 | $0 |
Fidelity Advisor Freedom 2020 Fund | $0 | $0 |
Fidelity Advisor Freedom 2025 Fund | $0 | $0 |
Fidelity Advisor Freedom 2030 Fund | $0 | $0 |
Fidelity Advisor Freedom 2035 Fund | $0 | $0 |
Fidelity Advisor Freedom 2040 Fund | $0 | $0 |
Fidelity Advisor Freedom 2045 Fund | $0 | $0 |
Fidelity Advisor Freedom 2050 Fund | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
B | No Other Fees were billed by Deloitte Entities for all other non-audit services rendered to Fidelity Advisor Freedom 2045 Fund and Fidelity Advisor Freedom 2050 as the funds did not commence operations until June 1, 2006. |
In each of the fiscal years ended March 31, 2007 and March 31, 2006, the aggregate Other Fees billed by PwC and Deloitte Entities that were required to be approved by the Audit Committee for all other non-audit services rendered on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund is shown in the table below.
Billed By | 2007A | 2006A |
PwC | $170,000 | $155,000 |
Deloitte Entities | $275,000 | $160,000 |
A | Aggregate amounts may reflect rounding. |
Fees included in the All Other Fees category include services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the fund.
(e) (1) | Audit Committee Pre-Approval Policies and Procedures: |
The trust's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm relating to the operations or financial reporting of the funds. 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 trust's 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. Non-audit services provided by a fund audit firm for a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund (Non-Covered Service) but that are expected to exceed $50,000 are also subject to pre-approval by the Audit Committee.
All Covered Services, as well as Non-Covered Services that are expected to exceed $50,000, 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. Neither pre-approval nor advance notice of Non-Covered Service engagements for which fees are not expected to exceed $50,000 is required; such engagements are to be reported to the Audit Committee monthly.
(e) (2) | Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X: |
Audit-Related Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2007 and March 31, 2006 on behalf of each fund.
There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2007 and March 31, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.
Tax Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2007 and March 31, 2006 on behalf of each fund.
There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2007 and March 31, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.
All Other Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2007 and March 31, 2006 on behalf of each fund.
There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended March 31, 2007 and March 31, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.
(f) Not applicable.
(g) For the fiscal years ended March 31, 2007 and March 31, 2006, the aggregate fees billed by PwC of $1,370,000A and $1,075,000A for non-audit services rendered on behalf of 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 Fund Service Providers relating to Covered Services and Non-Covered Services are shown in the table below.
| 2007A | 2006A |
Covered Services | $210,000 | $200,000 |
Non-Covered Services | $1,160,000 | $875,000 |
A | Aggregate amounts may reflect rounding. |
For the fiscal years ended March 31, 2007 and March 31, 2006, the aggregate fees billed by Deloitte Entities of $915,000A and $355,000A for non-audit services rendered on behalf of the fund, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Fund Service Providers relating to Covered Services and Non-Covered Services are shown in the table below.
| 2007A | 2006A |
Covered Services | $325,000 | $180,000 |
Non-Covered Services | $590,000 | $175,000 |
A | Aggregate amounts may reflect rounding. |
(h) The trust's Audit Committee has considered Non-Covered 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 audit of the funds, taking into account representations from PwC and Deloitte Entities, in accordance with Independence Standards Board Standard No.1, regarding their independence from the funds and their related entities.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
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/Kimberley Monasterio |
| Kimberley Monasterio |
| President and Treasurer |
| |
Date: | May 22, 2007 |
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/Kimberley Monasterio |
| Kimberley Monasterio |
| President and Treasurer |
| |
Date: | May 22, 2007 |
By: | /s/Joseph B. Hollis |
| Joseph B. Hollis |
| Chief Financial Officer |
| |
Date: | May 22, 2007 |
