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, 2008 |
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, 2008
(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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
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 holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
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:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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 the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | -4.12% | 2.76% |
Class T (incl. 3.50% sales charge) | -2.07% | 3.02% |
Class B (incl. contingent deferred sales charge)B | -3.90% | 2.90% |
Class C (incl. contingent deferred sales charge)C | 0.00% | 3.28% |
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 2%, 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 A on July 24, 2003, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® U.S. Aggregate Index performed over the same period.
In prior years, the performance from year to year was represented by the performance of Class T. Going forward, the fund's performance will be represented by Class A for consistency with other fund materials.
Annual Report
Fidelity Advisor Freedom 2005 Fund ® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | -5.97% | 4.33% |
Class T (incl. 3.50% sales charge) | | -3.92% | 4.63% |
Class B (incl. contingent deferred sales charge)B | | -5.71% | 4.59% |
Class C (incl. contingent deferred sales charge)C | | -1.87% | 4.97% |
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 2%, 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 A on November 6, 2003, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers U.S. Aggregate Index performed over the same period.
In prior years, the performance from year to year was represented by the performance of Class T. Going forward, the fund's performance will be represented by Class A for consistency with other fund materials.
Annual Report
Fidelity Advisor Freedom 2010 Fund ® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | -6.00% | 4.99% |
Class T (incl. 3.50% sales charge) | | -4.00% | 5.26% |
Class B (incl. contingent deferred sales charge)B | | -5.83% | 5.18% |
Class C (incl. contingent deferred sales charge)C | | -1.93% | 5.53% |
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 2%, 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 A on July 24, 2003, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers U.S. Aggregate Index performed over the same period.
In prior years, the performance from year to year was represented by the performance of Class T. Going forward, the fund's performance will be represented by Class A for consistency with other fund materials.
Annual Report
Fidelity Advisor Freedom 2015 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | -6.25% | 5.24% |
Class T (incl. 3.50% sales charge) | | -4.36% | 5.54% |
Class B (incl. contingent deferred sales charge) B | | -6.15% | 5.51% |
Class C (incl. contingent deferred sales charge) C | | -2.30% | 5.88% |
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 2%, 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 A on November 6, 2003, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500SM Index (S&P 500®) performed over the same period.
In prior years, the performance from year to year was represented by the performance of Class T. Going forward, the fund's performance will be represented by Class A for consistency with other fund materials.
Annual Report
Fidelity Advisor Freedom 2020 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | -7.48% | 6.70% |
Class T (incl. 3.50% sales charge) | | -5.45% | 7.00% |
Class B (incl. contingent deferred sales charge) B | | -7.23% | 6.94% |
Class C (incl. contingent deferred sales charge) C | | -3.50% | 7.27% |
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 2%, 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 A on July 24, 2003, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.
In prior years, the performance from year to year was represented by the performance of Class T. Going forward, the fund's performance will be represented by Class A for consistency with other fund materials.
Annual Report
Fidelity Advisor Freedom 2025 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | -7.77% | 5.87% |
Class T (incl. 3.50% sales charge) | | -5.81% | 6.28% |
Class B (incl. contingent deferred sales charge) B | | -7.66% | 6.16% |
Class C (incl. contingent deferred sales charge) C | | -3.85% | 6.51% |
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 2%, 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 A on November 6, 2003, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.
In prior years, the performance from year to year was represented by the performance of Class T. Going forward, the fund's performance will be represented by Class A for consistency with other fund materials.
Annual Report
Fidelity Advisor Freedom 2030 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | -8.78% | 7.42% |
Class T (incl. 3.50% sales charge) | | -6.87% | 7.69% |
Class B (incl. contingent deferred sales charge) B | | -8.61% | 7.64% |
Class C (incl. contingent deferred sales charge)C | | -4.88% | 7.98% |
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 2%, 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 A on July 24, 2003, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.
In prior years, the performance from year to year was represented by the performance of Class T. Going forward, the fund's performance will be represented by Class A for consistency with other fund materials.
Annual Report
Fidelity Advisor Freedom 2035 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | -8.89% | 6.35% |
Class T (incl. 3.50% sales charge) | | -7.03% | 6.61% |
Class B (incl. contingent deferred sales charge) B | | -8.75% | 6.58% |
Class C (incl. contingent deferred sales charge)C | | -5.03% | 6.96% |
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 2%, 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 A on November 6, 2003, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.
In prior years, the performance from year to year was represented by the performance of Class T. Going forward, the fund's performance will be represented by Class A for consistency with other fund materials.
Annual Report
Fidelity Advisor Freedom 2040 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | -9.44% | 7.91% |
Class T (incl. 3.50% sales charge) | | -7.41% | 8.19% |
Class B (incl. contingent deferred sales charge) B | | -9.21% | 8.15% |
Class C (incl. contingent deferred sales charge) C | | -5.46% | 8.46% |
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 2%, 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 A on July 24, 2003, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.
In prior years, the performance from year to year was represented by the performance of Class T. Going forward, the fund's performance will be represented by Class A for consistency with other fund materials.
Annual Report
Fidelity Advisor Freedom 2045 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | -9.48% | 0.64% |
Class T (incl. 3.50% sales charge) | | -7.58% | 1.67% |
Class B (incl. contingent deferred sales charge) B | | -9.34% | 1.05% |
Class C (incl. contingent deferred sales charge) C | | -5.68% | 3.13% |
A From June 1, 2006.
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 2045 Fund® - Class A on June 1, 2006, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.
In prior years, the performance from year to year was represented by the performance of Class T. Going forward, the fund's performance will be represented by Class A for consistency with other fund materials.
Annual Report
Fidelity Advisor Freedom 2050 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | -9.77% | 0.53% |
Class T (incl. 3.50% sales charge) | | -7.79% | 1.59% |
Class B (incl. contingent deferred sales charge) B | | -9.60% | 0.99% |
Class C (incl. contingent deferred sales charge) C | | -5.92% | 3.07% |
A From June 1, 2006.
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 2050 Fund® - Class A on June 1, 2006, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.
In prior years, the performance from year to year was represented by the performance of Class T. Going forward, the fund's performance will be represented by Class A for consistency with other fund materials.
Annual Report
Fidelity Advisor Freedom Funds
Management's Discussion of Fund Performance
Comments from Jonathan Shelon and Christopher Sharpe, Co-Portfolio Managers of Fidelity Advisor Freedom Funds®
Turmoil in the credit markets, together with concerns about slowing economic growth and rising inflation, had broad-reaching effects on capital markets around the world during the 12 months ending March 31, 2008. The Federal Reserve Board acted forcefully in an effort to contain the situation, cutting a key short-term lending rate six times by a total of three full percentage points. Despite these efforts, domestic and international equity markets both struggled, especially late in the period. In the United States, the Standard & Poor's 500SM Index fell 5.08%, the Dow Jones Wilshire 5000 Composite IndexSM was down 5.76% and the technology-heavy NASDAQ Composite® Index declined 5.23%. Overseas, the Morgan Stanley Capital InternationalSM Europe, Australasia, and Far East (MSCI® EAFE®) Index held up a little better - largely due to a favorable currency tail wind - but still dropped 2.57%. The Fed's rate cuts drove many investors toward the relative safety of U.S. government-issued debt, which in turn put selling pressure on higher-risk bond sectors. During the period, U.S. investment-grade bonds had positive results, as the Lehman Brothers® U.S. Aggregate Index gained 7.67%. Short-term assets also were strong, with the Lehman Brothers 3 Month Treasury Bill Index up 4.81%. High-yield bonds, however, suffered from the flight to quality, and the Merrill Lynch® U.S. High Yield Master II Constrained Index fell 3.28%
Returns for the Advisor Freedom Fund's age-based Portfolios were quite muted for the 12-month period. (For specific performance results, please refer to the portfolio performance section of this report.) These tepid results were mostly due to the extreme volatility in the global capital markets, especially in the second half of the period, which was precipitated by the subprime-mortgage-led credit crisis. Only the short-dated Advisor Freedom Income and Advisor Freedom 2005 funds managed to achieve positive absolute returns during this time frame, and those gains were modest. Broadly speaking, the shorter-dated Portfolios benefited from their greater exposure to the generally strong absolute returns of investment-grade bonds and short-term assets, which rose as many investors moved into less-risky asset classes during this volatile period. On a relative basis, however, our investments in the investment-grade and short-term bond categories didn't hold up as well as their individual benchmarks, the Lehman Brothers U.S. Aggregate and Lehman Brothers 3 Month T-Bill indexes, respectively, and the shorter-dated Portfolios lagged as a result. Meanwhile, the Portfolios with longer periods until their maturity dates - specifically, the Advisor Freedom 2030 through Advisor Freedom 2050 funds - generally outpaced or tracked closely with their composite benchmarks. The relative outperformance came mostly because the Portfolios' underlying investments in domestic and international equities, as well as in high-yield bonds, did better than their respective benchmarks, the Dow Jones Wilshire 5000, MSCI EAFE and Merrill Lynch High Yield Constrained indexes, respectively.
Returns for the Advisor Freedom Fund's age-based Portfolios were quite muted for the 12-month period. (For specific performance results, please refer to the portfolio performance section of this report.) These tepid results were mostly due to the extreme volatility in the global capital markets, especially in the second half of the period, which was precipitated by the subprime-mortgage-led credit crisis. Only the short-dated Advisor Freedom Income and Advisor Freedom 2005 funds managed to achieve positive absolute returns during this time frame, and those gains were modest. Broadly speaking, the shorter-dated Portfolios benefited from their greater exposure to the generally strong absolute returns of investment-grade bonds and short-term assets, which rose as many investors moved into less-risky asset classes during this volatile period. On a relative basis, however, our investments in the investment-grade and short-term bond categories didn't hold up as well as their individual benchmarks, the Lehman Brothers U.S. Aggregate and Lehman Brothers 3 Month T-Bill indexes, respectively, and the shorter-dated Portfolios lagged as a result. Meanwhile, the Portfolios with longer periods until their maturity dates - specifically, the Advisor Freedom 2030 through Advisor Freedom 2050 funds - outpaced their composite benchmarks. This relative outperformance came mostly because the Portfolios' underlying investments in domestic and international equities, as well as in high-yield bonds, did better than their respective benchmarks, the Dow Jones Wilshire 5000, MSCI EAFE and Merrill Lynch High Yield Constrained indexes, respectively.
Notes to shareholders: During the past year, some changes were made in the Advisor Freedom Funds' lineup of underlying funds, both in the areas of mega-cap and small-cap stocks, as well as in investment-grade bonds and short-term assets. Some small adjustments to the weightings of the underlying funds also were made as a result of these structural changes. The intent has been to allow for more-efficient management of the risk/return characteristics of the Advisor Freedom Funds. In particular, two new equity offerings, launched specifically for use by asset allocation funds such as these, were added: Fidelity® 100 Index Fund, which invests in many of the market's largest and most liquid "mega-cap" stocks, an area that was previously underrepresented in the Portfolios; and Fidelity Small Cap Opportunities Fund, whose generally sector-neutral asset allocation in the small-cap space should help the Advisor Freedom Funds better manage overall sector exposure from a risk perspective. In addition, as was indicated over the past year, Fidelity made changes to the underlying funds within the investment-grade bond category. In particular, we added Fidelity Advisor Total Bond Fund and increased asset flows into Fidelity Advisor Government Income Fund. Meanwhile, in the short-term asset category, the Funds have completed the transition from Fidelity Cash Reserves to Fidelity Institutional Money Market Portfolio - Institutional Class, a move intended to provide a more cost-efficient alternative.
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, 2007 to March 31, 2008).
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, 2007 | Ending
Account Value
March 31, 2008 | Expenses Paid
During Period*
October 1, 2007
to March 31, 2008 |
Advisor Freedom Income | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 982.90 | $ 1.24 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 981.70 | $ 2.48 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 978.40 | $ 4.95 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 978.20 | $ 4.95 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 984.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2005 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 943.70 | $ 1.21 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 942.30 | $ 2.43 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 940.80 | $ 4.85 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 940.40 | $ 4.85 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
| Beginning
Account Value
October 1, 2007 | Ending
Account Value
March 31, 2008 | Expenses Paid
During Period*
October 1, 2007
to March 31, 2008 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 945.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2010 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 940.50 | $ 1.21 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 939.90 | $ 2.42 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 936.90 | $ 4.84 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 937.20 | $ 4.84 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 942.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2015 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 933.20 | $ 1.21 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 931.10 | $ 2.41 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 928.90 | $ 4.82 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 929.00 | $ 4.82 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 934.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2020 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 912.90 | $ 1.20 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 912.30 | $ 2.39 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 909.80 | $ 4.77 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 909.30 | $ 4.77 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 913.50 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2025 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 907.30 | $ 1.19 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 906.20 | $ 2.38 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
| Beginning
Account Value
October 1, 2007 | Ending
Account Value
March 31, 2008 | Expenses Paid
During Period*
October 1, 2007
to March 31, 2008 |
Class B | | | |
Actual | $ 1,000.00 | $ 903.60 | $ 4.76 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 903.20 | $ 4.76 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 908.50 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2030 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 889.50 | $ 1.18 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 888.50 | $ 2.36 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 886.00 | $ 4.71 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 886.60 | $ 4.72 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 890.70 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2035 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 887.50 | $ 1.18 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 886.40 | $ 2.36 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 884.70 | $ 4.71 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 884.00 | $ 4.71 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 888.50 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2040 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 881.00 | $ 1.18 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 880.70 | $ 2.35 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 877.80 | $ 4.69 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 878.30 | $ 4.70 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 882.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
| Beginning
Account Value
October 1, 2007 | Ending
Account Value
March 31, 2008 | Expenses Paid
During Period*
October 1, 2007
to March 31, 2008 |
Advisor Freedom 2045 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 878.90 | $ 1.17 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 876.70 | $ 2.35 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 874.70 | $ 4.69 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 874.60 | $ 4.69 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 878.60 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2050 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 873.90 | $ 1.17 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 873.30 | $ 2.34 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 871.20 | $ 4.68 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 870.70 | $ 4.68 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 875.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .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 183/366 (to reflect the one-half year period).
| 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% |
| Annualized
Expense Ratio |
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% |
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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 1.3 | 0.9 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 2.2 | 3.0 |
Fidelity Advisor Equity Growth Fund Institutional Class | 2.4 | 2.5 |
Fidelity Advisor Equity Income Fund Institutional Class | 3.8 | 3.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3.3 | 3.2 |
Fidelity Advisor Large Cap Fund Institutional Class | 3.3 | 3.2 |
Fidelity Advisor Mid Cap Fund Institutional Class | 1.8 | 1.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.8 | 0.9 |
Fidelity Small Cap Opportunities Fund | 0.9 | 0.6 |
| 19.8 | 19.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4.8 | 4.8 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 9.0 | 9.6 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 6.7 | 9.5 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.6 | 6.6 |
Fidelity Advisor Total Bond Fund Institutional Class | 11.9 | 10.4 |
| 34.2 | 36.1 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 20.3 | 19.8 |
Fidelity Institutional Money Market Portfolio Institutional Class* | 20.9 | 19.8 |
| 41.2 | 39.6 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period.
Asset Allocation (% of fund's investments) |
Current |
 | Domestic Equity Funds | 19.8% | |
 | High Yield Fixed-Income Funds | 4.8% | |
 | Investment Grade Fixed-Income Funds | 34.2% | |
 | Short-Term Funds | 41.2% | |
Six months ago |
| Domestic Equity Funds | 19.5% | |
| High Yield Fixed-Income Funds | 4.8% | |
| Investment Grade Fixed-Income Funds | 36.1% | |
| Short-Term Funds | 39.6% | |
The six months ago allocation is based on the fund's holdings as of September 30, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. |
Annual Report
Fidelity Advisor Freedom Income Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 19.8% |
| Shares | | Value |
Domestic Equity Funds - 19.8% |
Fidelity 100 Index Fund | 220,666 | | $ 2,105,154 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 320,996 | | 3,611,203 |
Fidelity Advisor Equity Growth Fund Institutional Class | 65,494 | | 3,886,399 |
Fidelity Advisor Equity Income Fund Institutional Class | 232,523 | | 6,178,144 |
Fidelity Advisor Growth & Income Fund Institutional Class | 291,084 | | 5,419,983 |
Fidelity Advisor Large Cap Fund Institutional Class | 298,800 | | 5,327,608 |
Fidelity Advisor Mid Cap Fund Institutional Class | 139,078 | | 2,877,514 |
Fidelity Advisor Small Cap Fund Institutional Class | 54,543 | | 1,295,934 |
Fidelity Small Cap Opportunities Fund | 179,626 | | 1,424,435 |
TOTAL EQUITY FUNDS (Cost $32,547,024) | 32,126,374 |
Fixed-Income Funds - 39.0% |
| | | |
High Yield Fixed-Income Funds - 4.8% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 875,338 | | 7,808,014 |
Investment Grade Fixed-Income Funds - 34.2% |
Fidelity Advisor Government Income Fund Institutional Class | 1,368,499 | | $ 14,588,195 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 1,020,794 | | 10,840,833 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,034,250 | | 10,549,353 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,873,806 | | 19,281,466 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 55,259,847 |
TOTAL FIXED-INCOME FUNDS (Cost $63,234,817) | 63,067,861 |
Short-Term Funds - 41.2% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3,615,857 | | 32,795,822 |
Fidelity Institutional Money Market Portfolio Institutional Class | 33,809,591 | | 33,809,588 |
TOTAL SHORT-TERM FUNDS (Cost $67,645,445) | 66,605,410 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $163,427,286) | $ 161,799,645 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $163,427,286) - See accompanying schedule | | $ 161,799,645 |
Receivable for investments sold | | 263,212 |
Receivable for fund shares sold | | 463,297 |
Other receivables | | 436 |
Total assets | | 162,526,590 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,220 | |
Payable for fund shares redeemed | 743,840 | |
Distribution fees payable | 53,552 | |
Total liabilities | | 799,612 |
| | |
Net Assets | | $ 161,726,978 |
Net Assets consist of: | | |
Paid in capital | | $ 162,332,367 |
Undistributed net investment income | | 425,599 |
Accumulated undistributed net realized gain (loss) on investments | | 596,653 |
Net unrealized appreciation (depreciation) on investments | | (1,627,641) |
Net Assets | | $ 161,726,978 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($87,468,742 ÷ 8,363,862 shares) | | $ 10.46 |
| | |
Maximum offering price per share (100/94.25 of $10.46) | | $ 11.10 |
Class T:
Net Asset Value and redemption price per share ($44,882,045 ÷ 4,295,161 shares) | | $ 10.45 |
| | |
Maximum offering price per share (100/96.50 of $10.45) | | $ 10.83 |
Class B:
Net Asset Value and offering price per share ($5,538,956 ÷ 530,561 shares)A | | $ 10.44 |
| | |
Class C:
Net Asset Value and offering price per share ($14,718,046 ÷ 1,410,490 shares)A | | $ 10.43 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($9,119,189 ÷ 870,354 shares) | | $ 10.48 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 5,563,641 |
| | |
Expenses | | |
Distribution fees | $ 588,712 | |
Independent trustees' compensation | 512 | |
Total expenses before reductions | 589,224 | |
Expense reductions | (512) | 588,712 |
Net investment income (loss) | | 4,974,929 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (654,300) | |
Capital gain distributions from underlying funds | 1,558,408 | 904,108 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (4,555,179) |
Net gain (loss) | | (3,651,071) |
Net increase (decrease) in net assets resulting from operations | | $ 1,323,858 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,974,929 | $ 2,749,441 |
Net realized gain (loss) | 904,108 | 562,910 |
Change in net unrealized appreciation (depreciation) | (4,555,179) | 1,958,431 |
Net increase (decrease) in net assets resulting from operations | 1,323,858 | 5,270,782 |
Distributions to shareholders from net investment income | (4,882,484) | (2,616,706) |
Distributions to shareholders from net realized gain | (774,653) | (557,413) |
Total distributions | (5,657,137) | (3,174,119) |
Share transactions - net increase (decrease) | 55,528,124 | 37,757,598 |
Total increase (decrease) in net assets | 51,194,845 | 39,854,261 |
| | |
Net Assets | | |
Beginning of period | 110,532,133 | 70,677,872 |
End of period (including undistributed net investment income of $425,599 and undistributed net investment income of $332,205, respectively) | $ 161,726,978 | $ 110,532,133 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.74 | $ 10.52 | $ 10.30 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .40 | .36 | .29 | .20 | .13 |
Net realized and unrealized gain (loss) | (.21) | .29 | .23 | (.10) | .36 |
Total from investment operations | .19 | .65 | .52 | .10 | .49 |
Distributions from net investment income | (.40) | (.35) | (.27) | (.19) | (.09) |
Distributions from net realized gain | (.07) | (.08) | (.04) | (.01) | - |
Total distributions | (.47) J | (.43) | (.30) I | (.20) | (.09) |
Net asset value, end of period | $ 10.46 | $ 10.74 | $ 10.52 | $ 10.30 | $ 10.40 |
Total Return B, C, D | 1.73% | 6.38% | 5.12% | .99% | 4.95% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 3.77% | 3.46% | 2.83% | 1.96% | 1.81%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 87,469 | $ 49,721 | $ 18,524 | $ 10,120 | $ 5,009 |
Portfolio turnover rate | 56% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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.
J Total distributions of $.469 per share is comprised of distributions from net investment income of $.403 and distributions from net realized gain of $.066 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.73 | $ 10.51 | $ 10.30 | $ 10.39 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .38 | .34 | .27 | .18 | .11 |
Net realized and unrealized gain (loss) | (.22) | .29 | .22 | (.10) | .37 |
Total from investment operations | .16 | .63 | .49 | .08 | .48 |
Distributions from net investment income | (.38) | (.33) | (.24) | (.16) | (.09) |
Distributions from net realized gain | (.07) | (.08) | (.04) | (.01) | - |
Total distributions | (.44)I | (.41) | (.28) | (.17) | (.09) |
Net asset value, end of period | $ 10.45 | $ 10.73 | $ 10.51 | $ 10.30 | $ 10.39 |
Total Return B, C, D | 1.48% | 6.11% | 4.78% | .79% | 4.78% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .51% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .51% | .58% | .58%A |
Net investment income (loss) | 3.52% | 3.21% | 2.58% | 1.71% | 1.56%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 44,882 | $ 39,739 | $ 32,469 | $ 29,013 | $ 14,535 |
Portfolio turnover rate | 56% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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 $.443 per share is comprised of distributions from net investment income of $.377 and distributions from net realized gain of $.066 per share.
Financial Highlights - Class B
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.72 | $ 10.50 | $ 10.29 | $ 10.38 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .32 | .29 | .22 | .12 | .07 |
Net realized and unrealized gain (loss) | (.21) | .28 | .21 | (.10) | .37 |
Total from investment operations | .11 | .57 | .43 | .02 | .44 |
Distributions from net investment income | (.32) | (.27) | (.19) | (.10) | (.06) |
Distributions from net realized gain | (.07) | (.08) | (.04) | (.01) | - |
Total distributions | (.39)J | (.35) | (.22) I | (.11) | (.06) |
Net asset value, end of period | $ 10.44 | $ 10.72 | $ 10.50 | $ 10.29 | $ 10.38 |
Total Return B, C, D | .97% | 5.57% | 4.27% | .23% | 4.45% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 3.02% | 2.71% | 2.08% | 1.21% | 1.06%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,539 | $ 4,993 | $ 4,873 | $ 4,454 | $ 3,649 |
Portfolio turnover rate | 56% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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.
J Total distributions of $.338 per share is comprised of distributions from net investment income of $.322 and distribution from net realized gain of $.066 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.71 | $ 10.50 | $ 10.28 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .32 | .29 | .22 | .12 | .07 |
Net realized and unrealized gain (loss) | (.21) | .27 | .22 | (.09) | .37 |
Total from investment operations | .11 | .56 | .44 | .03 | .44 |
Distributions from net investment income | (.32) | (.27) | (.19) | (.11) | (.07) |
Distributions from net realized gain | (.07) | (.08) | (.04) | (.01) | - |
Total distributions | (.39) J | (.35) | (.22) I | (.12) | (.07) |
Net asset value, end of period | $ 10.43 | $ 10.71 | $ 10.50 | $ 10.28 | $ 10.37 |
Total Return B, C, D | .97% | 5.48% | 4.37% | .24% | 4.39% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 3.02% | 2.71% | 2.08% | 1.21% | 1.06%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,718 | $ 13,279 | $ 13,678 | $ 14,097 | $ 9,248 |
Portfolio turnover rate | 56% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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.
J Total distributions of $.389 per share is comprised of distributions from net investment income of $.323 and distribution from net realized gain of $.066 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.76 | $ 10.53 | $ 10.31 | $ 10.41 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .43 | .39 | .32 | .23 | .14 |
Net realized and unrealized gain (loss) | (.21) | .30 | .23 | (.11) | .37 |
Total from investment operations | .22 | .69 | .55 | .12 | .51 |
Distributions from net investment income | (.43) | (.38) | (.29) | (.21) | (.10) |
Distributions from net realized gain | (.07) | (.08) | (.04) | (.01) | - |
Total distributions | (.50)H | (.46) | (.33) | (.22) | (.10) |
Net asset value, end of period | $ 10.48 | $ 10.76 | $ 10.53 | $ 10.31 | $ 10.41 |
Total ReturnB, C | 2.00% | 6.72% | 5.39% | 1.21% | 5.16% |
Ratios to Average Net AssetsE, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .01% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .01% | .08% | .08%A |
Net investment income (loss) | 4.02% | 3.71% | 3.08% | 2.21% | 2.05%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,119 | $ 2,800 | $ 1,134 | $ 626 | $ 359 |
Portfolio turnover rate | 56% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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 $.498 per share is comprised of distributions from net investment income of $.432 and distribution from net realized gain of $.066 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 2.1 | 1.5 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 4.6 | 6.3 |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.6 | 5.1 |
Fidelity Advisor Equity Income Fund Institutional Class | 7.2 | 7.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6.3 | 6.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.3 | 6.4 |
Fidelity Advisor Mid Cap Fund Institutional Class | 3.2 | 3.1 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.6 | 1.8 |
Fidelity Small Cap Opportunities Fund | 1.6 | 1.1 |
| 37.5 | 39.1 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.3 | 4.8 |
Fidelity Advisor Overseas Fund Institutional Class | 4.3 | 4.8 |
| 8.6 | 9.6 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4.9 | 4.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 10.1 | 9.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 6.5 | 9.0 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 7.0 | 6.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 12.4 | 9.9 |
| 36.0 | 34.7 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 6.4 | 6.4 |
Fidelity Institutional Money Market Portfolio Institutional Class* | 6.6 | 4.5 |
Fidelity Cash Reserves Fund | 0.0 | 0.8 |
| 13.0 | 11.7 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period.
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 37.5% | |
| International Equity Funds | 8.6% | |
 | High Yield Fixed-Income Funds | 4.9% | |
 | Investment Grade Fixed-Income Funds | 36.0% | |
| Short-Term Funds | 13.0% | |
Six months ago |
| Domestic Equity Funds | 39.1% | |
| International Equity Funds | 9.6% | |
| High Yield Fixed-Income Funds | 4.9% | |
| Investment Grade Fixed-Income Funds | 34.7% | |
| Short-Term Funds | 11.7% | |
Expected |
| Domestic Equity Funds | 38.7% | |
| International Equity Funds | 8.6% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 33.6% | |
| Short-Term Funds | 14.1% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 46.1% |
| Shares | | Value |
Domestic Equity Funds - 37.5% |
Fidelity 100 Index Fund | 313,258 | | $ 2,988,479 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 596,370 | | 6,709,167 |
Fidelity Advisor Equity Growth Fund Institutional Class | 112,812 | | 6,694,243 |
Fidelity Advisor Equity Income Fund Institutional Class | 389,089 | | 10,338,090 |
Fidelity Advisor Growth & Income Fund Institutional Class | 491,987 | | 9,160,789 |
Fidelity Advisor Large Cap Fund Institutional Class | 507,683 | | 9,051,991 |
Fidelity Advisor Mid Cap Fund Institutional Class | 221,395 | | 4,580,667 |
Fidelity Advisor Small Cap Fund Institutional Class | 97,900 | | 2,326,103 |
Fidelity Small Cap Opportunities Fund | 288,479 | | 2,287,642 |
TOTAL DOMESTIC EQUITY FUNDS | | 54,137,171 |
International Equity Funds - 8.6% |
Fidelity Advisor Diversified International Fund Institutional Class | 310,694 | | 6,232,525 |
Fidelity Advisor Overseas Fund Institutional Class | 289,798 | | 6,233,549 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 12,466,074 |
TOTAL EQUITY FUNDS (Cost $70,085,970) | 66,603,245 |
Fixed-Income Funds - 40.9% |
| | | |
High Yield Fixed-Income Funds - 4.9% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 786,741 | | 7,017,733 |
Investment Grade Fixed-Income Funds - 36.0% |
Fidelity Advisor Government Income Fund Institutional Class | 1,372,138 | | 14,626,987 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 882,378 | | 9,370,852 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 992,309 | | 10,121,553 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,740,741 | | 17,912,222 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 52,031,614 |
TOTAL FIXED-INCOME FUNDS (Cost $59,118,311) | 59,049,347 |
Short-Term Funds - 13.0% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 1,011,686 | | $ 9,175,995 |
Fidelity Institutional Money Market Portfolio Institutional Class | 9,562,038 | | 9,562,038 |
TOTAL SHORT-TERM FUNDS (Cost $19,038,890) | 18,738,033 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $148,243,171) | $ 144,390,625 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $148,243,171) - See accompanying schedule | | $ 144,390,625 |
Receivable for investments sold | | 20,356 |
Receivable for fund shares sold | | 184,985 |
Other affiliated receivables | | 16,886 |
Total assets | | 144,612,852 |
| | |
Liabilities | | |
Payable for investments purchased | $ 58,591 | |
Payable for fund shares redeemed | 147,123 | |
Distribution fees payable | 41,728 | |
Total liabilities | | 247,442 |
| | |
Net Assets | | $ 144,365,410 |
Net Assets consist of: | | |
Paid in capital | | $ 145,241,144 |
Undistributed net investment income | | 635,370 |
Accumulated undistributed net realized gain (loss) on investments | | 2,341,442 |
Net unrealized appreciation (depreciation) on investments | | (3,852,546) |
Net Assets | | $ 144,365,410 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($98,483,131 ÷ 8,635,984 shares) | | $ 11.40 |
| | |
Maximum offering price per share (100/94.25 of $11.40) | | $ 12.10 |
Class T:
Net Asset Value and redemption price per share ($20,836,711 ÷ 1,828,784 shares) | | $ 11.39 |
| | |
Maximum offering price per share (100/96.50 of $11.39) | | $ 11.80 |
Class B:
Net Asset Value and offering price per share ($4,348,420 ÷ 382,565 shares)A | | $ 11.37 |
| | |
Class C:
Net Asset Value and offering price per share ($11,052,416 ÷ 974,378 shares)A | | $ 11.34 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($9,644,732 ÷ 841,833 shares) | | $ 11.46 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 3,326,689 |
| | |
Expenses | | |
Distribution fees | $ 425,752 | |
Independent trustees' compensation | 405 | |
Total expenses before reductions | 426,157 | |
Expense reductions | (405) | 425,752 |
Net investment income (loss) | | 2,900,937 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (652,406) | |
Capital gain distributions from underlying funds | 3,502,546 | 2,850,140 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (8,225,598) |
Net gain (loss) | | (5,375,458) |
Net increase (decrease) in net assets resulting from operations | | $ (2,474,521) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,900,937 | $ 1,313,903 |
Net realized gain (loss) | 2,850,140 | 1,084,846 |
Change in net unrealized appreciation (depreciation) | (8,225,598) | 2,293,259 |
Net increase (decrease) in net assets resulting from operations | (2,474,521) | 4,692,008 |
Distributions to shareholders from net investment income | (2,559,208) | (1,128,986) |
Distributions to shareholders from net realized gain | (1,386,548) | (779,745) |
Total distributions | (3,945,756) | (1,908,731) |
Share transactions - net increase (decrease) | 64,573,415 | 40,480,285 |
Total increase (decrease) in net assets | 58,153,138 | 43,263,562 |
| | |
Net Assets | | |
Beginning of period | 86,212,272 | 42,948,710 |
End of period (including undistributed net investment income of $635,370 and undistributed net investment income of $327,028, respectively) | $ 144,365,410 | $ 86,212,272 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.83 | $ 11.33 | $ 10.57 | $ 10.49 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .33 | .28 | .25 | .22 | .09 |
Net realized and unrealized gain (loss) | (.34) | .63 | .76 | .03 | .46 |
Total from investment operations | (.01) | .91 | 1.01 | .25 | .55 |
Distributions from net investment income | (.26) | (.23) | (.20) | (.17) | (.06) |
Distributions from net realized gain | (.16) | (.18) | (.05) | - I | - |
Total distributions | (.42) | (.41) | (.25) | (.17) | (.06) |
Net asset value, end of period | $ 11.40 | $ 11.83 | $ 11.33 | $ 10.57 | $ 10.49 |
Total Return B, C, D | (.23)% | 8.21% | 9.63% | 2.38% | 5.52% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 2.74% | 2.49% | 2.25% | 2.13% | 2.21%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 98,483 | $ 49,418 | $ 16,194 | $ 5,970 | $ 1,386 |
Portfolio turnover rate | 30% | 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, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.81 | $ 11.31 | $ 10.56 | $ 10.48 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .30 | .25 | .22 | .20 | .08 |
Net realized and unrealized gain (loss) | (.33) | .63 | .75 | .03 | .46 |
Total from investment operations | (.03) | .88 | .97 | .23 | .54 |
Distributions from net investment income | (.23) | (.20) | (.17) | (.14) | (.06) |
Distributions from net realized gain | (.16) | (.18) | (.05) | -I | - |
Total distributions | (.39) | (.38) | (.22) | (.15)J | (.06) |
Net asset value, end of period | $ 11.39 | $ 11.81 | $ 11.31 | $ 10.56 | $ 10.48 |
Total ReturnB, C, D | (.44)% | 7.95% | 9.31% | 2.17% | 5.36% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60%A |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .50% | .58% | .58%A |
Net investment income (loss) | 2.49% | 2.24% | 2.00% | 1.88% | 1.97%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 20,837 | $ 20,289 | $ 13,906 | $ 7,977 | $ 2,031 |
Portfolio turnover rate | 30% | 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, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.78 | $ 11.28 | $ 10.53 | $ 10.47 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .24 | .20 | .16 | .14 | .06 |
Net realized and unrealized gain (loss) | (.33) | .62 | .76 | .03 | .46 |
Total from investment operations | (.09) | .82 | .92 | .17 | .52 |
Distributions from net investment income | (.16) | (.14) | (.12) | (.11) | (.05) |
Distributions from net realized gain | (.16) | (.18) | (.05) | -I | - |
Total distributions | (.32) | (.32) | (.17) | (.11) | (.05) |
Net asset value, end of period | $ 11.37 | $ 11.78 | $ 11.28 | $ 10.53 | $ 10.47 |
Total ReturnB, C, D | (.89)% | 7.40% | 8.80% | 1.64% | 5.21% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.08% | 1.08%A |
Net investment income (loss) | 1.99% | 1.74% | 1.50% | 1.38% | 1.47%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 4,348 | $ 3,974 | $ 3,835 | $ 2,747 | $ 1,203 |
Portfolio turnover rate | 30% | 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, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.76 | $ 11.27 | $ 10.53 | $ 10.47 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .24 | .20 | .16 | .14 | .06 |
Net realized and unrealized gain (loss) | (.33) | .62 | .75 | .04 | .46 |
Total from investment operations | (.09) | .82 | .91 | .18 | .52 |
Distributions from net investment income | (.17) | (.15) | (.12) | (.12) | (.05) |
Distributions from net realized gain | (.16) | (.18) | (.05) | -I | - |
Total distributions | (.33) | (.33) | (.17) | (.12) | (.05) |
Net asset value, end of period | $ 11.34 | $ 11.76 | $ 11.27 | $ 10.53 | $ 10.47 |
Total ReturnB, C, D | (.91)% | 7.36% | 8.74% | 1.74% | 5.21% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.99% | 1.74% | 1.50% | 1.38% | 1.47%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 11,052 | $ 9,107 | $ 7,637 | $ 5,655 | $ 1,073 |
Portfolio turnover rate | 30% | 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, | 2008 | 2007 | 2006 | 2005 | 2004F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.87 | $ 11.37 | $ 10.60 | $ 10.49 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .35 | .31 | .28 | .25 | .10 |
Net realized and unrealized gain (loss) | (.32) | .62 | .76 | .04 | .45 |
Total from investment operations | .03 | .93 | 1.04 | .29 | .55 |
Distributions from net investment income | (.28) | (.25) | (.22) | (.18) | (.06) |
Distributions from net realized gain | (.16) | (.18) | (.05) | -H | - |
Total distributions | (.44) | (.43) | (.27) | (.18) | (.06) |
Net asset value, end of period | $ 11.46 | $ 11.87 | $ 11.37 | $ 10.60 | $ 10.49 |
Total ReturnB, C | .12% | 8.37% | 9.92% | 2.79% | 5.52% |
Ratios to Average Net AssetsE, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08%A |
Net investment income (loss) | 2.99% | 2.74% | 2.50% | 2.38% | 2.46%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,645 | $ 3,424 | $ 1,376 | $ 651 | $ 397 |
Portfolio turnover rate | 30% | 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 2.4 | 1.5 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 4.6 | 6.5 |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.9 | 5.2 |
Fidelity Advisor Equity Income Fund Institutional Class | 7.4 | 7.5 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6.6 | 6.5 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.5 | 6.6 |
Fidelity Advisor Mid Cap Fund Institutional Class | 3.3 | 3.2 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.7 | 1.9 |
Fidelity Small Cap Opportunities Fund | 1.6 | 1.1 |
| 39.0 | 40.0 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.8 | 5.2 |
Fidelity Advisor Overseas Fund Institutional Class | 4.8 | 5.1 |
| 9.6 | 10.3 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4.8 | 5.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 8.5 | 9.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 7.1 | 9.1 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 7.0 | 6.9 |
Fidelity Advisor Total Bond Fund Institutional Class | 13.3 | 10.2 |
| 35.9 | 35.2 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 4.9 | 5.2 |
Fidelity Institutional Money Market Portfolio Institutional Class* | 5.8 | 4.1 |
Fidelity Cash Reserves Fund | 0.0 | 0.2 |
| 10.7 | 9.5 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period.
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 39.0% | |
| International Equity Funds | 9.6% | |
| High Yield Fixed-Income Funds | 4.8% | |
| Investment Grade Fixed-Income Funds | 35.9% | |
| Short-Term Funds | 10.7% | |
Six months ago |
| Domestic Equity Funds | 40.0% | |
| International Equity Funds | 10.3% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 35.2% | |
| Short-Term Funds | 9.5% | |
Expected |
| Domestic Equity Funds | 40.0% | |
| International Equity Funds | 10.0% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 34.8% | |
| Short-Term Funds | 10.2% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 48.6% |
| Shares | | Value |
Domestic Equity Funds - 39.0% |
Fidelity 100 Index Fund | 1,848,178 | | $ 17,631,615 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 2,979,043 | | 33,514,228 |
Fidelity Advisor Equity Growth Fund Institutional Class | 595,253 | | 35,322,342 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,022,481 | | 53,737,317 |
Fidelity Advisor Growth & Income Fund Institutional Class | 2,564,009 | | 47,741,839 |
Fidelity Advisor Large Cap Fund Institutional Class | 2,657,074 | | 47,375,627 |
Fidelity Advisor Mid Cap Fund Institutional Class | 1,176,062 | | 24,332,714 |
Fidelity Advisor Small Cap Fund Institutional Class | 516,076 | | 12,261,975 |
Fidelity Small Cap Opportunities Fund | 1,446,258 | | 11,468,823 |
TOTAL DOMESTIC EQUITY FUNDS | | 283,386,480 |
International Equity Funds - 9.6% |
Fidelity Advisor Diversified International Fund Institutional Class | 1,738,618 | | 34,876,676 |
Fidelity Advisor Overseas Fund Institutional Class | 1,617,670 | | 34,796,080 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 69,672,756 |
TOTAL EQUITY FUNDS (Cost $358,600,859) | 353,059,236 |
Fixed-Income Funds - 40.7% |
| | | |
High Yield Fixed-Income Funds - 4.8% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 3,931,343 | | 35,067,578 |
Investment Grade Fixed-Income Funds - 35.9% |
Fidelity Advisor Government Income Fund Institutional Class | 5,789,886 | | 61,720,187 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 4,856,456 | | 51,575,560 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4,951,090 | | 50,501,116 |
Fidelity Advisor Total Bond Fund Institutional Class | 9,378,292 | | 96,502,618 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 260,299,481 |
TOTAL FIXED-INCOME FUNDS (Cost $296,344,243) | 295,367,059 |
Short-Term Funds - 10.7% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3,912,513 | | $ 35,486,495 |
Fidelity Institutional Money Market Portfolio Institutional Class | 42,506,097 | | 42,506,097 |
TOTAL SHORT-TERM FUNDS (Cost $79,395,670) | 77,992,592 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $734,340,772) | $ 726,418,887 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $734,340,772) - See accompanying schedule | | $ 726,418,887 |
Cash | | 155,233 |
Receivable for investments sold | | 24,883 |
Receivable for fund shares sold | | 2,008,164 |
Other affiliated receivables | | 33,646 |
Total assets | | 728,640,813 |
| | |
Liabilities | | |
Payable for investments purchased | $ 293,429 | |
Payable for fund shares redeemed | 1,818,029 | |
Distribution fees payable | 242,801 | |
Total liabilities | | 2,354,259 |
| | |
Net Assets | | $ 726,286,554 |
Net Assets consist of: | | |
Paid in capital | | $ 715,728,283 |
Undistributed net investment income | | 2,813,532 |
Accumulated undistributed net realized gain (loss) on investments | | 15,666,624 |
Net unrealized appreciation (depreciation) on investments | | (7,921,885) |
Net Assets | | $ 726,286,554 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($377,118,379 ÷ 32,006,062 shares) | | $ 11.78 |
| | |
Maximum offering price per share (100/94.25 of $11.78) | | $ 12.50 |
Class T:
Net Asset Value and redemption price per share ($216,732,049 ÷ 18,461,569 shares) | | $ 11.74 |
| | |
Maximum offering price per share (100/96.50 of $11.74) | | $ 12.17 |
Class B:
Net Asset Value and offering price per share ($34,136,824 ÷ 2,916,771 shares)A | | $ 11.70 |
| | |
Class C:
Net Asset Value and offering price per share ($58,377,737 ÷ 5,002,489 shares)A | | $ 11.67 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($39,921,565 ÷ 3,376,540 shares) | | $ 11.82 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 18,961,475 |
| | |
Expenses | | |
Distribution fees | $ 2,764,260 | |
Independent trustees' compensation | 2,428 | |
Total expenses before reductions | 2,766,688 | |
Expense reductions | (2,428) | 2,764,260 |
Net investment income (loss) | | 16,197,215 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,851,279) | |
Capital gain distributions from underlying funds | 20,506,751 | 18,655,472 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (43,687,591) |
Net gain (loss) | | (25,032,119) |
Net increase (decrease) in net assets resulting from operations | | $ (8,834,904) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 16,197,215 | $ 9,598,170 |
Net realized gain (loss) | 18,655,472 | 8,098,050 |
Change in net unrealized appreciation (depreciation) | (43,687,591) | 17,456,575 |
Net increase (decrease) in net assets resulting from operations | (8,834,904) | 35,152,795 |
Distributions to shareholders from net investment income | (15,296,262) | (8,928,486) |
Distributions to shareholders from net realized gain | (9,299,886) | (6,751,314) |
Total distributions | (24,596,148) | (15,679,800) |
Share transactions - net increase (decrease) | 212,322,173 | 154,994,187 |
Total increase (decrease) in net assets | 178,891,121 | 174,467,182 |
| | |
Net Assets | | |
Beginning of period | 547,395,433 | 372,928,251 |
End of period (including undistributed net investment income of $2,813,532 and undistributed net investment income of $1,918,008, respectively) | $ 726,286,554 | $ 547,395,433 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.28 | $ 11.79 | $ 11.01 | $ 10.92 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .33 | .29 | .25 | .23 | .16 |
Net realized and unrealized gain (loss) | (.34) | .66 | .80 | .04 | .83 |
Total from investment operations | (.01) | .95 | 1.05 | .27 | .99 |
Distributions from net investment income | (.30) | (.26) | (.22) | (.18) | (.07) |
Distributions from net realized gain | (.19) | (.20) | (.06) | - I | - |
Total distributions | (.49) | (.46) | (.27) J | (.18) | (.07) |
Net asset value, end of period | $ 11.78 | $ 12.28 | $ 11.79 | $ 11.01 | $ 10.92 |
Total Return B, C, D | (.27)% | 8.22% | 9.65% | 2.48% | 9.92% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 2.66% | 2.43% | 2.23% | 2.10% | 2.14%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 377,118 | $ 248,500 | $ 146,593 | $ 74,013 | $ 32,615 |
Portfolio turnover rate | 15% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.24 | $ 11.75 | $ 10.97 | $ 10.90 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .30 | .26 | .22 | .20 | .14 |
Net realized and unrealized gain (loss) | (.34) | .66 | .80 | .04 | .83 |
Total from investment operations | (.04) | .92 | 1.02 | .24 | .97 |
Distributions from net investment income | (.27) | (.23) | (.19) | (.17) | (.07) |
Distributions from net realized gain | (.19) | (.20) | (.06) | - I | - |
Total distributions | (.46) | (.43) | (.24) J | (.17) | (.07) |
Net asset value, end of period | $ 11.74 | $ 12.24 | $ 11.75 | $ 10.97 | $ 10.90 |
Total Return B, C, D | (.52)% | 8.00% | 9.42% | 2.18% | 9.72% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .51% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .51% | .58% | .58%A |
Net investment income (loss) | 2.41% | 2.18% | 1.98% | 1.86% | 1.89%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 216,732 | $ 194,563 | $ 143,012 | $ 94,744 | $ 29,964 |
Portfolio turnover rate | 15% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.20 | $ 11.71 | $ 10.94 | $ 10.87 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .24 | .20 | .17 | .15 | .10 |
Net realized and unrealized gain (loss) | (.35) | .66 | .79 | .04 | .83 |
Total from investment operations | (.11) | .86 | .96 | .19 | .93 |
Distributions from net investment income | (.20) | (.17) | (.13) | (.12) | (.06) |
Distributions from net realized gain | (.19) | (.20) | (.06) | - I | - |
Total distributions | (.39) | (.37) | (.19) | (.12) | (.06) |
Net asset value, end of period | $ 11.70 | $ 12.20 | $ 11.71 | $ 10.94 | $ 10.87 |
Total Return B, C, D | (1.04)% | 7.47% | 8.83% | 1.72% | 9.32% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.91% | 1.68% | 1.48% | 1.35% | 1.39%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 34,137 | $ 34,834 | $ 33,404 | $ 27,098 | $ 14,897 |
Portfolio turnover rate | 15% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.17 | $ 11.69 | $ 10.93 | $ 10.87 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .23 | .20 | .17 | .15 | .10 |
Net realized and unrealized gain (loss) | (.33) | .66 | .78 | .04 | .83 |
Total from investment operations | (.10) | .86 | .95 | .19 | .93 |
Distributions from net investment income | (.21) | (.18) | (.14) | (.13) | (.06) |
Distributions from net realized gain | (.19) | (.20) | (.06) | - I | - |
Total distributions | (.40) | (.38) | (.19) J | (.13) | (.06) |
Net asset value, end of period | $ 11.67 | $ 12.17 | $ 11.69 | $ 10.93 | $ 10.87 |
Total Return B, C, D | (.97)% | 7.45% | 8.78% | 1.72% | 9.32% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.91% | 1.68% | 1.48% | 1.36% | 1.39%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 58,378 | $ 47,918 | $ 38,882 | $ 27,668 | $ 11,552 |
Portfolio turnover rate | 15% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.32 | $ 11.82 | $ 11.03 | $ 10.93 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .36 | .32 | .28 | .26 | .17 |
Net realized and unrealized gain (loss) | (.34) | .67 | .80 | .05 | .83 |
Total from investment operations | .02 | .99 | 1.08 | .31 | 1.00 |
Distributions from net investment income | (.33) | (.29) | (.24) | (.20) | (.07) |
Distributions from net realized gain | (.19) | (.20) | (.06) | - H | - |
Total distributions | (.52) | (.49) | (.29) J | (.21) I | (.07) |
Net asset value, end of period | $ 11.82 | $ 12.32 | $ 11.82 | $ 11.03 | $ 10.93 |
Total Return B, C | (.05)% | 8.52% | 9.94% | 2.80% | 10.02% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .01% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .01% | .08% | .08%A |
Net investment income (loss) | 2.91% | 2.68% | 2.48% | 2.35% | 2.38%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 39,922 | $ 21,580 | $ 11,038 | $ 5,538 | $ 1,691 |
Portfolio turnover rate | 15% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 2.8 | 1.6 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 5.0 | 7.2 |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.4 | 5.7 |
Fidelity Advisor Equity Income Fund Institutional Class | 8.2 | 8.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7.2 | 7.3 |
Fidelity Advisor Large Cap Fund Institutional Class | 7.2 | 7.3 |
Fidelity Advisor Mid Cap Fund Institutional Class | 3.7 | 3.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.8 | 2.1 |
Fidelity Small Cap Opportunities Fund | 1.7 | 1.2 |
| 43.0 | 44.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 5.3 | 5.8 |
Fidelity Advisor Overseas Fund Institutional Class | 5.2 | 5.7 |
| 10.5 | 11.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.5 | 5.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 8.2 | 8.3 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 6.4 | 8.3 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.5 | 6.3 |
Fidelity Advisor Total Bond Fund Institutional Class | 12.2 | 9.5 |
| 33.3 | 32.4 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3.4 | 3.3 |
Fidelity Institutional Money Market Portfolio Institutional Class* | 4.3 | 2.3 |
Fidelity Cash Reserves Fund | 0.0 | 0.2 |
| 7.7 | 5.8 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period.
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 43.0% | |
| International Equity Funds | 10.5% | |
| High Yield Fixed-Income Funds | 5.5% | |
| Investment Grade Fixed-Income Funds | 33.3% | |
| Short-Term Funds | 7.7% | |
Six months ago |
| Domestic Equity Funds | 44.4% | |
| International Equity Funds | 11.5% | |
| High Yield Fixed-Income Funds | 5.9% | |
| Investment Grade Fixed-Income Funds | 32.4% | |
| Short-Term Funds | 5.8% | |
Expected |
| Domestic Equity Funds | 42.9% | |
| International Equity Funds | 10.7% | |
| High Yield Fixed-Income Funds | 5.5% | |
| Investment Grade Fixed-Income Funds | 33.2% | |
| Short-Term 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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 53.5% |
| Shares | | Value |
Domestic Equity Funds - 43.0% |
Fidelity 100 Index Fund | 2,645,034 | | $ 25,233,625 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 3,993,379 | | 44,925,511 |
Fidelity Advisor Equity Growth Fund Institutional Class | 810,769 | | 48,111,011 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,771,566 | | 73,640,501 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3,491,939 | | 65,019,908 |
Fidelity Advisor Large Cap Fund Institutional Class | 3,625,464 | | 64,642,024 |
Fidelity Advisor Mid Cap Fund Institutional Class | 1,598,886 | | 33,080,945 |
Fidelity Advisor Small Cap Fund Institutional Class | 694,790 | | 16,508,222 |
Fidelity Small Cap Opportunities Fund | 1,958,993 | | 15,534,812 |
TOTAL DOMESTIC EQUITY FUNDS | | 386,696,559 |
International Equity Funds - 10.5% |
Fidelity Advisor Diversified International Fund Institutional Class | 2,355,270 | | 47,246,707 |
Fidelity Advisor Overseas Fund Institutional Class | 2,191,494 | | 47,139,036 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 94,385,743 |
TOTAL EQUITY FUNDS (Cost $498,628,499) | 481,082,302 |
Fixed-Income Funds - 38.8% |
| | | |
High Yield Fixed-Income Funds - 5.5% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5,534,140 | | 49,364,529 |
Investment Grade Fixed-Income Funds - 33.3% |
Fidelity Advisor Government Income Fund Institutional Class | 6,913,611 | | 73,699,095 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 5,462,712 | | 58,014,003 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5,709,727 | | 58,239,213 |
Fidelity Advisor Total Bond Fund Institutional Class | 10,657,111 | | 109,661,672 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 299,613,983 |
TOTAL FIXED-INCOME FUNDS (Cost $350,566,419) | 348,978,512 |
Short-Term Funds - 7.7% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3,383,421 | | $ 30,687,626 |
Fidelity Institutional Money Market Portfolio Institutional Class | 39,071,833 | | 39,071,833 |
TOTAL SHORT-TERM FUNDS (Cost $70,793,168) | 69,759,459 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $919,988,086) | $ 899,820,273 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $919,988,086) - See accompanying schedule | | $ 899,820,273 |
Cash | | 264,188 |
Receivable for investments sold | | 106,716 |
Receivable for fund shares sold | | 1,596,028 |
Other affiliated receivables | | 119,526 |
Total assets | | 901,906,731 |
| | |
Liabilities | | |
Payable for investments purchased | $ 149,652 | |
Payable for fund shares redeemed | 1,820,986 | |
Distribution fees payable | 278,691 | |
Total liabilities | | 2,249,329 |
| | |
Net Assets | | $ 899,657,402 |
Net Assets consist of: | | |
Paid in capital | | $ 895,110,751 |
Undistributed net investment income | | 3,034,550 |
Accumulated undistributed net realized gain (loss) on investments | | 21,679,914 |
Net unrealized appreciation (depreciation) on investments | | (20,167,813) |
Net Assets | | $ 899,657,402 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($517,887,697 ÷ 43,720,007 shares) | | $ 11.85 |
| | |
Maximum offering price per share (100/94.25 of $11.85) | | $ 12.57 |
Class T:
Net Asset Value and redemption price per share ($203,821,531 ÷ 17,239,492 shares) | | $ 11.82 |
| | |
Maximum offering price per share (100/96.50 of $11.82) | | $ 12.25 |
Class B:
Net Asset Value and offering price per share ($43,608,473 ÷ 3,703,917 shares)A | | $ 11.77 |
| | |
Class C:
Net Asset Value and offering price per share ($65,542,722 ÷ 5,572,389 shares)A | | $ 11.76 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($68,796,979 ÷ 5,776,804 shares) | | $ 11.91 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 20,739,202 |
Interest | | 160 |
Total income | | 20,739,362 |
| | |
Expenses | | |
Distribution fees | $ 3,093,958 | |
Independent trustees' compensation | 2,828 | |
Total expenses before reductions | 3,096,786 | |
Expense reductions | (2,828) | 3,093,958 |
Net investment income (loss) | | 17,645,404 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,324,320) | |
Capital gain distributions from underlying funds | 26,836,507 | 25,512,187 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (59,466,789) |
Net gain (loss) | | (33,954,602) |
Net increase (decrease) in net assets resulting from operations | | $ (16,309,198) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 17,645,404 | $ 9,219,648 |
Net realized gain (loss) | 25,512,187 | 11,453,628 |
Change in net unrealized appreciation (depreciation) | (59,466,789) | 19,737,804 |
Net increase (decrease) in net assets resulting from operations | (16,309,198) | 40,411,080 |
Distributions to shareholders from net investment income | (15,992,861) | (8,406,068) |
Distributions to shareholders from net realized gain | (13,493,586) | (6,941,908) |
Total distributions | (29,486,447) | (15,347,976) |
Share transactions - net increase (decrease) | 329,823,067 | 240,828,001 |
Total increase (decrease) in net assets | 284,027,422 | 265,891,105 |
| | |
Net Assets | | |
Beginning of period | 615,629,980 | 349,738,875 |
End of period (including undistributed net investment income of $3,034,550 and undistributed net investment income of $1,688,198, respectively) | $ 899,657,402 | $ 615,629,980 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.40 | $ 11.84 | $ 10.77 | $ 10.57 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .31 | .26 | .22 | .21 | .07 |
Net realized and unrealized gain (loss) | (.35) | .74 | 1.07 | .13 | .56 |
Total from investment operations | (.04) | 1.00 | 1.29 | .34 | .63 |
Distributions from net investment income | (.27) | (.23) | (.16) | (.14) | (.06) |
Distributions from net realized gain | (.24) | (.21) | (.06) | - I | - |
Total distributions | (.51) J | (.44) | (.22) | (.14) | (.06) |
Net asset value, end of period | $ 11.85 | $ 12.40 | $ 11.84 | $ 10.77 | $ 10.57 |
Total Return B, C, D | (.53)% | 8.56% | 12.12% | 3.22% | 6.32% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 2.46% | 2.21% | 1.93% | 2.02% | 1.84%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 517,888 | $ 291,783 | $ 128,241 | $ 45,028 | $ 4,773 |
Portfolio turnover rate | 13% | 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.
J Total distributions of $.511 per share is comprised of distributions from net investment income of $.268 and distributions from net realized gain of $.243 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.38 | $ 11.81 | $ 10.76 | $ 10.57 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .28 | .23 | .19 | .19 | .06 |
Net realized and unrealized gain (loss) | (.36) | .75 | 1.06 | .13 | .57 |
Total from investment operations | (.08) | .98 | 1.25 | .32 | .63 |
Distributions from net investment income | (.23) | (.20) | (.14) | (.13) | (.06) |
Distributions from net realized gain | (.24) | (.21) | (.06) | - I | - |
Total distributions | (.48)J | (.41) | (.20) | (.13) | (.06) |
Net asset value, end of period | $ 11.82 | $ 12.38 | $ 11.81 | $ 10.76 | $ 10.57 |
Total Return B, C, D | (.89)% | 8.40% | 11.71% | 3.01% | 6.27% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .51% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .51% | .58% | .58%A |
Net investment income (loss) | 2.21% | 1.96% | 1.68% | 1.77% | 1.59%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 203,822 | $ 186,106 | $ 125,323 | $ 55,945 | $ 5,038 |
Portfolio turnover rate | 13% | 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.
J Total distributions of $.476 per share is comprised of distributions from net investment income of $.233 and distributions from net realized gain of $.243 per share.
Financial Highlights - Class B
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.33 | $ 11.77 | $ 10.73 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .21 | .17 | .13 | .13 | .04 |
Net realized and unrealized gain (loss) | (.36) | .74 | 1.06 | .13 | .58 |
Total from investment operations | (.15) | .91 | 1.19 | .26 | .62 |
Distributions from net investment income | (.17) | (.14) | (.09) | (.09) | (.06) |
Distributions from net realized gain | (.24) | (.21) | (.06) | -I | - |
Total distributions | (.41)J | (.35) | (.15) | (.09) | (.06) |
Net asset value, end of period | $ 11.77 | $ 12.33 | $ 11.77 | $ 10.73 | $ 10.56 |
Total ReturnB, C, D | (1.37)% | 7.83% | 11.17% | 2.49% | 6.17% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.71% | 1.46% | 1.18% | 1.28% | 1.09%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 43,608 | $ 41,424 | $ 33,633 | $ 18,813 | $ 4,259 |
Portfolio turnover rate | 13% | 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.
J Total distributions of $.414 per share is comprised of distributions from net investment income of $.171 and distributions from net realized gain of $.243 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.32 | $ 11.77 | $ 10.73 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .21 | .17 | .13 | .13 | .04 |
Net realized and unrealized gain (loss) | (.35) | .74 | 1.06 | .13 | .57 |
Total from investment operations | (.14) | .91 | 1.19 | .26 | .61 |
Distributions from net investment income | (.18) | (.15) | (.09) | (.09) | (.05) |
Distributions from net realized gain | (.24) | (.21) | (.06) | -I | - |
Total distributions | (.42)J | (.36) | (.15) | (.09) | (.05) |
Net asset value, end of period | $ 11.76 | $ 12.32 | $ 11.77 | $ 10.73 | $ 10.56 |
Total ReturnB, C, D | (1.34)% | 7.81% | 11.19% | 2.47% | 6.12% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.71% | 1.46% | 1.18% | 1.28% | 1.09%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 65,543 | $ 56,686 | $ 35,656 | $ 18,926 | $ 3,593 |
Portfolio turnover rate | 13% | 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.
J Total distributions of $.418 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.243 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.47 | $ 11.89 | $ 10.81 | $ 10.59 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .34 | .29 | .25 | .24 | .09 |
Net realized and unrealized gain (loss) | (.36) | .75 | 1.07 | .13 | .56 |
Total from investment operations | (.02) | 1.04 | 1.32 | .37 | .65 |
Distributions from net investment income | (.29) | (.25) | (.18) | (.15) | (.06) |
Distributions from net realized gain | (.24) | (.21) | (.06) | -H | - |
Total distributions | (.54)I | (.46) | (.24) | (.15) | (.06) |
Net asset value, end of period | $ 11.91 | $ 12.47 | $ 11.89 | $ 10.81 | $ 10.59 |
Total ReturnB, C | (.42)% | 8.90% | 12.36% | 3.52% | 6.52% |
Ratios to Average Net AssetsE, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08%A |
Net investment income (loss) | 2.71% | 2.46% | 2.18% | 2.27% | 2.09%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 68,797 | $ 39,631 | $ 26,886 | $ 12,861 | $ 282 |
Portfolio turnover rate | 13% | 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.
I Total distributions of $.536 per share is comprised of distributions from net investment income of $.293 and distributions from net realized gain of $.243 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.5 | 2.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 6.2 | 8.7 |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.6 | 7.0 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.0 | 10.1 |
Fidelity Advisor Growth & Income Fund Institutional Class | 8.9 | 8.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 8.8 | 8.9 |
Fidelity Advisor Mid Cap Fund Institutional Class | 4.6 | 4.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.2 | 2.5 |
Fidelity Small Cap Opportunities Fund | 2.3 | 1.5 |
| 53.1 | 53.8 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.5 | 6.9 |
Fidelity Advisor Overseas Fund Institutional Class | 6.5 | 6.9 |
| 13.0 | 13.8 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.2 | 7.5 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 6.2 | 6.3 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 5.0 | 6.3 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5.0 | 4.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 9.6 | 7.1 |
| 25.8 | 24.5 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 0.4 | 0.3 |
Fidelity Institutional Money Market Portfolio Institutional Class* | 0.5 | 0.1 |
Fidelity Cash Reserves Fund | 0.0 | 0.0** |
| 0.9 | 0.4 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period.
