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)
Scott C. Goebel, 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, 2009 |
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, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
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.
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
Dear Shareholder:
The stresses on the world's capital markets have shown few signs of abating thus far in 2009. Although government programs may eventually rekindle economic growth, corporate earnings are still weaker than we would like to see them, and the valuations of many securities remain at historically low levels. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. 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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | -17.79% | -1.14% | -0.16% |
Class T (incl. 3.50% sales charge) | -16.07% | -0.93% | 0.00% |
Class B (incl. contingent deferred sales charge)B | -17.66% | -1.08% | -0.04% |
Class C (incl. contingent deferred sales charge)C | -14.25% | -0.71% | 0.13% |
A From July 24, 2003.
B Class B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 1%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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 Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2005 Fund ® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | -29.40% | -3.07% | -1.87% |
Class T (incl. 3.50% sales charge) | -27.89% | -2.85% | -1.69% |
Class B (incl. contingent deferred sales charge)B | -29.25% | -2.99% | -1.69% |
Class C (incl. contingent deferred sales charge)C | -26.33% | -2.63% | -1.51% |
A From November 6, 2003.
B Class B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 1%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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 Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2010 Fund ® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | -30.59% | -3.39% | -1.36% |
Class T (incl. 3.50% sales charge) | -29.14% | -3.17% | -1.20% |
Class B (incl. contingent deferred sales charge)B | -30.40% | -3.30% | -1.22% |
Class C (incl. contingent deferred sales charge)C | -27.58% | -2.95% | -1.06% |
A From July 24, 2003.
B Class B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 1%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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 Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2015 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | -32.15% | -3.25% | -1.90% |
Class T (incl. 3.50% sales charge) | -30.64% | -3.03% | -1.71% |
Class B (incl. contingent deferred sales charge) B | -31.88% | -3.16% | -1.69% |
Class C (incl. contingent deferred sales charge) C | -29.21% | -2.84% | -1.55% |
A From November 6, 2003.
B Class B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 1%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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.
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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | -37.17% | -4.51% | -1.77% |
Class T (incl. 3.50% sales charge) | -35.88% | -4.31% | -1.60% |
Class B (incl. contingent deferred sales charge) B | -37.00% | -4.44% | -1.62% |
Class C (incl. contingent deferred sales charge) C | -34.52% | -4.11% | -1.48% |
A From July 24, 2003.
B Class B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 1%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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.
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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | -38.71% | -4.87% | -3.26% |
Class T (incl. 3.50% sales charge) | -37.47% | -4.65% | -3.02% |
Class B (incl. contingent deferred sales charge) B | -38.52% | -4.77% | -3.07% |
Class C (incl. contingent deferred sales charge) C | -36.05% | -4.45% | -2.92% |
A From November 6, 2003.
B Class B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 1%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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.
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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | -42.02% | -5.75% | -2.61% |
Class T (incl. 3.50% sales charge) | -40.77% | -5.54% | -2.44% |
Class B (incl. contingent deferred sales charge) B | -41.84% | -5.68% | -2.48% |
Class C (incl. contingent deferred sales charge)C | -39.54% | -5.34% | -2.32% |
A From July 24, 2003.
B Class B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 1%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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.
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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | -42.78% | -5.90% | -4.14% |
Class T (incl. 3.50% sales charge) | -41.54% | -5.71% | -3.98% |
Class B (incl. contingent deferred sales charge) B | -42.63% | -5.85% | -3.99% |
Class C (incl. contingent deferred sales charge)C | -40.27% | -5.49% | -3.80% |
A From November 6, 2003.
B Class B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 1%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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.
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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | -43.84% | -6.19% | -2.78% |
Class T (incl. 3.50% sales charge) | -42.69% | -5.98% | -2.64% |
Class B (incl. contingent deferred sales charge) B | -43.66% | -6.11% | -2.65% |
Class C (incl. contingent deferred sales charge) C | -41.47% | -5.79% | -2.52% |
A From July 24, 2003.
B Class B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2%, and 1%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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.
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, 2009 | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | -44.33% | -16.61% |
Class T (incl. 3.50% sales charge) | -43.14% | -16.14% |
Class B (incl. contingent deferred sales charge) B | -44.31% | -16.39% |
Class C (incl. contingent deferred sales charge) C | -41.65% | -15.36% |
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.
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, 2009 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | -45.71% | -17.41% |
Class T (incl. 3.50% sales charge) | | -44.42% | -16.85% |
Class B (incl. contingent deferred sales charge) B | | -45.56% | -17.08% |
Class C (incl. contingent deferred sales charge) C | | -42.68% | -15.93% |
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.
Annual Report
Fidelity Advisor Freedom Funds
Management's Discussion of Fund Performance
Market Recap: Although an equity rally in the final weeks of the period seemed a welcome sight for beleaguered investors, most looked back on the year ending March 31, 2009, with little reason to smile amid ongoing concerns about slowing global growth and a virtual drying-up of credit availability. A massive flight to quality and away from risk defined the markets during the past year, and even the U.S. government's aggressive moves to unfreeze credit, stabilize the financial system and reignite the domestic economy did little to bring investors back into stocks until late in the period. The Standard & Poor's 500SM Index returned -38.09%, with none of its market sectors able to break into positive ground. The blue-chip Dow Jones Industrial AverageSM posted a mark of -35.94%, and the technology-laden NASDAQ Composite® Index saw a -32.29% return. International equities fared even worse, with the MSCI® EAFE® Index (Europe, Australasia, Far East) - a measure of developed markets outside the U.S. and Canada - returning -46.42%. Investors' flight to quality also affected the fixed-income markets, with securities explicitly or implicitly backed by the U.S. government far outperforming those further out on the risk spectrum. Accordingly, the Barclays Capital U.S. Aggregate Bond Index - a broad measure of the investment grade debt universe - gained 3.13% for the 12-month period, and short-term assets, as gauged by the Barclays Capital U.S. 3 Month Treasury Bill Index, posted a 1.31% annual return. High-yield bonds, however, suffered greatly from the flight to quality, with the benchmark Merrill Lynch® U.S. High Yield Master II Constrained Index returning -19.65%.
Comments from Christopher Sharpe and Jonathan Shelon, Co-Portfolio Managers of Fidelity Advisor Freedom Funds®: The Advisor Freedom Funds age-based portfolios all had negative absolute returns for the 12-month period. (For specific performance results, please refer to the performance section of this report.) These results mirrored those of the global capital markets, reflecting a period of extreme volatility and poor performance for virtually all asset classes except those secured in some way by the federal government. Accordingly, the shorter-dated and more conservatively positioned Funds - those with greater exposure to fixed-income securities - posted less-negative returns than the longer-dated and more aggressively positioned Funds, whose asset allocation is, by design, more tilted toward equities. In relative terms, however, all of the Funds underperformed their Composite indexes, mainly because of weak returns from the underlying mutual funds within our domestic equity and investment-grade bond allocations.
Note to shareholders: During the past year, four new underlying funds were added to the Advisor Freedom Funds structure. In the domestic equity allocation, we transitioned to two new funds dedicated strictly for use in Fidelity fund-of-funds products - Fidelity® Series All-Sector Equity Fund and Fidelity Series Large Cap Value Fund - which allows Jonathan and me to better control the funds' overall sector exposures. These additions replaced Fidelity Advisor Mid-Cap Fund and Fidelity Advisor Dividend Growth Fund. In the international equity space, we added Fidelity Series Emerging Markets Fund. In the investment-grade bond allocation, we added Fidelity Series Investment Grade Bond Fund - a dedicated fund-of-funds product that invests in investment-grade debt securities of all types - replacing Fidelity Advisor Intermediate Bond Fund and ultimately intended to replace Fidelity Advisor Government Income Fund. Fidelity Advisor Total Bond Fund is expected to be removed as an underlying fund over time. We consistently monitor the structure of the Advisor Freedom Funds' product line to ensure that our asset allocation approach is appropriate to current conditions and also so that we can more-effectively manage the risk/return characteristics of the product line.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2008 to March 31, 2009).
Actual Expenses
The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio | Beginning
Account Value
October 1, 2008 | Ending
Account Value
March 31, 2009 | Expenses Paid
During Period*
October 1, 2008
to March 31, 2009 |
Advisor Freedom Income | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 912.10 | $ 1.19 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 910.80 | $ 2.38 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 908.20 | $ 4.76 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 908.20 | $ 4.76 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 912.40 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2005 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 822.10 | $ 1.14 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 821.50 | $ 2.27 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized Expense Ratio | Beginning
Account Value
October 1, 2008 | Ending
Account Value
March 31, 2009 | Expenses Paid
During Period*
October 1, 2008
to March 31, 2009 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 819.60 | $ 4.54 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 820.00 | $ 4.54 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 823.80 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2010 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 812.00 | $ 1.13 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 810.40 | $ 2.26 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 808.70 | $ 4.51 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 809.30 | $ 4.51 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 812.70 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2015 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 799.60 | $ 1.12 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 799.10 | $ 2.24 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 797.40 | $ 4.48 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 796.70 | $ 4.48 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 800.50 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2020 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 757.60 | $ 1.10 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 755.70 | $ 2.19 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized Expense Ratio | Beginning
Account Value
October 1, 2008 | Ending
Account Value
March 31, 2009 | Expenses Paid
During Period*
October 1, 2008
to March 31, 2009 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 754.40 | $ 4.37 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 753.50 | $ 4.37 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 758.10 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2025 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 743.30 | $ 1.09 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 742.50 | $ 2.17 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 740.80 | $ 4.34 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 741.10 | $ 4.34 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 744.50 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2030 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 714.80 | $ 1.07 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 714.00 | $ 2.14 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 712.20 | $ 4.27 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 712.30 | $ 4.27 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 715.90 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2035 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 707.90 | $ 1.06 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 706.70 | $ 2.13 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized Expense Ratio | Beginning
Account Value
October 1, 2008 | Ending
Account Value
March 31, 2009 | Expenses Paid
During Period*
October 1, 2008
to March 31, 2009 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 704.90 | $ 4.25 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 705.50 | $ 4.25 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 708.90 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2040 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 697.90 | $ 1.06 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 696.90 | $ 2.12 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 695.30 | $ 4.23 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 694.60 | $ 4.22 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 699.10 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2045 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 693.70 | $ 1.06 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 691.90 | $ 2.11 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 688.90 | $ 4.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 693.80 | $ 4.22 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 692.90 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2050 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 678.90 | $ 1.05 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 680.10 | $ 2.09 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized Expense Ratio | Beginning
Account Value
October 1, 2008 | Ending
Account Value
March 31, 2009 | Expenses Paid
During Period*
October 1, 2008
to March 31, 2009 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 677.00 | $ 4.18 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 685.30 | $ 4.20 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 683.50 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which the Fund invests are not included in each class' annualized expense ratio.
Annual Report
Fidelity Advisor Freedom Income Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 1.7 | 1.2 |
Fidelity Advisor Equity Growth Fund Institutional Class | 2.3 | 2.6 |
Fidelity Advisor Equity Income Fund Institutional Class | 2.8 | 3.9 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3.5 | 3.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 2.8 | 3.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.0 | 0.9 |
Fidelity Series All-Sector Equity Fund | 4.0 | 0.0 |
Fidelity Series Large Cap Value Fund | 1.4 | 0.0 |
Fidelity Small Cap Opportunities Fund | 0.9 | 0.8 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 2.0 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 1.4 |
| 20.4 | 19.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.0 | 4.7 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 3.8 | 12.5 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.9 | 6.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 9.8 | 10.4 |
Fidelity Series Investment Grade Bond Fund | 14.6 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 5.4 |
| 35.1 | 35.1 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 19.8 | 20.2 |
Fidelity Institutional Money Market Portfolio Institutional Class | 19.7 | 20.5 |
| 39.5 | 40.7 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
 | Domestic Equity Funds | 20.4% | |
 | High Yield Fixed-Income Funds | 5.0% | |
 | Investment Grade Fixed-Income Funds | 35.1% | |
 | Short-Term Funds | 39.5% | |
Six months ago |
| Domestic Equity Funds | 19.5% | |
| High Yield Fixed-Income Funds | 4.7% | |
| Investment Grade Fixed-Income Funds | 35.1% | |
| Short-Term Funds | 40.7% | |
The six months ago allocation is based on the fund's holdings as of September 30, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. |
Annual Report
Fidelity Advisor Freedom Income Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 20.4% |
| Shares | | Value |
Domestic Equity Funds - 20.4% |
Fidelity 100 Index Fund | 460,156 | | $ 2,691,910 |
Fidelity Advisor Equity Growth Fund Institutional Class | 111,046 | | 3,708,932 |
Fidelity Advisor Equity Income Fund Institutional Class | 308,285 | | 4,528,703 |
Fidelity Advisor Growth & Income Fund Institutional Class | 504,955 | | 5,559,559 |
Fidelity Advisor Large Cap Fund Institutional Class | 452,492 | | 4,529,448 |
Fidelity Advisor Small Cap Fund Institutional Class | 95,253 | | 1,574,527 |
Fidelity Series All-Sector Equity Fund | 776,219 | | 6,465,901 |
Fidelity Series Large Cap Value Fund | 267,663 | | 2,253,726 |
Fidelity Small Cap Opportunities Fund | 304,672 | | 1,511,174 |
TOTAL EQUITY FUNDS (Cost $46,596,911) | 32,823,880 |
Fixed-Income Funds - 40.1% |
| | | |
High Yield Fixed-Income Funds - 5.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 1,531,219 | | 8,084,835 |
|
| Shares | | Value |
Investment Grade Fixed-Income Funds - 35.1% |
Fidelity Advisor Government Income Fund Institutional Class | 555,712 | | $ 6,079,484 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,636,372 | | 11,061,873 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,697,572 | | 15,770,448 |
Fidelity Series Investment Grade Bond Fund | 2,218,211 | | 23,402,124 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 56,313,929 |
TOTAL FIXED-INCOME FUNDS (Cost $74,171,792) | 64,398,764 |
Short-Term Funds - 39.5% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3,650,165 | | 31,756,433 |
Fidelity Institutional Money Market Portfolio Institutional Class | 31,721,216 | | 31,721,216 |
TOTAL SHORT-TERM FUNDS (Cost $65,618,496) | 63,477,649 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $186,387,199) | $ 160,700,293 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 160,700,293 | $ 160,700,293 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $3,435,419 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $186,387,199) - See accompanying schedule | | $ 160,700,293 |
Receivable for investments sold | | 3,655,648 |
Receivable for fund shares sold | | 361,774 |
Distributions receivable from underlying funds | | 28,545 |
Total assets | | 164,746,260 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,870,521 | |
Payable for fund shares redeemed | 181,860 | |
Distribution fees payable | 49,088 | |
Total liabilities | | 4,101,469 |
| | |
Net Assets | | $ 160,644,791 |
Net Assets consist of: | | |
Paid in capital | | $ 192,252,098 |
Undistributed net investment income | | 310,093 |
Accumulated undistributed net realized gain (loss) on investments | | (6,230,494) |
Net unrealized appreciation (depreciation) on investments | | (25,686,906) |
Net Assets | | $ 160,644,791 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($93,865,476 ÷ 10,744,502 shares) | | $ 8.74 |
| | |
Maximum offering price per share (100/94.25 of $8.74) | | $ 9.27 |
Class T:
Net Asset Value and redemption price per share ($42,674,675 ÷ 4,887,899 shares) | | $ 8.73 |
| | |
Maximum offering price per share (100/96.50 of $8.73) | | $ 9.05 |
Class B:
Net Asset Value and offering price per share ($4,281,600 ÷ 490,828 shares)A | | $ 8.72 |
| | |
Class C:
Net Asset Value and offering price per share ($11,362,133 ÷ 1,302,934 shares)A | | $ 8.72 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($8,460,907 ÷ 966,589 shares) | | $ 8.75 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 5,472,681 |
| | |
Expenses | | |
Distribution fees | $ 636,407 | |
Independent trustees' compensation | 664 | |
Total expenses before reductions | 637,071 | |
Expense reductions | (664) | 636,407 |
Net investment income (loss) | | 4,836,274 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (5,623,379) | |
Capital gain distributions from underlying funds | 1,059,547 | (4,563,832) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (24,059,265) |
Net gain (loss) | | (28,623,097) |
Net increase (decrease) in net assets resulting from operations | | $ (23,786,823) |
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,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,836,274 | $ 4,974,929 |
Net realized gain (loss) | (4,563,832) | 904,108 |
Change in net unrealized appreciation (depreciation) | (24,059,265) | (4,555,179) |
Net increase (decrease) in net assets resulting from operations | (23,786,823) | 1,323,858 |
Distributions to shareholders from net investment income | (4,951,780) | (4,882,484) |
Distributions to shareholders from net realized gain | (1,910,005) | (774,653) |
Total distributions | (6,861,785) | (5,657,137) |
Share transactions - net increase (decrease) | 29,566,421 | 55,528,124 |
Total increase (decrease) in net assets | (1,082,187) | 51,194,845 |
| | |
Net Assets | | |
Beginning of period | 161,726,978 | 110,532,133 |
End of period (including undistributed net investment income of $310,093 and $425,599, respectively) | $ 160,644,791 | $ 161,726,978 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.46 | $ 10.74 | $ 10.52 | $ 10.30 | $ 10.40 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .29 | .40 | .36 | .29 | .20 |
Net realized and unrealized gain (loss) | (1.60) | (.21) | .29 | .23 | (.10) |
Total from investment operations | (1.31) | .19 | .65 | .52 | .10 |
Distributions from net investment income | (.30) | (.40) | (.35) | (.27) | (.19) |
Distributions from net realized gain | (.11) | (.07) | (.08) | (.04) | (.01) |
Total distributions | (.41) | (.47) G | (.43) | (.30) F | (.20) |
Net asset value, end of period | $ 8.74 | $ 10.46 | $ 10.74 | $ 10.52 | $ 10.30 |
Total Return A, B | (12.78)% | 1.73% | 6.38% | 5.12% | .99% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 3.03% | 3.77% | 3.46% | 2.83% | 1.96% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 93,865 | $ 87,469 | $ 49,721 | $ 18,524 | $ 10,120 |
Portfolio turnover rate | 44% | 56% | 38% | 21% | 18% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.300 per share is comprised of distributions from net investment income of $.265 and distributions from net realized gain of $.035 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.45 | $ 10.73 | $ 10.51 | $ 10.30 | $ 10.39 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .27 | .38 | .34 | .27 | .18 |
Net realized and unrealized gain (loss) | (1.61) | (.22) | .29 | .22 | (.10) |
Total from investment operations | (1.34) | .16 | .63 | .49 | .08 |
Distributions from net investment income | (.27) | (.38) | (.33) | (.24) | (.16) |
Distributions from net realized gain | (.11) | (.07) | (.08) | (.04) | (.01) |
Total distributions | (.38) | (.44) F | (.41) | (.28) | (.17) |
Net asset value, end of period | $ 8.73 | $ 10.45 | $ 10.73 | $ 10.51 | $ 10.30 |
Total Return A, B | (13.03)% | 1.48% | 6.11% | 4.78% | .79% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .51% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .51% | .58% |
Net investment income (loss) | 2.78% | 3.52% | 3.21% | 2.58% | 1.71% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 42,675 | $ 44,882 | $ 39,739 | $ 32,469 | $ 29,013 |
Portfolio turnover rate | 44% | 56% | 38% | 21% | 18% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.44 | $ 10.72 | $ 10.50 | $ 10.29 | $ 10.38 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .22 | .32 | .29 | .22 | .12 |
Net realized and unrealized gain (loss) | (1.60) | (.21) | .28 | .21 | (.10) |
Total from investment operations | (1.38) | .11 | .57 | .43 | .02 |
Distributions from net investment income | (.23) | (.32) | (.27) | (.19) | (.10) |
Distributions from net realized gain | (.11) | (.07) | (.08) | (.04) | (.01) |
Total distributions | (.34) | (.39) G | (.35) | (.22) F | (.11) |
Net asset value, end of period | $ 8.72 | $ 10.44 | $ 10.72 | $ 10.50 | $ 10.29 |
Total Return A, B | (13.48)% | .97% | 5.57% | 4.27% | .23% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 2.28% | 3.02% | 2.71% | 2.08% | 1.21% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 4,282 | $ 5,539 | $ 4,993 | $ 4,873 | $ 4,454 |
Portfolio turnover rate | 44% | 56% | 38% | 21% | 18% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.224 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.
G Total distributions of $.388 per share is comprised of distributions from net investment income of $.322 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 C
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.43 | $ 10.71 | $ 10.50 | $ 10.28 | $ 10.37 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .22 | .32 | .29 | .22 | .12 |
Net realized and unrealized gain (loss) | (1.60) | (.21) | .27 | .22 | (.09) |
Total from investment operations | (1.38) | .11 | .56 | .44 | .03 |
Distributions from net investment income | (.22) | (.32) | (.27) | (.19) | (.11) |
Distributions from net realized gain | (.11) | (.07) | (.08) | (.04) | (.01) |
Total distributions | (.33) | (.39) G | (.35) | (.22) F | (.12) |
Net asset value, end of period | $ 8.72 | $ 10.43 | $ 10.71 | $ 10.50 | $ 10.28 |
Total Return A, B | (13.41)% | .97% | 5.48% | 4.37% | .24% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 2.28% | 3.02% | 2.71% | 2.08% | 1.21% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 11,362 | $ 14,718 | $ 13,279 | $ 13,678 | $ 14,097 |
Portfolio turnover rate | 44% | 56% | 38% | 21% | 18% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.224 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.
G Total distributions of $.389 per share is comprised of distributions from net investment income of $.323 and distributions from net realized gain of $.066 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.48 | $ 10.76 | $ 10.53 | $ 10.31 | $ 10.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .31 | .43 | .39 | .32 | .23 |
Net realized and unrealized gain (loss) | (1.61) | (.21) | .30 | .23 | (.11) |
Total from investment operations | (1.30) | .22 | .69 | .55 | .12 |
Distributions from net investment income | (.32) | (.43) | (.38) | (.29) | (.21) |
Distributions from net realized gain | (.11) | (.07) | (.08) | (.04) | (.01) |
Total distributions | (.43) | (.50) E | (.46) | (.33) | (.22) |
Net asset value, end of period | $ 8.75 | $ 10.48 | $ 10.76 | $ 10.53 | $ 10.31 |
Total Return A | (12.63)% | 2.00% | 6.72% | 5.39% | 1.21% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .01% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .01% | .08% |
Net investment income (loss) | 3.28% | 4.02% | 3.71% | 3.08% | 2.21% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,461 | $ 9,119 | $ 2,800 | $ 1,134 | $ 626 |
Portfolio turnover rate | 44% | 56% | 38% | 21% | 18% |
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 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.
E Total distributions of $.498 per share is comprised of distributions from net investment income of $.432 and distributions 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.2 | 2.2 |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.4 | 5.0 |
Fidelity Advisor Equity Income Fund Institutional Class | 5.3 | 7.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6.5 | 6.5 |
Fidelity Advisor Large Cap Fund Institutional Class | 5.3 | 6.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.9 | 1.7 |
Fidelity Series All-Sector Equity Fund | 7.6 | 0.0 |
Fidelity Series Large Cap Value Fund | 2.6 | 0.0 |
Fidelity Small Cap Opportunities Fund | 1.8 | 1.6 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 4.1 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 2.9 |
| 38.6 | 37.8 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.0 | 4.1 |
Fidelity Advisor Overseas Fund Institutional Class | 4.0 | 4.1 |
Fidelity Series Emerging Markets Fund | 0.2 | 0.0 |
| 8.2 | 8.2 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.0 | 4.7 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 3.4 | 11.9 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.6 | 6.7 |
Fidelity Advisor Total Bond Fund Institutional Class | 9.5 | 10.7 |
Fidelity Series Investment Grade Bond Fund | 13.5 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 5.4 |
| 33.0 | 34.7 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 7.6 | 7.2 |
Fidelity Institutional Money Market Portfolio Institutional Class | 7.6 | 7.4 |
| 15.2 | 14.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 38.6% | |
| International Equity Funds | 8.2% | |
 | High Yield Fixed-Income Funds | 5.0% | |
 | Investment Grade Fixed-Income Funds | 33.0% | |
| Short-Term Funds | 15.2% | |
Six months ago |
| Domestic Equity Funds | 37.8% | |
| International Equity Funds | 8.2% | |
| High Yield Fixed-Income Funds | 4.7% | |
| Investment Grade Fixed-Income Funds | 34.7% | |
| Short-Term Funds | 14.6% | |
Expected |
| Domestic Equity Funds | 37.7% | |
| International Equity Funds | 7.7% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 32.6% | |
| Short-Term Funds | 17.0% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 46.8% |
| Shares | | Value |
Domestic Equity Funds - 38.6% |
Fidelity 100 Index Fund | 663,071 | | $ 3,878,966 |
Fidelity Advisor Equity Growth Fund Institutional Class | 159,528 | | 5,328,228 |
Fidelity Advisor Equity Income Fund Institutional Class | 442,230 | | 6,496,355 |
Fidelity Advisor Growth & Income Fund Institutional Class | 723,841 | | 7,969,487 |
Fidelity Advisor Large Cap Fund Institutional Class | 649,070 | | 6,497,192 |
Fidelity Advisor Small Cap Fund Institutional Class | 137,637 | | 2,275,132 |
Fidelity Series All-Sector Equity Fund | 1,114,346 | | 9,282,502 |
Fidelity Series Large Cap Value Fund | 381,338 | | 3,210,863 |
Fidelity Small Cap Opportunities Fund | 434,311 | | 2,154,184 |
TOTAL DOMESTIC EQUITY FUNDS | | 47,092,909 |
International Equity Funds - 8.2% |
Fidelity Advisor Diversified International Fund Institutional Class | 479,128 | | 4,877,518 |
Fidelity Advisor Overseas Fund Institutional Class | 430,119 | | 4,864,645 |
Fidelity Series Emerging Markets Fund | 19,314 | | 197,777 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 9,939,940 |
TOTAL EQUITY FUNDS (Cost $86,877,855) | 57,032,849 |
Fixed-Income Funds - 38.0% |
| Shares | | Value |
High Yield Fixed-Income Funds - 5.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 1,160,157 | | $ 6,125,630 |
Investment Grade Fixed-Income Funds - 33.0% |
Fidelity Advisor Government Income Fund Institutional Class | 383,573 | | 4,196,289 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,183,435 | | 8,000,021 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,243,528 | | 11,552,376 |
Fidelity Series Investment Grade Bond Fund | 1,558,090 | | 16,437,854 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 40,186,540 |
TOTAL FIXED-INCOME FUNDS (Cost $54,403,435) | 46,312,170 |
Short-Term Funds - 15.2% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 1,062,765 | | 9,246,053 |
Fidelity Institutional Money Market Portfolio Institutional Class | 9,237,286 | | 9,237,286 |
TOTAL SHORT-TERM FUNDS (Cost $19,053,482) | 18,483,339 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $160,334,772) | $ 121,828,358 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 121,828,358 | $ 121,828,358 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $6,282,292 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $1,503,730 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $160,334,772) - See accompanying schedule | | $ 121,828,358 |
Cash | | 2 |
Receivable for investments sold | | 3,591,788 |
Receivable for fund shares sold | | 156,389 |
Distributions receivable from underlying funds | | 21,940 |
Total assets | | 125,598,477 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,659,428 | |
Payable for fund shares redeemed | 112,195 | |
Distribution fees payable | 31,298 | |
Total liabilities | | 3,802,921 |
| | |
Net Assets | | $ 121,795,556 |
Net Assets consist of: | | |
Paid in capital | | $ 171,230,314 |
Undistributed net investment income | | 468,016 |
Accumulated undistributed net realized gain (loss) on investments | | (11,396,360) |
Net unrealized appreciation (depreciation) on investments | | (38,506,414) |
Net Assets | | $ 121,795,556 |
| | |
Calculation of Maximum Offering Price Class A
Net Asset Value and redemption price per share ($88,593,317 ÷ 10,936,147 shares) | | $ 8.10 |
| | |
Maximum offering price per share (100/94.25 of $8.10) | | $ 8.59 |
Class T:
Net Asset Value and redemption price per share ($14,436,524 ÷ 1,782,097 shares) | | $ 8.10 |
| | |
Maximum offering price per share (100/96.50 of $8.10) | | $ 8.39 |
Class B:
Net Asset Value and offering price per share ($2,692,361 ÷ 332,781 shares)A | | $ 8.09 |
| | |
Class C:
Net Asset Value and offering price per share ($6,760,800 ÷ 837,078 shares)A | | $ 8.08 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($9,312,554 ÷ 1,144,113 shares) | | $ 8.14 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 4,160,965 |
| | |
Expenses | | |
Distribution fees | $ 458,758 | |
Independent trustees' compensation | 562 | |
Total expenses before reductions | 459,320 | |
Expense reductions | (562) | 458,758 |
Net investment income (loss) | | 3,702,207 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (10,646,993) | |
Capital gain distributions from underlying funds | 885,376 | (9,761,617) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (34,653,868) |
Net gain (loss) | | (44,415,485) |
Net increase (decrease) in net assets resulting from operations | | $ (40,713,278) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,702,207 | $ 2,900,937 |
Net realized gain (loss) | (9,761,617) | 2,850,140 |
Change in net unrealized appreciation (depreciation) | (34,653,868) | (8,225,598) |
Net increase (decrease) in net assets resulting from operations | (40,713,278) | (2,474,521) |
Distributions to shareholders from net investment income | (3,863,581) | (2,559,208) |
Distributions to shareholders from net realized gain | (3,059,864) | (1,386,548) |
Total distributions | (6,923,445) | (3,945,756) |
Share transactions - net increase (decrease) | 25,066,869 | 64,573,415 |
Total increase (decrease) in net assets | (22,569,854) | 58,153,138 |
| | |
Net Assets | | |
Beginning of period | 144,365,410 | 86,212,272 |
End of period (including undistributed net investment income of $468,016 and undistributed net investment income of $635,370, respectively) | $ 121,795,556 | $ 144,365,410 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.40 | $ 11.83 | $ 11.33 | $ 10.57 | $ 10.49 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .27 | .33 | .28 | .25 | .22 |
Net realized and unrealized gain (loss) | (3.06) | (.34) | .63 | .76 | .03 |
Total from investment operations | (2.79) | (.01) | .91 | 1.01 | .25 |
Distributions from net investment income | (.28) | (.26) | (.23) | (.20) | (.17) |
Distributions from net realized gain | (.23) | (.16) | (.18) | (.05) | - F |
Total distributions | (.51) | (.42) | (.41) | (.25) | (.17) |
Net asset value, end of period | $ 8.10 | $ 11.40 | $ 11.83 | $ 11.33 | $ 10.57 |
Total Return A, B | (25.09)% | (.23)% | 8.21% | 9.63% | 2.38% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 2.75% | 2.74% | 2.49% | 2.25% | 2.13% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 88,593 | $ 98,483 | $ 49,418 | $ 16,194 | $ 5,970 |
Portfolio turnover rate | 54% | 30% | 30% | 34% | 24% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.39 | $ 11.81 | $ 11.31 | $ 10.56 | $ 10.48 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .25 | .30 | .25 | .22 | .20 |
Net realized and unrealized gain (loss) | (3.06) | (.33) | .63 | .75 | .03 |
Total from investment operations | (2.81) | (.03) | .88 | .97 | .23 |
Distributions from net investment income | (.25) | (.23) | (.20) | (.17) | (.14) |
Distributions from net realized gain | (.23) | (.16) | (.18) | (.05) | - F |
Total distributions | (.48) | (.39) | (.38) | (.22) | (.15) G |
Net asset value, end of period | $ 8.10 | $ 11.39 | $ 11.81 | $ 11.31 | $ 10.56 |
Total Return A, B | (25.27)% | (.44)% | 7.95% | 9.31% | 2.17% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .58% |
Net investment income (loss) | 2.50% | 2.49% | 2.24% | 2.00% | 1.88% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,437 | $ 20,837 | $ 20,289 | $ 13,906 | $ 7,977 |
Portfolio turnover rate | 54% | 30% | 30% | 34% | 24% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.37 | $ 11.78 | $ 11.28 | $ 10.53 | $ 10.47 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .24 | .20 | .16 | .14 |
Net realized and unrealized gain (loss) | (3.06) | (.33) | .62 | .76 | .03 |
Total from investment operations | (2.86) | (.09) | .82 | .92 | .17 |
Distributions from net investment income | (.19) | (.16) | (.14) | (.12) | (.11) |
Distributions from net realized gain | (.23) | (.16) | (.18) | (.05) | - F |
Total distributions | (.42) | (.32) | (.32) | (.17) | (.11) |
Net asset value, end of period | $ 8.09 | $ 11.37 | $ 11.78 | $ 11.28 | $ 10.53 |
Total Return A, B | (25.69)% | (.89)% | 7.40% | 8.80% | 1.64% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.08% |
Net investment income (loss) | 2.00% | 1.99% | 1.74% | 1.50% | 1.38% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,692 | $ 4,348 | $ 3,974 | $ 3,835 | $ 2,747 |
Portfolio turnover rate | 54% | 30% | 30% | 34% | 24% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.34 | $ 11.76 | $ 11.27 | $ 10.53 | $ 10.47 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .24 | .20 | .16 | .14 |
Net realized and unrealized gain (loss) | (3.04) | (.33) | .62 | .75 | .04 |
Total from investment operations | (2.84) | (.09) | .82 | .91 | .18 |
Distributions from net investment income | (.19) | (.17) | (.15) | (.12) | (.12) |
Distributions from net realized gain | (.23) | (.16) | (.18) | (.05) | - F |
Total distributions | (.42) | (.33) | (.33) | (.17) | (.12) |
Net asset value, end of period | $ 8.08 | $ 11.34 | $ 11.76 | $ 11.27 | $ 10.53 |
Total Return A, B | (25.61)% | (.91)% | 7.36% | 8.74% | 1.74% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 2.00% | 1.99% | 1.74% | 1.50% | 1.38% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,761 | $ 11,052 | $ 9,107 | $ 7,637 | $ 5,655 |
Portfolio turnover rate | 54% | 30% | 30% | 34% | 24% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.46 | $ 11.87 | $ 11.37 | $ 10.60 | $ 10.49 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .29 | .35 | .31 | .28 | .25 |
Net realized and unrealized gain (loss) | (3.07) | (.32) | .62 | .76 | .04 |
Total from investment operations | (2.78) | .03 | .93 | 1.04 | .29 |
Distributions from net investment income | (.31) | (.28) | (.25) | (.22) | (.18) |
Distributions from net realized gain | (.23) | (.16) | (.18) | (.05) | - E |
Total distributions | (.54) | (.44) | (.43) | (.27) | (.18) |
Net asset value, end of period | $ 8.14 | $ 11.46 | $ 11.87 | $ 11.37 | $ 10.60 |
Total Return A | (24.93)% | .12% | 8.37% | 9.92% | 2.79% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 3.00% | 2.99% | 2.74% | 2.50% | 2.38% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,313 | $ 9,645 | $ 3,424 | $ 1,376 | $ 651 |
Portfolio turnover rate | 54% | 30% | 30% | 34% | 24% |
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 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.
E 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 2.8 | 2.3 |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.9 | 5.1 |
Fidelity Advisor Equity Income Fund Institutional Class | 6.5 | 7.7 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6.9 | 6.7 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.1 | 6.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.9 | 1.8 |
Fidelity Series All-Sector Equity Fund | 8.2 | 0.0 |
Fidelity Series Large Cap Value Fund | 1.8 | 0.0 |
Fidelity Small Cap Opportunities Fund | 1.7 | 1.6 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 4.2 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 3.0 |
| 40.8 | 39.0 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.9 | 4.7 |
Fidelity Advisor Overseas Fund Institutional Class | 4.8 | 4.8 |
Fidelity Series Emerging Markets Fund | 0.1 | 0.0 |
| 9.8 | 9.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4.9 | 4.7 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 4.5 | 12.4 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.8 | 6.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 10.9 | 11.1 |
Fidelity Series Investment Grade Bond Fund | 12.0 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 5.7 |
| 34.2 | 36.0 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 5.1 | 5.2 |
Fidelity Institutional Money Market Portfolio Institutional Class | 5.2 | 5.6 |
| 10.3 | 10.8 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 40.8% | |
| International Equity Funds | 9.8% | |
| High Yield Fixed-Income Funds | 4.9% | |
| Investment Grade Fixed-Income Funds | 34.2% | |
| Short-Term Funds | 10.3% | |
Six months ago |
| Domestic Equity Funds | 39.0% | |
| International Equity Funds | 9.5% | |
| High Yield Fixed-Income Funds | 4.7% | |
| Investment Grade Fixed-Income Funds | 36.0% | |
| Short-Term Funds | 10.8% | |
Expected |
| Domestic Equity Funds | 40.0% | |
| International Equity Funds | 10.0% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 34.5% | |
| Short-Term Funds | 10.5% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 50.6% |
| Shares | | Value |
Domestic Equity Funds - 40.8% |
Fidelity 100 Index Fund | 2,854,812 | | $ 16,700,651 |
Fidelity Advisor Equity Growth Fund Institutional Class | 881,119 | | 29,429,374 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,664,644 | | 39,143,626 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3,771,422 | | 41,523,352 |
Fidelity Advisor Large Cap Fund Institutional Class | 3,687,687 | | 36,913,749 |
Fidelity Advisor Small Cap Fund Institutional Class | 681,395 | | 11,263,459 |
Fidelity Series All-Sector Equity Fund | 5,905,488 | | 49,192,718 |
Fidelity Series Large Cap Value Fund | 1,313,595 | | 11,060,468 |
Fidelity Small Cap Opportunities Fund | 2,131,175 | | 10,570,630 |
TOTAL DOMESTIC EQUITY FUNDS | | 245,798,027 |
International Equity Funds - 9.8% |
Fidelity Advisor Diversified International Fund Institutional Class | 2,870,419 | | 29,220,863 |
Fidelity Advisor Overseas Fund Institutional Class | 2,582,172 | | 29,204,360 |
Fidelity Series Emerging Markets Fund | 64,470 | | 660,178 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 59,085,401 |
TOTAL EQUITY FUNDS (Cost $463,755,137) | 304,883,428 |
Fixed-Income Funds - 39.1% |
| Shares | | Value |
High Yield Fixed-Income Funds - 4.9% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5,639,655 | | $ 29,777,376 |
Investment Grade Fixed-Income Funds - 34.2% |
Fidelity Advisor Government Income Fund Institutional Class | 2,485,827 | | 27,194,950 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6,099,996 | | 41,235,974 |
Fidelity Advisor Total Bond Fund Institutional Class | 7,067,164 | | 65,653,958 |
Fidelity Series Investment Grade Bond Fund | 6,823,484 | | 71,987,753 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 206,072,635 |
TOTAL FIXED-INCOME FUNDS (Cost $277,507,340) | 235,850,011 |
Short-Term Funds - 10.3% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3,544,968 | | 30,841,219 |
Fidelity Institutional Money Market Portfolio Institutional Class | 30,948,455 | | 30,948,455 |
TOTAL SHORT-TERM FUNDS (Cost $63,964,756) | 61,789,674 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $805,227,233) | $ 602,523,113 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 602,523,113 | $ 602,523,113 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $30,891,938 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $9,687,732 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $805,227,233) - See accompanying schedule | | $ 602,523,113 |
Receivable for investments sold | | 1,341,839 |
Receivable for fund shares sold | | 675,973 |
Distributions receivable from underlying funds | | 116,367 |
Total assets | | 604,657,292 |
| | |
Liabilities | | |
Payable for investments purchased | $ 31,410 | |
Payable for fund shares redeemed | 2,189,466 | |
Distribution fees payable | 180,410 | |
Total liabilities | | 2,401,286 |
| | |
Net Assets | | $ 602,256,006 |
Net Assets consist of: | | |
Paid in capital | | $ 852,357,193 |
Undistributed net investment income | | 2,254,710 |
Accumulated undistributed net realized gain (loss) on investments | | (49,651,777) |
Net unrealized appreciation (depreciation) on investments | | (202,704,120) |
Net Assets | | $ 602,256,006 |
| | |
Calculation of Maximum Offering Price Class A
Net Asset Value and redemption price per share ($339,202,751 ÷ 41,411,158 shares) | | $ 8.19 |
| | |
Maximum offering price per share (100/94.25 of $8.19) | | $ 8.69 |
Class T:
Net Asset Value and redemption price per share ($163,841,886 ÷ 20,073,789 shares) | | $ 8.16 |
| | |
Maximum offering price per share (100/96.50 of $8.16) | | $ 8.46 |
Class B:
Net Asset Value and offering price per share ($19,950,121 ÷ 2,446,968 shares)A | | $ 8.15 |
| | |
Class C:
Net Asset Value and offering price per share ($37,523,834 ÷ 4,617,990 shares)A | | $ 8.13 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($41,737,414 ÷ 5,077,730 shares) | | $ 8.22 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 21,076,471 |
| | |
Expenses | | |
Distribution fees | $ 2,684,813 | |
Independent trustees' compensation | 2,823 | |
Total expenses before reductions | 2,687,636 | |
Expense reductions | (2,823) | 2,684,813 |
Net investment income (loss) | | 18,391,658 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (48,788,872) | |
Capital gain distributions from underlying funds | 4,618,635 | (44,170,237) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (194,782,235) |
Net gain (loss) | | (238,952,472) |
Net increase (decrease) in net assets resulting from operations | | $ (220,560,814) |
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,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 18,391,658 | $ 16,197,215 |
Net realized gain (loss) | (44,170,237) | 18,655,472 |
Change in net unrealized appreciation (depreciation) | (194,782,235) | (43,687,591) |
Net increase (decrease) in net assets resulting from operations | (220,560,814) | (8,834,904) |
Distributions to shareholders from net investment income | (18,945,686) | (15,296,262) |
Distributions to shareholders from net realized gain | (19,419,546) | (9,299,886) |
Total distributions | (38,365,232) | (24,596,148) |
Share transactions - net increase (decrease) | 134,895,498 | 212,322,173 |
Total increase (decrease) in net assets | (124,030,548) | 178,891,121 |
| | |
Net Assets | | |
Beginning of period | 726,286,554 | 547,395,433 |
End of period (including undistributed net investment income of $2,254,710 and undistributed net investment income of $2,813,532, respectively) | $ 602,256,006 | $ 726,286,554 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.78 | $ 12.28 | $ 11.79 | $ 11.01 | $ 10.92 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .27 | .33 | .29 | .25 | .23 |
Net realized and unrealized gain (loss) | (3.28) | (.34) | .66 | .80 | .04 |
Total from investment operations | (3.01) | (.01) | .95 | 1.05 | .27 |
Distributions from net investment income | (.28) | (.30) | (.26) | (.22) | (.18) |
Distributions from net realized gain | (.30) | (.19) | (.20) | (.06) | - F |
Total distributions | (.58) | (.49) | (.46) | (.27) G | (.18) |
Net asset value, end of period | $ 8.19 | $ 11.78 | $ 12.28 | $ 11.79 | $ 11.01 |
Total Return A, B | (26.36)% | (.27)% | 8.22% | 9.65% | 2.48% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 2.77% | 2.66% | 2.43% | 2.23% | 2.10% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 339,203 | $ 377,118 | $ 248,500 | $ 146,593 | $ 74,013 |
Portfolio turnover rate | 44% | 15% | 22% | 7% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.74 | $ 12.24 | $ 11.75 | $ 10.97 | $ 10.90 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .25 | .30 | .26 | .22 | .20 |
Net realized and unrealized gain (loss) | (3.28) | (.34) | .66 | .80 | .04 |
Total from investment operations | (3.03) | (.04) | .92 | 1.02 | .24 |
Distributions from net investment income | (.25) | (.27) | (.23) | (.19) | (.17) |
Distributions from net realized gain | (.30) | (.19) | (.20) | (.06) | - F |
Total distributions | (.55) | (.46) | (.43) | (.24) G | (.17) |
Net asset value, end of period | $ 8.16 | $ 11.74 | $ 12.24 | $ 11.75 | $ 10.97 |
Total Return A, B | (26.57)% | (.52)% | 8.00% | 9.42% | 2.18% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .51% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .51% | .58% |
Net investment income (loss) | 2.52% | 2.41% | 2.18% | 1.98% | 1.86% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 163,842 | $ 216,732 | $ 194,563 | $ 143,012 | $ 94,744 |
Portfolio turnover rate | 44% | 15% | 22% | 7% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.70 | $ 12.20 | $ 11.71 | $ 10.94 | $ 10.87 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .24 | .20 | .17 | .15 |
Net realized and unrealized gain (loss) | (3.26) | (.35) | .66 | .79 | .04 |
Total from investment operations | (3.06) | (.11) | .86 | .96 | .19 |
Distributions from net investment income | (.19) | (.20) | (.17) | (.13) | (.12) |
Distributions from net realized gain | (.30) | (.19) | (.20) | (.06) | - F |
Total distributions | (.49) | (.39) | (.37) | (.19) | (.12) |
Net asset value, end of period | $ 8.15 | $ 11.70 | $ 12.20 | $ 11.71 | $ 10.94 |
Total Return A, B | (26.92)% | (1.04)% | 7.47% | 8.83% | 1.72% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 2.03% | 1.91% | 1.68% | 1.48% | 1.35% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 19,950 | $ 34,137 | $ 34,834 | $ 33,404 | $ 27,098 |
Portfolio turnover rate | 44% | 15% | 22% | 7% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.67 | $ 12.17 | $ 11.69 | $ 10.93 | $ 10.87 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .23 | .20 | .17 | .15 |
Net realized and unrealized gain (loss) | (3.25) | (.33) | .66 | .78 | .04 |
Total from investment operations | (3.05) | (.10) | .86 | .95 | .19 |
Distributions from net investment income | (.19) | (.21) | (.18) | (.14) | (.13) |
Distributions from net realized gain | (.30) | (.19) | (.20) | (.06) | - F |
Total distributions | (.49) | (.40) | (.38) | (.19) G | (.13) |
Net asset value, end of period | $ 8.13 | $ 11.67 | $ 12.17 | $ 11.69 | $ 10.93 |
Total Return A, B | (26.88)% | (.97)% | 7.45% | 8.78% | 1.72% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 2.02% | 1.91% | 1.68% | 1.48% | 1.36% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 37,524 | $ 58,378 | $ 47,918 | $ 38,882 | $ 27,668 |
Portfolio turnover rate | 44% | 15% | 22% | 7% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.82 | $ 12.32 | $ 11.82 | $ 11.03 | $ 10.93 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .30 | .36 | .32 | .28 | .26 |
Net realized and unrealized gain (loss) | (3.30) | (.34) | .67 | .80 | .05 |
Total from investment operations | (3.00) | .02 | .99 | 1.08 | .31 |
Distributions from net investment income | (.30) | (.33) | (.29) | (.24) | (.20) |
Distributions from net realized gain | (.30) | (.19) | (.20) | (.06) | - E |
Total distributions | (.60) | (.52) | (.49) | (.29) G | (.21) F |
Net asset value, end of period | $ 8.22 | $ 11.82 | $ 12.32 | $ 11.82 | $ 11.03 |
Total Return A | (26.16)% | (.05)% | 8.52% | 9.94% | 2.80% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .01% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .01% | .08% |
Net investment income (loss) | 3.02% | 2.91% | 2.68% | 2.48% | 2.35% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 41,737 | $ 39,922 | $ 21,580 | $ 11,038 | $ 5,538 |
Portfolio turnover rate | 44% | 15% | 22% | 7% | 5% |
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 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.
E Amount represents less than $.01 per share.
F 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.
G 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.0 | 2.6 |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.1 | 5.6 |
Fidelity Advisor Equity Income Fund Institutional Class | 6.8 | 8.3 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7.2 | 7.2 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.4 | 7.2 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.0 | 1.9 |
Fidelity Series All-Sector Equity Fund | 8.5 | 0.0 |
Fidelity Series Large Cap Value Fund | 2.1 | 0.0 |
Fidelity Small Cap Opportunities Fund | 1.9 | 1.7 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 4.5 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 3.2 |
| 43.0 | 42.2 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 5.1 | 5.1 |
Fidelity Advisor Overseas Fund Institutional Class | 5.1 | 5.1 |
Fidelity Series Emerging Markets Fund | 0.1 | 0.0 |
| 10.3 | 10.2 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.3 | 5.2 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 4.6 | 11.7 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.6 | 6.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 10.6 | 10.6 |
Fidelity Series Investment Grade Bond Fund | 11.7 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 5.4 |
| 33.5 | 34.2 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 4.0 | 3.9 |
Fidelity Institutional Money Market Portfolio Institutional Class | 3.9 | 4.3 |
| 7.9 | 8.2 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 43.0% | |
| International Equity Funds | 10.3% | |
| High Yield Fixed-Income Funds | 5.3% | |
| Investment Grade Fixed-Income Funds | 33.5% | |
| Short-Term Funds | 7.9% | |
Six months ago |
| Domestic Equity Funds | 42.2% | |
| International Equity Funds | 10.2% | |
| High Yield Fixed-Income Funds | 5.2% | |
| Investment Grade Fixed-Income Funds | 34.2% | |
| Short-Term Funds | 8.2% | |
Expected |
| Domestic Equity Funds | 41.7% | |
| International Equity Funds | 10.4% | |
| High Yield Fixed-Income Funds | 5.2% | |
| Investment Grade Fixed-Income Funds | 34.0% | |
| Short-Term Funds | 8.7% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 53.3% |
| Shares | | Value |
Domestic Equity Funds - 43.0% |
Fidelity 100 Index Fund | 4,006,999 | | $ 23,440,942 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,212,424 | | 40,494,946 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,677,768 | | 54,026,405 |
Fidelity Advisor Growth & Income Fund Institutional Class | 5,206,764 | | 57,326,470 |
Fidelity Advisor Large Cap Fund Institutional Class | 5,098,917 | | 51,040,162 |
Fidelity Advisor Small Cap Fund Institutional Class | 950,486 | | 15,711,526 |
Fidelity Series All-Sector Equity Fund | 8,075,701 | | 67,270,593 |
Fidelity Series Large Cap Value Fund | 1,964,781 | | 16,543,455 |
Fidelity Small Cap Opportunities Fund | 2,984,038 | | 14,800,827 |
TOTAL DOMESTIC EQUITY FUNDS | | 340,655,326 |
International Equity Funds - 10.3% |
Fidelity Advisor Diversified International Fund Institutional Class | 3,981,289 | | 40,529,524 |
Fidelity Advisor Overseas Fund Institutional Class | 3,596,904 | | 40,680,979 |
Fidelity Series Emerging Markets Fund | 86,016 | | 880,806 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 82,091,309 |
TOTAL EQUITY FUNDS (Cost $654,348,756) | 422,746,635 |
Fixed-Income Funds - 38.8% |
| Shares | | Value |
High Yield Fixed-Income Funds - 5.3% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7,952,199 | | $ 41,987,611 |
Investment Grade Fixed-Income Funds - 33.5% |
Fidelity Advisor Government Income Fund Institutional Class | 3,332,052 | | 36,452,645 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 7,723,594 | | 52,211,497 |
Fidelity Advisor Total Bond Fund Institutional Class | 9,061,286 | | 84,179,344 |
Fidelity Series Investment Grade Bond Fund | 8,789,584 | | 92,730,113 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 265,573,599 |
TOTAL FIXED-INCOME FUNDS (Cost $362,422,401) | 307,561,210 |
Short-Term Funds - 7.9% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3,603,606 | | 31,351,376 |
Fidelity Institutional Money Market Portfolio Institutional Class | 31,311,972 | | 31,311,972 |
TOTAL SHORT-TERM FUNDS (Cost $64,679,727) | 62,663,348 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,081,450,884) | $ 792,971,193 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 792,971,193 | $ 792,971,193 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $42,415,853 all of which will expire on March 31, 2017. |
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, 2009 |
| | |
Assets | | |
Investment in securities, at value (cost $1,081,450,884) - See accompanying schedule | | $ 792,971,193 |
Cash | | 4,994 |
Receivable for investments sold | | 456,911 |
Receivable for fund shares sold | | 1,053,090 |
Distributions receivable from underlying funds | | 144,019 |
Total assets | | 794,630,207 |
| | |
Liabilities | | |
Payable for investments purchased | $ 12,699 | |
Payable for fund shares redeemed | 1,648,493 | |
Distribution fees payable | 221,629 | |
Total liabilities | | 1,882,821 |
| | |
Net Assets | | $ 792,747,386 |
Net Assets consist of: | | |
Paid in capital | | $ 1,133,325,043 |
Undistributed net investment income | | 2,914,856 |
Accumulated undistributed net realized gain (loss) on investments | | (55,012,822) |
Net unrealized appreciation (depreciation) on investments | | (288,479,691) |
Net Assets | | $ 792,747,386 |
| | |
Calculation of Maximum Offering Price Class A
Net Asset Value and redemption price per share ($477,640,887 ÷ 59,334,759 shares) | | $ 8.05 |
| | |
Maximum offering price per share (100/94.25 of $8.05) | | $ 8.54 |
Class T:
Net Asset Value and redemption price per share ($162,438,694 ÷ 20,209,031 shares) | | $ 8.04 |
| | |
Maximum offering price per share (100/96.50 of $8.04) | | $ 8.33 |
Class B:
Net Asset Value and offering price per share ($27,727,171 ÷ 3,458,805 shares)A | | $ 8.02 |
| | |
Class C:
Net Asset Value and offering price per share ($46,942,284 ÷ 5,865,907 shares)A | | $ 8.00 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($77,998,350 ÷ 9,635,447 shares) | | $ 8.09 |
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, 2009 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 26,011,453 |
| | |
Expenses | | |
Distribution fees | $ 3,187,596 | |
Independent trustees' compensation | 3,560 | |
Total expenses before reductions | 3,191,156 | |
Expense reductions | (3,560) | 3,187,596 |
Net investment income (loss) | | 22,823,857 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (54,791,443) | |
Capital gain distributions from underlying funds | 5,674,710 | (49,116,733) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (268,311,878) |
Net gain (loss) | | (317,428,611) |
Net increase (decrease) in net assets resulting from operations | | $ (294,604,754) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 22,823,857 | $ 17,645,404 |
Net realized gain (loss) | (49,116,733) | 25,512,187 |
Change in net unrealized appreciation (depreciation) | (268,311,878) | (59,466,789) |
Net increase (decrease) in net assets resulting from operations | (294,604,754) | (16,309,198) |
Distributions to shareholders from net investment income | (22,943,550) | (15,992,861) |
Distributions to shareholders from net realized gain | (26,245,848) | (13,493,586) |
Total distributions | (49,189,398) | (29,486,447) |
Share transactions - net increase (decrease) | 236,884,136 | 329,823,067 |
Total increase (decrease) in net assets | (106,910,016) | 284,027,422 |
| | |
Net Assets | | |
Beginning of period | 899,657,402 | 615,629,980 |
End of period (including undistributed net investment income of $2,914,856 and undistributed net investment income of $3,034,550, respectively) | $ 792,747,386 | $ 899,657,402 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.85 | $ 12.40 | $ 11.84 | $ 10.77 | $ 10.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .26 | .31 | .26 | .22 | .21 |
Net realized and unrealized gain (loss) | (3.47) | (.35) | .74 | 1.07 | .13 |
Total from investment operations | (3.21) | (.04) | 1.00 | 1.29 | .34 |
Distributions from net investment income | (.26) | (.27) | (.23) | (.16) | (.14) |
Distributions from net realized gain | (.33) | (.24) | (.21) | (.06) | - F |
Total distributions | (.59) H | (.51) G | (.44) | (.22) | (.14) |
Net asset value, end of period | $ 8.05 | $ 11.85 | $ 12.40 | $ 11.84 | $ 10.77 |
Total Return A, B | (28.01)% | (.53)% | 8.56% | 12.12% | 3.22% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 2.69% | 2.46% | 2.21% | 1.93% | 2.02% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 477,641 | $ 517,888 | $ 291,783 | $ 128,241 | $ 45,028 |
Portfolio turnover rate | 36% | 13% | 11% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.587 per share is comprised of distributions from net investment income of $.262 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.82 | $ 12.38 | $ 11.81 | $ 10.76 | $ 10.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .24 | .28 | .23 | .19 | .19 |
Net realized and unrealized gain (loss) | (3.46) | (.36) | .75 | 1.06 | .13 |
Total from investment operations | (3.22) | (.08) | .98 | 1.25 | .32 |
Distributions from net investment income | (.23) | (.23) | (.20) | (.14) | (.13) |
Distributions from net realized gain | (.33) | (.24) | (.21) | (.06) | - F |
Total distributions | (.56) H | (.48) G | (.41) | (.20) | (.13) |
Net asset value, end of period | $ 8.04 | $ 11.82 | $ 12.38 | $ 11.81 | $ 10.76 |
Total Return A, B | (28.13)% | (.89)% | 8.40% | 11.71% | 3.01% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .51% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .51% | .58% |
Net investment income (loss) | 2.44% | 2.21% | 1.96% | 1.68% | 1.77% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 162,439 | $ 203,822 | $ 186,106 | $ 125,323 | $ 55,945 |
Portfolio turnover rate | 36% | 13% | 11% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.559 per share is comprised of distributions from net investment income of $.234 and distributions from net realized gain of $.325 per share.
Financial Highlights - Class B
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.77 | $ 12.33 | $ 11.77 | $ 10.73 | $ 10.56 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .19 | .21 | .17 | .13 | .13 |
Net realized and unrealized gain (loss) | (3.44) | (.36) | .74 | 1.06 | .13 |
Total from investment operations | (3.25) | (.15) | .91 | 1.19 | .26 |
Distributions from net investment income | (.17) | (.17) | (.14) | (.09) | (.09) |
Distributions from net realized gain | (.33) | (.24) | (.21) | (.06) | - F |
Total distributions | (.50) H | (.41) G | (.35) | (.15) | (.09) |
Net asset value, end of period | $ 8.02 | $ 11.77 | $ 12.33 | $ 11.77 | $ 10.73 |
Total Return A, B | (28.47)% | (1.37)% | 7.83% | 11.17% | 2.49% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.94% | 1.71% | 1.46% | 1.18% | 1.28% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 27,727 | $ 43,608 | $ 41,424 | $ 33,633 | $ 18,813 |
Portfolio turnover rate | 36% | 13% | 11% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.498 per share is comprised of distributions from net investment income of $.173 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 C
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.76 | $ 12.32 | $ 11.77 | $ 10.73 | $ 10.56 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .19 | .21 | .17 | .13 | .13 |
Net realized and unrealized gain (loss) | (3.45) | (.35) | .74 | 1.06 | .13 |
Total from investment operations | (3.26) | (.14) | .91 | 1.19 | .26 |
Distributions from net investment income | (.18) | (.18) | (.15) | (.09) | (.09) |
Distributions from net realized gain | (.33) | (.24) | (.21) | (.06) | - F |
Total distributions | (.50) H | (.42) G | (.36) | (.15) | (.09) |
Net asset value, end of period | $ 8.00 | $ 11.76 | $ 12.32 | $ 11.77 | $ 10.73 |
Total Return A, B | (28.53)% | (1.34)% | 7.81% | 11.19% | 2.47% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.94% | 1.71% | 1.46% | 1.18% | 1.28% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 46,942 | $ 65,543 | $ 56,686 | $ 35,656 | $ 18,926 |
Portfolio turnover rate | 36% | 13% | 11% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.504 per share is comprised of distributions from net investment income of $.179 and distributions from net realized gain of $.325 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.91 | $ 12.47 | $ 11.89 | $ 10.81 | $ 10.59 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .29 | .34 | .29 | .25 | .24 |
Net realized and unrealized gain (loss) | (3.50) | (.36) | .75 | 1.07 | .13 |
Total from investment operations | (3.21) | (.02) | 1.04 | 1.32 | .37 |
Distributions from net investment income | (.29) | (.29) | (.25) | (.18) | (.15) |
Distributions from net realized gain | (.33) | (.24) | (.21) | (.06) | - E |
Total distributions | (.61) G | (.54) F | (.46) | (.24) | (.15) |
Net asset value, end of period | $ 8.09 | $ 11.91 | $ 12.47 | $ 11.89 | $ 10.81 |
Total Return A | (27.85)% | (.42)% | 8.90% | 12.36% | 3.52% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.94% | 2.71% | 2.46% | 2.18% | 2.27% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 77,998 | $ 68,797 | $ 39,631 | $ 26,886 | $ 12,861 |
Portfolio turnover rate | 36% | 13% | 11% | 4% | 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 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.
E Amount represents less than $.01 per share.
F 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.
G Total distributions of $.611 per share is comprised of distributions from net investment income of $.286 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 2020 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.5 | 3.3 |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.3 | 6.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 8.4 | 10.2 |
Fidelity Advisor Growth & Income Fund Institutional Class | 8.9 | 8.9 |
Fidelity Advisor Large Cap Fund Institutional Class | 7.9 | 8.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.4 | 2.3 |
Fidelity Series All-Sector Equity Fund | 10.2 | 0.0 |
Fidelity Series Large Cap Value Fund | 2.5 | 0.0 |
Fidelity Small Cap Opportunities Fund | 2.3 | 2.3 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 5.6 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 4.0 |
| 52.4 | 52.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.2 | 6.3 |
Fidelity Advisor Overseas Fund Institutional Class | 6.2 | 6.3 |
Fidelity Series Emerging Markets Fund | 0.2 | 0.0 |
| 12.6 | 12.6 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.1 | 7.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 3.6 | 9.0 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5.1 | 5.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 8.5 | 8.4 |
Fidelity Series Investment Grade Bond Fund | 9.3 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 4.3 |
| 26.5 | 26.8 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 0.7 | 0.6 |
Fidelity Institutional Money Market Portfolio Institutional Class | 0.7 | 0.6 |
| 1.4 | 1.2 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 52.4% | |
| International Equity Funds | 12.6% | |
 | High Yield Fixed-Income Funds | 7.1% | |
| Investment Grade Fixed-Income Funds | 26.5% | |
| Short-Term Funds | 1.4% | |
Six months ago |
| Domestic Equity Funds | 52.4% | |
| International Equity Funds | 12.6% | |
| High Yield Fixed-Income Funds | 7.0% | |
| Investment Grade Fixed-Income Funds | 26.8% | |
| Short-Term Funds | 1.2% | |
Expected |
| Domestic Equity Funds | 51.1% | |
| International Equity Funds | 12.8% | |
| High Yield Fixed-Income Funds | 7.1% | |
| Investment Grade Fixed-Income Funds | 27.0% | |
| Short-Term Funds | 2.0% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009 |
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 65.0% |
| Shares | | Value |
Domestic Equity Funds - 52.4% |
Fidelity 100 Index Fund | 7,337,103 | | $ 42,922,053 |
Fidelity Advisor Equity Growth Fund Institutional Class | 2,336,967 | | 78,054,698 |
Fidelity Advisor Equity Income Fund Institutional Class | 7,150,538 | | 105,041,407 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10,006,789 | | 110,174,748 |
Fidelity Advisor Large Cap Fund Institutional Class | 9,829,895 | | 98,397,247 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,821,080 | | 30,102,459 |
Fidelity Series All-Sector Equity Fund | 15,159,242 | | 126,276,486 |
Fidelity Series Large Cap Value Fund | 3,748,140 | | 31,559,340 |
Fidelity Small Cap Opportunities Fund | 5,715,642 | | 28,349,582 |
TOTAL DOMESTIC EQUITY FUNDS | | 650,878,020 |
International Equity Funds - 12.6% |
Fidelity Advisor Diversified International Fund Institutional Class | 7,619,817 | | 77,569,736 |
Fidelity Advisor Overseas Fund Institutional Class | 6,867,540 | | 77,671,880 |
Fidelity Series Emerging Markets Fund | 203,822 | | 2,087,139 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 157,328,755 |
TOTAL EQUITY FUNDS (Cost $1,251,397,356) | 808,206,775 |
Fixed-Income Funds - 33.6% |
| Shares | | Value |
High Yield Fixed-Income Funds - 7.1% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 16,737,345 | | $ 88,373,183 |
Investment Grade Fixed-Income Funds - 26.5% |
Fidelity Advisor Government Income Fund Institutional Class | 4,071,912 | | 44,546,718 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 9,449,109 | | 63,875,979 |
Fidelity Advisor Total Bond Fund Institutional Class | 11,311,418 | | 105,083,077 |
Fidelity Series Investment Grade Bond Fund | 10,944,357 | | 115,462,966 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 328,968,740 |
TOTAL FIXED-INCOME FUNDS (Cost $511,194,215) | 417,341,923 |
Short-Term Funds - 1.4% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 986,284 | | 8,580,675 |
Fidelity Institutional Money Market Portfolio Institutional Class | 8,572,409 | | 8,572,409 |
TOTAL SHORT-TERM FUNDS (Cost $17,597,032) | 17,153,084 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,780,188,603) | $ 1,242,701,782 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 1,242,701,782 | $ 1,242,701,782 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $85,005,141 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $12,661,963 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $1,780,188,603) - See accompanying schedule | | $ 1,242,701,782 |
Cash | | 351 |
Receivable for investments sold | | 1,483,125 |
Receivable for fund shares sold | | 1,734,776 |
Distributions receivable from underlying funds | | 177,872 |
Other affiliated receivables | | 1,557 |
Total assets | | 1,246,099,463 |
| | |
Liabilities | | |
Payable for investments purchased | $ 390 | |
Payable for fund shares redeemed | 3,374,644 | |
Distribution fees payable | 363,248 | |
Total liabilities | | 3,738,282 |
| | |
Net Assets | | $ 1,242,361,181 |
Net Assets consist of: | | |
Paid in capital | | $ 1,886,219,468 |
Undistributed net investment income | | 3,649,909 |
Accumulated undistributed net realized gain (loss) on investments | | (110,021,375) |
Net unrealized appreciation (depreciation) on investments | | (537,486,821) |
Net Assets | | $ 1,242,361,181 |
| | |
Calculation of Maximum Offering Price Class A
Net Asset Value and redemption price per share ($677,209,556 ÷ 85,014,971 shares) | | $ 7.97 |
| | |
Maximum offering price per share (100/94.25 of $7.97) | | $ 8.46 |
Class T:
Net Asset Value and redemption price per share ($343,919,264 ÷ 43,208,227 shares) | | $ 7.96 |
| | |
Maximum offering price per share (100/96.50 of $7.96) | | $ 8.25 |
Class B:
Net Asset Value and offering price per share ($52,870,796 ÷ 6,660,331 shares)A | | $ 7.94 |
| | |
Class C:
Net Asset Value and offering price per share ($62,701,651 ÷ 7,912,090 shares)A | | $ 7.92 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($105,659,914 ÷ 13,197,900 shares) | | $ 8.01 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 39,369,025 |
| | |
Expenses | | |
Distribution fees | $ 5,492,274 | |
Independent trustees' compensation | 5,850 | |
Total expenses before reductions | 5,498,124 | |
Expense reductions | (5,850) | 5,492,274 |
Net investment income (loss) | | 33,876,751 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (108,850,173) | |
Capital gain distributions from underlying funds | 7,519,065 | (101,331,108) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (513,255,786) |
Net gain (loss) | | (614,586,894) |
Net increase (decrease) in net assets resulting from operations | | $ (580,710,143) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 33,876,751 | $ 26,365,500 |
Net realized gain (loss) | (101,331,108) | 56,483,314 |
Change in net unrealized appreciation (depreciation) | (513,255,786) | (128,993,098) |
Net increase (decrease) in net assets resulting from operations | (580,710,143) | (46,144,284) |
Distributions to shareholders from net investment income | (33,890,863) | (24,317,719) |
Distributions to shareholders from net realized gain | (54,461,707) | (28,216,665) |
Total distributions | (88,352,570) | (52,534,384) |
Share transactions - net increase (decrease) | 369,126,187 | 488,344,875 |
Total increase (decrease) in net assets | (299,936,526) | 389,666,207 |
| | |
Net Assets | | |
Beginning of period | 1,542,297,707 | 1,152,631,500 |
End of period (including undistributed net investment income of $3,649,909 and undistributed net investment income of $3,849,262, respectively) | $ 1,242,361,181 | $ 1,542,297,707 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.73 | $ 13.49 | $ 12.85 | $ 11.53 | $ 11.29 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .25 | .28 | .24 | .19 | .20 |
Net realized and unrealized gain (loss) | (4.33) | (.49) | .92 | 1.36 | .23 |
Total from investment operations | (4.08) | (.21) | 1.16 | 1.55 | .43 |
Distributions from net investment income | (.25) | (.25) | (.23) | (.16) | (.18) |
Distributions from net realized gain | (.43) | (.30) | (.30) | (.08) | - F |
Total distributions | (.68) | (.55) | (.52) I | (.23) H | (.19) G |
Net asset value, end of period | $ 7.97 | $ 12.73 | $ 13.49 | $ 12.85 | $ 11.53 |
Total Return A, B | (33.34)% | (1.83)% | 9.21% | 13.62% | 3.75% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 2.49% | 2.07% | 1.89% | 1.60% | 1.80% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 677,210 | $ 811,992 | $ 511,536 | $ 284,466 | $ 135,306 |
Portfolio turnover rate | 31% | 10% | 13% | 6% | 1% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H 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.