** Amount represents less than 0.1%
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 53.1% | |
| International Equity Funds | 13.0% | |
| High Yield Fixed-Income Funds | 7.2% | |
| Investment Grade Fixed-Income Funds | 25.8% | |
| Short-Term Funds | 0.9% | |
Six months ago |
| Domestic Equity Funds | 53.8% | |
| International Equity Funds | 13.8% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 24.5% | |
| Short-Term Funds | 0.4% | |
Expected |
 | Domestic Equity Funds | 52.9% | |
| International Equity Funds | 13.2% | |
| High Yield Fixed-Income Funds | 7.3% | |
| Investment Grade Fixed-Income Funds | 25.5% | |
| Short-Term Funds | 1.1% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 66.1% |
| Shares | | Value |
Domestic Equity Funds - 53.1% |
Fidelity 100 Index Fund | 5,635,984 | | $ 53,767,291 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 8,557,632 | | 96,273,359 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,714,415 | | 101,733,377 |
Fidelity Advisor Equity Income Fund Institutional Class | 5,823,828 | | 154,739,111 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7,377,035 | | 137,360,386 |
Fidelity Advisor Large Cap Fund Institutional Class | 7,652,317 | | 136,440,811 |
Fidelity Advisor Mid Cap Fund Institutional Class | 3,391,724 | | 70,174,764 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,453,923 | | 34,545,220 |
Fidelity Small Cap Opportunities Fund | 4,443,090 | | 35,233,701 |
TOTAL DOMESTIC EQUITY FUNDS | | 820,268,020 |
International Equity Funds - 13.0% |
Fidelity Advisor Diversified International Fund Institutional Class | 4,998,417 | | 100,268,236 |
Fidelity Advisor Overseas Fund Institutional Class | 4,650,596 | | 100,034,329 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 200,302,565 |
TOTAL EQUITY FUNDS (Cost $1,038,942,983) | 1,020,570,585 |
Fixed-Income Funds - 33.0% |
| | | |
High Yield Fixed-Income Funds - 7.2% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 12,498,874 | | 111,489,954 |
Investment Grade Fixed-Income Funds - 25.8% |
Fidelity Advisor Government Income Fund Institutional Class | 8,929,341 | | 95,186,777 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 7,349,588 | | 78,052,623 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 7,546,840 | | 76,977,766 |
Fidelity Advisor Total Bond Fund Institutional Class | 14,332,789 | | 147,484,404 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 397,701,570 |
TOTAL FIXED-INCOME FUNDS (Cost $514,886,474) | 509,191,524 |
Short-Term Funds - 0.9% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 574,993 | | $ 5,215,189 |
Fidelity Institutional Money Market Portfolio Institutional Class | 7,879,510 | | 7,879,510 |
TOTAL SHORT-TERM FUNDS (Cost $13,258,386) | 13,094,699 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,567,087,843) | $ 1,542,856,808 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $1,567,087,843) - See accompanying schedule | | $ 1,542,856,808 |
Cash | | 41,369 |
Receivable for investments sold | | 159,055 |
Receivable for fund shares sold | | 3,013,599 |
Other affiliated receivables | | 107,235 |
Total assets | | 1,546,178,066 |
| | |
Liabilities | | |
Payable for investments purchased | $ 731,752 | |
Payable for fund shares redeemed | 2,642,628 | |
Distribution fees payable | 505,979 | |
Total liabilities | | 3,880,359 |
| | |
Net Assets | | $ 1,542,297,707 |
Net Assets consist of: | | |
Paid in capital | | $ 1,514,117,684 |
Undistributed net investment income | | 3,849,262 |
Accumulated undistributed net realized gain (loss) on investments | | 48,561,796 |
Net unrealized appreciation (depreciation) on investments | | (24,231,035) |
Net Assets | | $ 1,542,297,707 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($811,991,877 ÷ 63,789,641 shares) | | $ 12.73 |
| | |
Maximum offering price per share (100/94.25 of $12.73) | | $ 13.51 |
Class T:
Net Asset Value and redemption price per share ($458,464,593 ÷ 36,055,303 shares) | | $ 12.72 |
| | |
Maximum offering price per share (100/96.50 of $12.72) | | $ 13.18 |
Class B:
Net Asset Value and offering price per share ($89,048,812 ÷ 7,035,255 shares)A | | $ 12.66 |
| | |
Class C:
Net Asset Value and offering price per share ($95,224,244 ÷ 7,531,974 shares)A | | $ 12.64 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($87,568,181 ÷ 6,845,307 shares) | | $ 12.79 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 32,270,311 |
| | |
Expenses | | |
Distribution fees | $ 5,904,811 | |
Independent trustees' compensation | 5,185 | |
Total expenses before reductions | 5,909,996 | |
Expense reductions | (5,185) | 5,904,811 |
Net investment income (loss) | | 26,365,500 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (2,169,995) | |
Capital gain distributions from underlying funds | 58,653,309 | 56,483,314 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (128,993,098) |
Net gain (loss) | | (72,509,784) |
Net increase (decrease) in net assets resulting from operations | | $ (46,144,284) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 26,365,500 | $ 15,157,016 |
Net realized gain (loss) | 56,483,314 | 25,076,912 |
Change in net unrealized appreciation (depreciation) | (128,993,098) | 44,485,432 |
Net increase (decrease) in net assets resulting from operations | (46,144,284) | 84,719,360 |
Distributions to shareholders from net investment income | (24,317,719) | (14,683,101) |
Distributions to shareholders from net realized gain | (28,216,665) | (18,704,702) |
Total distributions | (52,534,384) | (33,387,803) |
Share transactions - net increase (decrease) | 488,344,875 | 366,470,672 |
Total increase (decrease) in net assets | 389,666,207 | 417,802,229 |
| | |
Net Assets | | |
Beginning of period | 1,152,631,500 | 734,829,271 |
End of period (including undistributed net investment income of $3,849,262 and undistributed net investment income of $1,801,481, respectively) | $ 1,542,297,707 | $ 1,152,631,500 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.49 | $ 12.85 | $ 11.53 | $ 11.29 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .28 | .24 | .19 | .20 | .13 |
Net realized and unrealized gain (loss) | (.49) | .92 | 1.36 | .23 | 1.25 |
Total from investment operations | (.21) | 1.16 | 1.55 | .43 | 1.38 |
Distributions from net investment income | (.25) | (.23) | (.16) | (.18) | (.09) |
Distributions from net realized gain | (.30) | (.30) | (.08) | - I | - |
Total distributions | (.55) | (.52) L | (.23) K | (.19) J | (.09) |
Net asset value, end of period | $ 12.73 | $ 13.49 | $ 12.85 | $ 11.53 | $ 11.29 |
Total Return B, C, D | (1.83)% | 9.21% | 13.62% | 3.75% | 13.78% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 2.07% | 1.89% | 1.60% | 1.80% | 1.74%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 811,992 | $ 511,536 | $ 284,466 | $ 135,306 | $ 72,334 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.47 | $ 12.83 | $ 11.52 | $ 11.29 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .25 | .21 | .16 | .18 | .11 |
Net realized and unrealized gain (loss) | (.49) | .92 | 1.36 | .21 | 1.26 |
Total from investment operations | (.24) | 1.13 | 1.52 | .39 | 1.37 |
Distributions from net investment income | (.21) | (.19) | (.13) | (.16) | (.08) |
Distributions from net realized gain | (.30) | (.30) | (.08) | - I | - |
Total distributions | (.51) | (.49) J | (.21) | (.16) | (.08) |
Net asset value, end of period | $ 12.72 | $ 13.47 | $ 12.83 | $ 11.52 | $ 11.29 |
Total Return B, C, D | (2.02)% | 8.97% | 13.28% | 3.46% | 13.73% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .51% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .51% | .58% | .58%A |
Net investment income (loss) | 1.82% | 1.63% | 1.35% | 1.55% | 1.49%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 458,465 | $ 431,886 | $ 296,477 | $ 177,336 | $ 52,310 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.41 | $ 12.78 | $ 11.48 | $ 11.27 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .18 | .15 | .10 | .12 | .07 |
Net realized and unrealized gain (loss) | (.48) | .91 | 1.35 | .21 | 1.27 |
Total from investment operations | (.30) | 1.06 | 1.45 | .33 | 1.34 |
Distributions from net investment income | (.15) | (.13) | (.08) | (.12) | (.07) |
Distributions from net realized gain | (.30) | (.30) | (.07) | - I | - |
Total distributions | (.45) | (.43) J | (.15) | (.12) | (.07) |
Net asset value, end of period | $ 12.66 | $ 13.41 | $ 12.78 | $ 11.48 | $ 11.27 |
Total Return B, C, D | (2.51)% | 8.40% | 12.71% | 2.93% | 13.37% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.32% | 1.13% | .85% | 1.05% | .99%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 89,049 | $ 85,981 | $ 71,232 | $ 49,398 | $ 23,274 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.40 | $ 12.77 | $ 11.48 | $ 11.26 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .18 | .15 | .10 | .12 | .07 |
Net realized and unrealized gain (loss) | (.49) | .91 | 1.34 | .22 | 1.26 |
Total from investment operations | (.31) | 1.06 | 1.44 | .34 | 1.33 |
Distributions from net investment income | (.15) | (.14) | (.08) | (.12) | (.07) |
Distributions from net realized gain | (.30) | (.30) | (.07) | -I | - |
Total distributions | (.45) | (.43)J | (.15) | (.12) | (.07) |
Net asset value, end of period | $ 12.64 | $ 13.40 | $ 12.77 | $ 11.48 | $ 11.26 |
Total ReturnB, C, D | (2.56)% | 8.45% | 12.66% | 3.02% | 13.32% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.32% | 1.14% | .85% | 1.05% | .99%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 95,224 | $ 85,076 | $ 61,442 | $ 39,310 | $ 15,871 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.55 | $ 12.90 | $ 11.57 | $ 11.31 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .32 | .28 | .23 | .23 | .15 |
Net realized and unrealized gain (loss) | (.50) | .92 | 1.36 | .23 | 1.25 |
Total from investment operations | (.18) | 1.20 | 1.59 | .46 | 1.40 |
Distributions from net investment income | (.28) | (.25) | (.18) | (.20) | (.09) |
Distributions from net realized gain | (.30) | (.30) | (.08) | -H | - |
Total distributions | (.58) | (.55)I | (.26) | (.20) | (.09) |
Net asset value, end of period | $ 12.79 | $ 13.55 | $ 12.90 | $ 11.57 | $ 11.31 |
Total ReturnB, C | (1.62)% | 9.47% | 13.88% | 4.06% | 14.03% |
Ratios to Average Net AssetsE, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08%A |
Net investment income (loss) | 2.32% | 2.13% | 1.85% | 2.05% | 1.98%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 87,568 | $ 38,153 | $ 21,212 | $ 11,932 | $ 2,278 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.5 | 2.1 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 6.4 | 9.1 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.3 | 7.3 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.7 | 10.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.6 | 9.2 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.4 | 9.3 |
Fidelity Advisor Mid Cap Fund Institutional Class | 4.8 | 4.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.5 | 2.6 |
Fidelity Small Cap Opportunities Fund | 2.2 | 1.6 |
| 56.4 | 56.3 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 7.0 | 7.3 |
Fidelity Advisor Overseas Fund Institutional Class | 6.9 | 7.2 |
| 13.9 | 14.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.4 | 7.3 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 5.7 | 5.7 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 4.1 | 5.2 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4.4 | 4.3 |
Fidelity Advisor Total Bond Fund Institutional Class | 8.1 | 6.7 |
| 22.3 | 21.9 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 56.4% | |
| International Equity Funds | 13.9% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Investment Grade Fixed-Income Funds | 22.3% | |
Six months ago |
| Domestic Equity Funds | 56.3% | |
| International Equity Funds | 14.5% | |
| High Yield Fixed-Income Funds | 7.3% | |
| Investment Grade Fixed-Income Funds | 21.9% | |
Expected |
| Domestic Equity Funds | 56.2% | |
| International Equity Funds | 14.0% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 22.3% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 70.3% |
| Shares | | Value |
Domestic Equity Funds - 56.4% |
Fidelity 100 Index Fund | 3,173,330 | | $ 30,273,572 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 4,966,659 | | 55,874,914 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,058,859 | | 62,832,715 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,498,578 | | 92,957,220 |
Fidelity Advisor Growth & Income Fund Institutional Class | 4,489,127 | | 83,587,543 |
Fidelity Advisor Large Cap Fund Institutional Class | 4,584,303 | | 81,738,121 |
Fidelity Advisor Mid Cap Fund Institutional Class | 2,013,336 | | 41,655,922 |
Fidelity Advisor Small Cap Fund Institutional Class | 920,069 | | 21,860,837 |
Fidelity Small Cap Opportunities Fund | 2,429,405 | | 19,265,178 |
TOTAL DOMESTIC EQUITY FUNDS | | 490,046,022 |
International Equity Funds - 13.9% |
Fidelity Advisor Diversified International Fund Institutional Class | 3,017,970 | | 60,540,474 |
Fidelity Advisor Overseas Fund Institutional Class | 2,811,257 | | 60,470,130 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 121,010,604 |
TOTAL EQUITY FUNDS (Cost $645,655,081) | 611,056,626 |
Fixed-Income Funds - 29.7% |
| | | |
High Yield Fixed-Income Funds - 7.4% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7,178,538 | | 64,032,555 |
Investment Grade Fixed-Income Funds - 22.3% |
Fidelity Advisor Government Income Fund Institutional Class | 4,628,202 | | 49,336,638 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 3,321,170 | | 35,270,824 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 3,796,080 | | 38,720,016 |
Fidelity Advisor Total Bond Fund Institutional Class | 6,876,979 | | 70,764,116 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 194,091,594 |
TOTAL FIXED-INCOME FUNDS (Cost $262,442,192) | 258,124,149 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $908,097,273) | $ 869,180,775 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $908,097,273) - See accompanying schedule | | $ 869,180,775 |
Cash | | 66,376 |
Receivable for fund shares sold | | 1,468,281 |
Other affiliated receivables | | 113,981 |
Total assets | | 870,829,413 |
| | |
Liabilities | | |
Payable for investments purchased | $ 265,374 | |
Payable for fund shares redeemed | 1,269,320 | |
Distribution fees payable | 253,670 | |
Total liabilities | | 1,788,364 |
| | |
Net Assets | | $ 869,041,049 |
Net Assets consist of: | | |
Paid in capital | | $ 879,052,476 |
Undistributed net investment income | | 2,017,976 |
Accumulated undistributed net realized gain (loss) on investments | | 26,887,095 |
Net unrealized appreciation (depreciation) on investments | | (38,916,498) |
Net Assets | | $ 869,041,049 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($558,890,243 ÷ 45,585,708 shares) | | $ 12.26 |
| | |
Maximum offering price per share (100/94.25 of $12.26) | | $ 13.01 |
Class T:
Net Asset Value and redemption price per share ($173,946,169 ÷ 14,167,826 shares) | | $ 12.28 |
| | |
Maximum offering price per share (100/96.50 of $12.28) | | $ 12.73 |
Class B:
Net Asset Value and offering price per share ($43,016,353 ÷ 3,533,882 shares)A | | $ 12.17 |
| | |
Class C:
Net Asset Value and offering price per share ($40,426,137 ÷ 3,323,448 shares)A | | $ 12.16 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($52,762,147 ÷ 4,280,401 shares) | | $ 12.33 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 15,855,933 |
Interest | | 132 |
Total income | | 15,856,065 |
| | |
Expenses | | |
Distribution fees | $ 2,764,588 | |
Independent trustees' compensation | 2,642 | |
Total expenses before reductions | 2,767,230 | |
Expense reductions | (2,642) | 2,764,588 |
Net investment income (loss) | | 13,091,477 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,727,608) | |
Capital gain distributions from underlying funds | 32,983,337 | 31,255,729 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (77,544,121) |
Net gain (loss) | | (46,288,392) |
Net increase (decrease) in net assets resulting from operations | | $ (33,196,915) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 13,091,477 | $ 5,944,293 |
Net realized gain (loss) | 31,255,729 | 11,802,014 |
Change in net unrealized appreciation (depreciation) | (77,544,121) | 18,500,292 |
Net increase (decrease) in net assets resulting from operations | (33,196,915) | 36,246,599 |
Distributions to shareholders from net investment income | (11,956,162) | (5,346,689) |
Distributions to shareholders from net realized gain | (14,061,115) | (6,744,686) |
Total distributions | (26,017,277) | (12,091,375) |
Share transactions - net increase (decrease) | 383,205,903 | 255,833,989 |
Total increase (decrease) in net assets | 323,991,711 | 279,989,213 |
| | |
Net Assets | | |
Beginning of period | 545,049,338 | 265,060,125 |
End of period (including undistributed net investment income of $2,017,976 and undistributed net investment income of $882,661, respectively) | $ 869,041,049 | $ 545,049,338 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.01 | $ 12.34 | $ 10.96 | $ 10.67 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .26 | .22 | .17 | .19 | .06 |
Net realized and unrealized gain (loss) | (.50) | .90 | 1.39 | .23 | .67 |
Total from investment operations | (.24) | 1.12 | 1.56 | .42 | .73 |
Distributions from net investment income | (.22) | (.19) | (.13) | (.13) | (.06) |
Distributions from net realized gain | (.29) | (.26) | (.05) | - I | - |
Total distributions | (.51) | (.45) | (.18) | (.13) | (.06) |
Net asset value, end of period | $ 12.26 | $ 13.01 | $ 12.34 | $ 10.96 | $ 10.67 |
Total Return B, C, D | (2.14) % | 9.26% | 14.35% | 3.96% | 7.32% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .25% | .33% | .33%A |
Net investment income (loss) | 1.95% | 1.79% | 1.44% | 1.76% | 1.59%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 558,890 | $ 306,544 | $ 128,504 | $ 59,347 | $ 2,284 |
Portfolio turnover rate | 10% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.03 | $ 12.35 | $ 10.97 | $ 10.69 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .23 | .19 | .14 | .16 | .05 |
Net realized and unrealized gain (loss) | (.51) | .91 | 1.39 | .24 | .70 |
Total from investment operations | (.28) | 1.10 | 1.53 | .40 | .75 |
Distributions from net investment income | (.18) | (.16) | (.11) | (.12) | (.06) |
Distributions from net realized gain | (.29) | (.26) | (.05) | - I | - |
Total distributions | (.47) | (.42) | (.15)J | (.12) | (.06) |
Net asset value, end of period | $ 12.28 | $ 13.03 | $ 12.35 | $ 10.97 | $ 10.69 |
Total Return B, C, D | (2.40)% | 9.10% | 14.07% | 3.75% | 7.52% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .58% | .58% A |
Expenses net of all reductions | .50% | .50% | .50% | .58% | .58% A |
Net investment income (loss) | 1.70% | 1.54% | 1.19% | 1.51% | 1.34% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 173,946 | $ 154,042 | $ 83,955 | $ 36,966 | $ 2,556 |
Portfolio turnover rate | 10% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.93 | $ 12.26 | $ 10.91 | $ 10.64 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .16 | .13 | .08 | .11 | .03 |
Net realized and unrealized gain (loss) | (.51) | .90 | 1.38 | .24 | .67 |
Total from investment operations | (.35) | 1.03 | 1.46 | .35 | .70 |
Distributions from net investment income | (.12) | (.10) | (.07) | (.08) | (.06) |
Distributions from net realized gain | (.29) | (.26) | (.04) | - I | - |
Total distributions | (.41) | (.36) | (.11) | (.08) | (.06) |
Net asset value, end of period | $ 12.17 | $ 12.93 | $ 12.26 | $ 10.91 | $ 10.64 |
Total ReturnB, C, D | (2.95)% | 8.57% | 13.46% | 3.29% | 6.97% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.20% | 1.04% | .69% | 1.01% | .84% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 43,016 | $ 37,881 | $ 27,111 | $ 13,415 | $ 2,771 |
Portfolio turnover rate | 10% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.92 | $ 12.26 | $ 10.91 | $ 10.65 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .16 | .13 | .08 | .11 | .03 |
Net realized and unrealized gain (loss) | (.50) | .89 | 1.38 | .23 | .67 |
Total from investment operations | (.34) | 1.02 | 1.46 | .34 | .70 |
Distributions from net investment income | (.13) | (.10) | (.07) | (.08) | (.05) |
Distributions from net realized gain | (.29) | (.26) | (.04) | - I | - |
Total distributions | (.42) | (.36) | (.11) | (.08) | (.05) |
Net asset value, end of period | $ 12.16 | $ 12.92 | $ 12.26 | $ 10.91 | $ 10.65 |
Total Return B, C, D | (2.91)% | 8.51% | 13.46% | 3.19% | 7.02% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.20% | 1.04% | .69% | 1.01% | .84%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 40,426 | $ 32,679 | $ 20,323 | $ 10,859 | $ 2,137 |
Portfolio turnover rate | 10% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.08 | $ 12.39 | $ 10.99 | $ 10.68 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .29 | .25 | .20 | .22 | .08 |
Net realized and unrealized gain (loss) | (.50) | .91 | 1.40 | .24 | .66 |
Total from investment operations | (.21) | 1.16 | 1.60 | .46 | .74 |
Distributions from net investment income | (.25) | (.21) | (.15) | (.15) | (.06) |
Distributions from net realized gain | (.29) | (.26) | (.05) | - H | - |
Total distributions | (.54) | (.47) | (.20) | (.15) | (.06) |
Net asset value, end of period | $ 12.33 | $ 13.08 | $ 12.39 | $ 10.99 | $ 10.68 |
Total Return B, C | (1.93)% | 9.60% | 14.69% | 4.25% | 7.42% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08%A |
Net investment income (loss) | 2.20% | 2.04% | 1.69% | 2.01% | 1.84%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 52,762 | $ 13,903 | $ 5,167 | $ 1,921 | $ 222 |
Portfolio turnover rate | 10% | 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 4.5 | 2.4 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 7.6 | 10.5 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.1 | 8.4 |
Fidelity Advisor Equity Income Fund Institutional Class | 12.2 | 12.3 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.9 | 10.7 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.8 | 10.7 |
Fidelity Advisor Mid Cap Fund Institutional Class | 5.5 | 5.2 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.7 | 3.0 |
Fidelity Small Cap Opportunities Fund | 2.7 | 1.8 |
| 65.0 | 65.0 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.0 | 8.4 |
Fidelity Advisor Overseas Fund Institutional Class | 7.9 | 8.4 |
| 15.9 | 16.8 |
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 | 3.0 | 2.8 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 2.1 | 2.6 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.3 | 2.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 4.3 | 3.3 |
| 11.7 | 10.8 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 65.0% | |
| International Equity Funds | 15.9% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Investment Grade Fixed-Income Funds | 11.7% | |
Six months ago |
| Domestic Equity Funds | 65.0% | |
| International Equity Funds | 16.8% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Investment Grade Fixed-Income Funds | 10.8% | |
Expected |
| Domestic Equity Funds | 64.3% | |
| International Equity Funds | 16.1% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 12.1% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 80.9% |
| Shares | | Value |
Domestic Equity Funds - 65.0% |
Fidelity 100 Index Fund | 5,301,441 | | $ 50,575,746 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 7,505,173 | | 84,433,195 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,525,674 | | 90,533,485 |
Fidelity Advisor Equity Income Fund Institutional Class | 5,113,310 | | 135,860,644 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6,490,983 | | 120,862,094 |
Fidelity Advisor Large Cap Fund Institutional Class | 6,715,984 | | 119,745,991 |
Fidelity Advisor Mid Cap Fund Institutional Class | 2,959,956 | | 61,241,491 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,278,649 | | 30,380,708 |
Fidelity Small Cap Opportunities Fund | 3,782,947 | | 29,998,774 |
TOTAL DOMESTIC EQUITY FUNDS | | 723,632,128 |
International Equity Funds - 15.9% |
Fidelity Advisor Diversified International Fund Institutional Class | 4,405,078 | | 88,365,873 |
Fidelity Advisor Overseas Fund Institutional Class | 4,099,064 | | 88,170,869 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 176,536,742 |
TOTAL EQUITY FUNDS (Cost $936,745,464) | 900,168,870 |
Fixed-Income Funds - 19.1% |
| | | |
High Yield Fixed-Income Funds - 7.4% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9,214,157 | | 82,190,283 |
Investment Grade Fixed-Income Funds - 11.7% |
Fidelity Advisor Government Income Fund Institutional Class | 3,128,517 | | 33,349,990 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 2,243,079 | | 23,821,496 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2,488,264 | | 25,380,295 |
Fidelity Advisor Total Bond Fund Institutional Class | 4,632,702 | | 47,670,508 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 130,222,289 |
TOTAL FIXED-INCOME FUNDS (Cost $218,546,593) | 212,412,572 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,155,292,057) | $ 1,112,581,442 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $1,155,292,057) - See accompanying schedule | | $ 1,112,581,442 |
Receivable for investments sold | | 651,785 |
Receivable for fund shares sold | | 1,770,586 |
Other affiliated receivables | | 171,881 |
Total assets | | 1,115,175,694 |
| | |
Liabilities | | |
Payable to custodian bank | $ 18,765 | |
Payable for investments purchased | 148,563 | |
Payable for fund shares redeemed | 2,255,092 | |
Distribution fees payable | 347,260 | |
Total liabilities | | 2,769,680 |
| | |
Net Assets | | $ 1,112,406,014 |
Net Assets consist of: | | |
Paid in capital | | $ 1,111,544,962 |
Undistributed net investment income | | 1,788,371 |
Accumulated undistributed net realized gain (loss) on investments | | 41,783,296 |
Net unrealized appreciation (depreciation) on investments | | (42,710,615) |
Net Assets | | $ 1,112,406,014 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($626,641,345 ÷ 47,156,206 shares) | | $ 13.29 |
| | |
Maximum offering price per share (100/94.25 of $13.29) | | $ 14.10 |
Class T:
Net Asset Value and redemption price per share ($297,618,431 ÷ 22,463,622 shares) | | $ 13.25 |
| | |
Maximum offering price per share (100/96.50 of $13.25) | | $ 13.73 |
Class B:
Net Asset Value and offering price per share ($60,367,464 ÷ 4,582,511 shares)A | | $ 13.17 |
| | |
Class C:
Net Asset Value and offering price per share ($58,767,835 ÷ 4,463,060 shares)A | | $ 13.17 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($69,010,939 ÷ 5,174,220 shares) | | $ 13.34 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 17,381,910 |
| | |
Expenses | | |
Distribution fees | $ 4,023,624 | |
Independent trustees' compensation | 3,602 | |
Total expenses before reductions | 4,027,226 | |
Expense reductions | (3,602) | 4,023,624 |
Net investment income (loss) | | 13,358,286 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,697,268) | |
Capital gain distributions from underlying funds | 50,182,082 | 48,484,814 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (115,173,925) |
Net gain (loss) | | (66,689,111) |
Net increase (decrease) in net assets resulting from operations | | $ (53,330,825) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 13,358,286 | $ 7,161,292 |
Net realized gain (loss) | 48,484,814 | 19,769,395 |
Change in net unrealized appreciation (depreciation) | (115,173,925) | 30,271,320 |
Net increase (decrease) in net assets resulting from operations | (53,330,825) | 57,202,007 |
Distributions to shareholders from net investment income | (12,227,782) | (6,933,419) |
Distributions to shareholders from net realized gain | (22,817,192) | (11,633,462) |
Total distributions | (35,044,974) | (18,566,881) |
Share transactions - net increase (decrease) | 439,844,437 | 289,401,681 |
Total increase (decrease) in net assets | 351,468,638 | 328,036,807 |
| | |
Net Assets | | |
Beginning of period | 760,937,376 | 432,900,569 |
End of period (including undistributed net investment income of $1,788,371 and undistributed net investment income of $702,959, respectively) | $ 1,112,406,014 | $ 760,937,376 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.27 | $ 13.47 | $ 11.81 | $ 11.48 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .22 | .20 | .15 | .18 | .11 |
Net realized and unrealized gain (loss) | (.63) | 1.09 | 1.70 | .30 | 1.46 |
Total from investment operations | (.41) | 1.29 | 1.85 | .48 | 1.57 |
Distributions from net investment income | (.19) | (.18) | (.11) | (.15) | (.09) |
Distributions from net realized gain | (.38) | (.31) | (.08) | - I | - |
Total distributions | (.57) | (.49) | (.19) | (.15) | (.09) |
Net asset value, end of period | $ 13.29 | $ 14.27 | $ 13.47 | $ 11.81 | $ 11.48 |
Total Return B, C, D | (3.22)% | 9.82% | 15.84% | 4.19% | 15.68% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 1.53% | 1.49% | 1.17% | 1.55% | 1.44%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 626,641 | $ 343,345 | $ 156,916 | $ 65,593 | $ 27,879 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.23 | $ 13.43 | $ 11.78 | $ 11.47 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .19 | .17 | .11 | .15 | .09 |
Net realized and unrealized gain (loss) | (.64) | 1.09 | 1.70 | .30 | 1.46 |
Total from investment operations | (.45) | 1.26 | 1.81 | .45 | 1.55 |
Distributions from net investment income | (.15) | (.15) | (.09) | (.14) | (.08) |
Distributions from net realized gain | (.38) | (.31) | (.08) | - I | - |
Total distributions | (.53) | (.46) | (.16)J | (.14) | (.08) |
Net asset value, end of period | $ 13.25 | $ 14.23 | $ 13.43 | $ 11.78 | $ 11.47 |
Total Return B, C, D | (3.49)% | 9.59% | 15.52% | 3.91% | 15.53% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .51% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .51% | .58% | .58%A |
Net investment income (loss) | 1.28% | 1.24% | .92% | 1.30% | 1.19%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 297,618 | $ 281,508 | $ 184,029 | $ 102,153 | $ 27,201 |
Portfolio turnover rate | 10% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .11 | .10 | .05 | .09 | .05 |
Net realized and unrealized gain (loss) | (.63) | 1.08 | 1.70 | .30 | 1.46 |
Total from investment operations | (.52) | 1.18 | 1.75 | .39 | 1.51 |
Distributions from net investment income | (.09) | (.09) | (.05) | (.09) | (.07) |
Distributions from net realized gain | (.37) | (.31) | (.07) | - I | - |
Total distributions | (.46) | (.40) | (.12) | (.09) | (.07) |
Net asset value, end of period | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 |
Total Return B, C, D | (3.96)% | 8.98% | 14.96% | 3.41% | 15.12% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | .78% | .74% | .42% | .80% | .69%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 60,367 | $ 56,845 | $ 43,099 | $ 27,653 | $ 12,229 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .11 | .10 | .05 | .09 | .05 |
Net realized and unrealized gain (loss) | (.63) | 1.08 | 1.70 | .30 | 1.46 |
Total from investment operations | (.52) | 1.18 | 1.75 | .39 | 1.51 |
Distributions from net investment income | (.09) | (.09) | (.05) | (.09) | (.07) |
Distributions from net realized gain | (.37) | (.31) | (.07) | - I | - |
Total distributions | (.46) | (.40) | (.12) | (.09) | (.07) |
Net asset value, end of period | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 |
Total Return B, C, D | (3.95)% | 9.00% | 14.99% | 3.41% | 15.12% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | .78% | .74% | .42% | .80% | .69%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 58,768 | $ 54,338 | $ 37,940 | $ 22,265 | $ 9,722 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.32 | $ 13.51 | $ 11.84 | $ 11.49 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .26 | .24 | .18 | .21 | .13 |
Net realized and unrealized gain (loss) | (.64) | 1.09 | 1.71 | .31 | 1.45 |
Total from investment operations | (.38) | 1.33 | 1.89 | .52 | 1.58 |
Distributions from net investment income | (.22) | (.21) | (.13) | (.17) | (.09) |
Distributions from net realized gain | (.38) | (.31) | (.09) | -H | - |
Total distributions | (.60) | (.52) | (.22) | (.17) | (.09) |
Net asset value, end of period | $ 13.34 | $ 14.32 | $ 13.51 | $ 11.84 | $ 11.49 |
Total ReturnB, C | (3.01)% | 10.08% | 16.10% | 4.50% | 15.83% |
Ratios to Average Net AssetsE, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .07%A |
Net investment income (loss) | 1.78% | 1.74% | 1.42% | 1.80% | 1.69%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 69,011 | $ 24,902 | $ 10,918 | $ 7,841 | $ 1,030 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 4.4 | 2.4 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 7.5 | 10.6 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.5 | 8.5 |
Fidelity Advisor Equity Income Fund Institutional Class | 12.6 | 12.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 11.2 | 10.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 11.0 | 10.8 |
Fidelity Advisor Mid Cap Fund Institutional Class | 5.6 | 5.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.9 | 3.1 |
Fidelity Small Cap Opportunities Fund | 2.6 | 1.9 |
| 66.3 | 65.8 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.1 | 8.5 |
Fidelity Advisor Overseas Fund Institutional Class | 8.1 | 8.5 |
| 16.2 | 17.0 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.4 | 7.6 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 2.7 | 2.5 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 1.8 | 2.1 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.0 | 1.9 |
Fidelity Advisor Total Bond Fund Institutional Class | 3.6 | 3.1 |
| 10.1 | 9.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 66.3% | |
| International Equity Funds | 16.2% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Investment Grade Fixed-Income Funds | 10.1% | |
Six months ago |
| Domestic Equity Funds | 65.8% | |
| International Equity Funds | 17.0% | |
| High Yield Fixed-Income Funds | 7.6% | |
| Investment Grade Fixed-Income Funds | 9.6% | |
Expected |
| Domestic Equity Funds | 66.0% | |
| International Equity Funds | 16.5% | |
| High Yield Fixed-Income Funds | 7.6% | |
| Investment Grade Fixed-Income 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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 82.5% |
| Shares | | Value |
Domestic Equity Funds - 66.3% |
Fidelity 100 Index Fund | 2,376,566 | | $ 22,672,438 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 3,467,513 | | 39,009,525 |
Fidelity Advisor Equity Growth Fund Institutional Class | 750,614 | | 44,541,457 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,466,572 | | 65,536,826 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3,137,193 | | 58,414,538 |
Fidelity Advisor Large Cap Fund Institutional Class | 3,231,439 | | 57,616,559 |
Fidelity Advisor Mid Cap Fund Institutional Class | 1,409,796 | | 29,168,689 |
Fidelity Advisor Small Cap Fund Institutional Class | 634,295 | | 15,070,861 |
Fidelity Small Cap Opportunities Fund | 1,723,347 | | 13,666,145 |
TOTAL DOMESTIC EQUITY FUNDS | | 345,697,038 |
International Equity Funds - 16.2% |
Fidelity Advisor Diversified International Fund Institutional Class | 2,107,570 | | 42,277,862 |
Fidelity Advisor Overseas Fund Institutional Class | 1,964,207 | | 42,250,091 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 84,527,953 |
TOTAL EQUITY FUNDS (Cost $462,745,504) | 430,224,991 |
Fixed-Income Funds - 17.5% |
| | | |
High Yield Fixed-Income Funds - 7.4% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4,346,951 | | 38,774,800 |
Investment Grade Fixed-Income Funds - 10.1% |
Fidelity Advisor Government Income Fund Institutional Class | 1,314,361 | | 14,011,084 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 879,552 | | 9,340,844 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,014,636 | | 10,349,287 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,835,516 | | 18,887,465 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 52,588,680 |
TOTAL FIXED-INCOME FUNDS (Cost $94,666,798) | 91,363,480 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $557,412,302) | $ 521,588,471 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $557,412,302) - See accompanying schedule | | $ 521,588,471 |
Cash | | 21,726 |
Receivable for investments sold | | 239,610 |
Receivable for fund shares sold | | 1,208,641 |
Other affiliated receivables | | 82,000 |
Total assets | | 523,140,448 |
| | |
Liabilities | | |
Payable for investments purchased | $ 145,032 | |
Payable for fund shares redeemed | 1,324,883 | |
Distribution fees payable | 150,522 | |
Total liabilities | | 1,620,437 |
| | |
Net Assets | | $ 521,520,011 |
Net Assets consist of: | | |
Paid in capital | | $ 538,284,872 |
Undistributed net investment income | | 732,543 |
Accumulated undistributed net realized gain (loss) on investments | | 18,326,427 |
Net unrealized appreciation (depreciation) on investments | | (35,823,831) |
Net Assets | | $ 521,520,011 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($336,805,480 ÷ 26,885,222 shares) | | $ 12.53 |
| | |
Maximum offering price per share (100/94.25 of $12.53) | | $ 13.29 |
Class T:
Net Asset Value and redemption price per share ($99,531,037 ÷ 7,980,059 shares) | | $ 12.47 |
| | |
Maximum offering price per share (100/96.50 of $12.47) | | $ 12.92 |
Class B:
Net Asset Value and offering price per share ($27,853,847 ÷ 2,250,335 shares)A | | $ 12.38 |
| | |
Class C:
Net Asset Value and offering price per share ($23,167,639 ÷ 1,870,162 shares)A | | $ 12.39 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($34,162,008 ÷ 2,717,307 shares) | | $ 12.57 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 7,118,548 |
Interest | | 86 |
Total income | | 7,118,634 |
| | |
Expenses | | |
Distribution fees | $ 1,582,534 | |
Independent trustees' compensation | 1,473 | |
Total expenses before reductions | 1,584,007 | |
Expense reductions | (1,473) | 1,582,534 |
Net investment income (loss) | | 5,536,100 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (866,585) | |
Capital gain distributions from underlying funds | 22,059,274 | 21,192,689 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (56,006,834) |
Net gain (loss) | | (34,814,145) |
Net increase (decrease) in net assets resulting from operations | | $ (29,278,045) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,536,100 | $ 2,336,623 |
Net realized gain (loss) | 21,192,689 | 6,971,221 |
Change in net unrealized appreciation (depreciation) | (56,006,834) | 10,021,524 |
Net increase (decrease) in net assets resulting from operations | (29,278,045) | 19,329,368 |
Distributions to shareholders from net investment income | (5,034,848) | (2,210,017) |
Distributions to shareholders from net realized gain | (8,515,761) | (3,462,283) |
Total distributions | (13,550,609) | (5,672,300) |
Share transactions - net increase (decrease) | 285,328,975 | 140,482,789 |
Total increase (decrease) in net assets | 242,500,321 | 154,139,857 |
| | |
Net Assets | | |
Beginning of period | 279,019,690 | 124,879,833 |
End of period (including undistributed net investment income of $732,543 and undistributed net investment income of $129,257, respectively) | $ 521,520,011 | $ 279,019,690 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.44 | $ 12.67 | $ 11.06 | $ 10.70 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .20 | .19 | .14 | .19 | .07 |
Net realized and unrealized gain (loss) | (.60) | 1.02 | 1.62 | .32 | .72 |
Total from investment operations | (.40) | 1.21 | 1.76 | .51 | .79 |
Distributions from net investment income | (.17) | (.15) | (.11) | (.15) | (.09) |
Distributions from net realized gain | (.34) | (.29) | (.04) | - I | - |
Total distributions | (.51) | (.44) J | (.15) | (.15) | (.09) |
Net asset value, end of period | $ 12.53 | $ 13.44 | $ 12.67 | $ 11.06 | $ 10.70 |
Total Return B, C, D | (3.34)% | 9.74% | 16.03% | 4.76% | 7.88% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .33% | .33% A |
Expenses net of all reductions | .25% | .25% | .25% | .33% | .33% A |
Net investment income (loss) | 1.51% | 1.48% | 1.20% | 1.71% | 1.80% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 336,805 | $ 146,175 | $ 49,877 | $ 15,281 | $ 1,884 |
Portfolio turnover rate | 9% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.38 | $ 12.62 | $ 11.02 | $ 10.69 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .17 | .16 | .11 | .16 | .06 |
Net realized and unrealized gain (loss) | (.62) | 1.01 | 1.63 | .31 | .71 |
Total from investment operations | (.45) | 1.17 | 1.74 | .47 | .77 |
Distributions from net investment income | (.13) | (.13) | (.10) | (.14) | (.08) |
Distributions from net realized gain | (.33) | (.28) | (.04) | - I | - |
Total distributions | (.46) | (.41) J | (.14) | (.14) | (.08) |
Net asset value, end of period | $ 12.47 | $ 13.38 | $ 12.62 | $ 11.02 | $ 10.69 |
Total Return B, C, D | (3.66)% | 9.46% | 15.84% | 4.37% | 7.73% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .58% | .58% A |
Expenses net of all reductions | .50% | .50% | .50% | .58% | .58% A |
Net investment income (loss) | 1.26% | 1.23% | .95% | 1.46% | 1.55% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 99,531 | $ 84,368 | $ 45,421 | $ 16,432 | $ 1,047 |
Portfolio turnover rate | 9% | 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 $.411 per 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.29 | $ 12.54 | $ 10.98 | $ 10.67 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .10 | .09 | .05 | .10 | .04 |
Net realized and unrealized gain (loss) | (.61) | 1.02 | 1.61 | .32 | .71 |
Total from investment operations | (.51) | 1.11 | 1.66 | .42 | .75 |
Distributions from net investment income | (.08) | (.09) | (.06) | (.11) | (.08) |
Distributions from net realized gain | (.32) | (.27) | (.04) | -I | - |
Total distributions | (.40) | (.36) J | (.10) | (.11) | (.08) |
Net asset value, end of period | $ 12.38 | $ 13.29 | $ 12.54 | $ 10.98 | $ 10.67 |
Total Return B, C, D | (4.10)% | 8.98% | 15.17% | 3.88% | 7.48% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.08% | 1.08% A |
Net investment income (loss) | .76% | .73% | .45% | .96% | 1.05% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 27,854 | $ 23,065 | $ 15,351 | $ 6,917 | $ 1,123 |
Portfolio turnover rate | 9% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.30 | $ 12.55 | $ 10.99 | $ 10.68 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .10 | .09 | .05 | .10 | .04 |
Net realized and unrealized gain (loss) | (.61) | 1.02 | 1.61 | .32 | .72 |
Total from investment operations | (.51) | 1.11 | 1.66 | .42 | .76 |
Distributions from net investment income | (.08) | (.09) | (.06) | (.11) | (.08) |
Distributions from net realized gain | (.32) | (.27) | (.04) | - I | - |
Total distributions | (.40) | (.36) J | (.10) | (.11) | (.08) |
Net asset value, end of period | $ 12.39 | $ 13.30 | $ 12.55 | $ 10.99 | $ 10.68 |
Total Return B, C, D | (4.10)% | 8.99% | 15.15% | 3.87% | 7.58% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.08% | 1.08% A |
Net investment income (loss) | .76% | .73% | .45% | .96% | 1.05% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 23,168 | $ 19,041 | $ 12,023 | $ 5,089 | $ 890 |
Portfolio turnover rate | 9% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.49 | $ 12.71 | $ 11.07 | $ 10.71 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .24 | .22 | .17 | .21 | .08 |
Net realized and unrealized gain (loss) | (.62) | 1.02 | 1.64 | .31 | .72 |
Total from investment operations | (.38) | 1.24 | 1.81 | .52 | .80 |
Distributions from net investment income | (.20) | (.18) | (.13) | (.16) | (.09) |
Distributions from net realized gain | (.34) | (.29) | (.04) | - H | - |
Total distributions | (.54) | (.46) I | (.17) | (.16) | (.09) |
Net asset value, end of period | $ 12.57 | $ 13.49 | $ 12.71 | $ 11.07 | $ 10.71 |
Total Return B, C | (3.19)% | 9.98% | 16.45% | 4.87% | 7.98% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08%A |
Net investment income (loss) | 1.76% | 1.72% | 1.45% | 1.96% | 2.04%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 34,162 | $ 6,371 | $ 2,207 | $ 467 | $ 216 |
Portfolio turnover rate | 9% | 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 5.1 | 2.5 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 8.0 | 10.9 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.4 | 8.7 |
Fidelity Advisor Equity Income Fund Institutional Class | 12.7 | 12.7 |
Fidelity Advisor Growth & Income Fund Institutional Class | 11.3 | 11.1 |
Fidelity Advisor Large Cap Fund Institutional Class | 11.2 | 11.1 |
Fidelity Advisor Mid Cap Fund Institutional Class | 5.8 | 5.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.8 | 3.1 |
Fidelity Small Cap Opportunities Fund | 2.9 | 1.9 |
| 68.2 | 67.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.2 | 8.7 |
Fidelity Advisor Overseas Fund Institutional Class | 8.2 | 8.7 |
| 16.4 | 17.4 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9.6 | 9.8 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 1.5 | 1.4 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 1.1 | 1.4 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1.1 | 1.0 |
Fidelity Advisor Total Bond Fund Institutional Class | 2.1 | 1.6 |
| 5.8 | 5.4 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 68.2% | |
| International Equity Funds | 16.4% | |
| High Yield Fixed-Income Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 5.8% | |
Six months ago |
| Domestic Equity Funds | 67.4% | |
| International Equity Funds | 17.4% | |
| High Yield Fixed-Income Funds | 9.8% | |
| Investment Grade Fixed-Income Funds | 5.4% | |
Expected |
| Domestic Equity Funds | 67.7% | |
| International Equity Funds | 16.9% | |
| High Yield Fixed-Income Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 5.8% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 84.6% |
| Shares | | Value |
Domestic Equity Funds - 68.2% |
Fidelity 100 Index Fund | 4,419,463 | | $ 42,161,674 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 5,845,613 | | 65,763,148 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,154,965 | | 68,535,601 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,923,151 | | 104,238,116 |
Fidelity Advisor Growth & Income Fund Institutional Class | 4,952,921 | | 92,223,387 |
Fidelity Advisor Large Cap Fund Institutional Class | 5,129,132 | | 91,452,415 |
Fidelity Advisor Mid Cap Fund Institutional Class | 2,285,469 | | 47,286,363 |
Fidelity Advisor Small Cap Fund Institutional Class | 955,731 | | 22,708,157 |
Fidelity Small Cap Opportunities Fund | 3,022,785 | | 23,970,684 |
TOTAL DOMESTIC EQUITY FUNDS | | 558,339,545 |
International Equity Funds - 16.4% |
Fidelity Advisor Diversified International Fund Institutional Class | 3,360,634 | | 67,414,321 |
Fidelity Advisor Overseas Fund Institutional Class | 3,123,498 | | 67,186,440 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 134,600,761 |
TOTAL EQUITY FUNDS (Cost $718,572,760) | 692,940,306 |
Fixed-Income Funds - 15.4% |
| | | |
High Yield Fixed-Income Funds - 9.6% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 8,812,292 | | 78,605,643 |
Investment Grade Fixed-Income Funds - 5.8% |
Fidelity Advisor Government Income Fund Institutional Class | 1,122,070 | | 11,961,266 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 846,207 | | 8,986,717 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 893,271 | | 9,111,360 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,703,582 | | 17,529,857 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 47,589,200 |
TOTAL FIXED-INCOME FUNDS (Cost $132,880,493) | 126,194,843 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $851,453,253) | $ 819,135,149 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $851,453,253) - See accompanying schedule | | $ 819,135,149 |
Receivable for investments sold | | 165,011 |
Receivable for fund shares sold | | 1,804,421 |
Other affiliated receivables | | 24,646 |
Total assets | | 821,129,227 |
| | |
Liabilities | | |
Payable to custodian bank | $ 28,381 | |
Payable for investments purchased | 210,324 | |
Payable for fund shares redeemed | 1,730,711 | |
Distribution fees payable | 272,112 | |
Total liabilities | | 2,241,528 |
| | |
Net Assets | | $ 818,887,699 |
Net Assets consist of: | | |
Paid in capital | | $ 816,848,301 |
Undistributed net investment income | | 840,632 |
Accumulated undistributed net realized gain (loss) on investments | | 33,516,870 |
Net unrealized appreciation (depreciation) on investments | | (32,318,104) |
Net Assets | | $ 818,887,699 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($428,380,857 ÷ 31,556,796 shares) | | $ 13.57 |
| | |
Maximum offering price per share (100/94.25 of $13.57) | | $ 14.40 |
Class T:
Net Asset Value and redemption price per share ($238,674,589 ÷ 17,633,689 shares) | | $ 13.54 |
| | |
Maximum offering price per share (100/96.50 of $13.54) | | $ 14.03 |
Class B:
Net Asset Value and offering price per share ($50,826,631 ÷ 3,786,212 shares)A | | $ 13.42 |
| | |
Class C:
Net Asset Value and offering price per share ($54,549,033 ÷ 4,065,476 shares)A | | $ 13.42 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($46,456,589 ÷ 3,410,016 shares) | | $ 13.62 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 12,824,316 |
| | |
Expenses | | |
Distribution fees | $ 3,232,227 | |
Independent trustees' compensation | 2,775 | |
Total expenses before reductions | 3,235,002 | |
Expense reductions | (2,775) | 3,232,227 |
Net investment income (loss) | | 9,592,089 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,101,095) | |
Capital gain distributions from underlying funds | 39,569,365 | 38,468,270 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (92,107,484) |
Net gain (loss) | | (53,639,214) |
Net increase (decrease) in net assets resulting from operations | | $ (44,047,125) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 9,592,089 | $ 5,727,932 |
Net realized gain (loss) | 38,468,270 | 16,279,489 |
Change in net unrealized appreciation (depreciation) | (92,107,484) | 25,694,610 |
Net increase (decrease) in net assets resulting from operations | (44,047,125) | 47,702,031 |
Distributions to shareholders from net investment income | (9,160,224) | (5,475,037) |
Distributions to shareholders from net realized gain | (18,281,042) | (9,442,737) |
Total distributions | (27,441,266) | (14,917,774) |
Share transactions - net increase (decrease) | 285,498,710 | 222,765,428 |
Total increase (decrease) in net assets | 214,010,319 | 255,549,685 |
| | |
Net Assets | | |
Beginning of period | 604,877,380 | 349,327,695 |
End of period (including undistributed net investment income of $840,632 and undistributed net investment income of $408,767, respectively) | $ 818,887,699 | $ 604,877,380 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.69 | $ 13.83 | $ 12.03 | $ 11.62 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .22 | .21 | .15 | .18 | .12 |
Net realized and unrealized gain (loss) | (.74) | 1.16 | 1.84 | .39 | 1.60 |
Total from investment operations | (.52) | 1.37 | 1.99 | .57 | 1.72 |
Distributions from net investment income | (.20) | (.18) | (.12) | (.16) | (.10) |
Distributions from net realized gain | (.40) | (.33) | (.07) | - | - |
Total distributions | (.60) | (.51) I | (.19) | (.16) | (.10) |
Net asset value, end of period | $ 13.57 | $ 14.69 | $ 13.83 | $ 12.03 | $ 11.62 |
Total Return B, C, D | (3.92)% | 10.09% | 16.65% | 4.87% | 17.19% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 1.47% | 1.48% | 1.18% | 1.50% | 1.53%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 428,381 | $ 263,733 | $ 133,817 | $ 51,718 | $ 9,666 |
Portfolio turnover rate | 9% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.64 | $ 13.79 | $ 12.00 | $ 11.60 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .18 | .17 | .12 | .15 | .10 |
Net realized and unrealized gain (loss) | (.72) | 1.16 | 1.83 | .38 | 1.59 |
Total from investment operations | (.54) | 1.33 | 1.95 | .53 | 1.69 |
Distributions from net investment income | (.16) | (.15) | (.10) | (.13) | (.09) |
Distributions from net realized gain | (.40) | (.33) | (.06) | - | - |
Total distributions | (.56) | (.48) I | (.16) | (.13) | (.09) |
Net asset value, end of period | $ 13.54 | $ 14.64 | $ 13.79 | $ 12.00 | $ 11.60 |
Total Return B, C, D | (4.05)% | 9.81% | 16.35% | 4.57% | 16.93% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .51% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .51% | .58% | .58%A |
Net investment income (loss) | 1.22% | 1.23% | .93% | 1.25% | 1.28%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 238,675 | $ 221,815 | $ 136,679 | $ 66,136 | $ 19,191 |
Portfolio turnover rate | 9% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.53 | $ 13.70 | $ 11.94 | $ 11.57 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .11 | .10 | .05 | .09 | .06 |
Net realized and unrealized gain (loss) | (.73) | 1.14 | 1.83 | .38 | 1.60 |
Total from investment operations | (.62) | 1.24 | 1.88 | .47 | 1.66 |
Distributions from net investment income | (.10) | (.10) | (.06) | (.10) | (.09) |
Distributions from net realized gain | (.39) | (.32) | (.06) | - | - |
Total distributions | (.49) | (.41)I | (.12) | (.10) | (.09) |
Net asset value, end of period | $ 13.42 | $ 14.53 | $ 13.70 | $ 11.94 | $ 11.57 |
Total ReturnB, C, D | (4.59)% | 9.25% | 15.81% | 4.04% | 16.58% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | .72% | .73% | .43% | .75% | .78%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 50,827 | $ 46,110 | $ 32,658 | $ 18,541 | $ 7,232 |
Portfolio turnover rate | 9% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.52 | $ 13.70 | $ 11.94 | $ 11.57 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .11 | .10 | .05 | .09 | .06 |
Net realized and unrealized gain (loss) | (.72) | 1.13 | 1.83 | .38 | 1.59 |
Total from investment operations | (.61) | 1.23 | 1.88 | .47 | 1.65 |
Distributions from net investment income | (.10) | (.10) | (.06) | (.10) | (.08) |
Distributions from net realized gain | (.39) | (.32) | (.06) | - | - |
Total distributions | (.49) | (.41)I | (.12) | (.10) | (.08) |
Net asset value, end of period | $ 13.42 | $ 14.52 | $ 13.70 | $ 11.94 | $ 11.57 |
Total ReturnB, C, D | (4.54)% | 9.17% | 15.82% | 4.04% | 16.53% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | .72% | .73% | .43% | .75% | .78%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 54,549 | $ 54,022 | $ 38,947 | $ 21,792 | $ 6,958 |
Portfolio turnover rate | 9% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.74 | $ 13.87 | $ 12.05 | $ 11.63 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .25 | .24 | .18 | .21 | .13 |
Net realized and unrealized gain (loss) | (.74) | 1.17 | 1.85 | .38 | 1.60 |
Total from investment operations | (.49) | 1.41 | 2.03 | .59 | 1.73 |
Distributions from net investment income | (.23) | (.21) | (.14) | (.17) | (.10) |
Distributions from net realized gain | (.40) | (.33) | (.07) | - | - |
Total distributions | (.63) | (.54)H | (.21) | (.17) | (.10) |
Net asset value, end of period | $ 13.62 | $ 14.74 | $ 13.87 | $ 12.05 | $ 11.63 |
Total ReturnB, C | (3.70)% | 10.36% | 16.99% | 5.07% | 17.34% |
Ratios to Average Net AssetsE, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08%A |
Net investment income (loss) | 1.72% | 1.73% | 1.43% | 1.75% | 1.78%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 46,457 | $ 19,197 | $ 7,227 | $ 4,474 | $ 294 |
Portfolio turnover rate | 9% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 6.5 | 2.5 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 9.4 | 9.7 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.6 | 8.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 11.6 | 13.1 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.3 | 11.5 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.3 | 11.5 |
Fidelity Advisor Mid Cap Fund Institutional Class | 5.0 | 5.7 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.1 | 3.1 |
Fidelity Small Cap Opportunities Fund | 3.8 | 2.3 |
| 67.6 | 68.3 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 9.4 | 9.0 |
Fidelity Advisor Overseas Fund Institutional Class | 9.3 | 9.0 |
| 18.7 | 18.0 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 10.0 | 10.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 1.0 | 0.9 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.4 | 0.7 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1.5 | 0.7 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.8 | 1.4 |
| 3.7 | 3.7 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 67.6% | |
| International Equity Funds | 18.7% | |
| High Yield Fixed-Income Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 3.7% | |
Six months ago |
| Domestic Equity Funds | 68.3% | |
| International Equity Funds | 18.0% | |
| High Yield Fixed-Income Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 3.7% | |
Expected |
| Domestic Equity Funds | 68.1% | |
| International Equity Funds | 17.1% | |
| High Yield Fixed-Income Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 4.8% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 86.3% |
| Shares | | Value |
Domestic Equity Funds - 67.6% |
Fidelity 100 Index Fund | 576,821 | | $ 5,502,871 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 711,473 | | 8,004,073 |
Fidelity Advisor Equity Growth Fund Institutional Class | 108,957 | | 6,465,535 |
Fidelity Advisor Equity Income Fund Institutional Class | 371,536 | | 9,871,711 |
Fidelity Advisor Growth & Income Fund Institutional Class | 472,514 | | 8,798,205 |
Fidelity Advisor Large Cap Fund Institutional Class | 490,634 | | 8,748,008 |
Fidelity Advisor Mid Cap Fund Institutional Class | 207,122 | | 4,285,363 |
Fidelity Advisor Small Cap Fund Institutional Class | 109,395 | | 2,599,232 |
Fidelity Small Cap Opportunities Fund | 408,090 | | 3,236,153 |
TOTAL DOMESTIC EQUITY FUNDS | | 57,511,151 |
International Equity Funds - 18.7% |
Fidelity Advisor Diversified International Fund Institutional Class | 398,126 | | 7,986,408 |
Fidelity Advisor Overseas Fund Institutional Class | 370,276 | | 7,964,632 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 15,951,040 |
TOTAL EQUITY FUNDS (Cost $81,932,057) | 73,462,191 |
Fixed-Income Funds - 13.7% |
| | | |
High Yield Fixed-Income Funds - 10.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 956,146 | | 8,528,823 |
Investment Grade Fixed-Income Funds - 3.7% |
Fidelity Advisor Government Income Fund Institutional Class | 81,528 | | 869,091 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 28,255 | | 300,067 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 125,859 | | 1,283,761 |
Fidelity Advisor Total Bond Fund Institutional Class | 64,960 | | 668,438 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 3,121,357 |
TOTAL FIXED-INCOME FUNDS (Cost $12,492,740) | 11,650,180 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $94,424,797) | $ 85,112,371 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $94,424,797) - See accompanying schedule | | $ 85,112,371 |
Receivable for fund shares sold | | 471,331 |
Other affiliated receivables | | 20,207 |
Total assets | | 85,603,909 |
| | |
Liabilities | | |
Payable to custodian bank | $ 2,420 | |
Payable for investments purchased | 162,278 | |
Payable for fund shares redeemed | 306,569 | |
Distribution fees payable | 20,581 | |
Total liabilities | | 491,848 |
| | |
Net Assets | | $ 85,112,061 |
Net Assets consist of: | | |
Paid in capital | | $ 92,183,140 |
Undistributed net investment income | | 94,849 |
Accumulated undistributed net realized gain (loss) on investments | | 2,146,498 |
Net unrealized appreciation (depreciation) on investments | | (9,312,426) |
Net Assets | | $ 85,112,061 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($61,720,555 ÷ 5,943,071 shares) | | $ 10.39 |
| | |
Maximum offering price per share (100/94.25 of $10.39) | | $ 11.02 |
Class T:
Net Asset Value and redemption price per share ($11,745,965 ÷ 1,133,449 shares) | | $ 10.36 |
| | |
Maximum offering price per share (100/96.50 of $10.36) | | $ 10.74 |
Class B:
Net Asset Value and offering price per share ($2,476,256 ÷ 239,760 shares)A | | $ 10.33 |
| | |
Class C:
Net Asset Value and offering price per share ($2,538,685 ÷ 245,940 shares)A | | $ 10.32 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($6,630,600 ÷ 636,717 shares) | | $ 10.41 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 807,087 |
Interest | | 42 |
Total income | | 807,129 |
| | |
Expenses | | |
Distribution fees | $ 154,428 | |
Independent trustees' compensation | 165 | |
Total expenses before reductions | 154,593 | |
Expense reductions | (165) | 154,428 |
Net investment income (loss) | | 652,701 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (519,978) | |
Capital gain distributions from underlying funds | 3,068,000 | 2,548,022 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (9,564,052) |
Net gain (loss) | | (7,016,030) |
Net increase (decrease) in net assets resulting from operations | | $ (6,363,329) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | For the period
June 1, 2006
(commencement of operations) to
March 31, 2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 652,701 | $ 42,636 |
Net realized gain (loss) | 2,548,022 | 158,988 |
Change in net unrealized appreciation (depreciation) | (9,564,052) | 251,626 |
Net increase (decrease) in net assets resulting from operations | (6,363,329) | 453,250 |
Distributions to shareholders from net investment income | (570,874) | (35,267) |
Distributions to shareholders from net realized gain | (529,295) | (25,563) |
Total distributions | (1,100,169) | (60,830) |
Share transactions - net increase (decrease) | 74,511,096 | 17,672,043 |
Total increase (decrease) in net assets | 67,047,598 | 18,064,463 |
| | |
Net Assets | | |
Beginning of period | 18,064,463 | - |
End of period (including undistributed net investment income of $94,849 and undistributed net investment income of $7,369, respectively) | $ 85,112,061 | $ 18,064,463 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.05 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .16 | .12 |
Net realized and unrealized gain (loss) | (.57) | 1.06 |
Total from investment operations | (.41) | 1.18 |
Distributions from net investment income | (.11) | (.08) |
Distributions from net realized gain | (.14) | (.05) |
Total distributions | (.25)I | (.13) |
Net asset value, end of period | $ 10.39 | $ 11.05 |
Total ReturnB, C, D | (3.96)% | 11.78% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25%A |
Expenses net of all reductions | .25% | .25%A |
Net investment income (loss) | 1.44% | 1.31%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 61,721 | $ 12,550 |
Portfolio turnover rate | 22% | 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.
I Total distributions of $.248 per share is comprised of distributions form net investment income of $.110 and distributions from net realized gain of $.138 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2008 | 2007G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.03 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)E | .13 | .09 |
Net realized and unrealized gain (loss) | (.57) | 1.06 |
Total from investment operations | (.44) | 1.15 |
Distributions from net investment income | (.09) | (.07) |
Distributions from net realized gain | (.14) | (.05) |
Total distributions | (.23)I | (.12) |
Net asset value, end of period | $ 10.36 | $ 11.03 |
Total ReturnB, C, D | (4.23)% | 11.53% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | .50% | .50%A |
Expenses net of fee waivers, if any | .50% | .50%A |
Expenses net of all reductions | .50% | .50%A |
Net investment income (loss) | 1.19% | 1.06%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 11,746 | $ 3,339 |
Portfolio turnover rate | 22% | 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.
I Total distributions of $.227 per share is comprised of distributions from net investment income of $.090 and distributions from net realized gain of $.137 per share.
Financial Highlights - Class B
Years ended March 31, | 2008 | 2007G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.01 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)E | .08 | .05 |
Net realized and unrealized gain (loss) | (.57) | 1.06 |
Total from investment operations | (.49) | 1.11 |
Distributions from net investment income | (.06) | (.05) |
Distributions from net realized gain | (.13) | (.05) |
Total distributions | (.19)I | (.10) |
Net asset value, end of period | $ 10.33 | $ 11.01 |
Total ReturnB, C, D | (4.65)% | 11.09% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | 1.00% | 1.00%A |
Expenses net of fee waivers, if any | 1.00% | 1.00%A |
Expenses net of all reductions | 1.00% | 1.00%A |
Net investment income (loss) | .69% | .56%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,476 | $ 776 |
Portfolio turnover rate | 22% | 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.
I Total distributions of $.188 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.130 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2008 | 2007G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.01 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)E | .08 | .05 |
Net realized and unrealized gain (loss) | (.58) | 1.06 |
Total from investment operations | (.50) | 1.11 |
Distributions from net investment income | (.06) | (.05) |
Distributions from net realized gain | (.13) | (.05) |
Total distributions | (.19)I | (.10) |
Net asset value, end of period | $ 10.32 | $ 11.01 |
Total ReturnB, C, D | (4.74)% | 11.08% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | 1.00% | 1.00%A |
Expenses net of fee waivers, if any | 1.00% | 1.00%A |
Expenses net of all reductions | 1.00% | 1.00%A |
Net investment income (loss) | .69% | .56%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,539 | $ 770 |
Portfolio turnover rate | 22% | 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.
I Total distributions of $.188 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.130 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2008 | 2007F |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.07 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)D | .19 | .14 |
Net realized and unrealized gain (loss) | (.59) | 1.06 |
Total from investment operations | (.40) | 1.20 |
Distributions from net investment income | (.13) | (.08) |
Distributions from net realized gain | (.14) | (.05) |
Total distributions | (.26)H | (.13) |
Net asset value, end of period | $ 10.41 | $ 11.07 |
Total ReturnB, C | (3.82)% | 12.02% |
Ratios to Average Net AssetsE, G | | |
Expenses before reductions | .00% | .00%A |
Expenses net of fee waivers, if any | .00% | .00%A |
Expenses net of all reductions | .00% | .00%A |
Net investment income (loss) | 1.68% | 1.56%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 6,631 | $ 629 |
Portfolio turnover rate | 22% | 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.
H Total distributions of $.264 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.138 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 6.5 | 2.7 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 9.4 | 10.2 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.8 | 9.0 |
Fidelity Advisor Equity Income Fund Institutional Class | 11.9 | 13.2 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.6 | 11.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.6 | 11.6 |
Fidelity Advisor Mid Cap Fund Institutional Class | 5.2 | 5.7 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.9 | 3.1 |
Fidelity Small Cap Opportunities Fund | 4.1 | 2.3 |
| 69.0 | 69.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 10.4 | 10.2 |
Fidelity Advisor Overseas Fund Institutional Class | 10.4 | 10.1 |
| 20.8 | 20.3 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9.6 | 9.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 0.1 | 0.1 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.2 | 0.1 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.1 | 0.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.2 | 0.1 |
| 0.6 | 0.4 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 69.0% | |
| International Equity Funds | 20.8% | |
| High Yield Fixed-Income Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 0.6% | |
Six months ago |
| Domestic Equity Funds | 69.4% | |
| International Equity Funds | 20.3% | |
 | High Yield Fixed-Income Funds | 9.9% | |
| Investment Grade Fixed-Income Funds | 0.4% | |
Expected |
| Domestic Equity Funds | 69.5% | |
| International Equity Funds | 20.0% | |
| High Yield Fixed-Income Funds | 10.0% | |
| Investment Grade Fixed-Income 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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 89.8% |
| Shares | | Value |
Domestic Equity Funds - 69.0% |
Fidelity 100 Index Fund | 586,146 | | $ 5,591,829 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 723,457 | | 8,138,896 |
Fidelity Advisor Equity Growth Fund Institutional Class | 113,292 | | 6,722,759 |
Fidelity Advisor Equity Income Fund Institutional Class | 385,102 | | 10,232,153 |
Fidelity Advisor Growth & Income Fund Institutional Class | 491,311 | | 9,148,209 |
Fidelity Advisor Large Cap Fund Institutional Class | 510,211 | | 9,097,067 |
Fidelity Advisor Mid Cap Fund Institutional Class | 214,467 | | 4,437,331 |
Fidelity Advisor Small Cap Fund Institutional Class | 105,198 | | 2,499,494 |
Fidelity Small Cap Opportunities Fund | 446,114 | | 3,537,688 |
TOTAL DOMESTIC EQUITY FUNDS | | 59,405,426 |
International Equity Funds - 20.8% |
Fidelity Advisor Diversified International Fund Institutional Class | 448,260 | | 8,992,105 |
Fidelity Advisor Overseas Fund Institutional Class | 416,177 | | 8,951,974 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 17,944,079 |
TOTAL EQUITY FUNDS (Cost $86,579,980) | 77,349,505 |
Fixed-Income Funds - 10.2% |
| | | |
High Yield Fixed-Income Funds - 9.6% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 925,787 | | 8,258,020 |
Investment Grade Fixed-Income Funds - 0.6% |
Fidelity Advisor Government Income Fund Institutional Class | 8,598 | | 91,652 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 15,554 | | 165,189 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 8,864 | | 90,412 |
Fidelity Advisor Total Bond Fund Institutional Class | 13,666 | | 140,622 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 487,875 |
TOTAL FIXED-INCOME FUNDS (Cost $9,665,621) | 8,745,895 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $96,245,601) | $ 86,095,400 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $96,245,601) - See accompanying schedule | | $ 86,095,400 |
Cash | | 9,024 |
Receivable for fund shares sold | | 403,028 |
Other receivables | | 1,441 |
Total assets | | 86,508,893 |
| | |
Liabilities | | |
Payable for investments purchased | $ 359,805 | |
Payable for fund shares redeemed | 52,210 | |
Distribution fees payable | 23,653 | |
Total liabilities | | 435,668 |
| | |
Net Assets | | $ 86,073,225 |
Net Assets consist of: | | |
Paid in capital | | $ 93,738,948 |
Undistributed net investment income | | 45,694 |
Accumulated undistributed net realized gain (loss) on investments | | 2,438,784 |
Net unrealized appreciation (depreciation) on investments | | (10,150,201) |
Net Assets | | $ 86,073,225 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($55,249,972 ÷ 5,351,115 shares) | | $ 10.32 |
| | |
Maximum offering price per share (100/94.25 of $10.32) | | $ 10.95 |
Class T:
Net Asset Value and redemption price per share ($15,146,583 ÷ 1,470,512 shares) | | $ 10.30 |
| | |
Maximum offering price per share (100/96.50 of $10.30) | | $ 10.67 |
Class B:
Net Asset Value and offering price per share ($3,414,138 ÷ 332,750 shares)A | | $ 10.26 |
| | |
Class C:
Net Asset Value and offering price per share ($5,380,053 ÷ 524,676 shares)A | | $ 10.25 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($6,882,479 ÷ 665,217 shares) | | $ 10.35 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 843,475 |
Interest | | 147 |
Total income | | 843,622 |
| | |
Expenses | | |
Distribution fees | $ 185,629 | |
Independent trustees' compensation | 177 | |
Total expenses before reductions | 185,806 | |
Expense reductions | (177) | 185,629 |
Net investment income (loss) | | 657,993 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (682,561) | |
Capital gain distributions from underlying funds | 3,548,974 | 2,866,413 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (10,545,175) |
Net gain (loss) | | (7,678,762) |
Net increase (decrease) in net assets resulting from operations | | $ (7,020,769) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | For the period
June 1, 2006
(commencement of operations) to
March 31, 2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 657,993 | $ 62,632 |
Net realized gain (loss) | 2,866,413 | 251,469 |
Change in net unrealized appreciation (depreciation) | (10,545,175) | 394,974 |
Net increase (decrease) in net assets resulting from operations | (7,020,769) | 709,075 |
Distributions to shareholders from net investment income | (617,903) | (57,030) |
Distributions to shareholders from net realized gain | (637,740) | (41,358) |
Total distributions | (1,255,643) | (98,388) |
Share transactions - net increase (decrease) | 74,257,188 | 19,481,762 |
Total increase (decrease) in net assets | 65,980,776 | 20,092,449 |
| | |
Net Assets | | |
Beginning of period | 20,092,449 | - |
End of period (including undistributed net investment income of $45,694 and undistributed net investment income of $5,602, respectively) | $ 86,073,225 | $ 20,092,449 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.04 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .16 | .13 |
Net realized and unrealized gain (loss) | (.60) | 1.06 |
Total from investment operations | (.44) | 1.19 |
Distributions from net investment income | (.11) | (.09) |
Distributions from net realized gain | (.17) | (.06) |
Total distributions | (.28) | (.15) |
Net asset value, end of period | $ 10.32 | $ 11.04 |
Total Return B, C, D | (4.27)% | 11.91% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25%A |
Expenses net of all reductions | .25% | .25%A |
Net investment income (loss) | 1.39% | 1.45%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 55,250 | $ 12,907 |
Portfolio turnover rate | 25% | 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
Years ended March 31, | 2008 | 2007G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.02 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)E | .13 | .11 |
Net realized and unrealized gain (loss) | (.59) | 1.05 |
Total from investment operations | (.46) | 1.16 |
Distributions from net investment income | (.09) | (.08) |
Distributions from net realized gain | (.17) | (.06) |
Total distributions | (.26) | (.14) |
Net asset value, end of period | $ 10.30 | $ 11.02 |
Total ReturnB, C, D | (4.45)% | 11.64% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | .50% | .50%A |
Expenses net of fee waivers, if any | .50% | .50%A |
Expenses net of all reductions | .50% | .50%A |
Net investment income (loss) | 1.14% | 1.20%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 15,147 | $ 3,520 |
Portfolio turnover rate | 25% | 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
Years ended March 31, | 2008 | 2007G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.00 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)E | .07 | .06 |
Net realized and unrealized gain (loss) | (.59) | 1.07 |
Total from investment operations | (.52) | 1.13 |
Distributions from net investment income | (.06) | (.07) |
Distributions from net realized gain | (.16) | (.06) |
Total distributions | (.22) | (.13) |
Net asset value, end of period | $ 10.26 | $ 11.00 |
Total ReturnB, C, D | (4.93)% | 11.31% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | 1.00% | 1.00%A |
Expenses net of fee waivers, if any | 1.00% | 1.00%A |
Expenses net of all reductions | 1.00% | 1.00%A |
Net investment income (loss) | .64% | .70%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 3,414 | $ 1,177 |
Portfolio turnover rate | 25% | 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
Years ended March 31, | 2008 | 2007G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.00 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)E | .07 | .06 |
Net realized and unrealized gain (loss) | (.59) | 1.06 |
Total from investment operations | (.52) | 1.12 |
Distributions from net investment income | (.07) | (.06) |
Distributions from net realized gain | (.16) | (.06) |
Total distributions | (.23) | (.12) |
Net asset value, end of period | $ 10.25 | $ 11.00 |
Total ReturnB, C, D | (4.99)% | 11.25% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | 1.00% | 1.00%A |
Expenses net of fee waivers, if any | 1.00% | 1.00%A |
Expenses net of all reductions | 1.00% | 1.00%A |
Net investment income (loss) | .64% | .70%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 5,380 | $ 1,507 |
Portfolio turnover rate | 25% | 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
Years ended March 31, | 2008 | 2007F |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.06 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)D | .18 | .15 |
Net realized and unrealized gain (loss) | (.59) | 1.06 |
Total from investment operations | (.41) | 1.21 |
Distributions from net investment income | (.13) | (.09) |
Distributions from net realized gain | (.17) | (.06) |
Total distributions | (.30) | (.15) |
Net asset value, end of period | $ 10.35 | $ 11.06 |
Total ReturnB, C | (4.02)% | 12.16% |
Ratios to Average Net AssetsE, G | | |
Expenses before reductions | .00% | .00%A |
Expenses net of fee waivers, if any | .00% | .00%A |
Expenses net of all reductions | .00% | .00%A |
Net investment income (loss) | 1.64% | 1.70%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 6,882 | $ 982 |
Portfolio turnover rate | 25% | 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, 2008
1. Organization.
Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund and Fidelity 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). 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.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. 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 the 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. Each Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48), on June 29, 2007. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Funds' federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.
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 short-term gain distributions from the Underlying Funds and losses deferred due to wash sales.
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The 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 | $ 163,427,937 | $ 2,546,218 | $ (4,174,510) | $ (1,628,292) |
Advisor Freedom 2005 | 148,244,154 | 2,803,333 | (6,656,862) | (3,853,529) |
Advisor Freedom 2010 | 734,352,939 | 21,494,040 | (29,428,092) | (7,934,052) |
Advisor Freedom 2015 | 920,008,360 | 22,678,572 | (42,866,659) | (20,188,087) |
Advisor Freedom 2020 | 1,567,119,787 | 56,428,394 | (80,691,373) | (24,262,979) |
Advisor Freedom 2025 | 908,112,998 | 21,012,605 | (59,944,828) | (38,932,223) |
Advisor Freedom 2030 | 1,155,311,458 | 37,396,836 | (80,126,852) | (42,730,016) |
Advisor Freedom 2035 | 557,420,916 | 10,381,378 | (46,213,823) | (35,832,445) |
Advisor Freedom 2040 | 851,467,319 | 28,900,641 | (61,232,811) | (32,332,170) |
Advisor Freedom 2045 | 94,426,521 | 306,791 | (9,620,941) | (9,314,150) |
Advisor Freedom 2050 | 96,247,042 | 286,723 | (10,438,365) | (10,151,642) |
| Undistributed
Ordinary Income | Undistributed
Long-term Capital Gain |
Advisor Freedom Income | $ 425,599 | $ 597,303 |
Advisor Freedom 2005 | 635,370 | 2,342,427 |
Advisor Freedom 2010 | 2,813,532 | 15,678,789 |
Advisor Freedom 2015 | 3,034,550 | 21,700,188 |
Advisor Freedom 2020 | 4,025,132 | 48,417,869 |
Advisor Freedom 2025 | 2,110,038 | 26,810,755 |
Advisor Freedom 2030 | 1,788,371 | 41,802,699 |
Advisor Freedom 2035 | 732,543 | 18,335,043 |
Advisor Freedom 2040 | 952,003 | 33,419,564 |
Advisor Freedom 2045 | 94,849 | 2,148,220 |
Advisor Freedom 2050 | 73,408 | 2,412,514 |
The tax character of distributions paid was as follows:
March 31, 2008 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 5,226,805 | $ 430,332 | $ 5,657,137 |
Advisor Freedom 2005 | 3,115,492 | 830,264 | 3,945,756 |
Advisor Freedom 2010 | 18,580,982 | 6,015,166 | 24,596,148 |
Advisor Freedom 2015 | 20,656,805 | 8,829,642 | 29,486,447 |
Advisor Freedom 2020 | 32,982,163 | 19,552,221 | 52,534,384 |
Advisor Freedom 2025 | 16,672,355 | 9,344,922 | 26,017,277 |
Advisor Freedom 2030 | 19,222,919 | 15,822,055 | 35,044,974 |
Advisor Freedom 2035 | 8,087,079 | 5,463,530 | 13,550,609 |
Advisor Freedom 2040 | 14,535,541 | 12,905,725 | 27,441,266 |
Advisor Freedom 2045 | 977,226 | 122,943 | 1,100,169 |
Advisor Freedom 2050 | 1,053,897 | 201,746 | 1,255,643 |
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 |
New Accounting Pronouncement. 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 results in expanded disclosures about fair value measurements.
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 | 133,493,614 | 77,035,879 |
Advisor Freedom 2005 | 101,252,715 | 34,225,618 |
Advisor Freedom 2010 | 323,172,952 | 98,724,105 |
Advisor Freedom 2015 | 444,795,872 | 99,954,356 |
Advisor Freedom 2020 | 658,650,671 | 137,118,313 |
Advisor Freedom 2025 | 473,746,683 | 70,525,417 |
Advisor Freedom 2030 | 569,631,171 | 101,375,358 |
Advisor Freedom 2035 | 335,335,277 | 35,991,356 |
Advisor Freedom 2040 | 373,674,366 | 66,252,870 |
Advisor Freedom 2045 | 87,808,743 | 10,681,394 |
Advisor Freedom 2050 | 90,400,792 | 13,175,859 |
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% | $ 169,772 | $ 71,173 |
Class T | .25% | .25% | 222,883 | - |
Class B | .75% | .25% | 50,968 | 38,243 |
Class C | .75% | .25% | 145,089 | 28,023 |
| | | $ 588,712 | $ 137,439 |
Advisor Freedom 2005 | | | | |
Class A | 0% | .25% | $ 172,719 | $ 98,790 |
Class T | .25% | .25% | 111,356 | - |
Class B | .75% | .25% | 39,388 | 29,565 |
Class C | .75% | .25% | 102,289 | 21,013 |
| | | $ 425,752 | $ 149,368 |
Advisor Freedom 2010 | | | | |
Class A | 0% | .25% | $ 791,588 | $ 261,172 |
Class T | .25% | .25% | 1,069,204 | - |
Class B | .75% | .25% | 354,161 | 265,621 |
Class C | .75% | .25% | 549,307 | 112,593 |
| | | $ 2,764,260 | $ 639,386 |
Advisor Freedom 2015 | | | | |
Class A | 0% | .25% | $ 1,006,992 | $ 362,025 |
Class T | .25% | .25% | 1,010,546 | - |
Class B | .75% | .25% | 440,108 | 330,123 |
Class C | .75% | .25% | 636,312 | 150,263 |
| | | $ 3,093,958 | $ 842,411 |
Advisor Freedom 2020 | | | | |
Class A | 0% | .25% | $ 1,680,014 | $ 514,569 |
Class T | .25% | .25% | 2,360,202 | - |
Class B | .75% | .25% | 921,895 | 691,421 |
Class C | .75% | .25% | 942,700 | 204,732 |
| | | $ 5,904,811 | $ 1,410,722 |
Advisor Freedom 2025 | | | | |
Class A | 0% | .25% | $ 1,084,557 | $ 439,147 |
Class T | .25% | .25% | 870,227 | - |
Class B | .75% | .25% | 424,868 | 318,651 |
Class C | .75% | .25% | 384,936 | 97,211 |
| | | $ 2,764,588 | $ 855,009 |
Advisor Freedom 2030 | | | | |
Class A | 0% | .25% | $ 1,234,217 | $ 458,079 |
Class T | .25% | .25% | 1,555,242 | - |
Class B | .75% | .25% | 629,777 | 472,333 |
Class C | .75% | .25% | 604,388 | 120,640 |
| | | $ 4,023,624 | $ 1,051,052 |
Annual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
Advisor Freedom 2035 | Distribution
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 600,586 | $ 276,630 |
Class T | .25% | .25% | 482,702 | - |
Class B | .75% | .25% | 273,610 | 205,225 |
Class C | .75% | .25% | 225,636 | 58,291 |
| | | $ 1,582,534 | $ 540,146 |
Advisor Freedom 2040 | | | | |
Class A | 0% | .25% | $ 891,735 | $ 267,819 |
Class T | .25% | .25% | 1,241,710 | - |
Class B | .75% | .25% | 521,887 | 391,415 |
Class C | .75% | .25% | 576,895 | 113,450 |
| | | $ 3,232,227 | $ 772,684 |
Advisor Freedom 2045 | | | | |
Class A | 0% | .25% | $ 82,839 | $ 62,081 |
Class T | .25% | .25% | 36,734 | - |
Class B | .75% | .25% | 17,657 | 13,398 |
Class C | .75% | .25% | 17,198 | 11,736 |
| | | $ 154,428 | $ 87,215 |
Advisor Freedom 2050 | | | | |
Class A | 0% | .25% | $ 81,012 | $ 43,227 |
Class T | .25% | .25% | 45,945 | - |
Class B | .75% | .25% | 23,443 | 17,673 |
Class C | .75% | .25% | 35,229 | 22,677 |
| | | $ 185,629 | $ 83,577 |
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 | $ 14,578 |
Class T | 5,334 |
Class B* | 17,342 |
Class C* | 3,206 |
| $ 40,460 |
Advisor Freedom 2005 | |
Class A | $ 18,370 |
Class T | 4,454 |
Class B* | 15,914 |
Class C* | 1,905 |
| $ 40,643 |
Advisor Freedom 2010 | |
Class A | $ 67,959 |
Class T | 21,017 |
Class B* | 79,221 |
Class C* | 7,005 |
| $ 175,202 |
Annual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
Advisor Freedom 2015 | Retained
by FDC |
Class A | $ 118,871 |
Class T | 29,726 |
Class B* | 117,173 |
Class C* | 11,184 |
| $ 276,954 |
Advisor Freedom 2020 | |
Class A | $ 198,842 |
Class T | 52,153 |
Class B* | 223,930 |
Class C* | 13,233 |
| $ 488,158 |
Advisor Freedom 2025 | |
Class A | $ 140,932 |
Class T | 34,755 |
Class B* | 142,069 |
Class C* | 4,986 |
| $ 322,742 |
Advisor Freedom 2030 | |
Class A | $ 166,226 |
Class T | 40,219 |
Class B* | 163,229 |
Class C* | 10,331 |
| $ 380,005 |
Advisor Freedom 2035 | |
Class A | $ 101,603 |
Class T | 21,134 |
Class B* | 94,736 |
Class C* | 5,203 |
| $ 222,676 |
Advisor Freedom 2040 | |
Class A | $ 161,938 |
Class T | 37,961 |
Class B* | 176,098 |
Class C* | 8,478 |
| $ 384,475 |
Advisor Freedom 2045 | |
Class A | $ 23,011 |
Class T | 3,421 |
Class B* | 8,073 |
Class C* | 911 |
| $ 35,416 |
Advisor Freedom 2050 | |
Class A | $ 44,913 |
Class T | 7,415 |
Class B* | 5,896 |
Class C* | 1,638 |
| $ 59,862 |
* 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% | $ 251 |
Class T | .50% | 165 |
Class B | 1.00% | 19 |
Class C | 1.00% | 54 |
Institutional Class | .00% | 23 |
Advisor Freedom 2005 | | |
Class A | .25% | 252 |
Class T | .50% | 81 |
Class B | 1.00% | 14 |
Class C | 1.00% | 37 |
Institutional Class | .00% | 21 |
Advisor Freedom 2010 | | |
Class A | .25% | 1,180 |
Class T | .50% | 797 |
Class B | 1.00% | 132 |
Class C | 1.00% | 205 |
Institutional Class | .00% | 114 |
Advisor Freedom 2015 | | |
Class A | .25% | 1,492 |
Class T | .50% | 748 |
Class B | 1.00% | 163 |
Class C | 1.00% | 235 |
Institutional Class | .00% | 190 |
Advisor Freedom 2020 | | |
Class A | .25% | 2,502 |
Class T | .50% | 1,757 |
Class B | 1.00% | 343 |
Class C | 1.00% | 351 |
Institutional Class | .00% | 232 |
Advisor Freedom 2025 | | |
Class A | .25% | 1,593 |
Class T | .50% | 639 |
Class B | 1.00% | 156 |
Class C | 1.00% | 141 |
Institutional Class | .00% | 113 |
Advisor Freedom 2030 | | |
Class A | .25% | 1,827 |
Class T | .50% | 1,151 |
Class B | 1.00% | 233 |
Class C | 1.00% | 223 |
Institutional Class | .00% | 168 |
Annual Report
Notes to Financial Statements - continued
6. Expense Reductions - continued
| Expense
Limitations | Reimbursement
from adviser |
Advisor Freedom 2035 | | |
Class A | .25% | $ 874 |
Class T | .50% | 351 |
Class B | 1.00% | 99 |
Class C | 1.00% | 82 |
Institutional Class | .00% | 67 |
Advisor Freedom 2040 | | |
Class A | .25% | 1,326 |
Class T | .50% | 923 |
Class B | 1.00% | 194 |
Class C | 1.00% | 214 |
Institutional Class | .00% | 118 |
Advisor Freedom 2045 | | |
Class A | .25% | 113 |
Class T | .50% | 25 |
Class B | 1.00% | 7 |
Class C | 1.00% | 7 |
Institutional Class | .00% | 13 |
Advisor Freedom 2050 | | |
Class A | .25% | 111 |
Class T | .50% | 32 |
Class B | 1.00% | 8 |
Class C | 1.00% | 13 |
Institutional Class | .00% | 13 |
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 | 52% |
Fidelity Advisor Overseas Fund | 34% |
Fidelity Advisor Growth & Income Fund | 37% |
Fidelity Advisor Intermediate Bond Fund | 24% |
At the end of the period, Fidelity Advisor Freedom 2020 Fund was the owner of record of approximately 11% of the total outstanding shares of the Fidelity Advisor Large Cap Fund.
In September 2006, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), the Funds' transfer agent, 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. 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 which did not result in a material impact to the Funds' reported net assets or results of operations in the accompanying financial statements. FIIOC has remediated affected shareholders.
Annual Report
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Years ended March 31, |
| 2008 | 2007 |
Advisor Freedom Income | | |
From net investment income | | |
Class A | $ 2,504,685 | $ 1,002,334 |
Class T | 1,563,953 | 1,094,267 |
Class B | 152,566 | 127,152 |
Class C | 433,205 | 340,423 |
Institutional Class | 228,075 | 52,530 |
Total | $ 4,882,484 | $ 2,616,706 |
From net realized gain | | |
Class A | $ 363,946 | $ 159,694 |
Class T | 265,719 | 250,213 |
Class B | 31,009 | 37,002 |
Class C | 84,230 | 101,597 |
Institutional Class | 29,749 | 8,907 |
Total | $ 774,653 | $ 557,413 |
Advisor Freedom 2005 | | |
From net investment income | | |
Class A | $ 1,724,823 | $ 605,813 |
Class T | 428,083 | 313,704 |
Class B | 51,521 | 49,294 |
Class C | 147,372 | 113,001 |
Institutional Class | 207,409 | 47,174 |
Total | $ 2,559,208 | $ 1,128,986 |
From net realized gain | | |
Class A | $ 834,705 | $ 315,950 |
Class T | 290,404 | 248,166 |
Class B | 52,453 | 62,256 |
Class C | 130,191 | 128,211 |
Institutional Class | 78,795 | 25,162 |
Total | $ 1,386,548 | $ 779,745 |
Advisor Freedom 2010 | | |
From net investment income | | |
Class A | $ 8,089,684 | $ 3,995,531 |
Class T | 4,645,864 | 3,440,551 |
Class B | 581,796 | 495,075 |
Class C | 979,699 | 652,244 |
Institutional Class | 999,219 | 345,085 |
Total | $ 15,296,262 | $ 8,928,486 |
From net realized gain | | |
Class A | $ 4,371,752 | $ 2,696,358 |
Class T | 3,146,806 | 2,598,359 |
Class B | 543,390 | 569,438 |
Class C | 798,291 | 682,976 |
Institutional Class | 439,647 | 204,183 |
Total | $ 9,299,886 | $ 6,751,314 |
Annual Report
Notes to Financial Statements - continued
8. Distributions to Shareholders - continued
| Years ended March 31, |
| 2008 | 2007 |
Advisor Freedom 2015 | | |
From net investment income | | |
Class A | $ 9,282,719 | $ 4,043,265 |
Class T | 3,805,292 | 2,579,826 |
Class B | 608,280 | 470,817 |
Class C | 916,055 | 606,365 |
Institutional Class | 1,380,515 | 705,795 |
Total | $ 15,992,861 | $ 8,406,068 |
From net realized gain | | |
Class A | $ 6,792,732 | $ 2,739,513 |
Class T | 3,796,442 | 2,384,892 |
Class B | 835,908 | 622,101 |
Class C | 1,173,886 | 694,561 |
Institutional Class | 894,618 | 500,841 |
Total | $ 13,493,586 | $ 6,941,908 |
Advisor Freedom 2020 | | |
From net investment income | | |
Class A | $ 13,227,162 | $ 6,850,858 |
Class T | 7,368,496 | 5,698,586 |
Class B | 994,726 | 810,487 |
Class C | 1,068,257 | 784,767 |
Institutional Class | 1,659,078 | 538,403 |
Total | $ 24,317,719 | $ 14,683,101 |
From net realized gain | | |
Class A | $ 13,024,880 | $ 7,537,514 |
Class T | 10,046,546 | 7,396,310 |
Class B | 1,981,035 | 1,713,469 |
Class C | 1,985,963 | 1,527,861 |
Institutional Class | 1,178,241 | 529,548 |
Total | $ 28,216,665 | $ 18,704,702 |
Advisor Freedom 2025 | | |
From net investment income | | |
Class A | $ 7,874,109 | $ 3,125,692 |
Class T | 2,457,202 | 1,560,568 |
Class B | 398,931 | 278,660 |
Class C | 394,171 | 229,679 |
Institutional Class | 831,749 | 152,090 |
Total | $ 11,956,162 | $ 5,346,689 |
From net realized gain | | |
Class A | $ 8,202,079 | $ 3,415,791 |
Class T | 3,646,794 | 2,067,705 |
Class B | 892,352 | 626,709 |
Class C | 791,593 | 496,499 |
Institutional Class | 528,297 | 137,982 |
Total | $ 14,061,115 | $ 6,744,686 |
Annual Report
8. Distributions to Shareholders - continued
| Years ended March 31, |
| 2008 | 2007 |
Advisor Freedom 2030 | | |
From net investment income | | |
Class A | $ 7,205,006 | $ 3,346,670 |
Class T | 3,287,728 | 2,694,894 |
Class B | 414,862 | 337,549 |
Class C | 403,557 | 318,345 |
Institutional Class | 916,629 | 235,961 |
Total | $ 12,227,782 | $ 6,933,419 |
From net realized gain | | |
Class A | $ 10,936,038 | $ 4,490,893 |
Class T | 7,840,143 | 4,779,075 |
Class B | 1,556,434 | 1,090,033 |
Class C | 1,494,609 | 983,447 |
Institutional Class | 989,968 | 290,014 |
Total | $ 22,817,192 | $ 11,633,462 |
Advisor Freedom 2035 | | |
From net investment income | | |
Class A | $ 3,345,833 | $ 1,192,816 |
Class T | 952,354 | 710,451 |
Class B | 177,323 | 137,177 |
Class C | 143,957 | 115,447 |
Institutional Class | 415,381 | 54,126 |
Total | $ 5,034,848 | $ 2,210,017 |
From net realized gain | | |
Class A | $ 4,819,324 | $ 1,548,250 |
Class T | 2,263,096 | 1,184,405 |
Class B | 601,586 | 371,468 |
Class C | 497,133 | 297,049 |
Institutional Class | 334,622 | 61,111 |
Total | $ 8,515,761 | $ 3,462,283 |
Advisor Freedom 2040 | | |
From net investment income | | |
Class A | $ 5,153,377 | $ 2,619,392 |
Class T | 2,630,359 | 2,038,155 |
Class B | 354,339 | 289,047 |
Class C | 387,464 | 344,514 |
Institutional Class | 634,685 | 183,929 |
Total | $ 9,160,224 | $ 5,475,037 |
From net realized gain | | |
Class A | $ 8,341,256 | $ 3,781,697 |
Class T | 6,395,011 | 3,639,201 |
Class B | 1,317,210 | 826,884 |
Class C | 1,493,781 | 978,964 |
Institutional Class | 733,784 | 215,991 |
Total | $ 18,281,042 | $ 9,442,737 |
Annual Report
Notes to Financial Statements - continued
8. Distributions to Shareholders - continued
| Years ended March 31, |
| 2008 | 2007 |
Advisor Freedom 2045A | | |
From net investment income | | |
Class A | $ 408,907 | $ 17,761 |
Class T | 76,927 | 11,873 |
Class B | 11,522 | 1,977 |
Class C | 11,199 | 2,080 |
Institutional Class | 62,319 | 1,576 |
Total | $ 570,874 | $ 35,267 |
From net realized gain | | |
Class A | $ 365,060 | $ 11,838 |
Class T | 84,292 | 8,362 |
Class B | 18,988 | 2,103 |
Class C | 18,223 | 2,262 |
Institutional Class | 42,732 | 998 |
Total | $ 529,295 | $ 25,563 |
Advisor Freedom 2050A | | |
From net investment income | | |
Class A | $ 421,587 | $ 36,386 |
Class T | 94,910 | 8,564 |
Class B | 15,927 | 4,114 |
Class C | 26,686 | 4,848 |
Institutional Class | 58,793 | 3,118 |
Total | $ 617,903 | $ 57,030 |
From net realized gain | | |
Class A | $ 409,384 | $ 24,808 |
Class T | 109,763 | 6,344 |
Class B | 29,999 | 3,578 |
Class C | 43,754 | 4,617 |
Institutional Class | 44,840 | 2,011 |
Total | $ 637,740 | $ 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, |
| 2008 | 2007 | 2008 | 2007 |
Advisor Freedom Income | | | | |
Class A | | | | |
Shares sold | 6,395,797 | 3,998,819 | $ 68,652,447 | $ 42,215,890 |
Reinvestment of distributions | 259,372 | 102,485 | 2,783,957 | 1,078,852 |
Shares redeemed | (2,922,596) | (1,230,892) | (31,256,793) | (12,986,012) |
Net increase (decrease) | 3,732,573 | 2,870,412 | $ 40,179,611 | $ 30,308,730 |
Class T | | | | |
Shares sold | 2,855,150 | 2,071,786 | $ 30,643,258 | $ 21,825,406 |
Reinvestment of distributions | 164,484 | 122,503 | 1,765,934 | 1,286,011 |
Shares redeemed | (2,428,323) | (1,579,074) | (25,960,467) | (16,645,393) |
Net increase (decrease) | 591,311 | 615,215 | $ 6,448,725 | $ 6,466,024 |
Class B | | | | |
Shares sold | 214,502 | 104,130 | $ 2,287,850 | $ 1,094,305 |
Reinvestment of distributions | 15,304 | 14,103 | 164,212 | 147,869 |
Shares redeemed | (165,034) | (116,492) | (1,766,793) | (1,222,471) |
Net increase (decrease) | 64,772 | 1,741 | $ 685,269 | $ 19,703 |
Class C | | | | |
Shares sold | 601,335 | 289,104 | $ 6,439,273 | $ 3,032,611 |
Reinvestment of distributions | 39,613 | 31,301 | 424,846 | 328,081 |
Shares redeemed | (469,822) | (384,133) | (5,023,022) | (4,025,882) |
Net increase (decrease) | 171,126 | (63,728) | $ 1,841,097 | $ (665,190) |
Institutional Class | | | | |
Shares sold | 1,046,538 | 209,024 | $ 11,013,967 | $ 2,227,313 |
Reinvestment of distributions | 23,599 | 5,153 | 253,422 | 54,344 |
Shares redeemed | (460,080) | (61,571) | (4,893,967) | (653,326) |
Net increase (decrease) | 610,057 | 152,606 | $ 6,373,422 | $ 1,628,331 |
Advisor Freedom 2005 | | | | |
Class A | | | | |
Shares sold | 7,280,006 | 3,787,746 | $ 86,978,408 | $ 43,883,709 |
Reinvestment of distributions | 209,681 | 76,807 | 2,523,615 | 885,668 |
Shares redeemed | (3,032,111) | (1,115,226) | (36,068,889) | (12,859,998) |
Net increase (decrease) | 4,457,576 | 2,749,327 | $ 53,433,134 | $ 31,909,379 |
Class T | | | | |
Shares sold | 1,302,460 | 1,234,660 | $ 15,596,978 | $ 14,090,491 |
Reinvestment of distributions | 57,458 | 47,993 | 691,442 | 550,611 |
Shares redeemed | (1,248,968) | (793,872) | (14,879,592) | (9,030,257) |
Net increase (decrease) | 110,950 | 488,781 | $ 1,408,828 | $ 5,610,845 |
Class B | | | | |
Shares sold | 134,939 | 116,869 | $ 1,573,994 | $ 1,310,125 |
Reinvestment of distributions | 7,641 | 8,797 | 91,841 | 100,501 |
Shares redeemed | (97,335) | (128,275) | (1,155,938) | (1,454,001) |
Net increase (decrease) | 45,245 | (2,609) | $ 509,897 | $ (43,375) |
Class C | | | | |
Shares sold | 398,272 | 232,197 | $ 4,710,455 | $ 2,619,306 |
Reinvestment of distributions | 20,492 | 18,367 | 245,781 | 209,932 |
Shares redeemed | (218,640) | (153,843) | (2,586,377) | (1,749,764) |
Net increase (decrease) | 200,124 | 96,721 | $ 2,369,859 | $ 1,079,474 |
Institutional Class | | | | |
Shares sold | 898,304 | 208,498 | $ 10,934,550 | $ 2,404,546 |
Reinvestment of distributions | 23,531 | 6,260 | 284,303 | 72,336 |
Shares redeemed | (368,372) | (47,487) | (4,367,156) | (552,920) |
Net increase (decrease) | 553,463 | 167,271 | $ 6,851,697 | $ 1,923,962 |
Annual Report
Notes to Financial Statements - continued
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2008 | 2007 | 2008 | 2007 |
Advisor Freedom 2010 | | | | |
Class A | | | | |
Shares sold | 21,172,266 | 13,374,637 | $ 262,315,907 | $ 159,853,302 |
Reinvestment of distributions | 977,928 | 545,669 | 12,200,535 | 6,515,960 |
Shares redeemed | (10,377,196) | (6,124,760) | (128,191,139) | (71,950,410) |
Net increase (decrease) | 11,772,998 | 7,795,546 | $ 146,325,303 | $ 94,418,852 |
Class T | | | | |
Shares sold | 9,009,530 | 8,317,218 | $ 110,976,658 | $ 97,643,792 |
Reinvestment of distributions | 619,841 | 503,504 | 7,710,014 | 5,992,339 |
Shares redeemed | (7,066,194) | (5,095,468) | (87,124,252) | (60,236,553) |
Net increase (decrease) | 2,563,177 | 3,725,254 | $ 31,562,420 | $ 43,399,578 |
Class B | | | | |
Shares sold | 531,540 | 554,718 | $ 6,513,051 | $ 6,527,082 |
Reinvestment of distributions | 81,330 | 80,803 | 1,009,856 | 957,744 |
Shares redeemed | (551,595) | (632,615) | (6,803,579) | (7,468,667) |
Net increase (decrease) | 61,275 | 2,906 | $ 719,328 | $ 16,159 |
Class C | | | | |
Shares sold | 1,941,907 | 1,325,915 | $ 23,880,546 | $ 15,583,541 |
Reinvestment of distributions | 125,362 | 100,155 | 1,552,639 | 1,185,377 |
Shares redeemed | (1,000,919) | (814,977) | (12,286,806) | (9,586,446) |
Net increase (decrease) | 1,066,350 | 611,093 | $ 13,146,379 | $ 7,182,472 |
Institutional Class | | | | |
Shares sold | 2,789,625 | 1,216,876 | $ 34,942,048 | $ 14,661,891 |
Reinvestment of distributions | 109,553 | 41,121 | 1,370,855 | 492,727 |
Shares redeemed | (1,273,890) | (440,638) | (15,744,160) | (5,177,492) |
Net increase (decrease) | 1,625,288 | 817,359 | $ 20,568,743 | $ 9,977,126 |
Advisor Freedom 2015 | | | | |
Class A | | | | |
Shares sold | 30,012,366 | 16,710,642 | $ 375,290,820 | $ 200,771,970 |
Reinvestment of distributions | 1,252,597 | 551,943 | 15,820,828 | 6,663,795 |
Shares redeemed | (11,069,498) | (4,573,003) | (138,060,728) | (54,952,585) |
Net increase (decrease) | 20,195,465 | 12,689,582 | $ 253,050,920 | $ 152,483,180 |
Class T | | | | |
Shares sold | 7,187,921 | 7,721,319 | $ 89,866,267 | $ 92,149,992 |
Reinvestment of distributions | 593,664 | 409,024 | 7,487,851 | 4,918,891 |
Shares redeemed | (5,577,816) | (3,704,390) | (69,873,542) | (44,146,399) |
Net increase (decrease) | 2,203,769 | 4,425,953 | $ 27,480,576 | $ 52,922,484 |
Class B | | | | |
Shares sold | 952,656 | 956,714 | $ 11,837,765 | $ 11,262,926 |
Reinvestment of distributions | 107,501 | 84,955 | 1,351,705 | 1,017,658 |
Shares redeemed | (715,996) | (539,119) | (8,904,180) | (6,415,601) |
Net increase (decrease) | 344,161 | 502,550 | $ 4,285,290 | $ 5,864,983 |
Class C | | | | |
Shares sold | 1,762,544 | 2,127,630 | $ 21,931,918 | $ 25,214,598 |
Reinvestment of distributions | 147,692 | 94,790 | 1,855,516 | 1,136,191 |
Shares redeemed | (938,455) | (651,145) | (11,655,229) | (7,748,011) |
Net increase (decrease) | 971,781 | 1,571,275 | $ 12,132,205 | $ 18,602,778 |
Institutional Class | | | | |
Shares sold | 4,107,174 | 1,369,022 | $ 52,023,759 | $ 16,393,429 |
Reinvestment of distributions | 177,571 | 97,887 | 2,253,324 | 1,185,250 |
Shares redeemed | (1,687,314) | (549,649) | (21,403,007) | (6,624,103) |
Net increase (decrease) | 2,597,431 | 917,260 | $ 32,874,076 | $ 10,954,576 |
Annual Report
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2008 | 2007 | 2008 | 2007 |
Advisor Freedom 2020 | | | | |
Class A | | | | |
Shares sold | 38,566,894 | 23,846,967 | $ 525,160,644 | $ 308,792,249 |
Reinvestment of distributions | 1,874,481 | 1,084,342 | 25,889,867 | 14,167,012 |
Shares redeemed | (14,579,291) | (9,148,908) | (197,670,315) | (115,715,246) |
Net increase (decrease) | 25,862,084 | 15,782,401 | $ 353,380,196 | $ 207,244,015 |
Class T | | | | |
Shares sold | 15,080,905 | 15,749,378 | $ 205,467,830 | $ 200,592,709 |
Reinvestment of distributions | 1,251,431 | 996,748 | 17,269,011 | 13,003,180 |
Shares redeemed | (12,338,940) | (7,788,390) | (168,368,029) | (100,250,106) |
Net increase (decrease) | 3,993,396 | 8,957,736 | $ 54,368,812 | $ 113,345,783 |
Class B | | | | |
Shares sold | 1,397,786 | 1,566,662 | $ 18,987,125 | $ 20,015,458 |
Reinvestment of distributions | 206,609 | 185,085 | 2,841,914 | 2,401,388 |
Shares redeemed | (979,173) | (914,111) | (13,271,484) | (11,718,717) |
Net increase (decrease) | 625,222 | 837,636 | $ 8,557,555 | $ 10,698,129 |
Class C | | | | |
Shares sold | 2,950,874 | 2,364,641 | $ 40,072,501 | $ 30,268,265 |
Reinvestment of distributions | 193,944 | 157,258 | 2,664,764 | 2,039,411 |
Shares redeemed | (1,961,725) | (982,764) | (26,617,780) | (12,533,396) |
Net increase (decrease) | 1,183,093 | 1,539,135 | $ 16,119,485 | $ 19,774,280 |
Institutional Class | | | | |
Shares sold | 5,531,638 | 1,665,024 | $ 76,296,447 | $ 21,746,839 |
Reinvestment of distributions | 196,081 | 72,996 | 2,719,400 | 958,005 |
Shares redeemed | (1,698,087) | (567,015) | (23,097,020) | (7,296,379) |
Net increase (decrease) | 4,029,632 | 1,171,005 | $ 55,918,827 | $ 15,408,465 |
Advisor Freedom 2025 | | | | |
Class A | | | | |
Shares sold | 31,444,214 | 15,737,696 | $ 413,397,979 | $ 197,945,688 |
Reinvestment of distributions | 1,193,033 | 518,473 | 15,943,550 | 6,492,103 |
Shares redeemed | (10,605,763) | (3,113,289) | (138,593,485) | (38,954,335) |
Net increase (decrease) | 22,031,484 | 13,142,880 | $ 290,748,044 | $ 165,483,456 |
Class T | | | | |
Shares sold | 7,320,665 | 7,015,432 | $ 96,719,142 | $ 87,481,183 |
Reinvestment of distributions | 451,032 | 288,574 | 6,039,311 | 3,613,946 |
Shares redeemed | (5,426,572) | (2,276,653) | (71,792,696) | (28,529,518) |
Net increase (decrease) | 2,345,125 | 5,027,353 | $ 30,965,757 | $ 62,565,611 |
Class B | | | | |
Shares sold | 1,032,697 | 998,291 | $ 13,514,621 | $ 12,299,748 |
Reinvestment of distributions | 94,056 | 70,208 | 1,250,009 | 869,570 |
Shares redeemed | (523,284) | (348,807) | (6,862,113) | (4,303,451) |
Net increase (decrease) | 603,469 | 719,692 | $ 7,902,517 | $ 8,865,867 |
Class C | | | | |
Shares sold | 1,232,948 | 1,074,566 | $ 16,188,203 | $ 13,324,519 |
Reinvestment of distributions | 81,325 | 52,399 | 1,080,397 | 649,142 |
Shares redeemed | (519,398) | (255,502) | (6,755,133) | (3,161,389) |
Net increase (decrease) | 794,875 | 871,463 | $ 10,513,467 | $ 10,812,272 |
Institutional Class | | | | |
Shares sold | 4,059,864 | 801,952 | $ 54,260,664 | $ 10,021,125 |
Reinvestment of distributions | 99,805 | 22,778 | 1,339,601 | 286,866 |
Shares redeemed | (942,331) | (178,765) | (12,524,147) | (2,201,208) |
Net increase (decrease) | 3,217,338 | 645,965 | $ 43,076,118 | $ 8,106,783 |
Annual Report
Notes to Financial Statements - continued
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2008 | 2007 | 2008 | 2007 |
Advisor Freedom 2030 | | | | |
Class A | | | | |
Shares sold | 31,843,152 | 16,253,114 | $ 459,602,140 | $ 222,796,744 |
Reinvestment of distributions | 1,221,831 | 566,443 | 17,967,778 | 7,751,676 |
Shares redeemed | (9,968,940) | (4,408,382) | (142,503,129) | (59,297,181) |
Net increase (decrease) | 23,096,043 | 12,411,175 | $ 335,066,789 | $ 171,251,239 |
Class T | | | | |
Shares sold | 11,245,298 | 10,263,782 | $ 162,101,126 | $ 137,668,691 |
Reinvestment of distributions | 752,594 | 543,658 | 11,039,870 | 7,398,466 |
Shares redeemed | (9,323,237) | (4,719,385) | (135,908,919) | (64,003,737) |
Net increase (decrease) | 2,674,655 | 6,088,055 | $ 37,232,077 | $ 81,063,420 |
Class B | | | | |
Shares sold | 1,094,290 | 1,215,032 | $ 15,718,712 | $ 16,319,475 |
Reinvestment of distributions | 130,528 | 101,708 | 1,905,487 | 1,372,910 |
Shares redeemed | (658,615) | (523,647) | (9,302,781) | (7,048,793) |
Net increase (decrease) | 566,203 | 793,093 | $ 8,321,418 | $ 10,643,592 |
Class C | | | | |
Shares sold | 1,428,374 | 1,532,477 | $ 20,470,871 | $ 20,559,653 |
Reinvestment of distributions | 119,323 | 87,426 | 1,741,917 | 1,180,816 |
Shares redeemed | (925,108) | (617,269) | (13,146,909) | (8,273,949) |
Net increase (decrease) | 622,589 | 1,002,634 | $ 9,065,879 | $ 13,466,520 |
Institutional Class | | | | |
Shares sold | 4,311,519 | 1,246,804 | $ 62,949,526 | $ 17,216,002 |
Reinvestment of distributions | 122,302 | 31,872 | 1,804,784 | 437,589 |
Shares redeemed | (998,614) | (347,902) | (14,596,036) | (4,676,681) |
Net increase (decrease) | 3,435,207 | 930,774 | $ 50,158,274 | $ 12,976,910 |
Advisor Freedom 2035 | | | | |
Class A | | | | |
Shares sold | 21,196,181 | 7,937,543 | $ 288,304,008 | $ 102,858,844 |
Reinvestment of distributions | 582,502 | 209,021 | 8,092,022 | 2,703,345 |
Shares redeemed | (5,766,443) | (1,209,654) | (77,817,751) | (15,624,179) |
Net increase (decrease) | 16,012,240 | 6,936,910 | $ 218,578,279 | $ 89,938,010 |
Class T | | | | |
Shares sold | 4,490,317 | 4,037,876 | $ 61,032,845 | $ 51,279,521 |
Reinvestment of distributions | 230,541 | 146,879 | 3,188,274 | 1,885,587 |
Shares redeemed | (3,046,746) | (1,479,180) | (41,592,325) | (18,890,769) |
Net increase (decrease) | 1,674,112 | 2,705,575 | $ 22,628,794 | $ 34,274,339 |
Class B | | | | |
Shares sold | 727,943 | 657,867 | $ 9,848,745 | $ 8,288,850 |
Reinvestment of distributions | 55,321 | 39,171 | 760,291 | 497,716 |
Shares redeemed | (268,514) | (185,316) | (3,598,845) | (2,339,596) |
Net increase (decrease) | 514,750 | 511,722 | $ 7,010,191 | $ 6,446,970 |
Class C | | | | |
Shares sold | 744,599 | 675,368 | $ 10,054,795 | $ 8,503,831 |
Reinvestment of distributions | 43,460 | 29,650 | 597,725 | 377,444 |
Shares redeemed | (349,529) | (231,098) | (4,698,348) | (2,893,598) |
Net increase (decrease) | 438,530 | 473,920 | $ 5,954,172 | $ 5,987,677 |
Institutional Class | | | | |
Shares sold | 2,734,548 | 411,593 | $ 37,807,044 | $ 5,305,575 |
Reinvestment of distributions | 53,535 | 8,649 | 746,046 | 112,282 |
Shares redeemed | (543,000) | (121,717) | (7,395,551) | (1,582,064) |
Net increase (decrease) | 2,245,083 | 298,525 | $ 31,157,539 | $ 3,835,793 |
Annual Report
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2008 | 2007 | 2008 | 2007 |
Advisor Freedom 2040 | | | | |
Class A | | | | |
Shares sold | 19,155,475 | 11,078,922 | $ 285,070,394 | $ 155,096,929 |
Reinvestment of distributions | 880,790 | 449,793 | 13,339,232 | 6,329,119 |
Shares redeemed | (6,437,466) | (3,247,820) | (95,274,858) | (44,707,746) |
Net increase (decrease) | 13,598,799 | 8,280,895 | $ 203,134,768 | $ 116,718,302 |
Class T | | | | |
Shares sold | 8,339,567 | 8,566,986 | $ 123,585,235 | $ 118,422,507 |
Reinvestment of distributions | 596,272 | 404,471 | 9,006,999 | 5,668,499 |
Shares redeemed | (6,451,723) | (3,731,784) | (96,064,959) | (51,893,964) |
Net increase (decrease) | 2,484,116 | 5,239,673 | $ 36,527,275 | $ 72,197,042 |
Class B | | | | |
Shares sold | 1,033,232 | 1,165,934 | $ 15,187,232 | $ 16,033,302 |
Reinvestment of distributions | 108,535 | 78,169 | 1,628,020 | 1,084,424 |
Shares redeemed | (528,583) | (454,770) | (7,760,981) | (6,294,964) |
Net increase (decrease) | 613,184 | 789,333 | $ 9,054,271 | $ 10,822,762 |
Class C | | | | |
Shares sold | 1,171,341 | 1,529,531 | $ 17,304,375 | $ 20,942,119 |
Reinvestment of distributions | 118,241 | 88,855 | 1,773,152 | 1,232,104 |
Shares redeemed | (943,498) | (742,685) | (13,863,706) | (10,212,837) |
Net increase (decrease) | 346,084 | 875,701 | $ 5,213,821 | $ 11,961,386 |
Institutional Class | | | | |
Shares sold | 2,783,889 | 962,985 | $ 41,634,833 | $ 13,586,544 |
Reinvestment of distributions | 84,901 | 23,689 | 1,289,408 | 335,253 |
Shares redeemed | (761,479) | (205,086) | (11,355,666) | (2,855,861) |
Net increase (decrease) | 2,107,311 | 781,588 | $ 31,568,575 | $ 11,065,936 |
Advisor Freedom 2045A | | | | |
Class A | | | | |
Shares sold | 5,976,822 | 1,214,659 | $ 67,538,170 | $ 13,198,339 |
Reinvestment of distributions | 66,457 | 2,732 | 771,955 | 29,586 |
Shares redeemed | (1,235,991) | (81,608) | (13,806,904) | (893,392) |
Net increase (decrease) | 4,807,288 | 1,135,783 | $ 54,503,221 | $ 12,334,533 |
Class T | | | | |
Shares sold | 1,134,327 | 328,167 | $ 12,786,797 | $ 3,531,809 |
Reinvestment of distributions | 13,886 | 1,870 | 161,155 | 20,235 |
Shares redeemed | (317,499) | (27,302) | (3,582,304) | (296,286) |
Net increase (decrease) | 830,714 | 302,735 | $ 9,365,648 | $ 3,255,758 |
Class B | | | | |
Shares sold | 197,272 | 70,701 | $ 2,237,639 | $ 743,408 |
Reinvestment of distributions | 2,563 | 377 | 29,677 | 4,080 |
Shares redeemed | (30,565) | (588) | (338,933) | (6,408) |
Net increase (decrease) | 169,270 | 70,490 | $ 1,928,383 | $ 741,080 |
Class C | | | | |
Shares sold | 215,629 | 75,902 | $ 2,436,801 | $ 795,052 |
Reinvestment of distributions | 2,506 | 334 | 28,989 | 3,613 |
Shares redeemed | (42,119) | (6,312) | (465,838) | (68,258) |
Net increase (decrease) | 176,016 | 69,924 | $ 1,999,952 | $ 730,407 |
Institutional Class | | | | |
Shares sold | 707,070 | 64,697 | $ 8,153,318 | $ 696,742 |
Reinvestment of distributions | 9,019 | 237 | 105,051 | 2,574 |
Shares redeemed | (136,245) | (8,061) | (1,544,477) | (89,051) |
Net increase (decrease) | 579,844 | 56,873 | $ 6,713,892 | $ 610,265 |
Annual Report
Notes to Financial Statements - continued
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2008 | 2007 | 2008 | 2007 |
Advisor Freedom 2050A | | | | |
Class A | | | | |
Shares sold | 5,070,025 | 1,276,625 | $ 57,527,193 | $ 13,684,931 |
Reinvestment of distributions | 71,419 | 5,624 | 828,089 | 60,797 |
Shares redeemed | (959,527) | (113,051) | (10,623,621) | (1,223,026) |
Net increase (decrease) | 4,181,917 | 1,169,198 | $ 47,731,661 | $ 12,522,702 |
Class T | | | | |
Shares sold | 1,657,861 | 354,770 | $ 18,728,257 | $ 3,810,949 |
Reinvestment of distributions | 17,173 | 1,380 | 198,763 | 14,908 |
Shares redeemed | (523,844) | (36,828) | (5,932,648) | (403,059) |
Net increase (decrease) | 1,151,190 | 319,322 | $ 12,994,372 | $ 3,422,798 |
Class B | | | | |
Shares sold | 258,344 | 111,977 | $ 2,916,138 | $ 1,191,055 |
Reinvestment of distributions | 3,848 | 705 | 44,456 | 7,610 |
Shares redeemed | (36,465) | (5,659) | (402,811) | (61,502) |
Net increase (decrease) | 225,727 | 107,023 | $ 2,557,783 | $ 1,137,163 |
Class C | | | | |
Shares sold | 525,005 | 144,191 | $ 5,945,473 | $ 1,517,547 |
Reinvestment of distributions | 5,664 | 871 | 65,337 | 9,399 |
Shares redeemed | (143,070) | (7,985) | (1,603,259) | (87,268) |
Net increase (decrease) | 387,599 | 137,077 | $ 4,407,551 | $ 1,439,678 |
Institutional Class | | | | |
Shares sold | 808,048 | 90,084 | $ 9,192,394 | $ 973,960 |
Reinvestment of distributions | 8,828 | 474 | 102,543 | 5,129 |
Shares redeemed | (240,435) | (1,782) | (2,729,116) | (19,668) |
Net increase (decrease) | 576,441 | 88,776 | $ 6,565,821 | $ 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, 2008, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2008, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. 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 positions 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, 2008, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 19, 2008
Annual Report
Trustees and Officers
The Trustees, Members 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 Members 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 Members 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 376 funds advised by FMR or an affiliate. Mr. Curvey oversees 371 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 Members 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 (77) |
| Year of Election or Appointment: 1991 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; 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 and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007). Mr. Edward C. Johnson 3d and Mr. Arthur E. Johnson are not related. |
James C. Curvey (72) |
| Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution). |
* 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. FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
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.
Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation |
Dennis J. Dirks (59) |
| 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. (66) |
| 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 (71) |
| 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), Compaq, Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing), 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 (67) |
| 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), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). |
Marie L. Knowles (61) |
| 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 McKesson Corporation (healthcare service). 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. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing) (1994-2007). |
Ned C. Lautenbach (64) |
| Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm). 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 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. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007). |
Cornelia M. Small (63) |
| 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 (68) |
| 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 (69) |
| Year of Election or Appointment: 2005 Mr. Wolfe is Chairman and a Director of Hershey Foods Corporation (2007-present), where prior to his retirement in 2001, he was Chairman and Chief Executive Officer. Mr. Wolfe currently serves as a member of the board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as a member of the boards of Adelphia Communications Corporation (2003-2006) and Bausch & Lomb, Inc. (1993-2007). |
Advisory Board Members and Executive Officers**:
Correspondence intended for Mr. Mauriello, Mr. Thomas, Mr. Wiley, Mr. Lacy, and Mr. Arthur Johnson may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. 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 |
Arthur E. Johnson (61) |
| Year of Election or Appointment: 2008 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Mr. Johnson serves as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor). In addition, Mr. Johnson serves as a member of the Board of Directors of AGL Resources, Inc. (holding company), and IKON Office Solutions, Inc. (document management systems and services). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related. |
Alan J. Lacy (54) |
| Year of Election or Appointment: 2008 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (a private equity firm). Mr. Lacy also served as Vice Chairman and Chief Executive Officer of Sears Holdings Corporation and Sears, Roebuck and Co. (retail, 2005-2006; 2000-2005). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb (global pharmaceuticals, 2007-present). Mr. Lacy is a Trustee of the National Parks Conservation Association and The Field Museum of Natural History. |
Peter S. Lynch (64) |
| 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. |
Joseph Mauriello (63) |
| Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance company, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007). |
David M. Thomas (58) |
| Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products holding company), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present). |
Michael E. Wiley (57) |
| Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Mr. Wiley also serves as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). He serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production company, 2005-present). In addition, he also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting firm, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment firm), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services company, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production company, 2001-2005). |
Kimberley H. Monasterio (44) |
| 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). |
Ren Y. Cheng (51) |
| Year of Election or Appointment: 2007 Vice President 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. Cheng also serves as Vice President of certain Asset Allocation Funds (2007-present) and Group Chief Investment Officer, Asset Allocation of FMR. Previously, Mr. Cheng served as a portfolio manager for the Fidelity Freedom Funds. |
Boyce I. Greer (52) |
| Year of Election or Appointment: 2005 or 2006 Vice President of Advisor Freedom Income (2005), Advisor Freedom 2005 (2005), Advisor Freedom 2010 (2005), Advisor Freedom 2015 (2005), Advisor Freedom 2020 (2005), Advisor Freedom 2025 (2005), Advisor Freedom 2030 (2005), Advisor Freedom 2035 (2005), Advisor Freedom 2040 (2005), Advisor Freedom 2045 (2006), and Advisor Freedom 2050 (2006). Mr. Greer also serves as Vice President of 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). Mr. Greer is President and a Director of Fidelity Investments Money Management, Inc. (2007-present), and an Executive Vice President of FMR and FMR Co., Inc. (2005-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005). |
Eric D. Roiter (59) |
| Year of Election or Appointment: 2003 or 2006 Secretary of Advisor Freedom Income (2003), Advisor Freedom 2005 (2003), Advisor Freedom 2010 (2003), Advisor Freedom 2015 (2003), Advisor Freedom 2020 (2003), Advisor Freedom 2025 (2003), Advisor Freedom 2030 (2003), Advisor Freedom 2035 (2003), Advisor Freedom 2040 (2003), Advisor Freedom 2045 (2006), and Advisor Freedom 2050 (2006). He also serves as Secretary of other Fidelity funds; Senior Vice President (2007-present), 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 of FMR Co., Inc. (2001-2007) and FMR (1997-2007), and Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005). |
John B. McGinty, Jr. (45) |
| Year of Election or Appointment: 2008 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. McGinty also serves as Assistant Secretary of other Fidelity funds (2008-present) and is an employee of FMR LLC (2004-present). Mr. McGinty also serves as Senior Vice President, Secretary, and Chief Legal Officer of FDC (2007-present). Before joining Fidelity Investments, Mr. McGinty practiced law at Ropes & Gray, LLP. |
R. Stephen Ganis (42) |
| 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 LLC (2003-present). |
Joseph B. Hollis (59) |
| 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 (60) |
| Year of Election or Appointment: 2004 or 2006 Chief Compliance Officer of Advisor Freedom Income (2004), Advisor Freedom 2005 (2004), Advisor Freedom 2010 (2004), Advisor Freedom 2015 (2004), Advisor Freedom 2020 (2004), Advisor Freedom 2025 (2004), Advisor Freedom 2030 (2004), Advisor Freedom 2035 (2004), Advisor Freedom 2040 (2004), Advisor Freedom 2045 (2006), and Advisor 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. 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). |
Bryan A. Mehrmann (46) |
| Year of Election or Appointment: 2005 or 2006 Deputy Treasurer of Advisor Freedom Income (2005), Advisor Freedom 2005 (2005), Advisor Freedom 2010 (2005), Advisor Freedom 2015 (2005), Advisor Freedom 2020 (2005), Advisor Freedom 2025 (2005), Advisor Freedom 2030 (2005), Advisor Freedom 2035 (2005), Advisor Freedom 2040 (2005), Advisor Freedom 2045 (2006), and Advisor 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 (38) |
| Year of Election or Appointment: 2005 or 2006 Deputy Treasurer of Advisor Freedom Income (2005), Advisor Freedom 2005 (2005), Advisor Freedom 2010 (2005), Advisor Freedom 2015 (2005), Advisor Freedom 2020 (2005), Advisor Freedom 2025 (2005), Advisor Freedom 2030 (2005), Advisor Freedom 2035 (2005), Advisor Freedom 2040 (2005), Advisor Freedom 2045 (2006), and Advisor 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). |
Robert G. Byrnes (41) |
| Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Advisor Freedom Income (2005), Advisor Freedom 2005 (2005), Advisor Freedom 2010 (2005), Advisor Freedom 2015 (2005), Advisor Freedom 2020 (2005), Advisor Freedom 2025 (2005), Advisor Freedom 2030 (2005), Advisor Freedom 2035 (2005), Advisor Freedom 2040 (2005), Advisor Freedom 2045 (2006), and Advisor 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 (54) |
| Year of Election or Appointment: 2004 or 2006 Assistant Treasurer of Advisor Freedom Income (2004), Advisor Freedom 2005 (2004), Advisor Freedom 2010 (2004), Advisor Freedom 2015 (2004), Advisor Freedom 2020 (2004), Advisor Freedom 2025 (2004), Advisor Freedom 2030 (2004), Advisor Freedom 2035 (2004), Advisor Freedom 2040 (2004), Advisor Freedom 2045 (2006), and Advisor Freedom 2050 (2006). Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004-present) and is an employee of FMR. |
Paul M. Murphy (61) |
| Year of Election or Appointment: 2007 Assistant 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. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS) (1994-2007). |
Gary W. Ryan (49) |
| Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Advisor Freedom Income (2005), Advisor Freedom 2005 (2005), Advisor Freedom 2010 (2005), Advisor Freedom 2015 (2005), Advisor Freedom 2020 (2005), Advisor Freedom 2025 (2005), Advisor Freedom 2030 (2005), Advisor Freedom 2035 (2005), Advisor Freedom 2040 (2005), Advisor Freedom 2045 (2006), and Advisor 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). |
** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Annual Report
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Advisor Freedom Income Fund | | | | |
Class A | 05/05/08 | 05/02/08 | $0.028 | $0.040 |
Class T | 05/05/08 | 05/02/08 | $0.026 | $0.040 |
Class B | 05/05/08 | 05/02/08 | $0.022 | $0.040 |
Class C | 05/05/08 | 05/02/08 | $0.022 | $0.040 |
Fidelity Advisor Freedom 2005 Fund | | | | |
Class A | 05/12/08 | 05/09/08 | $0.055 | $0.180 |
Class T | 05/12/08 | 05/09/08 | $0.047 | $0.180 |
Class B | 05/12/08 | 05/09/08 | $0.034 | $0.180 |
Class C | 05/12/08 | 05/09/08 | $0.033 | $0.180 |
Fidelity Advisor Freedom 2010 Fund | | | | |
Class A | 05/12/08 | 05/09/08 | $0.050 | $0.250 |
Class T | 05/12/08 | 05/09/08 | $0.043 | $0.250 |
Class B | 05/12/08 | 05/09/08 | $0.028 | $0.250 |
Class C | 05/12/08 | 05/09/08 | $0.029 | $0.250 |
Fidelity Advisor Freedom 2015 Fund | | | | |
Class A | 05/12/08 | 05/09/08 | $0.041 | $0.280 |
Class T | 05/12/08 | 05/09/08 | $0.033 | $0.280 |
Class B | 05/12/08 | 05/09/08 | $0.018 | $0.280 |
Class C | 05/12/08 | 05/09/08 | $0.019 | $0.280 |
Fidelity Advisor Freedom 2020 Fund | | | | |
Class A | 05/12/08 | 05/09/08 | $0.038 | $0.390 |
Class T | 05/12/08 | 05/09/08 | $0.030 | $0.390 |
Class B | 05/12/08 | 05/09/08 | $0.013 | $0.390 |
Class C | 05/12/08 | 05/09/08 | $0.014 | $0.390 |
Fidelity Advisor Freedom 2025 Fund | | | | |
Class A | 05/12/08 | 05/09/08 | $0.031 | $0.370 |
Class T | 05/12/08 | 05/09/08 | $0.022 | $0.370 |
Class B | 05/12/08 | 05/09/08 | $0.007 | $0.370 |
Class C | 05/12/08 | 05/09/08 | $0.007 | $0.370 |
Fidelity Advisor Freedom 2030 Fund | | | | |
Class A | 05/12/08 | 05/09/08 | $0.030 | $0.480 |
Class T | 05/12/08 | 05/09/08 | $0.021 | $0.480 |
Class B | 05/12/08 | 05/09/08 | $0.000 | $0.480 |
Class C | 05/12/08 | 05/09/08 | $0.005 | $0.480 |
Fidelity Advisor Freedom 2035 Fund | | | | |
Class A | 05/12/08 | 05/09/08 | $0.019 | $0.430 |
Class T | 05/12/08 | 05/09/08 | $0.011 | $0.430 |
Class B | 05/12/08 | 05/09/08 | $0.000 | $0.430 |
Class C | 05/12/08 | 05/09/08 | $0.000 | $0.430 |
Fidelity Advisor Freedom 2040 Fund | | | | |
Class A | 05/12/08 | 05/09/08 | $0.018 | $0.545 |
Class T | 05/12/08 | 05/09/08 | $0.009 | $0.545 |
Class B | 05/12/08 | 05/09/08 | $0.000 | $0.540 |
Class C | 05/12/08 | 05/09/08 | $0.000 | $0.540 |
| Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Advisor Freedom 2045 Fund | | | | |
Class A | 05/12/08 | 05/09/08 | $0.017 | $0.240 |
Class T | 05/12/08 | 05/09/08 | $0.012 | $0.240 |
Class B | 05/12/08 | 05/09/08 | $0.000 | $0.240 |
Class C | 05/12/08 | 05/09/08 | $0.000 | $0.240 |
Fidelity Advisor Freedom 2050 Fund | | | | |
Class A | 05/12/08 | 05/09/08 | $0.006 | $0.275 |
Class T | 05/12/08 | 05/09/08 | $0.002 | $0.275 |
Class B | 05/12/08 | 05/09/08 | $0.000 | $0.270 |
Class C | 05/12/08 | 05/09/08 | $0.000 | $0.270 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2008, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Advisor Freedom Income Fund | $597,303 |
Fidelity Advisor Freedom 2005 Fund | $2,342,427 |
Fidelity Advisor Freedom 2010 Fund | $15,678,789 |
Fidelity Advisor Freedom 2015 Fund | $21,700,188 |
Fidelity Advisor Freedom 2020 Fund | $48,524,712 |
Fidelity Advisor Freedom 2025 Fund | $26,810,755 |
Fidelity Advisor Freedom 2030 Fund | $41,986,299 |
Fidelity Advisor Freedom 2035 Fund | $18,335,043 |
Fidelity Advisor Freedom 2040 Fund | $33,445,948 |
Fidelity Advisor Freedom 2045 Fund | $2,148,220 |
Fidelity Advisor Freedom 2050 Fund | $2,412,514 |
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
Fidelity Advisor Freedom Income Fund | |
Class A | 0.918% |
Class T | 0.918% |
Class B | 0.918% |
Class C | 0.918% |
Annual Report
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
| Class A | Class T | Class B | Class C |
Fidelity Advisor Freedom Income Fund | | | | |
April 2007 | 0% | 0% | 0% | 0% |
May 2007 | 4% | 5% | 5% | 5% |
June 2007 | 5% | 6% | 7% | 7% |
July 2007 | 5% | 6% | 7% | 7% |
August 2007 | 6% | 6% | 7% | 7% |
September 2007 | 6% | 6% | 7% | 7% |
October 2007 | 5% | 6% | 7% | 7% |
November 2007 | 6% | 6% | 7% | 7% |
December 2007 (Ex-Date 12/07/07) | 6% | 6% | 7% | 7% |
December 2007 (Ex-Date 12/28/07) | 6% | 6% | 6% | 6% |
February 2008 | 3% | 3% | 3% | 3% |
March 2008 | 3% | 3% | 3% | 4% |
Fidelity Advisor Freedom 2005 Fund | | | | |
May 2007 | 8% | 9% | 14% | 14% |
December 2007 | 14% | 15% | 19% | 19% |
Fidelity Advisor Freedom 2010 Fund | | | | |
May 2007 | 8% | 9% | 14% | 13% |
December 2007 | 14% | 15% | 18% | 17% |
Fidelity Advisor Freedom 2015 Fund | | | | |
May 2007 | 11% | 13% | 21% | 19% |
December 2007 | 16% | 17% | 21% | 21% |
Fidelity Advisor Freedom 2020 Fund | | | | |
May 2007 | 17% | 22% | 49% | 49% |
December 2007 | 21% | 23% | 29% | 28% |
Fidelity Advisor Freedom 2025 Fund | | | | |
May 2007 | 18% | 23% | 56% | 52% |
December 2007 | 23% | 26% | 32% | 31% |
Fidelity Advisor Freedom 2030 Fund | | | | |
May 2007 | 31% | 48% | 0% | 0% |
December 2007 | 30% | 34% | 43% | 43% |
Fidelity Advisor Freedom 2035 Fund | | | | |
May 2007 | 33% | 68% | 0% | 0% |
December 2007 | 30% | 34% | 44% | 44% |
Fidelity Advisor Freedom 2040 Fund | | | | |
May 2007 | 33% | 49% | 100% | 100% |
December 2007 | 31% | 35% | 45% | 45% |
Fidelity Advisor Freedom 2045 Fund | | | | |
May 2007 | 29% | 54% | 0% | 0% |
December 2007 | 32% | 35% | 44% | 44% |
Fidelity Advisor Freedom 2050 Fund | | | | |
May 2007 | 37% | 75% | 0% | 0% |
December 2007 | 33% | 36% | 45% | 43% |
Annual Report
Distributions (Unaudited) - continued
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| Class A | Class T | Class B | Class C |
Fidelity Advisor Freedom Income Fund | | | | |
April 2007 | 0% | 0% | 0% | 0% |
May 2007 | 5% | 6% | 6% | 6% |
June 2007 | 7% | 7% | 9% | 8% |
July 2007 | 7% | 7% | 9% | 8% |
August 2007 | 7% | 7% | 8% | 8% |
September 2007 | 7% | 7% | 8% | 8% |
October 2007 | 7% | 7% | 8% | 8% |
November 2007 | 7% | 7% | 8% | 8% |
December 2007 (Ex-Date 12/07/07) | 7% | 7% | 8% | 9% |
December 2007 (Ex-Date 12/28/07) | 7% | 7% | 8% | 8% |
February 2008 | 0% | 0% | 0% | 0% |
March 2008 | 0% | 0% | 0% | 0% |
Fidelity Advisor Freedom 2005 Fund | | | | |
May 2007 | 8% | 9% | 14% | 14% |
December 2007 | 21% | 24% | 30% | 29% |
Fidelity Advisor Freedom 2010 Fund | | | | |
May 2007 | 8% | 9% | 13% | 13% |
December 2007 | 22% | 24% | 29% | 28% |
Fidelity Advisor Freedom 2015 Fund | | | | |
May 2007 | 11% | 13% | 21% | 19% |
December 2007 | 25% | 28% | 33% | 33% |
Fidelity Advisor Freedom 2020 Fund | | | | |
May 2007 | 15% | 19% | 42% | 42% |
December 2007 | 33% | 37% | 46% | 45% |
Fidelity Advisor Freedom 2025 Fund | | | | |
May 2007 | 17% | 22% | 53% | 49% |
December 2007 | 37% | 41% | 51% | 50% |
Fidelity Advisor Freedom 2030 Fund | | | | |
May 2007 | 26% | 39% | 0% | 0% |
December 2007 | 47% | 54% | 69% | 69% |
Fidelity Advisor Freedom 2035 Fund | | | | |
May 2007 | 33% | 68% | 0% | 0% |
December 2007 | 48% | 55% | 71% | 71% |
Fidelity Advisor Freedom 2040 Fund | | | | |
May 2007 | 29% | 42% | 100% | 100% |
December 2007 | 50% | 56% | 72% | 72% |
Fidelity Advisor Freedom 2045 Fund | | | | |
May 2007 | 35% | 64% | 0% | 0% |
December 2007 | 53% | 58% | 72% | 72% |
Fidelity Advisor Freedom 2050 Fund | | | | |
May 2007 | 41% | 82% | 0% | 0% |
December 2007 | 57% | 62% | 77% | 75% |
The funds will notify shareholders in January 2009 of amounts for use in preparing 2008 income tax returns.
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-0508
1.792134.104
Fidelity Advisor Freedom Funds®-
Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 -
Institutional Class
Annual Report
March 31, 2008
(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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
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 holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
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:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Institutional Class | | 2.00% | 4.35% |
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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Life of
fund A |
Institutional Class | 0.12% | 6.02% |
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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Life of
fund A |
Institutional Class | -0.05% | 6.58% |
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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Life of
fund A |
Institutional Class | -0.42% | 6.94% |
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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Institutional Class | | -1.62% | 8.33% |
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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Life of
fund A |
Institutional Class | -1.93% | 7.60% |
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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Institutional Class | | -3.01% | 9.03% |
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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Life of
fund A |
Institutional Class | -3.19% | 8.01% |
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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Institutional Class | | -3.70% | 9.53% |
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 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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Institutional Class | | -3.82% | 4.15% |
A From June 1, 2006.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2045 Fund® - Institutional Class on June 1, 2006, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.
Annual Report
Fidelity Advisor Freedom 2050 Fund® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Life of
fund A |
Institutional Class | -4.02% | 4.11% |
A From June 1, 2006.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2050 Fund® - Institutional Class on June 1, 2006, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 performed over the same period.