I 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.72 | $ 13.47 | $ 12.83 | $ 11.52 | $ 11.29 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .23 | .25 | .21 | .16 | .18 |
Net realized and unrealized gain (loss) | (4.34) | (.49) | .92 | 1.36 | .21 |
Total from investment operations | (4.11) | (.24) | 1.13 | 1.52 | .39 |
Distributions from net investment income | (.22) | (.21) | (.19) | (.13) | (.16) |
Distributions from net realized gain | (.43) | (.30) | (.30) | (.08) | - F |
Total distributions | (.65) | (.51) | (.49) G | (.21) | (.16) |
Net asset value, end of period | $ 7.96 | $ 12.72 | $ 13.47 | $ 12.83 | $ 11.52 |
Total Return A, B | (33.56)% | (2.02)% | 8.97% | 13.28% | 3.46% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .51% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .51% | .58% |
Net investment income (loss) | 2.24% | 1.82% | 1.63% | 1.35% | 1.55% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 343,919 | $ 458,465 | $ 431,886 | $ 296,477 | $ 177,336 |
Portfolio turnover rate | 31% | 10% | 13% | 6% | 1% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.66 | $ 13.41 | $ 12.78 | $ 11.48 | $ 11.27 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .18 | .18 | .15 | .10 | .12 |
Net realized and unrealized gain (loss) | (4.31) | (.48) | .91 | 1.35 | .21 |
Total from investment operations | (4.13) | (.30) | 1.06 | 1.45 | .33 |
Distributions from net investment income | (.16) | (.15) | (.13) | (.08) | (.12) |
Distributions from net realized gain | (.43) | (.30) | (.30) | (.07) | - F |
Total distributions | (.59) | (.45) | (.43) G | (.15) | (.12) |
Net asset value, end of period | $ 7.94 | $ 12.66 | $ 13.41 | $ 12.78 | $ 11.48 |
Total Return A, B | (33.87)% | (2.51)% | 8.40% | 12.71% | 2.93% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.74% | 1.32% | 1.13% | .85% | 1.05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 52,871 | $ 89,049 | $ 85,981 | $ 71,232 | $ 49,398 |
Portfolio turnover rate | 31% | 10% | 13% | 6% | 1% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.64 | $ 13.40 | $ 12.77 | $ 11.48 | $ 11.26 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .18 | .18 | .15 | .10 | .12 |
Net realized and unrealized gain (loss) | (4.31) | (.49) | .91 | 1.34 | .22 |
Total from investment operations | (4.13) | (.31) | 1.06 | 1.44 | .34 |
Distributions from net investment income | (.16) | (.15) | (.14) | (.08) | (.12) |
Distributions from net realized gain | (.43) | (.30) | (.30) | (.07) | - F |
Total distributions | (.59) | (.45) | (.43) G | (.15) | (.12) |
Net asset value, end of period | $ 7.92 | $ 12.64 | $ 13.40 | $ 12.77 | $ 11.48 |
Total Return A, B | (33.90)% | (2.56)% | 8.45% | 12.66% | 3.02% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.74% | 1.32% | 1.14% | .85% | 1.05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 62,702 | $ 95,224 | $ 85,076 | $ 61,442 | $ 39,310 |
Portfolio turnover rate | 31% | 10% | 13% | 6% | 1% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.79 | $ 13.55 | $ 12.90 | $ 11.57 | $ 11.31 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .28 | .32 | .28 | .23 | .23 |
Net realized and unrealized gain (loss) | (4.35) | (.50) | .92 | 1.36 | .23 |
Total from investment operations | (4.07) | (.18) | 1.20 | 1.59 | .46 |
Distributions from net investment income | (.28) | (.28) | (.25) | (.18) | (.20) |
Distributions from net realized gain | (.43) | (.30) | (.30) | (.08) | - E |
Total distributions | (.71) | (.58) | (.55) F | (.26) | (.20) |
Net asset value, end of period | $ 8.01 | $ 12.79 | $ 13.55 | $ 12.90 | $ 11.57 |
Total Return A | (33.16)% | (1.62)% | 9.47% | 13.88% | 4.06% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.74% | 2.32% | 2.13% | 1.85% | 2.05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 105,660 | $ 87,568 | $ 38,153 | $ 21,212 | $ 11,932 |
Portfolio turnover rate | 31% | 10% | 13% | 6% | 1% |
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 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.
E Amount represents less than $.01 per share.
F 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.7 | 3.3 |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.7 | 7.4 |
Fidelity Advisor Equity Income Fund Institutional Class | 9.0 | 11.0 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.5 | 9.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 8.4 | 9.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.6 | 2.5 |
Fidelity Series All-Sector Equity Fund | 10.9 | 0.0 |
Fidelity Series Large Cap Value Fund | 2.9 | 0.0 |
Fidelity Small Cap Opportunities Fund | 2.5 | 2.4 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 5.9 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 4.3 |
| 56.2 | 56.0 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.7 | 6.7 |
Fidelity Advisor Overseas Fund Institutional Class | 6.7 | 6.8 |
Fidelity Series Emerging Markets Fund | 0.2 | 0.0 |
| 13.6 | 13.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.4 | 7.2 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 2.9 | 8.2 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4.5 | 4.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 7.2 | 7.1 |
Fidelity Series Investment Grade Bond Fund | 8.2 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 3.5 |
| 22.8 | 23.3 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 56.2% | |
| International Equity Funds | 13.6% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Investment Grade Fixed-Income Funds | 22.8% | |
Six months ago |
| Domestic Equity Funds | 56.0% | |
| International Equity Funds | 13.5% | |
| High Yield Fixed-Income Funds | 7.2% | |
| Investment Grade Fixed-Income Funds | 23.3% | |
Expected |
| Domestic Equity Funds | 56.0% | |
| International Equity Funds | 14.0% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 22.5% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 69.8% |
| Shares | | Value |
Domestic Equity Funds - 56.2% |
Fidelity 100 Index Fund | 4,953,614 | | $ 28,978,643 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,562,045 | | 52,172,307 |
Fidelity Advisor Equity Income Fund Institutional Class | 4,787,845 | | 70,333,444 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6,740,482 | | 74,212,712 |
Fidelity Advisor Large Cap Fund Institutional Class | 6,580,569 | | 65,871,500 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,239,683 | | 20,491,956 |
Fidelity Series All-Sector Equity Fund | 10,190,631 | | 84,887,962 |
Fidelity Series Large Cap Value Fund | 2,661,525 | | 22,410,038 |
Fidelity Small Cap Opportunities Fund | 3,898,932 | | 19,338,702 |
TOTAL DOMESTIC EQUITY FUNDS | | 438,697,264 |
International Equity Funds - 13.6% |
Fidelity Advisor Diversified International Fund Institutional Class | 5,155,829 | | 52,486,339 |
Fidelity Advisor Overseas Fund Institutional Class | 4,645,169 | | 52,536,863 |
Fidelity Series Emerging Markets Fund | 143,214 | | 1,466,515 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 106,489,717 |
TOTAL EQUITY FUNDS (Cost $856,777,783) | 545,186,981 |
Fixed-Income Funds - 30.2% |
| Shares | | Value |
High Yield Fixed-Income Funds - 7.4% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 10,901,950 | | $ 57,562,296 |
Investment Grade Fixed-Income Funds - 22.8% |
Fidelity Advisor Government Income Fund Institutional Class | 2,056,260 | | 22,495,482 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5,155,205 | | 34,849,189 |
Fidelity Advisor Total Bond Fund Institutional Class | 6,030,213 | | 56,020,675 |
Fidelity Series Investment Grade Bond Fund | 6,113,427 | | 64,496,653 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 177,861,999 |
TOTAL FIXED-INCOME FUNDS (Cost $291,173,654) | 235,424,295 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,147,951,437) | $ 780,611,276 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 780,611,276 | $ 780,611,276 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $55,796,563 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $1,147,951,437) - See accompanying schedule | | $ 780,611,276 |
Cash | | 19,956 |
Receivable for investments sold | | 848,547 |
Receivable for fund shares sold | | 1,534,924 |
Distributions receivable from underlying funds | | 93,505 |
Total assets | | 783,108,208 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 2,421,065 | |
Distribution fees payable | 203,191 | |
Total liabilities | | 2,624,256 |
| | |
Net Assets | | $ 780,483,952 |
Net Assets consist of: | | |
Paid in capital | | $ 1,211,329,359 |
Undistributed net investment income | | 2,201,484 |
Accumulated undistributed net realized gain (loss) on investments | | (65,706,730) |
Net unrealized appreciation (depreciation) on investments | | (367,340,161) |
Net Assets | | $ 780,483,952 |
| | |
Calculation of Maximum Offering Price Class A
Net Asset Value and redemption price per share ($512,482,042 ÷ 68,271,379 shares) | | $ 7.51 |
| | |
Maximum offering price per share (100/94.25 of $7.51) | | $ 7.97 |
Class T:
Net Asset Value and redemption price per share ($139,329,611 ÷ 18,522,356 shares) | | $ 7.52 |
| | |
Maximum offering price per share (100/96.50 of $7.52) | | $ 7.79 |
Class B:
Net Asset Value and offering price per share ($27,207,028 ÷ 3,643,490 shares)A | | $ 7.47 |
| | |
Class C:
Net Asset Value and offering price per share ($31,734,683 ÷ 4,256,175 shares)A | | $ 7.46 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($69,730,588 ÷ 9,239,754 shares) | | $ 7.55 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 22,765,763 |
| | |
Expenses | | |
Distribution fees | $ 2,909,633 | |
Independent trustees' compensation | 3,444 | |
Total expenses before reductions | 2,913,077 | |
Expense reductions | (3,444) | 2,909,633 |
Net investment income (loss) | | 19,856,130 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (65,042,738) | |
Capital gain distributions from underlying funds | 4,211,076 | (60,831,662) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (328,423,663) |
Net gain (loss) | | (389,255,325) |
Net increase (decrease) in net assets resulting from operations | | $ (369,399,195) |
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,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 19,856,130 | $ 13,091,477 |
Net realized gain (loss) | (60,831,662) | 31,255,729 |
Change in net unrealized appreciation (depreciation) | (328,423,663) | (77,544,121) |
Net increase (decrease) in net assets resulting from operations | (369,399,195) | (33,196,915) |
Distributions to shareholders from net investment income | (19,629,825) | (11,956,162) |
Distributions to shareholders from net realized gain | (30,018,396) | (14,061,115) |
Total distributions | (49,648,221) | (26,017,277) |
Share transactions - net increase (decrease) | 330,490,319 | 383,205,903 |
Total increase (decrease) in net assets | (88,557,097) | 323,991,711 |
| | |
Net Assets | | |
Beginning of period | 869,041,049 | 545,049,338 |
End of period (including undistributed net investment income of $2,201,484 and undistributed net investment income of $2,017,976, respectively) | $ 780,483,952 | $ 869,041,049 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.26 | $ 13.01 | $ 12.34 | $ 10.96 | $ 10.67 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .23 | .26 | .22 | .17 | .19 |
Net realized and unrealized gain (loss) | (4.36) | (.50) | .90 | 1.39 | .23 |
Total from investment operations | (4.13) | (.24) | 1.12 | 1.56 | .42 |
Distributions from net investment income | (.22) | (.22) | (.19) | (.13) | (.13) |
Distributions from net realized gain | (.40) | (.29) | (.26) | (.05) | - F |
Total distributions | (.62) | (.51) | (.45) | (.18) | (.13) |
Net asset value, end of period | $ 7.51 | $ 12.26 | $ 13.01 | $ 12.34 | $ 10.96 |
Total Return A, B | (34.98)% | (2.14)% | 9.26% | 14.35% | 3.96% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .33% |
Net investment income (loss) | 2.41% | 1.95% | 1.79% | 1.44% | 1.76% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 512,482 | $ 558,890 | $ 306,544 | $ 128,504 | $ 59,347 |
Portfolio turnover rate | 29% | 10% | 3% | 5% | 10% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.28 | $ 13.03 | $ 12.35 | $ 10.97 | $ 10.69 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .21 | .23 | .19 | .14 | .16 |
Net realized and unrealized gain (loss) | (4.37) | (.51) | .91 | 1.39 | .24 |
Total from investment operations | (4.16) | (.28) | 1.10 | 1.53 | .40 |
Distributions from net investment income | (.20) | (.18) | (.16) | (.11) | (.12) |
Distributions from net realized gain | (.40) | (.29) | (.26) | (.05) | - F |
Total distributions | (.60) | (.47) | (.42) | (.15) G | (.12) |
Net asset value, end of period | $ 7.52 | $ 12.28 | $ 13.03 | $ 12.35 | $ 10.97 |
Total Return A, B | (35.20)% | (2.40)% | 9.10% | 14.07% | 3.75% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .58% |
Net investment income (loss) | 2.16% | 1.70% | 1.54% | 1.19% | 1.51% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 139,330 | $ 173,946 | $ 154,042 | $ 83,955 | $ 36,966 |
Portfolio turnover rate | 29% | 10% | 3% | 5% | 10% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.17 | $ 12.93 | $ 12.26 | $ 10.91 | $ 10.64 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .16 | .16 | .13 | .08 | .11 |
Net realized and unrealized gain (loss) | (4.32) | (.51) | .90 | 1.38 | .24 |
Total from investment operations | (4.16) | (.35) | 1.03 | 1.46 | .35 |
Distributions from net investment income | (.14) | (.12) | (.10) | (.07) | (.08) |
Distributions from net realized gain | (.40) | (.29) | (.26) | (.04) | - F |
Total distributions | (.54) | (.41) | (.36) | (.11) | (.08) |
Net asset value, end of period | $ 7.47 | $ 12.17 | $ 12.93 | $ 12.26 | $ 10.91 |
Total Return A, B | (35.45)% | (2.95)% | 8.57% | 13.46% | 3.29% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.66% | 1.20% | 1.04% | .69% | 1.01% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 27,207 | $ 43,016 | $ 37,881 | $ 27,111 | $ 13,415 |
Portfolio turnover rate | 29% | 10% | 3% | 5% | 10% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.16 | $ 12.92 | $ 12.26 | $ 10.91 | $ 10.65 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .16 | .16 | .13 | .08 | .11 |
Net realized and unrealized gain (loss) | (4.32) | (.50) | .89 | 1.38 | .23 |
Total from investment operations | (4.16) | (.34) | 1.02 | 1.46 | .34 |
Distributions from net investment income | (.14) | (.13) | (.10) | (.07) | (.08) |
Distributions from net realized gain | (.40) | (.29) | (.26) | (.04) | - F |
Total distributions | (.54) | (.42) | (.36) | (.11) | (.08) |
Net asset value, end of period | $ 7.46 | $ 12.16 | $ 12.92 | $ 12.26 | $ 10.91 |
Total Return A, B | (35.44)% | (2.91)% | 8.51% | 13.46% | 3.19% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.66% | 1.20% | 1.04% | .69% | 1.01% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 31,735 | $ 40,426 | $ 32,679 | $ 20,323 | $ 10,859 |
Portfolio turnover rate | 29% | 10% | 3% | 5% | 10% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.33 | $ 13.08 | $ 12.39 | $ 10.99 | $ 10.68 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .26 | .29 | .25 | .20 | .22 |
Net realized and unrealized gain (loss) | (4.39) | (.50) | .91 | 1.40 | .24 |
Total from investment operations | (4.13) | (.21) | 1.16 | 1.60 | .46 |
Distributions from net investment income | (.25) | (.25) | (.21) | (.15) | (.15) |
Distributions from net realized gain | (.40) | (.29) | (.26) | (.05) | - E |
Total distributions | (.65) | (.54) | (.47) | (.20) | (.15) |
Net asset value, end of period | $ 7.55 | $ 12.33 | $ 13.08 | $ 12.39 | $ 10.99 |
Total Return A | (34.83)% | (1.93)% | 9.60% | 14.69% | 4.25% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.66% | 2.20% | 2.04% | 1.69% | 2.01% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 69,731 | $ 52,762 | $ 13,903 | $ 5,167 | $ 1,921 |
Portfolio turnover rate | 29% | 10% | 3% | 5% | 10% |
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 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.
E 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 4.0 | 4.1 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.5 | 8.5 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.2 | 12.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.8 | 11.0 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.5 | 10.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.0 | 2.9 |
Fidelity Series All-Sector Equity Fund | 12.1 | 0.0 |
Fidelity Series Large Cap Value Fund | 3.3 | 0.0 |
Fidelity Small Cap Opportunities Fund | 2.8 | 2.7 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 6.9 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 4.9 |
| 63.2 | 64.5 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 7.6 | 7.8 |
Fidelity Advisor Overseas Fund Institutional Class | 7.6 | 7.8 |
Fidelity Series Emerging Markets Fund | 0.2 | 0.0 |
| 15.4 | 15.6 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.5 | 7.3 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 1.8 | 4.4 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.6 | 2.4 |
Fidelity Advisor Total Bond Fund Institutional Class | 4.2 | 3.9 |
Fidelity Series Investment Grade Bond Fund | 5.3 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 1.9 |
| 13.9 | 12.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 63.2% | |
| International Equity Funds | 15.4% | |
 | High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 13.9% | |
Six months ago |
| Domestic Equity Funds | 64.5% | |
| International Equity Funds | 15.6% | |
| High Yield Fixed-Income Funds | 7.3% | |
| Investment Grade Fixed-Income Funds | 12.6% | |
Expected |
| Domestic Equity Funds | 62.2% | |
| International Equity Funds | 15.6% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 14.7% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 78.6% |
| Shares | | Value |
Domestic Equity Funds - 63.2% |
Fidelity 100 Index Fund | 6,357,208 | | $ 37,189,668 |
Fidelity Advisor Equity Growth Fund Institutional Class | 2,079,610 | | 69,458,977 |
Fidelity Advisor Equity Income Fund Institutional Class | 6,394,070 | | 93,928,885 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9,007,922 | | 99,177,223 |
Fidelity Advisor Large Cap Fund Institutional Class | 8,778,479 | | 87,872,579 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,650,207 | | 27,277,929 |
Fidelity Series All-Sector Equity Fund | 13,340,025 | | 111,122,405 |
Fidelity Series Large Cap Value Fund | 3,623,869 | | 30,512,977 |
Fidelity Small Cap Opportunities Fund | 5,208,078 | | 25,832,066 |
TOTAL DOMESTIC EQUITY FUNDS | | 582,372,709 |
International Equity Funds - 15.4% |
Fidelity Advisor Diversified International Fund Institutional Class | 6,858,792 | | 69,822,500 |
Fidelity Advisor Overseas Fund Institutional Class | 6,187,790 | | 69,983,903 |
Fidelity Series Emerging Markets Fund | 243,052 | | 2,488,847 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 142,295,250 |
TOTAL EQUITY FUNDS (Cost $1,143,327,634) | 724,667,959 |
Fixed-Income Funds - 21.4% |
| Shares | | Value |
High Yield Fixed-Income Funds - 7.5% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 13,051,821 | | $ 68,913,616 |
Investment Grade Fixed-Income Funds - 13.9% |
Fidelity Advisor Government Income Fund Institutional Class | 1,556,166 | | 17,024,461 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 3,538,260 | | 23,918,636 |
Fidelity Advisor Total Bond Fund Institutional Class | 4,191,518 | | 38,939,200 |
Fidelity Series Investment Grade Bond Fund | 4,615,770 | | 48,696,369 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 128,578,666 |
TOTAL FIXED-INCOME FUNDS (Cost $254,614,315) | 197,492,282 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,397,941,949) | $ 922,160,241 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 922,160,241 | $ 922,160,241 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $76,501,982 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $1,397,941,949) - See accompanying schedule | | $ 922,160,241 |
Receivable for investments sold | | 136,778 |
Receivable for fund shares sold | | 1,614,291 |
Distributions receivable from underlying funds | | 65,580 |
Total assets | | 923,976,890 |
| | |
Liabilities | | |
Payable to custodian bank | $ 2,098 | |
Payable for investments purchased | 81,624 | |
Payable for fund shares redeemed | 1,733,004 | |
Distribution fees payable | 256,304 | |
Total liabilities | | 2,073,030 |
| | |
Net Assets | | $ 921,903,860 |
Net Assets consist of: | | |
Paid in capital | | $ 1,486,255,122 |
Undistributed net investment income | | 1,516,067 |
Accumulated undistributed net realized gain (loss) on investments | | (90,085,621) |
Net unrealized appreciation (depreciation) on investments | | (475,781,708) |
Net Assets | | $ 921,903,860 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($527,042,086 ÷ 68,534,836 shares) | | $ 7.69 |
| | |
Maximum offering price per share (100/94.25 of $7.69) | | $ 8.16 |
Class T:
Net Asset Value and redemption price per share ($236,332,736 ÷ 30,819,054 shares) | | $ 7.67 |
| | |
Maximum offering price per share (100/96.50 of $7.67) | | $ 7.95 |
Class B:
Net Asset Value and offering price per share ($35,701,397 ÷ 4,671,849 shares)A | | $ 7.64 |
| | |
Class C:
Net Asset Value and offering price per share ($40,293,859 ÷ 5,280,018 shares)A | | $ 7.63 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($82,533,782 ÷ 10,694,753 shares) | | $ 7.72 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 24,319,784 |
| | |
Expenses | | |
Distribution fees | $ 3,819,256 | |
Independent trustees' compensation | 4,241 | |
Total expenses before reductions | 3,823,497 | |
Expense reductions | (4,241) | 3,819,256 |
Net investment income (loss) | | 20,500,528 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (89,387,714) | |
Capital gain distributions from underlying funds | 3,565,791 | (85,821,923) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (433,071,093) |
Net gain (loss) | | (518,893,016) |
Net increase (decrease) in net assets resulting from operations | | $ (498,392,488) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2030 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 20,500,528 | $ 13,358,286 |
Net realized gain (loss) | (85,821,923) | 48,484,814 |
Change in net unrealized appreciation (depreciation) | (433,071,093) | (115,173,925) |
Net increase (decrease) in net assets resulting from operations | (498,392,488) | (53,330,825) |
Distributions to shareholders from net investment income | (20,772,833) | (12,227,782) |
Distributions to shareholders from net realized gain | (43,764,449) | (22,817,192) |
Total distributions | (64,537,282) | (35,044,974) |
Share transactions - net increase (decrease) | 372,427,616 | 439,844,437 |
Total increase (decrease) in net assets | (190,502,154) | 351,468,638 |
| | |
Net Assets | | |
Beginning of period | 1,112,406,014 | 760,937,376 |
End of period (including undistributed net investment income of $1,516,067 and undistributed net investment income of $1,788,371, respectively) | $ 921,903,860 | $ 1,112,406,014 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.29 | $ 14.27 | $ 13.47 | $ 11.81 | $ 11.48 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .21 | .22 | .20 | .15 | .18 |
Net realized and unrealized gain (loss) | (5.10) | (.63) | 1.09 | 1.70 | .30 |
Total from investment operations | (4.89) | (.41) | 1.29 | 1.85 | .48 |
Distributions from net investment income | (.21) | (.19) | (.18) | (.11) | (.15) |
Distributions from net realized gain | (.50) | (.38) | (.31) | (.08) | - F |
Total distributions | (.71) | (.57) | (.49) | (.19) | (.15) |
Net asset value, end of period | $ 7.69 | $ 13.29 | $ 14.27 | $ 13.47 | $ 11.81 |
Total Return A, B | (38.49)% | (3.22)% | 9.82% | 15.84% | 4.19% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 2.08% | 1.53% | 1.49% | 1.17% | 1.55% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 527,042 | $ 626,641 | $ 343,345 | $ 156,916 | $ 65,593 |
Portfolio turnover rate | 22% | 10% | 8% | 4% | 2% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.25 | $ 14.23 | $ 13.43 | $ 11.78 | $ 11.47 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .19 | .19 | .17 | .11 | .15 |
Net realized and unrealized gain (loss) | (5.09) | (.64) | 1.09 | 1.70 | .30 |
Total from investment operations | (4.90) | (.45) | 1.26 | 1.81 | .45 |
Distributions from net investment income | (.18) | (.15) | (.15) | (.09) | (.14) |
Distributions from net realized gain | (.50) | (.38) | (.31) | (.08) | - F |
Total distributions | (.68) | (.53) | (.46) | (.16) G | (.14) |
Net asset value, end of period | $ 7.67 | $ 13.25 | $ 14.23 | $ 13.43 | $ 11.78 |
Total Return A, B | (38.62)% | (3.49)% | 9.59% | 15.52% | 3.91% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .51% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .51% | .58% |
Net investment income (loss) | 1.83% | 1.28% | 1.24% | .92% | 1.30% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 236,333 | $ 297,618 | $ 281,508 | $ 184,029 | $ 102,153 |
Portfolio turnover rate | 22% | 10% | 8% | 4% | 2% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .11 | .10 | .05 | .09 |
Net realized and unrealized gain (loss) | (5.06) | (.63) | 1.08 | 1.70 | .30 |
Total from investment operations | (4.92) | (.52) | 1.18 | 1.75 | .39 |
Distributions from net investment income | (.11) | (.09) | (.09) | (.05) | (.09) |
Distributions from net realized gain | (.50) | (.37) | (.31) | (.07) | - F |
Total distributions | (.61) | (.46) | (.40) | (.12) | (.09) |
Net asset value, end of period | $ 7.64 | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 |
Total Return A, B | (38.94)% | (3.96)% | 8.98% | 14.96% | 3.41% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.33% | .78% | .74% | .42% | .80% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 35,701 | $ 60,367 | $ 56,845 | $ 43,099 | $ 27,653 |
Portfolio turnover rate | 22% | 10% | 8% | 4% | 2% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .11 | .10 | .05 | .09 |
Net realized and unrealized gain (loss) | (5.06) | (.63) | 1.08 | 1.70 | .30 |
Total from investment operations | (4.92) | (.52) | 1.18 | 1.75 | .39 |
Distributions from net investment income | (.12) | (.09) | (.09) | (.05) | (.09) |
Distributions from net realized gain | (.50) | (.37) | (.31) | (.07) | - F |
Total distributions | (.62) | (.46) | (.40) | (.12) | (.09) |
Net asset value, end of period | $ 7.63 | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 |
Total Return A, B | (38.96)% | (3.95)% | 9.00% | 14.99% | 3.41% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.33% | .78% | .74% | .42% | .80% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 40,294 | $ 58,768 | $ 54,338 | $ 37,940 | $ 22,265 |
Portfolio turnover rate | 22% | 10% | 8% | 4% | 2% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.34 | $ 14.32 | $ 13.51 | $ 11.84 | $ 11.49 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .23 | .26 | .24 | .18 | .21 |
Net realized and unrealized gain (loss) | (5.11) | (.64) | 1.09 | 1.71 | .31 |
Total from investment operations | (4.88) | (.38) | 1.33 | 1.89 | .52 |
Distributions from net investment income | (.24) | (.22) | (.21) | (.13) | (.17) |
Distributions from net realized gain | (.50) | (.38) | (.31) | (.09) | - E |
Total distributions | (.74) | (.60) | (.52) | (.22) | (.17) |
Net asset value, end of period | $ 7.72 | $ 13.34 | $ 14.32 | $ 13.51 | $ 11.84 |
Total Return A | (38.31)% | (3.01)% | 10.08% | 16.10% | 4.50% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.33% | 1.78% | 1.74% | 1.42% | 1.80% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 82,534 | $ 69,011 | $ 24,902 | $ 10,918 | $ 7,841 |
Portfolio turnover rate | 22% | 10% | 8% | 4% | 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 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.