Annual Report
Fidelity Advisor Freedom Funds
Management's Discussion of Fund Performance
Comments from Jonathan Shelon and Christopher Sharpe, Co-Portfolio Managers of Fidelity Advisor Freedom Funds®
Turmoil in the credit markets, together with concerns about slowing economic growth and rising inflation, had broad-reaching effects on capital markets around the world during the 12 months ending March 31, 2008. The Federal Reserve Board acted forcefully in an effort to contain the situation, cutting a key short-term lending rate six times by a total of three full percentage points. Despite these efforts, domestic and international equity markets both struggled, especially late in the period. In the United States, the Standard & Poor's 500SM Index fell 5.08%, the Dow Jones Wilshire 5000 Composite IndexSM was down 5.76% and the technology-heavy NASDAQ Composite® Index declined 5.23%. Overseas, the Morgan Stanley Capital InternationalSM Europe, Australasia, and Far East (MSCI® EAFE®) Index held up a little better - largely due to a favorable currency tail wind - but still dropped 2.57%. The Fed's rate cuts drove many investors toward the relative safety of U.S. government-issued debt, which in turn put selling pressure on higher-risk bond sectors. During the period, U.S. investment-grade bonds had positive results, as the Lehman Brothers® U.S. Aggregate Index gained 7.67%. Short-term assets also were strong, with the Lehman Brothers 3 Month Treasury Bill Index up 4.81%. High-yield bonds, however, suffered from the flight to quality, and the Merrill Lynch® U.S. High Yield Master II Constrained Index fell 3.28%
Returns for the Advisor Freedom Fund's age-based Portfolios were quite muted for the 12-month period. (For specific performance results, please refer to the portfolio performance section of this report.) These tepid results were mostly due to the extreme volatility in the global capital markets, especially in the second half of the period, which was precipitated by the subprime-mortgage-led credit crisis. Only the short-dated Advisor Freedom Income and Advisor Freedom 2005 funds managed to achieve positive absolute returns during this time frame, and those gains were modest. Broadly speaking, the shorter-dated Portfolios benefited from their greater exposure to the generally strong absolute returns of investment-grade bonds and short-term assets, which rose as many investors moved into less-risky asset classes during this volatile period. On a relative basis, however, our investments in the investment-grade and short-term bond categories didn't hold up as well as their individual benchmarks, the Lehman Brothers U.S. Aggregate and Lehman Brothers 3 Month T-Bill indexes, respectively, and the shorter-dated Portfolios lagged as a result. Meanwhile, the Portfolios with longer periods until their maturity dates - specifically, the Advisor Freedom 2030 through Advisor Freedom 2050 funds - generally outpaced or tracked closely with their composite benchmarks. The relative outperformance came mostly because the Portfolios' underlying investments in domestic and international equities, as well as in high-yield bonds, did better than their respective benchmarks, the Dow Jones Wilshire 5000, MSCI EAFE and Merrill Lynch High Yield Constrained indexes, respectively.
Returns for the Advisor Freedom Fund's age-based Portfolios were quite muted for the 12-month period. (For specific performance results, please refer to the portfolio performance section of this report.) These tepid results were mostly due to the extreme volatility in the global capital markets, especially in the second half of the period, which was precipitated by the subprime-mortgage-led credit crisis. Only the short-dated Advisor Freedom Income and Advisor Freedom 2005 funds managed to achieve positive absolute returns during this time frame, and those gains were modest. Broadly speaking, the shorter-dated Portfolios benefited from their greater exposure to the generally strong absolute returns of investment-grade bonds and short-term assets, which rose as many investors moved into less-risky asset classes during this volatile period. On a relative basis, however, our investments in the investment-grade and short-term bond categories didn't hold up as well as their individual benchmarks, the Lehman Brothers U.S. Aggregate and Lehman Brothers 3 Month T-Bill indexes, respectively, and the shorter-dated Portfolios lagged as a result. Meanwhile, the Portfolios with longer periods until their maturity dates - specifically, the Advisor Freedom 2030 through Advisor Freedom 2050 funds - outpaced their composite benchmarks. This relative outperformance came mostly because the Portfolios' underlying investments in domestic and international equities, as well as in high-yield bonds, did better than their respective benchmarks, the Dow Jones Wilshire 5000, MSCI EAFE and Merrill Lynch High Yield Constrained indexes, respectively.
Notes to shareholders: During the past year, some changes were made in the Advisor Freedom Funds' lineup of underlying funds, both in the areas of mega-cap and small-cap stocks, as well as in investment-grade bonds and short-term assets. Some small adjustments to the weightings of the underlying funds also were made as a result of these structural changes. The intent has been to allow for more-efficient management of the risk/return characteristics of the Advisor Freedom Funds. In particular, two new equity offerings, launched specifically for use by asset allocation funds such as these, were added: Fidelity® 100 Index Fund, which invests in many of the market's largest and most liquid "mega-cap" stocks, an area that was previously underrepresented in the Portfolios; and Fidelity Small Cap Opportunities Fund, whose generally sector-neutral asset allocation in the small-cap space should help the Advisor Freedom Funds better manage overall sector exposure from a risk perspective. In addition, as was indicated over the past year, Fidelity made changes to the underlying funds within the investment-grade bond category. In particular, we added Fidelity Advisor Total Bond Fund and increased asset flows into Fidelity Advisor Government Income Fund. Meanwhile, in the short-term asset category, the Funds have completed the transition from Fidelity Cash Reserves to Fidelity Institutional Money Market Portfolio - Institutional Class, a move intended to provide a more cost-efficient alternative.
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, 2007 to March 31, 2008).
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, 2007 | Ending
Account Value
March 31, 2008 | Expenses Paid
During Period*
October 1, 2007
to March 31, 2008 |
Advisor Freedom Income | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 982.90 | $ 1.24 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 981.70 | $ 2.48 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 978.40 | $ 4.95 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 978.20 | $ 4.95 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 984.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2005 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 943.70 | $ 1.21 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 942.30 | $ 2.43 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 940.80 | $ 4.85 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 940.40 | $ 4.85 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
| Beginning
Account Value
October 1, 2007 | Ending
Account Value
March 31, 2008 | Expenses Paid
During Period*
October 1, 2007
to March 31, 2008 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 945.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2010 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 940.50 | $ 1.21 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 939.90 | $ 2.42 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 936.90 | $ 4.84 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 937.20 | $ 4.84 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 942.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2015 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 933.20 | $ 1.21 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 931.10 | $ 2.41 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 928.90 | $ 4.82 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 929.00 | $ 4.82 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 934.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2020 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 912.90 | $ 1.20 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 912.30 | $ 2.39 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 909.80 | $ 4.77 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 909.30 | $ 4.77 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 913.50 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2025 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 907.30 | $ 1.19 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 906.20 | $ 2.38 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
| Beginning
Account Value
October 1, 2007 | Ending
Account Value
March 31, 2008 | Expenses Paid
During Period*
October 1, 2007
to March 31, 2008 |
Class B | | | |
Actual | $ 1,000.00 | $ 903.60 | $ 4.76 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 903.20 | $ 4.76 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 908.50 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2030 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 889.50 | $ 1.18 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 888.50 | $ 2.36 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 886.00 | $ 4.71 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 886.60 | $ 4.72 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 890.70 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2035 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 887.50 | $ 1.18 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 886.40 | $ 2.36 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 884.70 | $ 4.71 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 884.00 | $ 4.71 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 888.50 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2040 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 881.00 | $ 1.18 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 880.70 | $ 2.35 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 877.80 | $ 4.69 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 878.30 | $ 4.70 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 882.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
| Beginning
Account Value
October 1, 2007 | Ending
Account Value
March 31, 2008 | Expenses Paid
During Period*
October 1, 2007
to March 31, 2008 |
Advisor Freedom 2045 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 878.90 | $ 1.17 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 876.70 | $ 2.35 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 874.70 | $ 4.69 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 874.60 | $ 4.69 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 878.60 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .00 |
Advisor Freedom 2050 | | | |
Class A | | | |
Actual | $ 1,000.00 | $ 873.90 | $ 1.17 |
HypotheticalA | $ 1,000.00 | $ 1,023.75 | $ 1.26 |
Class T | | | |
Actual | $ 1,000.00 | $ 873.30 | $ 2.34 |
HypotheticalA | $ 1,000.00 | $ 1,022.50 | $ 2.53 |
Class B | | | |
Actual | $ 1,000.00 | $ 871.20 | $ 4.68 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Class C | | | |
Actual | $ 1,000.00 | $ 870.70 | $ 4.68 |
HypotheticalA | $ 1,000.00 | $ 1,020.00 | $ 5.05 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 875.20 | $ .00 |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ .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 183/366 (to reflect the one-half year period).
| 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% |
| Annualized
Expense Ratio |
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% |
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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 1.3 | 0.9 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 2.2 | 3.0 |
Fidelity Advisor Equity Growth Fund Institutional Class | 2.4 | 2.5 |
Fidelity Advisor Equity Income Fund Institutional Class | 3.8 | 3.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3.3 | 3.2 |
Fidelity Advisor Large Cap Fund Institutional Class | 3.3 | 3.2 |
Fidelity Advisor Mid Cap Fund Institutional Class | 1.8 | 1.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.8 | 0.9 |
Fidelity Small Cap Opportunities Fund | 0.9 | 0.6 |
| 19.8 | 19.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4.8 | 4.8 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 9.0 | 9.6 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 6.7 | 9.5 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.6 | 6.6 |
Fidelity Advisor Total Bond Fund Institutional Class | 11.9 | 10.4 |
| 34.2 | 36.1 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 20.3 | 19.8 |
Fidelity Institutional Money Market Portfolio Institutional Class* | 20.9 | 19.8 |
| 41.2 | 39.6 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period.
Asset Allocation (% of fund's investments) |
Current |
 | Domestic Equity Funds | 19.8% | |
 | High Yield Fixed-Income Funds | 4.8% | |
 | Investment Grade Fixed-Income Funds | 34.2% | |
 | Short-Term Funds | 41.2% | |
Six months ago |
| Domestic Equity Funds | 19.5% | |
| High Yield Fixed-Income Funds | 4.8% | |
| Investment Grade Fixed-Income Funds | 36.1% | |
| Short-Term Funds | 39.6% | |
The six months ago allocation is based on the fund's holdings as of September 30, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. |
Annual Report
Fidelity Advisor Freedom Income Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 19.8% |
| Shares | | Value |
Domestic Equity Funds - 19.8% |
Fidelity 100 Index Fund | 220,666 | | $ 2,105,154 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 320,996 | | 3,611,203 |
Fidelity Advisor Equity Growth Fund Institutional Class | 65,494 | | 3,886,399 |
Fidelity Advisor Equity Income Fund Institutional Class | 232,523 | | 6,178,144 |
Fidelity Advisor Growth & Income Fund Institutional Class | 291,084 | | 5,419,983 |
Fidelity Advisor Large Cap Fund Institutional Class | 298,800 | | 5,327,608 |
Fidelity Advisor Mid Cap Fund Institutional Class | 139,078 | | 2,877,514 |
Fidelity Advisor Small Cap Fund Institutional Class | 54,543 | | 1,295,934 |
Fidelity Small Cap Opportunities Fund | 179,626 | | 1,424,435 |
TOTAL EQUITY FUNDS (Cost $32,547,024) | 32,126,374 |
Fixed-Income Funds - 39.0% |
| | | |
High Yield Fixed-Income Funds - 4.8% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 875,338 | | 7,808,014 |
Investment Grade Fixed-Income Funds - 34.2% |
Fidelity Advisor Government Income Fund Institutional Class | 1,368,499 | | $ 14,588,195 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 1,020,794 | | 10,840,833 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,034,250 | | 10,549,353 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,873,806 | | 19,281,466 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 55,259,847 |
TOTAL FIXED-INCOME FUNDS (Cost $63,234,817) | 63,067,861 |
Short-Term Funds - 41.2% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3,615,857 | | 32,795,822 |
Fidelity Institutional Money Market Portfolio Institutional Class | 33,809,591 | | 33,809,588 |
TOTAL SHORT-TERM FUNDS (Cost $67,645,445) | 66,605,410 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $163,427,286) | $ 161,799,645 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $163,427,286) - See accompanying schedule | | $ 161,799,645 |
Receivable for investments sold | | 263,212 |
Receivable for fund shares sold | | 463,297 |
Other receivables | | 436 |
Total assets | | 162,526,590 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,220 | |
Payable for fund shares redeemed | 743,840 | |
Distribution fees payable | 53,552 | |
Total liabilities | | 799,612 |
| | |
Net Assets | | $ 161,726,978 |
Net Assets consist of: | | |
Paid in capital | | $ 162,332,367 |
Undistributed net investment income | | 425,599 |
Accumulated undistributed net realized gain (loss) on investments | | 596,653 |
Net unrealized appreciation (depreciation) on investments | | (1,627,641) |
Net Assets | | $ 161,726,978 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($87,468,742 ÷ 8,363,862 shares) | | $ 10.46 |
| | |
Maximum offering price per share (100/94.25 of $10.46) | | $ 11.10 |
Class T:
Net Asset Value and redemption price per share ($44,882,045 ÷ 4,295,161 shares) | | $ 10.45 |
| | |
Maximum offering price per share (100/96.50 of $10.45) | | $ 10.83 |
Class B:
Net Asset Value and offering price per share ($5,538,956 ÷ 530,561 shares)A | | $ 10.44 |
| | |
Class C:
Net Asset Value and offering price per share ($14,718,046 ÷ 1,410,490 shares)A | | $ 10.43 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($9,119,189 ÷ 870,354 shares) | | $ 10.48 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 5,563,641 |
| | |
Expenses | | |
Distribution fees | $ 588,712 | |
Independent trustees' compensation | 512 | |
Total expenses before reductions | 589,224 | |
Expense reductions | (512) | 588,712 |
Net investment income (loss) | | 4,974,929 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (654,300) | |
Capital gain distributions from underlying funds | 1,558,408 | 904,108 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (4,555,179) |
Net gain (loss) | | (3,651,071) |
Net increase (decrease) in net assets resulting from operations | | $ 1,323,858 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,974,929 | $ 2,749,441 |
Net realized gain (loss) | 904,108 | 562,910 |
Change in net unrealized appreciation (depreciation) | (4,555,179) | 1,958,431 |
Net increase (decrease) in net assets resulting from operations | 1,323,858 | 5,270,782 |
Distributions to shareholders from net investment income | (4,882,484) | (2,616,706) |
Distributions to shareholders from net realized gain | (774,653) | (557,413) |
Total distributions | (5,657,137) | (3,174,119) |
Share transactions - net increase (decrease) | 55,528,124 | 37,757,598 |
Total increase (decrease) in net assets | 51,194,845 | 39,854,261 |
| | |
Net Assets | | |
Beginning of period | 110,532,133 | 70,677,872 |
End of period (including undistributed net investment income of $425,599 and undistributed net investment income of $332,205, respectively) | $ 161,726,978 | $ 110,532,133 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.74 | $ 10.52 | $ 10.30 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .40 | .36 | .29 | .20 | .13 |
Net realized and unrealized gain (loss) | (.21) | .29 | .23 | (.10) | .36 |
Total from investment operations | .19 | .65 | .52 | .10 | .49 |
Distributions from net investment income | (.40) | (.35) | (.27) | (.19) | (.09) |
Distributions from net realized gain | (.07) | (.08) | (.04) | (.01) | - |
Total distributions | (.47) J | (.43) | (.30) I | (.20) | (.09) |
Net asset value, end of period | $ 10.46 | $ 10.74 | $ 10.52 | $ 10.30 | $ 10.40 |
Total Return B, C, D | 1.73% | 6.38% | 5.12% | .99% | 4.95% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 3.77% | 3.46% | 2.83% | 1.96% | 1.81%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 87,469 | $ 49,721 | $ 18,524 | $ 10,120 | $ 5,009 |
Portfolio turnover rate | 56% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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.
J Total distributions of $.469 per share is comprised of distributions from net investment income of $.403 and distributions from net realized gain of $.066 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.73 | $ 10.51 | $ 10.30 | $ 10.39 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .38 | .34 | .27 | .18 | .11 |
Net realized and unrealized gain (loss) | (.22) | .29 | .22 | (.10) | .37 |
Total from investment operations | .16 | .63 | .49 | .08 | .48 |
Distributions from net investment income | (.38) | (.33) | (.24) | (.16) | (.09) |
Distributions from net realized gain | (.07) | (.08) | (.04) | (.01) | - |
Total distributions | (.44)I | (.41) | (.28) | (.17) | (.09) |
Net asset value, end of period | $ 10.45 | $ 10.73 | $ 10.51 | $ 10.30 | $ 10.39 |
Total Return B, C, D | 1.48% | 6.11% | 4.78% | .79% | 4.78% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .51% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .51% | .58% | .58%A |
Net investment income (loss) | 3.52% | 3.21% | 2.58% | 1.71% | 1.56%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 44,882 | $ 39,739 | $ 32,469 | $ 29,013 | $ 14,535 |
Portfolio turnover rate | 56% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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 $.443 per share is comprised of distributions from net investment income of $.377 and distributions from net realized gain of $.066 per share.
Financial Highlights - Class B
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.72 | $ 10.50 | $ 10.29 | $ 10.38 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .32 | .29 | .22 | .12 | .07 |
Net realized and unrealized gain (loss) | (.21) | .28 | .21 | (.10) | .37 |
Total from investment operations | .11 | .57 | .43 | .02 | .44 |
Distributions from net investment income | (.32) | (.27) | (.19) | (.10) | (.06) |
Distributions from net realized gain | (.07) | (.08) | (.04) | (.01) | - |
Total distributions | (.39)J | (.35) | (.22) I | (.11) | (.06) |
Net asset value, end of period | $ 10.44 | $ 10.72 | $ 10.50 | $ 10.29 | $ 10.38 |
Total Return B, C, D | .97% | 5.57% | 4.27% | .23% | 4.45% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 3.02% | 2.71% | 2.08% | 1.21% | 1.06%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,539 | $ 4,993 | $ 4,873 | $ 4,454 | $ 3,649 |
Portfolio turnover rate | 56% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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.
J Total distributions of $.338 per share is comprised of distributions from net investment income of $.322 and distribution from net realized gain of $.066 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.71 | $ 10.50 | $ 10.28 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .32 | .29 | .22 | .12 | .07 |
Net realized and unrealized gain (loss) | (.21) | .27 | .22 | (.09) | .37 |
Total from investment operations | .11 | .56 | .44 | .03 | .44 |
Distributions from net investment income | (.32) | (.27) | (.19) | (.11) | (.07) |
Distributions from net realized gain | (.07) | (.08) | (.04) | (.01) | - |
Total distributions | (.39) J | (.35) | (.22) I | (.12) | (.07) |
Net asset value, end of period | $ 10.43 | $ 10.71 | $ 10.50 | $ 10.28 | $ 10.37 |
Total Return B, C, D | .97% | 5.48% | 4.37% | .24% | 4.39% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 3.02% | 2.71% | 2.08% | 1.21% | 1.06%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,718 | $ 13,279 | $ 13,678 | $ 14,097 | $ 9,248 |
Portfolio turnover rate | 56% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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.
J Total distributions of $.389 per share is comprised of distributions from net investment income of $.323 and distribution from net realized gain of $.066 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.76 | $ 10.53 | $ 10.31 | $ 10.41 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .43 | .39 | .32 | .23 | .14 |
Net realized and unrealized gain (loss) | (.21) | .30 | .23 | (.11) | .37 |
Total from investment operations | .22 | .69 | .55 | .12 | .51 |
Distributions from net investment income | (.43) | (.38) | (.29) | (.21) | (.10) |
Distributions from net realized gain | (.07) | (.08) | (.04) | (.01) | - |
Total distributions | (.50)H | (.46) | (.33) | (.22) | (.10) |
Net asset value, end of period | $ 10.48 | $ 10.76 | $ 10.53 | $ 10.31 | $ 10.41 |
Total ReturnB, C | 2.00% | 6.72% | 5.39% | 1.21% | 5.16% |
Ratios to Average Net AssetsE, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .01% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .01% | .08% | .08%A |
Net investment income (loss) | 4.02% | 3.71% | 3.08% | 2.21% | 2.05%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,119 | $ 2,800 | $ 1,134 | $ 626 | $ 359 |
Portfolio turnover rate | 56% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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 $.498 per share is comprised of distributions from net investment income of $.432 and distribution from net realized gain of $.066 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 2.1 | 1.5 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 4.6 | 6.3 |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.6 | 5.1 |
Fidelity Advisor Equity Income Fund Institutional Class | 7.2 | 7.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6.3 | 6.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.3 | 6.4 |
Fidelity Advisor Mid Cap Fund Institutional Class | 3.2 | 3.1 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.6 | 1.8 |
Fidelity Small Cap Opportunities Fund | 1.6 | 1.1 |
| 37.5 | 39.1 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.3 | 4.8 |
Fidelity Advisor Overseas Fund Institutional Class | 4.3 | 4.8 |
| 8.6 | 9.6 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4.9 | 4.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 10.1 | 9.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 6.5 | 9.0 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 7.0 | 6.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 12.4 | 9.9 |
| 36.0 | 34.7 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 6.4 | 6.4 |
Fidelity Institutional Money Market Portfolio Institutional Class* | 6.6 | 4.5 |
Fidelity Cash Reserves Fund | 0.0 | 0.8 |
| 13.0 | 11.7 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period.
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 37.5% | |
| International Equity Funds | 8.6% | |
 | High Yield Fixed-Income Funds | 4.9% | |
 | Investment Grade Fixed-Income Funds | 36.0% | |
| Short-Term Funds | 13.0% | |
Six months ago |
| Domestic Equity Funds | 39.1% | |
| International Equity Funds | 9.6% | |
| High Yield Fixed-Income Funds | 4.9% | |
| Investment Grade Fixed-Income Funds | 34.7% | |
| Short-Term Funds | 11.7% | |
Expected |
| Domestic Equity Funds | 38.7% | |
| International Equity Funds | 8.6% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 33.6% | |
| Short-Term Funds | 14.1% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 46.1% |
| Shares | | Value |
Domestic Equity Funds - 37.5% |
Fidelity 100 Index Fund | 313,258 | | $ 2,988,479 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 596,370 | | 6,709,167 |
Fidelity Advisor Equity Growth Fund Institutional Class | 112,812 | | 6,694,243 |
Fidelity Advisor Equity Income Fund Institutional Class | 389,089 | | 10,338,090 |
Fidelity Advisor Growth & Income Fund Institutional Class | 491,987 | | 9,160,789 |
Fidelity Advisor Large Cap Fund Institutional Class | 507,683 | | 9,051,991 |
Fidelity Advisor Mid Cap Fund Institutional Class | 221,395 | | 4,580,667 |
Fidelity Advisor Small Cap Fund Institutional Class | 97,900 | | 2,326,103 |
Fidelity Small Cap Opportunities Fund | 288,479 | | 2,287,642 |
TOTAL DOMESTIC EQUITY FUNDS | | 54,137,171 |
International Equity Funds - 8.6% |
Fidelity Advisor Diversified International Fund Institutional Class | 310,694 | | 6,232,525 |
Fidelity Advisor Overseas Fund Institutional Class | 289,798 | | 6,233,549 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 12,466,074 |
TOTAL EQUITY FUNDS (Cost $70,085,970) | 66,603,245 |
Fixed-Income Funds - 40.9% |
| | | |
High Yield Fixed-Income Funds - 4.9% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 786,741 | | 7,017,733 |
Investment Grade Fixed-Income Funds - 36.0% |
Fidelity Advisor Government Income Fund Institutional Class | 1,372,138 | | 14,626,987 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 882,378 | | 9,370,852 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 992,309 | | 10,121,553 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,740,741 | | 17,912,222 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 52,031,614 |
TOTAL FIXED-INCOME FUNDS (Cost $59,118,311) | 59,049,347 |
Short-Term Funds - 13.0% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 1,011,686 | | $ 9,175,995 |
Fidelity Institutional Money Market Portfolio Institutional Class | 9,562,038 | | 9,562,038 |
TOTAL SHORT-TERM FUNDS (Cost $19,038,890) | 18,738,033 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $148,243,171) | $ 144,390,625 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $148,243,171) - See accompanying schedule | | $ 144,390,625 |
Receivable for investments sold | | 20,356 |
Receivable for fund shares sold | | 184,985 |
Other affiliated receivables | | 16,886 |
Total assets | | 144,612,852 |
| | |
Liabilities | | |
Payable for investments purchased | $ 58,591 | |
Payable for fund shares redeemed | 147,123 | |
Distribution fees payable | 41,728 | |
Total liabilities | | 247,442 |
| | |
Net Assets | | $ 144,365,410 |
Net Assets consist of: | | |
Paid in capital | | $ 145,241,144 |
Undistributed net investment income | | 635,370 |
Accumulated undistributed net realized gain (loss) on investments | | 2,341,442 |
Net unrealized appreciation (depreciation) on investments | | (3,852,546) |
Net Assets | | $ 144,365,410 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($98,483,131 ÷ 8,635,984 shares) | | $ 11.40 |
| | |
Maximum offering price per share (100/94.25 of $11.40) | | $ 12.10 |
Class T:
Net Asset Value and redemption price per share ($20,836,711 ÷ 1,828,784 shares) | | $ 11.39 |
| | |
Maximum offering price per share (100/96.50 of $11.39) | | $ 11.80 |
Class B:
Net Asset Value and offering price per share ($4,348,420 ÷ 382,565 shares)A | | $ 11.37 |
| | |
Class C:
Net Asset Value and offering price per share ($11,052,416 ÷ 974,378 shares)A | | $ 11.34 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($9,644,732 ÷ 841,833 shares) | | $ 11.46 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 3,326,689 |
| | |
Expenses | | |
Distribution fees | $ 425,752 | |
Independent trustees' compensation | 405 | |
Total expenses before reductions | 426,157 | |
Expense reductions | (405) | 425,752 |
Net investment income (loss) | | 2,900,937 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (652,406) | |
Capital gain distributions from underlying funds | 3,502,546 | 2,850,140 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (8,225,598) |
Net gain (loss) | | (5,375,458) |
Net increase (decrease) in net assets resulting from operations | | $ (2,474,521) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,900,937 | $ 1,313,903 |
Net realized gain (loss) | 2,850,140 | 1,084,846 |
Change in net unrealized appreciation (depreciation) | (8,225,598) | 2,293,259 |
Net increase (decrease) in net assets resulting from operations | (2,474,521) | 4,692,008 |
Distributions to shareholders from net investment income | (2,559,208) | (1,128,986) |
Distributions to shareholders from net realized gain | (1,386,548) | (779,745) |
Total distributions | (3,945,756) | (1,908,731) |
Share transactions - net increase (decrease) | 64,573,415 | 40,480,285 |
Total increase (decrease) in net assets | 58,153,138 | 43,263,562 |
| | |
Net Assets | | |
Beginning of period | 86,212,272 | 42,948,710 |
End of period (including undistributed net investment income of $635,370 and undistributed net investment income of $327,028, respectively) | $ 144,365,410 | $ 86,212,272 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.83 | $ 11.33 | $ 10.57 | $ 10.49 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .33 | .28 | .25 | .22 | .09 |
Net realized and unrealized gain (loss) | (.34) | .63 | .76 | .03 | .46 |
Total from investment operations | (.01) | .91 | 1.01 | .25 | .55 |
Distributions from net investment income | (.26) | (.23) | (.20) | (.17) | (.06) |
Distributions from net realized gain | (.16) | (.18) | (.05) | - I | - |
Total distributions | (.42) | (.41) | (.25) | (.17) | (.06) |
Net asset value, end of period | $ 11.40 | $ 11.83 | $ 11.33 | $ 10.57 | $ 10.49 |
Total Return B, C, D | (.23)% | 8.21% | 9.63% | 2.38% | 5.52% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 2.74% | 2.49% | 2.25% | 2.13% | 2.21%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 98,483 | $ 49,418 | $ 16,194 | $ 5,970 | $ 1,386 |
Portfolio turnover rate | 30% | 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, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.81 | $ 11.31 | $ 10.56 | $ 10.48 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .30 | .25 | .22 | .20 | .08 |
Net realized and unrealized gain (loss) | (.33) | .63 | .75 | .03 | .46 |
Total from investment operations | (.03) | .88 | .97 | .23 | .54 |
Distributions from net investment income | (.23) | (.20) | (.17) | (.14) | (.06) |
Distributions from net realized gain | (.16) | (.18) | (.05) | -I | - |
Total distributions | (.39) | (.38) | (.22) | (.15)J | (.06) |
Net asset value, end of period | $ 11.39 | $ 11.81 | $ 11.31 | $ 10.56 | $ 10.48 |
Total ReturnB, C, D | (.44)% | 7.95% | 9.31% | 2.17% | 5.36% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60%A |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .50% | .58% | .58%A |
Net investment income (loss) | 2.49% | 2.24% | 2.00% | 1.88% | 1.97%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 20,837 | $ 20,289 | $ 13,906 | $ 7,977 | $ 2,031 |
Portfolio turnover rate | 30% | 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, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.78 | $ 11.28 | $ 10.53 | $ 10.47 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .24 | .20 | .16 | .14 | .06 |
Net realized and unrealized gain (loss) | (.33) | .62 | .76 | .03 | .46 |
Total from investment operations | (.09) | .82 | .92 | .17 | .52 |
Distributions from net investment income | (.16) | (.14) | (.12) | (.11) | (.05) |
Distributions from net realized gain | (.16) | (.18) | (.05) | -I | - |
Total distributions | (.32) | (.32) | (.17) | (.11) | (.05) |
Net asset value, end of period | $ 11.37 | $ 11.78 | $ 11.28 | $ 10.53 | $ 10.47 |
Total ReturnB, C, D | (.89)% | 7.40% | 8.80% | 1.64% | 5.21% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.08% | 1.08%A |
Net investment income (loss) | 1.99% | 1.74% | 1.50% | 1.38% | 1.47%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 4,348 | $ 3,974 | $ 3,835 | $ 2,747 | $ 1,203 |
Portfolio turnover rate | 30% | 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, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.76 | $ 11.27 | $ 10.53 | $ 10.47 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .24 | .20 | .16 | .14 | .06 |
Net realized and unrealized gain (loss) | (.33) | .62 | .75 | .04 | .46 |
Total from investment operations | (.09) | .82 | .91 | .18 | .52 |
Distributions from net investment income | (.17) | (.15) | (.12) | (.12) | (.05) |
Distributions from net realized gain | (.16) | (.18) | (.05) | -I | - |
Total distributions | (.33) | (.33) | (.17) | (.12) | (.05) |
Net asset value, end of period | $ 11.34 | $ 11.76 | $ 11.27 | $ 10.53 | $ 10.47 |
Total ReturnB, C, D | (.91)% | 7.36% | 8.74% | 1.74% | 5.21% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.99% | 1.74% | 1.50% | 1.38% | 1.47%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 11,052 | $ 9,107 | $ 7,637 | $ 5,655 | $ 1,073 |
Portfolio turnover rate | 30% | 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, | 2008 | 2007 | 2006 | 2005 | 2004F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.87 | $ 11.37 | $ 10.60 | $ 10.49 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .35 | .31 | .28 | .25 | .10 |
Net realized and unrealized gain (loss) | (.32) | .62 | .76 | .04 | .45 |
Total from investment operations | .03 | .93 | 1.04 | .29 | .55 |
Distributions from net investment income | (.28) | (.25) | (.22) | (.18) | (.06) |
Distributions from net realized gain | (.16) | (.18) | (.05) | -H | - |
Total distributions | (.44) | (.43) | (.27) | (.18) | (.06) |
Net asset value, end of period | $ 11.46 | $ 11.87 | $ 11.37 | $ 10.60 | $ 10.49 |
Total ReturnB, C | .12% | 8.37% | 9.92% | 2.79% | 5.52% |
Ratios to Average Net AssetsE, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08%A |
Net investment income (loss) | 2.99% | 2.74% | 2.50% | 2.38% | 2.46%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,645 | $ 3,424 | $ 1,376 | $ 651 | $ 397 |
Portfolio turnover rate | 30% | 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 2.4 | 1.5 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 4.6 | 6.5 |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.9 | 5.2 |
Fidelity Advisor Equity Income Fund Institutional Class | 7.4 | 7.5 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6.6 | 6.5 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.5 | 6.6 |
Fidelity Advisor Mid Cap Fund Institutional Class | 3.3 | 3.2 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.7 | 1.9 |
Fidelity Small Cap Opportunities Fund | 1.6 | 1.1 |
| 39.0 | 40.0 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.8 | 5.2 |
Fidelity Advisor Overseas Fund Institutional Class | 4.8 | 5.1 |
| 9.6 | 10.3 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4.8 | 5.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 8.5 | 9.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 7.1 | 9.1 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 7.0 | 6.9 |
Fidelity Advisor Total Bond Fund Institutional Class | 13.3 | 10.2 |
| 35.9 | 35.2 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 4.9 | 5.2 |
Fidelity Institutional Money Market Portfolio Institutional Class* | 5.8 | 4.1 |
Fidelity Cash Reserves Fund | 0.0 | 0.2 |
| 10.7 | 9.5 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period.
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 39.0% | |
| International Equity Funds | 9.6% | |
| High Yield Fixed-Income Funds | 4.8% | |
| Investment Grade Fixed-Income Funds | 35.9% | |
| Short-Term Funds | 10.7% | |
Six months ago |
| Domestic Equity Funds | 40.0% | |
| International Equity Funds | 10.3% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 35.2% | |
| Short-Term Funds | 9.5% | |
Expected |
| Domestic Equity Funds | 40.0% | |
| International Equity Funds | 10.0% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 34.8% | |
| Short-Term Funds | 10.2% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 48.6% |
| Shares | | Value |
Domestic Equity Funds - 39.0% |
Fidelity 100 Index Fund | 1,848,178 | | $ 17,631,615 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 2,979,043 | | 33,514,228 |
Fidelity Advisor Equity Growth Fund Institutional Class | 595,253 | | 35,322,342 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,022,481 | | 53,737,317 |
Fidelity Advisor Growth & Income Fund Institutional Class | 2,564,009 | | 47,741,839 |
Fidelity Advisor Large Cap Fund Institutional Class | 2,657,074 | | 47,375,627 |
Fidelity Advisor Mid Cap Fund Institutional Class | 1,176,062 | | 24,332,714 |
Fidelity Advisor Small Cap Fund Institutional Class | 516,076 | | 12,261,975 |
Fidelity Small Cap Opportunities Fund | 1,446,258 | | 11,468,823 |
TOTAL DOMESTIC EQUITY FUNDS | | 283,386,480 |
International Equity Funds - 9.6% |
Fidelity Advisor Diversified International Fund Institutional Class | 1,738,618 | | 34,876,676 |
Fidelity Advisor Overseas Fund Institutional Class | 1,617,670 | | 34,796,080 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 69,672,756 |
TOTAL EQUITY FUNDS (Cost $358,600,859) | 353,059,236 |
Fixed-Income Funds - 40.7% |
| | | |
High Yield Fixed-Income Funds - 4.8% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 3,931,343 | | 35,067,578 |
Investment Grade Fixed-Income Funds - 35.9% |
Fidelity Advisor Government Income Fund Institutional Class | 5,789,886 | | 61,720,187 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 4,856,456 | | 51,575,560 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4,951,090 | | 50,501,116 |
Fidelity Advisor Total Bond Fund Institutional Class | 9,378,292 | | 96,502,618 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 260,299,481 |
TOTAL FIXED-INCOME FUNDS (Cost $296,344,243) | 295,367,059 |
Short-Term Funds - 10.7% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3,912,513 | | $ 35,486,495 |
Fidelity Institutional Money Market Portfolio Institutional Class | 42,506,097 | | 42,506,097 |
TOTAL SHORT-TERM FUNDS (Cost $79,395,670) | 77,992,592 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $734,340,772) | $ 726,418,887 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $734,340,772) - See accompanying schedule | | $ 726,418,887 |
Cash | | 155,233 |
Receivable for investments sold | | 24,883 |
Receivable for fund shares sold | | 2,008,164 |
Other affiliated receivables | | 33,646 |
Total assets | | 728,640,813 |
| | |
Liabilities | | |
Payable for investments purchased | $ 293,429 | |
Payable for fund shares redeemed | 1,818,029 | |
Distribution fees payable | 242,801 | |
Total liabilities | | 2,354,259 |
| | |
Net Assets | | $ 726,286,554 |
Net Assets consist of: | | |
Paid in capital | | $ 715,728,283 |
Undistributed net investment income | | 2,813,532 |
Accumulated undistributed net realized gain (loss) on investments | | 15,666,624 |
Net unrealized appreciation (depreciation) on investments | | (7,921,885) |
Net Assets | | $ 726,286,554 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($377,118,379 ÷ 32,006,062 shares) | | $ 11.78 |
| | |
Maximum offering price per share (100/94.25 of $11.78) | | $ 12.50 |
Class T:
Net Asset Value and redemption price per share ($216,732,049 ÷ 18,461,569 shares) | | $ 11.74 |
| | |
Maximum offering price per share (100/96.50 of $11.74) | | $ 12.17 |
Class B:
Net Asset Value and offering price per share ($34,136,824 ÷ 2,916,771 shares)A | | $ 11.70 |
| | |
Class C:
Net Asset Value and offering price per share ($58,377,737 ÷ 5,002,489 shares)A | | $ 11.67 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($39,921,565 ÷ 3,376,540 shares) | | $ 11.82 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 18,961,475 |
| | |
Expenses | | |
Distribution fees | $ 2,764,260 | |
Independent trustees' compensation | 2,428 | |
Total expenses before reductions | 2,766,688 | |
Expense reductions | (2,428) | 2,764,260 |
Net investment income (loss) | | 16,197,215 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,851,279) | |
Capital gain distributions from underlying funds | 20,506,751 | 18,655,472 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (43,687,591) |
Net gain (loss) | | (25,032,119) |
Net increase (decrease) in net assets resulting from operations | | $ (8,834,904) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 16,197,215 | $ 9,598,170 |
Net realized gain (loss) | 18,655,472 | 8,098,050 |
Change in net unrealized appreciation (depreciation) | (43,687,591) | 17,456,575 |
Net increase (decrease) in net assets resulting from operations | (8,834,904) | 35,152,795 |
Distributions to shareholders from net investment income | (15,296,262) | (8,928,486) |
Distributions to shareholders from net realized gain | (9,299,886) | (6,751,314) |
Total distributions | (24,596,148) | (15,679,800) |
Share transactions - net increase (decrease) | 212,322,173 | 154,994,187 |
Total increase (decrease) in net assets | 178,891,121 | 174,467,182 |
| | |
Net Assets | | |
Beginning of period | 547,395,433 | 372,928,251 |
End of period (including undistributed net investment income of $2,813,532 and undistributed net investment income of $1,918,008, respectively) | $ 726,286,554 | $ 547,395,433 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.28 | $ 11.79 | $ 11.01 | $ 10.92 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .33 | .29 | .25 | .23 | .16 |
Net realized and unrealized gain (loss) | (.34) | .66 | .80 | .04 | .83 |
Total from investment operations | (.01) | .95 | 1.05 | .27 | .99 |
Distributions from net investment income | (.30) | (.26) | (.22) | (.18) | (.07) |
Distributions from net realized gain | (.19) | (.20) | (.06) | - I | - |
Total distributions | (.49) | (.46) | (.27) J | (.18) | (.07) |
Net asset value, end of period | $ 11.78 | $ 12.28 | $ 11.79 | $ 11.01 | $ 10.92 |
Total Return B, C, D | (.27)% | 8.22% | 9.65% | 2.48% | 9.92% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 2.66% | 2.43% | 2.23% | 2.10% | 2.14%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 377,118 | $ 248,500 | $ 146,593 | $ 74,013 | $ 32,615 |
Portfolio turnover rate | 15% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.24 | $ 11.75 | $ 10.97 | $ 10.90 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .30 | .26 | .22 | .20 | .14 |
Net realized and unrealized gain (loss) | (.34) | .66 | .80 | .04 | .83 |
Total from investment operations | (.04) | .92 | 1.02 | .24 | .97 |
Distributions from net investment income | (.27) | (.23) | (.19) | (.17) | (.07) |
Distributions from net realized gain | (.19) | (.20) | (.06) | - I | - |
Total distributions | (.46) | (.43) | (.24) J | (.17) | (.07) |
Net asset value, end of period | $ 11.74 | $ 12.24 | $ 11.75 | $ 10.97 | $ 10.90 |
Total Return B, C, D | (.52)% | 8.00% | 9.42% | 2.18% | 9.72% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .51% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .51% | .58% | .58%A |
Net investment income (loss) | 2.41% | 2.18% | 1.98% | 1.86% | 1.89%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 216,732 | $ 194,563 | $ 143,012 | $ 94,744 | $ 29,964 |
Portfolio turnover rate | 15% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.20 | $ 11.71 | $ 10.94 | $ 10.87 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .24 | .20 | .17 | .15 | .10 |
Net realized and unrealized gain (loss) | (.35) | .66 | .79 | .04 | .83 |
Total from investment operations | (.11) | .86 | .96 | .19 | .93 |
Distributions from net investment income | (.20) | (.17) | (.13) | (.12) | (.06) |
Distributions from net realized gain | (.19) | (.20) | (.06) | - I | - |
Total distributions | (.39) | (.37) | (.19) | (.12) | (.06) |
Net asset value, end of period | $ 11.70 | $ 12.20 | $ 11.71 | $ 10.94 | $ 10.87 |
Total Return B, C, D | (1.04)% | 7.47% | 8.83% | 1.72% | 9.32% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.91% | 1.68% | 1.48% | 1.35% | 1.39%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 34,137 | $ 34,834 | $ 33,404 | $ 27,098 | $ 14,897 |
Portfolio turnover rate | 15% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.17 | $ 11.69 | $ 10.93 | $ 10.87 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .23 | .20 | .17 | .15 | .10 |
Net realized and unrealized gain (loss) | (.33) | .66 | .78 | .04 | .83 |
Total from investment operations | (.10) | .86 | .95 | .19 | .93 |
Distributions from net investment income | (.21) | (.18) | (.14) | (.13) | (.06) |
Distributions from net realized gain | (.19) | (.20) | (.06) | - I | - |
Total distributions | (.40) | (.38) | (.19) J | (.13) | (.06) |
Net asset value, end of period | $ 11.67 | $ 12.17 | $ 11.69 | $ 10.93 | $ 10.87 |
Total Return B, C, D | (.97)% | 7.45% | 8.78% | 1.72% | 9.32% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.91% | 1.68% | 1.48% | 1.36% | 1.39%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 58,378 | $ 47,918 | $ 38,882 | $ 27,668 | $ 11,552 |
Portfolio turnover rate | 15% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.32 | $ 11.82 | $ 11.03 | $ 10.93 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .36 | .32 | .28 | .26 | .17 |
Net realized and unrealized gain (loss) | (.34) | .67 | .80 | .05 | .83 |
Total from investment operations | .02 | .99 | 1.08 | .31 | 1.00 |
Distributions from net investment income | (.33) | (.29) | (.24) | (.20) | (.07) |
Distributions from net realized gain | (.19) | (.20) | (.06) | - H | - |
Total distributions | (.52) | (.49) | (.29) J | (.21) I | (.07) |
Net asset value, end of period | $ 11.82 | $ 12.32 | $ 11.82 | $ 11.03 | $ 10.93 |
Total Return B, C | (.05)% | 8.52% | 9.94% | 2.80% | 10.02% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .01% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .01% | .08% | .08%A |
Net investment income (loss) | 2.91% | 2.68% | 2.48% | 2.35% | 2.38%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 39,922 | $ 21,580 | $ 11,038 | $ 5,538 | $ 1,691 |
Portfolio turnover rate | 15% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 2.8 | 1.6 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 5.0 | 7.2 |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.4 | 5.7 |
Fidelity Advisor Equity Income Fund Institutional Class | 8.2 | 8.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7.2 | 7.3 |
Fidelity Advisor Large Cap Fund Institutional Class | 7.2 | 7.3 |
Fidelity Advisor Mid Cap Fund Institutional Class | 3.7 | 3.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.8 | 2.1 |
Fidelity Small Cap Opportunities Fund | 1.7 | 1.2 |
| 43.0 | 44.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 5.3 | 5.8 |
Fidelity Advisor Overseas Fund Institutional Class | 5.2 | 5.7 |
| 10.5 | 11.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.5 | 5.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 8.2 | 8.3 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 6.4 | 8.3 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.5 | 6.3 |
Fidelity Advisor Total Bond Fund Institutional Class | 12.2 | 9.5 |
| 33.3 | 32.4 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3.4 | 3.3 |
Fidelity Institutional Money Market Portfolio Institutional Class* | 4.3 | 2.3 |
Fidelity Cash Reserves Fund | 0.0 | 0.2 |
| 7.7 | 5.8 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period.
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 43.0% | |
| International Equity Funds | 10.5% | |
| High Yield Fixed-Income Funds | 5.5% | |
| Investment Grade Fixed-Income Funds | 33.3% | |
| Short-Term Funds | 7.7% | |
Six months ago |
| Domestic Equity Funds | 44.4% | |
| International Equity Funds | 11.5% | |
| High Yield Fixed-Income Funds | 5.9% | |
| Investment Grade Fixed-Income Funds | 32.4% | |
| Short-Term Funds | 5.8% | |
Expected |
| Domestic Equity Funds | 42.9% | |
| International Equity Funds | 10.7% | |
| High Yield Fixed-Income Funds | 5.5% | |
| Investment Grade Fixed-Income Funds | 33.2% | |
| Short-Term 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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 53.5% |
| Shares | | Value |
Domestic Equity Funds - 43.0% |
Fidelity 100 Index Fund | 2,645,034 | | $ 25,233,625 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 3,993,379 | | 44,925,511 |
Fidelity Advisor Equity Growth Fund Institutional Class | 810,769 | | 48,111,011 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,771,566 | | 73,640,501 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3,491,939 | | 65,019,908 |
Fidelity Advisor Large Cap Fund Institutional Class | 3,625,464 | | 64,642,024 |
Fidelity Advisor Mid Cap Fund Institutional Class | 1,598,886 | | 33,080,945 |
Fidelity Advisor Small Cap Fund Institutional Class | 694,790 | | 16,508,222 |
Fidelity Small Cap Opportunities Fund | 1,958,993 | | 15,534,812 |
TOTAL DOMESTIC EQUITY FUNDS | | 386,696,559 |
International Equity Funds - 10.5% |
Fidelity Advisor Diversified International Fund Institutional Class | 2,355,270 | | 47,246,707 |
Fidelity Advisor Overseas Fund Institutional Class | 2,191,494 | | 47,139,036 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 94,385,743 |
TOTAL EQUITY FUNDS (Cost $498,628,499) | 481,082,302 |
Fixed-Income Funds - 38.8% |
| | | |
High Yield Fixed-Income Funds - 5.5% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5,534,140 | | 49,364,529 |
Investment Grade Fixed-Income Funds - 33.3% |
Fidelity Advisor Government Income Fund Institutional Class | 6,913,611 | | 73,699,095 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 5,462,712 | | 58,014,003 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5,709,727 | | 58,239,213 |
Fidelity Advisor Total Bond Fund Institutional Class | 10,657,111 | | 109,661,672 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 299,613,983 |
TOTAL FIXED-INCOME FUNDS (Cost $350,566,419) | 348,978,512 |
Short-Term Funds - 7.7% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3,383,421 | | $ 30,687,626 |
Fidelity Institutional Money Market Portfolio Institutional Class | 39,071,833 | | 39,071,833 |
TOTAL SHORT-TERM FUNDS (Cost $70,793,168) | 69,759,459 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $919,988,086) | $ 899,820,273 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $919,988,086) - See accompanying schedule | | $ 899,820,273 |
Cash | | 264,188 |
Receivable for investments sold | | 106,716 |
Receivable for fund shares sold | | 1,596,028 |
Other affiliated receivables | | 119,526 |
Total assets | | 901,906,731 |
| | |
Liabilities | | |
Payable for investments purchased | $ 149,652 | |
Payable for fund shares redeemed | 1,820,986 | |
Distribution fees payable | 278,691 | |
Total liabilities | | 2,249,329 |
| | |
Net Assets | | $ 899,657,402 |
Net Assets consist of: | | |
Paid in capital | | $ 895,110,751 |
Undistributed net investment income | | 3,034,550 |
Accumulated undistributed net realized gain (loss) on investments | | 21,679,914 |
Net unrealized appreciation (depreciation) on investments | | (20,167,813) |
Net Assets | | $ 899,657,402 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($517,887,697 ÷ 43,720,007 shares) | | $ 11.85 |
| | |
Maximum offering price per share (100/94.25 of $11.85) | | $ 12.57 |
Class T:
Net Asset Value and redemption price per share ($203,821,531 ÷ 17,239,492 shares) | | $ 11.82 |
| | |
Maximum offering price per share (100/96.50 of $11.82) | | $ 12.25 |
Class B:
Net Asset Value and offering price per share ($43,608,473 ÷ 3,703,917 shares)A | | $ 11.77 |
| | |
Class C:
Net Asset Value and offering price per share ($65,542,722 ÷ 5,572,389 shares)A | | $ 11.76 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($68,796,979 ÷ 5,776,804 shares) | | $ 11.91 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 20,739,202 |
Interest | | 160 |
Total income | | 20,739,362 |
| | |
Expenses | | |
Distribution fees | $ 3,093,958 | |
Independent trustees' compensation | 2,828 | |
Total expenses before reductions | 3,096,786 | |
Expense reductions | (2,828) | 3,093,958 |
Net investment income (loss) | | 17,645,404 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,324,320) | |
Capital gain distributions from underlying funds | 26,836,507 | 25,512,187 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (59,466,789) |
Net gain (loss) | | (33,954,602) |
Net increase (decrease) in net assets resulting from operations | | $ (16,309,198) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 17,645,404 | $ 9,219,648 |
Net realized gain (loss) | 25,512,187 | 11,453,628 |
Change in net unrealized appreciation (depreciation) | (59,466,789) | 19,737,804 |
Net increase (decrease) in net assets resulting from operations | (16,309,198) | 40,411,080 |
Distributions to shareholders from net investment income | (15,992,861) | (8,406,068) |
Distributions to shareholders from net realized gain | (13,493,586) | (6,941,908) |
Total distributions | (29,486,447) | (15,347,976) |
Share transactions - net increase (decrease) | 329,823,067 | 240,828,001 |
Total increase (decrease) in net assets | 284,027,422 | 265,891,105 |
| | |
Net Assets | | |
Beginning of period | 615,629,980 | 349,738,875 |
End of period (including undistributed net investment income of $3,034,550 and undistributed net investment income of $1,688,198, respectively) | $ 899,657,402 | $ 615,629,980 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.40 | $ 11.84 | $ 10.77 | $ 10.57 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .31 | .26 | .22 | .21 | .07 |
Net realized and unrealized gain (loss) | (.35) | .74 | 1.07 | .13 | .56 |
Total from investment operations | (.04) | 1.00 | 1.29 | .34 | .63 |
Distributions from net investment income | (.27) | (.23) | (.16) | (.14) | (.06) |
Distributions from net realized gain | (.24) | (.21) | (.06) | - I | - |
Total distributions | (.51) J | (.44) | (.22) | (.14) | (.06) |
Net asset value, end of period | $ 11.85 | $ 12.40 | $ 11.84 | $ 10.77 | $ 10.57 |
Total Return B, C, D | (.53)% | 8.56% | 12.12% | 3.22% | 6.32% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 2.46% | 2.21% | 1.93% | 2.02% | 1.84%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 517,888 | $ 291,783 | $ 128,241 | $ 45,028 | $ 4,773 |
Portfolio turnover rate | 13% | 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.
J Total distributions of $.511 per share is comprised of distributions from net investment income of $.268 and distributions from net realized gain of $.243 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.38 | $ 11.81 | $ 10.76 | $ 10.57 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .28 | .23 | .19 | .19 | .06 |
Net realized and unrealized gain (loss) | (.36) | .75 | 1.06 | .13 | .57 |
Total from investment operations | (.08) | .98 | 1.25 | .32 | .63 |
Distributions from net investment income | (.23) | (.20) | (.14) | (.13) | (.06) |
Distributions from net realized gain | (.24) | (.21) | (.06) | - I | - |
Total distributions | (.48)J | (.41) | (.20) | (.13) | (.06) |
Net asset value, end of period | $ 11.82 | $ 12.38 | $ 11.81 | $ 10.76 | $ 10.57 |
Total Return B, C, D | (.89)% | 8.40% | 11.71% | 3.01% | 6.27% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .51% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .51% | .58% | .58%A |
Net investment income (loss) | 2.21% | 1.96% | 1.68% | 1.77% | 1.59%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 203,822 | $ 186,106 | $ 125,323 | $ 55,945 | $ 5,038 |
Portfolio turnover rate | 13% | 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.
J Total distributions of $.476 per share is comprised of distributions from net investment income of $.233 and distributions from net realized gain of $.243 per share.
Financial Highlights - Class B
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.33 | $ 11.77 | $ 10.73 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .21 | .17 | .13 | .13 | .04 |
Net realized and unrealized gain (loss) | (.36) | .74 | 1.06 | .13 | .58 |
Total from investment operations | (.15) | .91 | 1.19 | .26 | .62 |
Distributions from net investment income | (.17) | (.14) | (.09) | (.09) | (.06) |
Distributions from net realized gain | (.24) | (.21) | (.06) | -I | - |
Total distributions | (.41)J | (.35) | (.15) | (.09) | (.06) |
Net asset value, end of period | $ 11.77 | $ 12.33 | $ 11.77 | $ 10.73 | $ 10.56 |
Total ReturnB, C, D | (1.37)% | 7.83% | 11.17% | 2.49% | 6.17% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.71% | 1.46% | 1.18% | 1.28% | 1.09%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 43,608 | $ 41,424 | $ 33,633 | $ 18,813 | $ 4,259 |
Portfolio turnover rate | 13% | 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.
J Total distributions of $.414 per share is comprised of distributions from net investment income of $.171 and distributions from net realized gain of $.243 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.32 | $ 11.77 | $ 10.73 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .21 | .17 | .13 | .13 | .04 |
Net realized and unrealized gain (loss) | (.35) | .74 | 1.06 | .13 | .57 |
Total from investment operations | (.14) | .91 | 1.19 | .26 | .61 |
Distributions from net investment income | (.18) | (.15) | (.09) | (.09) | (.05) |
Distributions from net realized gain | (.24) | (.21) | (.06) | -I | - |
Total distributions | (.42)J | (.36) | (.15) | (.09) | (.05) |
Net asset value, end of period | $ 11.76 | $ 12.32 | $ 11.77 | $ 10.73 | $ 10.56 |
Total ReturnB, C, D | (1.34)% | 7.81% | 11.19% | 2.47% | 6.12% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.71% | 1.46% | 1.18% | 1.28% | 1.09%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 65,543 | $ 56,686 | $ 35,656 | $ 18,926 | $ 3,593 |
Portfolio turnover rate | 13% | 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.
J Total distributions of $.418 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.243 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.47 | $ 11.89 | $ 10.81 | $ 10.59 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .34 | .29 | .25 | .24 | .09 |
Net realized and unrealized gain (loss) | (.36) | .75 | 1.07 | .13 | .56 |
Total from investment operations | (.02) | 1.04 | 1.32 | .37 | .65 |
Distributions from net investment income | (.29) | (.25) | (.18) | (.15) | (.06) |
Distributions from net realized gain | (.24) | (.21) | (.06) | -H | - |
Total distributions | (.54)I | (.46) | (.24) | (.15) | (.06) |
Net asset value, end of period | $ 11.91 | $ 12.47 | $ 11.89 | $ 10.81 | $ 10.59 |
Total ReturnB, C | (.42)% | 8.90% | 12.36% | 3.52% | 6.52% |
Ratios to Average Net AssetsE, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08%A |
Net investment income (loss) | 2.71% | 2.46% | 2.18% | 2.27% | 2.09%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 68,797 | $ 39,631 | $ 26,886 | $ 12,861 | $ 282 |
Portfolio turnover rate | 13% | 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.
I Total distributions of $.536 per share is comprised of distributions from net investment income of $.293 and distributions from net realized gain of $.243 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.5 | 2.0 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 6.2 | 8.7 |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.6 | 7.0 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.0 | 10.1 |
Fidelity Advisor Growth & Income Fund Institutional Class | 8.9 | 8.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 8.8 | 8.9 |
Fidelity Advisor Mid Cap Fund Institutional Class | 4.6 | 4.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.2 | 2.5 |
Fidelity Small Cap Opportunities Fund | 2.3 | 1.5 |
| 53.1 | 53.8 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.5 | 6.9 |
Fidelity Advisor Overseas Fund Institutional Class | 6.5 | 6.9 |
| 13.0 | 13.8 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.2 | 7.5 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 6.2 | 6.3 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 5.0 | 6.3 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5.0 | 4.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 9.6 | 7.1 |
| 25.8 | 24.5 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 0.4 | 0.3 |
Fidelity Institutional Money Market Portfolio Institutional Class* | 0.5 | 0.1 |
Fidelity Cash Reserves Fund | 0.0 | 0.0** |
| 0.9 | 0.4 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period.
** Amount represents less than 0.1%
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 53.1% | |
| International Equity Funds | 13.0% | |
| High Yield Fixed-Income Funds | 7.2% | |
| Investment Grade Fixed-Income Funds | 25.8% | |
| Short-Term Funds | 0.9% | |
Six months ago |
| Domestic Equity Funds | 53.8% | |
| International Equity Funds | 13.8% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 24.5% | |
| Short-Term Funds | 0.4% | |
Expected |
| Domestic Equity Funds | 52.9% | |
| International Equity Funds | 13.2% | |
| High Yield Fixed-Income Funds | 7.3% | |
| Investment Grade Fixed-Income Funds | 25.5% | |
| Short-Term Funds | 1.1% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 66.1% |
| Shares | | Value |
Domestic Equity Funds - 53.1% |
Fidelity 100 Index Fund | 5,635,984 | | $ 53,767,291 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 8,557,632 | | 96,273,359 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,714,415 | | 101,733,377 |
Fidelity Advisor Equity Income Fund Institutional Class | 5,823,828 | | 154,739,111 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7,377,035 | | 137,360,386 |
Fidelity Advisor Large Cap Fund Institutional Class | 7,652,317 | | 136,440,811 |
Fidelity Advisor Mid Cap Fund Institutional Class | 3,391,724 | | 70,174,764 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,453,923 | | 34,545,220 |
Fidelity Small Cap Opportunities Fund | 4,443,090 | | 35,233,701 |
TOTAL DOMESTIC EQUITY FUNDS | | 820,268,020 |
International Equity Funds - 13.0% |
Fidelity Advisor Diversified International Fund Institutional Class | 4,998,417 | | 100,268,236 |
Fidelity Advisor Overseas Fund Institutional Class | 4,650,596 | | 100,034,329 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 200,302,565 |
TOTAL EQUITY FUNDS (Cost $1,038,942,983) | 1,020,570,585 |
Fixed-Income Funds - 33.0% |
| | | |
High Yield Fixed-Income Funds - 7.2% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 12,498,874 | | 111,489,954 |
Investment Grade Fixed-Income Funds - 25.8% |
Fidelity Advisor Government Income Fund Institutional Class | 8,929,341 | | 95,186,777 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 7,349,588 | | 78,052,623 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 7,546,840 | | 76,977,766 |
Fidelity Advisor Total Bond Fund Institutional Class | 14,332,789 | | 147,484,404 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 397,701,570 |
TOTAL FIXED-INCOME FUNDS (Cost $514,886,474) | 509,191,524 |
Short-Term Funds - 0.9% |
| Shares | | Value |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 574,993 | | $ 5,215,189 |
Fidelity Institutional Money Market Portfolio Institutional Class | 7,879,510 | | 7,879,510 |
TOTAL SHORT-TERM FUNDS (Cost $13,258,386) | 13,094,699 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,567,087,843) | $ 1,542,856,808 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $1,567,087,843) - See accompanying schedule | | $ 1,542,856,808 |
Cash | | 41,369 |
Receivable for investments sold | | 159,055 |
Receivable for fund shares sold | | 3,013,599 |
Other affiliated receivables | | 107,235 |
Total assets | | 1,546,178,066 |
| | |
Liabilities | | |
Payable for investments purchased | $ 731,752 | |
Payable for fund shares redeemed | 2,642,628 | |
Distribution fees payable | 505,979 | |
Total liabilities | | 3,880,359 |
| | |
Net Assets | | $ 1,542,297,707 |
Net Assets consist of: | | |
Paid in capital | | $ 1,514,117,684 |
Undistributed net investment income | | 3,849,262 |
Accumulated undistributed net realized gain (loss) on investments | | 48,561,796 |
Net unrealized appreciation (depreciation) on investments | | (24,231,035) |
Net Assets | | $ 1,542,297,707 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($811,991,877 ÷ 63,789,641 shares) | | $ 12.73 |
| | |
Maximum offering price per share (100/94.25 of $12.73) | | $ 13.51 |
Class T:
Net Asset Value and redemption price per share ($458,464,593 ÷ 36,055,303 shares) | | $ 12.72 |
| | |
Maximum offering price per share (100/96.50 of $12.72) | | $ 13.18 |
Class B:
Net Asset Value and offering price per share ($89,048,812 ÷ 7,035,255 shares)A | | $ 12.66 |
| | |
Class C:
Net Asset Value and offering price per share ($95,224,244 ÷ 7,531,974 shares)A | | $ 12.64 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($87,568,181 ÷ 6,845,307 shares) | | $ 12.79 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 32,270,311 |
| | |
Expenses | | |
Distribution fees | $ 5,904,811 | |
Independent trustees' compensation | 5,185 | |
Total expenses before reductions | 5,909,996 | |
Expense reductions | (5,185) | 5,904,811 |
Net investment income (loss) | | 26,365,500 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (2,169,995) | |
Capital gain distributions from underlying funds | 58,653,309 | 56,483,314 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (128,993,098) |
Net gain (loss) | | (72,509,784) |
Net increase (decrease) in net assets resulting from operations | | $ (46,144,284) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 26,365,500 | $ 15,157,016 |
Net realized gain (loss) | 56,483,314 | 25,076,912 |
Change in net unrealized appreciation (depreciation) | (128,993,098) | 44,485,432 |
Net increase (decrease) in net assets resulting from operations | (46,144,284) | 84,719,360 |
Distributions to shareholders from net investment income | (24,317,719) | (14,683,101) |
Distributions to shareholders from net realized gain | (28,216,665) | (18,704,702) |
Total distributions | (52,534,384) | (33,387,803) |
Share transactions - net increase (decrease) | 488,344,875 | 366,470,672 |
Total increase (decrease) in net assets | 389,666,207 | 417,802,229 |
| | |
Net Assets | | |
Beginning of period | 1,152,631,500 | 734,829,271 |
End of period (including undistributed net investment income of $3,849,262 and undistributed net investment income of $1,801,481, respectively) | $ 1,542,297,707 | $ 1,152,631,500 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.49 | $ 12.85 | $ 11.53 | $ 11.29 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .28 | .24 | .19 | .20 | .13 |
Net realized and unrealized gain (loss) | (.49) | .92 | 1.36 | .23 | 1.25 |
Total from investment operations | (.21) | 1.16 | 1.55 | .43 | 1.38 |
Distributions from net investment income | (.25) | (.23) | (.16) | (.18) | (.09) |
Distributions from net realized gain | (.30) | (.30) | (.08) | - I | - |
Total distributions | (.55) | (.52) L | (.23) K | (.19) J | (.09) |
Net asset value, end of period | $ 12.73 | $ 13.49 | $ 12.85 | $ 11.53 | $ 11.29 |
Total Return B, C, D | (1.83)% | 9.21% | 13.62% | 3.75% | 13.78% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 2.07% | 1.89% | 1.60% | 1.80% | 1.74%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 811,992 | $ 511,536 | $ 284,466 | $ 135,306 | $ 72,334 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.47 | $ 12.83 | $ 11.52 | $ 11.29 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .25 | .21 | .16 | .18 | .11 |
Net realized and unrealized gain (loss) | (.49) | .92 | 1.36 | .21 | 1.26 |
Total from investment operations | (.24) | 1.13 | 1.52 | .39 | 1.37 |
Distributions from net investment income | (.21) | (.19) | (.13) | (.16) | (.08) |
Distributions from net realized gain | (.30) | (.30) | (.08) | - I | - |
Total distributions | (.51) | (.49) J | (.21) | (.16) | (.08) |
Net asset value, end of period | $ 12.72 | $ 13.47 | $ 12.83 | $ 11.52 | $ 11.29 |
Total Return B, C, D | (2.02)% | 8.97% | 13.28% | 3.46% | 13.73% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .51% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .51% | .58% | .58%A |
Net investment income (loss) | 1.82% | 1.63% | 1.35% | 1.55% | 1.49%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 458,465 | $ 431,886 | $ 296,477 | $ 177,336 | $ 52,310 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.41 | $ 12.78 | $ 11.48 | $ 11.27 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .18 | .15 | .10 | .12 | .07 |
Net realized and unrealized gain (loss) | (.48) | .91 | 1.35 | .21 | 1.27 |
Total from investment operations | (.30) | 1.06 | 1.45 | .33 | 1.34 |
Distributions from net investment income | (.15) | (.13) | (.08) | (.12) | (.07) |
Distributions from net realized gain | (.30) | (.30) | (.07) | - I | - |
Total distributions | (.45) | (.43) J | (.15) | (.12) | (.07) |
Net asset value, end of period | $ 12.66 | $ 13.41 | $ 12.78 | $ 11.48 | $ 11.27 |
Total Return B, C, D | (2.51)% | 8.40% | 12.71% | 2.93% | 13.37% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.32% | 1.13% | .85% | 1.05% | .99%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 89,049 | $ 85,981 | $ 71,232 | $ 49,398 | $ 23,274 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.40 | $ 12.77 | $ 11.48 | $ 11.26 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .18 | .15 | .10 | .12 | .07 |
Net realized and unrealized gain (loss) | (.49) | .91 | 1.34 | .22 | 1.26 |
Total from investment operations | (.31) | 1.06 | 1.44 | .34 | 1.33 |
Distributions from net investment income | (.15) | (.14) | (.08) | (.12) | (.07) |
Distributions from net realized gain | (.30) | (.30) | (.07) | -I | - |
Total distributions | (.45) | (.43)J | (.15) | (.12) | (.07) |
Net asset value, end of period | $ 12.64 | $ 13.40 | $ 12.77 | $ 11.48 | $ 11.26 |
Total ReturnB, C, D | (2.56)% | 8.45% | 12.66% | 3.02% | 13.32% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.32% | 1.14% | .85% | 1.05% | .99%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 95,224 | $ 85,076 | $ 61,442 | $ 39,310 | $ 15,871 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.55 | $ 12.90 | $ 11.57 | $ 11.31 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .32 | .28 | .23 | .23 | .15 |
Net realized and unrealized gain (loss) | (.50) | .92 | 1.36 | .23 | 1.25 |
Total from investment operations | (.18) | 1.20 | 1.59 | .46 | 1.40 |
Distributions from net investment income | (.28) | (.25) | (.18) | (.20) | (.09) |
Distributions from net realized gain | (.30) | (.30) | (.08) | -H | - |
Total distributions | (.58) | (.55)I | (.26) | (.20) | (.09) |
Net asset value, end of period | $ 12.79 | $ 13.55 | $ 12.90 | $ 11.57 | $ 11.31 |
Total ReturnB, C | (1.62)% | 9.47% | 13.88% | 4.06% | 14.03% |
Ratios to Average Net AssetsE, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08%A |
Net investment income (loss) | 2.32% | 2.13% | 1.85% | 2.05% | 1.98%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 87,568 | $ 38,153 | $ 21,212 | $ 11,932 | $ 2,278 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.5 | 2.1 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 6.4 | 9.1 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.3 | 7.3 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.7 | 10.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.6 | 9.2 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.4 | 9.3 |
Fidelity Advisor Mid Cap Fund Institutional Class | 4.8 | 4.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.5 | 2.6 |
Fidelity Small Cap Opportunities Fund | 2.2 | 1.6 |
| 56.4 | 56.3 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 7.0 | 7.3 |
Fidelity Advisor Overseas Fund Institutional Class | 6.9 | 7.2 |
| 13.9 | 14.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.4 | 7.3 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 5.7 | 5.7 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 4.1 | 5.2 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4.4 | 4.3 |
Fidelity Advisor Total Bond Fund Institutional Class | 8.1 | 6.7 |
| 22.3 | 21.9 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 56.4% | |
| International Equity Funds | 13.9% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Investment Grade Fixed-Income Funds | 22.3% | |
Six months ago |
| Domestic Equity Funds | 56.3% | |
| International Equity Funds | 14.5% | |
| High Yield Fixed-Income Funds | 7.3% | |
| Investment Grade Fixed-Income Funds | 21.9% | |
Expected |
| Domestic Equity Funds | 56.2% | |
| International Equity Funds | 14.0% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 22.3% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 70.3% |
| Shares | | Value |
Domestic Equity Funds - 56.4% |
Fidelity 100 Index Fund | 3,173,330 | | $ 30,273,572 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 4,966,659 | | 55,874,914 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,058,859 | | 62,832,715 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,498,578 | | 92,957,220 |
Fidelity Advisor Growth & Income Fund Institutional Class | 4,489,127 | | 83,587,543 |
Fidelity Advisor Large Cap Fund Institutional Class | 4,584,303 | | 81,738,121 |
Fidelity Advisor Mid Cap Fund Institutional Class | 2,013,336 | | 41,655,922 |
Fidelity Advisor Small Cap Fund Institutional Class | 920,069 | | 21,860,837 |
Fidelity Small Cap Opportunities Fund | 2,429,405 | | 19,265,178 |
TOTAL DOMESTIC EQUITY FUNDS | | 490,046,022 |
International Equity Funds - 13.9% |
Fidelity Advisor Diversified International Fund Institutional Class | 3,017,970 | | 60,540,474 |
Fidelity Advisor Overseas Fund Institutional Class | 2,811,257 | | 60,470,130 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 121,010,604 |
TOTAL EQUITY FUNDS (Cost $645,655,081) | 611,056,626 |
Fixed-Income Funds - 29.7% |
| | | |
High Yield Fixed-Income Funds - 7.4% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7,178,538 | | 64,032,555 |
Investment Grade Fixed-Income Funds - 22.3% |
Fidelity Advisor Government Income Fund Institutional Class | 4,628,202 | | 49,336,638 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 3,321,170 | | 35,270,824 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 3,796,080 | | 38,720,016 |
Fidelity Advisor Total Bond Fund Institutional Class | 6,876,979 | | 70,764,116 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 194,091,594 |
TOTAL FIXED-INCOME FUNDS (Cost $262,442,192) | 258,124,149 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $908,097,273) | $ 869,180,775 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $908,097,273) - See accompanying schedule | | $ 869,180,775 |
Cash | | 66,376 |
Receivable for fund shares sold | | 1,468,281 |
Other affiliated receivables | | 113,981 |
Total assets | | 870,829,413 |
| | |
Liabilities | | |
Payable for investments purchased | $ 265,374 | |
Payable for fund shares redeemed | 1,269,320 | |
Distribution fees payable | 253,670 | |
Total liabilities | | 1,788,364 |
| | |
Net Assets | | $ 869,041,049 |
Net Assets consist of: | | |
Paid in capital | | $ 879,052,476 |
Undistributed net investment income | | 2,017,976 |
Accumulated undistributed net realized gain (loss) on investments | | 26,887,095 |
Net unrealized appreciation (depreciation) on investments | | (38,916,498) |
Net Assets | | $ 869,041,049 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($558,890,243 ÷ 45,585,708 shares) | | $ 12.26 |
| | |
Maximum offering price per share (100/94.25 of $12.26) | | $ 13.01 |
Class T:
Net Asset Value and redemption price per share ($173,946,169 ÷ 14,167,826 shares) | | $ 12.28 |
| | |
Maximum offering price per share (100/96.50 of $12.28) | | $ 12.73 |
Class B:
Net Asset Value and offering price per share ($43,016,353 ÷ 3,533,882 shares)A | | $ 12.17 |
| | |
Class C:
Net Asset Value and offering price per share ($40,426,137 ÷ 3,323,448 shares)A | | $ 12.16 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($52,762,147 ÷ 4,280,401 shares) | | $ 12.33 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 15,855,933 |
Interest | | 132 |
Total income | | 15,856,065 |
| | |
Expenses | | |
Distribution fees | $ 2,764,588 | |
Independent trustees' compensation | 2,642 | |
Total expenses before reductions | 2,767,230 | |
Expense reductions | (2,642) | 2,764,588 |
Net investment income (loss) | | 13,091,477 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,727,608) | |
Capital gain distributions from underlying funds | 32,983,337 | 31,255,729 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (77,544,121) |
Net gain (loss) | | (46,288,392) |
Net increase (decrease) in net assets resulting from operations | | $ (33,196,915) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 13,091,477 | $ 5,944,293 |
Net realized gain (loss) | 31,255,729 | 11,802,014 |
Change in net unrealized appreciation (depreciation) | (77,544,121) | 18,500,292 |
Net increase (decrease) in net assets resulting from operations | (33,196,915) | 36,246,599 |
Distributions to shareholders from net investment income | (11,956,162) | (5,346,689) |
Distributions to shareholders from net realized gain | (14,061,115) | (6,744,686) |
Total distributions | (26,017,277) | (12,091,375) |
Share transactions - net increase (decrease) | 383,205,903 | 255,833,989 |
Total increase (decrease) in net assets | 323,991,711 | 279,989,213 |
| | |
Net Assets | | |
Beginning of period | 545,049,338 | 265,060,125 |
End of period (including undistributed net investment income of $2,017,976 and undistributed net investment income of $882,661, respectively) | $ 869,041,049 | $ 545,049,338 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.01 | $ 12.34 | $ 10.96 | $ 10.67 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .26 | .22 | .17 | .19 | .06 |
Net realized and unrealized gain (loss) | (.50) | .90 | 1.39 | .23 | .67 |
Total from investment operations | (.24) | 1.12 | 1.56 | .42 | .73 |
Distributions from net investment income | (.22) | (.19) | (.13) | (.13) | (.06) |
Distributions from net realized gain | (.29) | (.26) | (.05) | - I | - |
Total distributions | (.51) | (.45) | (.18) | (.13) | (.06) |
Net asset value, end of period | $ 12.26 | $ 13.01 | $ 12.34 | $ 10.96 | $ 10.67 |
Total Return B, C, D | (2.14) % | 9.26% | 14.35% | 3.96% | 7.32% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .25% | .33% | .33%A |
Net investment income (loss) | 1.95% | 1.79% | 1.44% | 1.76% | 1.59%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 558,890 | $ 306,544 | $ 128,504 | $ 59,347 | $ 2,284 |
Portfolio turnover rate | 10% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.03 | $ 12.35 | $ 10.97 | $ 10.69 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .23 | .19 | .14 | .16 | .05 |
Net realized and unrealized gain (loss) | (.51) | .91 | 1.39 | .24 | .70 |
Total from investment operations | (.28) | 1.10 | 1.53 | .40 | .75 |
Distributions from net investment income | (.18) | (.16) | (.11) | (.12) | (.06) |
Distributions from net realized gain | (.29) | (.26) | (.05) | - I | - |
Total distributions | (.47) | (.42) | (.15)J | (.12) | (.06) |
Net asset value, end of period | $ 12.28 | $ 13.03 | $ 12.35 | $ 10.97 | $ 10.69 |
Total Return B, C, D | (2.40)% | 9.10% | 14.07% | 3.75% | 7.52% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .58% | .58% A |
Expenses net of all reductions | .50% | .50% | .50% | .58% | .58% A |
Net investment income (loss) | 1.70% | 1.54% | 1.19% | 1.51% | 1.34% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 173,946 | $ 154,042 | $ 83,955 | $ 36,966 | $ 2,556 |
Portfolio turnover rate | 10% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.93 | $ 12.26 | $ 10.91 | $ 10.64 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .16 | .13 | .08 | .11 | .03 |
Net realized and unrealized gain (loss) | (.51) | .90 | 1.38 | .24 | .67 |
Total from investment operations | (.35) | 1.03 | 1.46 | .35 | .70 |
Distributions from net investment income | (.12) | (.10) | (.07) | (.08) | (.06) |
Distributions from net realized gain | (.29) | (.26) | (.04) | - I | - |
Total distributions | (.41) | (.36) | (.11) | (.08) | (.06) |
Net asset value, end of period | $ 12.17 | $ 12.93 | $ 12.26 | $ 10.91 | $ 10.64 |
Total ReturnB, C, D | (2.95)% | 8.57% | 13.46% | 3.29% | 6.97% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08% A |
Net investment income (loss) | 1.20% | 1.04% | .69% | 1.01% | .84% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 43,016 | $ 37,881 | $ 27,111 | $ 13,415 | $ 2,771 |
Portfolio turnover rate | 10% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.92 | $ 12.26 | $ 10.91 | $ 10.65 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .16 | .13 | .08 | .11 | .03 |
Net realized and unrealized gain (loss) | (.50) | .89 | 1.38 | .23 | .67 |
Total from investment operations | (.34) | 1.02 | 1.46 | .34 | .70 |
Distributions from net investment income | (.13) | (.10) | (.07) | (.08) | (.05) |
Distributions from net realized gain | (.29) | (.26) | (.04) | - I | - |
Total distributions | (.42) | (.36) | (.11) | (.08) | (.05) |
Net asset value, end of period | $ 12.16 | $ 12.92 | $ 12.26 | $ 10.91 | $ 10.65 |
Total Return B, C, D | (2.91)% | 8.51% | 13.46% | 3.19% | 7.02% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | 1.20% | 1.04% | .69% | 1.01% | .84%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 40,426 | $ 32,679 | $ 20,323 | $ 10,859 | $ 2,137 |
Portfolio turnover rate | 10% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.08 | $ 12.39 | $ 10.99 | $ 10.68 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .29 | .25 | .20 | .22 | .08 |
Net realized and unrealized gain (loss) | (.50) | .91 | 1.40 | .24 | .66 |
Total from investment operations | (.21) | 1.16 | 1.60 | .46 | .74 |
Distributions from net investment income | (.25) | (.21) | (.15) | (.15) | (.06) |
Distributions from net realized gain | (.29) | (.26) | (.05) | - H | - |
Total distributions | (.54) | (.47) | (.20) | (.15) | (.06) |
Net asset value, end of period | $ 12.33 | $ 13.08 | $ 12.39 | $ 10.99 | $ 10.68 |
Total Return B, C | (1.93)% | 9.60% | 14.69% | 4.25% | 7.42% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08%A |
Net investment income (loss) | 2.20% | 2.04% | 1.69% | 2.01% | 1.84%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 52,762 | $ 13,903 | $ 5,167 | $ 1,921 | $ 222 |
Portfolio turnover rate | 10% | 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 4.5 | 2.4 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 7.6 | 10.5 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.1 | 8.4 |
Fidelity Advisor Equity Income Fund Institutional Class | 12.2 | 12.3 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.9 | 10.7 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.8 | 10.7 |
Fidelity Advisor Mid Cap Fund Institutional Class | 5.5 | 5.2 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.7 | 3.0 |
Fidelity Small Cap Opportunities Fund | 2.7 | 1.8 |
| 65.0 | 65.0 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.0 | 8.4 |
Fidelity Advisor Overseas Fund Institutional Class | 7.9 | 8.4 |
| 15.9 | 16.8 |
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 | 3.0 | 2.8 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 2.1 | 2.6 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.3 | 2.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 4.3 | 3.3 |
| 11.7 | 10.8 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 65.0% | |
| International Equity Funds | 15.9% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Investment Grade Fixed-Income Funds | 11.7% | |
Six months ago |
| Domestic Equity Funds | 65.0% | |
| International Equity Funds | 16.8% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Investment Grade Fixed-Income Funds | 10.8% | |
Expected |
| Domestic Equity Funds | 64.3% | |
| International Equity Funds | 16.1% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 12.1% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 80.9% |
| Shares | | Value |
Domestic Equity Funds - 65.0% |
Fidelity 100 Index Fund | 5,301,441 | | $ 50,575,746 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 7,505,173 | | 84,433,195 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,525,674 | | 90,533,485 |
Fidelity Advisor Equity Income Fund Institutional Class | 5,113,310 | | 135,860,644 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6,490,983 | | 120,862,094 |
Fidelity Advisor Large Cap Fund Institutional Class | 6,715,984 | | 119,745,991 |
Fidelity Advisor Mid Cap Fund Institutional Class | 2,959,956 | | 61,241,491 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,278,649 | | 30,380,708 |
Fidelity Small Cap Opportunities Fund | 3,782,947 | | 29,998,774 |
TOTAL DOMESTIC EQUITY FUNDS | | 723,632,128 |
International Equity Funds - 15.9% |
Fidelity Advisor Diversified International Fund Institutional Class | 4,405,078 | | 88,365,873 |
Fidelity Advisor Overseas Fund Institutional Class | 4,099,064 | | 88,170,869 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 176,536,742 |
TOTAL EQUITY FUNDS (Cost $936,745,464) | 900,168,870 |
Fixed-Income Funds - 19.1% |
| | | |
High Yield Fixed-Income Funds - 7.4% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9,214,157 | | 82,190,283 |
Investment Grade Fixed-Income Funds - 11.7% |
Fidelity Advisor Government Income Fund Institutional Class | 3,128,517 | | 33,349,990 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 2,243,079 | | 23,821,496 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2,488,264 | | 25,380,295 |
Fidelity Advisor Total Bond Fund Institutional Class | 4,632,702 | | 47,670,508 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 130,222,289 |
TOTAL FIXED-INCOME FUNDS (Cost $218,546,593) | 212,412,572 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,155,292,057) | $ 1,112,581,442 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $1,155,292,057) - See accompanying schedule | | $ 1,112,581,442 |
Receivable for investments sold | | 651,785 |
Receivable for fund shares sold | | 1,770,586 |
Other affiliated receivables | | 171,881 |
Total assets | | 1,115,175,694 |
| | |
Liabilities | | |
Payable to custodian bank | $ 18,765 | |
Payable for investments purchased | 148,563 | |
Payable for fund shares redeemed | 2,255,092 | |
Distribution fees payable | 347,260 | |
Total liabilities | | 2,769,680 |
| | |
Net Assets | | $ 1,112,406,014 |
Net Assets consist of: | | |
Paid in capital | | $ 1,111,544,962 |
Undistributed net investment income | | 1,788,371 |
Accumulated undistributed net realized gain (loss) on investments | | 41,783,296 |
Net unrealized appreciation (depreciation) on investments | | (42,710,615) |
Net Assets | | $ 1,112,406,014 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($626,641,345 ÷ 47,156,206 shares) | | $ 13.29 |
| | |
Maximum offering price per share (100/94.25 of $13.29) | | $ 14.10 |
Class T:
Net Asset Value and redemption price per share ($297,618,431 ÷ 22,463,622 shares) | | $ 13.25 |
| | |
Maximum offering price per share (100/96.50 of $13.25) | | $ 13.73 |
Class B:
Net Asset Value and offering price per share ($60,367,464 ÷ 4,582,511 shares)A | | $ 13.17 |
| | |
Class C:
Net Asset Value and offering price per share ($58,767,835 ÷ 4,463,060 shares)A | | $ 13.17 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($69,010,939 ÷ 5,174,220 shares) | | $ 13.34 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 17,381,910 |
| | |
Expenses | | |
Distribution fees | $ 4,023,624 | |
Independent trustees' compensation | 3,602 | |
Total expenses before reductions | 4,027,226 | |
Expense reductions | (3,602) | 4,023,624 |
Net investment income (loss) | | 13,358,286 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,697,268) | |
Capital gain distributions from underlying funds | 50,182,082 | 48,484,814 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (115,173,925) |
Net gain (loss) | | (66,689,111) |
Net increase (decrease) in net assets resulting from operations | | $ (53,330,825) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 13,358,286 | $ 7,161,292 |
Net realized gain (loss) | 48,484,814 | 19,769,395 |
Change in net unrealized appreciation (depreciation) | (115,173,925) | 30,271,320 |
Net increase (decrease) in net assets resulting from operations | (53,330,825) | 57,202,007 |
Distributions to shareholders from net investment income | (12,227,782) | (6,933,419) |
Distributions to shareholders from net realized gain | (22,817,192) | (11,633,462) |
Total distributions | (35,044,974) | (18,566,881) |
Share transactions - net increase (decrease) | 439,844,437 | 289,401,681 |
Total increase (decrease) in net assets | 351,468,638 | 328,036,807 |
| | |
Net Assets | | |
Beginning of period | 760,937,376 | 432,900,569 |
End of period (including undistributed net investment income of $1,788,371 and undistributed net investment income of $702,959, respectively) | $ 1,112,406,014 | $ 760,937,376 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.27 | $ 13.47 | $ 11.81 | $ 11.48 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .22 | .20 | .15 | .18 | .11 |
Net realized and unrealized gain (loss) | (.63) | 1.09 | 1.70 | .30 | 1.46 |
Total from investment operations | (.41) | 1.29 | 1.85 | .48 | 1.57 |
Distributions from net investment income | (.19) | (.18) | (.11) | (.15) | (.09) |
Distributions from net realized gain | (.38) | (.31) | (.08) | - I | - |
Total distributions | (.57) | (.49) | (.19) | (.15) | (.09) |
Net asset value, end of period | $ 13.29 | $ 14.27 | $ 13.47 | $ 11.81 | $ 11.48 |
Total Return B, C, D | (3.22)% | 9.82% | 15.84% | 4.19% | 15.68% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 1.53% | 1.49% | 1.17% | 1.55% | 1.44%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 626,641 | $ 343,345 | $ 156,916 | $ 65,593 | $ 27,879 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.23 | $ 13.43 | $ 11.78 | $ 11.47 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .19 | .17 | .11 | .15 | .09 |
Net realized and unrealized gain (loss) | (.64) | 1.09 | 1.70 | .30 | 1.46 |
Total from investment operations | (.45) | 1.26 | 1.81 | .45 | 1.55 |
Distributions from net investment income | (.15) | (.15) | (.09) | (.14) | (.08) |
Distributions from net realized gain | (.38) | (.31) | (.08) | - I | - |
Total distributions | (.53) | (.46) | (.16)J | (.14) | (.08) |
Net asset value, end of period | $ 13.25 | $ 14.23 | $ 13.43 | $ 11.78 | $ 11.47 |
Total Return B, C, D | (3.49)% | 9.59% | 15.52% | 3.91% | 15.53% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .51% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .51% | .58% | .58%A |
Net investment income (loss) | 1.28% | 1.24% | .92% | 1.30% | 1.19%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 297,618 | $ 281,508 | $ 184,029 | $ 102,153 | $ 27,201 |
Portfolio turnover rate | 10% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .11 | .10 | .05 | .09 | .05 |
Net realized and unrealized gain (loss) | (.63) | 1.08 | 1.70 | .30 | 1.46 |
Total from investment operations | (.52) | 1.18 | 1.75 | .39 | 1.51 |
Distributions from net investment income | (.09) | (.09) | (.05) | (.09) | (.07) |
Distributions from net realized gain | (.37) | (.31) | (.07) | - I | - |
Total distributions | (.46) | (.40) | (.12) | (.09) | (.07) |
Net asset value, end of period | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 |
Total Return B, C, D | (3.96)% | 8.98% | 14.96% | 3.41% | 15.12% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | .78% | .74% | .42% | .80% | .69%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 60,367 | $ 56,845 | $ 43,099 | $ 27,653 | $ 12,229 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .11 | .10 | .05 | .09 | .05 |
Net realized and unrealized gain (loss) | (.63) | 1.08 | 1.70 | .30 | 1.46 |
Total from investment operations | (.52) | 1.18 | 1.75 | .39 | 1.51 |
Distributions from net investment income | (.09) | (.09) | (.05) | (.09) | (.07) |
Distributions from net realized gain | (.37) | (.31) | (.07) | - I | - |
Total distributions | (.46) | (.40) | (.12) | (.09) | (.07) |
Net asset value, end of period | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 |
Total Return B, C, D | (3.95)% | 9.00% | 14.99% | 3.41% | 15.12% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | .78% | .74% | .42% | .80% | .69%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 58,768 | $ 54,338 | $ 37,940 | $ 22,265 | $ 9,722 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.32 | $ 13.51 | $ 11.84 | $ 11.49 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .26 | .24 | .18 | .21 | .13 |
Net realized and unrealized gain (loss) | (.64) | 1.09 | 1.71 | .31 | 1.45 |
Total from investment operations | (.38) | 1.33 | 1.89 | .52 | 1.58 |
Distributions from net investment income | (.22) | (.21) | (.13) | (.17) | (.09) |
Distributions from net realized gain | (.38) | (.31) | (.09) | -H | - |
Total distributions | (.60) | (.52) | (.22) | (.17) | (.09) |
Net asset value, end of period | $ 13.34 | $ 14.32 | $ 13.51 | $ 11.84 | $ 11.49 |
Total ReturnB, C | (3.01)% | 10.08% | 16.10% | 4.50% | 15.83% |
Ratios to Average Net AssetsE, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .07%A |
Net investment income (loss) | 1.78% | 1.74% | 1.42% | 1.80% | 1.69%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 69,011 | $ 24,902 | $ 10,918 | $ 7,841 | $ 1,030 |
Portfolio turnover rate | 10% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 4.4 | 2.4 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 7.5 | 10.6 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.5 | 8.5 |
Fidelity Advisor Equity Income Fund Institutional Class | 12.6 | 12.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 11.2 | 10.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 11.0 | 10.8 |
Fidelity Advisor Mid Cap Fund Institutional Class | 5.6 | 5.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.9 | 3.1 |
Fidelity Small Cap Opportunities Fund | 2.6 | 1.9 |
| 66.3 | 65.8 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.1 | 8.5 |
Fidelity Advisor Overseas Fund Institutional Class | 8.1 | 8.5 |
| 16.2 | 17.0 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.4 | 7.6 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 2.7 | 2.5 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 1.8 | 2.1 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.0 | 1.9 |
Fidelity Advisor Total Bond Fund Institutional Class | 3.6 | 3.1 |
| 10.1 | 9.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 66.3% | |
| International Equity Funds | 16.2% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Investment Grade Fixed-Income Funds | 10.1% | |
Six months ago |
| Domestic Equity Funds | 65.8% | |
| International Equity Funds | 17.0% | |
| High Yield Fixed-Income Funds | 7.6% | |
| Investment Grade Fixed-Income Funds | 9.6% | |
Expected |
| Domestic Equity Funds | 66.0% | |
| International Equity Funds | 16.5% | |
| High Yield Fixed-Income Funds | 7.6% | |
| Investment Grade Fixed-Income 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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 82.5% |
| Shares | | Value |
Domestic Equity Funds - 66.3% |
Fidelity 100 Index Fund | 2,376,566 | | $ 22,672,438 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 3,467,513 | | 39,009,525 |
Fidelity Advisor Equity Growth Fund Institutional Class | 750,614 | | 44,541,457 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,466,572 | | 65,536,826 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3,137,193 | | 58,414,538 |
Fidelity Advisor Large Cap Fund Institutional Class | 3,231,439 | | 57,616,559 |
Fidelity Advisor Mid Cap Fund Institutional Class | 1,409,796 | | 29,168,689 |
Fidelity Advisor Small Cap Fund Institutional Class | 634,295 | | 15,070,861 |
Fidelity Small Cap Opportunities Fund | 1,723,347 | | 13,666,145 |
TOTAL DOMESTIC EQUITY FUNDS | | 345,697,038 |
International Equity Funds - 16.2% |
Fidelity Advisor Diversified International Fund Institutional Class | 2,107,570 | | 42,277,862 |
Fidelity Advisor Overseas Fund Institutional Class | 1,964,207 | | 42,250,091 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 84,527,953 |
TOTAL EQUITY FUNDS (Cost $462,745,504) | 430,224,991 |
Fixed-Income Funds - 17.5% |
| | | |
High Yield Fixed-Income Funds - 7.4% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4,346,951 | | 38,774,800 |
Investment Grade Fixed-Income Funds - 10.1% |
Fidelity Advisor Government Income Fund Institutional Class | 1,314,361 | | 14,011,084 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 879,552 | | 9,340,844 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,014,636 | | 10,349,287 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,835,516 | | 18,887,465 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 52,588,680 |
TOTAL FIXED-INCOME FUNDS (Cost $94,666,798) | 91,363,480 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $557,412,302) | $ 521,588,471 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $557,412,302) - See accompanying schedule | | $ 521,588,471 |
Cash | | 21,726 |
Receivable for investments sold | | 239,610 |
Receivable for fund shares sold | | 1,208,641 |
Other affiliated receivables | | 82,000 |
Total assets | | 523,140,448 |
| | |
Liabilities | | |
Payable for investments purchased | $ 145,032 | |
Payable for fund shares redeemed | 1,324,883 | |
Distribution fees payable | 150,522 | |
Total liabilities | | 1,620,437 |
| | |
Net Assets | | $ 521,520,011 |
Net Assets consist of: | | |
Paid in capital | | $ 538,284,872 |
Undistributed net investment income | | 732,543 |
Accumulated undistributed net realized gain (loss) on investments | | 18,326,427 |
Net unrealized appreciation (depreciation) on investments | | (35,823,831) |
Net Assets | | $ 521,520,011 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($336,805,480 ÷ 26,885,222 shares) | | $ 12.53 |
| | |
Maximum offering price per share (100/94.25 of $12.53) | | $ 13.29 |
Class T:
Net Asset Value and redemption price per share ($99,531,037 ÷ 7,980,059 shares) | | $ 12.47 |
| | |
Maximum offering price per share (100/96.50 of $12.47) | | $ 12.92 |
Class B:
Net Asset Value and offering price per share ($27,853,847 ÷ 2,250,335 shares)A | | $ 12.38 |
| | |
Class C:
Net Asset Value and offering price per share ($23,167,639 ÷ 1,870,162 shares)A | | $ 12.39 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($34,162,008 ÷ 2,717,307 shares) | | $ 12.57 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 7,118,548 |
Interest | | 86 |
Total income | | 7,118,634 |
| | |
Expenses | | |
Distribution fees | $ 1,582,534 | |
Independent trustees' compensation | 1,473 | |
Total expenses before reductions | 1,584,007 | |
Expense reductions | (1,473) | 1,582,534 |
Net investment income (loss) | | 5,536,100 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (866,585) | |
Capital gain distributions from underlying funds | 22,059,274 | 21,192,689 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (56,006,834) |
Net gain (loss) | | (34,814,145) |
Net increase (decrease) in net assets resulting from operations | | $ (29,278,045) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,536,100 | $ 2,336,623 |
Net realized gain (loss) | 21,192,689 | 6,971,221 |
Change in net unrealized appreciation (depreciation) | (56,006,834) | 10,021,524 |
Net increase (decrease) in net assets resulting from operations | (29,278,045) | 19,329,368 |
Distributions to shareholders from net investment income | (5,034,848) | (2,210,017) |
Distributions to shareholders from net realized gain | (8,515,761) | (3,462,283) |
Total distributions | (13,550,609) | (5,672,300) |
Share transactions - net increase (decrease) | 285,328,975 | 140,482,789 |
Total increase (decrease) in net assets | 242,500,321 | 154,139,857 |
| | |
Net Assets | | |
Beginning of period | 279,019,690 | 124,879,833 |
End of period (including undistributed net investment income of $732,543 and undistributed net investment income of $129,257, respectively) | $ 521,520,011 | $ 279,019,690 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.44 | $ 12.67 | $ 11.06 | $ 10.70 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .20 | .19 | .14 | .19 | .07 |
Net realized and unrealized gain (loss) | (.60) | 1.02 | 1.62 | .32 | .72 |
Total from investment operations | (.40) | 1.21 | 1.76 | .51 | .79 |
Distributions from net investment income | (.17) | (.15) | (.11) | (.15) | (.09) |
Distributions from net realized gain | (.34) | (.29) | (.04) | - I | - |
Total distributions | (.51) | (.44) J | (.15) | (.15) | (.09) |
Net asset value, end of period | $ 12.53 | $ 13.44 | $ 12.67 | $ 11.06 | $ 10.70 |
Total Return B, C, D | (3.34)% | 9.74% | 16.03% | 4.76% | 7.88% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .33% | .33% A |
Expenses net of all reductions | .25% | .25% | .25% | .33% | .33% A |
Net investment income (loss) | 1.51% | 1.48% | 1.20% | 1.71% | 1.80% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 336,805 | $ 146,175 | $ 49,877 | $ 15,281 | $ 1,884 |
Portfolio turnover rate | 9% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.38 | $ 12.62 | $ 11.02 | $ 10.69 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .17 | .16 | .11 | .16 | .06 |
Net realized and unrealized gain (loss) | (.62) | 1.01 | 1.63 | .31 | .71 |
Total from investment operations | (.45) | 1.17 | 1.74 | .47 | .77 |
Distributions from net investment income | (.13) | (.13) | (.10) | (.14) | (.08) |
Distributions from net realized gain | (.33) | (.28) | (.04) | - I | - |
Total distributions | (.46) | (.41) J | (.14) | (.14) | (.08) |
Net asset value, end of period | $ 12.47 | $ 13.38 | $ 12.62 | $ 11.02 | $ 10.69 |
Total Return B, C, D | (3.66)% | 9.46% | 15.84% | 4.37% | 7.73% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .58% | .58% A |
Expenses net of all reductions | .50% | .50% | .50% | .58% | .58% A |
Net investment income (loss) | 1.26% | 1.23% | .95% | 1.46% | 1.55% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 99,531 | $ 84,368 | $ 45,421 | $ 16,432 | $ 1,047 |
Portfolio turnover rate | 9% | 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 $.411 per 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.29 | $ 12.54 | $ 10.98 | $ 10.67 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .10 | .09 | .05 | .10 | .04 |
Net realized and unrealized gain (loss) | (.61) | 1.02 | 1.61 | .32 | .71 |
Total from investment operations | (.51) | 1.11 | 1.66 | .42 | .75 |
Distributions from net investment income | (.08) | (.09) | (.06) | (.11) | (.08) |
Distributions from net realized gain | (.32) | (.27) | (.04) | -I | - |
Total distributions | (.40) | (.36) J | (.10) | (.11) | (.08) |
Net asset value, end of period | $ 12.38 | $ 13.29 | $ 12.54 | $ 10.98 | $ 10.67 |
Total Return B, C, D | (4.10)% | 8.98% | 15.17% | 3.88% | 7.48% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.08% | 1.08% A |
Net investment income (loss) | .76% | .73% | .45% | .96% | 1.05% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 27,854 | $ 23,065 | $ 15,351 | $ 6,917 | $ 1,123 |
Portfolio turnover rate | 9% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.30 | $ 12.55 | $ 10.99 | $ 10.68 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .10 | .09 | .05 | .10 | .04 |
Net realized and unrealized gain (loss) | (.61) | 1.02 | 1.61 | .32 | .72 |
Total from investment operations | (.51) | 1.11 | 1.66 | .42 | .76 |
Distributions from net investment income | (.08) | (.09) | (.06) | (.11) | (.08) |
Distributions from net realized gain | (.32) | (.27) | (.04) | - I | - |
Total distributions | (.40) | (.36) J | (.10) | (.11) | (.08) |
Net asset value, end of period | $ 12.39 | $ 13.30 | $ 12.55 | $ 10.99 | $ 10.68 |
Total Return B, C, D | (4.10)% | 8.99% | 15.15% | 3.87% | 7.58% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.08% | 1.08% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.08% | 1.08% A |
Net investment income (loss) | .76% | .73% | .45% | .96% | 1.05% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 23,168 | $ 19,041 | $ 12,023 | $ 5,089 | $ 890 |
Portfolio turnover rate | 9% | 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, | 2008 | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.49 | $ 12.71 | $ 11.07 | $ 10.71 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .24 | .22 | .17 | .21 | .08 |
Net realized and unrealized gain (loss) | (.62) | 1.02 | 1.64 | .31 | .72 |
Total from investment operations | (.38) | 1.24 | 1.81 | .52 | .80 |
Distributions from net investment income | (.20) | (.18) | (.13) | (.16) | (.09) |
Distributions from net realized gain | (.34) | (.29) | (.04) | - H | - |
Total distributions | (.54) | (.46) I | (.17) | (.16) | (.09) |
Net asset value, end of period | $ 12.57 | $ 13.49 | $ 12.71 | $ 11.07 | $ 10.71 |
Total Return B, C | (3.19)% | 9.98% | 16.45% | 4.87% | 7.98% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08%A |
Net investment income (loss) | 1.76% | 1.72% | 1.45% | 1.96% | 2.04%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 34,162 | $ 6,371 | $ 2,207 | $ 467 | $ 216 |
Portfolio turnover rate | 9% | 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 5.1 | 2.5 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 8.0 | 10.9 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.4 | 8.7 |
Fidelity Advisor Equity Income Fund Institutional Class | 12.7 | 12.7 |
Fidelity Advisor Growth & Income Fund Institutional Class | 11.3 | 11.1 |
Fidelity Advisor Large Cap Fund Institutional Class | 11.2 | 11.1 |
Fidelity Advisor Mid Cap Fund Institutional Class | 5.8 | 5.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.8 | 3.1 |
Fidelity Small Cap Opportunities Fund | 2.9 | 1.9 |
| 68.2 | 67.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.2 | 8.7 |
Fidelity Advisor Overseas Fund Institutional Class | 8.2 | 8.7 |
| 16.4 | 17.4 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9.6 | 9.8 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 1.5 | 1.4 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 1.1 | 1.4 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1.1 | 1.0 |
Fidelity Advisor Total Bond Fund Institutional Class | 2.1 | 1.6 |
| 5.8 | 5.4 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 68.2% | |
| International Equity Funds | 16.4% | |
 | High Yield Fixed-Income Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 5.8% | |
Six months ago |
| Domestic Equity Funds | 67.4% | |
| International Equity Funds | 17.4% | |
| High Yield Fixed-Income Funds | 9.8% | |
| Investment Grade Fixed-Income Funds | 5.4% | |
Expected |
| Domestic Equity Funds | 67.7% | |
| International Equity Funds | 16.9% | |
| High Yield Fixed-Income Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 5.8% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 84.6% |
| Shares | | Value |
Domestic Equity Funds - 68.2% |
Fidelity 100 Index Fund | 4,419,463 | | $ 42,161,674 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 5,845,613 | | 65,763,148 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,154,965 | | 68,535,601 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,923,151 | | 104,238,116 |
Fidelity Advisor Growth & Income Fund Institutional Class | 4,952,921 | | 92,223,387 |
Fidelity Advisor Large Cap Fund Institutional Class | 5,129,132 | | 91,452,415 |
Fidelity Advisor Mid Cap Fund Institutional Class | 2,285,469 | | 47,286,363 |
Fidelity Advisor Small Cap Fund Institutional Class | 955,731 | | 22,708,157 |
Fidelity Small Cap Opportunities Fund | 3,022,785 | | 23,970,684 |
TOTAL DOMESTIC EQUITY FUNDS | | 558,339,545 |
International Equity Funds - 16.4% |
Fidelity Advisor Diversified International Fund Institutional Class | 3,360,634 | | 67,414,321 |
Fidelity Advisor Overseas Fund Institutional Class | 3,123,498 | | 67,186,440 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 134,600,761 |
TOTAL EQUITY FUNDS (Cost $718,572,760) | 692,940,306 |
Fixed-Income Funds - 15.4% |
| | | |
High Yield Fixed-Income Funds - 9.6% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 8,812,292 | | 78,605,643 |
Investment Grade Fixed-Income Funds - 5.8% |
Fidelity Advisor Government Income Fund Institutional Class | 1,122,070 | | 11,961,266 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 846,207 | | 8,986,717 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 893,271 | | 9,111,360 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,703,582 | | 17,529,857 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 47,589,200 |
TOTAL FIXED-INCOME FUNDS (Cost $132,880,493) | 126,194,843 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $851,453,253) | $ 819,135,149 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $851,453,253) - See accompanying schedule | | $ 819,135,149 |
Receivable for investments sold | | 165,011 |
Receivable for fund shares sold | | 1,804,421 |
Other affiliated receivables | | 24,646 |
Total assets | | 821,129,227 |
| | |
Liabilities | | |
Payable to custodian bank | $ 28,381 | |
Payable for investments purchased | 210,324 | |
Payable for fund shares redeemed | 1,730,711 | |
Distribution fees payable | 272,112 | |
Total liabilities | | 2,241,528 |
| | |
Net Assets | | $ 818,887,699 |
Net Assets consist of: | | |
Paid in capital | | $ 816,848,301 |
Undistributed net investment income | | 840,632 |
Accumulated undistributed net realized gain (loss) on investments | | 33,516,870 |
Net unrealized appreciation (depreciation) on investments | | (32,318,104) |
Net Assets | | $ 818,887,699 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($428,380,857 ÷ 31,556,796 shares) | | $ 13.57 |
| | |
Maximum offering price per share (100/94.25 of $13.57) | | $ 14.40 |
Class T:
Net Asset Value and redemption price per share ($238,674,589 ÷ 17,633,689 shares) | | $ 13.54 |
| | |
Maximum offering price per share (100/96.50 of $13.54) | | $ 14.03 |
Class B:
Net Asset Value and offering price per share ($50,826,631 ÷ 3,786,212 shares)A | | $ 13.42 |
| | |
Class C:
Net Asset Value and offering price per share ($54,549,033 ÷ 4,065,476 shares)A | | $ 13.42 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($46,456,589 ÷ 3,410,016 shares) | | $ 13.62 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 12,824,316 |
| | |
Expenses | | |
Distribution fees | $ 3,232,227 | |
Independent trustees' compensation | 2,775 | |
Total expenses before reductions | 3,235,002 | |
Expense reductions | (2,775) | 3,232,227 |
Net investment income (loss) | | 9,592,089 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,101,095) | |
Capital gain distributions from underlying funds | 39,569,365 | 38,468,270 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (92,107,484) |
Net gain (loss) | | (53,639,214) |
Net increase (decrease) in net assets resulting from operations | | $ (44,047,125) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 9,592,089 | $ 5,727,932 |
Net realized gain (loss) | 38,468,270 | 16,279,489 |
Change in net unrealized appreciation (depreciation) | (92,107,484) | 25,694,610 |
Net increase (decrease) in net assets resulting from operations | (44,047,125) | 47,702,031 |
Distributions to shareholders from net investment income | (9,160,224) | (5,475,037) |
Distributions to shareholders from net realized gain | (18,281,042) | (9,442,737) |
Total distributions | (27,441,266) | (14,917,774) |
Share transactions - net increase (decrease) | 285,498,710 | 222,765,428 |
Total increase (decrease) in net assets | 214,010,319 | 255,549,685 |
| | |
Net Assets | | |
Beginning of period | 604,877,380 | 349,327,695 |
End of period (including undistributed net investment income of $840,632 and undistributed net investment income of $408,767, respectively) | $ 818,887,699 | $ 604,877,380 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.69 | $ 13.83 | $ 12.03 | $ 11.62 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .22 | .21 | .15 | .18 | .12 |
Net realized and unrealized gain (loss) | (.74) | 1.16 | 1.84 | .39 | 1.60 |
Total from investment operations | (.52) | 1.37 | 1.99 | .57 | 1.72 |
Distributions from net investment income | (.20) | (.18) | (.12) | (.16) | (.10) |
Distributions from net realized gain | (.40) | (.33) | (.07) | - | - |
Total distributions | (.60) | (.51) I | (.19) | (.16) | (.10) |
Net asset value, end of period | $ 13.57 | $ 14.69 | $ 13.83 | $ 12.03 | $ 11.62 |
Total Return B, C, D | (3.92)% | 10.09% | 16.65% | 4.87% | 17.19% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .25% | .25% | .26% | .35% | .35% A |
Expenses net of fee waivers, if any | .25% | .25% | .26% | .33% | .33%A |
Expenses net of all reductions | .25% | .25% | .26% | .33% | .33%A |
Net investment income (loss) | 1.47% | 1.48% | 1.18% | 1.50% | 1.53%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 428,381 | $ 263,733 | $ 133,817 | $ 51,718 | $ 9,666 |
Portfolio turnover rate | 9% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.64 | $ 13.79 | $ 12.00 | $ 11.60 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .18 | .17 | .12 | .15 | .10 |
Net realized and unrealized gain (loss) | (.72) | 1.16 | 1.83 | .38 | 1.59 |
Total from investment operations | (.54) | 1.33 | 1.95 | .53 | 1.69 |
Distributions from net investment income | (.16) | (.15) | (.10) | (.13) | (.09) |
Distributions from net realized gain | (.40) | (.33) | (.06) | - | - |
Total distributions | (.56) | (.48) I | (.16) | (.13) | (.09) |
Net asset value, end of period | $ 13.54 | $ 14.64 | $ 13.79 | $ 12.00 | $ 11.60 |
Total Return B, C, D | (4.05)% | 9.81% | 16.35% | 4.57% | 16.93% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | .50% | .50% | .51% | .60% | .60% A |
Expenses net of fee waivers, if any | .50% | .50% | .51% | .58% | .58%A |
Expenses net of all reductions | .50% | .50% | .51% | .58% | .58%A |
Net investment income (loss) | 1.22% | 1.23% | .93% | 1.25% | 1.28%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 238,675 | $ 221,815 | $ 136,679 | $ 66,136 | $ 19,191 |
Portfolio turnover rate | 9% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.53 | $ 13.70 | $ 11.94 | $ 11.57 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .11 | .10 | .05 | .09 | .06 |
Net realized and unrealized gain (loss) | (.73) | 1.14 | 1.83 | .38 | 1.60 |
Total from investment operations | (.62) | 1.24 | 1.88 | .47 | 1.66 |
Distributions from net investment income | (.10) | (.10) | (.06) | (.10) | (.09) |
Distributions from net realized gain | (.39) | (.32) | (.06) | - | - |
Total distributions | (.49) | (.41)I | (.12) | (.10) | (.09) |
Net asset value, end of period | $ 13.42 | $ 14.53 | $ 13.70 | $ 11.94 | $ 11.57 |
Total ReturnB, C, D | (4.59)% | 9.25% | 15.81% | 4.04% | 16.58% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | .72% | .73% | .43% | .75% | .78%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 50,827 | $ 46,110 | $ 32,658 | $ 18,541 | $ 7,232 |
Portfolio turnover rate | 9% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.52 | $ 13.70 | $ 11.94 | $ 11.57 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .11 | .10 | .05 | .09 | .06 |
Net realized and unrealized gain (loss) | (.72) | 1.13 | 1.83 | .38 | 1.59 |
Total from investment operations | (.61) | 1.23 | 1.88 | .47 | 1.65 |
Distributions from net investment income | (.10) | (.10) | (.06) | (.10) | (.08) |
Distributions from net realized gain | (.39) | (.32) | (.06) | - | - |
Total distributions | (.49) | (.41)I | (.12) | (.10) | (.08) |
Net asset value, end of period | $ 13.42 | $ 14.52 | $ 13.70 | $ 11.94 | $ 11.57 |
Total ReturnB, C, D | (4.54)% | 9.17% | 15.82% | 4.04% | 16.53% |
Ratios to Average Net AssetsF, H | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.01% | 1.10% | 1.10%A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.08% | 1.08%A |
Net investment income (loss) | .72% | .73% | .43% | .75% | .78%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 54,549 | $ 54,022 | $ 38,947 | $ 21,792 | $ 6,958 |
Portfolio turnover rate | 9% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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, | 2008 | 2007 | 2006 | 2005 | 2004F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.74 | $ 13.87 | $ 12.05 | $ 11.63 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .25 | .24 | .18 | .21 | .13 |
Net realized and unrealized gain (loss) | (.74) | 1.17 | 1.85 | .38 | 1.60 |
Total from investment operations | (.49) | 1.41 | 2.03 | .59 | 1.73 |
Distributions from net investment income | (.23) | (.21) | (.14) | (.17) | (.10) |
Distributions from net realized gain | (.40) | (.33) | (.07) | - | - |
Total distributions | (.63) | (.54)H | (.21) | (.17) | (.10) |
Net asset value, end of period | $ 13.62 | $ 14.74 | $ 13.87 | $ 12.05 | $ 11.63 |
Total ReturnB, C | (3.70)% | 10.36% | 16.99% | 5.07% | 17.34% |
Ratios to Average Net AssetsE, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10%A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08%A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08%A |
Net investment income (loss) | 1.72% | 1.73% | 1.43% | 1.75% | 1.78%A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 46,457 | $ 19,197 | $ 7,227 | $ 4,474 | $ 294 |
Portfolio turnover rate | 9% | 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. Expenses net of fee waivers reflect expenses after reimbursement 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 6.5 | 2.5 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 9.4 | 9.7 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.6 | 8.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 11.6 | 13.1 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.3 | 11.5 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.3 | 11.5 |
Fidelity Advisor Mid Cap Fund Institutional Class | 5.0 | 5.7 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.1 | 3.1 |
Fidelity Small Cap Opportunities Fund | 3.8 | 2.3 |
| 67.6 | 68.3 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 9.4 | 9.0 |
Fidelity Advisor Overseas Fund Institutional Class | 9.3 | 9.0 |
| 18.7 | 18.0 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 10.0 | 10.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 1.0 | 0.9 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.4 | 0.7 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1.5 | 0.7 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.8 | 1.4 |
| 3.7 | 3.7 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 67.6% | |
| International Equity Funds | 18.7% | |
| High Yield Fixed-Income Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 3.7% | |
Six months ago |
| Domestic Equity Funds | 68.3% | |
| International Equity Funds | 18.0% | |
| High Yield Fixed-Income Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 3.7% | |
Expected |
| Domestic Equity Funds | 68.1% | |
| International Equity Funds | 17.1% | |
| High Yield Fixed-Income Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 4.8% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 86.3% |
| Shares | | Value |
Domestic Equity Funds - 67.6% |
Fidelity 100 Index Fund | 576,821 | | $ 5,502,871 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 711,473 | | 8,004,073 |
Fidelity Advisor Equity Growth Fund Institutional Class | 108,957 | | 6,465,535 |
Fidelity Advisor Equity Income Fund Institutional Class | 371,536 | | 9,871,711 |
Fidelity Advisor Growth & Income Fund Institutional Class | 472,514 | | 8,798,205 |
Fidelity Advisor Large Cap Fund Institutional Class | 490,634 | | 8,748,008 |
Fidelity Advisor Mid Cap Fund Institutional Class | 207,122 | | 4,285,363 |
Fidelity Advisor Small Cap Fund Institutional Class | 109,395 | | 2,599,232 |
Fidelity Small Cap Opportunities Fund | 408,090 | | 3,236,153 |
TOTAL DOMESTIC EQUITY FUNDS | | 57,511,151 |
International Equity Funds - 18.7% |
Fidelity Advisor Diversified International Fund Institutional Class | 398,126 | | 7,986,408 |
Fidelity Advisor Overseas Fund Institutional Class | 370,276 | | 7,964,632 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 15,951,040 |
TOTAL EQUITY FUNDS (Cost $81,932,057) | 73,462,191 |
Fixed-Income Funds - 13.7% |
| | | |
High Yield Fixed-Income Funds - 10.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 956,146 | | 8,528,823 |
Investment Grade Fixed-Income Funds - 3.7% |
Fidelity Advisor Government Income Fund Institutional Class | 81,528 | | 869,091 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 28,255 | | 300,067 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 125,859 | | 1,283,761 |
Fidelity Advisor Total Bond Fund Institutional Class | 64,960 | | 668,438 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 3,121,357 |
TOTAL FIXED-INCOME FUNDS (Cost $12,492,740) | 11,650,180 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $94,424,797) | $ 85,112,371 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $94,424,797) - See accompanying schedule | | $ 85,112,371 |
Receivable for fund shares sold | | 471,331 |
Other affiliated receivables | | 20,207 |
Total assets | | 85,603,909 |
| | |
Liabilities | | |
Payable to custodian bank | $ 2,420 | |
Payable for investments purchased | 162,278 | |
Payable for fund shares redeemed | 306,569 | |
Distribution fees payable | 20,581 | |
Total liabilities | | 491,848 |
| | |
Net Assets | | $ 85,112,061 |
Net Assets consist of: | | |
Paid in capital | | $ 92,183,140 |
Undistributed net investment income | | 94,849 |
Accumulated undistributed net realized gain (loss) on investments | | 2,146,498 |
Net unrealized appreciation (depreciation) on investments | | (9,312,426) |
Net Assets | | $ 85,112,061 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($61,720,555 ÷ 5,943,071 shares) | | $ 10.39 |
| | |
Maximum offering price per share (100/94.25 of $10.39) | | $ 11.02 |
Class T:
Net Asset Value and redemption price per share ($11,745,965 ÷ 1,133,449 shares) | | $ 10.36 |
| | |
Maximum offering price per share (100/96.50 of $10.36) | | $ 10.74 |
Class B:
Net Asset Value and offering price per share ($2,476,256 ÷ 239,760 shares)A | | $ 10.33 |
| | |
Class C:
Net Asset Value and offering price per share ($2,538,685 ÷ 245,940 shares)A | | $ 10.32 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($6,630,600 ÷ 636,717 shares) | | $ 10.41 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 807,087 |
Interest | | 42 |
Total income | | 807,129 |
| | |
Expenses | | |
Distribution fees | $ 154,428 | |
Independent trustees' compensation | 165 | |
Total expenses before reductions | 154,593 | |
Expense reductions | (165) | 154,428 |
Net investment income (loss) | | 652,701 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (519,978) | |
Capital gain distributions from underlying funds | 3,068,000 | 2,548,022 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (9,564,052) |
Net gain (loss) | | (7,016,030) |
Net increase (decrease) in net assets resulting from operations | | $ (6,363,329) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | For the period
June 1, 2006
(commencement of operations) to
March 31, 2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 652,701 | $ 42,636 |
Net realized gain (loss) | 2,548,022 | 158,988 |
Change in net unrealized appreciation (depreciation) | (9,564,052) | 251,626 |
Net increase (decrease) in net assets resulting from operations | (6,363,329) | 453,250 |
Distributions to shareholders from net investment income | (570,874) | (35,267) |
Distributions to shareholders from net realized gain | (529,295) | (25,563) |
Total distributions | (1,100,169) | (60,830) |
Share transactions - net increase (decrease) | 74,511,096 | 17,672,043 |
Total increase (decrease) in net assets | 67,047,598 | 18,064,463 |
| | |
Net Assets | | |
Beginning of period | 18,064,463 | - |
End of period (including undistributed net investment income of $94,849 and undistributed net investment income of $7,369, respectively) | $ 85,112,061 | $ 18,064,463 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.05 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .16 | .12 |
Net realized and unrealized gain (loss) | (.57) | 1.06 |
Total from investment operations | (.41) | 1.18 |
Distributions from net investment income | (.11) | (.08) |
Distributions from net realized gain | (.14) | (.05) |
Total distributions | (.25)I | (.13) |
Net asset value, end of period | $ 10.39 | $ 11.05 |
Total ReturnB, C, D | (3.96)% | 11.78% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25%A |
Expenses net of all reductions | .25% | .25%A |
Net investment income (loss) | 1.44% | 1.31%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 61,721 | $ 12,550 |
Portfolio turnover rate | 22% | 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.
I Total distributions of $.248 per share is comprised of distributions form net investment income of $.110 and distributions from net realized gain of $.138 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2008 | 2007G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.03 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)E | .13 | .09 |
Net realized and unrealized gain (loss) | (.57) | 1.06 |
Total from investment operations | (.44) | 1.15 |
Distributions from net investment income | (.09) | (.07) |
Distributions from net realized gain | (.14) | (.05) |
Total distributions | (.23)I | (.12) |
Net asset value, end of period | $ 10.36 | $ 11.03 |
Total ReturnB, C, D | (4.23)% | 11.53% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | .50% | .50%A |
Expenses net of fee waivers, if any | .50% | .50%A |
Expenses net of all reductions | .50% | .50%A |
Net investment income (loss) | 1.19% | 1.06%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 11,746 | $ 3,339 |
Portfolio turnover rate | 22% | 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.
I Total distributions of $.227 per share is comprised of distributions from net investment income of $.090 and distributions from net realized gain of $.137 per share.
Financial Highlights - Class B
Years ended March 31, | 2008 | 2007G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.01 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)E | .08 | .05 |
Net realized and unrealized gain (loss) | (.57) | 1.06 |
Total from investment operations | (.49) | 1.11 |
Distributions from net investment income | (.06) | (.05) |
Distributions from net realized gain | (.13) | (.05) |
Total distributions | (.19)I | (.10) |
Net asset value, end of period | $ 10.33 | $ 11.01 |
Total ReturnB, C, D | (4.65)% | 11.09% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | 1.00% | 1.00%A |
Expenses net of fee waivers, if any | 1.00% | 1.00%A |
Expenses net of all reductions | 1.00% | 1.00%A |
Net investment income (loss) | .69% | .56%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,476 | $ 776 |
Portfolio turnover rate | 22% | 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.
I Total distributions of $.188 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.130 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2008 | 2007G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.01 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)E | .08 | .05 |
Net realized and unrealized gain (loss) | (.58) | 1.06 |
Total from investment operations | (.50) | 1.11 |
Distributions from net investment income | (.06) | (.05) |
Distributions from net realized gain | (.13) | (.05) |
Total distributions | (.19)I | (.10) |
Net asset value, end of period | $ 10.32 | $ 11.01 |
Total ReturnB, C, D | (4.74)% | 11.08% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | 1.00% | 1.00%A |
Expenses net of fee waivers, if any | 1.00% | 1.00%A |
Expenses net of all reductions | 1.00% | 1.00%A |
Net investment income (loss) | .69% | .56%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,539 | $ 770 |
Portfolio turnover rate | 22% | 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.
I Total distributions of $.188 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.130 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2008 | 2007F |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.07 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)D | .19 | .14 |
Net realized and unrealized gain (loss) | (.59) | 1.06 |
Total from investment operations | (.40) | 1.20 |
Distributions from net investment income | (.13) | (.08) |
Distributions from net realized gain | (.14) | (.05) |
Total distributions | (.26)H | (.13) |
Net asset value, end of period | $ 10.41 | $ 11.07 |
Total ReturnB, C | (3.82)% | 12.02% |
Ratios to Average Net AssetsE, G | | |
Expenses before reductions | .00% | .00%A |
Expenses net of fee waivers, if any | .00% | .00%A |
Expenses net of all reductions | .00% | .00%A |
Net investment income (loss) | 1.68% | 1.56%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 6,631 | $ 629 |
Portfolio turnover rate | 22% | 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.
H Total distributions of $.264 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.138 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 6.5 | 2.7 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 9.4 | 10.2 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.8 | 9.0 |
Fidelity Advisor Equity Income Fund Institutional Class | 11.9 | 13.2 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.6 | 11.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.6 | 11.6 |
Fidelity Advisor Mid Cap Fund Institutional Class | 5.2 | 5.7 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.9 | 3.1 |
Fidelity Small Cap Opportunities Fund | 4.1 | 2.3 |
| 69.0 | 69.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 10.4 | 10.2 |
Fidelity Advisor Overseas Fund Institutional Class | 10.4 | 10.1 |
| 20.8 | 20.3 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9.6 | 9.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 0.1 | 0.1 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.2 | 0.1 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.1 | 0.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.2 | 0.1 |
| 0.6 | 0.4 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 69.0% | |
| International Equity Funds | 20.8% | |
| High Yield Fixed-Income Funds | 9.6% | |
 | Investment Grade Fixed-Income Funds | 0.6% | |
Six months ago |
| Domestic Equity Funds | 69.4% | |
| International Equity Funds | 20.3% | |
| High Yield Fixed-Income Funds | 9.9% | |
| Investment Grade Fixed-Income Funds | 0.4% | |
Expected |
| Domestic Equity Funds | 69.5% | |
| International Equity Funds | 20.0% | |
| High Yield Fixed-Income Funds | 10.0% | |
| Investment Grade Fixed-Income 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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 89.8% |
| Shares | | Value |
Domestic Equity Funds - 69.0% |
Fidelity 100 Index Fund | 586,146 | | $ 5,591,829 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 723,457 | | 8,138,896 |
Fidelity Advisor Equity Growth Fund Institutional Class | 113,292 | | 6,722,759 |
Fidelity Advisor Equity Income Fund Institutional Class | 385,102 | | 10,232,153 |
Fidelity Advisor Growth & Income Fund Institutional Class | 491,311 | | 9,148,209 |
Fidelity Advisor Large Cap Fund Institutional Class | 510,211 | | 9,097,067 |
Fidelity Advisor Mid Cap Fund Institutional Class | 214,467 | | 4,437,331 |
Fidelity Advisor Small Cap Fund Institutional Class | 105,198 | | 2,499,494 |
Fidelity Small Cap Opportunities Fund | 446,114 | | 3,537,688 |
TOTAL DOMESTIC EQUITY FUNDS | | 59,405,426 |
International Equity Funds - 20.8% |
Fidelity Advisor Diversified International Fund Institutional Class | 448,260 | | 8,992,105 |
Fidelity Advisor Overseas Fund Institutional Class | 416,177 | | 8,951,974 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 17,944,079 |
TOTAL EQUITY FUNDS (Cost $86,579,980) | 77,349,505 |
Fixed-Income Funds - 10.2% |
| | | |
High Yield Fixed-Income Funds - 9.6% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 925,787 | | 8,258,020 |
Investment Grade Fixed-Income Funds - 0.6% |
Fidelity Advisor Government Income Fund Institutional Class | 8,598 | | 91,652 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 15,554 | | 165,189 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 8,864 | | 90,412 |
Fidelity Advisor Total Bond Fund Institutional Class | 13,666 | | 140,622 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 487,875 |
TOTAL FIXED-INCOME FUNDS (Cost $9,665,621) | 8,745,895 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $96,245,601) | $ 86,095,400 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $96,245,601) - See accompanying schedule | | $ 86,095,400 |
Cash | | 9,024 |
Receivable for fund shares sold | | 403,028 |
Other receivables | | 1,441 |
Total assets | | 86,508,893 |
| | |
Liabilities | | |
Payable for investments purchased | $ 359,805 | |
Payable for fund shares redeemed | 52,210 | |
Distribution fees payable | 23,653 | |
Total liabilities | | 435,668 |
| | |
Net Assets | | $ 86,073,225 |
Net Assets consist of: | | |
Paid in capital | | $ 93,738,948 |
Undistributed net investment income | | 45,694 |
Accumulated undistributed net realized gain (loss) on investments | | 2,438,784 |
Net unrealized appreciation (depreciation) on investments | | (10,150,201) |
Net Assets | | $ 86,073,225 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($55,249,972 ÷ 5,351,115 shares) | | $ 10.32 |
| | |
Maximum offering price per share (100/94.25 of $10.32) | | $ 10.95 |
Class T:
Net Asset Value and redemption price per share ($15,146,583 ÷ 1,470,512 shares) | | $ 10.30 |
| | |
Maximum offering price per share (100/96.50 of $10.30) | | $ 10.67 |
Class B:
Net Asset Value and offering price per share ($3,414,138 ÷ 332,750 shares)A | | $ 10.26 |
| | |
Class C:
Net Asset Value and offering price per share ($5,380,053 ÷ 524,676 shares)A | | $ 10.25 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($6,882,479 ÷ 665,217 shares) | | $ 10.35 |
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, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 843,475 |
Interest | | 147 |
Total income | | 843,622 |
| | |
Expenses | | |
Distribution fees | $ 185,629 | |
Independent trustees' compensation | 177 | |
Total expenses before reductions | 185,806 | |
Expense reductions | (177) | 185,629 |
Net investment income (loss) | | 657,993 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (682,561) | |
Capital gain distributions from underlying funds | 3,548,974 | 2,866,413 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (10,545,175) |
Net gain (loss) | | (7,678,762) |
Net increase (decrease) in net assets resulting from operations | | $ (7,020,769) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2008 | For the period
June 1, 2006
(commencement of operations) to
March 31, 2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 657,993 | $ 62,632 |
Net realized gain (loss) | 2,866,413 | 251,469 |
Change in net unrealized appreciation (depreciation) | (10,545,175) | 394,974 |
Net increase (decrease) in net assets resulting from operations | (7,020,769) | 709,075 |
Distributions to shareholders from net investment income | (617,903) | (57,030) |
Distributions to shareholders from net realized gain | (637,740) | (41,358) |
Total distributions | (1,255,643) | (98,388) |
Share transactions - net increase (decrease) | 74,257,188 | 19,481,762 |
Total increase (decrease) in net assets | 65,980,776 | 20,092,449 |
| | |
Net Assets | | |
Beginning of period | 20,092,449 | - |
End of period (including undistributed net investment income of $45,694 and undistributed net investment income of $5,602, respectively) | $ 86,073,225 | $ 20,092,449 |
Financial Highlights - Class A
Years ended March 31, | 2008 | 2007 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.04 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .16 | .13 |
Net realized and unrealized gain (loss) | (.60) | 1.06 |
Total from investment operations | (.44) | 1.19 |
Distributions from net investment income | (.11) | (.09) |
Distributions from net realized gain | (.17) | (.06) |
Total distributions | (.28) | (.15) |
Net asset value, end of period | $ 10.32 | $ 11.04 |
Total Return B, C, D | (4.27)% | 11.91% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25%A |
Expenses net of all reductions | .25% | .25%A |
Net investment income (loss) | 1.39% | 1.45%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 55,250 | $ 12,907 |
Portfolio turnover rate | 25% | 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
Years ended March 31, | 2008 | 2007G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.02 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)E | .13 | .11 |
Net realized and unrealized gain (loss) | (.59) | 1.05 |
Total from investment operations | (.46) | 1.16 |
Distributions from net investment income | (.09) | (.08) |
Distributions from net realized gain | (.17) | (.06) |
Total distributions | (.26) | (.14) |
Net asset value, end of period | $ 10.30 | $ 11.02 |
Total ReturnB, C, D | (4.45)% | 11.64% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | .50% | .50%A |
Expenses net of fee waivers, if any | .50% | .50%A |
Expenses net of all reductions | .50% | .50%A |
Net investment income (loss) | 1.14% | 1.20%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 15,147 | $ 3,520 |
Portfolio turnover rate | 25% | 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
Years ended March 31, | 2008 | 2007G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.00 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)E | .07 | .06 |
Net realized and unrealized gain (loss) | (.59) | 1.07 |
Total from investment operations | (.52) | 1.13 |
Distributions from net investment income | (.06) | (.07) |
Distributions from net realized gain | (.16) | (.06) |
Total distributions | (.22) | (.13) |
Net asset value, end of period | $ 10.26 | $ 11.00 |
Total ReturnB, C, D | (4.93)% | 11.31% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | 1.00% | 1.00%A |
Expenses net of fee waivers, if any | 1.00% | 1.00%A |
Expenses net of all reductions | 1.00% | 1.00%A |
Net investment income (loss) | .64% | .70%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 3,414 | $ 1,177 |
Portfolio turnover rate | 25% | 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
Years ended March 31, | 2008 | 2007G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.00 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)E | .07 | .06 |
Net realized and unrealized gain (loss) | (.59) | 1.06 |
Total from investment operations | (.52) | 1.12 |
Distributions from net investment income | (.07) | (.06) |
Distributions from net realized gain | (.16) | (.06) |
Total distributions | (.23) | (.12) |
Net asset value, end of period | $ 10.25 | $ 11.00 |
Total ReturnB, C, D | (4.99)% | 11.25% |
Ratios to Average Net AssetsF, H | | |
Expenses before reductions | 1.00% | 1.00%A |
Expenses net of fee waivers, if any | 1.00% | 1.00%A |
Expenses net of all reductions | 1.00% | 1.00%A |
Net investment income (loss) | .64% | .70%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 5,380 | $ 1,507 |
Portfolio turnover rate | 25% | 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
Years ended March 31, | 2008 | 2007F |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 11.06 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss)D | .18 | .15 |
Net realized and unrealized gain (loss) | (.59) | 1.06 |
Total from investment operations | (.41) | 1.21 |
Distributions from net investment income | (.13) | (.09) |
Distributions from net realized gain | (.17) | (.06) |
Total distributions | (.30) | (.15) |
Net asset value, end of period | $ 10.35 | $ 11.06 |
Total ReturnB, C | (4.02)% | 12.16% |
Ratios to Average Net AssetsE, G | | |
Expenses before reductions | .00% | .00%A |
Expenses net of fee waivers, if any | .00% | .00%A |
Expenses net of all reductions | .00% | .00%A |
Net investment income (loss) | 1.64% | 1.70%A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 6,882 | $ 982 |
Portfolio turnover rate | 25% | 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, 2008
1. Organization.
Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund and Fidelity 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). 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.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. 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 the 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. Each Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48), on June 29, 2007. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Funds' federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.
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 short-term gain distributions from the Underlying Funds and losses deferred due to wash sales.