E 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 4.1 | 3.9 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.8 | 8.8 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.5 | 13.1 |
Fidelity Advisor Growth & Income Fund Institutional Class | 11.2 | 11.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.8 | 11.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.1 | 3.0 |
Fidelity Series All-Sector Equity Fund | 12.6 | 0.0 |
Fidelity Series Large Cap Value Fund | 3.7 | 0.0 |
Fidelity Small Cap Opportunities Fund | 2.9 | 2.7 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 7.0 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 5.0 |
| 65.7 | 66.3 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 7.8 | 8.0 |
Fidelity Advisor Overseas Fund Institutional Class | 7.9 | 8.0 |
Fidelity Series Emerging Markets Fund | 0.3 | 0.0 |
| 16.0 | 16.0 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.5 | 7.3 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 1.2 | 3.7 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.0 | 2.0 |
Fidelity Advisor Total Bond Fund Institutional Class | 3.2 | 3.1 |
Fidelity Series Investment Grade Bond Fund | 4.4 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 1.6 |
| 10.8 | 10.4 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 65.7% | |
| International Equity Funds | 16.0% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 10.8% | |
Six months ago |
| Domestic Equity Funds | 66.3% | |
| International Equity Funds | 16.0% | |
| High Yield Fixed-Income Funds | 7.3% | |
| Investment Grade Fixed-Income Funds | 10.4% | |
Expected |
| Domestic Equity Funds | 66.0% | |
| International Equity Funds | 16.5% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 10.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 81.7% |
| Shares | | Value |
Domestic Equity Funds - 65.7% |
Fidelity 100 Index Fund | 3,345,593 | | $ 19,571,717 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,103,732 | | 36,864,633 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,399,567 | | 49,939,636 |
Fidelity Advisor Growth & Income Fund Institutional Class | 4,820,428 | | 53,072,911 |
Fidelity Advisor Large Cap Fund Institutional Class | 4,678,317 | | 46,829,957 |
Fidelity Advisor Small Cap Fund Institutional Class | 885,355 | | 14,634,915 |
Fidelity Series All-Sector Equity Fund | 7,211,738 | | 60,073,780 |
Fidelity Series Large Cap Value Fund | 2,075,873 | | 17,478,854 |
Fidelity Small Cap Opportunities Fund | 2,826,012 | | 14,017,017 |
TOTAL DOMESTIC EQUITY FUNDS | | 312,483,420 |
International Equity Funds - 16.0% |
Fidelity Advisor Diversified International Fund Institutional Class | 3,667,042 | | 37,330,491 |
Fidelity Advisor Overseas Fund Institutional Class | 3,308,192 | | 37,415,653 |
Fidelity Series Emerging Markets Fund | 146,453 | | 1,499,676 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 76,245,820 |
TOTAL EQUITY FUNDS (Cost $618,225,064) | 388,729,240 |
Fixed-Income Funds - 18.3% |
| Shares | | Value |
High Yield Fixed-Income Funds - 7.5% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 6,781,709 | | $ 35,807,425 |
Investment Grade Fixed-Income Funds - 10.8% |
Fidelity Advisor Government Income Fund Institutional Class | 536,542 | | 5,869,772 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,421,395 | | 9,608,632 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,648,518 | | 15,314,729 |
Fidelity Series Investment Grade Bond Fund | 1,955,531 | | 20,630,849 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 51,423,982 |
TOTAL FIXED-INCOME FUNDS (Cost $114,750,905) | 87,231,407 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $732,975,969) | $ 475,960,647 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 475,960,647 | $ 475,960,647 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $39,694,784 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $732,975,969) - See accompanying schedule | | $ 475,960,647 |
Receivable for investments sold | | 31,096 |
Receivable for fund shares sold | | 1,540,253 |
Distributions receivable from underlying funds | | 25,568 |
Total assets | | 477,557,564 |
| | |
Liabilities | | |
Payable to custodian bank | $ 2,991 | |
Payable for investments purchased | 894,498 | |
Payable for fund shares redeemed | 699,456 | |
Distribution fees payable | 121,585 | |
Total liabilities | | 1,718,530 |
| | |
Net Assets | | $ 475,839,034 |
Net Assets consist of: | | |
Paid in capital | | $ 774,923,870 |
Undistributed net investment income | | 912,704 |
Accumulated undistributed net realized gain (loss) on investments | | (42,982,218) |
Net unrealized appreciation (depreciation) on investments | | (257,015,322) |
Net Assets | | $ 475,839,034 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($314,996,255 ÷ 43,858,937 shares) | | $ 7.18 |
| | |
Maximum offering price per share (100/94.25 of $7.18) | | $ 7.62 |
Class T:
Net Asset Value and redemption price per share ($81,463,029 ÷ 11,390,339 shares) | | $ 7.15 |
| | |
Maximum offering price per share (100/96.50 of $7.15) | | $ 7.41 |
Class B:
Net Asset Value and offering price per share ($17,892,240 ÷ 2,518,551 shares)A | | $ 7.10 |
| | |
Class C:
Net Asset Value and offering price per share ($17,820,589 ÷ 2,507,350 shares)A | | $ 7.11 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($43,666,921 ÷ 6,058,561 shares) | | $ 7.21 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 11,713,247 |
| | |
Expenses | | |
Distribution fees | $ 1,728,450 | |
Independent trustees' compensation | 2,054 | |
Total expenses before reductions | 1,730,504 | |
Expense reductions | (2,054) | 1,728,450 |
Net investment income (loss) | | 9,984,797 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (42,573,342) | |
Capital gain distributions from underlying funds | 1,590,104 | (40,983,238) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (221,191,491) |
Net gain (loss) | | (262,174,729) |
Net increase (decrease) in net assets resulting from operations | | $ (252,189,932) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 9,984,797 | $ 5,536,100 |
Net realized gain (loss) | (40,983,238) | 21,192,689 |
Change in net unrealized appreciation (depreciation) | (221,191,491) | (56,006,834) |
Net increase (decrease) in net assets resulting from operations | (252,189,932) | (29,278,045) |
Distributions to shareholders from net investment income | (9,759,661) | (5,034,848) |
Distributions to shareholders from net realized gain | (19,339,084) | (8,515,761) |
Total distributions | (29,098,745) | (13,550,609) |
Share transactions - net increase (decrease) | 235,607,700 | 285,328,975 |
Total increase (decrease) in net assets | (45,680,977) | 242,500,321 |
| | |
Net Assets | | |
Beginning of period | 521,520,011 | 279,019,690 |
End of period (including undistributed net investment income of $912,704 and undistributed net investment income of $732,543, respectively) | $ 475,839,034 | $ 521,520,011 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.53 | $ 13.44 | $ 12.67 | $ 11.06 | $ 10.70 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .20 | .19 | .14 | .19 |
Net realized and unrealized gain (loss) | (4.92) | (.60) | 1.02 | 1.62 | .32 |
Total from investment operations | (4.72) | (.40) | 1.21 | 1.76 | .51 |
Distributions from net investment income | (.18) | (.17) | (.15) | (.11) | (.15) |
Distributions from net realized gain | (.45) | (.34) | (.29) | (.04) | - F |
Total distributions | (.63) H | (.51) | (.44) G | (.15) | (.15) |
Net asset value, end of period | $ 7.18 | $ 12.53 | $ 13.44 | $ 12.67 | $ 11.06 |
Total Return A, B | (39.29)% | (3.34)% | 9.74% | 16.03% | 4.76% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .33% |
Net investment income (loss) | 2.04% | 1.51% | 1.48% | 1.20% | 1.71% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 314,996 | $ 336,805 | $ 146,175 | $ 49,877 | $ 15,281 |
Portfolio turnover rate | 21% | 9% | 5% | 4% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.627 per share is comprised of distributions from net investment income of $.182 and distributions from net realized gain of $.445 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.47 | $ 13.38 | $ 12.62 | $ 11.02 | $ 10.69 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .17 | .17 | .16 | .11 | .16 |
Net realized and unrealized gain (loss) | (4.89) | (.62) | 1.01 | 1.63 | .31 |
Total from investment operations | (4.72) | (.45) | 1.17 | 1.74 | .47 |
Distributions from net investment income | (.16) | (.13) | (.13) | (.10) | (.14) |
Distributions from net realized gain | (.45) | (.33) | (.28) | (.04) | - F |
Total distributions | (.60) H | (.46) | (.41) G | (.14) | (.14) |
Net asset value, end of period | $ 7.15 | $ 12.47 | $ 13.38 | $ 12.62 | $ 11.02 |
Total Return A, B | (39.42)% | (3.66)% | 9.46% | 15.84% | 4.37% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .58% |
Net investment income (loss) | 1.79% | 1.26% | 1.23% | .95% | 1.46% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 81,463 | $ 99,531 | $ 84,368 | $ 45,421 | $ 16,432 |
Portfolio turnover rate | 21% | 9% | 5% | 4% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.601 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.445 per share.
Financial Highlights - Class B
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.38 | $ 13.29 | $ 12.54 | $ 10.98 | $ 10.67 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .10 | .09 | .05 | .10 |
Net realized and unrealized gain (loss) | (4.86) | (.61) | 1.02 | 1.61 | .32 |
Total from investment operations | (4.73) | (.51) | 1.11 | 1.66 | .42 |
Distributions from net investment income | (.10) | (.08) | (.09) | (.06) | (.11) |
Distributions from net realized gain | (.45) | (.32) | (.27) | (.04) | - F |
Total distributions | (.55) H | (.40) | (.36) G | (.10) | (.11) |
Net asset value, end of period | $ 7.10 | $ 12.38 | $ 13.29 | $ 12.54 | $ 10.98 |
Total Return A, B | (39.76)% | (4.10)% | 8.98% | 15.17% | 3.88% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.08% |
Net investment income (loss) | 1.30% | .76% | .73% | .45% | .96% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 17,892 | $ 27,854 | $ 23,065 | $ 15,351 | $ 6,917 |
Portfolio turnover rate | 21% | 9% | 5% | 4% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.548 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.445 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.39 | $ 13.30 | $ 12.55 | $ 10.99 | $ 10.68 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .10 | .09 | .05 | .10 |
Net realized and unrealized gain (loss) | (4.85) | (.61) | 1.02 | 1.61 | .32 |
Total from investment operations | (4.73) | (.51) | 1.11 | 1.66 | .42 |
Distributions from net investment income | (.11) | (.08) | (.09) | (.06) | (.11) |
Distributions from net realized gain | (.45) | (.32) | (.27) | (.04) | - F |
Total distributions | (.55) H | (.40) | (.36) G | (.10) | (.11) |
Net asset value, end of period | $ 7.11 | $ 12.39 | $ 13.30 | $ 12.55 | $ 10.99 |
Total Return A, B | (39.70)% | (4.10)% | 8.99% | 15.15% | 3.87% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.08% |
Net investment income (loss) | 1.29% | .76% | .73% | .45% | .96% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 17,821 | $ 23,168 | $ 19,041 | $ 12,023 | $ 5,089 |
Portfolio turnover rate | 21% | 9% | 5% | 4% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.552 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.445 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.57 | $ 13.49 | $ 12.71 | $ 11.07 | $ 10.71 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .22 | .24 | .22 | .17 | .21 |
Net realized and unrealized gain (loss) | (4.93) | (.62) | 1.02 | 1.64 | .31 |
Total from investment operations | (4.71) | (.38) | 1.24 | 1.81 | .52 |
Distributions from net investment income | (.21) | (.20) | (.18) | (.13) | (.16) |
Distributions from net realized gain | (.45) | (.34) | (.29) | (.04) | - E |
Total distributions | (.65) G | (.54) | (.46) F | (.17) | (.16) |
Net asset value, end of period | $ 7.21 | $ 12.57 | $ 13.49 | $ 12.71 | $ 11.07 |
Total Return A | (39.08)% | (3.19)% | 9.98% | 16.45% | 4.87% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.29% | 1.76% | 1.72% | 1.45% | 1.96% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 43,667 | $ 34,162 | $ 6,371 | $ 2,207 | $ 467 |
Portfolio turnover rate | 21% | 9% | 5% | 4% | 5% |
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 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.
E Amount represents less than $.01 per share.
F 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.
G Total distributions of $.651 per share is comprised of distributions from net investment income of $.206 and distributions from net realized gain of $.445 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 4.2 | 4.5 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.9 | 8.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.7 | 13.3 |
Fidelity Advisor Growth & Income Fund Institutional Class | 11.4 | 11.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.1 | 11.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.1 | 3.0 |
Fidelity Series All-Sector Equity Fund | 12.8 | 0.0 |
Fidelity Series Large Cap Value Fund | 3.7 | 0.0 |
Fidelity Small Cap Opportunities Fund | 3.0 | 2.9 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 7.3 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 5.2 |
| 66.9 | 68.2 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.0 | 8.2 |
Fidelity Advisor Overseas Fund Institutional Class | 8.0 | 8.2 |
Fidelity Series Emerging Markets Fund | 0.3 | 0.0 |
| 16.3 | 16.4 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9.6 | 9.3 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 1.0 | 2.1 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1.2 | 1.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 2.1 | 1.9 |
Fidelity Series Investment Grade Bond Fund | 2.9 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 1.0 |
| 7.2 | 6.1 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 66.9% | |
| International Equity Funds | 16.3% | |
| High Yield Fixed-Income Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 7.2% | |
Six months ago |
| Domestic Equity Funds | 68.2% | |
| International Equity Funds | 16.4% | |
| High Yield Fixed-Income Funds | 9.3% | |
| Investment Grade Fixed-Income Funds | 6.1% | |
Expected |
| Domestic Equity Funds | 67.3% | |
| International Equity Funds | 16.8% | |
| High Yield Fixed-Income Funds | 9.1% | |
| Investment Grade Fixed-Income Funds | 6.8% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 83.2% |
| Shares | | Value |
Domestic Equity Funds - 66.9% |
Fidelity 100 Index Fund | 4,646,134 | | $ 27,179,882 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,527,784 | | 51,027,990 |
Fidelity Advisor Equity Income Fund Institutional Class | 4,725,368 | | 69,415,657 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6,661,289 | | 73,340,797 |
Fidelity Advisor Large Cap Fund Institutional Class | 6,495,399 | | 65,018,945 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,206,491 | | 19,943,293 |
Fidelity Series All-Sector Equity Fund | 9,917,929 | | 82,616,344 |
Fidelity Series Large Cap Value Fund | 2,827,973 | | 23,811,531 |
Fidelity Small Cap Opportunities Fund | 3,863,234 | | 19,161,643 |
TOTAL DOMESTIC EQUITY FUNDS | | 431,516,082 |
International Equity Funds - 16.3% |
Fidelity Advisor Diversified International Fund Institutional Class | 5,050,286 | | 51,411,908 |
Fidelity Advisor Overseas Fund Institutional Class | 4,552,426 | | 51,487,941 |
Fidelity Series Emerging Markets Fund | 217,194 | | 2,224,072 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 105,123,921 |
TOTAL EQUITY FUNDS (Cost $849,355,081) | 536,640,003 |
Fixed-Income Funds - 16.8% |
| Shares | | Value |
High Yield Fixed-Income Funds - 9.6% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 11,687,951 | | $ 61,712,382 |
Investment Grade Fixed-Income Funds - 7.2% |
Fidelity Advisor Government Income Fund Institutional Class | 614,049 | | 6,717,698 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,149,243 | | 7,768,882 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,453,756 | | 13,505,395 |
Fidelity Series Investment Grade Bond Fund | 1,760,422 | | 18,572,450 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 46,564,425 |
TOTAL FIXED-INCOME FUNDS (Cost $153,669,202) | 108,276,807 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,003,024,283) | $ 644,916,810 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 644,916,810 | $ 644,916,810 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $57,729,888 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $1,003,024,283) - See accompanying schedule | | $ 644,916,810 |
Cash | | 22,712 |
Receivable for investments sold | | 10,760 |
Receivable for fund shares sold | | 1,534,527 |
Distributions receivable from underlying funds | | 23,114 |
Total assets | | 646,507,923 |
| | |
Liabilities | | |
Payable for investments purchased | $ 769,653 | |
Payable for fund shares redeemed | 821,517 | |
Distribution fees payable | 188,132 | |
Total liabilities | | 1,779,302 |
| | |
Net Assets | | $ 644,728,621 |
Net Assets consist of: | | |
Paid in capital | | $ 1,066,074,098 |
Undistributed net investment income | | 1,146,349 |
Accumulated undistributed net realized gain (loss) on investments | | (64,384,353) |
Net unrealized appreciation (depreciation) on investments | | (358,107,473) |
Net Assets | | $ 644,728,621 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($342,357,465 ÷ 45,108,646 shares) | | $ 7.59 |
| | |
Maximum offering price per share (100/94.25 of $7.59) | | $ 8.05 |
Class T:
Net Asset Value and redemption price per share ($181,917,341 ÷ 24,029,742 shares) | | $ 7.57 |
| | |
Maximum offering price per share (100/96.50 of $7.57) | | $ 7.84 |
Class B:
Net Asset Value and offering price per share ($29,478,503 ÷ 3,920,886 shares)A | | $ 7.52 |
| | |
Class C:
Net Asset Value and offering price per share ($34,035,723 ÷ 4,531,077 shares)A | | $ 7.51 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($56,939,589 ÷ 7,476,600 shares) | | $ 7.62 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 16,866,621 |
| | |
Expenses | | |
Distribution fees | $ 2,893,796 | |
Independent trustees' compensation | 3,036 | |
Total expenses before reductions | 2,896,832 | |
Expense reductions | (3,036) | 2,893,796 |
Net investment income (loss) | | 13,972,825 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (63,386,348) | |
Capital gain distributions from underlying funds | 1,762,157 | (61,624,191) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (325,789,369) |
Net gain (loss) | | (387,413,560) |
Net increase (decrease) in net assets resulting from operations | | $ (373,440,735) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2040 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 13,972,825 | $ 9,592,089 |
Net realized gain (loss) | (61,624,191) | 38,468,270 |
Change in net unrealized appreciation (depreciation) | (325,789,369) | (92,107,484) |
Net increase (decrease) in net assets resulting from operations | (373,440,735) | (44,047,125) |
Distributions to shareholders from net investment income | (13,667,108) | (9,160,224) |
Distributions to shareholders from net realized gain | (34,379,125) | (18,281,042) |
Total distributions | (48,046,233) | (27,441,266) |
Share transactions - net increase (decrease) | 247,327,890 | 285,498,710 |
Total increase (decrease) in net assets | (174,159,078) | 214,010,319 |
| | |
Net Assets | | |
Beginning of period | 818,887,699 | 604,877,380 |
End of period (including undistributed net investment income of $1,146,349 and undistributed net investment income of $840,632, respectively) | $ 644,728,621 | $ 818,887,699 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.57 | $ 14.69 | $ 13.83 | $ 12.03 | $ 11.62 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .21 | .22 | .21 | .15 | .18 |
Net realized and unrealized gain (loss) | (5.44) | (.74) | 1.16 | 1.84 | .39 |
Total from investment operations | (5.23) | (.52) | 1.37 | 1.99 | .57 |
Distributions from net investment income | (.20) | (.20) | (.18) | (.12) | (.16) |
Distributions from net realized gain | (.56) | (.40) | (.33) | (.07) | - |
Total distributions | (.75)G | (.60) | (.51) F | (.19) | (.16) |
Net asset value, end of period | $ 7.59 | $ 13.57 | $ 14.69 | $ 13.83 | $ 12.03 |
Total Return A, B | (40.42)% | (3.92)% | 10.09% | 16.65% | 4.87% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 2.02% | 1.47% | 1.48% | 1.18% | 1.50% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 342,357 | $ 428,381 | $ 263,733 | $ 133,817 | $ 51,718 |
Portfolio turnover rate | 18% | 9% | 7% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.506 per share is comprised of distributions from net investment income of $.181 and distributions from net realized gain of $.325 per share.
G Total distributions of $.752 per share is comprised of distributions from net investment income of $.197 and distributions from net realized gain of $.555 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.54 | $ 14.64 | $ 13.79 | $ 12.00 | $ 11.60 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .18 | .18 | .17 | .12 | .15 |
Net realized and unrealized gain (loss) | (5.43) | (.72) | 1.16 | 1.83 | .38 |
Total from investment operations | (5.25) | (.54) | 1.33 | 1.95 | .53 |
Distributions from net investment income | (.17) | (.16) | (.15) | (.10) | (.13) |
Distributions from net realized gain | (.56) | (.40) | (.33) | (.06) | - |
Total distributions | (.72) G | (.56) | (.48) F | (.16) | (.13) |
Net asset value, end of period | $ 7.57 | $ 13.54 | $ 14.64 | $ 13.79 | $ 12.00 |
Total Return A, B | (40.61)% | (4.05)% | 9.81% | 16.35% | 4.57% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .51% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .51% | .58% |
Net investment income (loss) | 1.77% | 1.22% | 1.23% | .93% | 1.25% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 181,917 | $ 238,675 | $ 221,815 | $ 136,679 | $ 66,136 |
Portfolio turnover rate | 18% | 9% | 7% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.475 per share is comprised of distributions from net investment income of $.150 and distributions from net realized gain of $.325 per share.
G Total distributions of $.723 per share is comprised of distributions from net investment income of $.168 and distributions from net realized gain of $.555 per share.
Financial Highlights - Class B
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.42 | $ 14.53 | $ 13.70 | $ 11.94 | $ 11.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .11 | .10 | .05 | .09 |
Net realized and unrealized gain (loss) | (5.37) | (.73) | 1.14 | 1.83 | .38 |
Total from investment operations | (5.24) | (.62) | 1.24 | 1.88 | .47 |
Distributions from net investment income | (.11) | (.10) | (.10) | (.06) | (.10) |
Distributions from net realized gain | (.55) | (.39) | (.32) | (.06) | - |
Total distributions | (.66) G | (.49) | (.41) F | (.12) | (.10) |
Net asset value, end of period | $ 7.52 | $ 13.42 | $ 14.53 | $ 13.70 | $ 11.94 |
Total Return A, B | (40.85)% | (4.59)% | 9.25% | 15.81% | 4.04% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.28% | .72% | .73% | .43% | .75% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 29,479 | $ 50,827 | $ 46,110 | $ 32,658 | $ 18,541 |
Portfolio turnover rate | 18% | 9% | 7% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.413 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share.
G Total distributions of $.662 per share is comprised of distributions from net investment income of $.112 and distributions from net realized gain of $.55 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.42 | $ 14.52 | $ 13.70 | $ 11.94 | $ 11.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .11 | .10 | .05 | .09 |
Net realized and unrealized gain (loss) | (5.37) | (.72) | 1.13 | 1.83 | .38 |
Total from investment operations | (5.24) | (.61) | 1.23 | 1.88 | .47 |
Distributions from net investment income | (.12) | (.10) | (.10) | (.06) | (.10) |
Distributions from net realized gain | (.55) | (.39) | (.32) | (.06) | - |
Total distributions | (.67) G | (.49) | (.41) F | (.12) | (.10) |
Net asset value, end of period | $ 7.51 | $ 13.42 | $ 14.52 | $ 13.70 | $ 11.94 |
Total Return A, B | (40.91)% | (4.54)% | 9.17% | 15.82% | 4.04% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.28% | .72% | .73% | .43% | .75% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 34,036 | $ 54,549 | $ 54,022 | $ 38,947 | $ 21,792 |
Portfolio turnover rate | 18% | 9% | 7% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.413 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share.
G Total distributions of $.665 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.55 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.62 | $ 14.74 | $ 13.87 | $ 12.05 | $ 11.63 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .23 | .25 | .24 | .18 | .21 |
Net realized and unrealized gain (loss) | (5.45) | (.74) | 1.17 | 1.85 | .38 |
Total from investment operations | (5.22) | (.49) | 1.41 | 2.03 | .59 |
Distributions from net investment income | (.22) | (.23) | (.21) | (.14) | (.17) |
Distributions from net realized gain | (.56) | (.40) | (.33) | (.07) | - |
Total distributions | (.78) F | (.63) | (.54) E | (.21) | (.17) |
Net asset value, end of period | $ 7.62 | $ 13.62 | $ 14.74 | $ 13.87 | $ 12.05 |
Total Return A | (40.24)% | (3.70)% | 10.36% | 16.99% | 5.07% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.27% | 1.72% | 1.73% | 1.43% | 1.75% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 56,940 | $ 46,457 | $ 19,197 | $ 7,227 | $ 4,474 |
Portfolio turnover rate | 18% | 9% | 7% | 4% | 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 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.
E 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.
F Total distributions of $.779 per share is comprised of distributions from net investment income of $.224 and distributions from net realized gain of $.555 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.7 | 4.3 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.9 | 9.1 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.5 | 13.5 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.9 | 12.1 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.9 | 11.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.1 | 3.0 |
Fidelity Series All-Sector Equity Fund | 14.0 | 0.0 |
Fidelity Series Large Cap Value Fund | 4.5 | 0.0 |
Fidelity Small Cap Opportunities Fund | 3.0 | 3.2 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 7.4 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 4.8 |
| 67.5 | 69.3 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.1 | 8.3 |
Fidelity Advisor Overseas Fund Institutional Class | 8.0 | 8.3 |
Fidelity Series Emerging Markets Fund | 0.4 | 0.0 |
| 16.5 | 16.6 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 10.2 | 9.6 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 0.8 | 1.8 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.9 | 1.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 1.0 | 1.1 |
Fidelity Series Investment Grade Bond Fund | 3.1 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 0.5 |
| 5.8 | 4.5 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 67.5% | |
| International Equity Funds | 16.5% | |
| High Yield Fixed-Income Funds | 10.2% | |
| Investment Grade Fixed-Income Funds | 5.8% | |
Six months ago |
| Domestic Equity Funds | 69.3% | |
| International Equity Funds | 16.6% | |
| High Yield Fixed-Income Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 4.5% | |
Expected |
| Domestic Equity Funds | 68.0% | |
| International Equity Funds | 17.0% | |
| High Yield Fixed-Income Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 5.0% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 84.0% |
| Shares | | Value |
Domestic Equity Funds - 67.5% |
Fidelity 100 Index Fund | 752,012 | | $ 4,399,269 |
Fidelity Advisor Equity Growth Fund Institutional Class | 277,020 | | 9,252,478 |
Fidelity Advisor Equity Income Fund Institutional Class | 835,811 | | 12,278,060 |
Fidelity Advisor Growth & Income Fund Institutional Class | 1,159,167 | | 12,762,434 |
Fidelity Advisor Large Cap Fund Institutional Class | 1,167,295 | | 11,684,624 |
Fidelity Advisor Small Cap Fund Institutional Class | 221,685 | | 3,664,457 |
Fidelity Series All-Sector Equity Fund | 1,967,522 | | 16,389,462 |
Fidelity Series Large Cap Value Fund | 625,544 | | 5,267,081 |
Fidelity Small Cap Opportunities Fund | 722,277 | | 3,582,496 |
TOTAL DOMESTIC EQUITY FUNDS | | 79,280,361 |
International Equity Funds - 16.5% |
Fidelity Advisor Diversified International Fund Institutional Class | 932,124 | | 9,489,021 |
Fidelity Advisor Overseas Fund Institutional Class | 832,465 | | 9,415,175 |
Fidelity Series Emerging Markets Fund | 44,462 | | 455,291 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 19,359,487 |
TOTAL EQUITY FUNDS (Cost $149,370,827) | 98,639,848 |
Fixed-Income Funds - 16.0% |
| Shares | | Value |
High Yield Fixed-Income Funds - 10.2% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 2,270,338 | | $ 11,987,383 |
Investment Grade Fixed-Income Funds - 5.8% |
Fidelity Advisor Government Income Fund Institutional Class | 85,623 | | 936,714 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 155,582 | | 1,051,733 |
Fidelity Advisor Total Bond Fund Institutional Class | 129,555 | | 1,203,562 |
Fidelity Series Investment Grade Bond Fund | 340,543 | | 3,592,723 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 6,784,732 |
TOTAL FIXED-INCOME FUNDS (Cost $25,263,742) | 18,772,115 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $174,634,569) | $ 117,411,963 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 117,411,963 | $ 117,411,963 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $7,999,140 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $174,634,569) - See accompanying schedule | | $ 117,411,963 |
Cash | | 54 |
Receivable for investments sold | | 980,195 |
Receivable for fund shares sold | | 355,171 |
Distributions receivable from underlying funds | | 2,144 |
Total assets | | 118,749,527 |
| | |
Liabilities | | |
Payable for investments purchased | $ 13,182 | |
Payable for fund shares redeemed | 1,324,326 | |
Distribution fees payable | 27,022 | |
Total liabilities | | 1,364,530 |
| | |
Net Assets | | $ 117,384,997 |
Net Assets consist of: | | |
Paid in capital | | $ 183,242,986 |
Undistributed net investment income | | 239,612 |
Accumulated undistributed net realized gain (loss) on investments | | (8,874,995) |
Net unrealized appreciation (depreciation) on investments | | (57,222,606) |
Net Assets | | $ 117,384,997 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($81,984,730 ÷ 14,000,637 shares) | | $ 5.86 |
| | |
Maximum offering price per share (100/94.25 of $5.86) | | $ 6.22 |
Class T:
Net Asset Value and redemption price per share ($18,064,965 ÷ 3,093,290 shares) | | $ 5.84 |
| | |
Maximum offering price per share (100/96.50 of $5.84) | | $ 6.05 |
Class B:
Net Asset Value and offering price per share ($2,230,564 ÷ 382,999 shares)A | | $ 5.82 |
| | |
Class C:
Net Asset Value and offering price per share ($3,026,785 ÷ 517,131 shares)A | | $ 5.85 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($12,077,953 ÷ 2,058,131 shares) | | $ 5.87 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 2,420,667 |
| | |
Expenses | | |
Distribution fees | $ 308,375 | |
Independent trustees' compensation | 393 | |
Total expenses before reductions | 308,768 | |
Expense reductions | (393) | 308,375 |
Net investment income (loss) | | 2,112,292 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (8,500,496) | |
Capital gain distributions from underlying funds | 262,317 | (8,238,179) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (47,910,180) |
Net gain (loss) | | (56,148,359) |
Net increase (decrease) in net assets resulting from operations | | $ (54,036,067) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,112,292 | $ 652,701 |
Net realized gain (loss) | (8,238,179) | 2,548,022 |
Change in net unrealized appreciation (depreciation) | (47,910,180) | (9,564,052) |
Net increase (decrease) in net assets resulting from operations | (54,036,067) | (6,363,329) |
Distributions to shareholders from net investment income | (2,013,822) | (570,874) |
Distributions to shareholders from net realized gain | (2,435,534) | (529,295) |
Total distributions | (4,449,356) | (1,100,169) |
Share transactions - net increase (decrease) | 90,758,359 | 74,511,096 |
Total increase (decrease) in net assets | 32,272,936 | 67,047,598 |
| | |
Net Assets | | |
Beginning of period | 85,112,061 | 18,064,463 |
End of period (including undistributed net investment income of $239,612 and undistributed net investment income of $94,849, respectively) | $ 117,384,997 | $ 85,112,061 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.39 | $ 11.05 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .16 | .16 | .12 |
Net realized and unrealized gain (loss) | (4.29) | (.57) | 1.06 |
Total from investment operations | (4.13) | (.41) | 1.18 |
Distributions from net investment income | (.14) | (.11) | (.08) |
Distributions from net realized gain | (.26) | (.14) | (.05) |
Total distributions | (.40) | (.25) I | (.13) |
Net asset value, end of period | $ 5.86 | $ 10.39 | $ 11.05 |
Total Return B, C, D | (40.93)% | (3.96)% | 11.78% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | .25% | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% A |
Expenses net of all reductions | .25% | .25% | .25% A |
Net investment income (loss) | 2.12% | 1.44% | 1.31% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 81,985 | $ 61,721 | $ 12,550 |
Portfolio turnover rate | 18% | 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 from 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, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.36 | $ 11.03 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .14 | .13 | .09 |
Net realized and unrealized gain (loss) | (4.28) | (.57) | 1.06 |
Total from investment operations | (4.14) | (.44) | 1.15 |
Distributions from net investment income | (.12) | (.09) | (.07) |
Distributions from net realized gain | (.26) | (.14) | (.05) |
Total distributions | (.38) | (.23) I | (.12) |
Net asset value, end of period | $ 5.84 | $ 10.36 | $ 11.03 |
Total Return B, C, D | (41.08)% | (4.23)% | 11.53% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | .50% | .50% | .50% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% A |
Expenses net of all reductions | .50% | .50% | .50% A |
Net investment income (loss) | 1.87% | 1.19% | 1.06% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 18,065 | $ 11,746 | $ 3,339 |
Portfolio turnover rate | 18% | 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, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.33 | $ 11.01 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .11 | .08 | .05 |
Net realized and unrealized gain (loss) | (4.28) | (.57) | 1.06 |
Total from investment operations | (4.17) | (.49) | 1.11 |
Distributions from net investment income | (.08) | (.06) | (.05) |
Distributions from net realized gain | (.26) | (.13) | (.05) |
Total distributions | (.34) | (.19) I | (.10) |
Net asset value, end of period | $ 5.82 | $ 10.33 | $ 11.01 |
Total Return B, C, D | (41.49)% | (4.65)% | 11.09% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | 1.37% | .69% | .56% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 2,231 | $ 2,476 | $ 776 |
Portfolio turnover rate | 18% | 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, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.32 | $ 11.01 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .11 | .08 | .05 |
Net realized and unrealized gain (loss) | (4.24) | (.58) | 1.06 |
Total from investment operations | (4.13) | (.50) | 1.11 |
Distributions from net investment income | (.08) | (.06) | (.05) |
Distributions from net realized gain | (.26) | (.13) | (.05) |
Total distributions | (.34) | (.19) I | (.10) |
Net asset value, end of period | $ 5.85 | $ 10.32 | $ 11.01 |
Total Return B, C, D | (41.08)% | (4.74)% | 11.08% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | 1.37% | .69% | .56% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 3,027 | $ 2,539 | $ 770 |
Portfolio turnover rate | 18% | 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, | 2009 | 2008 | 2007 F |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.41 | $ 11.07 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .18 | .19 | .14 |
Net realized and unrealized gain (loss) | (4.30) | (.59) | 1.06 |
Total from investment operations | (4.12) | (.40) | 1.20 |
Distributions from net investment income | (.16) | (.13) | (.08) |
Distributions from net realized gain | (.26) | (.14) | (.05) |
Total distributions | (.42) | (.26) H | (.13) |
Net asset value, end of period | $ 5.87 | $ 10.41 | $ 11.07 |
Total Return B, C | (40.81)% | (3.82)% | 12.02% |
Ratios to Average Net Assets E, G | | | |
Expenses before reductions | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% A |
Net investment income (loss) | 2.37% | 1.68% | 1.56% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 12,078 | $ 6,631 | $ 629 |
Portfolio turnover rate | 18% | 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.1 | 4.6 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.0 | 9.2 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.2 | 13.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 11.3 | 11.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.3 | 11.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.2 | 3.1 |
Fidelity Series All-Sector Equity Fund | 14.7 | 0.0 |
Fidelity Series Large Cap Value Fund | 5.3 | 0.0 |
Fidelity Small Cap Opportunities Fund | 3.1 | 3.6 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 7.7 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 5.0 |
| 69.2 | 70.5 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 9.4 | 9.7 |
Fidelity Advisor Overseas Fund Institutional Class | 9.3 | 9.7 |
Fidelity Series Emerging Markets Fund | 0.5 | 0.0 |
| 19.2 | 19.4 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 10.9 | 9.6 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 0.1 | 0.2 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.1 | 0.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.1 |
Fidelity Series Investment Grade Bond Fund | 0.4 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 0.1 |
| 0.7 | 0.5 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 69.2% | |
| International Equity Funds | 19.2% | |
| High Yield Fixed-Income Funds | 10.9% | |
| Investment Grade Fixed-Income Funds | 0.7% | |
Six months ago |
| Domestic Equity Funds | 70.5% | |
| International Equity Funds | 19.4% | |
| High Yield Fixed-Income Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 0.5% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 88.4% |
| Shares | | Value |
Domestic Equity Funds - 69.2% |
Fidelity 100 Index Fund | 536,439 | | $ 3,138,168 |
Fidelity Advisor Equity Growth Fund Institutional Class | 246,505 | | 8,233,277 |
Fidelity Advisor Equity Income Fund Institutional Class | 713,027 | | 10,474,366 |
Fidelity Advisor Growth & Income Fund Institutional Class | 1,051,561 | | 11,577,691 |
Fidelity Advisor Large Cap Fund Institutional Class | 1,048,694 | | 10,497,429 |
Fidelity Advisor Small Cap Fund Institutional Class | 197,857 | | 3,270,582 |
Fidelity Series All-Sector Equity Fund | 1,803,549 | | 15,023,562 |
Fidelity Series Large Cap Value Fund | 645,737 | | 5,437,106 |
Fidelity Small Cap Opportunities Fund | 630,901 | | 3,129,271 |
TOTAL DOMESTIC EQUITY FUNDS | | 70,781,452 |
International Equity Funds - 19.2% |
Fidelity Advisor Diversified International Fund Institutional Class | 946,653 | | 9,636,926 |
Fidelity Advisor Overseas Fund Institutional Class | 843,174 | | 9,536,303 |
Fidelity Series Emerging Markets Fund | 46,616 | | 477,348 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 19,650,577 |
TOTAL EQUITY FUNDS (Cost $139,454,992) | 90,432,029 |
Fixed-Income Funds - 11.6% |
| Shares | | Value |
High Yield Fixed-Income Funds - 10.9% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 2,117,717 | | $ 11,181,545 |
Investment Grade Fixed-Income Funds - 0.7% |
Fidelity Advisor Government Income Fund Institutional Class | 8,218 | | 89,903 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 13,276 | | 89,744 |
Fidelity Advisor Total Bond Fund Institutional Class | 15,003 | | 139,377 |
Fidelity Series Investment Grade Bond Fund | 37,343 | | 393,970 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 712,994 |
TOTAL FIXED-INCOME FUNDS (Cost $17,567,026) | 11,894,539 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $157,022,018) | $ 102,326,568 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 102,326,568 | $ 102,326,568 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $7,984,790 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $157,022,018) - See accompanying schedule | | $ 102,326,568 |
Cash | | 65 |
Receivable for investments sold | | 843,502 |
Receivable for fund shares sold | | 328,952 |
Distributions receivable from underlying funds | | 431 |
Total assets | | 103,499,518 |
| | |
Liabilities | | |
Payable for investments purchased | $ 52,138 | |
Payable for fund shares redeemed | 1,120,740 | |
Distribution fees payable | 25,802 | |
Total liabilities | | 1,198,680 |
| | |
Net Assets | | $ 102,300,838 |
Net Assets consist of: | | |
Paid in capital | | $ 165,956,276 |
Undistributed net investment income | | 142,623 |
Accumulated undistributed net realized gain (loss) on investments | | (9,102,611) |
Net unrealized appreciation (depreciation) on investments | | (54,695,450) |
Net Assets | | $ 102,300,838 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($57,590,859 ÷ 10,171,062 shares) | | $ 5.66 |
| | |
Maximum offering price per share (100/94.25 of $5.66) | | $ 6.01 |
Class T:
Net Asset Value and redemption price per share ($21,186,019 ÷ 3,742,458 shares) | | $ 5.66 |
| | |
Maximum offering price per share (100/96.50 of $5.66) | | $ 5.87 |
Class B:
Net Asset Value and offering price per share ($3,078,478 ÷ 547,065 shares)A | | $ 5.63 |
| | |
Class C:
Net Asset Value and offering price per share ($5,435,530 ÷ 956,056 shares)A | | $ 5.69 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($15,009,952 ÷ 2,632,896 shares) | | $ 5.70 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 2,161,362 |
Interest | | 19 |
Total income | | 2,161,381 |
| | |
Expenses | | |
Distribution fees | $ 322,394 | |
Independent trustees' compensation | 369 | |
Total expenses before reductions | 322,763 | |
Expense reductions | (369) | 322,394 |
Net investment income (loss) | | 1,838,987 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (8,597,026) | |
Capital gain distributions from underlying funds | 173,472 | (8,423,554) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (44,545,249) |
Net gain (loss) | | (52,968,803) |
Net increase (decrease) in net assets resulting from operations | | $ (51,129,816) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,838,987 | $ 657,993 |
Net realized gain (loss) | (8,423,554) | 2,866,413 |
Change in net unrealized appreciation (depreciation) | (44,545,249) | (10,545,175) |
Net increase (decrease) in net assets resulting from operations | (51,129,816) | (7,020,769) |
Distributions to shareholders from net investment income | (1,739,953) | (617,903) |
Distributions to shareholders from net realized gain | (2,746,301) | (637,740) |
Total distributions | (4,486,254) | (1,255,643) |
Share transactions - net increase (decrease) | 71,843,683 | 74,257,188 |
Total increase (decrease) in net assets | 16,227,613 | 65,980,776 |
| | |
Net Assets | | |
Beginning of period | 86,073,225 | 20,092,449 |
End of period (including undistributed net investment income of $142,623 and undistributed net investment income of $45,694, respectively) | $ 102,300,838 | $ 86,073,225 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.32 | $ 11.04 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .16 | .16 | .13 |
Net realized and unrealized gain (loss) | (4.40) | (.60) | 1.06 |
Total from investment operations | (4.24) | (.44) | 1.19 |
Distributions from net investment income | (.13) | (.11) | (.09) |
Distributions from net realized gain | (.30) | (.17) | (.06) |
Total distributions | (.42) I | (.28) | (.15) |
Net asset value, end of period | $ 5.66 | $ 10.32 | $ 11.04 |
Total Return B, C, D | (42.40)% | (4.27)% | 11.91% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | .25% | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% A |
Expenses net of all reductions | .25% | .25% | .25% A |
Net investment income (loss) | 2.04% | 1.39% | 1.45% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 57,591 | $ 55,250 | $ 12,907 |
Portfolio turnover rate | 16% | 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.