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The 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 | $ 163,427,937 | $ 2,546,218 | $ (4,174,510) | $ (1,628,292) |
Advisor Freedom 2005 | 148,244,154 | 2,803,333 | (6,656,862) | (3,853,529) |
Advisor Freedom 2010 | 734,352,939 | 21,494,040 | (29,428,092) | (7,934,052) |
Advisor Freedom 2015 | 920,008,360 | 22,678,572 | (42,866,659) | (20,188,087) |
Advisor Freedom 2020 | 1,567,119,787 | 56,428,394 | (80,691,373) | (24,262,979) |
Advisor Freedom 2025 | 908,112,998 | 21,012,605 | (59,944,828) | (38,932,223) |
Advisor Freedom 2030 | 1,155,311,458 | 37,396,836 | (80,126,852) | (42,730,016) |
Advisor Freedom 2035 | 557,420,916 | 10,381,378 | (46,213,823) | (35,832,445) |
Advisor Freedom 2040 | 851,467,319 | 28,900,641 | (61,232,811) | (32,332,170) |
Advisor Freedom 2045 | 94,426,521 | 306,791 | (9,620,941) | (9,314,150) |
Advisor Freedom 2050 | 96,247,042 | 286,723 | (10,438,365) | (10,151,642) |
| Undistributed
Ordinary Income | Undistributed
Long-term Capital Gain |
Advisor Freedom Income | $ 425,599 | $ 597,303 |
Advisor Freedom 2005 | 635,370 | 2,342,427 |
Advisor Freedom 2010 | 2,813,532 | 15,678,789 |
Advisor Freedom 2015 | 3,034,550 | 21,700,188 |
Advisor Freedom 2020 | 4,025,132 | 48,417,869 |
Advisor Freedom 2025 | 2,110,038 | 26,810,755 |
Advisor Freedom 2030 | 1,788,371 | 41,802,699 |
Advisor Freedom 2035 | 732,543 | 18,335,043 |
Advisor Freedom 2040 | 952,003 | 33,419,564 |
Advisor Freedom 2045 | 94,849 | 2,148,220 |
Advisor Freedom 2050 | 73,408 | 2,412,514 |
The tax character of distributions paid was as follows:
March 31, 2008 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 5,226,805 | $ 430,332 | $ 5,657,137 |
Advisor Freedom 2005 | 3,115,492 | 830,264 | 3,945,756 |
Advisor Freedom 2010 | 18,580,982 | 6,015,166 | 24,596,148 |
Advisor Freedom 2015 | 20,656,805 | 8,829,642 | 29,486,447 |
Advisor Freedom 2020 | 32,982,163 | 19,552,221 | 52,534,384 |
Advisor Freedom 2025 | 16,672,355 | 9,344,922 | 26,017,277 |
Advisor Freedom 2030 | 19,222,919 | 15,822,055 | 35,044,974 |
Advisor Freedom 2035 | 8,087,079 | 5,463,530 | 13,550,609 |
Advisor Freedom 2040 | 14,535,541 | 12,905,725 | 27,441,266 |
Advisor Freedom 2045 | 977,226 | 122,943 | 1,100,169 |
Advisor Freedom 2050 | 1,053,897 | 201,746 | 1,255,643 |
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 |
New Accounting Pronouncement. 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 results in expanded disclosures about fair value measurements.
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 | 133,493,614 | 77,035,879 |
Advisor Freedom 2005 | 101,252,715 | 34,225,618 |
Advisor Freedom 2010 | 323,172,952 | 98,724,105 |
Advisor Freedom 2015 | 444,795,872 | 99,954,356 |
Advisor Freedom 2020 | 658,650,671 | 137,118,313 |
Advisor Freedom 2025 | 473,746,683 | 70,525,417 |
Advisor Freedom 2030 | 569,631,171 | 101,375,358 |
Advisor Freedom 2035 | 335,335,277 | 35,991,356 |
Advisor Freedom 2040 | 373,674,366 | 66,252,870 |
Advisor Freedom 2045 | 87,808,743 | 10,681,394 |
Advisor Freedom 2050 | 90,400,792 | 13,175,859 |
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% | $ 169,772 | $ 71,173 |
Class T | .25% | .25% | 222,883 | - |
Class B | .75% | .25% | 50,968 | 38,243 |
Class C | .75% | .25% | 145,089 | 28,023 |
| | | $ 588,712 | $ 137,439 |
Advisor Freedom 2005 | | | | |
Class A | 0% | .25% | $ 172,719 | $ 98,790 |
Class T | .25% | .25% | 111,356 | - |
Class B | .75% | .25% | 39,388 | 29,565 |
Class C | .75% | .25% | 102,289 | 21,013 |
| | | $ 425,752 | $ 149,368 |
Advisor Freedom 2010 | | | | |
Class A | 0% | .25% | $ 791,588 | $ 261,172 |
Class T | .25% | .25% | 1,069,204 | - |
Class B | .75% | .25% | 354,161 | 265,621 |
Class C | .75% | .25% | 549,307 | 112,593 |
| | | $ 2,764,260 | $ 639,386 |
Advisor Freedom 2015 | | | | |
Class A | 0% | .25% | $ 1,006,992 | $ 362,025 |
Class T | .25% | .25% | 1,010,546 | - |
Class B | .75% | .25% | 440,108 | 330,123 |
Class C | .75% | .25% | 636,312 | 150,263 |
| | | $ 3,093,958 | $ 842,411 |
Advisor Freedom 2020 | | | | |
Class A | 0% | .25% | $ 1,680,014 | $ 514,569 |
Class T | .25% | .25% | 2,360,202 | - |
Class B | .75% | .25% | 921,895 | 691,421 |
Class C | .75% | .25% | 942,700 | 204,732 |
| | | $ 5,904,811 | $ 1,410,722 |
Advisor Freedom 2025 | | | | |
Class A | 0% | .25% | $ 1,084,557 | $ 439,147 |
Class T | .25% | .25% | 870,227 | - |
Class B | .75% | .25% | 424,868 | 318,651 |
Class C | .75% | .25% | 384,936 | 97,211 |
| | | $ 2,764,588 | $ 855,009 |
Advisor Freedom 2030 | | | | |
Class A | 0% | .25% | $ 1,234,217 | $ 458,079 |
Class T | .25% | .25% | 1,555,242 | - |
Class B | .75% | .25% | 629,777 | 472,333 |
Class C | .75% | .25% | 604,388 | 120,640 |
| | | $ 4,023,624 | $ 1,051,052 |
Annual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
Advisor Freedom 2035 | Distribution
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 600,586 | $ 276,630 |
Class T | .25% | .25% | 482,702 | - |
Class B | .75% | .25% | 273,610 | 205,225 |
Class C | .75% | .25% | 225,636 | 58,291 |
| | | $ 1,582,534 | $ 540,146 |
Advisor Freedom 2040 | | | | |
Class A | 0% | .25% | $ 891,735 | $ 267,819 |
Class T | .25% | .25% | 1,241,710 | - |
Class B | .75% | .25% | 521,887 | 391,415 |
Class C | .75% | .25% | 576,895 | 113,450 |
| | | $ 3,232,227 | $ 772,684 |
Advisor Freedom 2045 | | | | |
Class A | 0% | .25% | $ 82,839 | $ 62,081 |
Class T | .25% | .25% | 36,734 | - |
Class B | .75% | .25% | 17,657 | 13,398 |
Class C | .75% | .25% | 17,198 | 11,736 |
| | | $ 154,428 | $ 87,215 |
Advisor Freedom 2050 | | | | |
Class A | 0% | .25% | $ 81,012 | $ 43,227 |
Class T | .25% | .25% | 45,945 | - |
Class B | .75% | .25% | 23,443 | 17,673 |
Class C | .75% | .25% | 35,229 | 22,677 |
| | | $ 185,629 | $ 83,577 |
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 | $ 14,578 |
Class T | 5,334 |
Class B* | 17,342 |
Class C* | 3,206 |
| $ 40,460 |
Advisor Freedom 2005 | |
Class A | $ 18,370 |
Class T | 4,454 |
Class B* | 15,914 |
Class C* | 1,905 |
| $ 40,643 |
Advisor Freedom 2010 | |
Class A | $ 67,959 |
Class T | 21,017 |
Class B* | 79,221 |
Class C* | 7,005 |
| $ 175,202 |
Annual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
Advisor Freedom 2015 | Retained
by FDC |
Class A | $ 118,871 |
Class T | 29,726 |
Class B* | 117,173 |
Class C* | 11,184 |
| $ 276,954 |
Advisor Freedom 2020 | |
Class A | $ 198,842 |
Class T | 52,153 |
Class B* | 223,930 |
Class C* | 13,233 |
| $ 488,158 |
Advisor Freedom 2025 | |
Class A | $ 140,932 |
Class T | 34,755 |
Class B* | 142,069 |
Class C* | 4,986 |
| $ 322,742 |
Advisor Freedom 2030 | |
Class A | $ 166,226 |
Class T | 40,219 |
Class B* | 163,229 |
Class C* | 10,331 |
| $ 380,005 |
Advisor Freedom 2035 | |
Class A | $ 101,603 |
Class T | 21,134 |
Class B* | 94,736 |
Class C* | 5,203 |
| $ 222,676 |
Advisor Freedom 2040 | |
Class A | $ 161,938 |
Class T | 37,961 |
Class B* | 176,098 |
Class C* | 8,478 |
| $ 384,475 |
Advisor Freedom 2045 | |
Class A | $ 23,011 |
Class T | 3,421 |
Class B* | 8,073 |
Class C* | 911 |
| $ 35,416 |
Advisor Freedom 2050 | |
Class A | $ 44,913 |
Class T | 7,415 |
Class B* | 5,896 |
Class C* | 1,638 |
| $ 59,862 |
* 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% | $ 251 |
Class T | .50% | 165 |
Class B | 1.00% | 19 |
Class C | 1.00% | 54 |
Institutional Class | .00% | 23 |
Advisor Freedom 2005 | | |
Class A | .25% | 252 |
Class T | .50% | 81 |
Class B | 1.00% | 14 |
Class C | 1.00% | 37 |
Institutional Class | .00% | 21 |
Advisor Freedom 2010 | | |
Class A | .25% | 1,180 |
Class T | .50% | 797 |
Class B | 1.00% | 132 |
Class C | 1.00% | 205 |
Institutional Class | .00% | 114 |
Advisor Freedom 2015 | | |
Class A | .25% | 1,492 |
Class T | .50% | 748 |
Class B | 1.00% | 163 |
Class C | 1.00% | 235 |
Institutional Class | .00% | 190 |
Advisor Freedom 2020 | | |
Class A | .25% | 2,502 |
Class T | .50% | 1,757 |
Class B | 1.00% | 343 |
Class C | 1.00% | 351 |
Institutional Class | .00% | 232 |
Advisor Freedom 2025 | | |
Class A | .25% | 1,593 |
Class T | .50% | 639 |
Class B | 1.00% | 156 |
Class C | 1.00% | 141 |
Institutional Class | .00% | 113 |
Advisor Freedom 2030 | | |
Class A | .25% | 1,827 |
Class T | .50% | 1,151 |
Class B | 1.00% | 233 |
Class C | 1.00% | 223 |
Institutional Class | .00% | 168 |
Annual Report
Notes to Financial Statements - continued
6. Expense Reductions - continued
| Expense
Limitations | Reimbursement
from adviser |
Advisor Freedom 2035 | | |
Class A | .25% | $ 874 |
Class T | .50% | 351 |
Class B | 1.00% | 99 |
Class C | 1.00% | 82 |
Institutional Class | .00% | 67 |
Advisor Freedom 2040 | | |
Class A | .25% | 1,326 |
Class T | .50% | 923 |
Class B | 1.00% | 194 |
Class C | 1.00% | 214 |
Institutional Class | .00% | 118 |
Advisor Freedom 2045 | | |
Class A | .25% | 113 |
Class T | .50% | 25 |
Class B | 1.00% | 7 |
Class C | 1.00% | 7 |
Institutional Class | .00% | 13 |
Advisor Freedom 2050 | | |
Class A | .25% | 111 |
Class T | .50% | 32 |
Class B | 1.00% | 8 |
Class C | 1.00% | 13 |
Institutional Class | .00% | 13 |
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 | 52% |
Fidelity Advisor Overseas Fund | 34% |
Fidelity Advisor Growth & Income Fund | 37% |
Fidelity Advisor Intermediate Bond Fund | 24% |
At the end of the period, Fidelity Advisor Freedom 2020 Fund was the owner of record of approximately 11% of the total outstanding shares of the Fidelity Advisor Large Cap Fund.
In September 2006, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), the Funds' transfer agent, 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. 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 which did not result in a material impact to the Funds' reported net assets or results of operations in the accompanying financial statements. FIIOC has remediated affected shareholders.
Annual Report
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Years ended March 31, |
| 2008 | 2007 |
Advisor Freedom Income | | |
From net investment income | | |
Class A | $ 2,504,685 | $ 1,002,334 |
Class T | 1,563,953 | 1,094,267 |
Class B | 152,566 | 127,152 |
Class C | 433,205 | 340,423 |
Institutional Class | 228,075 | 52,530 |
Total | $ 4,882,484 | $ 2,616,706 |
From net realized gain | | |
Class A | $ 363,946 | $ 159,694 |
Class T | 265,719 | 250,213 |
Class B | 31,009 | 37,002 |
Class C | 84,230 | 101,597 |
Institutional Class | 29,749 | 8,907 |
Total | $ 774,653 | $ 557,413 |
Advisor Freedom 2005 | | |
From net investment income | | |
Class A | $ 1,724,823 | $ 605,813 |
Class T | 428,083 | 313,704 |
Class B | 51,521 | 49,294 |
Class C | 147,372 | 113,001 |
Institutional Class | 207,409 | 47,174 |
Total | $ 2,559,208 | $ 1,128,986 |
From net realized gain | | |
Class A | $ 834,705 | $ 315,950 |
Class T | 290,404 | 248,166 |
Class B | 52,453 | 62,256 |
Class C | 130,191 | 128,211 |
Institutional Class | 78,795 | 25,162 |
Total | $ 1,386,548 | $ 779,745 |
Advisor Freedom 2010 | | |
From net investment income | | |
Class A | $ 8,089,684 | $ 3,995,531 |
Class T | 4,645,864 | 3,440,551 |
Class B | 581,796 | 495,075 |
Class C | 979,699 | 652,244 |
Institutional Class | 999,219 | 345,085 |
Total | $ 15,296,262 | $ 8,928,486 |
From net realized gain | | |
Class A | $ 4,371,752 | $ 2,696,358 |
Class T | 3,146,806 | 2,598,359 |
Class B | 543,390 | 569,438 |
Class C | 798,291 | 682,976 |
Institutional Class | 439,647 | 204,183 |
Total | $ 9,299,886 | $ 6,751,314 |
Annual Report
Notes to Financial Statements - continued
8. Distributions to Shareholders - continued
| Years ended March 31, |
| 2008 | 2007 |
Advisor Freedom 2015 | | |
From net investment income | | |
Class A | $ 9,282,719 | $ 4,043,265 |
Class T | 3,805,292 | 2,579,826 |
Class B | 608,280 | 470,817 |
Class C | 916,055 | 606,365 |
Institutional Class | 1,380,515 | 705,795 |
Total | $ 15,992,861 | $ 8,406,068 |
From net realized gain | | |
Class A | $ 6,792,732 | $ 2,739,513 |
Class T | 3,796,442 | 2,384,892 |
Class B | 835,908 | 622,101 |
Class C | 1,173,886 | 694,561 |
Institutional Class | 894,618 | 500,841 |
Total | $ 13,493,586 | $ 6,941,908 |
Advisor Freedom 2020 | | |
From net investment income | | |
Class A | $ 13,227,162 | $ 6,850,858 |
Class T | 7,368,496 | 5,698,586 |
Class B | 994,726 | 810,487 |
Class C | 1,068,257 | 784,767 |
Institutional Class | 1,659,078 | 538,403 |
Total | $ 24,317,719 | $ 14,683,101 |
From net realized gain | | |
Class A | $ 13,024,880 | $ 7,537,514 |
Class T | 10,046,546 | 7,396,310 |
Class B | 1,981,035 | 1,713,469 |
Class C | 1,985,963 | 1,527,861 |
Institutional Class | 1,178,241 | 529,548 |
Total | $ 28,216,665 | $ 18,704,702 |
Advisor Freedom 2025 | | |
From net investment income | | |
Class A | $ 7,874,109 | $ 3,125,692 |
Class T | 2,457,202 | 1,560,568 |
Class B | 398,931 | 278,660 |
Class C | 394,171 | 229,679 |
Institutional Class | 831,749 | 152,090 |
Total | $ 11,956,162 | $ 5,346,689 |
From net realized gain | | |
Class A | $ 8,202,079 | $ 3,415,791 |
Class T | 3,646,794 | 2,067,705 |
Class B | 892,352 | 626,709 |
Class C | 791,593 | 496,499 |
Institutional Class | 528,297 | 137,982 |
Total | $ 14,061,115 | $ 6,744,686 |
Annual Report
8. Distributions to Shareholders - continued
| Years ended March 31, |
| 2008 | 2007 |
Advisor Freedom 2030 | | |
From net investment income | | |
Class A | $ 7,205,006 | $ 3,346,670 |
Class T | 3,287,728 | 2,694,894 |
Class B | 414,862 | 337,549 |
Class C | 403,557 | 318,345 |
Institutional Class | 916,629 | 235,961 |
Total | $ 12,227,782 | $ 6,933,419 |
From net realized gain | | |
Class A | $ 10,936,038 | $ 4,490,893 |
Class T | 7,840,143 | 4,779,075 |
Class B | 1,556,434 | 1,090,033 |
Class C | 1,494,609 | 983,447 |
Institutional Class | 989,968 | 290,014 |
Total | $ 22,817,192 | $ 11,633,462 |
Advisor Freedom 2035 | | |
From net investment income | | |
Class A | $ 3,345,833 | $ 1,192,816 |
Class T | 952,354 | 710,451 |
Class B | 177,323 | 137,177 |
Class C | 143,957 | 115,447 |
Institutional Class | 415,381 | 54,126 |
Total | $ 5,034,848 | $ 2,210,017 |
From net realized gain | | |
Class A | $ 4,819,324 | $ 1,548,250 |
Class T | 2,263,096 | 1,184,405 |
Class B | 601,586 | 371,468 |
Class C | 497,133 | 297,049 |
Institutional Class | 334,622 | 61,111 |
Total | $ 8,515,761 | $ 3,462,283 |
Advisor Freedom 2040 | | |
From net investment income | | |
Class A | $ 5,153,377 | $ 2,619,392 |
Class T | 2,630,359 | 2,038,155 |
Class B | 354,339 | 289,047 |
Class C | 387,464 | 344,514 |
Institutional Class | 634,685 | 183,929 |
Total | $ 9,160,224 | $ 5,475,037 |
From net realized gain | | |
Class A | $ 8,341,256 | $ 3,781,697 |
Class T | 6,395,011 | 3,639,201 |
Class B | 1,317,210 | 826,884 |
Class C | 1,493,781 | 978,964 |
Institutional Class | 733,784 | 215,991 |
Total | $ 18,281,042 | $ 9,442,737 |
Annual Report
Notes to Financial Statements - continued
8. Distributions to Shareholders - continued
| Years ended March 31, |
| 2008 | 2007 |
Advisor Freedom 2045A | | |
From net investment income | | |
Class A | $ 408,907 | $ 17,761 |
Class T | 76,927 | 11,873 |
Class B | 11,522 | 1,977 |
Class C | 11,199 | 2,080 |
Institutional Class | 62,319 | 1,576 |
Total | $ 570,874 | $ 35,267 |
From net realized gain | | |
Class A | $ 365,060 | $ 11,838 |
Class T | 84,292 | 8,362 |
Class B | 18,988 | 2,103 |
Class C | 18,223 | 2,262 |
Institutional Class | 42,732 | 998 |
Total | $ 529,295 | $ 25,563 |
Advisor Freedom 2050A | | |
From net investment income | | |
Class A | $ 421,587 | $ 36,386 |
Class T | 94,910 | 8,564 |
Class B | 15,927 | 4,114 |
Class C | 26,686 | 4,848 |
Institutional Class | 58,793 | 3,118 |
Total | $ 617,903 | $ 57,030 |
From net realized gain | | |
Class A | $ 409,384 | $ 24,808 |
Class T | 109,763 | 6,344 |
Class B | 29,999 | 3,578 |
Class C | 43,754 | 4,617 |
Institutional Class | 44,840 | 2,011 |
Total | $ 637,740 | $ 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, |
| 2008 | 2007 | 2008 | 2007 |
Advisor Freedom Income | | | | |
Class A | | | | |
Shares sold | 6,395,797 | 3,998,819 | $ 68,652,447 | $ 42,215,890 |
Reinvestment of distributions | 259,372 | 102,485 | 2,783,957 | 1,078,852 |
Shares redeemed | (2,922,596) | (1,230,892) | (31,256,793) | (12,986,012) |
Net increase (decrease) | 3,732,573 | 2,870,412 | $ 40,179,611 | $ 30,308,730 |
Class T | | | | |
Shares sold | 2,855,150 | 2,071,786 | $ 30,643,258 | $ 21,825,406 |
Reinvestment of distributions | 164,484 | 122,503 | 1,765,934 | 1,286,011 |
Shares redeemed | (2,428,323) | (1,579,074) | (25,960,467) | (16,645,393) |
Net increase (decrease) | 591,311 | 615,215 | $ 6,448,725 | $ 6,466,024 |
Class B | | | | |
Shares sold | 214,502 | 104,130 | $ 2,287,850 | $ 1,094,305 |
Reinvestment of distributions | 15,304 | 14,103 | 164,212 | 147,869 |
Shares redeemed | (165,034) | (116,492) | (1,766,793) | (1,222,471) |
Net increase (decrease) | 64,772 | 1,741 | $ 685,269 | $ 19,703 |
Class C | | | | |
Shares sold | 601,335 | 289,104 | $ 6,439,273 | $ 3,032,611 |
Reinvestment of distributions | 39,613 | 31,301 | 424,846 | 328,081 |
Shares redeemed | (469,822) | (384,133) | (5,023,022) | (4,025,882) |
Net increase (decrease) | 171,126 | (63,728) | $ 1,841,097 | $ (665,190) |
Institutional Class | | | | |
Shares sold | 1,046,538 | 209,024 | $ 11,013,967 | $ 2,227,313 |
Reinvestment of distributions | 23,599 | 5,153 | 253,422 | 54,344 |
Shares redeemed | (460,080) | (61,571) | (4,893,967) | (653,326) |
Net increase (decrease) | 610,057 | 152,606 | $ 6,373,422 | $ 1,628,331 |
Advisor Freedom 2005 | | | | |
Class A | | | | |
Shares sold | 7,280,006 | 3,787,746 | $ 86,978,408 | $ 43,883,709 |
Reinvestment of distributions | 209,681 | 76,807 | 2,523,615 | 885,668 |
Shares redeemed | (3,032,111) | (1,115,226) | (36,068,889) | (12,859,998) |
Net increase (decrease) | 4,457,576 | 2,749,327 | $ 53,433,134 | $ 31,909,379 |
Class T | | | | |
Shares sold | 1,302,460 | 1,234,660 | $ 15,596,978 | $ 14,090,491 |
Reinvestment of distributions | 57,458 | 47,993 | 691,442 | 550,611 |
Shares redeemed | (1,248,968) | (793,872) | (14,879,592) | (9,030,257) |
Net increase (decrease) | 110,950 | 488,781 | $ 1,408,828 | $ 5,610,845 |
Class B | | | | |
Shares sold | 134,939 | 116,869 | $ 1,573,994 | $ 1,310,125 |
Reinvestment of distributions | 7,641 | 8,797 | 91,841 | 100,501 |
Shares redeemed | (97,335) | (128,275) | (1,155,938) | (1,454,001) |
Net increase (decrease) | 45,245 | (2,609) | $ 509,897 | $ (43,375) |
Class C | | | | |
Shares sold | 398,272 | 232,197 | $ 4,710,455 | $ 2,619,306 |
Reinvestment of distributions | 20,492 | 18,367 | 245,781 | 209,932 |
Shares redeemed | (218,640) | (153,843) | (2,586,377) | (1,749,764) |
Net increase (decrease) | 200,124 | 96,721 | $ 2,369,859 | $ 1,079,474 |
Institutional Class | | | | |
Shares sold | 898,304 | 208,498 | $ 10,934,550 | $ 2,404,546 |
Reinvestment of distributions | 23,531 | 6,260 | 284,303 | 72,336 |
Shares redeemed | (368,372) | (47,487) | (4,367,156) | (552,920) |
Net increase (decrease) | 553,463 | 167,271 | $ 6,851,697 | $ 1,923,962 |
Annual Report
Notes to Financial Statements - continued
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2008 | 2007 | 2008 | 2007 |
Advisor Freedom 2010 | | | | |
Class A | | | | |
Shares sold | 21,172,266 | 13,374,637 | $ 262,315,907 | $ 159,853,302 |
Reinvestment of distributions | 977,928 | 545,669 | 12,200,535 | 6,515,960 |
Shares redeemed | (10,377,196) | (6,124,760) | (128,191,139) | (71,950,410) |
Net increase (decrease) | 11,772,998 | 7,795,546 | $ 146,325,303 | $ 94,418,852 |
Class T | | | | |
Shares sold | 9,009,530 | 8,317,218 | $ 110,976,658 | $ 97,643,792 |
Reinvestment of distributions | 619,841 | 503,504 | 7,710,014 | 5,992,339 |
Shares redeemed | (7,066,194) | (5,095,468) | (87,124,252) | (60,236,553) |
Net increase (decrease) | 2,563,177 | 3,725,254 | $ 31,562,420 | $ 43,399,578 |
Class B | | | | |
Shares sold | 531,540 | 554,718 | $ 6,513,051 | $ 6,527,082 |
Reinvestment of distributions | 81,330 | 80,803 | 1,009,856 | 957,744 |
Shares redeemed | (551,595) | (632,615) | (6,803,579) | (7,468,667) |
Net increase (decrease) | 61,275 | 2,906 | $ 719,328 | $ 16,159 |
Class C | | | | |
Shares sold | 1,941,907 | 1,325,915 | $ 23,880,546 | $ 15,583,541 |
Reinvestment of distributions | 125,362 | 100,155 | 1,552,639 | 1,185,377 |
Shares redeemed | (1,000,919) | (814,977) | (12,286,806) | (9,586,446) |
Net increase (decrease) | 1,066,350 | 611,093 | $ 13,146,379 | $ 7,182,472 |
Institutional Class | | | | |
Shares sold | 2,789,625 | 1,216,876 | $ 34,942,048 | $ 14,661,891 |
Reinvestment of distributions | 109,553 | 41,121 | 1,370,855 | 492,727 |
Shares redeemed | (1,273,890) | (440,638) | (15,744,160) | (5,177,492) |
Net increase (decrease) | 1,625,288 | 817,359 | $ 20,568,743 | $ 9,977,126 |
Advisor Freedom 2015 | | | | |
Class A | | | | |
Shares sold | 30,012,366 | 16,710,642 | $ 375,290,820 | $ 200,771,970 |
Reinvestment of distributions | 1,252,597 | 551,943 | 15,820,828 | 6,663,795 |
Shares redeemed | (11,069,498) | (4,573,003) | (138,060,728) | (54,952,585) |
Net increase (decrease) | 20,195,465 | 12,689,582 | $ 253,050,920 | $ 152,483,180 |
Class T | | | | |
Shares sold | 7,187,921 | 7,721,319 | $ 89,866,267 | $ 92,149,992 |
Reinvestment of distributions | 593,664 | 409,024 | 7,487,851 | 4,918,891 |
Shares redeemed | (5,577,816) | (3,704,390) | (69,873,542) | (44,146,399) |
Net increase (decrease) | 2,203,769 | 4,425,953 | $ 27,480,576 | $ 52,922,484 |
Class B | | | | |
Shares sold | 952,656 | 956,714 | $ 11,837,765 | $ 11,262,926 |
Reinvestment of distributions | 107,501 | 84,955 | 1,351,705 | 1,017,658 |
Shares redeemed | (715,996) | (539,119) | (8,904,180) | (6,415,601) |
Net increase (decrease) | 344,161 | 502,550 | $ 4,285,290 | $ 5,864,983 |
Class C | | | | |
Shares sold | 1,762,544 | 2,127,630 | $ 21,931,918 | $ 25,214,598 |
Reinvestment of distributions | 147,692 | 94,790 | 1,855,516 | 1,136,191 |
Shares redeemed | (938,455) | (651,145) | (11,655,229) | (7,748,011) |
Net increase (decrease) | 971,781 | 1,571,275 | $ 12,132,205 | $ 18,602,778 |
Institutional Class | | | | |
Shares sold | 4,107,174 | 1,369,022 | $ 52,023,759 | $ 16,393,429 |
Reinvestment of distributions | 177,571 | 97,887 | 2,253,324 | 1,185,250 |
Shares redeemed | (1,687,314) | (549,649) | (21,403,007) | (6,624,103) |
Net increase (decrease) | 2,597,431 | 917,260 | $ 32,874,076 | $ 10,954,576 |
Annual Report
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2008 | 2007 | 2008 | 2007 |
Advisor Freedom 2020 | | | | |
Class A | | | | |
Shares sold | 38,566,894 | 23,846,967 | $ 525,160,644 | $ 308,792,249 |
Reinvestment of distributions | 1,874,481 | 1,084,342 | 25,889,867 | 14,167,012 |
Shares redeemed | (14,579,291) | (9,148,908) | (197,670,315) | (115,715,246) |
Net increase (decrease) | 25,862,084 | 15,782,401 | $ 353,380,196 | $ 207,244,015 |
Class T | | | | |
Shares sold | 15,080,905 | 15,749,378 | $ 205,467,830 | $ 200,592,709 |
Reinvestment of distributions | 1,251,431 | 996,748 | 17,269,011 | 13,003,180 |
Shares redeemed | (12,338,940) | (7,788,390) | (168,368,029) | (100,250,106) |
Net increase (decrease) | 3,993,396 | 8,957,736 | $ 54,368,812 | $ 113,345,783 |
Class B | | | | |
Shares sold | 1,397,786 | 1,566,662 | $ 18,987,125 | $ 20,015,458 |
Reinvestment of distributions | 206,609 | 185,085 | 2,841,914 | 2,401,388 |
Shares redeemed | (979,173) | (914,111) | (13,271,484) | (11,718,717) |
Net increase (decrease) | 625,222 | 837,636 | $ 8,557,555 | $ 10,698,129 |
Class C | | | | |
Shares sold | 2,950,874 | 2,364,641 | $ 40,072,501 | $ 30,268,265 |
Reinvestment of distributions | 193,944 | 157,258 | 2,664,764 | 2,039,411 |
Shares redeemed | (1,961,725) | (982,764) | (26,617,780) | (12,533,396) |
Net increase (decrease) | 1,183,093 | 1,539,135 | $ 16,119,485 | $ 19,774,280 |
Institutional Class | | | | |
Shares sold | 5,531,638 | 1,665,024 | $ 76,296,447 | $ 21,746,839 |
Reinvestment of distributions | 196,081 | 72,996 | 2,719,400 | 958,005 |
Shares redeemed | (1,698,087) | (567,015) | (23,097,020) | (7,296,379) |
Net increase (decrease) | 4,029,632 | 1,171,005 | $ 55,918,827 | $ 15,408,465 |
Advisor Freedom 2025 | | | | |
Class A | | | | |
Shares sold | 31,444,214 | 15,737,696 | $ 413,397,979 | $ 197,945,688 |
Reinvestment of distributions | 1,193,033 | 518,473 | 15,943,550 | 6,492,103 |
Shares redeemed | (10,605,763) | (3,113,289) | (138,593,485) | (38,954,335) |
Net increase (decrease) | 22,031,484 | 13,142,880 | $ 290,748,044 | $ 165,483,456 |
Class T | | | | |
Shares sold | 7,320,665 | 7,015,432 | $ 96,719,142 | $ 87,481,183 |
Reinvestment of distributions | 451,032 | 288,574 | 6,039,311 | 3,613,946 |
Shares redeemed | (5,426,572) | (2,276,653) | (71,792,696) | (28,529,518) |
Net increase (decrease) | 2,345,125 | 5,027,353 | $ 30,965,757 | $ 62,565,611 |
Class B | | | | |
Shares sold | 1,032,697 | 998,291 | $ 13,514,621 | $ 12,299,748 |
Reinvestment of distributions | 94,056 | 70,208 | 1,250,009 | 869,570 |
Shares redeemed | (523,284) | (348,807) | (6,862,113) | (4,303,451) |
Net increase (decrease) | 603,469 | 719,692 | $ 7,902,517 | $ 8,865,867 |
Class C | | | | |
Shares sold | 1,232,948 | 1,074,566 | $ 16,188,203 | $ 13,324,519 |
Reinvestment of distributions | 81,325 | 52,399 | 1,080,397 | 649,142 |
Shares redeemed | (519,398) | (255,502) | (6,755,133) | (3,161,389) |
Net increase (decrease) | 794,875 | 871,463 | $ 10,513,467 | $ 10,812,272 |
Institutional Class | | | | |
Shares sold | 4,059,864 | 801,952 | $ 54,260,664 | $ 10,021,125 |
Reinvestment of distributions | 99,805 | 22,778 | 1,339,601 | 286,866 |
Shares redeemed | (942,331) | (178,765) | (12,524,147) | (2,201,208) |
Net increase (decrease) | 3,217,338 | 645,965 | $ 43,076,118 | $ 8,106,783 |
Annual Report
Notes to Financial Statements - continued
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2008 | 2007 | 2008 | 2007 |
Advisor Freedom 2030 | | | | |
Class A | | | | |
Shares sold | 31,843,152 | 16,253,114 | $ 459,602,140 | $ 222,796,744 |
Reinvestment of distributions | 1,221,831 | 566,443 | 17,967,778 | 7,751,676 |
Shares redeemed | (9,968,940) | (4,408,382) | (142,503,129) | (59,297,181) |
Net increase (decrease) | 23,096,043 | 12,411,175 | $ 335,066,789 | $ 171,251,239 |
Class T | | | | |
Shares sold | 11,245,298 | 10,263,782 | $ 162,101,126 | $ 137,668,691 |
Reinvestment of distributions | 752,594 | 543,658 | 11,039,870 | 7,398,466 |
Shares redeemed | (9,323,237) | (4,719,385) | (135,908,919) | (64,003,737) |
Net increase (decrease) | 2,674,655 | 6,088,055 | $ 37,232,077 | $ 81,063,420 |
Class B | | | | |
Shares sold | 1,094,290 | 1,215,032 | $ 15,718,712 | $ 16,319,475 |
Reinvestment of distributions | 130,528 | 101,708 | 1,905,487 | 1,372,910 |
Shares redeemed | (658,615) | (523,647) | (9,302,781) | (7,048,793) |
Net increase (decrease) | 566,203 | 793,093 | $ 8,321,418 | $ 10,643,592 |
Class C | | | | |
Shares sold | 1,428,374 | 1,532,477 | $ 20,470,871 | $ 20,559,653 |
Reinvestment of distributions | 119,323 | 87,426 | 1,741,917 | 1,180,816 |
Shares redeemed | (925,108) | (617,269) | (13,146,909) | (8,273,949) |
Net increase (decrease) | 622,589 | 1,002,634 | $ 9,065,879 | $ 13,466,520 |
Institutional Class | | | | |
Shares sold | 4,311,519 | 1,246,804 | $ 62,949,526 | $ 17,216,002 |
Reinvestment of distributions | 122,302 | 31,872 | 1,804,784 | 437,589 |
Shares redeemed | (998,614) | (347,902) | (14,596,036) | (4,676,681) |
Net increase (decrease) | 3,435,207 | 930,774 | $ 50,158,274 | $ 12,976,910 |
Advisor Freedom 2035 | | | | |
Class A | | | | |
Shares sold | 21,196,181 | 7,937,543 | $ 288,304,008 | $ 102,858,844 |
Reinvestment of distributions | 582,502 | 209,021 | 8,092,022 | 2,703,345 |
Shares redeemed | (5,766,443) | (1,209,654) | (77,817,751) | (15,624,179) |
Net increase (decrease) | 16,012,240 | 6,936,910 | $ 218,578,279 | $ 89,938,010 |
Class T | | | | |
Shares sold | 4,490,317 | 4,037,876 | $ 61,032,845 | $ 51,279,521 |
Reinvestment of distributions | 230,541 | 146,879 | 3,188,274 | 1,885,587 |
Shares redeemed | (3,046,746) | (1,479,180) | (41,592,325) | (18,890,769) |
Net increase (decrease) | 1,674,112 | 2,705,575 | $ 22,628,794 | $ 34,274,339 |
Class B | | | | |
Shares sold | 727,943 | 657,867 | $ 9,848,745 | $ 8,288,850 |
Reinvestment of distributions | 55,321 | 39,171 | 760,291 | 497,716 |
Shares redeemed | (268,514) | (185,316) | (3,598,845) | (2,339,596) |
Net increase (decrease) | 514,750 | 511,722 | $ 7,010,191 | $ 6,446,970 |
Class C | | | | |
Shares sold | 744,599 | 675,368 | $ 10,054,795 | $ 8,503,831 |
Reinvestment of distributions | 43,460 | 29,650 | 597,725 | 377,444 |
Shares redeemed | (349,529) | (231,098) | (4,698,348) | (2,893,598) |
Net increase (decrease) | 438,530 | 473,920 | $ 5,954,172 | $ 5,987,677 |
Institutional Class | | | | |
Shares sold | 2,734,548 | 411,593 | $ 37,807,044 | $ 5,305,575 |
Reinvestment of distributions | 53,535 | 8,649 | 746,046 | 112,282 |
Shares redeemed | (543,000) | (121,717) | (7,395,551) | (1,582,064) |
Net increase (decrease) | 2,245,083 | 298,525 | $ 31,157,539 | $ 3,835,793 |
Annual Report
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2008 | 2007 | 2008 | 2007 |
Advisor Freedom 2040 | | | | |
Class A | | | | |
Shares sold | 19,155,475 | 11,078,922 | $ 285,070,394 | $ 155,096,929 |
Reinvestment of distributions | 880,790 | 449,793 | 13,339,232 | 6,329,119 |
Shares redeemed | (6,437,466) | (3,247,820) | (95,274,858) | (44,707,746) |
Net increase (decrease) | 13,598,799 | 8,280,895 | $ 203,134,768 | $ 116,718,302 |
Class T | | | | |
Shares sold | 8,339,567 | 8,566,986 | $ 123,585,235 | $ 118,422,507 |
Reinvestment of distributions | 596,272 | 404,471 | 9,006,999 | 5,668,499 |
Shares redeemed | (6,451,723) | (3,731,784) | (96,064,959) | (51,893,964) |
Net increase (decrease) | 2,484,116 | 5,239,673 | $ 36,527,275 | $ 72,197,042 |
Class B | | | | |
Shares sold | 1,033,232 | 1,165,934 | $ 15,187,232 | $ 16,033,302 |
Reinvestment of distributions | 108,535 | 78,169 | 1,628,020 | 1,084,424 |
Shares redeemed | (528,583) | (454,770) | (7,760,981) | (6,294,964) |
Net increase (decrease) | 613,184 | 789,333 | $ 9,054,271 | $ 10,822,762 |
Class C | | | | |
Shares sold | 1,171,341 | 1,529,531 | $ 17,304,375 | $ 20,942,119 |
Reinvestment of distributions | 118,241 | 88,855 | 1,773,152 | 1,232,104 |
Shares redeemed | (943,498) | (742,685) | (13,863,706) | (10,212,837) |
Net increase (decrease) | 346,084 | 875,701 | $ 5,213,821 | $ 11,961,386 |
Institutional Class | | | | |
Shares sold | 2,783,889 | 962,985 | $ 41,634,833 | $ 13,586,544 |
Reinvestment of distributions | 84,901 | 23,689 | 1,289,408 | 335,253 |
Shares redeemed | (761,479) | (205,086) | (11,355,666) | (2,855,861) |
Net increase (decrease) | 2,107,311 | 781,588 | $ 31,568,575 | $ 11,065,936 |
Advisor Freedom 2045A | | | | |
Class A | | | | |
Shares sold | 5,976,822 | 1,214,659 | $ 67,538,170 | $ 13,198,339 |
Reinvestment of distributions | 66,457 | 2,732 | 771,955 | 29,586 |
Shares redeemed | (1,235,991) | (81,608) | (13,806,904) | (893,392) |
Net increase (decrease) | 4,807,288 | 1,135,783 | $ 54,503,221 | $ 12,334,533 |
Class T | | | | |
Shares sold | 1,134,327 | 328,167 | $ 12,786,797 | $ 3,531,809 |
Reinvestment of distributions | 13,886 | 1,870 | 161,155 | 20,235 |
Shares redeemed | (317,499) | (27,302) | (3,582,304) | (296,286) |
Net increase (decrease) | 830,714 | 302,735 | $ 9,365,648 | $ 3,255,758 |
Class B | | | | |
Shares sold | 197,272 | 70,701 | $ 2,237,639 | $ 743,408 |
Reinvestment of distributions | 2,563 | 377 | 29,677 | 4,080 |
Shares redeemed | (30,565) | (588) | (338,933) | (6,408) |
Net increase (decrease) | 169,270 | 70,490 | $ 1,928,383 | $ 741,080 |
Class C | | | | |
Shares sold | 215,629 | 75,902 | $ 2,436,801 | $ 795,052 |
Reinvestment of distributions | 2,506 | 334 | 28,989 | 3,613 |
Shares redeemed | (42,119) | (6,312) | (465,838) | (68,258) |
Net increase (decrease) | 176,016 | 69,924 | $ 1,999,952 | $ 730,407 |
Institutional Class | | | | |
Shares sold | 707,070 | 64,697 | $ 8,153,318 | $ 696,742 |
Reinvestment of distributions | 9,019 | 237 | 105,051 | 2,574 |
Shares redeemed | (136,245) | (8,061) | (1,544,477) | (89,051) |
Net increase (decrease) | 579,844 | 56,873 | $ 6,713,892 | $ 610,265 |
Annual Report
Notes to Financial Statements - continued
9. Share Transactions - continued
| Shares | Dollars |
| Years ended March 31, | Years ended March 31, |
| 2008 | 2007 | 2008 | 2007 |
Advisor Freedom 2050A | | | | |
Class A | | | | |
Shares sold | 5,070,025 | 1,276,625 | $ 57,527,193 | $ 13,684,931 |
Reinvestment of distributions | 71,419 | 5,624 | 828,089 | 60,797 |
Shares redeemed | (959,527) | (113,051) | (10,623,621) | (1,223,026) |
Net increase (decrease) | 4,181,917 | 1,169,198 | $ 47,731,661 | $ 12,522,702 |
Class T | | | | |
Shares sold | 1,657,861 | 354,770 | $ 18,728,257 | $ 3,810,949 |
Reinvestment of distributions | 17,173 | 1,380 | 198,763 | 14,908 |
Shares redeemed | (523,844) | (36,828) | (5,932,648) | (403,059) |
Net increase (decrease) | 1,151,190 | 319,322 | $ 12,994,372 | $ 3,422,798 |
Class B | | | | |
Shares sold | 258,344 | 111,977 | $ 2,916,138 | $ 1,191,055 |
Reinvestment of distributions | 3,848 | 705 | 44,456 | 7,610 |
Shares redeemed | (36,465) | (5,659) | (402,811) | (61,502) |
Net increase (decrease) | 225,727 | 107,023 | $ 2,557,783 | $ 1,137,163 |
Class C | | | | |
Shares sold | 525,005 | 144,191 | $ 5,945,473 | $ 1,517,547 |
Reinvestment of distributions | 5,664 | 871 | 65,337 | 9,399 |
Shares redeemed | (143,070) | (7,985) | (1,603,259) | (87,268) |
Net increase (decrease) | 387,599 | 137,077 | $ 4,407,551 | $ 1,439,678 |
Institutional Class | | | | |
Shares sold | 808,048 | 90,084 | $ 9,192,394 | $ 973,960 |
Reinvestment of distributions | 8,828 | 474 | 102,543 | 5,129 |
Shares redeemed | (240,435) | (1,782) | (2,729,116) | (19,668) |
Net increase (decrease) | 576,441 | 88,776 | $ 6,565,821 | $ 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, 2008, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2008, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. 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 positions 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, 2008, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 19, 2008
Annual Report
Trustees and Officers
The Trustees, Members 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 Members 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 Members 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 376 funds advised by FMR or an affiliate. Mr. Curvey oversees 371 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 Members 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 (77) |
| Year of Election or Appointment: 1991 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; 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 and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007). Mr. Edward C. Johnson 3d and Mr. Arthur E. Johnson are not related. |
James C. Curvey (72) |
| Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution). |
* 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. FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
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.
Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation |
Dennis J. Dirks (59) |
| 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. (66) |
| 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 (71) |
| 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), Compaq, Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing), 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 (67) |
| 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), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). |
Marie L. Knowles (61) |
| 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 McKesson Corporation (healthcare service). 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. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing) (1994-2007). |
Ned C. Lautenbach (64) |
| Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm). 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 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. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007). |
Cornelia M. Small (63) |
| 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 (68) |
| 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 (69) |
| Year of Election or Appointment: 2005 Mr. Wolfe is Chairman and a Director of Hershey Foods Corporation (2007-present), where prior to his retirement in 2001, he was Chairman and Chief Executive Officer. Mr. Wolfe currently serves as a member of the board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as a member of the boards of Adelphia Communications Corporation (2003-2006) and Bausch & Lomb, Inc. (1993-2007). |
Advisory Board Members and Executive Officers**:
Correspondence intended for Mr. Mauriello, Mr. Thomas, Mr. Wiley, Mr. Lacy, and Mr. Arthur Johnson may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. 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 |
Arthur E. Johnson (61) |
| Year of Election or Appointment: 2008 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Mr. Johnson serves as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor). In addition, Mr. Johnson serves as a member of the Board of Directors of AGL Resources, Inc. (holding company), and IKON Office Solutions, Inc. (document management systems and services). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related. |
Alan J. Lacy (54) |
| Year of Election or Appointment: 2008 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (a private equity firm). Mr. Lacy also served as Vice Chairman and Chief Executive Officer of Sears Holdings Corporation and Sears, Roebuck and Co. (retail, 2005-2006; 2000-2005). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb (global pharmaceuticals, 2007-present). Mr. Lacy is a Trustee of the National Parks Conservation Association and The Field Museum of Natural History. |
Peter S. Lynch (64) |
| 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. |
Joseph Mauriello (63) |
| Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance company, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007). |
David M. Thomas (58) |
| Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products holding company), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present). |
Michael E. Wiley (57) |
| Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Mr. Wiley also serves as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). He serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production company, 2005-present). In addition, he also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting firm, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment firm), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services company, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production company, 2001-2005). |
Kimberley H. Monasterio (44) |
| 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). |
Ren Y. Cheng (51) |
| Year of Election or Appointment: 2007 Vice President 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. Cheng also serves as Vice President of certain Asset Allocation Funds (2007-present) and Group Chief Investment Officer, Asset Allocation of FMR. Previously, Mr. Cheng served as a portfolio manager for the Fidelity Freedom Funds. |
Boyce I. Greer (52) |
| Year of Election or Appointment: 2005 or 2006 Vice President of Advisor Freedom Income (2005), Advisor Freedom 2005 (2005), Advisor Freedom 2010 (2005), Advisor Freedom 2015 (2005), Advisor Freedom 2020 (2005), Advisor Freedom 2025 (2005), Advisor Freedom 2030 (2005), Advisor Freedom 2035 (2005), Advisor Freedom 2040 (2005), Advisor Freedom 2045 (2006), and Advisor Freedom 2050 (2006). Mr. Greer also serves as Vice President of 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). Mr. Greer is President and a Director of Fidelity Investments Money Management, Inc. (2007-present), and an Executive Vice President of FMR and FMR Co., Inc. (2005-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005). |
Eric D. Roiter (59) |
| Year of Election or Appointment: 2003 or 2006 Secretary of Advisor Freedom Income (2003), Advisor Freedom 2005 (2003), Advisor Freedom 2010 (2003), Advisor Freedom 2015 (2003), Advisor Freedom 2020 (2003), Advisor Freedom 2025 (2003), Advisor Freedom 2030 (2003), Advisor Freedom 2035 (2003), Advisor Freedom 2040 (2003), Advisor Freedom 2045 (2006), and Advisor Freedom 2050 (2006). He also serves as Secretary of other Fidelity funds; Senior Vice President (2007-present), 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 of FMR Co., Inc. (2001-2007) and FMR (1997-2007), and Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005). |
John B. McGinty, Jr. (45) |
| Year of Election or Appointment: 2008 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. McGinty also serves as Assistant Secretary of other Fidelity funds (2008-present) and is an employee of FMR LLC (2004-present). Mr. McGinty also serves as Senior Vice President, Secretary, and Chief Legal Officer of FDC (2007-present). Before joining Fidelity Investments, Mr. McGinty practiced law at Ropes & Gray, LLP. |
R. Stephen Ganis (42) |
| 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 LLC (2003-present). |
Joseph B. Hollis (59) |
| 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 (60) |
| Year of Election or Appointment: 2004 or 2006 Chief Compliance Officer of Advisor Freedom Income (2004), Advisor Freedom 2005 (2004), Advisor Freedom 2010 (2004), Advisor Freedom 2015 (2004), Advisor Freedom 2020 (2004), Advisor Freedom 2025 (2004), Advisor Freedom 2030 (2004), Advisor Freedom 2035 (2004), Advisor Freedom 2040 (2004), Advisor Freedom 2045 (2006), and Advisor 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. 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). |
Bryan A. Mehrmann (46) |
| Year of Election or Appointment: 2005 or 2006 Deputy Treasurer of Advisor Freedom Income (2005), Advisor Freedom 2005 (2005), Advisor Freedom 2010 (2005), Advisor Freedom 2015 (2005), Advisor Freedom 2020 (2005), Advisor Freedom 2025 (2005), Advisor Freedom 2030 (2005), Advisor Freedom 2035 (2005), Advisor Freedom 2040 (2005), Advisor Freedom 2045 (2006), and Advisor 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 (38) |
| Year of Election or Appointment: 2005 or 2006 Deputy Treasurer of Advisor Freedom Income (2005), Advisor Freedom 2005 (2005), Advisor Freedom 2010 (2005), Advisor Freedom 2015 (2005), Advisor Freedom 2020 (2005), Advisor Freedom 2025 (2005), Advisor Freedom 2030 (2005), Advisor Freedom 2035 (2005), Advisor Freedom 2040 (2005), Advisor Freedom 2045 (2006), and Advisor 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). |
Robert G. Byrnes (41) |
| Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Advisor Freedom Income (2005), Advisor Freedom 2005 (2005), Advisor Freedom 2010 (2005), Advisor Freedom 2015 (2005), Advisor Freedom 2020 (2005), Advisor Freedom 2025 (2005), Advisor Freedom 2030 (2005), Advisor Freedom 2035 (2005), Advisor Freedom 2040 (2005), Advisor Freedom 2045 (2006), and Advisor 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 (54) |
| Year of Election or Appointment: 2004 or 2006 Assistant Treasurer of Advisor Freedom Income (2004), Advisor Freedom 2005 (2004), Advisor Freedom 2010 (2004), Advisor Freedom 2015 (2004), Advisor Freedom 2020 (2004), Advisor Freedom 2025 (2004), Advisor Freedom 2030 (2004), Advisor Freedom 2035 (2004), Advisor Freedom 2040 (2004), Advisor Freedom 2045 (2006), and Advisor Freedom 2050 (2006). Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004-present) and is an employee of FMR. |
Paul M. Murphy (61) |
| Year of Election or Appointment: 2007 Assistant 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. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS) (1994-2007). |
Gary W. Ryan (49) |
| Year of Election or Appointment: 2005 or 2006 Assistant Treasurer of Advisor Freedom Income (2005), Advisor Freedom 2005 (2005), Advisor Freedom 2010 (2005), Advisor Freedom 2015 (2005), Advisor Freedom 2020 (2005), Advisor Freedom 2025 (2005), Advisor Freedom 2030 (2005), Advisor Freedom 2035 (2005), Advisor Freedom 2040 (2005), Advisor Freedom 2045 (2006), and Advisor 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). |
** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Annual Report
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Advisor Freedom Income Fund | | | | |
Institutional Class | 05/05/08 | 05/02/08 | $0.030 | $0.040 |
Fidelity Advisor Freedom 2005 Fund | | | | |
Institutional Class | 05/12/08 | 05/09/08 | $0.061 | $0.180 |
Fidelity Advisor Freedom 2010 Fund | | | | |
Institutional Class | 05/12/08 | 05/09/08 | $0.057 | $0.250 |
Fidelity Advisor Freedom 2015 Fund | | | | |
Institutional Class | 05/12/08 | 05/09/08 | $0.047 | $0.280 |
Fidelity Advisor Freedom 2020 Fund | | | | |
Institutional Class | 05/12/08 | 05/09/08 | $0.045 | $0.390 |
Fidelity Advisor Freedom 2025 Fund | | | | |
Institutional Class | 05/12/08 | 05/09/08 | $0.039 | $0.370 |
Fidelity Advisor Freedom 2030 Fund | | | | |
Institutional Class | 05/12/08 | 05/09/08 | $0.038 | $0.480 |
Fidelity Advisor Freedom 2035 Fund | | | | |
Institutional Class | 05/12/08 | 05/09/08 | $0.026 | $0.430 |
Fidelity Advisor Freedom 2040 Fund | | | | |
Institutional Class | 05/12/08 | 05/09/08 | $0.026 | $0.545 |
Fidelity Advisor Freedom 2045 Fund | | | | |
Institutional Class | 05/12/08 | 05/09/08 | $0.022 | $0.240 |
Fidelity Advisor Freedom 2050 Fund | | | | |
Institutional Class | 05/12/08 | 05/09/08 | $0.012 | $0.275 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2008, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Advisor Freedom Income Fund | $597,303 |
Fidelity Advisor Freedom 2005 Fund | $2,342,427 |
Fidelity Advisor Freedom 2010 Fund | $15,678,789 |
Fidelity Advisor Freedom 2015 Fund | $21,700,188 |
Fidelity Advisor Freedom 2020 Fund | $48,524,712 |
Fidelity Advisor Freedom 2025 Fund | $26,810,755 |
Fidelity Advisor Freedom 2030 Fund | $41,986,299 |
Fidelity Advisor Freedom 2035 Fund | $18,335,043 |
Fidelity Advisor Freedom 2040 Fund | $33,445,948 |
Fidelity Advisor Freedom 2045 Fund | $2,148,220 |
Fidelity Advisor Freedom 2050 Fund | $2,412,514 |
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
Fidelity Advisor Freedom Income Fund | |
Institutional Class | 0.918% |
Annual Report
Distributions (Unaudited) - continued
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
| Institutional Class |
Fidelity Advisor Freedom Income Fund | |
April 2007 | 0% |
May 2007 | 4% |
June 2007 | 5% |
July 2007 | 5% |
August 2007 | 5% |
September 2007 | 5% |
October 2007 | 5% |
November 2007 | 5% |
December 2007 (Ex-Date 12/01/07) | 5% |
December 2007 (Ex-Date 12/28/07) | 5% |
February 2008 | 2% |
March 2008 | 2% |
Fidelity Advisor Freedom 2005 Fund | |
May 2007 | 7% |
December 2007 | 13% |
Fidelity Advisor Freedom 2010 Fund | |
May 2007 | 7% |
December 2007 | 13% |
Fidelity Advisor Freedom 2015 Fund | |
May 2007 | 10% |
December 2007 | 15% |
Fidelity Advisor Freedom 2020 Fund | |
May 2007 | 14% |
December 2007 | 19% |
Fidelity Advisor Freedom 2025 Fund | |
May 2007 | 15% |
December 2007 | 21% |
Fidelity Advisor Freedom 2030 Fund | |
May 2007 | 25% |
December 2007 | 27% |
Fidelity Advisor Freedom 2035 Fund | |
May 2007 | 24% |
December 2007 | 28% |
Fidelity Advisor Freedom 2040 Fund | |
May 2007 | 26% |
December 2007 | 28% |
Fidelity Advisor Freedom 2045 Fund | |
May 2007 | 23% |
December 2007 | 30% |
Fidelity Advisor Freedom 2050 Fund | |
May 2007 | 25% |
December 2007 | 31% |
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.
| Institutional Class |
Fidelity Advisor Freedom Income Fund | |
May 2007 | 5% |
June 2007 | 6% |
July 2007 | 6% |
August 2007 | 6% |
September 2007 | 6% |
October 2007 | 6% |
November 2007 | 6% |
December 2007 (Ex-Date 12/01/07) | 6% |
December 2007 (Ex-Date 12/28/07) | 7% |
February 2008 | 0% |
March 2008 | 0% |
Fidelity Advisor Freedom 2005 Fund | |
May 2007 | 7% |
December 2007 | 20% |
Fidelity Advisor Freedom 2010 Fund | |
May 2007 | 7% |
December 2007 | 20% |
Fidelity Advisor Freedom 2015 Fund | |
May 2007 | 10% |
December 2007 | 24% |
Fidelity Advisor Freedom 2020 Fund | |
May 2007 | 12% |
December 2007 | 31% |
Fidelity Advisor Freedom 2025 Fund | |
May 2007 | 15% |
December 2007 | 34% |
Fidelity Advisor Freedom 2030 Fund | |
May 2007 | 20% |
December 2007 | 44% |
Fidelity Advisor Freedom 2035 Fund | |
May 2007 | 24% |
December 2007 | 45% |
Fidelity Advisor Freedom 2040 Fund | |
May 2007 | 23% |
December 2007 | 46% |
Fidelity Advisor Freedom 2045 Fund | |
May 2007 | 28% |
December 2007 | 49% |
Fidelity Advisor Freedom 2050 Fund | |
May 2007 | 28% |
December 2007 | 53% |
The funds will notify shareholders in January 2009 of amounts for use in preparing 2008 income tax returns.
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)
AFFI-UANN-0508
1.792135.104
Fidelity Freedom Funds ® -
Income, 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050
Annual Report
March 31, 2008
(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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
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:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom Income Fund® | 1.41% | 4.84% | 4.66% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Income Fund® on March 31, 1998. 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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2000 Fund® | 1.23% | 5.44% | 4.89% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2000 Fund® on March 31, 1998. 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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Fidelity Freedom 2005 Fund® | | -0.17% | 6.04% |
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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2010 Fund® | 0.14% | 8.31% | 5.61% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2010 Fund® on March 31, 1998. 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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fund A |
Fidelity Freedom 2015 Fund® | | -0.62% | 7.01% |
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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2020 Fund® | -1.32% | 10.91% | 5.61% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2020 Fund® on March 31, 1998. 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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | | Past 1
year | Life of
fundA |
Fidelity Freedom 2025 Fund® | | -2.00% | 7.78% |
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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2030 Fund® | -2.65% | 12.05% | 5.34% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2030 Fund® on March 31, 1998. 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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Life of
fund A |
Fidelity Freedom 2035 Fund® | -3.00% | 8.27% |
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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Past 5
years | Life of
fund A |
Fidelity Freedom 2040 Fund® | -3.29% | 12.83% | 1.18% |
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 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, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Life of
fund A |
Fidelity Freedom 2045 Fund® | -3.19% | 4.12% |
A From June 1, 2006.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2045 Fund® on June 1, 2006, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom 2050 Fund®
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended March 31, 2008 | Past 1
year | Life of
fund A |
Fidelity Freedom 2050 Fund® | -3.53% | 3.97% |
A From June 1, 2006.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2050 Fund® on June 1, 2006, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Management's Discussion of Fund Performance
Comments from Jonathan Shelon and Christopher Sharpe, Co-Portfolio Managers of Fidelity Freedom Funds®
Turmoil in the credit markets, together with concerns about slowing economic growth and rising inflation, had broad-reaching effects on capital markets around the world during the 12 months ending March 31, 2008. The Federal Reserve Board acted forcefully in an effort to contain the situation, cutting a key short-term lending rate six times by a total of three full percentage points. Despite these efforts, domestic and international equity markets both struggled, especially late in the period. In the United States, the Standard & Poor's 500SM Index fell 5.08%, the Dow Jones Wilshire 5000 Composite IndexSM was down 5.76% and the technology-heavy NASDAQ Composite® Index declined 5.23%. Overseas, the Morgan Stanley Capital InternationalSM Europe, Australasia, and Far East (MSCI® EAFE®) Index held up a little better - largely due to a favorable currency tail wind - but still dropped 2.57%. The Fed's rate cuts drove many investors toward the relative safety of U.S. government-issued debt, which in turn put selling pressure on higher-risk bond sectors. During the period, U.S. investment-grade bonds had positive results, as the Lehman Brothers® U.S. Aggregate Index gained 7.67%. Short-term assets also were strong, with the Lehman Brothers 3 Month Treasury Bill Index up 4.81%. High-yield bonds, however, suffered from the flight to quality, and the Merrill Lynch® U.S. High Yield Master II Constrained Index fell 3.28%.
The Freedom Fund's age-based Portfolios had fairly muted absolute returns for the 12-month period. (For specific performance results, please refer to the portfolio performance section of this report.) These tepid results were mostly due to the extreme volatility in the global capital markets, especially in the second half of the period, which was precipitated by the subprime-mortgage-led credit crisis. Only three of the Portfolios - the short-dated Freedom Income, Freedom 2000 and Freedom 2010 funds - managed to achieve positive returns during this time frame, and their absolute gains were quite modest. Those three short-dated Portfolios benefited from their greater exposure to the generally strong absolute returns of investment-grade bonds and short-term assets, which rose as many investors moved into less-risky asset classes during this volatile period. On a relative basis, however, our investments in the investment-grade and short-term bond categories didn't hold up as well as their individual benchmarks, the Lehman Brothers U.S. Aggregate and Lehman Brothers 3 Month T-Bill indexes, respectively, and the shorter-dated Portfolios lagged as a result. Meanwhile, the Portfolios with longer periods until their maturity dates - specifically, the Freedom 2020 through Freedom 2050 funds - outpaced their composite benchmarks. This relative outperformance came mostly because the Portfolios' underlying investments in domestic and international equities, as well as in high-yield bonds, did better than their respective benchmarks, the Dow Jones Wilshire 5000, MSCI EAFE and Merrill Lynch High Yield Constrained indexes, respectively.
Notes to shareholders: During the past year, some changes were made in the Freedom Funds' lineup of underlying funds, both in the areas of mega-cap and small-cap stocks, as well as in investment-grade bonds and short-term assets. Some small adjustments to the weightings of the underlying funds also were made as a result of these structural changes. The intent has been to allow for more-efficient management of the risk/return characteristics of the Freedom Funds. In particular, Fidelity® Growth & Income Portfolio and Fidelity Small Cap Independence Fund were replaced with two new equity offerings, launched specifically for use by asset allocation funds such as these: Fidelity 100 Index Fund, which invests in many of the market's largest and most liquid "mega-cap" stocks, an area that was previously underrepresented in the Portfolios; and Fidelity Small Cap Opportunities Fund, whose generally sector-neutral asset allocation in the small-cap space should help the Freedom Funds better manage overall sector exposure from a risk perspective. In addition, as was indicated over the past year, Fidelity made changes to the underlying funds within the investment-grade bond category. In particular, we added Fidelity Total Bond Fund and increased asset flows into Fidelity Government Income Fund. Meanwhile, in the short-term asset category, the Funds have completed the transition from Fidelity Retirement Money Market Portfolio to Fidelity Institutional Money Market Portfolio - Institutional Class, a move intended to provide a more cost-efficient alternative.
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, 2007 to March 31, 2008).