I Total distributions of $.422 per share is comprised of distributions from net investment income of $.127 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, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.30 | $ 11.02 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .14 | .13 | .11 |
Net realized and unrealized gain (loss) | (4.37) | (.59) | 1.05 |
Total from investment operations | (4.23) | (.46) | 1.16 |
Distributions from net investment income | (.11) | (.09) | (.08) |
Distributions from net realized gain | (.30) | (.17) | (.06) |
Total distributions | (.41) I | (.26) | (.14) |
Net asset value, end of period | $ 5.66 | $ 10.30 | $ 11.02 |
Total Return B, C, D | (42.41)% | (4.45)% | 11.64% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | .50% | .50% | .50% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% A |
Expenses net of all reductions | .50% | .50% | .50% A |
Net investment income (loss) | 1.79% | 1.14% | 1.20% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 21,186 | $ 15,147 | $ 3,520 |
Portfolio turnover rate | 16% | 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.
I Total distributions of $.407 per share is comprised of distributions from net investment income of $.112 and distributions from net realized gain of $.295 per share.
Financial Highlights - Class B
Years ended March 31, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.26 | $ 11.00 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | (4.36) | (.59) | 1.07 |
Total from investment operations | (4.26) | (.52) | 1.13 |
Distributions from net investment income | (.08) | (.06) | (.07) |
Distributions from net realized gain | (.29) | (.16) | (.06) |
Total distributions | (.37) I | (.22) | (.13) |
Net asset value, end of period | $ 5.63 | $ 10.26 | $ 11.00 |
Total Return B, C, D | (42.81)% | (4.93)% | 11.31% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | 1.29% | .64% | .70% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 3,078 | $ 3,414 | $ 1,177 |
Portfolio turnover rate | 16% | 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.
I Total distributions of $.368 per share is comprised of distributions from net investment income of $.078 and distributions from net realized gain of $.290 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.25 | $ 11.00 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | (4.29) | (.59) | 1.06 |
Total from investment operations | (4.19) | (.52) | 1.12 |
Distributions from net investment income | (.08) | (.07) | (.06) |
Distributions from net realized gain | (.29) | (.16) | (.06) |
Total distributions | (.37) I | (.23) | (.12) |
Net asset value, end of period | $ 5.69 | $ 10.25 | $ 11.00 |
Total Return B, C, D | (42.13)% | (4.99)% | 11.25% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | 1.29% | .64% | .70% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 5,436 | $ 5,380 | $ 1,507 |
Portfolio turnover rate | 16% | 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.
I Total distributions of $.370 per share is comprised of distributions from net investment income of $.080 and distributions from net realized gain of $.290 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 F |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.35 | $ 11.06 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .17 | .18 | .15 |
Net realized and unrealized gain (loss) | (4.38) | (.59) | 1.06 |
Total from investment operations | (4.21) | (.41) | 1.21 |
Distributions from net investment income | (.15) | (.13) | (.09) |
Distributions from net realized gain | (.30) | (.17) | (.06) |
Total distributions | (.44) H | (.30) | (.15) |
Net asset value, end of period | $ 5.70 | $ 10.35 | $ 11.06 |
Total Return B, C | (42.01)% | (4.02)% | 12.16% |
Ratios to Average Net Assets E, G | | | |
Expenses before reductions | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% A |
Net investment income (loss) | 2.29% | 1.64% | 1.70% |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 15,010 | $ 6,882 | $ 982 |
Portfolio turnover rate | 16% | 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.
H Total distributions of $.441 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.295 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended March 31, 2009
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. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day.
The Funds adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Funds' fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of March 31, 2009, for each Fund's investments is included at the end of each Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date. 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 is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). 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. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. In addition, the Funds will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. Certain adjustments have been made to the accounts relating to the prior periods. Collectively, these adjustments have no impact on net assets or the results and operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.
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 | $ 187,814,290 | $ 1,135,931 | $ (28,249,928) | $ (27,113,997) |
Advisor Freedom 2005 | 163,945,110 | 775,219 | (42,891,971) | (42,116,752) |
Advisor Freedom 2010 | 814,299,341 | 4,246,714 | (216,022,942) | (211,776,228) |
Advisor Freedom 2015 | 1,088,754,796 | 5,945,638 | (301,729,241) | (295,783,603) |
Advisor Freedom 2020 | 1,792,542,873 | 8,294,519 | (558,135,610) | (549,841,091) |
Advisor Freedom 2025 | 1,154,831,478 | 5,007,092 | (379,227,294) | (374,220,202) |
Advisor Freedom 2030 | 1,406,198,228 | 4,384,390 | (488,422,377) | (484,037,987) |
Advisor Freedom 2035 | 736,005,712 | 2,281,745 | (262,326,810) | (260,045,065) |
Advisor Freedom 2040 | 1,008,384,662 | 2,327,088 | (365,794,940) | (363,467,852) |
Advisor Freedom 2045 | 175,510,425 | 655,908 | (58,754,370) | (58,098,462) |
Advisor Freedom 2050 | 158,139,837 | 386,661 | (56,199,930) | (55,813,269) |
| Undistributed
Ordinary Income | Capital Loss
Carryforward |
Advisor Freedom Income | $ 398,940 | $ (3,435,419) |
Advisor Freedom 2005 | 468,016 | (6,282,292) |
Advisor Freedom 2010 | 2,254,710 | (30,891,938) |
Advisor Freedom 2015 | 2,916,785 | (42,415,853) |
Advisor Freedom 2020 | 3,649,910 | (85,005,141) |
Advisor Freedom 2025 | 2,228,832 | (55,796,563) |
Advisor Freedom 2030 | 1,852,153 | (76,501,982) |
Advisor Freedom 2035 | 912,704 | (39,694,784) |
Advisor Freedom 2040 | 1,210,490 | (57,729,888) |
Advisor Freedom 2045 | 239,614 | (7,999,140) |
Advisor Freedom 2050 | 142,623 | (7,984,790) |
The tax character of distributions paid was as follows:
March 31, 2009 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 5,856,514 | $ 1,005,271 | $ 6,861,785 |
Advisor Freedom 2005 | 4,591,097 | 2,332,348 | 6,923,445 |
Advisor Freedom 2010 | 22,631,084 | 15,734,148 | 38,365,232 |
Advisor Freedom 2015 | 27,190,807 | 21,998,591 | 49,189,398 |
Advisor Freedom 2020 | 39,768,154 | 48,584,416 | 88,352,570 |
Advisor Freedom 2025 | 23,198,269 | 26,449,952 | 49,648,221 |
Advisor Freedom 2030 | 22,969,281 | 41,568,001 | 64,537,282 |
Advisor Freedom 2035 | 10,628,393 | 18,470,352 | 29,098,745 |
Advisor Freedom 2040 | 14,702,047 | 33,344,186 | 48,046,233 |
Advisor Freedom 2045 | 2,170,604 | 2,278,752 | 4,449,356 |
Advisor Freedom 2050 | 1,780,026 | 2,706,228 | 4,486,254 |
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 |
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 | 101,702,038 | 73,118,794 |
Advisor Freedom 2005 | 98,567,688 | 75,829,009 |
Advisor Freedom 2010 | 429,277,323 | 309,601,104 |
Advisor Freedom 2015 | 537,263,140 | 321,008,288 |
Advisor Freedom 2020 | 776,646,439 | 454,694,558 |
Advisor Freedom 2025 | 552,657,440 | 247,760,107 |
Advisor Freedom 2030 | 565,812,338 | 233,774,058 |
Advisor Freedom 2035 | 324,329,609 | 106,192,272 |
Advisor Freedom 2040 | 351,732,328 | 136,774,505 |
Advisor Freedom 2045 | 107,544,464 | 18,834,045 |
Advisor Freedom 2050 | 84,590,713 | 15,217,247 |
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.
Reallocation of Underlying Fund Investments. During the period, Strategic Advisers reallocated certain investments of the Funds' to include shares of three newly created Fidelity Series Funds. This involved a taxable redemption of each Fund's interest in Fidelity Advisor Mid Cap Fund, Fidelity Advisor Dividend Growth Fund and Fidelity Advisor Intermediate Bond Fund ("selected Underlying Funds") for cash and securities in-kind
Annual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Reallocation of Underlying Fund Investments - continued
and a non-taxable exchange of those securities for shares of Fidelity Series All-Sector Equity Fund and Fidelity Series Investment Grade Bond Fund. Realized gains and losses on redemptions of the selected Underlying Funds in connection with the reallocation are presented in the accompanying Statement of Operations as "Realized gain (loss) on sale of underlying fund shares."
Details of these transactions with the related gain/(loss) for each Fund are presented in the accompanying table:
| Value of Cash and
Securities reallocated | Realized Gain/(Loss) on
redemptions of selected
Underlying Funds |
Advisor Freedom Income | $ 13,727,213 | $ (4,203,865) |
Advisor Freedom 2005 | 14,759,041 | (6,533,344) |
Advisor Freedom 2010 | 78,819,247 | (32,729,070) |
Advisor Freedom 2015 | 101,145,022 | (45,757,863) |
Advisor Freedom 2020 | 169,384,604 | (86,822,490) |
Advisor Freedom 2025 | 102,778,059 | (57,533,238) |
Advisor Freedom 2030 | 119,877,781 | (76,735,141) |
Advisor Freedom 2035 | 58,753,451 | (39,849,183) |
Advisor Freedom 2040 | 79,463,869 | (56,549,112) |
Advisor Freedom 2045 | 10,742,269 | (7,926,510) |
Advisor Freedom 2050 | 9,644,501 | (7,551,426) |
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% | $ 240,494 | $ 80,323 |
Class T | .25% | .25% | 219,066 | 1,440 |
Class B | .75% | .25% | 49,983 | 37,510 |
Class C | .75% | .25% | 126,864 | 21,648 |
| | | $ 636,407 | $ 140,921 |
Advisor Freedom 2005 | | | | |
Class A | 0% | .25% | $ 246,113 | $ 108,775 |
Class T | .25% | .25% | 87,956 | 382 |
Class B | .75% | .25% | 35,836 | 26,901 |
Class C | .75% | .25% | 88,853 | 17,625 |
| | | $ 458,758 | $ 153,683 |
Advisor Freedom 2010 | | | | |
Class A | 0% | .25% | $ 948,528 | $ 292,406 |
Class T | .25% | .25% | 964,010 | - |
Class B | .75% | .25% | 279,585 | 209,828 |
Class C | .75% | .25% | 492,690 | 92,401 |
| | | $ 2,684,813 | $ 594,635 |
Advisor Freedom 2015 | | | | |
Class A | 0% | .25% | $ 1,292,715 | $ 404,266 |
Class T | .25% | .25% | 945,464 | 2,118 |
Class B | .75% | .25% | 369,029 | 277,007 |
Class C | .75% | .25% | 580,388 | 94,034 |
| | | $ 3,187,596 | $ 777,425 |
Annual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
Advisor Freedom 2020 | Distribution
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 1,920,961 | $ 488,681 |
Class T | .25% | .25% | 2,021,546 | 1,958 |
Class B | .75% | .25% | 731,449 | 549,035 |
Class C | .75% | .25% | 818,318 | 156,834 |
| | | $ 5,492,274 | $ 1,196,508 |
Advisor Freedom 2025 | | | | |
Class A | 0% | .25% | $ 1,378,247 | $ 443,343 |
Class T | .25% | .25% | 797,144 | 150 |
Class B | .75% | .25% | 365,454 | 274,407 |
Class C | .75% | .25% | 368,788 | 73,849 |
| | | $ 2,909,633 | $ 791,749 |
Advisor Freedom 2030 | | | | |
Class A | 0% | .25% | $ 1,482,702 | $ 422,226 |
Class T | .25% | .25% | 1,336,416 | - |
Class B | .75% | .25% | 494,747 | 371,098 |
Class C | .75% | .25% | 505,391 | 81,554 |
| | | $ 3,819,256 | $ 874,878 |
Advisor Freedom 2035 | | | | |
Class A | 0% | .25% | $ 827,005 | $ 293,223 |
Class T | .25% | .25% | 457,892 | - |
Class B | .75% | .25% | 236,110 | 177,124 |
Class C | .75% | .25% | 207,443 | 41,491 |
| | | $ 1,728,450 | $ 511,838 |
Advisor Freedom 2040 | | | | |
Class A | 0% | .25% | $ 976,166 | $ 223,886 |
Class T | .25% | .25% | 1,049,816 | 1,052 |
Class B | .75% | .25% | 410,481 | 307,974 |
Class C | .75% | .25% | 457,333 | 68,868 |
| | | $ 2,893,796 | $ 601,780 |
Advisor Freedom 2045 | | | | |
Class A | 0% | .25% | $ 181,495 | $ 82,418 |
Class T | .25% | .25% | 72,623 | - |
Class B | .75% | .25% | 26,088 | 19,571 |
Class C | .75% | .25% | 28,169 | 13,390 |
| | | $ 308,375 | $ 115,379 |
Advisor Freedom 2050 | | | | |
Class A | 0% | .25% | $ 139,568 | $ 37,504 |
Class T | .25% | .25% | 92,942 | 132 |
Class B | .75% | .25% | 34,873 | 26,155 |
Class C | .75% | .25% | 55,011 | 25,132 |
| | | $ 322,394 | $ 88,923 |
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.
Annual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
Advisor Freedom Income | Retained by FDC |
Class A | $ 14,102 |
Class T | 6,267 |
Class B* | 20,357 |
Class C* | 1,260 |
| $ 41,986 |
Advisor Freedom 2005 | |
Class A | $ 11,445 |
Class T | 1,683 |
Class B* | 22,275 |
Class C* | 9,576 |
| $ 44,979 |
Advisor Freedom 2010 | |
Class A | $ 35,266 |
Class T | 18,409 |
Class B* | 84,252 |
Class C* | 10,050 |
| $ 147,977 |
Advisor Freedom 2015 | |
Class A | $ 81,408 |
Class T | 25,745 |
Class B* | 157,664 |
Class C* | 9,594 |
| $ 274,411 |
Advisor Freedom 2020 | |
Class A | $ 126,003 |
Class T | 40,639 |
Class B* | 237,015 |
Class C* | 20,211 |
| $ 423,868 |
Advisor Freedom 2025 | |
Class A | $ 97,139 |
Class T | 29,388 |
Class B* | 143,760 |
Class C* | 6,473 |
| $ 276,760 |
Advisor Freedom 2030 | |
Class A | $ 114,602 |
Class T | 26,003 |
Class B* | 177,909 |
Class C* | 9,352 |
| $ 327,866 |
Advisor Freedom 2035 | |
Class A | $ 65,979 |
Class T | 18,766 |
Class B* | 92,424 |
Class C* | 5,603 |
| $ 182,772 |
Advisor Freedom 2040 | |
Class A | $ 102,851 |
Class T | 29,862 |
Class B* | 159,694 |
Class C* | 7,220 |
| $ 299,627 |
Annual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
Advisor Freedom 2045 | |
Class A | $ 20,908 |
Class T | 5,005 |
Class B* | 11,103 |
Class C* | 846 |
| $ 37,862 |
Advisor Freedom 2050 | |
Class A | $ 28,557 |
Class T | 7,484 |
Class B* | 9,740 |
Class C* | 2,623 |
| $ 48,404 |
* 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.
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% | $ 383 |
Class T | .50% | 174 |
Class B | 1.00% | 20 |
Class C | 1.00% | 51 |
Institutional Class | .00% | 36 |
Advisor Freedom 2005 | | |
Class A | .25% | 399 |
Class T | .50% | 71 |
Class B | 1.00% | 15 |
Class C | 1.00% | 36 |
Institutional Class | .00% | 41 |
Advisor Freedom 2010 | | |
Class A | .25% | 1,537 |
Class T | .50% | 782 |
Class B | 1.00% | 113 |
Class C | 1.00% | 200 |
Institutional Class | .00% | 191 |
Advisor Freedom 2015 | | |
Class A | .25% | 2,081 |
Class T | .50% | 762 |
Class B | 1.00% | 149 |
Class C | 1.00% | 234 |
Institutional Class | .00% | 334 |
Advisor Freedom 2020 | | |
Class A | .25% | 3,132 |
Class T | .50% | 1,649 |
Class B | 1.00% | 299 |
Class C | 1.00% | 334 |
Institutional Class | .00% | 436 |
Annual Report
Notes to Financial Statements - continued
6. Expense Reductions - continued
| Expense
Limitations | Reimbursement
from adviser |
Advisor Freedom 2025 | | |
Class A | .25% | $ 2,219 |
Class T | .50% | 642 |
Class B | 1.00% | 147 |
Class C | 1.00% | 149 |
Institutional Class | .00% | 287 |
Advisor Freedom 2030 | | |
Class A | .25% | 2,413 |
Class T | .50% | 1,088 |
Class B | 1.00% | 202 |
Class C | 1.00% | 206 |
Institutional Class | .00% | 332 |
Advisor Freedom 2035 | | |
Class A | .25% | 1,331 |
Class T | .50% | 369 |
Class B | 1.00% | 95 |
Class C | 1.00% | 84 |
Institutional Class | .00% | 175 |
Advisor Freedom 2040 | | |
Class A | .25% | 1,601 |
Class T | .50% | 861 |
Class B | 1.00% | 169 |
Class C | 1.00% | 188 |
Institutional Class | .00% | 217 |
Advisor Freedom 2045 | | |
Class A | .25% | 279 |
Class T | .50% | 56 |
Class B | 1.00% | 10 |
Class C | 1.00% | 11 |
Institutional Class | .00% | 37 |
Advisor Freedom 2050 | | |
Class A | .25% | 217 |
Class T | .50% | 73 |
Class B | 1.00% | 14 |
Class C | 1.00% | 22 |
Institutional Class | .00% | 43 |
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended March 31, | 2009 | 2008 |
Advisor Freedom Income | | |
From net investment income | | |
Class A | $ 2,990,969 | $ 2,504,685 |
Class T | 1,242,739 | 1,563,953 |
Class B | 118,298 | 152,566 |
Class C | 295,522 | 433,205 |
Institutional Class | 304,252 | 228,075 |
Total | $ 4,951,780 | $ 4,882,484 |
Annual Report
7. Distributions to Shareholders - continued
Years ended March 31, | 2009 | 2008 |
From net realized gain | | |
Class A | $ 1,103,465 | $ 363,946 |
Class T | 501,951 | 265,719 |
Class B | 58,786 | 31,009 |
Class C | 143,588 | 84,230 |
Institutional Class | 102,215 | 29,749 |
Total | $ 1,910,005 | $ 774,653 |
Advisor Freedom 2005 | | |
From net investment income | | |
Class A | $ 2,875,262 | $ 1,724,823 |
Class T | 435,635 | 428,083 |
Class B | 67,624 | 51,521 |
Class C | 160,605 | 147,372 |
Institutional Class | 324,455 | 207,409 |
Total | $ 3,863,581 | $ 2,559,208 |
From net realized gain | | |
Class A | $ 2,130,306 | $ 834,705 |
Class T | 423,340 | 290,404 |
Class B | 84,230 | 52,453 |
Class C | 214,103 | 130,191 |
Institutional Class | 207,885 | 78,795 |
Total | $ 3,059,864 | $ 1,386,548 |
Advisor Freedom 2010 | | |
From net investment income | | |
Class A | $ 10,947,222 | $ 8,089,684 |
Class T | 5,111,081 | 4,645,864 |
Class B | 504,030 | 581,796 |
Class C | 905,547 | 979,699 |
Institutional Class | 1,477,806 | 999,219 |
Total | $ 18,945,686 | $ 15,296,262 |
From net realized gain | | |
Class A | $ 10,198,551 | $ 4,371,752 |
Class T | 5,679,097 | 3,146,806 |
Class B | 862,119 | 543,390 |
Class C | 1,488,953 | 798,291 |
Institutional Class | 1,190,826 | 439,647 |
Total | $ 19,419,546 | $ 9,299,886 |
Advisor Freedom 2015 | | |
From net investment income | | |
Class A | $ 14,240,612 | $ 9,282,719 |
Class T | 4,518,598 | 3,805,292 |
Class B | 620,340 | 608,280 |
Class C | 1,044,267 | 916,055 |
Institutional Class | 2,519,733 | 1,380,515 |
Total | $ 22,943,550 | $ 15,992,861 |
From net realized gain | | |
Class A | $ 15,189,802 | $ 6,792,732 |
Class T | 5,848,859 | 3,796,442 |
Class B | 1,211,160 | 835,908 |
Class C | 1,851,735 | 1,173,886 |
Institutional Class | 2,144,292 | 894,618 |
Total | $ 26,245,848 | $ 13,493,586 |
Annual Report
Notes to Financial Statements - continued
7. Distributions to Shareholders - continued
Years ended March 31, | 2009 | 2008 |
Advisor Freedom 2020 | | |
From net investment income | | |
Class A | $ 19,215,664 | $ 13,227,162 |
Class T | 9,183,010 | 7,368,496 |
Class B | 1,086,901 | 994,726 |
Class C | 1,261,267 | 1,068,257 |
Institutional Class | 3,144,021 | 1,659,078 |
Total | $ 33,890,863 | $ 24,317,719 |
From net realized gain | | |
Class A | $ 28,711,282 | $ 13,024,880 |
Class T | 15,997,485 | 10,046,546 |
Class B | 3,039,923 | 1,981,035 |
Class C | 3,299,753 | 1,985,963 |
Institutional Class | 3,413,264 | 1,178,241 |
Total | $ 54,461,707 | $ 28,216,665 |
Advisor Freedom 2025 | | |
From net investment income | | |
Class A | $ 13,299,070 | $ 7,874,109 |
Class T | 3,310,848 | 2,457,202 |
Class B | 505,085 | 398,931 |
Class C | 558,066 | 394,171 |
Institutional Class | 1,956,756 | 831,749 |
Total | $ 19,629,825 | $ 11,956,162 |
From net realized gain | | |
Class A | $ 19,217,652 | $ 8,202,079 |
Class T | 5,918,387 | 3,646,794 |
Class B | 1,447,951 | 892,352 |
Class C | 1,386,204 | 791,593 |
Institutional Class | 2,048,202 | 528,297 |
Total | $ 30,018,396 | $ 14,061,115 |
Advisor Freedom 2030 | | |
From net investment income | | |
Class A | $ 12,523,897 | $ 7,205,006 |
Class T | 5,041,844 | 3,287,728 |
Class B | 523,790 | 414,862 |
Class C | 595,367 | 403,557 |
Institutional Class | 2,087,935 | 916,629 |
Total | $ 20,772,833 | $ 12,227,782 |
From net realized gain | | |
Class A | $ 24,763,231 | $ 10,936,038 |
Class T | 11,555,431 | 7,840,143 |
Class B | 2,319,770 | 1,556,434 |
Class C | 2,296,059 | 1,494,609 |
Institutional Class | 2,829,958 | 989,968 |
Total | $ 43,764,449 | $ 22,817,192 |
Advisor Freedom 2035 | | |
From net investment income | | |
Class A | $ 6,685,226 | $ 3,345,833 |
Class T | 1,578,824 | 952,354 |
Class B | 253,655 | 177,323 |
Class C | 241,140 | 143,957 |
Institutional Class | 1,000,816 | 415,381 |
Total | $ 9,759,661 | $ 5,034,848 |
Annual Report
7. Distributions to Shareholders - continued
Years ended March 31, | 2009 | 2008 |
From net realized gain | | |
Class A | $ 12,449,964 | $ 4,819,324 |
Class T | 3,685,700 | 2,263,096 |
Class B | 1,024,129 | 601,586 |
Class C | 863,970 | 497,133 |
Institutional Class | 1,315,321 | 334,622 |
Total | $ 19,339,084 | $ 8,515,761 |
Advisor Freedom 2040 | | |
From net investment income | | |
Class A | $ 7,793,389 | $ 5,153,377 |
Class T | 3,588,898 | 2,630,359 |
Class B | 436,286 | 354,339 |
Class C | 515,663 | 387,464 |
Institutional Class | 1,332,872 | 634,685 |
Total | $ 13,667,108 | $ 9,160,224 |
From net realized gain | | |
Class A | $ 18,027,783 | $ 8,341,256 |
Class T | 9,963,489 | 6,395,011 |
Class B | 2,093,643 | 1,317,210 |
Class C | 2,284,827 | 1,493,781 |
Institutional Class | 2,009,383 | 733,784 |
Total | $ 34,379,125 | $ 18,281,042 |
Advisor Freedom 2045 | | |
From net investment income | | |
Class A | $ 1,453,387 | $ 408,907 |
Class T | 279,952 | 76,927 |
Class B | 27,920 | 11,522 |
Class C | 33,745 | 11,199 |
Institutional Class | 218,818 | 62,319 |
Total | $ 2,013,822 | $ 570,874 |
From net realized gain | | |
Class A | $ 1,746,634 | $ 365,060 |
Class T | 344,367 | 84,292 |
Class B | 73,453 | 18,988 |
Class C | 73,894 | 18,223 |
Institutional Class | 197,186 | 42,732 |
Total | $ 2,435,534 | $ 529,295 |
Advisor Freedom 2050 | | |
From net investment income | | |
Class A | $ 1,030,278 | $ 421,587 |
Class T | 319,811 | 94,910 |
Class B | 38,529 | 15,927 |
Class C | 62,649 | 26,686 |
Institutional Class | 288,686 | 58,793 |
Total | $ 1,739,953 | $ 617,903 |
From net realized gain | | |
Class A | $ 1,711,927 | $ 409,384 |
Class T | 515,363 | 109,763 |
Class B | 110,348 | 29,999 |
Class C | 167,930 | 43,754 |
Institutional Class | 240,733 | 44,840 |
Total | $ 2,746,301 | $ 637,740 |
Annual Report
Notes to Financial Statements - continued
8. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
Years ended March 31, | 2009 | 2008 | 2009 | 2008 |
Advisor Freedom Income | | | | |
Class A | | | | |
Shares sold | 6,982,465 | 6,395,797 | $ 67,700,366 | $ 68,652,447 |
Reinvestment of distributions | 424,486 | 259,372 | 4,014,480 | 2,783,957 |
Shares redeemed | (5,026,311) | (2,922,596) | (47,294,795) | (31,256,793) |
Net increase (decrease) | 2,380,640 | 3,732,573 | $ 24,420,051 | $ 40,179,611 |
Class T | | | | |
Shares sold | 2,860,068 | 2,855,150 | $ 27,200,706 | $ 30,643,258 |
Reinvestment of distributions | 178,640 | 164,484 | 1,693,207 | 1,765,934 |
Shares redeemed | (2,445,970) | (2,428,323) | (23,290,929) | (25,960,467) |
Net increase (decrease) | 592,738 | 591,311 | $ 5,602,984 | $ 6,448,725 |
Class B | | | | |
Shares sold | 157,222 | 214,502 | $ 1,476,911 | $ 2,287,850 |
Reinvestment of distributions | 17,174 | 15,304 | 162,898 | 164,212 |
Shares redeemed | (214,129) | (165,034) | (1,990,988) | (1,766,793) |
Net increase (decrease) | (39,733) | 64,772 | $ (351,179) | $ 685,269 |
Class C | | | | |
Shares sold | 508,802 | 601,335 | $ 4,852,317 | $ 6,439,273 |
Reinvestment of distributions | 39,179 | 39,613 | 372,190 | 424,846 |
Shares redeemed | (655,537) | (469,822) | (6,321,803) | (5,023,022) |
Net increase (decrease) | (107,556) | 171,126 | $ (1,097,296) | $ 1,841,097 |
Institutional Class | | | | |
Shares sold | 766,168 | 1,046,538 | $ 7,275,963 | $ 11,013,967 |
Reinvestment of distributions | 42,274 | 23,599 | 402,268 | 253,422 |
Shares redeemed | (712,207) | (460,080) | (6,686,370) | (4,893,967) |
Net increase (decrease) | 96,235 | 610,057 | $ 991,861 | $ 6,373,422 |
Advisor Freedom 2005 | | | | |
Class A | | | | |
Shares sold | 7,824,991 | 7,280,006 | $ 76,183,885 | $ 86,978,408 |
Reinvestment of distributions | 527,603 | 209,681 | 4,959,217 | 2,523,615 |
Shares redeemed | (6,052,431) | (3,032,111) | (57,057,843) | (36,068,889) |
Net increase (decrease) | 2,300,163 | 4,457,576 | $ 24,085,259 | $ 53,433,134 |
Class T | | | | |
Shares sold | 1,107,674 | 1,302,460 | $ 10,689,045 | $ 15,596,978 |
Reinvestment of distributions | 83,844 | 57,458 | 807,051 | 691,442 |
Shares redeemed | (1,238,205) | (1,248,968) | (11,959,868) | (14,879,592) |
Net increase (decrease) | (46,687) | 110,950 | $ (463,772) | $ 1,408,828 |
Class B | | | | |
Shares sold | 93,691 | 134,939 | $ 943,061 | $ 1,573,994 |
Reinvestment of distributions | 14,275 | 7,641 | 138,494 | 91,841 |
Shares redeemed | (157,750) | (97,335) | (1,505,391) | (1,155,938) |
Net increase (decrease) | (49,784) | 45,245 | $ (423,836) | $ 509,897 |
Class C | | | | |
Shares sold | 332,577 | 398,272 | $ 3,214,674 | $ 4,710,455 |
Reinvestment of distributions | 34,394 | 20,492 | 335,809 | 245,781 |
Shares redeemed | (504,271) | (218,640) | (4,858,459) | (2,586,377) |
Net increase (decrease) | (137,300) | 200,124 | $ (1,307,976) | $ 2,369,859 |
Institutional Class | | | | |
Shares sold | 679,881 | 898,304 | $ 6,849,983 | $ 10,934,550 |
Reinvestment of distributions | 56,512 | 23,531 | 527,550 | 284,303 |
Shares redeemed | (434,113) | (368,372) | (4,200,339) | (4,367,156) |
Net increase (decrease) | 302,280 | 553,463 | $ 3,177,194 | $ 6,851,697 |
Annual Report
8. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2009 | 2008 | 2009 | 2008 |
Advisor Freedom 2010 | | | | |
Class A | | | | |
Shares sold | 27,644,971 | 21,172,266 | $ 279,300,486 | $ 262,315,907 |
Reinvestment of distributions | 2,137,557 | 977,928 | 20,813,308 | 12,200,535 |
Shares redeemed | (20,377,432) | (10,377,196) | (193,937,215) | (128,191,139) |
Net increase (decrease) | 9,405,096 | 11,772,998 | $ 106,176,579 | $ 146,325,303 |
Class T | | | | |
Shares sold | 10,512,535 | 9,009,530 | $ 100,864,998 | $ 110,976,658 |
Reinvestment of distributions | 1,078,073 | 619,841 | 10,623,798 | 7,710,014 |
Shares redeemed | (9,978,388) | (7,066,194) | (95,483,371) | (87,124,252) |
Net increase (decrease) | 1,612,220 | 2,563,177 | $ 16,005,425 | $ 31,562,420 |
Class B | | | | |
Shares sold | 360,739 | 531,540 | $ 3,611,530 | $ 6,513,051 |
Reinvestment of distributions | 121,076 | 81,330 | 1,229,138 | 1,009,856 |
Shares redeemed | (951,618) | (551,595) | (8,905,172) | (6,803,579) |
Net increase (decrease) | (469,803) | 61,275 | $ (4,064,504) | $ 719,328 |
Class C | | | | |
Shares sold | 1,451,192 | 1,941,907 | $ 14,356,301 | $ 23,880,546 |
Reinvestment of distributions | 207,922 | 125,362 | 2,096,514 | 1,552,639 |
Shares redeemed | (2,043,613) | (1,000,919) | (19,263,851) | (12,286,806) |
Net increase (decrease) | (384,499) | 1,066,350 | $ (2,811,036) | $ 13,146,379 |
Institutional Class | | | | |
Shares sold | 3,808,131 | 2,789,625 | $ 39,641,688 | $ 34,942,048 |
Reinvestment of distributions | 267,634 | 109,553 | 2,583,482 | 1,370,855 |
Shares redeemed | (2,374,575) | (1,273,890) | (22,636,136) | (15,744,160) |
Net increase (decrease) | 1,701,190 | 1,625,288 | $ 19,589,034 | $ 20,568,743 |
Advisor Freedom 2015 | | | | |
Class A | | | | |
Shares sold | 33,660,949 | 30,012,366 | $ 332,436,308 | $ 375,290,820 |
Reinvestment of distributions | 2,969,139 | 1,252,597 | 29,046,026 | 15,820,828 |
Shares redeemed | (21,015,336) | (11,069,498) | (201,059,105) | (138,060,728) |
Net increase (decrease) | 15,614,752 | 20,195,465 | $ 160,423,229 | $ 253,050,920 |
Class T | | | | |
Shares sold | 9,552,536 | 7,187,921 | $ 93,377,388 | $ 89,866,267 |
Reinvestment of distributions | 1,015,718 | 593,664 | 10,080,764 | 7,487,851 |
Shares redeemed | (7,598,715) | (5,577,816) | (71,596,533) | (69,873,542) |
Net increase (decrease) | 2,969,539 | 2,203,769 | $ 31,861,619 | $ 27,480,576 |
Class B | | | | |
Shares sold | 681,198 | 952,656 | $ 6,933,950 | $ 11,837,765 |
Reinvestment of distributions | 168,864 | 107,501 | 1,718,215 | 1,351,705 |
Shares redeemed | (1,095,174) | (715,996) | (10,356,068) | (8,904,180) |
Net increase (decrease) | (245,112) | 344,161 | $ (1,703,903) | $ 4,285,290 |
Class C | | | | |
Shares sold | 1,862,954 | 1,762,544 | $ 18,285,509 | $ 21,931,918 |
Reinvestment of distributions | 257,190 | 147,692 | 2,586,187 | 1,855,516 |
Shares redeemed | (1,826,626) | (938,455) | (17,084,660) | (11,655,229) |
Net increase (decrease) | 293,518 | 971,781 | $ 3,787,036 | $ 12,132,205 |
Institutional Class | | | | |
Shares sold | 6,396,847 | 4,107,174 | $ 66,855,852 | $ 52,023,759 |
Reinvestment of distributions | 480,395 | 177,571 | 4,619,510 | 2,253,324 |
Shares redeemed | (3,018,599) | (1,687,314) | (28,959,207) | (21,403,007) |
Net increase (decrease) | 3,858,643 | 2,597,431 | $ 42,516,155 | $ 32,874,076 |
Annual Report
Notes to Financial Statements - continued
8. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2009 | 2008 | 2009 | 2008 |
Advisor Freedom 2020 | | | | |
Class A | | | | |
Shares sold | 42,768,917 | 38,566,894 | $ 438,011,578 | $ 525,160,644 |
Reinvestment of distributions | 4,520,276 | 1,874,481 | 47,381,140 | 25,889,867 |
Shares redeemed | (26,063,863) | (14,579,291) | (259,723,487) | (197,670,315) |
Net increase (decrease) | 21,225,330 | 25,862,084 | $ 225,669,231 | $ 353,380,196 |
Class T | | | | |
Shares sold | 18,886,061 | 15,080,905 | $ 186,399,308 | $ 205,467,830 |
Reinvestment of distributions | 2,337,116 | 1,251,431 | 24,805,802 | 17,269,011 |
Shares redeemed | (14,070,253) | (12,338,940) | (140,504,124) | (168,368,029) |
Net increase (decrease) | 7,152,924 | 3,993,396 | $ 70,700,986 | $ 54,368,812 |
Class B | | | | |
Shares sold | 1,103,375 | 1,397,786 | $ 11,809,274 | $ 18,987,125 |
Reinvestment of distributions | 360,923 | 206,609 | 3,962,480 | 2,841,914 |
Shares redeemed | (1,839,222) | (979,173) | (18,050,005) | (13,271,484) |
Net increase (decrease) | (374,924) | 625,222 | $ (2,278,251) | $ 8,557,555 |
Class C | | | | |
Shares sold | 2,884,143 | 2,950,874 | $ 29,790,918 | $ 40,072,501 |
Reinvestment of distributions | 361,443 | 193,944 | 3,933,566 | 2,664,764 |
Shares redeemed | (2,865,470) | (1,961,725) | (27,955,288) | (26,617,780) |
Net increase (decrease) | 380,116 | 1,183,093 | $ 5,769,196 | $ 16,119,485 |
Institutional Class | | | | |
Shares sold | 8,703,199 | 5,531,638 | $ 92,686,776 | $ 76,296,447 |
Reinvestment of distributions | 630,394 | 196,081 | 6,383,899 | 2,719,400 |
Shares redeemed | (2,981,000) | (1,698,087) | (29,805,650) | (23,097,020) |
Net increase (decrease) | 6,352,593 | 4,029,632 | $ 69,265,025 | $ 55,918,827 |
Advisor Freedom 2025 | | | | |
Class A | | | | |
Shares sold | 36,598,209 | 31,444,214 | $ 351,257,221 | $ 413,397,979 |
Reinvestment of distributions | 3,228,324 | 1,193,033 | 32,255,912 | 15,943,550 |
Shares redeemed | (17,140,862) | (10,605,763) | (160,248,668) | (138,593,485) |
Net increase (decrease) | 22,685,671 | 22,031,484 | $ 223,264,465 | $ 290,748,044 |
Class T | | | | |
Shares sold | 9,116,017 | 7,320,665 | $ 86,676,520 | $ 96,719,142 |
Reinvestment of distributions | 882,777 | 451,032 | 9,017,264 | 6,039,311 |
Shares redeemed | (5,644,264) | (5,426,572) | (53,391,522) | (71,792,696) |
Net increase (decrease) | 4,354,530 | 2,345,125 | $ 42,302,262 | $ 30,965,757 |
Class B | | | | |
Shares sold | 743,353 | 1,032,697 | $ 7,578,046 | $ 13,514,621 |
Reinvestment of distributions | 179,009 | 94,056 | 1,884,532 | 1,250,009 |
Shares redeemed | (812,754) | (523,284) | (7,458,928) | (6,862,113) |
Net increase (decrease) | 109,608 | 603,469 | $ 2,003,650 | $ 7,902,517 |
Class C | | | | |
Shares sold | 1,719,703 | 1,232,948 | $ 16,055,880 | $ 16,188,203 |
Reinvestment of distributions | 173,569 | 81,325 | 1,792,762 | 1,080,397 |
Shares redeemed | (960,545) | (519,398) | (8,431,223) | (6,755,133) |
Net increase (decrease) | 932,727 | 794,875 | $ 9,417,419 | $ 10,513,467 |
Institutional Class | | | | |
Shares sold | 7,043,431 | 4,059,864 | $ 74,326,650 | $ 54,260,664 |
Reinvestment of distributions | 412,243 | 99,805 | 3,981,166 | 1,339,601 |
Shares redeemed | (2,496,321) | (942,331) | (24,805,293) | (12,524,147) |
Net increase (decrease) | 4,959,353 | 3,217,338 | $ 53,502,523 | $ 43,076,118 |
Advisor Freedom 2030 | | | | |
Class A | | | | |
Shares sold | 36,571,859 | 31,843,152 | $ 369,068,951 | $ 459,602,140 |
Reinvestment of distributions | 3,333,735 | 1,221,831 | 36,933,871 | 17,967,778 |
Shares redeemed | (18,526,964) | (9,968,940) | (184,096,059) | (142,503,129) |
Net increase (decrease) | 21,378,630 | 23,096,043 | $ 221,906,763 | $ 335,066,789 |
Annual Report
8. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2009 | 2008 | 2009 | 2008 |
Class T | | | | |
Shares sold | 15,493,194 | 11,245,298 | $ 151,841,595 | $ 162,101,126 |
Reinvestment of distributions | 1,467,862 | 752,594 | 16,407,269 | 11,039,870 |
Shares redeemed | (8,605,624) | (9,323,237) | (87,102,297) | (135,908,919) |
Net increase (decrease) | 8,355,432 | 2,674,655 | $ 81,146,567 | $ 37,232,077 |
Class B | | | | |
Shares sold | 853,353 | 1,094,290 | $ 9,110,199 | $ 15,718,712 |
Reinvestment of distributions | 234,952 | 130,528 | 2,754,171 | 1,905,487 |
Shares redeemed | (998,967) | (658,615) | (9,944,194) | (9,302,781) |
Net increase (decrease) | 89,338 | 566,203 | $ 1,920,176 | $ 8,321,418 |
Class C | | | | |
Shares sold | 1,778,130 | 1,428,374 | $ 17,627,965 | $ 20,470,871 |
Reinvestment of distributions | 229,804 | 119,323 | 2,662,650 | 1,741,917 |
Shares redeemed | (1,190,976) | (925,108) | (11,472,328) | (13,146,909) |
Net increase (decrease) | 816,958 | 622,589 | $ 8,818,287 | $ 9,065,879 |
Institutional Class | | | | |
Shares sold | 7,173,836 | 4,311,519 | $ 74,902,303 | $ 62,949,526 |
Reinvestment of distributions | 456,149 | 122,302 | 4,820,536 | 1,804,784 |
Shares redeemed | (2,109,452) | (998,614) | (21,087,016) | (14,596,036) |
Net increase (decrease) | 5,520,533 | 3,435,207 | $ 58,635,823 | $ 50,158,274 |
Advisor Freedom 2035 | | | | |
Class A | | | | |
Shares sold | 24,984,613 | 21,196,181 | $ 233,206,889 | $ 288,304,008 |
Reinvestment of distributions | 1,840,329 | 582,502 | 18,981,347 | 8,092,022 |
Shares redeemed | (9,851,227) | (5,766,443) | (92,108,084) | (77,817,751) |
Net increase (decrease) | 16,973,715 | 16,012,240 | $ 160,080,152 | $ 218,578,279 |
Class T | | | | |
Shares sold | 5,952,168 | 4,490,317 | $ 55,077,528 | $ 61,032,845 |
Reinvestment of distributions | 492,541 | 230,541 | 5,172,978 | 3,188,274 |
Shares redeemed | (3,034,429) | (3,046,746) | (28,314,087) | (41,592,325) |
Net increase (decrease) | 3,410,280 | 1,674,112 | $ 31,936,419 | $ 22,628,794 |
Class B | | | | |
Shares sold | 579,388 | 727,943 | $ 5,700,656 | $ 9,848,745 |
Reinvestment of distributions | 114,147 | 55,321 | 1,248,634 | 760,291 |
Shares redeemed | (425,319) | (268,514) | (3,994,907) | (3,598,845) |
Net increase (decrease) | 268,216 | 514,750 | $ 2,954,383 | $ 7,010,191 |
Class C | | | | |
Shares sold | 1,020,539 | 744,599 | $ 9,370,199 | $ 10,054,795 |
Reinvestment of distributions | 96,416 | 43,460 | 1,041,544 | 597,725 |
Shares redeemed | (479,767) | (349,529) | (4,400,281) | (4,698,348) |
Net increase (decrease) | 637,188 | 438,530 | $ 6,011,462 | $ 5,954,172 |
Institutional Class | | | | |
Shares sold | 4,318,097 | 2,734,548 | $ 43,926,192 | $ 37,807,044 |
Reinvestment of distributions | 233,544 | 53,535 | 2,312,872 | 746,046 |
Shares redeemed | (1,210,387) | (543,000) | (11,613,780) | (7,395,551) |
Net increase (decrease) | 3,341,254 | 2,245,083 | $ 34,625,284 | $ 31,157,539 |
Advisor Freedom 2040 | | | | |
Class A | | | | |
Shares sold | 22,907,802 | 19,155,475 | $ 229,408,437 | $ 285,070,394 |
Reinvestment of distributions | 2,235,268 | 880,790 | 25,465,481 | 13,339,232 |
Shares redeemed | (11,591,220) | (6,437,466) | (118,053,909) | (95,274,858) |
Net increase (decrease) | 13,551,850 | 13,598,799 | $ 136,820,009 | $ 203,134,768 |
Class T | | | | |
Shares sold | 11,685,682 | 8,339,567 | $ 115,123,107 | $ 123,585,235 |
Reinvestment of distributions | 1,168,582 | 596,272 | 13,493,008 | 9,006,999 |
Shares redeemed | (6,458,211) | (6,451,723) | (67,074,170) | (96,064,959) |
Net increase (decrease) | 6,396,053 | 2,484,116 | $ 61,541,945 | $ 36,527,275 |
Annual Report
Notes to Financial Statements - continued
8. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2009 | 2008 | 2009 | 2008 |
Class B | | | | |
Shares sold | 697,441 | 1,033,232 | $ 7,381,584 | $ 15,187,232 |
Reinvestment of distributions | 205,367 | 108,535 | 2,471,340 | 1,628,020 |
Shares redeemed | (768,134) | (528,583) | (7,870,942) | (7,760,981) |
Net increase (decrease) | 134,674 | 613,184 | $ 1,981,982 | $ 9,054,271 |
Class C | | | | |
Shares sold | 1,430,154 | 1,171,341 | $ 14,372,126 | $ 17,304,375 |
Reinvestment of distributions | 222,333 | 118,241 | 2,652,427 | 1,773,152 |
Shares redeemed | (1,186,886) | (943,498) | (11,203,689) | (13,863,706) |
Net increase (decrease) | 465,601 | 346,084 | $ 5,820,864 | $ 5,213,821 |
Institutional Class | | | | |
Shares sold | 5,128,738 | 2,783,889 | $ 52,025,528 | $ 41,634,833 |
Reinvestment of distributions | 301,181 | 84,901 | 3,256,018 | 1,289,408 |
Shares redeemed | (1,363,335) | (761,479) | (14,118,456) | (11,355,666) |
Net increase (decrease) | 4,066,584 | 2,107,311 | $ 41,163,090 | $ 31,568,575 |
Advisor Freedom 2045 | | | | |
Class A | | | | |
Shares sold | 10,501,973 | 5,976,822 | $ 79,738,869 | $ 67,538,170 |
Reinvestment of distributions | 402,720 | 66,457 | 3,193,824 | 771,955 |
Shares redeemed | (2,847,127) | (1,235,991) | (21,159,265) | (13,806,904) |
Net increase (decrease) | 8,057,566 | 4,807,288 | $ 61,773,428 | $ 54,503,221 |
Class T | | | | |
Shares sold | 2,641,382 | 1,134,327 | $ 19,692,407 | $ 12,786,797 |
Reinvestment of distributions | 78,999 | 13,886 | 621,637 | 161,155 |
Shares redeemed | (760,540) | (317,499) | (5,831,312) | (3,582,304) |
Net increase (decrease) | 1,959,841 | 830,714 | $ 14,482,732 | $ 9,365,648 |
Class B | | | | |
Shares sold | 201,093 | 197,272 | $ 1,704,203 | $ 2,237,639 |
Reinvestment of distributions | 11,604 | 2,563 | 99,161 | 29,677 |
Shares redeemed | (69,458) | (30,565) | (523,370) | (338,933) |
Net increase (decrease) | 143,239 | 169,270 | $ 1,279,994 | $ 1,928,383 |
Class C | | | | |
Shares sold | 340,192 | 215,629 | $ 2,575,960 | $ 2,436,801 |
Reinvestment of distributions | 12,674 | 2,506 | 105,589 | 28,989 |
Shares redeemed | (81,675) | (42,119) | (587,757) | (465,838) |
Net increase (decrease) | 271,191 | 176,016 | $ 2,093,792 | $ 1,999,952 |
Institutional Class | | | | |
Shares sold | 1,743,476 | 707,070 | $ 13,791,749 | $ 8,153,318 |
Reinvestment of distributions | 54,380 | 9,019 | 416,004 | 105,051 |
Shares redeemed | (376,442) | (136,245) | (3,079,340) | (1,544,477) |
Net increase (decrease) | 1,421,414 | 579,844 | $ 11,128,413 | $ 6,713,892 |
Advisor Freedom 2050 | | | | |
Class A | | | | |
Shares sold | 7,208,292 | 5,070,025 | $ 52,190,277 | $ 57,527,193 |
Reinvestment of distributions | 338,127 | 71,419 | 2,729,949 | 828,089 |
Shares redeemed | (2,726,472) | (959,527) | (20,275,710) | (10,623,621) |
Net increase (decrease) | 4,819,947 | 4,181,917 | $ 34,644,516 | $ 47,731,661 |
Class T | | | | |
Shares sold | 3,043,075 | 1,657,861 | $ 22,952,674 | $ 18,728,257 |
Reinvestment of distributions | 103,511 | 17,173 | 821,243 | 198,763 |
Shares redeemed | (874,640) | (523,844) | (6,429,499) | (5,932,648) |
Net increase (decrease) | 2,271,946 | 1,151,190 | $ 17,344,418 | $ 12,994,372 |
Class B | | | | |
Shares sold | 270,438 | 258,344 | $ 2,159,352 | $ 2,916,138 |
Reinvestment of distributions | 16,859 | 3,848 | 143,208 | 44,456 |
Shares redeemed | (72,982) | (36,465) | (547,997) | (402,811) |
Net increase (decrease) | 214,315 | 225,727 | $ 1,754,563 | $ 2,557,783 |
Annual Report
8. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2009 | 2008 | 2009 | 2008 |
Class C | | | | |
Shares sold | 515,969 | 525,005 | $ 3,934,942 | $ 5,945,473 |
Reinvestment of distributions | 25,508 | 5,664 | 214,919 | 65,337 |
Shares redeemed | (110,097) | (143,070) | (804,741) | (1,603,259) |
Net increase (decrease) | 431,380 | 387,599 | $ 3,345,120 | $ 4,407,551 |
Institutional Class | | | | |
Shares sold | 2,337,700 | 808,048 | $ 17,484,042 | $ 9,192,394 |
Reinvestment of distributions | 72,013 | 8,828 | 526,754 | 102,543 |
Shares redeemed | (442,034) | (240,435) | (3,255,730) | (2,729,116) |
Net increase (decrease) | 1,967,679 | 576,441 | $ 14,755,066 | $ 6,565,821 |
9. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Advisor Freedom Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
Fund | Advisor Freedom
2020 | Advisor Freedom
2030 |
Fidelity Advisor Large Cap Fund | 12% | 11% |
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 Growth & Income Fund | 46% |
Fidelity Advisor High Income Advantage Fund | 22% |
Fidelity Advisor Large Cap Fund | 60% |
Fidelity Advisor Overseas Fund | 46% |
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, 2009, 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, 2009, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial 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, 2009, 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 21, 2009
Annual Report
The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Advisor Freedom Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Advisor Freedom Fund's activities, review contractual arrangements with companies that provide services to each Advisor Freedom Fund, and review each Advisor Freedom Fund's performance. If the interests of an Advisor Freedom Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees and Member of the Advisory Board fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Advisor Freedom Funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers, the Trustees, and Member of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for Edward C. Johnson 3d and James C. Curvey, each of the Trustees oversees 161 funds advised by FMR or an affiliate. Messrs. Johnson and Curvey oversee 383 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
Edward C. Johnson 3d (78) |
| 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 (73) |
| Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (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, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. |
* 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.
Name, Age; Principal Occupation |
Albert R. Gamper, Jr. (67) |
| 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. Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities), a member of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Arthur E. Johnson (62) |
| Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present) and AGL Resources, Inc. (holding company). Previously, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009), and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related. |
James H. Keyes (68) |
| Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). Previously, Mr. Keyes served as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (62) |
| 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. Ms. Knowles 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 and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007). |
Kenneth L. Wolfe (70) |
| Year of Election or Appointment: 2005 Mr. Wolfe currently serves as a member of the Board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation, and as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006) and Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007). |
Advisory Board Member and Executive Officers**:
Correspondence intended for Michael E. Kenneally may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
Michael E. Kenneally (55) |
| Year of Election or Appointment: 2008 Member of the Advisory Board. Mr. Kenneally also serves as Trustee (2009-present) or Member of the Advisory Board of other Fidelity Fixed Income and Asset Allocation Funds. Previously, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of The Credit Suisse Funds (U.S. Mutual Fund, 2004-2008) and was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
John R. Hebble (50) |
| Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble is an employee of Fidelity Investments. |
Boyce I. Greer (53) |
| Year of Election or Appointment: 2005 or 2006 Vice President of Fidelity's Fixed Income Funds (2006) and Asset Allocation Funds (2005). Mr. Greer is also a Trustee of other investment companies advised by FMR. Mr. Greer is President and a Director of Strategic Advisers, Inc. (2008-present), 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). |
Scott C. Goebel (41) |
| Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Secretary of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). |
Holly C. Laurent (54) |
| Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006). |
Christine Reynolds (50) |
| Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). |
Michael H. Whitaker (41) |
| Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel. |
Bryan A. Mehrmann (47) |
| Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004). |
Stephanie J. Dorsey (39) |
| Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank. |
Robert G. Byrnes (42) |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Byrnes is an employee of Fidelity Investments (2005-present). Previously, Mr. Byrnes served as Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2003-2005). |
Paul M. Murphy (62) |
| Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments (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 (FPCMS) (1994-2007). |
Gary W. Ryan (50) |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (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
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 | 05/04/09 | 05/01/09 | $.012 | $ |
Class T | 05/04/09 | 05/01/09 | $.011 | $ |
Class B | 05/04/09 | 05/01/09 | $.008 | $ |
Class C | 05/04/09 | 05/01/09 | $.008 | $ |
Fidelity Advisor Freedom 2005 Fund | | | | |
Class A | 05/18/09 | 05/15/09 | $0.034 | - |
Class T | 05/18/09 | 05/15/09 | $0.029 | - |
Class B | 05/18/09 | 05/15/09 | $0.017 | - |
Class C | 05/18/09 | 05/15/09 | $0.018 | - |
Fidelity Advisor Freedom 2010 Fund | | | | |
Class A | 05/18/09 | 05/15/09 | $0.035 | - |
Class T | 05/18/09 | 05/15/09 | $0.030 | - |
Class B | 05/18/09 | 05/15/09 | $0.018 | - |
Class C | 05/18/09 | 05/15/09 | $0.020 | - |
Fidelity Advisor Freedom 2015 Fund | | | | |
Class A | 05/18/09 | 05/15/09 | $0.033 | - |
Class T | 05/18/09 | 05/15/09 | $0.028 | - |
Class B | 05/18/09 | 05/15/09 | $0.017 | - |
Class C | 05/18/09 | 05/15/09 | $0.018 | - |
Fidelity Advisor Freedom 2020 Fund | | | | |
Class A | 05/18/09 | 05/15/09 | $0.027 | - |
Class T | 05/18/09 | 05/15/09 | $0.022 | - |
Class B | 05/18/09 | 05/15/09 | $0.012 | - |
Class C | 05/18/09 | 05/15/09 | $0.012 | - |
Fidelity Advisor Freedom 2025 Fund | | | | |
Class A | 05/18/09 | 05/15/09 | $0.024 | - |
Class T | 05/18/09 | 05/15/09 | $0.020 | - |
Class B | 05/18/09 | 05/15/09 | $0.010 | - |
Class C | 05/18/09 | 05/15/09 | $0.011 | - |
Fidelity Advisor Freedom 2030 Fund | | | | |
Class A | 05/18/09 | 05/15/09 | $0.014 | $0.005 |
Class T | 05/18/09 | 05/15/09 | $0.01 | $0.005 |
Class B | 05/18/09 | 05/15/09 | $0.00 | $0.004 |
Class C | 05/18/09 | 05/15/09 | $0.00 | $0.005 |
Fidelity Advisor Freedom 2035 Fund | | | | |
Class A | 05/18/09 | 05/15/09 | $0.017 | - |
Class T | 05/18/09 | 05/15/09 | $0.012 | - |
Class B | 05/18/09 | 05/15/09 | $0.003 | - |
Class C | 05/18/09 | 05/15/09 | $0.004 | - |
| Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Advisor Freedom 2040 Fund | | | | |
Class A | 05/18/09 | 05/15/09 | $0.018 | $0.00 |
Class T | 05/18/09 | 05/15/09 | $0.014 | $0.00 |
Class B | 05/18/09 | 05/15/09 | $0.004 | $0.00 |
Class C | 05/18/09 | 05/15/09 | $0.004 | $0.00 |
Fidelity Advisor Freedom 2045 Fund | | | | |
Class A | 05/18/09 | 05/15/09 | $0.014 | - |
Class T | 05/18/09 | 05/15/09 | $0.011 | - |
Class B | 05/18/09 | 05/15/09 | $0.003 | - |
Class C | 05/18/09 | 05/15/09 | $0.004 | - |
Fidelity Advisor Freedom 2050 Fund | | | | |
Class A | 05/18/09 | 05/15/09 | $0.010 | - |
Class T | 05/18/09 | 05/15/09 | $0.007 | - |
Class B | 05/18/09 | 05/15/09 | $0.000 | - |
Class C | 05/18/09 | 05/15/09 | $0.000 | - |
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 | 2.8914% |
Annual Report
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
| Class A | Class T | Class B | Class C |
Fidelity Advisor Freedom Income Fund | | | | |
May 2008 | 7% | 8% | 9% | 9% |
June 2008 | 7% | 8% | 10% | 11% |
July 2008 | 7% | 8% | 10% | 10% |
August 2008 | 7% | 8% | 9% | 9% |
September 2008 | 7% | 8% | 10% | 10% |
October 2008 | 7% | 8% | 10% | 10% |
November 2008 | 7% | 8% | 9% | 9% |
December 2008 (Ex-Date 12/05/08) | 7% | 8% | 10% | 10% |
December 2008 (Ex-Date 12/26/08) | 7% | 8% | 8% | 8% |
February 2009 | 1% | 1% | 1% | 1% |
March 2009 | 1% | 1% | 1% | 1% |
Fidelity Advisor Freedom 2005 Fund | | | | |
May 2008 | 1% | 1% | 1% | 1% |
December 2008 | 14% | 15% | 19% | 19% |
Fidelity Advisor Freedom 2010 Fund | | | | |
May 2008 | 1% | 1% | 1% | 1% |
December 2008 | 15% | 16% | 20% | 19% |
Fidelity Advisor Freedom 2015 Fund | | | | |
May 2008 | 1% | 1% | 2% | 2% |
December 2008 | 16% | 18% | 22% | 21% |
Fidelity Advisor Freedom 2020 Fund | | | | |
May 2008 | 2% | 3% | 6% | 6% |
December 2008 | 22% | 23% | 30% | 29% |
Fidelity Advisor Freedom 2025 Fund | | | | |
May 2008 | 6% | 8% | 16% | 16% |
December 2008 | 24% | 26% | 33% | 32% |
Fidelity Advisor Freedom 2030 Fund | | | | |
May 2008 | 8% | 11% | 0% | 48% |
December 2008 | 32% | 35% | 49% | 47% |
Fidelity Advisor Freedom 2035 Fund | | | | |
May 2008 | 4% | 6% | 0% | 0% |
December 2008 | 35% | 39% | 53% | 51% |
Fidelity Advisor Freedom 2040 Fund | | | | |
May 2008 | 9% | 15% | 0% | 0% |
December 2008 | 36% | 41% | 56% | 55% |
Fidelity Advisor Freedom 2045 Fund | | | | |
May 2008 | 15% | 21% | 0% | 0% |
December 2008 | 36% | 39% | 55% | 52% |
Fidelity Advisor Freedom 2050 Fund | | | | |
May 2008 | 6% | 10% | 0% | 0% |
December 2008 | 41% | 45% | 64% | 62% |
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 2008 | 1% | 1% | 1% | 1% |
May 2008 | 8% | 8% | 10% | 10% |
June 2008 | 7% | 9% | 11% | 11% |
July 2008 | 8% | 8% | 11% | 11% |
August 2008 | 8% | 8% | 10% | 10% |
September 2008 | 8% | 9% | 11% | 11% |
October 2008 | 8% | 8% | 11% | 11% |
November 2008 | 8% | 8% | 9% | 9% |
December 2008 (Ex-Date 12/08/08) | 8% | 8% | 11% | 11% |
December 2008 (Ex-Date 12/26/08) | 8% | 8% | 8% | 8% |
February 2009 | 2% | 2% | 3% | 3% |
March 2009 | 2% | 2% | 3% | 3% |
Fidelity Advisor Freedom 2005 Fund | | | | |
May 2008 | 2% | 2% | 2% | 3% |
December 2008 | 23% | 25% | 30% | 30% |
Fidelity Advisor Freedom 2010 Fund | | | | |
May 2008 | 2% | 2% | 3% | 3% |
December 2008 | 25% | 27% | 33% | 32% |
Fidelity Advisor Freedom 2015 Fund | | | | |
May 2008 | 2% | 2% | 3% | 3% |
December 2008 | 27% | 29% | 36% | 35% |
Fidelity Advisor Freedom 2020 Fund | | | | |
May 2008 | 3% | 4% | 8% | 8% |
December 2008 | 36% | 39% | 49% | 48% |
Fidelity Advisor Freedom 2025 Fund | | | | |
May 2008 | 11% | 14% | 25% | 25% |
December 2008 | 40% | 44% | 56% | 54% |
Fidelity Advisor Freedom 2030 Fund | | | | |
May 2008 | 12% | 17% | 0% | 72% |
December 2008 | 53% | 58% | 80% | 78% |
Fidelity Advisor Freedom 2035 Fund | | | | |
May 2008 | 5% | 9% | 0% | 0% |
December 2008 | 59% | 65% | 88% | 85% |
Fidelity Advisor Freedom 2040 Fund | | | | |
May 2008 | 13% | 21% | 0% | 0% |
December 2008 | 60% | 67% | 92% | 90% |
Fidelity Advisor Freedom 2045 Fund | | | | |
May 2008 | 24% | 34% | 0% | 0% |
December 2008 | 62% | 67% | 94% | 89% |
Fidelity Advisor Freedom 2050 Fund | | | | |
May 2008 | 19% | 30% | 0% | 0% |
December 2008 | 75% | 82% | 100% | 100% |
The funds will notify shareholders in January 2010 of amounts for use in preparing 2009 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 Mellon
New York, NY
AFF-UANN-0509
1.792134.105
Fidelity Advisor Freedom Funds®-
Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 - Institutional Class
Annual Report
March 31, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
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.