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, 2007
|
Ending
Account Value
March 31, 2008
| Expenses Paid
During Period*
October 1, 2007
to March 31, 2008 |
Freedom Income | | | |
Actual | $ 1,000.00 | $ 983.30 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ - |
Freedom 2000 | | | |
Actual | $ 1,000.00 | $ 975.80 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ - |
Freedom 2005 | | | |
Actual | $ 1,000.00 | $ 943.60 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ - |
Freedom 2010 | | | |
Actual | $ 1,000.00 | $ 943.80 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ - |
Freedom 2015 | | | |
Actual | $ 1,000.00 | $ 933.30 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ - |
Freedom 2020 | | | |
Actual | $ 1,000.00 | $ 916.00 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ - |
Freedom 2025 | | | |
Actual | $ 1,000.00 | $ 909.70 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ - |
Freedom 2030 | | | |
Actual | $ 1,000.00 | $ 893.80 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ - |
Freedom 2035 | | | |
Actual | $ 1,000.00 | $ 890.60 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ - |
|
Beginning
Account Value
October 1, 2007
|
Ending
Account Value
March 31, 2008
| Expenses Paid
During Period*
October 1, 2007
to March 31, 2008 |
Freedom 2040 | | | |
Actual | $ 1,000.00 | $ 886.50 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ - |
Freedom 2045 | | | |
Actual | $ 1,000.00 | $ 883.80 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ - |
Freedom 2050 | | | |
Actual | $ 1,000.00 | $ 878.70 | $ - |
HypotheticalA | $ 1,000.00 | $ 1,025.00 | $ - |
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 183/366 (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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.6 | 2.9 |
Fidelity Blue Chip Growth Fund | 1.0 | 1.8 |
Fidelity Disciplined Equity Fund | 4.2 | 3.3 |
Fidelity Equity-Income Fund | 3.9 | 3.2 |
Fidelity Growth Company Fund | 2.5 | 2.4 |
Fidelity Mid-Cap Stock Fund | 1.3 | 2.3 |
Fidelity OTC Portfolio | 0.3 | 1.1 |
Fidelity Small Cap Growth Fund | 0.3 | 0.3 |
Fidelity Small Cap Opportunities Fund | 0.6 | 0.5 |
Fidelity Small Cap Value Fund | 0.3 | 0.2 |
Fidelity Value Fund | 2.2 | 2.2 |
| 20.2 | 20.2 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.4 | 2.3 |
Fidelity High Income Fund | 2.5 | 2.4 |
| 4.9 | 4.7 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 8.1 | 7.6 |
Fidelity Intermediate Bond Fund | 5.7 | 6.5 |
Fidelity Investment Grade Bond Fund | 9.7 | 11.4 |
Fidelity Strategic Real Return Fund | 7.1 | 6.8 |
Fidelity Total Bond Fund | 4.4 | 2.8 |
| 35.0 | 35.1 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class* | 20.2 | 18.5 |
Fidelity Short-Term Bond Fund | 19.7 | 20.2 |
Fidelity Retirement Money Market Portfolio | 0.0 | 1.3 |
| 39.9 | 40.0 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period. |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 20.2% | |
| High Yield Fixed-Income Funds | 4.9% | |
| Investment Grade Fixed-Income Funds | 35.0% | |
| Short-Term Funds | 39.9% | |
Six months ago |
| Domestic Equity Funds | 20.2% | |
| High Yield Fixed-Income Funds | 4.7% | |
| Investment Grade Fixed-Income Funds | 35.1% | |
| Short-Term Funds | 40.0% | |
Expected |
| Domestic Equity Funds | 20.0% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 35.0% | |
| 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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Freedom Income Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 20.2% |
| Shares | | Value |
Domestic Equity Funds - 20.2% |
Fidelity 100 Index Fund | 9,485,461 | | $ 90,491,299 |
Fidelity Blue Chip Growth Fund | 610,010 | | 24,034,401 |
Fidelity Disciplined Equity Fund | 4,134,990 | | 106,848,129 |
Fidelity Equity-Income Fund | 2,003,323 | | 98,042,636 |
Fidelity Growth Company Fund | 851,775 | | 62,435,083 |
Fidelity Mid-Cap Stock Fund | 1,298,740 | | 32,975,008 |
Fidelity OTC Portfolio (a) | 172,295 | | 7,424,200 |
Fidelity Small Cap Growth Fund | 544,287 | | 7,271,668 |
Fidelity Small Cap Opportunities Fund | 2,009,883 | | 15,938,375 |
Fidelity Small Cap Value Fund | 611,685 | | 7,334,100 |
Fidelity Value Fund | 832,064 | | 56,680,219 |
TOTAL EQUITY FUNDS (Cost $495,360,195) | 509,475,118 |
Fixed-Income Funds - 39.9% |
| | | |
High Yield Fixed-Income Funds - 4.9% |
Fidelity Capital & Income Fund | 7,561,669 | | 61,778,837 |
Fidelity High Income Fund | 7,604,020 | | 63,037,326 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 124,816,163 |
Investment Grade Fixed-Income Funds - 35.0% |
Fidelity Government Income Fund | 19,180,408 | | 204,271,349 |
Fidelity Intermediate Bond Fund | 14,115,950 | | 142,712,259 |
Fidelity Investment Grade Bond Fund | 34,405,153 | | 243,244,434 |
Fidelity Strategic Real Return Fund | 17,602,692 | | 179,899,517 |
Fidelity Total Bond Fund | 10,842,275 | | 111,675,437 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 881,802,996 |
TOTAL FIXED-INCOME FUNDS (Cost $1,009,386,761) | 1,006,619,159 |
Short-Term Funds - 39.9% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 509,927,601 | | 509,927,602 |
Fidelity Short-Term Bond Fund | 59,044,822 | | 497,157,403 |
TOTAL SHORT-TERM FUNDS (Cost $1,030,839,971) | 1,007,085,005 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $2,535,586,927) | $ 2,523,179,282 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $2,535,586,927) - See accompanying schedule | | $ 2,523,179,282 |
Cash | | 911 |
Receivable for investments sold | | 11,142,101 |
Receivable for fund shares sold | | 6,527,452 |
Total assets | | 2,540,849,746 |
| | |
Liabilities | | |
Payable for investments purchased | $ 18,968 | |
Payable for fund shares redeemed | 17,654,857 | |
Total liabilities | | 17,673,825 |
| | |
Net Assets | | $ 2,523,175,921 |
Net Assets consist of: | | |
Paid in capital | | $ 2,504,896,536 |
Undistributed net investment income | | 9,035,383 |
Accumulated undistributed net realized gain (loss) on investments | | 21,651,647 |
Net unrealized appreciation (depreciation) on investments | | (12,407,645) |
Net Assets, for 225,412,339 shares outstanding | | $ 2,523,175,921 |
Net Asset Value, offering price and redemption price per share ($2,523,175,921 ÷ 225,412,339 shares) | | $ 11.19 |
Statement of Operations
| Year ended March 31, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 100,864,426 |
Interest | | 455 |
Total income | | 100,864,881 |
| | |
Expenses | | |
Independent trustees' compensation | $ 9,423 | |
Total expenses before reductions | 9,423 | |
Expense reductions | (9,423) | - |
Net investment income (loss) | | 100,864,881 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities: | | |
Unaffiliated issuers | (468,858) | |
Sales of underlying affiliated fund shares | 14,973,602 | |
Capital gain distributions from underlying funds | 27,705,750 | 42,210,494 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (108,292,381) |
Net gain (loss) | | (66,081,887) |
Net increase (decrease) in net assets resulting from operations | | $ 34,782,994 |
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,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 100,864,881 | $ 84,760,469 |
Net realized gain (loss) | 42,210,494 | 32,141,273 |
Change in net unrealized appreciation (depreciation) | (108,292,381) | 24,044,262 |
Net increase (decrease) in net assets resulting from operations | 34,782,994 | 140,946,004 |
Distributions to shareholders from net investment income | (100,493,066) | (84,752,207) |
Distributions to shareholders from net realized gain | (36,169,480) | (23,141,560) |
Total distributions | (136,662,546) | (107,893,767) |
Share transactions
Proceeds from sales of shares | 1,126,940,843 | 812,741,404 |
Reinvestment of distributions | 135,207,956 | 106,754,869 |
Cost of shares redeemed | (1,013,370,607) | (708,302,045) |
Net increase (decrease) in net assets resulting from share transactions | 248,778,192 | 211,194,228 |
Total increase (decrease) in net assets | 146,898,640 | 244,246,465 |
| | |
Net Assets | | |
Beginning of period | 2,376,277,281 | 2,132,030,816 |
End of period (including undistributed net investment income of $9,035,383 and undistributed net investment income of $8,663,568, respectively) | $ 2,523,175,921 | $ 2,376,277,281 |
Other Information Shares | | |
Sold | 97,663,304 | 70,682,404 |
Issued in reinvestment of distributions | 11,693,139 | 9,296,641 |
Redeemed | (87,782,371) | (61,664,856) |
Net increase (decrease) | 21,574,072 | 18,314,189 |
Financial Highlights
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.66 | $ 11.49 | $ 11.20 | $ 11.24 | $ 10.59 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .47 | .44 | .35 | .22 | .18 |
Net realized and unrealized gain (loss) | (.30) | .29 | .28 | (.01) | .75 |
Total from investment operations | .17 | .73 | .63 | .21 | .93 |
Distributions from net investment income | (.47) | (.44) | (.31) | (.23) | (.22) |
Distributions from net realized gain | (.17) | (.12) | (.03) | (.02) | (.06) |
Total distributions | (.64) | (.56) | (.34) | (.25) | (.28) |
Net asset value, end of period | $ 11.19 | $ 11.66 | $ 11.49 | $ 11.20 | $ 11.24 |
Total Return A | 1.41% | 6.54% | 5.71% | 1.86% | 8.87% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .01% | .08% | .08% |
Expenses net of all reductions | .00% | .00% | .01% | .08% | .08% |
Net investment income (loss) | 4.06% | 3.81% | 3.07% | 1.97% | 1.68% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,523,176 | $ 2,376,277 | $ 2,132,031 | $ 1,944,903 | $ 1,753,286 |
Portfolio turnover rate | 33% | 26% | 18% | 7% | 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 2000 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 4.2 | 4.0 |
Fidelity Blue Chip Growth Fund | 1.1 | 2.4 |
Fidelity Disciplined Equity Fund | 5.0 | 4.4 |
Fidelity Equity-Income Fund | 4.6 | 4.3 |
Fidelity Growth Company Fund | 3.0 | 3.2 |
Fidelity Mid-Cap Stock Fund | 1.8 | 3.0 |
Fidelity OTC Portfolio | 0.3 | 1.4 |
Fidelity Small Cap Growth Fund | 0.4 | 0.3 |
Fidelity Small Cap Opportunities Fund | 0.7 | 0.7 |
Fidelity Small Cap Value Fund | 0.4 | 0.3 |
Fidelity Value Fund | 2.8 | 2.8 |
| 24.3 | 26.8 |
International Equity Funds | | |
Fidelity Diversified International Fund | 0.1 | 0.2 |
Fidelity Europe Fund | 0.2 | 0.3 |
Fidelity Japan Fund | 0.1 | 0.1 |
Fidelity Overseas Fund | 0.1 | 0.2 |
Fidelity Southeast Asia Fund | 0.0** | 0.0** |
| 0.5 | 0.8 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.4 | 2.3 |
Fidelity High Income Fund | 2.5 | 2.4 |
| 4.9 | 4.7 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 7.4 | 6.8 |
Fidelity Intermediate Bond Fund | 5.0 | 5.5 |
Fidelity Investment Grade Bond Fund | 8.5 | 9.8 |
Fidelity Strategic Real Return Fund | 6.4 | 6.0 |
Fidelity Total Bond Fund | 4.3 | 1.9 |
| 31.6 | 30.0 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class* | 19.6 | 17.7 |
Fidelity Retirement Money Market Portfolio | 0.0 | 1.3 |
Fidelity Short-Term Bond Fund | 19.1 | 18.7 |
| 38.7 | 37.7 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period. |
** Amount represents less than 0.1% |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 24.3% | |
| International Equity Funds | 0.5% | |
| Investment Grade Fixed-Income Funds | 31.6% | |
| High Yield Fixed-Income Funds | 4.9% | |
| Short-Term Funds | 38.7% | |
Six months ago |
| Domestic Equity Funds | 26.8% | |
| International Equity Funds | 0.8% | |
| Investment Grade Fixed-Income Funds | 30.0% | |
| High Yield Fixed-Income Funds | 4.7% | |
| Short-Term Funds | 37.7% | |
Expected |
| Domestic Equity Funds | 23.4% | |
| International Equity Funds | 0.2% | |
| Investment Grade Fixed-Income Funds | 32.1% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 39.3% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Freedom 2000 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 24.8% |
| Shares | | Value |
Domestic Equity Funds - 24.3% |
Fidelity 100 Index Fund | 7,777,623 | | $ 74,198,528 |
Fidelity Blue Chip Growth Fund | 480,608 | | 18,935,963 |
Fidelity Disciplined Equity Fund | 3,463,971 | | 89,509,004 |
Fidelity Equity-Income Fund | 1,674,605 | | 81,955,177 |
Fidelity Growth Company Fund | 740,839 | | 54,303,484 |
Fidelity Mid-Cap Stock Fund | 1,295,372 | | 32,889,496 |
Fidelity OTC Portfolio (a) | 131,737 | | 5,676,559 |
Fidelity Small Cap Growth Fund | 482,005 | | 6,439,581 |
Fidelity Small Cap Opportunities Fund | 1,693,104 | | 13,426,315 |
Fidelity Small Cap Value Fund | 541,835 | | 6,496,606 |
Fidelity Value Fund | 720,996 | | 49,114,220 |
TOTAL DOMESTIC EQUITY FUNDS | | 432,944,933 |
International Equity Funds - 0.5% |
Fidelity Diversified International Fund | 66,061 | | 2,382,143 |
Fidelity Europe Fund | 71,824 | | 2,738,645 |
Fidelity Japan Fund | 78,717 | | 1,029,612 |
Fidelity Overseas Fund | 54,836 | | 2,346,426 |
Fidelity Southeast Asia Fund | 10,232 | | 331,197 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 8,828,023 |
TOTAL EQUITY FUNDS (Cost $430,977,894) | 441,772,956 |
Fixed-Income Funds - 36.5% |
| | | |
High Yield Fixed-Income Funds - 4.9% |
Fidelity Capital & Income Fund | 5,344,235 | | 43,662,401 |
Fidelity High Income Fund | 5,353,403 | | 44,379,708 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 88,042,109 |
Investment Grade Fixed-Income Funds - 31.6% |
Fidelity Government Income Fund | 12,390,859 | | 131,962,653 |
Fidelity Intermediate Bond Fund | 8,751,178 | | 88,474,406 |
Fidelity Investment Grade Bond Fund | 21,526,781 | | 152,194,341 |
Fidelity Strategic Real Return Fund | 11,129,553 | | 113,744,036 |
Fidelity Total Bond Fund | 7,413,578 | | 76,359,848 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 562,735,284 |
TOTAL FIXED-INCOME FUNDS (Cost $646,073,191) | 650,777,393 |
Short-Term Funds - 38.7% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Institutional Class | 347,907,428 | | $ 347,907,429 |
Fidelity Short-Term Bond Fund | 40,421,003 | | 340,344,847 |
TOTAL SHORT-TERM FUNDS (Cost $703,949,025) | 688,252,276 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,781,000,110) | $ 1,780,802,625 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $1,781,000,110) - See accompanying schedule | | $ 1,780,802,625 |
Cash | | 6 |
Receivable for investments sold | | 299,172 |
Receivable for fund shares sold | | 3,764,128 |
Total assets | | 1,784,865,931 |
| | |
Liabilities | | |
Payable for investments purchased | $ 105 | |
Payable for fund shares redeemed | 4,063,035 | |
Total liabilities | | 4,063,140 |
| | |
Net Assets | | $ 1,780,802,791 |
Net Assets consist of: | | |
Paid in capital | | $ 1,744,570,320 |
Undistributed net investment income | | 13,282,307 |
Accumulated undistributed net realized gain (loss) on investments | | 23,147,649 |
Net unrealized appreciation (depreciation) on investments | | (197,485) |
Net Assets, for 147,436,812 shares outstanding | | $ 1,780,802,791 |
Net Asset Value, offering price and redemption price per share ($1,780,802,791 ÷ 147,436,812 shares) | | $ 12.08 |
Statement of Operations
| Year ended March 31, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 66,728,906 |
Interest | | 571 |
Total income | | 66,729,477 |
| | |
Expenses | | |
Independent trustees' compensation | $ 6,653 | |
Total expenses before reductions | 6,653 | |
Expense reductions | (6,653) | - |
Net investment income (loss) | | 66,729,477 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment Securities: | | |
Unaffiliated issuers | (631,061) | |
Sale of underlying affiliated fund shares | 18,744,911 | |
Capital gain distributions from underlying funds | 25,026,595 | 43,140,445 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (88,673,223) |
Net gain (loss) | | (45,532,778) |
Net increase (decrease) in net assets resulting from operations | | $ 21,196,699 |
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,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 66,729,477 | $ 56,704,348 |
Net realized gain (loss) | 43,140,445 | 31,375,770 |
Change in net unrealized appreciation (depreciation) | (88,673,223) | 16,054,294 |
Net increase (decrease) in net assets resulting from operations | 21,196,699 | 104,134,412 |
Distributions to shareholders from net investment income | (66,254,619) | (54,996,316) |
Distributions to shareholders from net realized gain | (36,928,125) | (17,909,527) |
Total distributions | (103,182,744) | (72,905,843) |
Share transactions
Proceeds from sales of shares | 659,430,862 | 453,634,213 |
Reinvestment of distributions | 102,655,686 | 72,600,661 |
Cost of shares redeemed | (593,675,005) | (464,213,365) |
Net increase (decrease) in net assets resulting from share transactions | 168,411,543 | 62,021,509 |
Total increase (decrease) in net assets | 86,425,498 | 93,250,078 |
| | |
Net Assets | | |
Beginning of period | 1,694,377,293 | 1,601,127,215 |
End of period (including undistributed net investment income of $13,282,307 and undistributed net investment income of $12,924,924, respectively) | $ 1,780,802,791 | $ 1,694,377,293 |
Other Information Shares | | |
Sold | 52,533,693 | 36,227,381 |
Issued in reinvestment of distributions | 8,231,093 | 5,832,782 |
Redeemed | (47,195,509) | (37,260,092) |
Net increase (decrease) | 13,569,277 | 4,800,071 |
Financial Highlights
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.66 | $ 12.41 | $ 12.00 | $ 11.97 | $ 11.01 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .48 | .44 | .36 | .24 | .21 |
Net realized and unrealized gain (loss) | (.31) | .38 | .40 | .02 | .99 |
Total from investment operations | .17 | .82 | .76 | .26 | 1.20 |
Distributions from net investment income | (.48) | (.43) | (.33) | (.23) | (.24) |
Distributions from net realized gain | (.27) | (.14) | (.02) | - | - |
Total distributions | (.75) | (.57) | (.35) | (.23) | (.24) |
Net asset value, end of period | $ 12.08 | $ 12.66 | $ 12.41 | $ 12.00 | $ 11.97 |
Total Return A | 1.23% | 6.72% | 6.40% | 2.18% | 10.97% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .01% | .08% | .08% |
Expenses net of all reductions | .00% | .00% | .01% | .08% | .08% |
Net investment income (loss) | 3.80% | 3.54% | 2.98% | 2.02% | 1.79% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,780,803 | $ 1,694,377 | $ 1,601,127 | $ 1,575,894 | $ 1,592,068 |
Portfolio turnover rate | 36% | 34% | 20% | 11% | 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 6.4 | 6.0 |
Fidelity Blue Chip Growth Fund | 2.0 | 3.6 |
Fidelity Disciplined Equity Fund | 7.7 | 6.4 |
Fidelity Equity-Income Fund | 7.1 | 6.4 |
Fidelity Growth Company Fund | 4.6 | 4.7 |
Fidelity Mid-Cap Stock Fund | 3.2 | 4.5 |
Fidelity OTC Portfolio | 1.1 | 2.1 |
Fidelity Small Cap Growth Fund | 0.5 | 0.5 |
Fidelity Small Cap Opportunities Fund | 1.1 | 1.0 |
Fidelity Small Cap Value Fund | 0.6 | 0.5 |
Fidelity Value Fund | 4.5 | 4.3 |
| 38.8 | 40.0 |
International Equity Funds | | |
Fidelity Diversified International Fund | 2.4 | 2.4 |
Fidelity Europe Fund | 3.0 | 3.2 |
Fidelity Japan Fund | 0.9 | 0.9 |
Fidelity Overseas Fund | 2.4 | 2.5 |
Fidelity Southeast Asia Fund | 0.4 | 0.6 |
| 9.1 | 9.6 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.5 | 2.4 |
Fidelity High Income Fund | 2.5 | 2.3 |
| 5.0 | 4.7 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 7.7 | 7.0 |
Fidelity Intermediate Bond Fund | 5.1 | 5.8 |
Fidelity Investment Grade Bond Fund | 8.8 | 10.0 |
Fidelity Strategic Real Return Fund | 7.0 | 6.6 |
Fidelity Total Bond Fund | 5.9 | 4.8 |
| 34.5 | 34.2 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class* | 6.1 | 4.0 |
Fidelity Retirement Money Market Portfolio | 0.0 | 1.1 |
Fidelity Short-Term Bond Fund | 6.5 | 6.4 |
| 12.6 | 11.5 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period. |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 38.8% | |
| International Equity Funds | 9.1% | |
| Investment Grade Fixed-Income Funds | 34.5% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 12.6% | |
Six months ago |
| Domestic Equity Funds | 40.0% | |
| International Equity Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 34.2% | |
| High Yield Fixed-Income Funds | 4.7% | |
| Short-Term Funds | 11.5% | |
Expected |
| Domestic Equity Funds | 38.7% | |
| International Equity Funds | 8.6% | |
| Investment Grade Fixed-Income Funds | 33.6% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 14.1% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Freedom 2005 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 47.9% |
| Shares | | Value |
Domestic Equity Funds - 38.8% |
Fidelity 100 Index Fund | 7,023,851 | | $ 67,007,539 |
Fidelity Blue Chip Growth Fund | 547,005 | | 21,552,014 |
Fidelity Disciplined Equity Fund | 3,130,240 | | 80,885,392 |
Fidelity Equity-Income Fund | 1,536,311 | | 75,187,084 |
Fidelity Growth Company Fund | 664,107 | | 48,679,019 |
Fidelity Mid-Cap Stock Fund | 1,317,612 | | 33,454,178 |
Fidelity OTC Portfolio (a) | 271,116 | | 11,682,407 |
Fidelity Small Cap Growth Fund | 428,597 | | 5,726,061 |
Fidelity Small Cap Opportunities Fund | 1,425,321 | | 11,302,797 |
Fidelity Small Cap Value Fund | 486,036 | | 5,827,570 |
Fidelity Value Fund | 687,143 | | 46,808,148 |
TOTAL DOMESTIC EQUITY FUNDS | | 408,112,209 |
International Equity Funds - 9.1% |
Fidelity Diversified International Fund | 709,754 | | 25,593,713 |
Fidelity Europe Fund | 836,186 | | 31,883,775 |
Fidelity Japan Fund | 701,050 | | 9,169,740 |
Fidelity Overseas Fund | 586,310 | | 25,088,190 |
Fidelity Southeast Asia Fund | 126,957 | | 4,109,602 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 95,845,020 |
TOTAL EQUITY FUNDS (Cost $532,539,590) | 503,957,229 |
Fixed-Income Funds - 39.5% |
| | | |
High Yield Fixed-Income Funds - 5.0% |
Fidelity Capital & Income Fund | 3,169,317 | | 25,893,318 |
Fidelity High Income Fund | 3,211,038 | | 26,619,509 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 52,512,827 |
Investment Grade Fixed-Income Funds - 34.5% |
Fidelity Government Income Fund | 7,619,502 | | 81,147,698 |
Fidelity Intermediate Bond Fund | 5,269,499 | | 53,274,633 |
Fidelity Investment Grade Bond Fund | 13,037,905 | | 92,177,989 |
Fidelity Strategic Real Return Fund | 7,217,119 | | 73,758,956 |
Fidelity Total Bond Fund | 6,020,171 | | 62,007,765 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 362,367,041 |
TOTAL FIXED-INCOME FUNDS (Cost $419,029,826) | 414,879,868 |
Short-Term Funds - 12.6% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Institutional Class | 64,486,663 | | $ 64,486,663 |
Fidelity Short-Term Bond Fund | 8,121,088 | | 68,379,559 |
TOTAL SHORT-TERM FUNDS (Cost $135,914,742) | 132,866,222 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,087,484,158) | $ 1,051,703,319 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $1,087,484,158) - See accompanying schedule | | $ 1,051,703,319 |
Cash | | 6 |
Receivable for investments sold | | 9,665 |
Receivable for fund shares sold | | 6,295,555 |
Total assets | | 1,058,008,545 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,214,141 | |
Payable for fund shares redeemed | 1,091,433 | |
Total liabilities | | 6,305,574 |
| | |
Net Assets | | $ 1,051,702,971 |
Net Assets consist of: | | |
Paid in capital | | $ 1,061,618,510 |
Undistributed net investment income | | 5,877,684 |
Accumulated undistributed net realized gain (loss) on investments | | 19,987,616 |
Net unrealized appreciation (depreciation) on investments | | (35,780,839) |
Net Assets, for 93,961,274 shares outstanding | | $ 1,051,702,971 |
Net Asset Value, offering price and redemption price per share ($1,051,702,971 ÷ 93,961,274 shares) | | $ 11.19 |
Statement of Operations
| Year ended March 31, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 29,238,401 |
Interest | | 579 |
Total income | | 29,238,980 |
| | |
Expenses | | |
Independent trustees' compensation | $ 3,726 | |
Total expenses before reductions | 3,726 | |
Expense reductions | (3,726) | - |
Net investment income (loss) | | 29,238,980 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities: | | |
Unaffiliated issuers | (688,262) | |
Sale of underlying affiliated fund shares | 3,826,381 | |
Capital gain distributions from underlying funds | 29,499,115 | 32,637,234 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (69,852,937) |
Net gain (loss) | | (37,215,703) |
Net increase (decrease) in net assets resulting from operations | | $ (7,976,723) |
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,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 29,238,980 | $ 18,028,627 |
Net realized gain (loss) | 32,637,234 | 23,604,455 |
Change in net unrealized appreciation (depreciation) | (69,852,937) | 13,508,627 |
Net increase (decrease) in net assets resulting from operations | (7,976,723) | 55,141,709 |
Distributions to shareholders from net investment income | (27,518,399) | (16,755,724) |
Distributions to shareholders from net realized gain | (27,410,356) | (13,457,462) |
Total distributions | (54,928,755) | (30,213,186) |
Share transactions
Proceeds from sales of shares | 591,090,786 | 528,505,086 |
Reinvestment of distributions | 54,688,680 | 30,106,759 |
Cost of shares redeemed | (398,488,544) | (246,438,574) |
Net increase (decrease) in net assets resulting from share transactions | 247,290,922 | 312,173,271 |
Total increase (decrease) in net assets | 184,385,444 | 337,101,794 |
| | |
Net Assets | | |
Beginning of period | 867,317,527 | 530,215,733 |
End of period (including undistributed net investment income of $5,877,684 and undistributed net investment income of $4,157,103, respectively) | $ 1,051,702,971 | $ 867,317,527 |
Other Information Shares | | |
Sold | 49,764,623 | 45,768,587 |
Issued in reinvestment of distributions | 4,605,980 | 2,597,062 |
Redeemed | (33,684,559) | (21,421,023) |
Net increase (decrease) | 20,686,044 | 26,944,626 |
Financial Highlights
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.84 | $ 11.44 | $ 10.67 | $ 10.48 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .35 | .31 | .28 | .23 | .08 |
Net realized and unrealized gain (loss) | (.34) | .62 | .78 | .13 | .44 |
Total from investment operations | .01 | .93 | 1.06 | .36 | .52 |
Distributions from net investment income | (.32) | (.29) | (.21) | (.16) | (.04) |
Distributions from net realized gain | (.34) | (.24) | (.08) | (.01) | - |
Total distributions | (.66) | (.53) | (.29) | (.17) | (.04) |
Net asset value, end of period | $ 11.19 | $ 11.84 | $ 11.44 | $ 10.67 | $ 10.48 |
Total Return B, C | (.17)% | 8.27% | 10.05% | 3.44% | 5.21% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 2.94% | 2.70% | 2.55% | 2.18% | 2.03% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,051,703 | $ 867,318 | $ 530,216 | $ 228,244 | $ 36,483 |
Portfolio turnover rate | 31% | 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 7.5 | 6.2 |
Fidelity Blue Chip Growth Fund | 1.7 | 4.0 |
Fidelity Disciplined Equity Fund | 7.9 | 6.6 |
Fidelity Equity-Income Fund | 7.3 | 6.5 |
Fidelity Growth Company Fund | 4.7 | 4.9 |
Fidelity Mid-Cap Stock Fund | 3.3 | 4.6 |
Fidelity OTC Portfolio | 1.0 | 2.5 |
Fidelity Small Cap Growth Fund | 0.5 | 0.5 |
Fidelity Small Cap Opportunities Fund | 1.0 | 1.0 |
Fidelity Small Cap Value Fund | 0.5 | 0.5 |
Fidelity Value Fund | 4.3 | 4.3 |
| 39.7 | 41.6 |
International Equity Funds | | |
Fidelity Diversified International Fund | 2.6 | 2.6 |
Fidelity Europe Fund | 3.4 | 3.6 |
Fidelity Japan Fund | 0.9 | 0.9 |
Fidelity Overseas Fund | 2.6 | 2.7 |
Fidelity Southeast Asia Fund | 0.4 | 0.7 |
| 9.9 | 10.5 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.5 | 2.3 |
Fidelity High Income Fund | 2.6 | 2.3 |
| 5.1 | 4.6 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 7.6 | 7.2 |
Fidelity Intermediate Bond Fund | 5.3 | 6.2 |
Fidelity Investment Grade Bond Fund | 9.4 | 10.7 |
Fidelity Strategic Real Return Fund | 7.3 | 6.5 |
Fidelity Total Bond Fund | 5.5 | 3.2 |
| 35.1 | 33.8 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class* | 5.1 | 4.4 |
Fidelity Retirement Money Market Portfolio | 0.0 | 0.1 |
Fidelity Short-Term Bond Fund | 5.1 | 5.0 |
| 10.2 | 9.5 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period. |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 39.7% | |
| International Equity Funds | 9.9% | |
| Investment Grade Fixed-Income Funds | 35.1% | |
| High Yield Fixed-Income Funds | 5.1% | |
| Short-Term Funds | 10.2% | |
Six months ago |
| Domestic Equity Funds | 41.6% | |
| International Equity Funds | 10.5% | |
| Investment Grade Fixed-Income Funds | 33.8% | |
| High Yield Fixed-Income Funds | 4.6% | |
| Short-Term Funds | 9.5% | |
Expected |
| Domestic Equity Funds | 40.0% | |
| International Equity Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 34.8% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Short-Term Funds | 10.2% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Freedom 2010 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 49.6% |
| Shares | | Value |
Domestic Equity Funds - 39.7% |
Fidelity 100 Index Fund | 108,988,271 | | $ 1,039,748,106 |
Fidelity Blue Chip Growth Fund | 5,978,193 | | 235,540,824 |
Fidelity Disciplined Equity Fund | 42,710,952 | | 1,103,650,994 |
Fidelity Equity-Income Fund | 20,729,352 | | 1,014,494,483 |
Fidelity Growth Company Fund | 8,870,014 | | 650,172,059 |
Fidelity Mid-Cap Stock Fund | 18,172,447 | | 461,398,423 |
Fidelity OTC Portfolio (a) | 3,155,567 | | 135,973,397 |
Fidelity Small Cap Growth Fund | 5,420,887 | | 72,423,044 |
Fidelity Small Cap Opportunities Fund | 17,647,864 | | 139,947,565 |
Fidelity Small Cap Value Fund | 5,905,912 | | 70,811,891 |
Fidelity Value Fund | 8,777,837 | | 597,946,281 |
TOTAL DOMESTIC EQUITY FUNDS | | 5,522,107,067 |
International Equity Funds - 9.9% |
Fidelity Diversified International Fund | 10,215,151 | | 368,358,359 |
Fidelity Europe Fund | 12,401,915 | | 472,885,030 |
Fidelity Japan Fund | 9,243,688 | | 120,907,445 |
Fidelity Overseas Fund | 8,391,219 | | 359,060,282 |
Fidelity Southeast Asia Fund | 1,685,911 | | 54,572,954 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 1,375,784,070 |
TOTAL EQUITY FUNDS (Cost $6,772,317,231) | 6,897,891,137 |
Fixed-Income Funds - 40.2% |
| | | |
High Yield Fixed-Income Funds - 5.1% |
Fidelity Capital & Income Fund | 42,565,214 | | 347,757,801 |
Fidelity High Income Fund | 43,189,989 | | 358,045,013 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 705,802,814 |
Investment Grade Fixed-Income Funds - 35.1% |
Fidelity Government Income Fund | 98,511,407 | | 1,049,146,480 |
Fidelity Intermediate Bond Fund | 73,244,641 | | 740,503,323 |
Fidelity Investment Grade Bond Fund | 184,954,425 | | 1,307,627,784 |
Fidelity Strategic Real Return Fund | 99,210,827 | | 1,013,934,655 |
Fidelity Total Bond Fund | 74,419,965 | | 766,525,635 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 4,877,737,877 |
TOTAL FIXED-INCOME FUNDS (Cost $5,564,740,288) | 5,583,540,691 |
Short-Term Funds - 10.2% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Institutional Class | 708,825,946 | | $ 708,825,946 |
Fidelity Short-Term Bond Fund | 84,716,315 | | 713,311,370 |
TOTAL SHORT-TERM FUNDS (Cost $1,456,072,952) | 1,422,137,316 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $13,793,130,471) | $ 13,903,569,144 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $13,793,130,471) - See accompanying schedule | | $ 13,903,569,144 |
Cash | | 12 |
Receivable for investments sold | | 12,839,915 |
Receivable for fund shares sold | | 51,016,061 |
Total assets | | 13,967,425,132 |
| | |
Liabilities | | |
Payable for investments purchased | $ 6,330 | |
Payable for fund shares redeemed | 63,864,574 | |
Total liabilities | | 63,870,904 |
| | |
Net Assets | | $ 13,903,554,228 |
Net Assets consist of: | | |
Paid in capital | | $ 13,390,672,095 |
Undistributed net investment income | | 71,864,200 |
Accumulated undistributed net realized gain (loss) on investments | | 330,579,260 |
Net unrealized appreciation (depreciation) on investments | | 110,438,673 |
Net Assets, for 987,918,835 shares outstanding | | $ 13,903,554,228 |
Net Asset Value, offering price and redemption price per share ($13,903,554,228 ÷ 987,918,835 shares) | | $ 14.07 |
Statement of Operations
| Year ended March 31, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 402,866,026 |
Interest | | 8,777 |
Total income | | 402,874,803 |
| | |
Expenses | | |
Independent trustees' compensation | $ 53,237 | |
Interest | 714 | |
Total expenses before reductions | 53,951 | |
Expense reductions | (53,951) | - |
Net investment income (loss) | | 402,874,803 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities: | | |
Unaffiliated issuers | (10,145,745) | |
Sale of underlying affiliated fund shares | 76,659,655 | |
Capital gain distributions from underlying funds | 430,169,153 | 496,683,063 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (903,941,278) |
Net gain (loss) | | (407,258,215) |
Net increase (decrease) in net assets resulting from operations | | $ (4,383,412) |
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,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 402,874,803 | $ 308,721,935 |
Net realized gain (loss) | 496,683,063 | 472,521,900 |
Change in net unrealized appreciation (depreciation) | (903,941,278) | 157,025,735 |
Net increase (decrease) in net assets resulting from operations | (4,383,412) | 938,269,570 |
Distributions to shareholders from net investment income | (388,589,230) | (302,539,526) |
Distributions to shareholders from net realized gain | (429,676,712) | (291,361,878) |
Total distributions | (818,265,942) | (593,901,404) |
Share transactions
Proceeds from sales of shares | 5,024,645,662 | 3,957,458,496 |
Reinvestment of distributions | 815,754,699 | 592,129,488 |
Cost of shares redeemed | (4,217,097,028) | (2,480,326,685) |
Net increase (decrease) in net assets resulting from share transactions | 1,623,303,333 | 2,069,261,299 |
Total increase (decrease) in net assets | 800,653,979 | 2,413,629,465 |
| | |
Net Assets | | |
Beginning of period | 13,102,900,249 | 10,689,270,784 |
End of period (including undistributed net investment income of $71,864,200 and undistributed net investment income of $61,329,095, respectively) | $ 13,903,554,228 | $ 13,102,900,249 |
Other Information Shares | | |
Sold | 336,981,437 | 271,963,827 |
Issued in reinvestment of distributions | 54,630,900 | 40,541,770 |
Redeemed | (283,585,248) | (171,064,092) |
Net increase (decrease) | 108,027,089 | 141,441,505 |
Financial Highlights
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.89 | $ 14.48 | $ 13.45 | $ 13.31 | $ 11.40 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .43 | .39 | .35 | .28 | .26 |
Net realized and unrealized gain (loss) | (.37) | .77 | 1.05 | .20 | 2.02 |
Total from investment operations | .06 | 1.16 | 1.40 | .48 | 2.28 |
Distributions from net investment income | (.41) | (.38) | (.30) | (.29) | (.28) |
Distributions from net realized gain | (.47) | (.37) | (.07) | (.05) | (.09) |
Total distributions | (.88) | (.75) | (.37) | (.34) | (.37) |
Net asset value, end of period | $ 14.07 | $ 14.89 | $ 14.48 | $ 13.45 | $ 13.31 |
Total Return A | .14% | 8.17% | 10.54% | 3.59% | 20.15% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .01% | .08% | .08% |
Expenses net of all reductions | .00% | .00% | .01% | .08% | .08% |
Net investment income (loss) | 2.86% | 2.67% | 2.48% | 2.11% | 2.07% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 13,903,554 | $ 13,102,900 | $ 10,689,271 | $ 8,693,512 | $ 7,387,863 |
Portfolio turnover rate | 34% | 12% | 8% | 1% | 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 2015 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 6.3 | 6.6 |
Fidelity Blue Chip Growth Fund | 2.2 | 4.0 |
Fidelity Disciplined Equity Fund | 8.6 | 7.3 |
Fidelity Equity-Income Fund | 8.0 | 7.2 |
Fidelity Growth Company Fund | 5.3 | 5.3 |
Fidelity Mid-Cap Stock Fund | 3.7 | 5.1 |
Fidelity OTC Portfolio | 1.3 | 2.4 |
Fidelity Small Cap Growth Fund | 0.6 | 0.6 |
Fidelity Small Cap Opportunities Fund | 1.2 | 1.1 |
Fidelity Small Cap Value Fund | 0.7 | 0.5 |
Fidelity Value Fund | 5.0 | 4.9 |
| 42.9 | 45.0 |
International Equity Funds | | |
Fidelity Diversified International Fund | 3.2 | 2.8 |
Fidelity Europe Fund | 3.6 | 3.9 |
Fidelity Japan Fund | 1.0 | 1.1 |
Fidelity Overseas Fund | 3.2 | 2.9 |
Fidelity Southeast Asia Fund | 0.4 | 0.7 |
| 11.4 | 11.4 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.8 | 2.8 |
Fidelity High Income Fund | 2.9 | 2.8 |
| 5.7 | 5.6 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 7.2 | 6.3 |
Fidelity Intermediate Bond Fund | 4.2 | 4.9 |
Fidelity Investment Grade Bond Fund | 7.4 | 8.5 |
Fidelity Strategic Real Return Fund | 6.7 | 6.2 |
Fidelity Total Bond Fund | 7.7 | 6.1 |
| 33.2 | 32.0 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class* | 3.3 | 2.3 |
Fidelity Retirement Money Market Portfolio | 0.0 | 0.1 |
Fidelity Short-Term Bond Fund | 3.5 | 3.6 |
| 6.8 | 6.0 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period. |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 42.9% | |
| International Equity Funds | 11.4% | |
| Investment Grade Fixed-Income Funds | 33.2% | |
| High Yield Fixed-Income Funds | 5.7% | |
| Short-Term Funds | 6.8% | |
Six months ago |
| Domestic Equity Funds | 45.0% | |
| International Equity Funds | 11.4% | |
| Investment Grade Fixed-Income Funds | 32.0% | |
| High Yield Fixed-Income Funds | 5.6% | |
| Short-Term Funds | 6.0% | |
Expected |
| Domestic Equity Funds | 42.9% | |
| International Equity Funds | 10.7% | |
| Investment Grade Fixed-Income Funds | 33.2% | |
| High Yield Fixed-Income Funds | 5.5% | |
| Short-Term 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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Freedom 2015 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 54.3% |
| Shares | | Value |
Domestic Equity Funds - 42.9% |
Fidelity 100 Index Fund | 46,642,669 | | $ 444,971,059 |
Fidelity Blue Chip Growth Fund | 3,999,961 | | 157,598,447 |
Fidelity Disciplined Equity Fund | 23,739,658 | | 613,432,755 |
Fidelity Equity-Income Fund | 11,691,286 | | 572,171,545 |
Fidelity Growth Company Fund | 5,158,634 | | 378,127,906 |
Fidelity Mid-Cap Stock Fund | 10,327,782 | | 262,222,378 |
Fidelity OTC Portfolio (a) | 2,152,763 | | 92,762,558 |
Fidelity Small Cap Growth Fund | 3,405,983 | | 45,503,937 |
Fidelity Small Cap Opportunities Fund | 10,804,259 | | 85,677,771 |
Fidelity Small Cap Value Fund | 3,819,252 | | 45,792,834 |
Fidelity Value Fund | 5,200,151 | | 354,234,287 |
TOTAL DOMESTIC EQUITY FUNDS | | 3,052,495,477 |
International Equity Funds - 11.4% |
Fidelity Diversified International Fund | 6,346,935 | | 228,870,476 |
Fidelity Europe Fund | 6,652,857 | | 253,673,439 |
Fidelity Japan Fund | 5,564,778 | | 72,787,301 |
Fidelity Overseas Fund | 5,252,933 | | 224,773,010 |
Fidelity Southeast Asia Fund | 1,005,120 | | 32,535,731 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 812,639,957 |
TOTAL EQUITY FUNDS (Cost $4,127,860,584) | 3,865,135,434 |
Fixed-Income Funds - 38.9% |
| | | |
High Yield Fixed-Income Funds - 5.7% |
Fidelity Capital & Income Fund | 24,315,643 | | 198,658,803 |
Fidelity High Income Fund | 24,544,192 | | 203,471,355 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 402,130,158 |
Investment Grade Fixed-Income Funds - 33.2% |
Fidelity Government Income Fund | 48,402,975 | | 515,491,688 |
Fidelity Intermediate Bond Fund | 29,758,320 | | 300,856,617 |
Fidelity Investment Grade Bond Fund | 74,549,161 | | 527,062,569 |
Fidelity Strategic Real Return Fund | 46,451,440 | | 474,733,716 |
Fidelity Total Bond Fund | 52,890,415 | | 544,771,274 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 2,362,915,864 |
TOTAL FIXED-INCOME FUNDS (Cost $2,793,631,391) | 2,765,046,022 |
Short-Term Funds - 6.8% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Institutional Class | 235,765,908 | | $ 235,765,908 |
Fidelity Short-Term Bond Fund | 29,777,156 | | 250,723,651 |
TOTAL SHORT-TERM FUNDS (Cost $496,589,019) | 486,489,559 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $7,418,080,994) | $ 7,116,671,015 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $7,418,080,994) - See accompanying schedule | | $ 7,116,671,015 |
Cash | | 27 |
Receivable for investments sold | | 63,585 |
Receivable for fund shares sold | | 86,293,488 |
Total assets | | 7,203,028,115 |
| | |
Liabilities | | |
Payable for investments purchased | $ 78,046,229 | |
Payable for fund shares redeemed | 8,311,332 | |
Total liabilities | | 86,357,561 |
| | |
Net Assets | | $ 7,116,670,554 |
Net Assets consist of: | | |
Paid in capital | | $ 7,229,445,717 |
Undistributed net investment income | | 32,480,915 |
Accumulated undistributed net realized gain (loss) on investments | | 156,153,901 |
Net unrealized appreciation (depreciation) on investments | | (301,409,979) |
Net Assets, for 606,668,615 shares outstanding | | $ 7,116,670,554 |
Net Asset Value, offering price and redemption price per share ($7,116,670,554 ÷ 606,668,615 shares) | | $ 11.73 |
Statement of Operations
| Year ended March 31, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 168,349,727 |
Interest | | 3,945 |
Total income | | 168,353,672 |
| | |
Expenses | | |
Independent trustees' compensation | $ 23,262 | |
Total expenses before reductions | 23,262 | |
Expense reductions | (23,262) | - |
Net investment income (loss) | | 168,353,672 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities: | | |
Unaffiliated issuers | (4,700,307) | |
Sale of underlying affiliated fund shares | 22,191,822 | |
Capital gain distributions from underlying funds | 215,847,590 | 233,339,105 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (516,277,194) |
Net gain (loss) | | (282,938,089) |
Net increase (decrease) in net assets resulting from operations | | $ (114,584,417) |
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,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 168,353,672 | $ 87,537,832 |
Net realized gain (loss) | 233,339,105 | 162,779,823 |
Change in net unrealized appreciation (depreciation) | (516,277,194) | 81,827,379 |
Net increase (decrease) in net assets resulting from operations | (114,584,417) | 332,145,034 |
Distributions to shareholders from net investment income | (156,659,940) | (75,158,276) |
Distributions to shareholders from net realized gain | (178,364,264) | (92,481,994) |
Total distributions | (335,024,204) | (167,640,270) |
Share transactions
Proceeds from sales of shares | 3,658,722,093 | 2,767,201,544 |
Reinvestment of distributions | 334,395,215 | 167,397,718 |
Cost of shares redeemed | (1,525,352,165) | (678,368,546) |
Net increase (decrease) in net assets resulting from share transactions | 2,467,765,143 | 2,256,230,716 |
Total increase (decrease) in net assets | 2,018,156,522 | 2,420,735,480 |
| | |
Net Assets | | |
Beginning of period | 5,098,514,032 | 2,677,778,552 |
End of period (including undistributed net investment income of $32,480,915 and undistributed net investment income of $20,787,184, respectively) | $ 7,116,670,554 | $ 5,098,514,032 |
Other Information Shares | | |
Sold | 292,953,098 | 228,576,379 |
Issued in reinvestment of distributions | 26,634,167 | 13,740,481 |
Redeemed | (122,531,666) | (56,277,175) |
Net increase (decrease) | 197,055,599 | 186,039,685 |
Financial Highlights
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.45 | $ 11.98 | $ 10.87 | $ 10.57 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .34 | .29 | .25 | .21 | .07 |
Net realized and unrealized gain (loss) | (.38) | .72 | 1.13 | .25 | .54 |
Total from investment operations | (.04) | 1.01 | 1.38 | .46 | .61 |
Distributions from net investment income | (.30) | (.23) | (.19) | (.14) | (.04) |
Distributions from net realized gain | (.38) | (.31) | (.08) | (.02) | - |
Total distributions | (.68) | (.54) | (.27) | (.16) | (.04) |
Net asset value, end of period | $ 11.73 | $ 12.45 | $ 11.98 | $ 10.87 | $ 10.57 |
Total Return B, C | (.62)% | 8.58% | 12.83% | 4.30% | 6.11% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 2.68% | 2.37% | 2.20% | 2.01% | 1.79% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 7,116,671 | $ 5,098,514 | $ 2,677,779 | $ 912,493 | $ 114,335 |
Portfolio turnover rate | 24% | 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 9.2 | 8.4 |
Fidelity Blue Chip Growth Fund | 2.6 | 5.2 |
Fidelity Disciplined Equity Fund | 10.1 | 8.7 |
Fidelity Equity-Income Fund | 9.4 | 8.6 |
Fidelity Growth Company Fund | 6.4 | 6.5 |
Fidelity Mid-Cap Stock Fund | 4.7 | 6.2 |
Fidelity OTC Portfolio | 1.5 | 3.2 |
Fidelity Small Cap Growth Fund | 0.7 | 0.7 |
Fidelity Small Cap Opportunities Fund | 1.4 | 1.4 |
Fidelity Small Cap Value Fund | 0.7 | 0.6 |
Fidelity Value Fund | 5.9 | 5.8 |
| 52.6 | 55.3 |
International Equity Funds | | |
Fidelity Diversified International Fund | 3.7 | 3.4 |
Fidelity Europe Fund | 4.6 | 4.7 |
Fidelity Japan Fund | 1.2 | 1.3 |
Fidelity Overseas Fund | 3.6 | 3.5 |
Fidelity Southeast Asia Fund | 0.5 | 0.9 |
| 13.6 | 13.8 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 3.7 | 3.5 |
Fidelity High Income Fund | 3.9 | 3.4 |
| 7.6 | 6.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 5.5 | 4.9 |
Fidelity Intermediate Bond Fund | 3.9 | 4.1 |
Fidelity Investment Grade Bond Fund | 6.8 | 7.1 |
Fidelity Strategic Real Return Fund | 5.2 | 4.5 |
Fidelity Total Bond Fund | 4.2 | 3.0 |
| 25.6 | 23.6 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class* | 0.2 | 0.2 |
Fidelity Retirement Money Market Portfolio | 0.0 | 0.0 ** |
Fidelity Short-Term Bond Fund | 0.4 | 0.2 |
| 0.6 | 0.4 |
| 100.0 | 100.0 |
* Class I shares of Fidelity Institutional Money Market Portfolio converted to Institutional Class shares during the period. |
** Amount represents less than 0.1% |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 52.6% | |
| International Equity Funds | 13.6% | |
| Investment Grade Fixed-Income Funds | 25.6% | |
| High Yield Fixed-Income Funds | 7.6% | |
| Short-Term Funds | 0.6% | |
Six months ago |
| Domestic Equity Funds | 55.3% | |
| International Equity Funds | 13.8% | |
| Investment Grade Fixed-Income Funds | 23.6% | |
| High Yield Fixed-Income Funds | 6.9% | |
| Short-Term Funds | 0.4% | |
Expected |
| Domestic Equity Funds | 52.9% | |
| International Equity Funds | 13.2% | |
| Investment Grade Fixed-Income Funds | 25.5% | |
| High Yield Fixed-Income Funds | 7.3% | |
| Short-Term Funds | 1.1% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Freedom 2020 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 66.2% |
| Shares | | Value |
Domestic Equity Funds - 52.6% |
Fidelity 100 Index Fund | 193,693,181 | | $ 1,847,832,945 |
Fidelity Blue Chip Growth Fund | 13,009,428 | | 512,571,459 |
Fidelity Disciplined Equity Fund | 78,333,690 | | 2,024,142,540 |
Fidelity Equity-Income Fund | 38,335,481 | | 1,876,138,430 |
Fidelity Growth Company Fund | 17,438,834 | | 1,278,266,496 |
Fidelity Mid-Cap Stock Fund | 37,159,917 | | 943,490,292 |
Fidelity OTC Portfolio (a) | 7,104,759 | | 306,144,060 |
Fidelity Small Cap Growth Fund | 10,695,471 | | 142,891,489 |
Fidelity Small Cap Opportunities Fund | 34,424,981 | | 272,990,098 |
Fidelity Small Cap Value Fund | 11,687,508 | | 140,133,217 |
Fidelity Value Fund | 17,466,895 | | 1,189,844,872 |
TOTAL DOMESTIC EQUITY FUNDS | | 10,534,445,898 |
International Equity Funds - 13.6% |
Fidelity Diversified International Fund | 20,520,938 | | 739,985,007 |
Fidelity Europe Fund | 24,051,669 | | 917,090,128 |
Fidelity Japan Fund | 18,101,389 | | 236,766,170 |
Fidelity Overseas Fund | 16,961,651 | | 725,789,065 |
Fidelity Southeast Asia Fund | 3,393,359 | | 109,843,025 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 2,729,473,395 |
TOTAL EQUITY FUNDS (Cost $13,068,563,094) | 13,263,919,293 |
Fixed-Income Funds - 33.2% |
| | | |
High Yield Fixed-Income Funds - 7.6% |
Fidelity Capital & Income Fund | 91,738,253 | | 749,501,524 |
Fidelity High Income Fund | 93,011,727 | | 771,067,217 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 1,520,568,741 |
Investment Grade Fixed-Income Funds - 25.6% |
Fidelity Government Income Fund | 103,041,623 | | 1,097,393,284 |
Fidelity Intermediate Bond Fund | 76,674,634 | | 775,180,552 |
Fidelity Investment Grade Bond Fund | 191,456,764 | | 1,353,599,323 |
Fidelity Strategic Real Return Fund | 102,324,847 | | 1,045,759,936 |
Fidelity Total Bond Fund | 82,193,717 | | 846,595,283 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 5,118,528,378 |
TOTAL FIXED-INCOME FUNDS (Cost $6,684,915,191) | 6,639,097,119 |
Short-Term Funds - 0.6% |
| Shares | | Value |
Fidelity Institutional Money Market Portfolio Institutional Class | 47,888,396 | | $ 47,888,396 |
Fidelity Short-Term Bond Fund | 9,043,958 | | 76,150,128 |
TOTAL SHORT-TERM FUNDS (Cost $126,940,771) | 124,038,524 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $19,880,419,056) | $ 20,027,054,936 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $19,880,419,056) - See accompanying schedule | | $ 20,027,054,936 |
Cash | | 15 |
Receivable for investments sold | | 15,181,634 |
Receivable for fund shares sold | | 108,020,809 |
Total assets | | 20,150,257,394 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,577 | |
Payable for fund shares redeemed | 121,807,200 | |
Total liabilities | | 121,812,777 |
| | |
Net Assets | | $ 20,028,444,617 |
Net Assets consist of: | | |
Paid in capital | | $ 19,192,811,293 |
Undistributed net investment income | | 38,756,794 |
Accumulated undistributed net realized gain (loss) on investments | | 650,240,650 |
Net unrealized appreciation (depreciation) on investments | | 146,635,880 |
Net Assets, for 1,366,014,766 shares outstanding | | $ 20,028,444,617 |
Net Asset Value, offering price and redemption price per share ($20,028,444,617 ÷ 1,366,014,766 shares) | | $ 14.66 |
Statement of Operations
| Year ended March 31, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 451,399,908 |
Interest | | 17,556 |
Total income | | 451,417,464 |
| | |
Expenses | | |
Independent trustees' compensation | $ 75,913 | |
Interest | 1,454 | |
Total expenses before reductions | 77,367 | |
Expense reductions | (77,367) | - |
Net investment income (loss) | | 451,417,464 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities: | | |
Unaffiliated issuers: | (20,677,026) | |
Sale of underlying affiliated fund shares | 150,276,006 | |
Capital gain distributions from underlying funds | 820,179,181 | 949,778,161 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (1,737,254,393) |
Net gain (loss) | | (787,476,232) |
Net increase (decrease) in net assets resulting from operations | | $ (336,058,768) |
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,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 451,417,464 | $ 311,425,799 |
Net realized gain (loss) | 949,778,161 | 899,518,296 |
Change in net unrealized appreciation (depreciation) | (1,737,254,393) | 200,024,257 |
Net increase (decrease) in net assets resulting from operations | (336,058,768) | 1,410,968,352 |
Distributions to shareholders from net investment income | (474,419,421) | (287,223,703) |
Distributions to shareholders from net realized gain | (814,931,103) | (590,142,909) |
Total distributions | (1,289,350,524) | (877,366,612) |
Share transactions
Proceeds from sales of shares | 6,725,682,355 | 5,653,109,779 |
Reinvestment of distributions | 1,287,420,853 | 876,040,780 |
Cost of shares redeemed | (4,664,773,890) | (2,604,525,744) |
Net increase (decrease) in net assets resulting from share transactions | 3,348,329,318 | 3,924,624,815 |
Total increase (decrease) in net assets | 1,722,920,026 | 4,458,226,555 |
| | |
Net Assets | | |
Beginning of period | 18,305,524,591 | 13,847,298,036 |
End of period (including undistributed net investment income of $38,756,794 and undistributed net investment income of $61,758,750, respectively) | $ 20,028,444,617 | $ 18,305,524,591 |
Other Information Shares | | |
Sold | 424,869,998 | 367,463,918 |
Issued in reinvestment of distributions | 80,667,548 | 56,773,885 |
Redeemed | (294,979,067) | (169,857,854) |
Net increase (decrease) | 210,558,479 | 254,379,949 |
Financial Highlights
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 15.84 | $ 15.37 | $ 13.71 | $ 13.34 | $ 10.50 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .36 | .31 | .27 | .24 | .23 |
Net realized and unrealized gain (loss) | (.50) | 1.03 | 1.72 | .43 | 2.87 |
Total from investment operations | (.14) | 1.34 | 1.99 | .67 | 3.10 |
Distributions from net investment income | (.37) | (.28) | (.23) | (.26) | (.22) |
Distributions from net realized gain | (.67) | (.59) | (.10) | (.04) | (.04) |
Total distributions | (1.04) | (.87) | (.33) | (.30) | (.26) |
Net asset value, end of period | $ 14.66 | $ 15.84 | $ 15.37 | $ 13.71 | $ 13.34 |
Total Return A | (1.32)% | 8.95% | 14.64% | 5.01% | 29.68% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .01% | .08% | .08% |
Expenses net of all reductions | .00% | .00% | .01% | .08% | .08% |
Net investment income (loss) | 2.24% | 1.99% | 1.87% | 1.79% | 1.85% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 20,028,445 | $ 18,305,525 | $ 13,847,298 | $ 9,915,821 | $ 7,541,432 |
Portfolio turnover rate | 35% | 7% | 4% | 0% | 3% |
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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 7.4 | 7.9 |
Fidelity Blue Chip Growth Fund | 2.9 | 4.7 |
Fidelity Disciplined Equity Fund | 11.3 | 9.2 |
Fidelity Equity-Income Fund | 10.6 | 8.9 |
Fidelity Growth Company Fund | 6.9 | 6.7 |
Fidelity Mid-Cap Stock Fund | 4.8 | 6.5 |
Fidelity OTC Portfolio | 1.7 | 2.9 |
Fidelity Small Cap Growth Fund | 0.8 | 0.7 |
Fidelity Small Cap Opportunities Fund | 1.6 | 1.4 |
Fidelity Small Cap Value Fund | 0.9 | 0.7 |
Fidelity Value Fund | 6.5 | 6.2 |
| 55.4 | 55.8 |
International Equity Funds | | |
Fidelity Diversified International Fund | 4.3 | 3.6 |
Fidelity Europe Fund | 4.5 | 5.0 |
Fidelity Japan Fund | 1.3 | 1.3 |
Fidelity Overseas Fund | 4.2 | 3.6 |
Fidelity Southeast Asia Fund | 0.6 | 0.9 |
| 14.9 | 14.4 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 3.7 | 3.6 |
Fidelity High Income Fund | 3.8 | 3.6 |
| 7.5 | 7.2 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 5.0 | 4.3 |
Fidelity Intermediate Bond Fund | 2.4 | 3.1 |
Fidelity Investment Grade Bond Fund | 4.3 | 5.4 |
Fidelity Strategic Real Return Fund | 4.6 | 4.4 |
Fidelity Total Bond Fund | 5.9 | 5.4 |
| 22.2 | 22.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 55.4% | |
| International Equity Funds | 14.9% | |
| Investment Grade Fixed-Income Funds | 22.2% | |
| High Yield Fixed-Income Funds | 7.5% | |
Six months ago |
| Domestic Equity Funds | 55.8% | |
| International Equity Funds | 14.4% | |
| Investment Grade Fixed-Income Funds | 22.6% | |
| High Yield Fixed-Income Funds | 7.2% | |
Expected |
| Domestic Equity Funds | 56.2% | |
| International Equity Funds | 14.0% | |
| Investment Grade Fixed-Income Funds | 22.3% | |
| 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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Freedom 2025 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 70.3% |
| Shares | | Value |
Domestic Equity Funds - 55.4% |
Fidelity 100 Index Fund | 51,862,002 | | $ 494,763,502 |
Fidelity Blue Chip Growth Fund | 4,827,065 | | 190,186,371 |
Fidelity Disciplined Equity Fund | 29,066,233 | | 751,071,456 |
Fidelity Equity-Income Fund | 14,352,551 | | 702,413,833 |
Fidelity Growth Company Fund | 6,266,600 | | 459,341,748 |
Fidelity Mid-Cap Stock Fund | 12,643,137 | | 321,009,246 |
Fidelity OTC Portfolio (a) | 2,629,154 | | 113,290,234 |
Fidelity Small Cap Growth Fund | 4,169,110 | | 55,699,309 |
Fidelity Small Cap Opportunities Fund | 13,251,317 | | 105,082,941 |
Fidelity Small Cap Value Fund | 4,744,227 | | 56,883,286 |
Fidelity Value Fund | 6,371,270 | | 434,010,930 |
TOTAL DOMESTIC EQUITY FUNDS | | 3,683,752,856 |
International Equity Funds - 14.9% |
Fidelity Diversified International Fund | 7,944,014 | | 286,461,155 |
Fidelity Europe Fund | 7,790,491 | | 297,051,410 |
Fidelity Japan Fund | 6,544,278 | | 85,599,162 |
Fidelity Overseas Fund | 6,573,663 | | 281,287,046 |
Fidelity Southeast Asia Fund | 1,190,285 | | 38,529,540 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 988,928,313 |
TOTAL EQUITY FUNDS (Cost $5,033,546,738) | 4,672,681,169 |
Fixed-Income Funds - 29.7% |
| | | |
High Yield Fixed-Income Funds - 7.5% |
Fidelity Capital & Income Fund | 30,270,514 | | 247,310,103 |
Fidelity High Income Fund | 30,474,650 | | 252,634,853 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 499,944,956 |
Investment Grade Fixed-Income Funds - 22.2% |
Fidelity Government Income Fund | 31,116,514 | | 331,390,877 |
Fidelity Intermediate Bond Fund | 15,666,980 | | 158,393,170 |
Fidelity Investment Grade Bond Fund | 41,046,440 | | 290,198,334 |
Fidelity Strategic Real Return Fund | 30,095,521 | | 307,576,221 |
Fidelity Total Bond Fund | 37,947,214 | | 390,856,304 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 1,478,414,906 |
TOTAL FIXED-INCOME FUNDS (Cost $2,008,961,514) | 1,978,359,862 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $7,042,508,252) | $ 6,651,041,031 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $7,042,508,252) - See accompanying schedule | | $ 6,651,041,031 |
Cash | | 35 |
Receivable for investments sold | | 80,008 |
Receivable for fund shares sold | | 70,888,122 |
Total assets | | 6,722,009,196 |
| | |
Liabilities | | |
Payable for investments purchased | $ 64,114,180 | |
Payable for fund shares redeemed | 6,854,064 | |
Total liabilities | | 70,968,244 |
| | |
Net Assets | | $ 6,651,040,952 |
Net Assets consist of: | | |
Paid in capital | | $ 6,830,555,582 |
Undistributed net investment income | | 22,780,219 |
Accumulated undistributed net realized gain (loss) on investments | | 189,172,372 |
Net unrealized appreciation (depreciation) on investments | | (391,467,221) |
Net Assets, for 547,386,863 shares outstanding | | $ 6,651,040,952 |
Net Asset Value, offering price and redemption price per share ($6,651,040,952 ÷ 547,386,863 shares) | | $ 12.15 |
Statement of Operations
| Year ended March 31, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 122,388,808 |
Interest | | 4,157 |
Total income | | 122,392,965 |
| | |
Expenses | | |
Independent trustees' compensation | $ 20,833 | |
Total expenses before reductions | 20,833 | |
Expense reductions | (20,833) | - |
Net investment income (loss) | | 122,392,965 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities: | | |
Unaffiliated issuers | (4,633,844) | |
Sale of underlying affiliated fund shares | 15,251,564 | |
Capital gain distributions from underlying funds | 249,584,872 | 260,202,592 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (602,980,581) |
Net gain (loss) | | (342,777,989) |
Net increase (decrease) in net assets resulting from operations | | $ (220,385,024) |
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,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 122,392,965 | $ 56,427,596 |
Net realized gain (loss) | 260,202,592 | 164,927,776 |
Change in net unrealized appreciation (depreciation) | (602,980,581) | 75,388,926 |
Net increase (decrease) in net assets resulting from operations | (220,385,024) | 296,744,298 |
Distributions to shareholders from net investment income | (112,963,788) | (47,426,166) |
Distributions to shareholders from net realized gain | (172,614,012) | (93,881,898) |
Total distributions | (285,577,800) | (141,308,064) |
Share transactions
Proceeds from sales of shares | 3,681,868,491 | 2,417,756,353 |
Reinvestment of distributions | 285,285,015 | 141,172,740 |
Cost of shares redeemed | (1,159,346,950) | (464,978,274) |
Net increase (decrease) in net assets resulting from share transactions | 2,807,806,556 | 2,093,950,819 |
Total increase (decrease) in net assets | 2,301,843,732 | 2,249,387,053 |
| | |
Net Assets | | |
Beginning of period | 4,349,197,220 | 2,099,810,167 |
End of period (including undistributed net investment income of $22,780,219 and undistributed net investment income of $14,498,774, respectively) | $ 6,651,040,952 | $ 4,349,197,220 |
Other Information Shares | | |
Sold | 281,048,308 | 191,492,013 |
Issued in reinvestment of distributions | 21,491,234 | 11,118,756 |
Redeemed | (88,531,680) | (36,904,215) |
Net increase (decrease) | 214,007,862 | 165,706,554 |
Financial Highlights
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.05 | $ 12.52 | $ 11.07 | $ 10.64 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .28 | .24 | .21 | .18 | .06 |
Net realized and unrealized gain (loss) | (.49) | .89 | 1.48 | .39 | .63 |
Total from investment operations | (.21) | 1.13 | 1.69 | .57 | .69 |
Distributions from net investment income | (.25) | (.19) | (.15) | (.13) | (.05) |
Distributions from net realized gain | (.44) | (.41) | (.10) | (.01) | - |
Total distributions | (.69) | (.60) | (.24) H | (.14) | (.05) |
Net asset value, end of period | $ 12.15 | $ 13.05 | $ 12.52 | $ 11.07 | $ 10.64 |
Total Return B, C | (2.00)% | 9.18% | 15.41% | 5.33% | 6.92% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 2.16% | 1.88% | 1.75% | 1.67% | 1.53% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,651,041 | $ 4,349,197 | $ 2,099,810 | $ 682,499 | $ 66,423 |
Portfolio turnover rate | 24% | 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 10.0 | 9.7 |
Fidelity Blue Chip Growth Fund | 3.7 | 5.9 |
Fidelity Disciplined Equity Fund | 12.1 | 10.5 |
Fidelity Equity-Income Fund | 11.4 | 10.4 |
Fidelity Growth Company Fund | 7.8 | 7.7 |
Fidelity Mid-Cap Stock Fund | 5.7 | 7.4 |
Fidelity OTC Portfolio | 2.1 | 3.7 |
Fidelity Small Cap Growth Fund | 0.9 | 0.8 |
Fidelity Small Cap Opportunities Fund | 1.7 | 1.6 |
Fidelity Small Cap Value Fund | 0.9 | 0.8 |
Fidelity Value Fund | 7.3 | 7.1 |
| 63.6 | 65.6 |
International Equity Funds | | |
Fidelity Diversified International Fund | 4.6 | 4.1 |
Fidelity Europe Fund | 5.5 | 5.7 |
Fidelity Japan Fund | 1.5 | 1.5 |
Fidelity Overseas Fund | 4.4 | 4.2 |
Fidelity Southeast Asia Fund | 0.7 | 1.0 |
| 16.7 | 16.5 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 3.9 | 3.5 |
Fidelity High Income Fund | 4.0 | 3.5 |
| 7.9 | 7.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 2.6 | 2.1 |
Fidelity Intermediate Bond Fund | 1.6 | 1.7 |
Fidelity Investment Grade Bond Fund | 2.9 | 3.0 |
Fidelity Strategic Real Return Fund | 2.4 | 2.1 |
Fidelity Total Bond Fund | 2.3 | 2.0 |
| 11.8 | 10.9 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 63.6% | |
| International Equity Funds | 16.7% | |
| Investment Grade Fixed-Income Funds | 11.8% | |
| High Yield Fixed-Income Funds | 7.9% | |
Six months ago |
| Domestic Equity Funds | 65.6% | |
| International Equity Funds | 16.5% | |
| Investment Grade Fixed-Income Funds | 10.9% | |
| High Yield Fixed-Income Funds | 7.0% | |
Expected |
| Domestic Equity Funds | 64.3% | |
| International Equity Funds | 16.1% | |
| Investment Grade Fixed-Income Funds | 12.1% | |
| 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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Freedom 2030 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 80.3% |
| Shares | | Value |
Domestic Equity Funds - 63.6% |
Fidelity 100 Index Fund | 140,471,759 | | $ 1,340,100,580 |
Fidelity Blue Chip Growth Fund | 12,809,053 | | 504,676,700 |
Fidelity Disciplined Equity Fund | 63,231,445 | | 1,633,900,524 |
Fidelity Equity-Income Fund | 31,246,513 | | 1,529,204,356 |
Fidelity Growth Company Fund | 14,324,648 | | 1,049,996,721 |
Fidelity Mid-Cap Stock Fund | 30,341,623 | | 770,373,804 |
Fidelity OTC Portfolio (a) | 6,434,524 | | 277,263,640 |
Fidelity Small Cap Growth Fund | 9,102,377 | | 121,607,761 |
Fidelity Small Cap Opportunities Fund | 28,380,274 | | 225,055,575 |
Fidelity Small Cap Value Fund | 10,068,223 | | 120,717,995 |
Fidelity Value Fund | 14,389,447 | | 980,209,128 |
TOTAL DOMESTIC EQUITY FUNDS | | 8,553,106,784 |
International Equity Funds - 16.7% |
Fidelity Diversified International Fund | 17,031,753 | | 614,165,021 |
Fidelity Europe Fund | 19,465,269 | | 742,210,722 |
Fidelity Japan Fund | 15,482,969 | | 202,517,234 |
Fidelity Overseas Fund | 14,020,279 | | 599,927,725 |
Fidelity Southeast Asia Fund | 2,762,734 | | 89,429,716 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 2,248,250,418 |
TOTAL EQUITY FUNDS (Cost $10,871,275,601) | 10,801,357,202 |
Fixed-Income Funds - 19.7% |
| | | |
High Yield Fixed-Income Funds - 7.9% |
Fidelity Capital & Income Fund | 63,548,297 | | 519,189,590 |
Fidelity High Income Fund | 64,404,167 | | 533,910,545 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 1,053,100,135 |
Investment Grade Fixed-Income Funds - 11.8% |
Fidelity Government Income Fund | 32,285,196 | | 343,837,335 |
Fidelity Intermediate Bond Fund | 21,471,186 | | 217,073,694 |
Fidelity Investment Grade Bond Fund | 54,993,437 | | 388,803,597 |
Fidelity Strategic Real Return Fund | 31,674,000 | | 323,708,282 |
Fidelity Total Bond Fund | 30,694,488 | | 316,153,223 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 1,589,576,131 |
TOTAL FIXED-INCOME FUNDS (Cost $2,686,188,334) | 2,642,676,266 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $13,557,463,935) | $ 13,444,033,468 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $13,557,463,935) - See accompanying schedule | | $ 13,444,033,468 |
Cash | | 91 |
Receivable for investments sold | | 11,899,629 |
Receivable for fund shares sold | | 66,315,695 |
Total assets | | 13,522,248,883 |
| | |
Liabilities | | |
Payable for investments purchased | $ 8,475 | |
Payable for fund shares redeemed | 75,499,374 | |
Total liabilities | | 75,507,849 |
| | |
Net Assets | | $ 13,446,741,034 |
Net Assets consist of: | | |
Paid in capital | | $ 13,018,751,134 |
Undistributed net investment income | | 34,494,030 |
Accumulated undistributed net realized gain (loss) on investments | | 506,926,337 |
Net unrealized appreciation (depreciation) on investments | | (113,430,467) |
Net Assets, for 895,372,685 shares outstanding | | $ 13,446,741,034 |
Net Asset Value, offering price and redemption price per share ($13,446,741,034 ÷ 895,372,685 shares) | | $ 15.02 |
Statement of Operations
| Year ended March 31, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 231,696,546 |
Interest | | 13,705 |
Total income | | 231,710,251 |
| | |
Expenses | | |
Independent trustees' compensation | $ 50,524 | |
Total expenses before reductions | 50,524 | |
Expense reductions | (50,524) | - |
Net investment income (loss) | | 231,710,251 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities: | | |
Unaffiliated issuers | (16,119,390) | |
Sale of underlying affiliated fund shares | 47,953,740 | |
Capital gain distributions from underlying funds | 659,915,603 | 691,749,953 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (1,363,407,219) |
Net gain (loss) | | (671,657,266) |
Net increase (decrease) in net assets resulting from operations | | $ (439,947,015) |
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,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 231,710,251 | $ 148,107,881 |
Net realized gain (loss) | 691,749,953 | 662,335,253 |
Change in net unrealized appreciation (depreciation) | (1,363,407,219) | 125,329,164 |
Net increase (decrease) in net assets resulting from operations | (439,947,015) | 935,772,298 |
Distributions to shareholders from net investment income | (223,916,045) | (132,487,067) |
Distributions to shareholders from net realized gain | (555,992,230) | (428,672,628) |
Total distributions | (779,908,275) | (561,159,695) |
Share transactions
Proceeds from sales of shares | 5,113,969,081 | 4,020,634,851 |
Reinvestment of distributions | 778,954,554 | 560,458,829 |
Cost of shares redeemed | (3,104,739,906) | (1,627,797,348) |
Net increase (decrease) in net assets resulting from share transactions | 2,788,183,729 | 2,953,296,332 |
Total increase (decrease) in net assets | 1,568,328,439 | 3,327,908,935 |
| | |
Net Assets | | |
Beginning of period | 11,878,412,595 | 8,550,503,660 |
End of period (including undistributed net investment income of $34,494,030 and undistributed net investment income of $26,699,819, respectively) | $ 13,446,741,034 | $ 11,878,412,595 |
Other Information Shares | | |
Sold | 311,694,664 | 253,324,030 |
Issued in reinvestment of distributions | 46,777,835 | 35,161,692 |
Redeemed | (188,969,160) | (103,165,630) |
Net increase (decrease) | 169,503,339 | 185,320,092 |
Financial Highlights
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 16.36 | $ 15.82 | $ 13.81 | $ 13.27 | $ 10.04 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .28 | .24 | .22 | .20 | .19 |
Net realized and unrealized gain (loss) | (.63) | 1.21 | 2.09 | .56 | 3.23 |
Total from investment operations | (.35) | 1.45 | 2.31 | .76 | 3.42 |
Distributions from net investment income | (.27) | (.21) | (.19) | (.22) | (.19) |
Distributions from net realized gain | (.72) | (.70) | (.11) | - | - |
Total distributions | (.99) | (.91) | (.30) | (.22) | (.19) |
Net asset value, end of period | $ 15.02 | $ 16.36 | $ 15.82 | $ 13.81 | $ 13.27 |
Total Return A | (2.65)% | 9.40% | 16.86% | 5.72% | 34.22% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .01% | .08% | .08% |
Expenses net of all reductions | .00% | .00% | .01% | .08% | .08% |
Net investment income (loss) | 1.72% | 1.51% | 1.48% | 1.52% | 1.58% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 13,446,741 | $ 11,878,413 | $ 8,550,504 | $ 5,856,816 | $ 4,363,601 |
Portfolio turnover rate | 36% | 6% | 5% | 0% | 2% |
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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 8.7 | 9.2 |
Fidelity Blue Chip Growth Fund | 3.0 | 5.5 |
Fidelity Disciplined Equity Fund | 13.3 | 10.8 |
Fidelity Equity-Income Fund | 12.5 | 10.5 |
Fidelity Growth Company Fund | 8.2 | 7.9 |
Fidelity Mid-Cap Stock Fund | 5.7 | 7.6 |
Fidelity OTC Portfolio | 1.8 | 3.4 |
Fidelity Small Cap Growth Fund | 1.0 | 0.9 |
Fidelity Small Cap Opportunities Fund | 1.9 | 1.7 |
Fidelity Small Cap Value Fund | 1.0 | 0.8 |
Fidelity Value Fund | 7.7 | 7.3 |
| 64.8 | 65.6 |
International Equity Funds | | |
Fidelity Diversified International Fund | 5.2 | 4.2 |
Fidelity Europe Fund | 5.2 | 5.8 |
Fidelity Japan Fund | 1.5 | 1.6 |
Fidelity Overseas Fund | 5.1 | 4.3 |
Fidelity Southeast Asia Fund | 0.7 | 1.0 |
| 17.7 | 16.9 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 3.8 | 3.7 |
Fidelity High Income Fund | 3.9 | 3.7 |
| 7.7 | 7.4 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 2.2 | 1.9 |
Fidelity Intermediate Bond Fund | 1.0 | 1.4 |
Fidelity Investment Grade Bond Fund | 1.8 | 2.3 |
Fidelity Strategic Real Return Fund | 2.1 | 2.0 |
Fidelity Total Bond Fund | 2.7 | 2.5 |
| 9.8 | 10.1 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 64.8% | |
| International Equity Funds | 17.7% | |
| Investment Grade Fixed-Income Funds | 9.8% | |
| High Yield Fixed-Income Funds | 7.7% | |
Six months ago |
| Domestic Equity Funds | 65.6% | |
| International Equity Funds | 16.9% | |
| Investment Grade Fixed-Income Funds | 10.1% | |
| High Yield Fixed-Income Funds | 7.4% | |
Expected |
| Domestic Equity Funds | 66.0% | |
| International Equity Funds | 16.5% | |
| Investment Grade Fixed-Income Funds | 9.9% | |
| High Yield Fixed-Income Funds | 7.6% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Freedom 2035 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 82.5% |
| Shares | | Value |
Domestic Equity Funds - 64.8% |
Fidelity 100 Index Fund | 35,857,622 | | $ 342,081,715 |
Fidelity Blue Chip Growth Fund | 2,989,101 | | 117,770,582 |
Fidelity Disciplined Equity Fund | 20,100,332 | | 519,392,577 |
Fidelity Equity-Income Fund | 9,964,741 | | 487,674,401 |
Fidelity Growth Company Fund | 4,350,798 | | 318,913,493 |
Fidelity Mid-Cap Stock Fund | 8,806,551 | | 223,598,323 |
Fidelity OTC Portfolio (a) | 1,664,823 | | 71,737,204 |
Fidelity Small Cap Growth Fund | 2,893,787 | | 38,660,990 |
Fidelity Small Cap Opportunities Fund | 9,213,922 | | 73,066,400 |
Fidelity Small Cap Value Fund | 3,273,257 | | 39,246,353 |
Fidelity Value Fund | 4,444,753 | | 302,776,589 |
TOTAL DOMESTIC EQUITY FUNDS | | 2,534,918,627 |
International Equity Funds - 17.7% |
Fidelity Diversified International Fund | 5,630,267 | | 203,027,422 |
Fidelity Europe Fund | 5,399,424 | | 205,880,036 |
Fidelity Japan Fund | 4,525,153 | | 59,188,998 |
Fidelity Overseas Fund | 4,664,211 | | 199,581,574 |
Fidelity Southeast Asia Fund | 825,762 | | 26,729,920 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 694,407,950 |
TOTAL EQUITY FUNDS (Cost $3,496,244,736) | 3,229,326,577 |
Fixed-Income Funds - 17.5% |
| | | |
High Yield Fixed-Income Funds - 7.7% |
Fidelity Capital & Income Fund | 18,204,186 | | 148,728,203 |
Fidelity High Income Fund | 18,342,391 | | 152,058,422 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 300,786,625 |
Investment Grade Fixed-Income Funds - 9.8% |
Fidelity Government Income Fund | 8,254,243 | | 87,907,687 |
Fidelity Intermediate Bond Fund | 3,670,776 | | 37,111,544 |
Fidelity Investment Grade Bond Fund | 10,073,849 | | 71,222,115 |
Fidelity Strategic Real Return Fund | 8,013,467 | | 81,897,635 |
Fidelity Total Bond Fund | 10,361,650 | | 106,724,994 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 384,863,975 |
TOTAL FIXED-INCOME FUNDS (Cost $704,226,005) | 685,650,600 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $4,200,470,741) | $ 3,914,977,177 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $4,200,470,741) - See accompanying schedule | | $ 3,914,977,177 |
Cash | | 72 |
Receivable for investments sold | | 55,104 |
Receivable for fund shares sold | | 31,888,556 |
Total assets | | 3,946,920,909 |
| | |
Liabilities | | |
Payable for investments purchased | $ 27,056,459 | |
Payable for fund shares redeemed | 4,887,217 | |
Total liabilities | | 31,943,676 |
| | |
Net Assets | | $ 3,914,977,233 |
Net Assets consist of: | | |
Paid in capital | | $ 4,055,727,490 |
Undistributed net investment income | | 6,835,011 |
Accumulated undistributed net realized gain (loss) on investments | | 137,908,296 |
Net unrealized appreciation (depreciation) on investments | | (285,493,564) |
Net Assets, for 315,581,514 shares outstanding | | $ 3,914,977,233 |
Net Asset Value, offering price and redemption price per share ($3,914,977,233 ÷ 315,581,514 shares) | | $ 12.41 |
Statement of Operations
| Year ended March 31, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 56,930,416 |
Interest | | 2,733 |
Total income | | 56,933,149 |
| | |
Expenses | | |
Independent trustees' compensation | $ 12,302 | |
Total expenses before reductions | 12,302 | |
Expense reductions | (12,302) | - |
Net investment income (loss) | | 56,933,149 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities: | | |
Unaffiliated issuers | (3,057,279) | |
Sale of underlying affiliated fund shares | 15,396,715 | |
Capital gain distributions from underlying funds | 173,053,828 | 185,393,264 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (417,865,074) |
Net gain (loss) | | (232,471,810) |
Net increase (decrease) in net assets resulting from operations | | $ (175,538,661) |
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,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 56,933,149 | $ 25,617,871 |
Net realized gain (loss) | 185,393,264 | 107,101,652 |
Change in net unrealized appreciation (depreciation) | (417,865,074) | 46,402,827 |
Net increase (decrease) in net assets resulting from operations | (175,538,661) | 179,122,350 |
Distributions to shareholders from net investment income | (54,240,115) | (23,453,185) |
Distributions to shareholders from net realized gain | (116,139,616) | (56,286,504) |
Total distributions | (170,379,731) | (79,739,689) |
Share transactions
Proceeds from sales of shares | 2,306,674,618 | 1,516,133,194 |
Reinvestment of distributions | 170,293,385 | 79,694,105 |
Cost of shares redeemed | (769,809,327) | (297,379,120) |
Net increase (decrease) in net assets resulting from share transactions | 1,707,158,676 | 1,298,448,179 |
Total increase (decrease) in net assets | 1,361,240,284 | 1,397,830,840 |
| | |
Net Assets | | |
Beginning of period | 2,553,736,949 | 1,155,906,109 |
End of period (including undistributed net investment income of $6,835,011 and undistributed net investment income of $4,141,975, respectively) | $ 3,914,977,233 | $ 2,553,736,949 |
Other Information Shares | | |
Sold | 170,425,104 | 116,589,656 |
Issued in reinvestment of distributions | 12,346,190 | 6,079,818 |
Redeemed | (56,612,140) | (22,916,069) |
Net increase (decrease) | 126,159,154 | 99,753,405 |
Financial Highlights
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 F |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.48 | $ 12.89 | $ 11.22 | $ 10.69 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .23 | .19 | .18 | .17 | .06 |
Net realized and unrealized gain (loss) | (.57) | 1.01 | 1.73 | .49 | .68 |
Total from investment operations | (.34) | 1.20 | 1.91 | .66 | .74 |
Distributions from net investment income | (.21) | (.17) | (.13) | (.13) | (.05) |
Distributions from net realized gain | (.52) | (.44) | (.11) | - | - |
Total distributions | (.73) | (.61) | (.24) | (.13) | (.05) |
Net asset value, end of period | $ 12.41 | $ 13.48 | $ 12.89 | $ 11.22 | $ 10.69 |
Total Return B, C | (3.00)% | 9.51% | 17.18% | 6.12% | 7.42% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .00% | .00% | .00% | .10% | .10% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .08% | .08% A |
Expenses net of all reductions | .00% | .00% | .00% | .08% | .08% A |
Net investment income (loss) | 1.70% | 1.50% | 1.48% | 1.56% | 1.49% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 3,914,977 | $ 2,553,737 | $ 1,155,906 | $ 352,091 | $ 27,943 |
Portfolio turnover rate | 28% | 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 10.2 | 9.9 |
Fidelity Blue Chip Growth Fund | 3.7 | 5.8 |
Fidelity Disciplined Equity Fund | 13.0 | 11.0 |
Fidelity Equity-Income Fund | 12.1 | 10.8 |
Fidelity Growth Company Fund | 8.3 | 8.0 |
Fidelity Mid-Cap Stock Fund | 5.8 | 7.8 |
Fidelity OTC Portfolio | 2.0 | 3.5 |
Fidelity Small Cap Growth Fund | 1.0 | 0.9 |
Fidelity Small Cap Opportunities Fund | 1.8 | 1.7 |
Fidelity Small Cap Value Fund | 1.0 | 0.9 |
Fidelity Value Fund | 7.7 | 7.5 |
| 66.6 | 67.8 |
International Equity Funds | | |
Fidelity Diversified International Fund | 5.1 | 4.2 |
Fidelity Europe Fund | 5.7 | 6.0 |
Fidelity Japan Fund | 1.5 | 1.6 |
Fidelity Overseas Fund | 5.0 | 4.4 |
Fidelity Southeast Asia Fund | 0.7 | 1.0 |
| 18.0 | 17.2 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 5.0 | 4.7 |
Fidelity High Income Fund | 5.2 | 4.7 |
| 10.2 | 9.4 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 1.2 | 1.1 |
Fidelity Intermediate Bond Fund | 0.7 | 0.8 |
Fidelity Investment Grade Bond Fund | 1.2 | 1.4 |
Fidelity Strategic Real Return Fund | 1.2 | 1.1 |
Fidelity Total Bond Fund | 0.9 | 1.2 |
| 5.2 | 5.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 66.6% | |
| International Equity Funds | 18.0% | |
| High Yield Fixed-Income Funds | 10.2% | |
| Investment Grade Fixed-Income Funds | 5.2% | |
Six months ago |
| Domestic Equity Funds | 67.8% | |
| International Equity Funds | 17.2% | |
| High Yield Fixed-Income Funds | 9.4% | |
| Investment Grade Fixed-Income Funds | 5.6% | |
Expected |
| Domestic Equity Funds | 67.7% | |
| International Equity Funds | 16.9% | |
| High Yield Fixed-Income Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 5.8% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Freedom 2040 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 84.6% |
| Shares | | Value |
Domestic Equity Funds - 66.6% |
Fidelity 100 Index Fund | 74,773,125 | | $ 713,335,609 |
Fidelity Blue Chip Growth Fund | 6,611,888 | | 260,508,400 |
Fidelity Disciplined Equity Fund | 35,234,964 | | 910,471,464 |
Fidelity Equity-Income Fund | 17,377,751 | | 850,467,147 |
Fidelity Growth Company Fund | 7,902,230 | | 579,233,461 |
Fidelity Mid-Cap Stock Fund | 16,099,311 | | 408,761,519 |
Fidelity OTC Portfolio (a) | 3,187,996 | | 137,370,728 |
Fidelity Small Cap Growth Fund | 5,094,781 | | 68,066,274 |
Fidelity Small Cap Opportunities Fund | 15,973,251 | | 126,667,884 |
Fidelity Small Cap Value Fund | 5,720,292 | | 68,586,299 |
Fidelity Value Fund | 7,940,803 | | 540,927,524 |
TOTAL DOMESTIC EQUITY FUNDS | | 4,664,396,309 |
International Equity Funds - 18.0% |
Fidelity Diversified International Fund | 9,909,845 | | 357,349,005 |
Fidelity Europe Fund | 10,473,700 | | 399,362,173 |
Fidelity Japan Fund | 8,427,529 | | 110,232,077 |
Fidelity Overseas Fund | 8,161,828 | | 349,244,619 |
Fidelity Southeast Asia Fund | 1,485,423 | | 48,083,130 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 1,264,271,004 |
TOTAL EQUITY FUNDS (Cost $6,073,554,050) | 5,928,667,313 |
Fixed-Income Funds - 15.4% |
| | | |
High Yield Fixed-Income Funds - 10.2% |
Fidelity Capital & Income Fund | 43,082,588 | | 351,984,742 |
Fidelity High Income Fund | 43,588,277 | | 361,346,816 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 713,331,558 |
Investment Grade Fixed-Income Funds - 5.2% |
Fidelity Government Income Fund | 8,213,055 | | 87,469,037 |
Fidelity Intermediate Bond Fund | 4,692,320 | | 47,439,358 |
Fidelity Investment Grade Bond Fund | 12,364,589 | | 87,417,647 |
Fidelity Strategic Real Return Fund | 8,259,643 | | 84,413,547 |
Fidelity Total Bond Fund | 5,791,572 | | 59,653,191 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 366,392,780 |
TOTAL FIXED-INCOME FUNDS (Cost $1,111,030,845) | 1,079,724,338 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $7,184,584,895) | $ 7,008,391,651 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $7,184,584,895) - See accompanying schedule | | $ 7,008,391,651 |
Cash | | 36 |
Receivable for investments sold | | 14,181,646 |
Receivable for fund shares sold | | 30,787,205 |
Total assets | | 7,053,360,538 |
| | |
Liabilities | | |
Payable for investments purchased | $ 38,546 | |
Payable for fund shares redeemed | 42,759,973 | |
Total liabilities | | 42,798,519 |
| | |
Net Assets | | $ 7,010,562,019 |
Net Assets consist of: | | |
Paid in capital | | $ 6,899,373,547 |
Undistributed net investment income | | 15,277,014 |
Accumulated undistributed net realized gain (loss) on investments | | 272,104,702 |
Net unrealized appreciation (depreciation) on investments | | (176,193,244) |
Net Assets, for 797,485,813 shares outstanding | | $ 7,010,562,019 |
Net Asset Value, offering price and redemption price per share ($7,010,562,019 ÷ 797,485,813 shares) | | $ 8.79 |
Statement of Operations
| Year ended March 31, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 113,473,405 |
Interest | | 6,941 |
Total income | | 113,480,346 |
| | |
Expenses | | |
Independent trustees' compensation | $ 25,687 | |
Total expenses before reductions | 25,687 | |
Expense reductions | (25,687) | - |
Net investment income (loss) | | 113,480,346 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities: | | |
Unaffiliated issuers | (8,108,085) | |
Sale of underlying affiliated fund shares | 52,241,077 | |
Capital gain distributions from underlying funds | 354,147,819 | 398,280,811 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (797,537,548) |
Net gain (loss) | | (399,256,737) |
Net increase (decrease) in net assets resulting from operations | | $ (285,776,391) |
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,
2008 | Year ended
March 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 113,480,346 | $ 69,774,749 |
Net realized gain (loss) | 398,280,811 | 319,919,112 |
Change in net unrealized appreciation (depreciation) | (797,537,548) | 80,844,501 |
Net increase (decrease) in net assets resulting from operations | (285,776,391) | 470,538,362 |
Distributions to shareholders from net investment income | (108,667,308) | (67,434,345) |
Distributions to shareholders from net realized gain | (319,081,044) | (197,857,714) |
Total distributions | (427,748,352) | (265,292,059) |
Share transactions
Proceeds from sales of shares | 3,336,033,521 | 2,640,009,648 |
Reinvestment of distributions | 427,115,796 | 264,943,522 |
Cost of shares redeemed | (1,933,991,244) | (1,083,155,803) |
Net increase (decrease) in net assets resulting from share transactions | 1,829,158,073 | 1,821,797,367 |
Total increase (decrease) in net assets | 1,115,633,330 | 2,027,043,670 |
| | |
Net Assets | | |
Beginning of period | 5,894,928,689 | 3,867,885,019 |
End of period (including undistributed net investment income of $15,277,014 and undistributed net investment income of $10,924,395, respectively) | $ 7,010,562,019 | $ 5,894,928,689 |
Other Information Shares | | |
Sold | 344,759,374 | 282,407,236 |
Issued in reinvestment of distributions | 43,417,661 | 28,157,745 |
Redeemed | (199,462,588) | (116,246,509) |
Net increase (decrease) | 188,714,447 | 194,318,472 |
Financial Highlights
Years ended March 31, | 2008 | 2007 | 2006 | 2005 | 2004 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.68 | $ 9.33 | $ 8.10 | $ 7.75 | $ 5.72 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .16 | .14 | .13 | .11 | .11 |
Net realized and unrealized gain (loss) | (.42) | .74 | 1.29 | .38 | 2.04 |
Total from investment operations | (.26) | .88 | 1.42 | .49 | 2.15 |
Distributions from net investment income | (.15) | (.13) | (.10) | (.13) | (.09) |
Distributions from net realized gain | (.48) | (.40) | (.09) | (.02) | (.03) |
Total distributions | (.63) | (.53) | (.19) | (.14) E | (.12) |
Net asset value, end of period | $ 8.79 | $ 9.68 | $ 9.33 | $ 8.10 | $ 7.75 |
Total Return A | (3.29)% | 9.68% | 17.65% | 6.35% | 37.75% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .01% | .10% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .01% | .08% | .08% |
Expenses net of all reductions | .00% | .00% | .01% | .08% | .08% |
Net investment income (loss) | 1.66% | 1.49% | 1.45% | 1.45% | 1.55% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 7,010,562 | $ 5,894,929 | $ 3,867,885 | $ 2,138,102 | $ 1,295,302 |
Portfolio turnover rate | 37% | 4% | 4% | 1% | 3% |
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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 7.5 | 9.5 |
Fidelity Blue Chip Growth Fund | 2.8 | 6.0 |
Fidelity Disciplined Equity Fund | 15.8 | 11.1 |
Fidelity Equity-Income Fund | 14.1 | 11.0 |
Fidelity Growth Company Fund | 9.1 | 8.1 |
Fidelity Mid-Cap Stock Fund | 4.2 | 7.9 |
Fidelity OTC Portfolio | 0.8 | 3.5 |
Fidelity Small Cap Growth Fund | 1.1 | 0.9 |
Fidelity Small Cap Opportunities Fund | 2.1 | 1.8 |
Fidelity Small Cap Value Fund | 1.1 | 0.9 |
Fidelity Value Fund | 8.5 | 7.6 |
| 67.1 | 68.3 |
International Equity Funds | | |
Fidelity Diversified International Fund | 5.3 | 4.5 |
Fidelity Europe Fund | 5.7 | 6.3 |
Fidelity Japan Fund | 1.6 | 1.7 |
Fidelity Overseas Fund | 5.3 | 4.6 |
Fidelity Southeast Asia Fund | 0.8 | 1.0 |
| 18.7 | 18.1 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 5.0 | 5.0 |
Fidelity High Income Fund | 5.2 | 4.9 |
| 10.2 | 9.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 1.4 | 0.7 |
Fidelity Intermediate Bond Fund | 0.2 | 0.2 |
Fidelity Investment Grade Bond Fund | 0.3 | 0.5 |
Fidelity Strategic Real Return Fund | 0.9 | 0.8 |
Fidelity Total Bond Fund | 1.2 | 1.5 |
| 4.0 | 3.7 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 67.1% | |
| International Equity Funds | 18.7% | |
| High Yield Fixed-Income Funds | 10.2% | |
| Investment Grade Fixed-Income Funds | 4.0% | |
Six months ago |
| Domestic Equity Funds | 68.3% | |
| International Equity Funds | 18.1% | |
| High Yield Fixed-Income Funds | 9.9% | |
| Investment Grade Fixed-Income Funds | 3.7% | |
Expected |
| Domestic Equity Funds | 68.1% | |
| International Equity Funds | 17.1% | |
| High Yield Fixed-Income Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 4.8% | |
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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Freedom 2045 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 85.8% |
| Shares | | Value |
Domestic Equity Funds - 67.1% |
Fidelity 100 Index Fund | 5,179,983 | | $ 49,417,039 |
Fidelity Blue Chip Growth Fund | 471,819 | | 18,589,654 |
Fidelity Disciplined Equity Fund | 4,001,300 | | 103,393,601 |
Fidelity Equity-Income Fund | 1,893,807 | | 92,682,926 |
Fidelity Growth Company Fund | 811,576 | | 59,488,531 |
Fidelity Mid-Cap Stock Fund | 1,084,544 | | 27,536,583 |
Fidelity OTC Portfolio (a) | 120,124 | | 5,176,145 |
Fidelity Small Cap Growth Fund | 548,795 | | 7,331,901 |
Fidelity Small Cap Opportunities Fund | 1,752,899 | | 13,900,492 |
Fidelity Small Cap Value Fund | 620,738 | | 7,442,643 |
Fidelity Value Fund | 813,641 | | 55,425,194 |
TOTAL DOMESTIC EQUITY FUNDS | | 440,384,709 |
International Equity Funds - 18.7% |
Fidelity Diversified International Fund | 967,555 | | 34,890,045 |
Fidelity Europe Fund | 983,868 | | 37,514,893 |
Fidelity Japan Fund | 813,059 | | 10,634,810 |
Fidelity Overseas Fund | 800,923 | | 34,271,476 |
Fidelity Southeast Asia Fund | 154,648 | | 5,005,947 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 122,317,171 |
TOTAL EQUITY FUNDS (Cost $627,711,518) | 562,701,880 |
Fixed-Income Funds - 14.2% |
| | | |
High Yield Fixed-Income Funds - 10.2% |
Fidelity Capital & Income Fund | 4,074,299 | | 33,287,021 |
Fidelity High Income Fund | 4,098,576 | | 33,977,192 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 67,264,213 |
Investment Grade Fixed-Income Funds - 4.0% |
Fidelity Government Income Fund | 867,918 | | 9,243,322 |
Fidelity Intermediate Bond Fund | 102,226 | | 1,033,505 |
Fidelity Investment Grade Bond Fund | 247,762 | | 1,751,680 |
Fidelity Strategic Real Return Fund | 594,185 | | 6,072,568 |
Fidelity Total Bond Fund | 790,585 | | 8,143,029 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 26,244,104 |
TOTAL FIXED-INCOME FUNDS (Cost $97,550,082) | 93,508,317 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $725,261,600) | $ 656,210,197 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $725,261,600) - See accompanying schedule | | $ 656,210,197 |
Cash | | 2 |
Receivable for fund shares sold | | 7,712,355 |
Total assets | | 663,922,554 |
| | |
Liabilities | | |
Payable for investments purchased | $ 6,804,793 | |
Payable for fund shares redeemed | 907,562 | |
Total liabilities | | 7,712,355 |
| | |
Net Assets | | $ 656,210,199 |
Net Assets consist of: | | |
Paid in capital | | $ 705,317,145 |
Undistributed net investment income | | 878,974 |
Accumulated undistributed net realized gain (loss) on investments | | 19,065,483 |
Net unrealized appreciation (depreciation) on investments | | (69,051,403) |
Net Assets, for 64,099,804 shares outstanding | | $ 656,210,199 |
Net Asset Value, offering price and redemption price per share ($656,210,199 ÷ 64,099,804 shares) | | $ 10.24 |
Statement of Operations
| Year ended March 31, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 6,562,244 |
Interest | | 4 |
Total income | | 6,562,248 |
| | |
Expenses | | |
Independent trustees' compensation | $ 1,381 | |
Total expenses before reductions | 1,381 | |
Expense reductions | (1,381) | - |
Net investment income (loss) | | 6,562,248 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 2,055,082 | |
Capital gain distributions from underlying funds | 23,982,190 | 26,037,272 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (72,067,473) |
Net gain (loss) | | (46,030,201) |
Net increase (decrease) in net assets resulting from operations | | $ (39,467,953) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2045 Fund
Financial Statements - continued
Statement of Changes in Net Assets
|
Year ended
March 31,
2008
| For the period
June 1, 2006
(commencement of operations) to
March 31, 2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 6,562,248 | $ 586,689 |
Net realized gain (loss) | 26,037,272 | 2,710,817 |
Change in net unrealized appreciation (depreciation) | (72,067,473) | 3,016,070 |
Net increase (decrease) in net assets resulting from operations | (39,467,953) | 6,313,576 |
Distributions to shareholders from net investment income | (5,525,508) | (441,867) |
Distributions to shareholders from net realized gain | (9,417,079) | (568,115) |
Total distributions | (14,942,587) | (1,009,982) |
Share transactions
Proceeds from sales of shares | 643,512,741 | 182,601,478 |
Reinvestment of distributions | 14,934,109 | 1,008,957 |
Cost of shares redeemed | (125,663,145) | (11,076,995) |
Net increase (decrease) in net assets resulting from share transactions | 532,783,705 | 172,533,440 |
Total increase (decrease) in net assets | 478,373,165 | 177,837,034 |
| | |
Net Assets | | |
Beginning of period | 177,837,034 | - |
End of period (including undistributed net investment income of $878,974 and undistributed net investment income of $144,822, respectively) | $ 656,210,199 | $ 177,837,034 |
Other Information Shares | | |
Sold | 57,779,653 | 17,158,733 |
Issued in reinvestment of distributions | 1,307,717 | 93,682 |
Redeemed | (11,210,894) | (1,029,087) |
Net increase (decrease) | 47,876,476 | 16,223,328 |
Financial Highlights
Years ended March 31, | 2008 | 2007 F |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.96 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .18 | .11 |
Net realized and unrealized gain (loss) | (.49) | 1.01 |
Total from investment operations | (.31) | 1.12 |
Distributions from net investment income | (.13) | (.07) |
Distributions from net realized gain | (.28) | (.09) |
Total distributions | (.41) | (.16) |
Net asset value, end of period | $ 10.24 | $ 10.96 |
Total Return B, C | (3.19)% | 11.23% |
Ratios to Average Net Assets E, G | | |
Expenses before reductions | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% A |
Expenses net of all reductions | .00% | .00% A |
Net investment income (loss) | 1.65% | 1.30% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 656,210 | $ 177,837 |
Portfolio turnover rate | 17% | 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 (Unaudited)
Fund Holdings as of March 31, 2008 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 8.3 | 9.2 |
Fidelity Blue Chip Growth Fund | 3.2 | 6.0 |
Fidelity Disciplined Equity Fund | 15.4 | 11.5 |
Fidelity Equity-Income Fund | 14.2 | 11.3 |
Fidelity Growth Company Fund | 9.0 | 8.3 |
Fidelity Mid-Cap Stock Fund | 4.7 | 8.1 |
Fidelity OTC Portfolio | 0.9 | 3.5 |
Fidelity Small Cap Growth Fund | 1.1 | 0.9 |
Fidelity Small Cap Opportunities Fund | 2.1 | 1.8 |
Fidelity Small Cap Value Fund | 1.1 | 0.9 |
Fidelity Value Fund | 8.4 | 7.9 |
| 68.4 | 69.4 |
International Equity Funds | | |
Fidelity Diversified International Fund | 5.8 | 5.1 |
Fidelity Europe Fund | 6.6 | 7.1 |
Fidelity Japan Fund | 1.9 | 2.0 |
Fidelity Overseas Fund | 5.7 | 5.1 |
Fidelity Southeast Asia Fund | 0.9 | 1.0 |
| 20.9 | 20.3 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 5.1 | 4.9 |
Fidelity High Income Fund | 5.2 | 5.0 |
| 10.3 | 9.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 0.1 | 0.1 |
Fidelity Intermediate Bond Fund | 0.0* | 0.0 |
Fidelity Investment Grade Bond Fund | 0.0* | 0.0* |
Fidelity Strategic Real Return Fund | 0.1 | 0.1 |
Fidelity Total Bond Fund | 0.2 | 0.2 |
| 0.4 | 0.4 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 68.4% | |
| International Equity Funds | 20.9% | |
| High Yield Fixed-Income Funds | 10.3% | |
| Investment Grade Fixed-Income Funds | 0.4% | |
Six months ago |
| Domestic Equity Funds | 69.4% | |
| International Equity Funds | 20.3% | |
| High Yield Fixed-Income Funds | 9.9% | |
| Investment Grade Fixed-Income Funds | 0.4% | |
Expected |
| Domestic Equity Funds | 69.5% | |
| International Equity Funds | 20.0% | |
| High Yield Fixed-Income Funds | 10.0% | |
| Investment Grade Fixed-Income 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, 2007. The current allocation is based on the fund's holdings as of March 31, 2008. The expected allocation represents the fund's anticipated allocation at September 30, 2008. |
Annual Report
Fidelity Freedom 2050 Fund
Investments March 31, 2008
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 89.3% |
| Shares | | Value |
Domestic Equity Funds - 68.4% |
Fidelity 100 Index Fund | 5,415,216 | | $ 51,661,164 |
Fidelity Blue Chip Growth Fund | 502,820 | | 19,811,126 |
Fidelity Disciplined Equity Fund | 3,719,149 | | 96,102,798 |
Fidelity Equity-Income Fund | 1,814,022 | | 88,778,216 |
Fidelity Growth Company Fund | 765,082 | | 56,080,509 |
Fidelity Mid-Cap Stock Fund | 1,166,044 | | 29,605,858 |
Fidelity OTC Portfolio (a) | 129,716 | | 5,589,472 |
Fidelity Small Cap Growth Fund | 522,213 | | 6,976,764 |
Fidelity Small Cap Opportunities Fund | 1,636,376 | | 12,976,462 |
Fidelity Small Cap Value Fund | 595,557 | | 7,140,730 |
Fidelity Value Fund | 771,087 | | 52,526,439 |
TOTAL DOMESTIC EQUITY FUNDS | | 427,249,538 |
International Equity Funds - 20.9% |
Fidelity Diversified International Fund | 1,003,981 | | 36,203,560 |
Fidelity Europe Fund | 1,082,683 | | 41,282,697 |
Fidelity Japan Fund | 896,735 | | 11,729,289 |
Fidelity Overseas Fund | 832,840 | | 35,637,232 |
Fidelity Southeast Asia Fund | 171,339 | | 5,546,232 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 130,399,010 |
TOTAL EQUITY FUNDS (Cost $632,191,497) | 557,648,548 |
Fixed-Income Funds - 10.7% |
| Shares | | Value |
High Yield Fixed-Income Funds - 10.3% |
Fidelity Capital & Income Fund | 3,915,926 | | 31,993,116 |
Fidelity High Income Fund | 3,938,250 | | 32,648,090 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 64,641,206 |
Investment Grade Fixed-Income Funds - 0.4% |
Fidelity Government Income Fund | 57,117 | | 608,297 |
Fidelity Intermediate Bond Fund | 13,201 | | 133,463 |
Fidelity Investment Grade Bond Fund | 26,969 | | 190,670 |
Fidelity Strategic Real Return Fund | 55,696 | | 569,210 |
Fidelity Total Bond Fund | 84,480 | | 870,140 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 2,371,780 |
TOTAL FIXED-INCOME FUNDS (Cost $71,467,746) | 67,012,986 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $703,659,243) | $ 624,661,534 |
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, 2008 |
| | |
Assets | | |
Investment in securities, at value (cost $703,659,243) - See accompanying schedule | | $ 624,661,534 |
Receivable for fund shares sold | | 4,569,093 |
Total assets | | 629,230,627 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,288,186 | |
Payable for fund shares redeemed | 1,280,911 | |
Total liabilities | | 4,569,097 |
| | |
Net Assets | | $ 624,661,530 |
Net Assets consist of: | | |
Paid in capital | | $ 682,648,171 |
Undistributed net investment income | | 975,474 |
Accumulated undistributed net realized gain (loss) on investments | | 20,035,594 |
Net unrealized appreciation (depreciation) on investments | | (78,997,709) |
Net Assets, for 60,893,345 shares outstanding | | $ 624,661,530 |
Net Asset Value, offering price and redemption price per share ($624,661,530 ÷ 60,893,345 shares) | | $ 10.26 |
Statement of Operations
| Year ended March 31, 2008 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 6,175,476 |
Interest | | 453 |
Total income | | 6,175,929 |
| | |
Expenses | | |
Independent trustees' compensation | 1,353 | |
Total expenses before reductions | 1,353 | |
Expense reductions | (1,353) | - |
Net investment income (loss) | | 6,175,929 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 382,147 | |
Capital gain distributions from underlying funds | 25,819,430 | 26,201,577 |
Change in net unrealized appreciation (depreciation) on underlying funds | | (81,277,676) |
Net gain (loss) | | (55,076,099) |
Net increase (decrease) in net assets resulting from operations | | $ (48,900,170) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2050 Fund
Financial Statements - continued
Statement of Changes in Net Assets
|
Year ended
March 31,
2008
| Forthe period
June 1, 2006
(commencement of operations) to March 31, 2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 6,175,929 | $ 474,639 |
Net realized gain (loss) | 26,201,577 | 2,293,363 |
Change in net unrealized appreciation (depreciation) | (81,277,676) | 2,279,967 |
Net increase (decrease) in net assets resulting from operations | (48,900,170) | 5,047,969 |
Distributions to shareholders from net investment income | (5,305,795) | (323,684) |
Distributions to shareholders from net realized gain | (8,019,436) | (485,525) |
Total distributions | (13,325,231) | (809,209) |
Share transactions
Proceeds from sales of shares | 727,877,590 | 161,754,996 |
Reinvestment of distributions | 13,279,880 | 805,832 |
Cost of shares redeemed | (202,303,302) | (18,766,825) |
Net increase (decrease) in net assets resulting from share transactions | 538,854,168 | 143,794,003 |
Total increase (decrease) in net assets | 476,628,767 | 148,032,763 |
| | |
Net Assets | | |
Beginning of period | 148,032,763 | - |
End of period (including undistributed net investment income of $975,474 and undistributed net investment income of $150,955, respectively) | $ 624,661,530 | $ 148,032,763 |
Other Information Shares | | |
Sold | 64,478,896 | 15,157,883 |
Issued in reinvestment of distributions | 1,155,619 | 74,753 |
Redeemed | (18,224,274) | (1,749,532) |
Net increase (decrease) | 47,410,241 | 13,483,104 |
Financial Highlights
Years ended March 31, | 2008 | 2007 F |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.98 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .18 | .11 |
Net realized and unrealized gain (loss) | (.53) | 1.02 |
Total from investment operations | (.35) | 1.13 |
Distributions from net investment income | (.12) | (.06) |
Distributions from net realized gain | (.25) | (.09) |
Total distributions | (.37) | (.15) |
Net asset value, end of period | $ 10.26 | $ 10.98 |
Total Return B, C | (3.53)% | 11.33% |
Ratios to Average Net Assets E, G | | |
Expenses before reductions | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% A |
Expenses net of all reductions | .00% | .00% A |
Net investment income (loss) | 1.59% | 1.23% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 624,662 | $ 148,033 |
Portfolio turnover rate | 16% | 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, 2008
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).
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. 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 the 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. Each Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48), on June 29, 2007. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Funds' federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.
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. For Freedom 2020 and Freedom 2030 certain adjustments have been made to the accounts relating to prior periods. Collectively, 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 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 | $ 2,536,455,056 | $ 62,058,243 | $ (75,334,017) | $ (13,275,774) |
Freedom 2000 | 1,781,749,123 | 52,008,681 | (52,955,179) | (946,498) |
Freedom 2005 | 1,087,531,310 | 22,244,277 | (58,072,268) | (35,827,991) |
Freedom 2010 | 13,802,151,196 | 719,746,514 | (618,328,566) | 101,417,948 |
Freedom 2015 | 7,418,176,052 | 143,576,491 | (445,081,528) | (301,505,037) |
Freedom 2020 | 19,888,075,273 | 1,298,445,079 | (1,159,465,416) | 138,979,663 |
Freedom 2025 | 7,042,592,505 | 135,530,509 | (527,081,983) | (391,551,474) |
Freedom 2030 | 13,563,953,562 | 878,261,160 | (998,181,254) | (119,920,094) |
Freedom 2035 | 4,200,497,866 | 78,915,299 | (364,435,988) | (285,520,689) |
Freedom 2040 | 7,185,264,884 | 396,177,391 | (573,050,624) | (176,873,233) |
Freedom 2045 | 725,265,722 | 2,697,130 | (71,752,655) | (69,055,525) |
Freedom 2050 | 703,661,761 | 1,938,305 | (80,938,532) | (79,000,227) |
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 | $ 9,072,911 | $ 22,482,248 |
Freedom 2000 | 13,282,307 | 23,896,662 |
Freedom 2005 | 6,250,214 | 19,662,239 |
Freedom 2010 | 71,864,200 | 339,599,983 |
Freedom 2015 | 34,770,706 | 153,959,167 |
Freedom 2020 | 52,650,175 | 644,003,486 |
Freedom 2025 | 24,776,454 | 187,260,391 |
Freedom 2030 | 40,598,926 | 507,311,069 |
Freedom 2035 | 9,152,204 | 135,618,230 |
Freedom 2040 | 15,277,014 | 272,784,691 |
Freedom 2045 | 878,974 | 19,069,606 |
Freedom 2050 | 975,474 | 20,038,114 |
The tax character of distributions paid was as follows:
March 31, 2008 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
Freedom Income | $ 107,091,796 | $ 29,570,750 | $ 136,662,546 |
Freedom 2000 | 73,158,266 | 30,024,478 | 103,182,744 |
Freedom 2005 | 31,943,294 | 22,985,461 | 54,928,755 |
Freedom 2010 | 465,353,311 | 352,912,631 | 818,265,942 |
Freedom 2015 | 189,127,878 | 145,896,326 | 335,024,204 |
Freedom 2020 | 591,316,757 | 698,033,767 | 1,289,350,524 |
Freedom 2025 | 145,931,304 | 139,646,496 | 285,577,800 |
Freedom 2030 | 316,812,946 | 463,095,329 | 779,908,275 |
Freedom 2035 | 75,685,645 | 94,694,086 | 170,379,731 |
Freedom 2040 | 160,469,566 | 267,278,786 | 427,748,352 |
Freedom 2045 | 9,971,128 | 4,971,459 | 14,942,587 |
Freedom 2050 | 9,045,964 | 4,279,267 | 13,325,231 |
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 |
New Accounting Pronouncement. 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 results in expanded disclosures about fair value measurements.
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.
Annual Report
4. Purchases and Sales of Investments.
Purchases and redemptions of the affiliated Underlying Fund shares, including purchases and sales of securities received in connection with the reallocation of underlying fund investments (See Note 5), are noted in the table below:
| Purchases ($) | Redemptions ($) |
Freedom Income | 1,053,132,827 | 812,447,860 |
Freedom 2000 | 784,680,865 | 627,695,701 |
Freedom 2005 | 560,979,343 | 309,877,904 |
Freedom 2010 | 6,376,424,333 | 4,738,321,144 |
Freedom 2015 | 4,030,743,753 | 1,513,793,589 |
Freedom 2020 | 10,383,453,217 | 7,054,234,572 |
Freedom 2025 | 4,228,861,554 | 1,334,647,379 |
Freedom 2030 | 7,792,539,068 | 4,895,318,440 |
Freedom 2035 | 2,711,938,345 | 945,167,357 |
Freedom 2040 | 4,373,703,616 | 2,506,822,529 |
Freedom 2045 | 615,221,342 | 66,835,747 |
Freedom 2050 | 622,204,291 | 64,679,997 |
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.
Reallocation of Underlying Fund Investments. During the period, Strategic Advisers reallocated certain of the Funds' investments to include Underlying Funds with additional exposure to mega-cap stocks. This involved a taxable redemption of each Fund's interest in Fidelity Growth & Income Portfolio for securities in-kind, a rebalance of those securities, and a non-taxable exchange of those securities for shares of Fidelity 100 Index Fund. Realized gains and losses on security sales in connection with the rebalancing are presented in the accompanying Statement of Operations as "Net realized gain (loss) on unaffiliated issuers".
Details of the redemption in-kind with the related gain/loss for each Fund are presented in the accompanying table:
| Value of Securities
and Cash Received | Realized
Gain/Loss |
Freedom Income | $ 32,684,813 | $ 3,307,260 |
Freedom 2000 | 43,992,255 | 2,133,841 |
Freedom 2005 | 47,979,844 | (1,134,247) |
Freedom 2010 | 707,275,930 | 1,599,422 |
Freedom 2015 | 327,665,828 | (7,904,359) |
Freedom 2020 | 1,441,428,180 | (12,095,804) |
Freedom 2025 | 323,032,574 | (8,448,127) |
Freedom 2030 | 1,123,708,170 | (18,528,180) |
Freedom 2035 | 213,127,783 | (4,817,116) |
Freedom 2040 | 565,227,387 | (7,781,084) |
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. Bank Borrowings.
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. At period end, there were no bank borrowings outstanding. Each applicable Fund's activity in this program during the period for which loans were outstanding was as follows:
| Average Daily
Loan Balance | Weighted Average
Interest Rate | Interest
Expense |
Freedom 2010 | $ 5,631,000 | 4.56% | $ 714 |
Freedom 2020 | 11,475,000 | 4.56% | 1,454 |
Annual Report
Notes to Financial Statements - continued
7. Expense Reductions.
FMR voluntarily agreed to reimburse each Fund's operating expenses.
During the period ended March 31, 2008, this reimbursement reduced each Fund's expenses by the following:
| Reimbursement
from adviser |
| |
Freedom Income | $ 9,423 |
Freedom 2000 | 6,653 |
Freedom 2005 | 3,726 |
Freedom 2010 | 53,951 |
Freedom 2015 | 23,262 |
Freedom 2020 | 77,367 |
Freedom 2025 | 20,833 |
Freedom 2030 | 50,524 |
Freedom 2035 | 12,302 |
Freedom 2040 | 25,687 |
Freedom 2045 | 1,381 |
Freedom 2050 | 1,353 |
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Freedom Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
Fund | Freedom 2010 | Freedom 2020 | Freedom 2030 | Freedom 2040 |
Fidelity 100 Index Fund | 15% | 27% | 20% | 11% |
Fidelity Disciplined Equity Fund | - | 17% | 14% | - |
Fidelity Europe Fund | 10% | 19% | 16% | - |
Fidelity Government Income Fund | 13% | 13% | - | - |
Fidleity High Income Fund | - | 15% | 10% | - |
Fidelity Intermediate Bond Fund | 10% | 10% | - | - |
Fidelity Investment Grade Bond Fund | 13% | 13% | - | - |
Fidelity Japan Fund | - | 16% | 13% | - |
Fidelity Short-Term Bond Fund | 10% | - | - | - |
Fidelity Small Cap Growth Fund | - | 11% | - | - |
Fidelity Small Cap Opportunities Fund | 11% | 22% | 18% | 10% |
Fidelity Small Cap Value Fund | - | 12% | 10% | - |
Fidelity Strategic Real Return Fund | 18% | 18% | - | - |
Annual Report
8. Other - continued
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
Fund | % of shares held |
Fidelity 100 Index Fund | 96% |
Fidelity Capital & Income Fund | 30% |
Fidelity Disciplined Equity Fund | 68% |
Fidelity Equity-Income Fund | 28% |
Fidelity Europe Fund | 71% |
Fidelity Government Income Fund | 48% |
Fidelity High Income Fund | 55% |
Fidelity Intermediate Bond Fund | 34% |
Fidelity Investment Grade Bond Fund | 43% |
Fidelity Japan Fund | 61% |
Fidelity Mid-Cap Stock Fund | 29% |
Fidelity Overseas Fund | 34% |
Fidelity Short-Term Bond Fund | 28% |
Fidelity Small Cap Growth Fund | 44% |
Fidelity Small Cap Opportunities Fund | 87% |
Fidelity Small Cap Value Fund | 47% |
Fidelity Strategic Real Return Fund | 65% |
Fidelity Total Bond Fund | 30% |
Fidelity Value Fund | 26% |
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, 2008, the results of each of their operations for the year then ended, 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, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 19, 2008
Annual Report
Trustees and Officers
The Trustees, Members 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 Members 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 Members 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 376 funds advised by FMR or an affiliate. Mr. Curvey oversees 371 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 Members 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 fund's 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 (77) |
| Year of Election or Appointment: 1991 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; 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 and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007). Mr. Edward C. Johnson 3d and Mr. Arthur E. Johnson are not related. |
James C. Curvey (72) |
| Year of Election or Appointment:2007 Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution). |
* 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. FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
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.
Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation |
Dennis J. Dirks (59) |
| 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. (66) |
| 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 (71) |
| 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), Compaq, Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing), 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 (67) |
| 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), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). |
Marie L. Knowles (61) |
| 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 McKesson Corporation (healthcare service). 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. Previously, Ms. Knowles served as Director of Phelps Dodge Corporation (copper mining and manufacturing) (1994-2007). |
Ned C. Lautenbach (64) |
| Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm). 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 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. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007). |
Cornelia M. Small (63) |
| 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 (68) |
| 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 (69) |
| Year of Election or Appointment: 2005 Mr. Wolfe is Chairman and a Director of Hershey Foods Corporation (2007-present), where prior to his retirement in 2001, he was Chairman and Chief Executive Officer. Mr. Wolfe currently serves as a member of the board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as a member of the boards of Adelphia Communications Corporation (2003-2006) and Bausch & Lomb, Inc. (1993-2007). |
Advisory Board Members and Executive Officers**:
Correspondence intended for Mr. Mauriello, Mr. Thomas, Mr. Wiley, Mr. Lacy, and Mr. Arthur Johnson may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. 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 |
Arthur E. Johnson (61) |
| Year of Election or Appointment: 2008 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Mr. Johnson serves as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor). In addition, Mr. Johnson serves as a member of the Board of Directors of AGL Resources, Inc. (holding company), and IKON Office Solutions, Inc. (document management systems and services). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related. |
Alan J. Lacy (54) |
| Year of Election or Appointment: 2008 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (a private equity firm). Mr. Lacy also served as Vice Chairman and Chief Executive Officer of Sears Holdings Corporation and Sears, Roebuck and Co. (retail, 2005-2006; 2000-2005). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb (global pharmaceuticals, 2007-present). Mr. Lacy is a Trustee of the National Parks Conservation Association and The Field Museum of Natural History. |
Peter S. Lynch (64) |
| 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. |
Joseph Mauriello (63) |
| Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance company, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007). |
David M. Thomas (58) |
| Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products holding company), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present). |
Michael E. Wiley (57) |
| Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Aberdeen Street Trust. Mr. Wiley also serves as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). He serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production company, 2005-present). In addition, he also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting firm, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment firm), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services company, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production company, 2001-2005). |
Kimberley H. Monasterio (44) |
| 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). |
Ren Y. Cheng (51) |
| Year of Election or Appointment: 2007 Vice President of Freedom Income, Freedom 2000, Freedom 2005, Freedom 2010, Freedom 2015, Freedom 2020, Freedom 2025, Freedom 2030, Freedom 2035, Freedom 2040, Freedom 2045, and Freedom 2050. Mr. Cheng also serves as Vice President of certain Asset Allocation Funds (2007-present) and Group Chief Investment Officer, Asset Allocation of FMR. Previously, Mr. Cheng served as a portfolio manager for the Fidelity Freedom Funds. |
Boyce I. Greer (52) |
| 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 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). Mr. Greer is President and a Director of Fidelity Investments Money Management, Inc. (2007-present), and an Executive Vice President of FMR and FMR Co., Inc. (2005-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005). |
Eric D. Roiter (59) |
| 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; Senior Vice President (2007-present), 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 of FMR Co., Inc. (2001-2007) and FMR (1997-2007), and Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998-2005). |
John B. McGinty, Jr. (45) |
| Year of Election or Appointment: 2008 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. McGinty also serves as Assistant Secretary of other Fidelity funds (2008-present) and is an employee of FMR LLC (2004-present). Mr. McGinty also serves as Senior Vice President, Secretary, and Chief Legal Officer of FDC (2007-present). |
R. Stephen Ganis (42) |
| 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 LLC (2003-present). |
Joseph B. Hollis (59) |
| 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 (60) |
| 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. 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). |
Bryan A. Mehrmann (46) |
| 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 (38) |
| 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). |
Robert G. Byrnes (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. 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 (54) |
| 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-present) and is an employee of FMR. |
Paul M. Murphy (61) |
| Year of Election or Appointment: 2007 Assistant 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. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS) (1994-2007). |
Gary W. Ryan (49) |
| 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). |
** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Annual Report
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Freedom Income Fund | 05/05/08 | 05/02/08 | $0.040 | $0.100 |
Fidelity Freedom 2000 Fund | 05/12/08 | 05/09/08 | $0.100 | $0.160 |
Fidelity Freedom 2005 Fund | 05/12/08 | 05/09/08 | $0.060 | $0.215 |
Fidelity Freedom 2010 Fund | 05/12/08 | 05/09/08 | $0.080 | $0.340 |
Fidelity Freedom 2015 Fund | 05/12/08 | 05/09/08 | $0.050 | $0.255 |
Fidelity Freedom 2020 Fund | 05/12/08 | 05/09/08 | $0.030 | $0.475 |
Fidelity Freedom 2025 Fund | 05/12/08 | 05/09/08 | $0.040 | $0.335 |
Fidelity Freedom 2030 Fund | 05/12/08 | 05/09/08 | $0.040 | $0.570 |
Fidelity Freedom 2035 Fund | 05/12/08 | 05/09/08 | $0.020 | $0.425 |
Fidelity Freedom 2040 Fund | 05/12/08 | 05/09/08 | $0.020 | $0.340 |
Fidelity Freedom 2045 Fund | 05/12/08 | 05/09/08 | $0.015 | $0.270 |
Fidelity Freedom 2050 Fund | 05/12/08 | 05/09/08 | $0.020 | $0.290 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2008, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Freedom Income Fund | $35,538,939 |
Fidelity Freedom 2000 Fund | $36,367,261 |
Fidelity Freedom 2005 Fund | $28,074,925 |
Fidelity Freedom 2010 Fund | $417,637,001 |
Fidelity Freedom 2015 Fund | $200,172,683 |
Fidelity Freedom 2020 Fund | $821,980,045 |
Fidelity Freedom 2025 Fund | $226,825,393 |
Fidelity Freedom 2030 Fund | $595,405,058 |
Fidelity Freedom 2035 Fund | $163,153,378 |
Fidelity Freedom 2040 Fund | $349,572,255 |
Fidelity Freedom 2045 Fund | $21,923,667 |
Fidelity Freedom 2050 Fund | $22,531,935 |
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 | 2.79% |
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 | |
April 2007 | 0% |
May 2007 | 2% |
June 2007 | 3% |
July 2007 | 3% |
August 2007 | 3% |
September 2007 | 3% |
October 2007 | 3% |
November 2007 | 3% |
December 2007 | 3% |
February 2008 | 4% |
March 2008 | 4% |
Fidelity Freedom 2000 Fund | |
May 2007 | 0% |
December 2007 | 4% |
Fidelity Freedom 2005 Fund | |
May 2007 | 1% |
December 2007 | 8% |
Fidelity Freedom 2010 Fund | |
May 2007 | 0% |
December 2007 | 8% |
Fidelity Freedom 2015 Fund | |
May 2007 | 0% |
December 2007 | 10% |
Fidelity Freedom 2020 Fund | |
May 2007 | 1% |
December 2007 | 12% |
Fidelity Freedom 2025 Fund | |
May 2007 | 1% |
December 2007 | 14% |
Fidelity Freedom 2030 Fund | |
May 2007 | 2% |
December 2007 | 18% |
Fidelity Freedom 2035 Fund | |
May 2007 | 4% |
December 2007 | 18% |
Fidelity Freedom 2040 Fund | |
May 2007 | 5% |
December 2007 | 18% |
Fidelity Freedom 2045 Fund | |
May 2007 | 2% |
December 2007 | 16% |
Fidelity Freedom 2050 Fund | |
May 2007 | 1% |
December 2007 | 18% |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
Fidelity Freedom Income Fund | |
April 2007 | 1% |
May 2007 | 4% |
June 2007 | 6% |
July 2007 | 6% |
August 2007 | 6% |
September 2007 | 6% |
October 2007 | 6% |
November 2007 | 6% |
December 2007 | 6% |
February 2008 | 0% |
March 2008 | 0% |
Fidelity Freedom 2000 Fund | |
May 2007 | 1% |
December 2007 | 7% |
Fidelity Freedom 2005 Fund | |
May 2007 | 2% |
December 2007 | 17% |
Fidelity Freedom 2010 Fund | |
May 2007 | 1% |
December 2007 | 18% |
Fidelity Freedom 2015 Fund | |
May 2007 | 1% |
December 2007 | 21% |
Fidelity Freedom 2020 Fund | |
May 2007 | 1% |
December 2007 | 26% |
Fidelity Freedom 2025 Fund | |
May 2007 | 2% |
December 2007 | 30% |
Fidelity Freedom 2030 Fund | |
May 2007 | 4% |
December 2007 | 37% |
Fidelity Freedom 2035 Fund | |
May 2007 | 10% |
December 2007 | 39% |
Fidelity Freedom 2040 Fund | |
May 2007 | 6% |
December 2007 | 39% |
Fidelity Freedom 2045 Fund | |
May 2007 | 6% |
December 2007 | 38% |
Fidelity Freedom 2050 Fund | |
May 2007 | 1% |
December 2007 | 44% |
The funds will notify shareholders in January 2009 of amounts for use in preparing 2008 income tax returns.
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 (Freedom Income, Freedom 2000,
2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040)
Mellon Bank, N.A.
Pittsburgh, PA (Freedom 2045, 2050)
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-0508
1.814503.103
Item 2. Code of Ethics
As of the end of the period, March 31, 2008, 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, 2008 and March 31, 2007, 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 | 2008A | 2007A,B |
Fidelity Freedom Income Fund | $20,000 | $26,000 |
Fidelity Freedom 2000 Fund | $20,000 | $25,000 |
Fidelity Freedom 2005 Fund | $20,000 | $23,000 |
Fidelity Freedom 2010 Fund | $20,000 | $43,000 |
Fidelity Freedom 2015 Fund | $20,000 | $28,000 |
Fidelity Freedom 2020 Fund | $20,000 | $50,000 |
Fidelity Freedom 2025 Fund | $20,000 | $26,000 |
Fidelity Freedom 2030 Fund | $20,000 | $39,000 |
Fidelity Freedom 2035 Fund | $20,000 | $24,000 |
Fidelity Freedom 2040 Fund | $20,000 | $30,000 |
Fidelity Freedom 2045 Fund | $20,000 | $14,000 |
Fidelity Freedom 2050 Fund | $20,000 | $14,000 |
All funds in the Fidelity Group of Funds audited by PwC | $13,800,000 | $14,200,000 |
A | Aggregate amounts may reflect rounding. |
B | Fidelity Freedom 2045 and Fidelity Freedom 2050 commenced operations on June 1, 2006. |
For the fiscal years ended March 31, 2008 and March 31, 2007, 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 | 2008A | 2007A,B |
Fidelity Advisor Freedom Income Fund | $22,000 | $17,000 |
Fidelity Advisor Freedom 2005 Fund | $22,000 | $17,000 |
Fidelity Advisor Freedom 2010 Fund | $22,000 | $18,000 |
Fidelity Advisor Freedom 2015 Fund | $22,000 | $18,000 |
Fidelity Advisor Freedom 2020 Fund | $22,000 | $20,000 |
Fidelity Advisor Freedom 2025 Fund | $22,000 | $18,000 |
Fidelity Advisor Freedom 2030 Fund | $22,000 | $19,000 |
Fidelity Advisor Freedom 2035 Fund | $22,000 | $18,000 |
Fidelity Advisor Freedom 2040 Fund | $22,000 | $18,000 |
Fidelity Advisor Freedom 2045 Fund | $21,000 | $25,000 |
Fidelity Advisor Freedom 2050 Fund | $21,000 | $25,000 |
All funds in the Fidelity Group of Funds audited by Deloitte Entities | $7,000,000 | $7,100,000 |
A | Aggregate amounts may reflect rounding. |
B | Fidelity Advisor Freedom 2045 and Fidelity Advisor Freedom 2050 commenced operations on June 1, 2006. |
(b) Audit-Related Fees.
In each of the fiscal years ended March 31, 2008 and March 31, 2007, 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 | 2008A | 2007A,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 | Fidelity Freedom 2045 and Fidelity Freedom 2050 commenced operations on June 1, 2006. |
In each of the fiscal years ended March 31, 2008 and March 31, 2007, 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 | 2008A | 2007A,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 | Fidelity Advisor Freedom 2045 and Fidelity Advisor Freedom 2050 commenced operations on June 1, 2006. |
In each of the fiscal years ended March 31, 2008 and March 31, 2007, 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 | 2008A | 2007A |
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, 2008 and March 31, 2007, 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 | 2008A | 2007A,B |
Fidelity Freedom Income Fund | $2,200 | $1,700 |
Fidelity Freedom 2000 Fund | $2,200 | $1,700 |
Fidelity Freedom 2005 Fund | $2,200 | $1,700 |
Fidelity Freedom 2010 Fund | $2,200 | $1,700 |
Fidelity Freedom 2015 Fund | $2,200 | $1,700 |
Fidelity Freedom 2020 Fund | $2,200 | $1,700 |
Fidelity Freedom 2025 Fund | $2,200 | $1,700 |
Fidelity Freedom 2030 Fund | $2,200 | $1,700 |
Fidelity Freedom 2035 Fund | $2,200 | $1,700 |
Fidelity Freedom 2040 Fund | $2,200 | $1,700 |
Fidelity Freedom 2045 Fund | $2,200 | $1,600 |
Fidelity Freedom 2050 Fund | $2,200 | $1,600 |
A | Aggregate amounts may reflect rounding. |
B | Fidelity Freedom 2045 and Fidelity Freedom 2050 commenced operations on June 1, 2006. |
In each of the fiscal years ended March 31, 2008 and March 31, 2007, 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 | 2008A | 2007A,B |
Fidelity Advisor Freedom Income Fund | $4,500 | $4,200 |
Fidelity Advisor Freedom 2005 Fund | $4,500 | $4,200 |
Fidelity Advisor Freedom 2010 Fund | $4,500 | $4,200 |
Fidelity Advisor Freedom 2015 Fund | $4,500 | $4,200 |
Fidelity Advisor Freedom 2020 Fund | $4,500 | $4,200 |
Fidelity Advisor Freedom 2025 Fund | $4,500 | $4,200 |
Fidelity Advisor Freedom 2030 Fund | $4,500 | $4,200 |
Fidelity Advisor Freedom 2035 Fund | $4,500 | $4,200 |
Fidelity Advisor Freedom 2040 Fund | $4,500 | $4,200 |
Fidelity Advisor Freedom 2045 Fund | $5,600 | $5,200 |
Fidelity Advisor Freedom 2050 Fund | $5,600 | $5,200 |
A | Aggregate amounts may reflect rounding. |
B | Fidelity Advisor Freedom 2045 and Fidelity Advisor Freedom 2050 commenced operations on June 1, 2006. |
In each of the fiscal years ended March 31, 2008 and March 31, 2007, 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 | 2008A | 2007A |
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, 2008 and March 31, 2007, the aggregate Other Fees billed by PwC for all other non-audit services rendered to the funds is shown in the table below.
Fund | 2008A | 2007A,B |
Fidelity Freedom Income Fund | $800 | $1,300 |
Fidelity Freedom 2000 Fund | $800 | $1,100 |
Fidelity Freedom 2005 Fund | $800 | $900 |
Fidelity Freedom 2010 Fund | $800 | $3,300 |
Fidelity Freedom 2015 Fund | $800 | $1,500 |
Fidelity Freedom 2020 Fund | $800 | $4,100 |
Fidelity Freedom 2025 Fund | $800 | $1,300 |
Fidelity Freedom 2030 Fund | $800 | $2,800 |
Fidelity Freedom 2035 Fund | $800 | $1,100 |
Fidelity Freedom 2040 Fund | $800 | $1,700 |
Fidelity Freedom 2045 Fund | $800 | $600 |
Fidelity Freedom 2050 Fund | $800 | $600 |
A | Aggregate amounts may reflect rounding. |
B | Fidelity Freedom 2045 Fund and Fidelity Freedom 2050 commenced operations on June 1, 2006. |
In each of the fiscal years ended March 31, 2008 and March 31, 2007, 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 | 2008A | 2007A,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 | Fidelity Advisor Freedom 2045 Fund and Fidelity Advisor Freedom 2050 commenced operations on June 1, 2006. |
In each of the fiscal years ended March 31, 2008 and March 31, 2007, 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 | 2008A | 2007A |
PwC | $175,000 | $170,000 |
Deloitte Entities | $0 | $0B |
A | Aggregate amounts may reflect rounding. |
B | Reflects current period presentation. |
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, 2008 and March 31, 2007 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, 2008 and March 31, 2007 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, 2008 and March 31, 2007 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, 2008 and March 31, 2007 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, 2008 and March 31, 2007 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, 2008 and March 31, 2007 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, 2008 and March 31, 2007, the aggregate fees billed by PwC of $1,710,000A and $1,370,000A 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.
| 2008A | 2007A |
Covered Services | $210,000 | $210,000 |
Non-Covered Services | $1,500,000 | $1,160,000 |
A | Aggregate amounts may reflect rounding. |
For the fiscal years ended March 31, 2008 and March 31, 2007, the aggregate fees billed by Deloitte Entities of $580,000A and $915,000A 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.
| 2008A | 2007A,B |
Covered Services | $55,000 | $50,000 |
Non-Covered Services | $525,000 | $865,000 |
A | Aggregate amounts may reflect rounding. |
B | Reflects current period presentation. |
(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. Investments
(a) Not applicable.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Aberdeen Street Trust
By: | /s/Kimberley Monasterio |
| Kimberley Monasterio |
| President and Treasurer |
| |
Date: | May 28, 2008 |
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 28, 2008 |
By: | /s/Joseph B. Hollis |
| Joseph B. Hollis |
| Chief Financial Officer |
| |
Date: | May 28, 2008 |