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
Dear Shareholder:
The stresses on the world's capital markets have shown few signs of abating thus far in 2009. Although government programs may eventually rekindle economic growth, corporate earnings are still weaker than we would like to see them, and the valuations of many securities remain at historically low levels. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. 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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | -12.63% | 0.29% | 1.14% |
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 Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2005 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | -24.93% | -1.65% | -0.54% |
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 Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2010 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | -26.16% | -1.97% | -0.07% |
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 Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2015 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | -27.85% | -1.87% | -0.57% |
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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | -33.16% | -3.13% | -0.48% |
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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | -34.83% | -3.49% | -1.94% |
A From November 6, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | -38.31% | -4.39% | -1.35% |
A From July 24, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | -39.08% | -4.55% | -2.85% |
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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | -40.24% | -4.83% | -1.53% |
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, 2009 | | Past 1
year | Life of
fund A |
Institutional Class | | -40.81% | -14.68% |
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, 2009 | Past 1
year | Life of
fund A |
Institutional Class | -42.01% | -15.32% |
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
Market Recap: Although an equity rally in the final weeks of the period seemed a welcome sight for beleaguered investors, most looked back on the year ending March 31, 2009, with little reason to smile amid ongoing concerns about slowing global growth and a virtual drying-up of credit availability. A massive flight to quality and away from risk defined the markets during the past year, and even the U.S. government's aggressive moves to unfreeze credit, stabilize the financial system and reignite the domestic economy did little to bring investors back into stocks until late in the period. The Standard & Poor's 500SM Index returned -38.09%, with none of its market sectors able to break into positive ground. The blue-chip Dow Jones Industrial AverageSM posted a mark of -35.94%, and the technology-laden NASDAQ Composite® Index saw a -32.29% return. International equities fared even worse, with the MSCI® EAFE® Index (Europe, Australasia, Far East) - a measure of developed markets outside the U.S. and Canada - returning -46.42%. Investors' flight to quality also affected the fixed-income markets, with securities explicitly or implicitly backed by the U.S. government far outperforming those further out on the risk spectrum. Accordingly, the Barclays Capital U.S. Aggregate Bond Index - a broad measure of the investment grade debt universe - gained 3.13% for the 12-month period, and short-term assets, as gauged by the Barclays Capital U.S. 3 Month Treasury Bill Index, posted a 1.31% annual return. High-yield bonds, however, suffered greatly from the flight to quality, with the benchmark Merrill Lynch® U.S. High Yield Master II Constrained Index returning -19.65%.
Comments from Christopher Sharpe and Jonathan Shelon, Co-Portfolio Managers of Fidelity Advisor Freedom Funds®: The Advisor Freedom Funds age-based portfolios all had negative absolute returns for the 12-month period. (For specific performance results, please refer to the performance section of this report.) These results mirrored those of the global capital markets, reflecting a period of extreme volatility and poor performance for virtually all asset classes except those secured in some way by the federal government. Accordingly, the shorter-dated and more conservatively positioned Funds - those with greater exposure to fixed-income securities - posted less-negative returns than the longer-dated and more aggressively positioned Funds, whose asset allocation is, by design, more tilted toward equities. In relative terms, however, all of the Funds underperformed their Composite indexes, mainly because of weak returns from the underlying mutual funds within our domestic equity and investment-grade bond allocations.
Note to shareholders: During the past year, four new underlying funds were added to the Advisor Freedom Funds structure. In the domestic equity allocation, we transitioned to two new funds dedicated strictly for use in Fidelity fund-of-funds products - Fidelity® Series All-Sector Equity Fund and Fidelity Series Large Cap Value Fund - which allows Jonathan and me to better control the funds' overall sector exposures. These additions replaced Fidelity Advisor Mid-Cap Fund and Fidelity Advisor Dividend Growth Fund. In the international equity space, we added Fidelity Series Emerging Markets Fund. In the investment-grade bond allocation, we added Fidelity Series Investment Grade Bond Fund - a dedicated fund-of-funds product that invests in investment-grade debt securities of all types - replacing Fidelity Advisor Intermediate Bond Fund and ultimately intended to replace Fidelity Advisor Government Income Fund. Fidelity Advisor Total Bond Fund is expected to be removed as an underlying fund over time. We consistently monitor the structure of the Advisor Freedom Funds' product line to ensure that our asset allocation approach is appropriate to current conditions and also so that we can more-effectively manage the risk/return characteristics of the product line.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2008 to March 31, 2009).
Actual Expenses
The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio | Beginning
Account Value
October 1, 2008 | Ending
Account Value
March 31, 2009 | Expenses Paid
During Period*
October 1, 2008
to March 31, 2009 |
Advisor Freedom Income | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 912.10 | $ 1.19 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 910.80 | $ 2.38 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 908.20 | $ 4.76 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 908.20 | $ 4.76 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 912.40 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2005 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 822.10 | $ 1.14 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 821.50 | $ 2.27 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized Expense Ratio | Beginning
Account Value
October 1, 2008 | Ending
Account Value
March 31, 2009 | Expenses Paid
During Period*
October 1, 2008
to March 31, 2009 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 819.60 | $ 4.54 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 820.00 | $ 4.54 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 823.80 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2010 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 812.00 | $ 1.13 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 810.40 | $ 2.26 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 808.70 | $ 4.51 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 809.30 | $ 4.51 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 812.70 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2015 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 799.60 | $ 1.12 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 799.10 | $ 2.24 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 797.40 | $ 4.48 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 796.70 | $ 4.48 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 800.50 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2020 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 757.60 | $ 1.10 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 755.70 | $ 2.19 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized Expense Ratio | Beginning
Account Value
October 1, 2008 | Ending
Account Value
March 31, 2009 | Expenses Paid
During Period*
October 1, 2008
to March 31, 2009 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 754.40 | $ 4.37 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 753.50 | $ 4.37 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 758.10 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2025 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 743.30 | $ 1.09 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 742.50 | $ 2.17 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 740.80 | $ 4.34 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 741.10 | $ 4.34 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 744.50 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2030 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 714.80 | $ 1.07 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 714.00 | $ 2.14 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 712.20 | $ 4.27 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 712.30 | $ 4.27 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 715.90 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2035 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 707.90 | $ 1.06 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 706.70 | $ 2.13 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized Expense Ratio | Beginning
Account Value
October 1, 2008 | Ending
Account Value
March 31, 2009 | Expenses Paid
During Period*
October 1, 2008
to March 31, 2009 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 704.90 | $ 4.25 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 705.50 | $ 4.25 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 708.90 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2040 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 697.90 | $ 1.06 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 696.90 | $ 2.12 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 695.30 | $ 4.23 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 694.60 | $ 4.22 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 699.10 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2045 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 693.70 | $ 1.06 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 691.90 | $ 2.11 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 688.90 | $ 4.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 693.80 | $ 4.22 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 692.90 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2050 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 678.90 | $ 1.05 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 680.10 | $ 2.09 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized Expense Ratio | Beginning
Account Value
October 1, 2008 | Ending
Account Value
March 31, 2009 | Expenses Paid
During Period*
October 1, 2008
to March 31, 2009 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 677.00 | $ 4.18 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 685.30 | $ 4.20 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 683.50 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which the Fund invests are not included in each class' annualized expense ratio.
Annual Report
Fidelity Advisor Freedom Income Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 1.7 | 1.2 |
Fidelity Advisor Equity Growth Fund Institutional Class | 2.3 | 2.6 |
Fidelity Advisor Equity Income Fund Institutional Class | 2.8 | 3.9 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3.5 | 3.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 2.8 | 3.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.0 | 0.9 |
Fidelity Series All-Sector Equity Fund | 4.0 | 0.0 |
Fidelity Series Large Cap Value Fund | 1.4 | 0.0 |
Fidelity Small Cap Opportunities Fund | 0.9 | 0.8 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 2.0 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 1.4 |
| 20.4 | 19.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.0 | 4.7 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 3.8 | 12.5 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.9 | 6.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 9.8 | 10.4 |
Fidelity Series Investment Grade Bond Fund | 14.6 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 5.4 |
| 35.1 | 35.1 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 19.8 | 20.2 |
Fidelity Institutional Money Market Portfolio Institutional Class | 19.7 | 20.5 |
| 39.5 | 40.7 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
 | Domestic Equity Funds | 20.4% | |
 | High Yield Fixed-Income Funds | 5.0% | |
 | Investment Grade Fixed-Income Funds | 35.1% | |
 | Short-Term Funds | 39.5% | |
Six months ago |
| Domestic Equity Funds | 19.5% | |
| High Yield Fixed-Income Funds | 4.7% | |
| Investment Grade Fixed-Income Funds | 35.1% | |
| Short-Term Funds | 40.7% | |
The six months ago allocation is based on the fund's holdings as of September 30, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. |
Annual Report
Fidelity Advisor Freedom Income Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 20.4% |
| Shares | | Value |
Domestic Equity Funds - 20.4% |
Fidelity 100 Index Fund | 460,156 | | $ 2,691,910 |
Fidelity Advisor Equity Growth Fund Institutional Class | 111,046 | | 3,708,932 |
Fidelity Advisor Equity Income Fund Institutional Class | 308,285 | | 4,528,703 |
Fidelity Advisor Growth & Income Fund Institutional Class | 504,955 | | 5,559,559 |
Fidelity Advisor Large Cap Fund Institutional Class | 452,492 | | 4,529,448 |
Fidelity Advisor Small Cap Fund Institutional Class | 95,253 | | 1,574,527 |
Fidelity Series All-Sector Equity Fund | 776,219 | | 6,465,901 |
Fidelity Series Large Cap Value Fund | 267,663 | | 2,253,726 |
Fidelity Small Cap Opportunities Fund | 304,672 | | 1,511,174 |
TOTAL EQUITY FUNDS (Cost $46,596,911) | 32,823,880 |
Fixed-Income Funds - 40.1% |
| | | |
High Yield Fixed-Income Funds - 5.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 1,531,219 | | 8,084,835 |
|
| Shares | | Value |
Investment Grade Fixed-Income Funds - 35.1% |
Fidelity Advisor Government Income Fund Institutional Class | 555,712 | | $ 6,079,484 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,636,372 | | 11,061,873 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,697,572 | | 15,770,448 |
Fidelity Series Investment Grade Bond Fund | 2,218,211 | | 23,402,124 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 56,313,929 |
TOTAL FIXED-INCOME FUNDS (Cost $74,171,792) | 64,398,764 |
Short-Term Funds - 39.5% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3,650,165 | | 31,756,433 |
Fidelity Institutional Money Market Portfolio Institutional Class | 31,721,216 | | 31,721,216 |
TOTAL SHORT-TERM FUNDS (Cost $65,618,496) | 63,477,649 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $186,387,199) | $ 160,700,293 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 160,700,293 | $ 160,700,293 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $3,435,419 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $186,387,199) - See accompanying schedule | | $ 160,700,293 |
Receivable for investments sold | | 3,655,648 |
Receivable for fund shares sold | | 361,774 |
Distributions receivable from underlying funds | | 28,545 |
Total assets | | 164,746,260 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,870,521 | |
Payable for fund shares redeemed | 181,860 | |
Distribution fees payable | 49,088 | |
Total liabilities | | 4,101,469 |
| | |
Net Assets | | $ 160,644,791 |
Net Assets consist of: | | |
Paid in capital | | $ 192,252,098 |
Undistributed net investment income | | 310,093 |
Accumulated undistributed net realized gain (loss) on investments | | (6,230,494) |
Net unrealized appreciation (depreciation) on investments | | (25,686,906) |
Net Assets | | $ 160,644,791 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($93,865,476 ÷ 10,744,502 shares) | | $ 8.74 |
| | |
Maximum offering price per share (100/94.25 of $8.74) | | $ 9.27 |
Class T:
Net Asset Value and redemption price per share ($42,674,675 ÷ 4,887,899 shares) | | $ 8.73 |
| | |
Maximum offering price per share (100/96.50 of $8.73) | | $ 9.05 |
Class B:
Net Asset Value and offering price per share ($4,281,600 ÷ 490,828 shares)A | | $ 8.72 |
| | |
Class C:
Net Asset Value and offering price per share ($11,362,133 ÷ 1,302,934 shares)A | | $ 8.72 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($8,460,907 ÷ 966,589 shares) | | $ 8.75 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 5,472,681 |
| | |
Expenses | | |
Distribution fees | $ 636,407 | |
Independent trustees' compensation | 664 | |
Total expenses before reductions | 637,071 | |
Expense reductions | (664) | 636,407 |
Net investment income (loss) | | 4,836,274 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (5,623,379) | |
Capital gain distributions from underlying funds | 1,059,547 | (4,563,832) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (24,059,265) |
Net gain (loss) | | (28,623,097) |
Net increase (decrease) in net assets resulting from operations | | $ (23,786,823) |
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,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,836,274 | $ 4,974,929 |
Net realized gain (loss) | (4,563,832) | 904,108 |
Change in net unrealized appreciation (depreciation) | (24,059,265) | (4,555,179) |
Net increase (decrease) in net assets resulting from operations | (23,786,823) | 1,323,858 |
Distributions to shareholders from net investment income | (4,951,780) | (4,882,484) |
Distributions to shareholders from net realized gain | (1,910,005) | (774,653) |
Total distributions | (6,861,785) | (5,657,137) |
Share transactions - net increase (decrease) | 29,566,421 | 55,528,124 |
Total increase (decrease) in net assets | (1,082,187) | 51,194,845 |
| | |
Net Assets | | |
Beginning of period | 161,726,978 | 110,532,133 |
End of period (including undistributed net investment income of $310,093 and $425,599, respectively) | $ 160,644,791 | $ 161,726,978 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.46 | $ 10.74 | $ 10.52 | $ 10.30 | $ 10.40 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .29 | .40 | .36 | .29 | .20 |
Net realized and unrealized gain (loss) | (1.60) | (.21) | .29 | .23 | (.10) |
Total from investment operations | (1.31) | .19 | .65 | .52 | .10 |
Distributions from net investment income | (.30) | (.40) | (.35) | (.27) | (.19) |
Distributions from net realized gain | (.11) | (.07) | (.08) | (.04) | (.01) |
Total distributions | (.41) | (.47) G | (.43) | (.30) F | (.20) |
Net asset value, end of period | $ 8.74 | $ 10.46 | $ 10.74 | $ 10.52 | $ 10.30 |
Total Return A, B | (12.78)% | 1.73% | 6.38% | 5.12% | .99% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 3.03% | 3.77% | 3.46% | 2.83% | 1.96% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 93,865 | $ 87,469 | $ 49,721 | $ 18,524 | $ 10,120 |
Portfolio turnover rate | 44% | 56% | 38% | 21% | 18% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.300 per share is comprised of distributions from net investment income of $.265 and distributions from net realized gain of $.035 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.45 | $ 10.73 | $ 10.51 | $ 10.30 | $ 10.39 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .27 | .38 | .34 | .27 | .18 |
Net realized and unrealized gain (loss) | (1.61) | (.22) | .29 | .22 | (.10) |
Total from investment operations | (1.34) | .16 | .63 | .49 | .08 |
Distributions from net investment income | (.27) | (.38) | (.33) | (.24) | (.16) |
Distributions from net realized gain | (.11) | (.07) | (.08) | (.04) | (.01) |
Total distributions | (.38) | (.44) F | (.41) | (.28) | (.17) |
Net asset value, end of period | $ 8.73 | $ 10.45 | $ 10.73 | $ 10.51 | $ 10.30 |
Total Return A, B | (13.03)% | 1.48% | 6.11% | 4.78% | .79% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .51% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .51% | .58% |
Net investment income (loss) | 2.78% | 3.52% | 3.21% | 2.58% | 1.71% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 42,675 | $ 44,882 | $ 39,739 | $ 32,469 | $ 29,013 |
Portfolio turnover rate | 44% | 56% | 38% | 21% | 18% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.44 | $ 10.72 | $ 10.50 | $ 10.29 | $ 10.38 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .22 | .32 | .29 | .22 | .12 |
Net realized and unrealized gain (loss) | (1.60) | (.21) | .28 | .21 | (.10) |
Total from investment operations | (1.38) | .11 | .57 | .43 | .02 |
Distributions from net investment income | (.23) | (.32) | (.27) | (.19) | (.10) |
Distributions from net realized gain | (.11) | (.07) | (.08) | (.04) | (.01) |
Total distributions | (.34) | (.39) G | (.35) | (.22) F | (.11) |
Net asset value, end of period | $ 8.72 | $ 10.44 | $ 10.72 | $ 10.50 | $ 10.29 |
Total Return A, B | (13.48)% | .97% | 5.57% | 4.27% | .23% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 2.28% | 3.02% | 2.71% | 2.08% | 1.21% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 4,282 | $ 5,539 | $ 4,993 | $ 4,873 | $ 4,454 |
Portfolio turnover rate | 44% | 56% | 38% | 21% | 18% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.224 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.
G Total distributions of $.388 per share is comprised of distributions from net investment income of $.322 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 C
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.43 | $ 10.71 | $ 10.50 | $ 10.28 | $ 10.37 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .22 | .32 | .29 | .22 | .12 |
Net realized and unrealized gain (loss) | (1.60) | (.21) | .27 | .22 | (.09) |
Total from investment operations | (1.38) | .11 | .56 | .44 | .03 |
Distributions from net investment income | (.22) | (.32) | (.27) | (.19) | (.11) |
Distributions from net realized gain | (.11) | (.07) | (.08) | (.04) | (.01) |
Total distributions | (.33) | (.39) G | (.35) | (.22) F | (.12) |
Net asset value, end of period | $ 8.72 | $ 10.43 | $ 10.71 | $ 10.50 | $ 10.28 |
Total Return A, B | (13.41)% | .97% | 5.48% | 4.37% | .24% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 2.28% | 3.02% | 2.71% | 2.08% | 1.21% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 11,362 | $ 14,718 | $ 13,279 | $ 13,678 | $ 14,097 |
Portfolio turnover rate | 44% | 56% | 38% | 21% | 18% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.224 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.
G Total distributions of $.389 per share is comprised of distributions from net investment income of $.323 and distributions from net realized gain of $.066 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 10.48 | $ 10.76 | $ 10.53 | $ 10.31 | $ 10.41 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .31 | .43 | .39 | .32 | .23 |
Net realized and unrealized gain (loss) | (1.61) | (.21) | .30 | .23 | (.11) |
Total from investment operations | (1.30) | .22 | .69 | .55 | .12 |
Distributions from net investment income | (.32) | (.43) | (.38) | (.29) | (.21) |
Distributions from net realized gain | (.11) | (.07) | (.08) | (.04) | (.01) |
Total distributions | (.43) | (.50) E | (.46) | (.33) | (.22) |
Net asset value, end of period | $ 8.75 | $ 10.48 | $ 10.76 | $ 10.53 | $ 10.31 |
Total Return A | (12.63)% | 2.00% | 6.72% | 5.39% | 1.21% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .01% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .01% | .08% |
Net investment income (loss) | 3.28% | 4.02% | 3.71% | 3.08% | 2.21% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,461 | $ 9,119 | $ 2,800 | $ 1,134 | $ 626 |
Portfolio turnover rate | 44% | 56% | 38% | 21% | 18% |
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 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.
E Total distributions of $.498 per share is comprised of distributions from net investment income of $.432 and distributions 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.2 | 2.2 |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.4 | 5.0 |
Fidelity Advisor Equity Income Fund Institutional Class | 5.3 | 7.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6.5 | 6.5 |
Fidelity Advisor Large Cap Fund Institutional Class | 5.3 | 6.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.9 | 1.7 |
Fidelity Series All-Sector Equity Fund | 7.6 | 0.0 |
Fidelity Series Large Cap Value Fund | 2.6 | 0.0 |
Fidelity Small Cap Opportunities Fund | 1.8 | 1.6 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 4.1 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 2.9 |
| 38.6 | 37.8 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.0 | 4.1 |
Fidelity Advisor Overseas Fund Institutional Class | 4.0 | 4.1 |
Fidelity Series Emerging Markets Fund | 0.2 | 0.0 |
| 8.2 | 8.2 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.0 | 4.7 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 3.4 | 11.9 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.6 | 6.7 |
Fidelity Advisor Total Bond Fund Institutional Class | 9.5 | 10.7 |
Fidelity Series Investment Grade Bond Fund | 13.5 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 5.4 |
| 33.0 | 34.7 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 7.6 | 7.2 |
Fidelity Institutional Money Market Portfolio Institutional Class | 7.6 | 7.4 |
| 15.2 | 14.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 38.6% | |
| International Equity Funds | 8.2% | |
 | High Yield Fixed-Income Funds | 5.0% | |
 | Investment Grade Fixed-Income Funds | 33.0% | |
| Short-Term Funds | 15.2% | |
Six months ago |
| Domestic Equity Funds | 37.8% | |
| International Equity Funds | 8.2% | |
| High Yield Fixed-Income Funds | 4.7% | |
| Investment Grade Fixed-Income Funds | 34.7% | |
| Short-Term Funds | 14.6% | |
Expected |
| Domestic Equity Funds | 37.7% | |
| International Equity Funds | 7.7% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 32.6% | |
| Short-Term Funds | 17.0% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 46.8% |
| Shares | | Value |
Domestic Equity Funds - 38.6% |
Fidelity 100 Index Fund | 663,071 | | $ 3,878,966 |
Fidelity Advisor Equity Growth Fund Institutional Class | 159,528 | | 5,328,228 |
Fidelity Advisor Equity Income Fund Institutional Class | 442,230 | | 6,496,355 |
Fidelity Advisor Growth & Income Fund Institutional Class | 723,841 | | 7,969,487 |
Fidelity Advisor Large Cap Fund Institutional Class | 649,070 | | 6,497,192 |
Fidelity Advisor Small Cap Fund Institutional Class | 137,637 | | 2,275,132 |
Fidelity Series All-Sector Equity Fund | 1,114,346 | | 9,282,502 |
Fidelity Series Large Cap Value Fund | 381,338 | | 3,210,863 |
Fidelity Small Cap Opportunities Fund | 434,311 | | 2,154,184 |
TOTAL DOMESTIC EQUITY FUNDS | | 47,092,909 |
International Equity Funds - 8.2% |
Fidelity Advisor Diversified International Fund Institutional Class | 479,128 | | 4,877,518 |
Fidelity Advisor Overseas Fund Institutional Class | 430,119 | | 4,864,645 |
Fidelity Series Emerging Markets Fund | 19,314 | | 197,777 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 9,939,940 |
TOTAL EQUITY FUNDS (Cost $86,877,855) | 57,032,849 |
Fixed-Income Funds - 38.0% |
| Shares | | Value |
High Yield Fixed-Income Funds - 5.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 1,160,157 | | $ 6,125,630 |
Investment Grade Fixed-Income Funds - 33.0% |
Fidelity Advisor Government Income Fund Institutional Class | 383,573 | | 4,196,289 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,183,435 | | 8,000,021 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,243,528 | | 11,552,376 |
Fidelity Series Investment Grade Bond Fund | 1,558,090 | | 16,437,854 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 40,186,540 |
TOTAL FIXED-INCOME FUNDS (Cost $54,403,435) | 46,312,170 |
Short-Term Funds - 15.2% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 1,062,765 | | 9,246,053 |
Fidelity Institutional Money Market Portfolio Institutional Class | 9,237,286 | | 9,237,286 |
TOTAL SHORT-TERM FUNDS (Cost $19,053,482) | 18,483,339 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $160,334,772) | $ 121,828,358 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 121,828,358 | $ 121,828,358 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $6,282,292 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $1,503,730 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $160,334,772) - See accompanying schedule | | $ 121,828,358 |
Cash | | 2 |
Receivable for investments sold | | 3,591,788 |
Receivable for fund shares sold | | 156,389 |
Distributions receivable from underlying funds | | 21,940 |
Total assets | | 125,598,477 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,659,428 | |
Payable for fund shares redeemed | 112,195 | |
Distribution fees payable | 31,298 | |
Total liabilities | | 3,802,921 |
| | |
Net Assets | | $ 121,795,556 |
Net Assets consist of: | | |
Paid in capital | | $ 171,230,314 |
Undistributed net investment income | | 468,016 |
Accumulated undistributed net realized gain (loss) on investments | | (11,396,360) |
Net unrealized appreciation (depreciation) on investments | | (38,506,414) |
Net Assets | | $ 121,795,556 |
| | |
Calculation of Maximum Offering Price Class A
Net Asset Value and redemption price per share ($88,593,317 ÷ 10,936,147 shares) | | $ 8.10 |
| | |
Maximum offering price per share (100/94.25 of $8.10) | | $ 8.59 |
Class T:
Net Asset Value and redemption price per share ($14,436,524 ÷ 1,782,097 shares) | | $ 8.10 |
| | |
Maximum offering price per share (100/96.50 of $8.10) | | $ 8.39 |
Class B:
Net Asset Value and offering price per share ($2,692,361 ÷ 332,781 shares)A | | $ 8.09 |
| | |
Class C:
Net Asset Value and offering price per share ($6,760,800 ÷ 837,078 shares)A | | $ 8.08 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($9,312,554 ÷ 1,144,113 shares) | | $ 8.14 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 4,160,965 |
| | |
Expenses | | |
Distribution fees | $ 458,758 | |
Independent trustees' compensation | 562 | |
Total expenses before reductions | 459,320 | |
Expense reductions | (562) | 458,758 |
Net investment income (loss) | | 3,702,207 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (10,646,993) | |
Capital gain distributions from underlying funds | 885,376 | (9,761,617) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (34,653,868) |
Net gain (loss) | | (44,415,485) |
Net increase (decrease) in net assets resulting from operations | | $ (40,713,278) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,702,207 | $ 2,900,937 |
Net realized gain (loss) | (9,761,617) | 2,850,140 |
Change in net unrealized appreciation (depreciation) | (34,653,868) | (8,225,598) |
Net increase (decrease) in net assets resulting from operations | (40,713,278) | (2,474,521) |
Distributions to shareholders from net investment income | (3,863,581) | (2,559,208) |
Distributions to shareholders from net realized gain | (3,059,864) | (1,386,548) |
Total distributions | (6,923,445) | (3,945,756) |
Share transactions - net increase (decrease) | 25,066,869 | 64,573,415 |
Total increase (decrease) in net assets | (22,569,854) | 58,153,138 |
| | |
Net Assets | | |
Beginning of period | 144,365,410 | 86,212,272 |
End of period (including undistributed net investment income of $468,016 and undistributed net investment income of $635,370, respectively) | $ 121,795,556 | $ 144,365,410 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.40 | $ 11.83 | $ 11.33 | $ 10.57 | $ 10.49 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .27 | .33 | .28 | .25 | .22 |
Net realized and unrealized gain (loss) | (3.06) | (.34) | .63 | .76 | .03 |
Total from investment operations | (2.79) | (.01) | .91 | 1.01 | .25 |
Distributions from net investment income | (.28) | (.26) | (.23) | (.20) | (.17) |
Distributions from net realized gain | (.23) | (.16) | (.18) | (.05) | - F |
Total distributions | (.51) | (.42) | (.41) | (.25) | (.17) |
Net asset value, end of period | $ 8.10 | $ 11.40 | $ 11.83 | $ 11.33 | $ 10.57 |
Total Return A, B | (25.09)% | (.23)% | 8.21% | 9.63% | 2.38% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 2.75% | 2.74% | 2.49% | 2.25% | 2.13% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 88,593 | $ 98,483 | $ 49,418 | $ 16,194 | $ 5,970 |
Portfolio turnover rate | 54% | 30% | 30% | 34% | 24% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.39 | $ 11.81 | $ 11.31 | $ 10.56 | $ 10.48 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .25 | .30 | .25 | .22 | .20 |
Net realized and unrealized gain (loss) | (3.06) | (.33) | .63 | .75 | .03 |
Total from investment operations | (2.81) | (.03) | .88 | .97 | .23 |
Distributions from net investment income | (.25) | (.23) | (.20) | (.17) | (.14) |
Distributions from net realized gain | (.23) | (.16) | (.18) | (.05) | - F |
Total distributions | (.48) | (.39) | (.38) | (.22) | (.15) G |
Net asset value, end of period | $ 8.10 | $ 11.39 | $ 11.81 | $ 11.31 | $ 10.56 |
Total Return A, B | (25.27)% | (.44)% | 7.95% | 9.31% | 2.17% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .58% |
Net investment income (loss) | 2.50% | 2.49% | 2.24% | 2.00% | 1.88% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,437 | $ 20,837 | $ 20,289 | $ 13,906 | $ 7,977 |
Portfolio turnover rate | 54% | 30% | 30% | 34% | 24% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.37 | $ 11.78 | $ 11.28 | $ 10.53 | $ 10.47 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .24 | .20 | .16 | .14 |
Net realized and unrealized gain (loss) | (3.06) | (.33) | .62 | .76 | .03 |
Total from investment operations | (2.86) | (.09) | .82 | .92 | .17 |
Distributions from net investment income | (.19) | (.16) | (.14) | (.12) | (.11) |
Distributions from net realized gain | (.23) | (.16) | (.18) | (.05) | - F |
Total distributions | (.42) | (.32) | (.32) | (.17) | (.11) |
Net asset value, end of period | $ 8.09 | $ 11.37 | $ 11.78 | $ 11.28 | $ 10.53 |
Total Return A, B | (25.69)% | (.89)% | 7.40% | 8.80% | 1.64% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.08% |
Net investment income (loss) | 2.00% | 1.99% | 1.74% | 1.50% | 1.38% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,692 | $ 4,348 | $ 3,974 | $ 3,835 | $ 2,747 |
Portfolio turnover rate | 54% | 30% | 30% | 34% | 24% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.34 | $ 11.76 | $ 11.27 | $ 10.53 | $ 10.47 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .24 | .20 | .16 | .14 |
Net realized and unrealized gain (loss) | (3.04) | (.33) | .62 | .75 | .04 |
Total from investment operations | (2.84) | (.09) | .82 | .91 | .18 |
Distributions from net investment income | (.19) | (.17) | (.15) | (.12) | (.12) |
Distributions from net realized gain | (.23) | (.16) | (.18) | (.05) | - F |
Total distributions | (.42) | (.33) | (.33) | (.17) | (.12) |
Net asset value, end of period | $ 8.08 | $ 11.34 | $ 11.76 | $ 11.27 | $ 10.53 |
Total Return A, B | (25.61)% | (.91)% | 7.36% | 8.74% | 1.74% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 2.00% | 1.99% | 1.74% | 1.50% | 1.38% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,761 | $ 11,052 | $ 9,107 | $ 7,637 | $ 5,655 |
Portfolio turnover rate | 54% | 30% | 30% | 34% | 24% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.46 | $ 11.87 | $ 11.37 | $ 10.60 | $ 10.49 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .29 | .35 | .31 | .28 | .25 |
Net realized and unrealized gain (loss) | (3.07) | (.32) | .62 | .76 | .04 |
Total from investment operations | (2.78) | .03 | .93 | 1.04 | .29 |
Distributions from net investment income | (.31) | (.28) | (.25) | (.22) | (.18) |
Distributions from net realized gain | (.23) | (.16) | (.18) | (.05) | - E |
Total distributions | (.54) | (.44) | (.43) | (.27) | (.18) |
Net asset value, end of period | $ 8.14 | $ 11.46 | $ 11.87 | $ 11.37 | $ 10.60 |
Total Return A | (24.93)% | .12% | 8.37% | 9.92% | 2.79% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 3.00% | 2.99% | 2.74% | 2.50% | 2.38% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,313 | $ 9,645 | $ 3,424 | $ 1,376 | $ 651 |
Portfolio turnover rate | 54% | 30% | 30% | 34% | 24% |
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 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.
E 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 2.8 | 2.3 |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.9 | 5.1 |
Fidelity Advisor Equity Income Fund Institutional Class | 6.5 | 7.7 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6.9 | 6.7 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.1 | 6.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.9 | 1.8 |
Fidelity Series All-Sector Equity Fund | 8.2 | 0.0 |
Fidelity Series Large Cap Value Fund | 1.8 | 0.0 |
Fidelity Small Cap Opportunities Fund | 1.7 | 1.6 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 4.2 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 3.0 |
| 40.8 | 39.0 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.9 | 4.7 |
Fidelity Advisor Overseas Fund Institutional Class | 4.8 | 4.8 |
Fidelity Series Emerging Markets Fund | 0.1 | 0.0 |
| 9.8 | 9.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4.9 | 4.7 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 4.5 | 12.4 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.8 | 6.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 10.9 | 11.1 |
Fidelity Series Investment Grade Bond Fund | 12.0 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 5.7 |
| 34.2 | 36.0 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 5.1 | 5.2 |
Fidelity Institutional Money Market Portfolio Institutional Class | 5.2 | 5.6 |
| 10.3 | 10.8 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 40.8% | |
| International Equity Funds | 9.8% | |
| High Yield Fixed-Income Funds | 4.9% | |
| Investment Grade Fixed-Income Funds | 34.2% | |
| Short-Term Funds | 10.3% | |
Six months ago |
| Domestic Equity Funds | 39.0% | |
| International Equity Funds | 9.5% | |
| High Yield Fixed-Income Funds | 4.7% | |
| Investment Grade Fixed-Income Funds | 36.0% | |
| Short-Term Funds | 10.8% | |
Expected |
| Domestic Equity Funds | 40.0% | |
| International Equity Funds | 10.0% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 34.5% | |
| Short-Term Funds | 10.5% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 50.6% |
| Shares | | Value |
Domestic Equity Funds - 40.8% |
Fidelity 100 Index Fund | 2,854,812 | | $ 16,700,651 |
Fidelity Advisor Equity Growth Fund Institutional Class | 881,119 | | 29,429,374 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,664,644 | | 39,143,626 |
Fidelity Advisor Growth & Income Fund Institutional Class | 3,771,422 | | 41,523,352 |
Fidelity Advisor Large Cap Fund Institutional Class | 3,687,687 | | 36,913,749 |
Fidelity Advisor Small Cap Fund Institutional Class | 681,395 | | 11,263,459 |
Fidelity Series All-Sector Equity Fund | 5,905,488 | | 49,192,718 |
Fidelity Series Large Cap Value Fund | 1,313,595 | | 11,060,468 |
Fidelity Small Cap Opportunities Fund | 2,131,175 | | 10,570,630 |
TOTAL DOMESTIC EQUITY FUNDS | | 245,798,027 |
International Equity Funds - 9.8% |
Fidelity Advisor Diversified International Fund Institutional Class | 2,870,419 | | 29,220,863 |
Fidelity Advisor Overseas Fund Institutional Class | 2,582,172 | | 29,204,360 |
Fidelity Series Emerging Markets Fund | 64,470 | | 660,178 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 59,085,401 |
TOTAL EQUITY FUNDS (Cost $463,755,137) | 304,883,428 |
Fixed-Income Funds - 39.1% |
| Shares | | Value |
High Yield Fixed-Income Funds - 4.9% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5,639,655 | | $ 29,777,376 |
Investment Grade Fixed-Income Funds - 34.2% |
Fidelity Advisor Government Income Fund Institutional Class | 2,485,827 | | 27,194,950 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6,099,996 | | 41,235,974 |
Fidelity Advisor Total Bond Fund Institutional Class | 7,067,164 | | 65,653,958 |
Fidelity Series Investment Grade Bond Fund | 6,823,484 | | 71,987,753 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 206,072,635 |
TOTAL FIXED-INCOME FUNDS (Cost $277,507,340) | 235,850,011 |
Short-Term Funds - 10.3% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3,544,968 | | 30,841,219 |
Fidelity Institutional Money Market Portfolio Institutional Class | 30,948,455 | | 30,948,455 |
TOTAL SHORT-TERM FUNDS (Cost $63,964,756) | 61,789,674 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $805,227,233) | $ 602,523,113 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 602,523,113 | $ 602,523,113 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $30,891,938 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $9,687,732 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $805,227,233) - See accompanying schedule | | $ 602,523,113 |
Receivable for investments sold | | 1,341,839 |
Receivable for fund shares sold | | 675,973 |
Distributions receivable from underlying funds | | 116,367 |
Total assets | | 604,657,292 |
| | |
Liabilities | | |
Payable for investments purchased | $ 31,410 | |
Payable for fund shares redeemed | 2,189,466 | |
Distribution fees payable | 180,410 | |
Total liabilities | | 2,401,286 |
| | |
Net Assets | | $ 602,256,006 |
Net Assets consist of: | | |
Paid in capital | | $ 852,357,193 |
Undistributed net investment income | | 2,254,710 |
Accumulated undistributed net realized gain (loss) on investments | | (49,651,777) |
Net unrealized appreciation (depreciation) on investments | | (202,704,120) |
Net Assets | | $ 602,256,006 |
| | |
Calculation of Maximum Offering Price Class A
Net Asset Value and redemption price per share ($339,202,751 ÷ 41,411,158 shares) | | $ 8.19 |
| | |
Maximum offering price per share (100/94.25 of $8.19) | | $ 8.69 |
Class T:
Net Asset Value and redemption price per share ($163,841,886 ÷ 20,073,789 shares) | | $ 8.16 |
| | |
Maximum offering price per share (100/96.50 of $8.16) | | $ 8.46 |
Class B:
Net Asset Value and offering price per share ($19,950,121 ÷ 2,446,968 shares)A | | $ 8.15 |
| | |
Class C:
Net Asset Value and offering price per share ($37,523,834 ÷ 4,617,990 shares)A | | $ 8.13 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($41,737,414 ÷ 5,077,730 shares) | | $ 8.22 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 21,076,471 |
| | |
Expenses | | |
Distribution fees | $ 2,684,813 | |
Independent trustees' compensation | 2,823 | |
Total expenses before reductions | 2,687,636 | |
Expense reductions | (2,823) | 2,684,813 |
Net investment income (loss) | | 18,391,658 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (48,788,872) | |
Capital gain distributions from underlying funds | 4,618,635 | (44,170,237) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (194,782,235) |
Net gain (loss) | | (238,952,472) |
Net increase (decrease) in net assets resulting from operations | | $ (220,560,814) |
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,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 18,391,658 | $ 16,197,215 |
Net realized gain (loss) | (44,170,237) | 18,655,472 |
Change in net unrealized appreciation (depreciation) | (194,782,235) | (43,687,591) |
Net increase (decrease) in net assets resulting from operations | (220,560,814) | (8,834,904) |
Distributions to shareholders from net investment income | (18,945,686) | (15,296,262) |
Distributions to shareholders from net realized gain | (19,419,546) | (9,299,886) |
Total distributions | (38,365,232) | (24,596,148) |
Share transactions - net increase (decrease) | 134,895,498 | 212,322,173 |
Total increase (decrease) in net assets | (124,030,548) | 178,891,121 |
| | |
Net Assets | | |
Beginning of period | 726,286,554 | 547,395,433 |
End of period (including undistributed net investment income of $2,254,710 and undistributed net investment income of $2,813,532, respectively) | $ 602,256,006 | $ 726,286,554 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.78 | $ 12.28 | $ 11.79 | $ 11.01 | $ 10.92 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .27 | .33 | .29 | .25 | .23 |
Net realized and unrealized gain (loss) | (3.28) | (.34) | .66 | .80 | .04 |
Total from investment operations | (3.01) | (.01) | .95 | 1.05 | .27 |
Distributions from net investment income | (.28) | (.30) | (.26) | (.22) | (.18) |
Distributions from net realized gain | (.30) | (.19) | (.20) | (.06) | - F |
Total distributions | (.58) | (.49) | (.46) | (.27) G | (.18) |
Net asset value, end of period | $ 8.19 | $ 11.78 | $ 12.28 | $ 11.79 | $ 11.01 |
Total Return A, B | (26.36)% | (.27)% | 8.22% | 9.65% | 2.48% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 2.77% | 2.66% | 2.43% | 2.23% | 2.10% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 339,203 | $ 377,118 | $ 248,500 | $ 146,593 | $ 74,013 |
Portfolio turnover rate | 44% | 15% | 22% | 7% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.74 | $ 12.24 | $ 11.75 | $ 10.97 | $ 10.90 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .25 | .30 | .26 | .22 | .20 |
Net realized and unrealized gain (loss) | (3.28) | (.34) | .66 | .80 | .04 |
Total from investment operations | (3.03) | (.04) | .92 | 1.02 | .24 |
Distributions from net investment income | (.25) | (.27) | (.23) | (.19) | (.17) |
Distributions from net realized gain | (.30) | (.19) | (.20) | (.06) | - F |
Total distributions | (.55) | (.46) | (.43) | (.24) G | (.17) |
Net asset value, end of period | $ 8.16 | $ 11.74 | $ 12.24 | $ 11.75 | $ 10.97 |
Total Return A, B | (26.57)% | (.52)% | 8.00% | 9.42% | 2.18% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .51% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .51% | .58% |
Net investment income (loss) | 2.52% | 2.41% | 2.18% | 1.98% | 1.86% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 163,842 | $ 216,732 | $ 194,563 | $ 143,012 | $ 94,744 |
Portfolio turnover rate | 44% | 15% | 22% | 7% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.70 | $ 12.20 | $ 11.71 | $ 10.94 | $ 10.87 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .24 | .20 | .17 | .15 |
Net realized and unrealized gain (loss) | (3.26) | (.35) | .66 | .79 | .04 |
Total from investment operations | (3.06) | (.11) | .86 | .96 | .19 |
Distributions from net investment income | (.19) | (.20) | (.17) | (.13) | (.12) |
Distributions from net realized gain | (.30) | (.19) | (.20) | (.06) | - F |
Total distributions | (.49) | (.39) | (.37) | (.19) | (.12) |
Net asset value, end of period | $ 8.15 | $ 11.70 | $ 12.20 | $ 11.71 | $ 10.94 |
Total Return A, B | (26.92)% | (1.04)% | 7.47% | 8.83% | 1.72% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 2.03% | 1.91% | 1.68% | 1.48% | 1.35% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 19,950 | $ 34,137 | $ 34,834 | $ 33,404 | $ 27,098 |
Portfolio turnover rate | 44% | 15% | 22% | 7% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.67 | $ 12.17 | $ 11.69 | $ 10.93 | $ 10.87 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .23 | .20 | .17 | .15 |
Net realized and unrealized gain (loss) | (3.25) | (.33) | .66 | .78 | .04 |
Total from investment operations | (3.05) | (.10) | .86 | .95 | .19 |
Distributions from net investment income | (.19) | (.21) | (.18) | (.14) | (.13) |
Distributions from net realized gain | (.30) | (.19) | (.20) | (.06) | - F |
Total distributions | (.49) | (.40) | (.38) | (.19) G | (.13) |
Net asset value, end of period | $ 8.13 | $ 11.67 | $ 12.17 | $ 11.69 | $ 10.93 |
Total Return A, B | (26.88)% | (.97)% | 7.45% | 8.78% | 1.72% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 2.02% | 1.91% | 1.68% | 1.48% | 1.36% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 37,524 | $ 58,378 | $ 47,918 | $ 38,882 | $ 27,668 |
Portfolio turnover rate | 44% | 15% | 22% | 7% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.82 | $ 12.32 | $ 11.82 | $ 11.03 | $ 10.93 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .30 | .36 | .32 | .28 | .26 |
Net realized and unrealized gain (loss) | (3.30) | (.34) | .67 | .80 | .05 |
Total from investment operations | (3.00) | .02 | .99 | 1.08 | .31 |
Distributions from net investment income | (.30) | (.33) | (.29) | (.24) | (.20) |
Distributions from net realized gain | (.30) | (.19) | (.20) | (.06) | - E |
Total distributions | (.60) | (.52) | (.49) | (.29) G | (.21) F |
Net asset value, end of period | $ 8.22 | $ 11.82 | $ 12.32 | $ 11.82 | $ 11.03 |
Total Return A | (26.16)% | (.05)% | 8.52% | 9.94% | 2.80% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .01% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .01% | .08% |
Net investment income (loss) | 3.02% | 2.91% | 2.68% | 2.48% | 2.35% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 41,737 | $ 39,922 | $ 21,580 | $ 11,038 | $ 5,538 |
Portfolio turnover rate | 44% | 15% | 22% | 7% | 5% |
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 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.
E Amount represents less than $.01 per share.
F 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.
G 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.0 | 2.6 |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.1 | 5.6 |
Fidelity Advisor Equity Income Fund Institutional Class | 6.8 | 8.3 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7.2 | 7.2 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.4 | 7.2 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.0 | 1.9 |
Fidelity Series All-Sector Equity Fund | 8.5 | 0.0 |
Fidelity Series Large Cap Value Fund | 2.1 | 0.0 |
Fidelity Small Cap Opportunities Fund | 1.9 | 1.7 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 4.5 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 3.2 |
| 43.0 | 42.2 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 5.1 | 5.1 |
Fidelity Advisor Overseas Fund Institutional Class | 5.1 | 5.1 |
Fidelity Series Emerging Markets Fund | 0.1 | 0.0 |
| 10.3 | 10.2 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.3 | 5.2 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 4.6 | 11.7 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6.6 | 6.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 10.6 | 10.6 |
Fidelity Series Investment Grade Bond Fund | 11.7 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 5.4 |
| 33.5 | 34.2 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 4.0 | 3.9 |
Fidelity Institutional Money Market Portfolio Institutional Class | 3.9 | 4.3 |
| 7.9 | 8.2 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 43.0% | |
| International Equity Funds | 10.3% | |
| High Yield Fixed-Income Funds | 5.3% | |
| Investment Grade Fixed-Income Funds | 33.5% | |
| Short-Term Funds | 7.9% | |
Six months ago |
| Domestic Equity Funds | 42.2% | |
| International Equity Funds | 10.2% | |
| High Yield Fixed-Income Funds | 5.2% | |
| Investment Grade Fixed-Income Funds | 34.2% | |
| Short-Term Funds | 8.2% | |
Expected |
| Domestic Equity Funds | 41.7% | |
| International Equity Funds | 10.4% | |
| High Yield Fixed-Income Funds | 5.2% | |
| Investment Grade Fixed-Income Funds | 34.0% | |
| Short-Term Funds | 8.7% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 53.3% |
| Shares | | Value |
Domestic Equity Funds - 43.0% |
Fidelity 100 Index Fund | 4,006,999 | | $ 23,440,942 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,212,424 | | 40,494,946 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,677,768 | | 54,026,405 |
Fidelity Advisor Growth & Income Fund Institutional Class | 5,206,764 | | 57,326,470 |
Fidelity Advisor Large Cap Fund Institutional Class | 5,098,917 | | 51,040,162 |
Fidelity Advisor Small Cap Fund Institutional Class | 950,486 | | 15,711,526 |
Fidelity Series All-Sector Equity Fund | 8,075,701 | | 67,270,593 |
Fidelity Series Large Cap Value Fund | 1,964,781 | | 16,543,455 |
Fidelity Small Cap Opportunities Fund | 2,984,038 | | 14,800,827 |
TOTAL DOMESTIC EQUITY FUNDS | | 340,655,326 |
International Equity Funds - 10.3% |
Fidelity Advisor Diversified International Fund Institutional Class | 3,981,289 | | 40,529,524 |
Fidelity Advisor Overseas Fund Institutional Class | 3,596,904 | | 40,680,979 |
Fidelity Series Emerging Markets Fund | 86,016 | | 880,806 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 82,091,309 |
TOTAL EQUITY FUNDS (Cost $654,348,756) | 422,746,635 |
Fixed-Income Funds - 38.8% |
| Shares | | Value |
High Yield Fixed-Income Funds - 5.3% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7,952,199 | | $ 41,987,611 |
Investment Grade Fixed-Income Funds - 33.5% |
Fidelity Advisor Government Income Fund Institutional Class | 3,332,052 | | 36,452,645 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 7,723,594 | | 52,211,497 |
Fidelity Advisor Total Bond Fund Institutional Class | 9,061,286 | | 84,179,344 |
Fidelity Series Investment Grade Bond Fund | 8,789,584 | | 92,730,113 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 265,573,599 |
TOTAL FIXED-INCOME FUNDS (Cost $362,422,401) | 307,561,210 |
Short-Term Funds - 7.9% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 3,603,606 | | 31,351,376 |
Fidelity Institutional Money Market Portfolio Institutional Class | 31,311,972 | | 31,311,972 |
TOTAL SHORT-TERM FUNDS (Cost $64,679,727) | 62,663,348 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,081,450,884) | $ 792,971,193 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 792,971,193 | $ 792,971,193 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $42,415,853 all of which will expire on March 31, 2017. |
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, 2009 |
| | |
Assets | | |
Investment in securities, at value (cost $1,081,450,884) - See accompanying schedule | | $ 792,971,193 |
Cash | | 4,994 |
Receivable for investments sold | | 456,911 |
Receivable for fund shares sold | | 1,053,090 |
Distributions receivable from underlying funds | | 144,019 |
Total assets | | 794,630,207 |
| | |
Liabilities | | |
Payable for investments purchased | $ 12,699 | |
Payable for fund shares redeemed | 1,648,493 | |
Distribution fees payable | 221,629 | |
Total liabilities | | 1,882,821 |
| | |
Net Assets | | $ 792,747,386 |
Net Assets consist of: | | |
Paid in capital | | $ 1,133,325,043 |
Undistributed net investment income | | 2,914,856 |
Accumulated undistributed net realized gain (loss) on investments | | (55,012,822) |
Net unrealized appreciation (depreciation) on investments | | (288,479,691) |
Net Assets | | $ 792,747,386 |
| | |
Calculation of Maximum Offering Price Class A
Net Asset Value and redemption price per share ($477,640,887 ÷ 59,334,759 shares) | | $ 8.05 |
| | |
Maximum offering price per share (100/94.25 of $8.05) | | $ 8.54 |
Class T:
Net Asset Value and redemption price per share ($162,438,694 ÷ 20,209,031 shares) | | $ 8.04 |
| | |
Maximum offering price per share (100/96.50 of $8.04) | | $ 8.33 |
Class B:
Net Asset Value and offering price per share ($27,727,171 ÷ 3,458,805 shares)A | | $ 8.02 |
| | |
Class C:
Net Asset Value and offering price per share ($46,942,284 ÷ 5,865,907 shares)A | | $ 8.00 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($77,998,350 ÷ 9,635,447 shares) | | $ 8.09 |
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, 2009 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 26,011,453 |
| | |
Expenses | | |
Distribution fees | $ 3,187,596 | |
Independent trustees' compensation | 3,560 | |
Total expenses before reductions | 3,191,156 | |
Expense reductions | (3,560) | 3,187,596 |
Net investment income (loss) | | 22,823,857 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (54,791,443) | |
Capital gain distributions from underlying funds | 5,674,710 | (49,116,733) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (268,311,878) |
Net gain (loss) | | (317,428,611) |
Net increase (decrease) in net assets resulting from operations | | $ (294,604,754) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 22,823,857 | $ 17,645,404 |
Net realized gain (loss) | (49,116,733) | 25,512,187 |
Change in net unrealized appreciation (depreciation) | (268,311,878) | (59,466,789) |
Net increase (decrease) in net assets resulting from operations | (294,604,754) | (16,309,198) |
Distributions to shareholders from net investment income | (22,943,550) | (15,992,861) |
Distributions to shareholders from net realized gain | (26,245,848) | (13,493,586) |
Total distributions | (49,189,398) | (29,486,447) |
Share transactions - net increase (decrease) | 236,884,136 | 329,823,067 |
Total increase (decrease) in net assets | (106,910,016) | 284,027,422 |
| | |
Net Assets | | |
Beginning of period | 899,657,402 | 615,629,980 |
End of period (including undistributed net investment income of $2,914,856 and undistributed net investment income of $3,034,550, respectively) | $ 792,747,386 | $ 899,657,402 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.85 | $ 12.40 | $ 11.84 | $ 10.77 | $ 10.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .26 | .31 | .26 | .22 | .21 |
Net realized and unrealized gain (loss) | (3.47) | (.35) | .74 | 1.07 | .13 |
Total from investment operations | (3.21) | (.04) | 1.00 | 1.29 | .34 |
Distributions from net investment income | (.26) | (.27) | (.23) | (.16) | (.14) |
Distributions from net realized gain | (.33) | (.24) | (.21) | (.06) | - F |
Total distributions | (.59) H | (.51) G | (.44) | (.22) | (.14) |
Net asset value, end of period | $ 8.05 | $ 11.85 | $ 12.40 | $ 11.84 | $ 10.77 |
Total Return A, B | (28.01)% | (.53)% | 8.56% | 12.12% | 3.22% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 2.69% | 2.46% | 2.21% | 1.93% | 2.02% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 477,641 | $ 517,888 | $ 291,783 | $ 128,241 | $ 45,028 |
Portfolio turnover rate | 36% | 13% | 11% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.587 per share is comprised of distributions from net investment income of $.262 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.82 | $ 12.38 | $ 11.81 | $ 10.76 | $ 10.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .24 | .28 | .23 | .19 | .19 |
Net realized and unrealized gain (loss) | (3.46) | (.36) | .75 | 1.06 | .13 |
Total from investment operations | (3.22) | (.08) | .98 | 1.25 | .32 |
Distributions from net investment income | (.23) | (.23) | (.20) | (.14) | (.13) |
Distributions from net realized gain | (.33) | (.24) | (.21) | (.06) | - F |
Total distributions | (.56) H | (.48) G | (.41) | (.20) | (.13) |
Net asset value, end of period | $ 8.04 | $ 11.82 | $ 12.38 | $ 11.81 | $ 10.76 |
Total Return A, B | (28.13)% | (.89)% | 8.40% | 11.71% | 3.01% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .51% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .51% | .58% |
Net investment income (loss) | 2.44% | 2.21% | 1.96% | 1.68% | 1.77% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 162,439 | $ 203,822 | $ 186,106 | $ 125,323 | $ 55,945 |
Portfolio turnover rate | 36% | 13% | 11% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.559 per share is comprised of distributions from net investment income of $.234 and distributions from net realized gain of $.325 per share.
Financial Highlights - Class B
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.77 | $ 12.33 | $ 11.77 | $ 10.73 | $ 10.56 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .19 | .21 | .17 | .13 | .13 |
Net realized and unrealized gain (loss) | (3.44) | (.36) | .74 | 1.06 | .13 |
Total from investment operations | (3.25) | (.15) | .91 | 1.19 | .26 |
Distributions from net investment income | (.17) | (.17) | (.14) | (.09) | (.09) |
Distributions from net realized gain | (.33) | (.24) | (.21) | (.06) | - F |
Total distributions | (.50) H | (.41) G | (.35) | (.15) | (.09) |
Net asset value, end of period | $ 8.02 | $ 11.77 | $ 12.33 | $ 11.77 | $ 10.73 |
Total Return A, B | (28.47)% | (1.37)% | 7.83% | 11.17% | 2.49% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.94% | 1.71% | 1.46% | 1.18% | 1.28% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 27,727 | $ 43,608 | $ 41,424 | $ 33,633 | $ 18,813 |
Portfolio turnover rate | 36% | 13% | 11% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.498 per share is comprised of distributions from net investment income of $.173 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 C
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.76 | $ 12.32 | $ 11.77 | $ 10.73 | $ 10.56 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .19 | .21 | .17 | .13 | .13 |
Net realized and unrealized gain (loss) | (3.45) | (.35) | .74 | 1.06 | .13 |
Total from investment operations | (3.26) | (.14) | .91 | 1.19 | .26 |
Distributions from net investment income | (.18) | (.18) | (.15) | (.09) | (.09) |
Distributions from net realized gain | (.33) | (.24) | (.21) | (.06) | - F |
Total distributions | (.50) H | (.42) G | (.36) | (.15) | (.09) |
Net asset value, end of period | $ 8.00 | $ 11.76 | $ 12.32 | $ 11.77 | $ 10.73 |
Total Return A, B | (28.53)% | (1.34)% | 7.81% | 11.19% | 2.47% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.94% | 1.71% | 1.46% | 1.18% | 1.28% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 46,942 | $ 65,543 | $ 56,686 | $ 35,656 | $ 18,926 |
Portfolio turnover rate | 36% | 13% | 11% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.504 per share is comprised of distributions from net investment income of $.179 and distributions from net realized gain of $.325 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.91 | $ 12.47 | $ 11.89 | $ 10.81 | $ 10.59 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .29 | .34 | .29 | .25 | .24 |
Net realized and unrealized gain (loss) | (3.50) | (.36) | .75 | 1.07 | .13 |
Total from investment operations | (3.21) | (.02) | 1.04 | 1.32 | .37 |
Distributions from net investment income | (.29) | (.29) | (.25) | (.18) | (.15) |
Distributions from net realized gain | (.33) | (.24) | (.21) | (.06) | - E |
Total distributions | (.61) G | (.54) F | (.46) | (.24) | (.15) |
Net asset value, end of period | $ 8.09 | $ 11.91 | $ 12.47 | $ 11.89 | $ 10.81 |
Total Return A | (27.85)% | (.42)% | 8.90% | 12.36% | 3.52% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.94% | 2.71% | 2.46% | 2.18% | 2.27% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 77,998 | $ 68,797 | $ 39,631 | $ 26,886 | $ 12,861 |
Portfolio turnover rate | 36% | 13% | 11% | 4% | 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 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.
E Amount represents less than $.01 per share.
F 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.
G Total distributions of $.611 per share is comprised of distributions from net investment income of $.286 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 2020 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.5 | 3.3 |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.3 | 6.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 8.4 | 10.2 |
Fidelity Advisor Growth & Income Fund Institutional Class | 8.9 | 8.9 |
Fidelity Advisor Large Cap Fund Institutional Class | 7.9 | 8.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.4 | 2.3 |
Fidelity Series All-Sector Equity Fund | 10.2 | 0.0 |
Fidelity Series Large Cap Value Fund | 2.5 | 0.0 |
Fidelity Small Cap Opportunities Fund | 2.3 | 2.3 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 5.6 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 4.0 |
| 52.4 | 52.4 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.2 | 6.3 |
Fidelity Advisor Overseas Fund Institutional Class | 6.2 | 6.3 |
Fidelity Series Emerging Markets Fund | 0.2 | 0.0 |
| 12.6 | 12.6 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.1 | 7.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 3.6 | 9.0 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5.1 | 5.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 8.5 | 8.4 |
Fidelity Series Investment Grade Bond Fund | 9.3 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 4.3 |
| 26.5 | 26.8 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 0.7 | 0.6 |
Fidelity Institutional Money Market Portfolio Institutional Class | 0.7 | 0.6 |
| 1.4 | 1.2 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 52.4% | |
| International Equity Funds | 12.6% | |
| High Yield Fixed-Income Funds | 7.1% | |
| Investment Grade Fixed-Income Funds | 26.5% | |
| Short-Term Funds | 1.4% | |
Six months ago |
| Domestic Equity Funds | 52.4% | |
| International Equity Funds | 12.6% | |
| High Yield Fixed-Income Funds | 7.0% | |
| Investment Grade Fixed-Income Funds | 26.8% | |
| Short-Term Funds | 1.2% | |
Expected |
| Domestic Equity Funds | 51.1% | |
| International Equity Funds | 12.8% | |
| High Yield Fixed-Income Funds | 7.1% | |
| Investment Grade Fixed-Income Funds | 27.0% | |
| Short-Term Funds | 2.0% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009 |
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 65.0% |
| Shares | | Value |
Domestic Equity Funds - 52.4% |
Fidelity 100 Index Fund | 7,337,103 | | $ 42,922,053 |
Fidelity Advisor Equity Growth Fund Institutional Class | 2,336,967 | | 78,054,698 |
Fidelity Advisor Equity Income Fund Institutional Class | 7,150,538 | | 105,041,407 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10,006,789 | | 110,174,748 |
Fidelity Advisor Large Cap Fund Institutional Class | 9,829,895 | | 98,397,247 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,821,080 | | 30,102,459 |
Fidelity Series All-Sector Equity Fund | 15,159,242 | | 126,276,486 |
Fidelity Series Large Cap Value Fund | 3,748,140 | | 31,559,340 |
Fidelity Small Cap Opportunities Fund | 5,715,642 | | 28,349,582 |
TOTAL DOMESTIC EQUITY FUNDS | | 650,878,020 |
International Equity Funds - 12.6% |
Fidelity Advisor Diversified International Fund Institutional Class | 7,619,817 | | 77,569,736 |
Fidelity Advisor Overseas Fund Institutional Class | 6,867,540 | | 77,671,880 |
Fidelity Series Emerging Markets Fund | 203,822 | | 2,087,139 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 157,328,755 |
TOTAL EQUITY FUNDS (Cost $1,251,397,356) | 808,206,775 |
Fixed-Income Funds - 33.6% |
| Shares | | Value |
High Yield Fixed-Income Funds - 7.1% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 16,737,345 | | $ 88,373,183 |
Investment Grade Fixed-Income Funds - 26.5% |
Fidelity Advisor Government Income Fund Institutional Class | 4,071,912 | | 44,546,718 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 9,449,109 | | 63,875,979 |
Fidelity Advisor Total Bond Fund Institutional Class | 11,311,418 | | 105,083,077 |
Fidelity Series Investment Grade Bond Fund | 10,944,357 | | 115,462,966 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 328,968,740 |
TOTAL FIXED-INCOME FUNDS (Cost $511,194,215) | 417,341,923 |
Short-Term Funds - 1.4% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 986,284 | | 8,580,675 |
Fidelity Institutional Money Market Portfolio Institutional Class | 8,572,409 | | 8,572,409 |
TOTAL SHORT-TERM FUNDS (Cost $17,597,032) | 17,153,084 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,780,188,603) | $ 1,242,701,782 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 1,242,701,782 | $ 1,242,701,782 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $85,005,141 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $12,661,963 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $1,780,188,603) - See accompanying schedule | | $ 1,242,701,782 |
Cash | | 351 |
Receivable for investments sold | | 1,483,125 |
Receivable for fund shares sold | | 1,734,776 |
Distributions receivable from underlying funds | | 177,872 |
Other affiliated receivables | | 1,557 |
Total assets | | 1,246,099,463 |
| | |
Liabilities | | |
Payable for investments purchased | $ 390 | |
Payable for fund shares redeemed | 3,374,644 | |
Distribution fees payable | 363,248 | |
Total liabilities | | 3,738,282 |
| | |
Net Assets | | $ 1,242,361,181 |
Net Assets consist of: | | |
Paid in capital | | $ 1,886,219,468 |
Undistributed net investment income | | 3,649,909 |
Accumulated undistributed net realized gain (loss) on investments | | (110,021,375) |
Net unrealized appreciation (depreciation) on investments | | (537,486,821) |
Net Assets | | $ 1,242,361,181 |
| | |
Calculation of Maximum Offering Price Class A
Net Asset Value and redemption price per share ($677,209,556 ÷ 85,014,971 shares) | | $ 7.97 |
| | |
Maximum offering price per share (100/94.25 of $7.97) | | $ 8.46 |
Class T:
Net Asset Value and redemption price per share ($343,919,264 ÷ 43,208,227 shares) | | $ 7.96 |
| | |
Maximum offering price per share (100/96.50 of $7.96) | | $ 8.25 |
Class B:
Net Asset Value and offering price per share ($52,870,796 ÷ 6,660,331 shares)A | | $ 7.94 |
| | |
Class C:
Net Asset Value and offering price per share ($62,701,651 ÷ 7,912,090 shares)A | | $ 7.92 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($105,659,914 ÷ 13,197,900 shares) | | $ 8.01 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 39,369,025 |
| | |
Expenses | | |
Distribution fees | $ 5,492,274 | |
Independent trustees' compensation | 5,850 | |
Total expenses before reductions | 5,498,124 | |
Expense reductions | (5,850) | 5,492,274 |
Net investment income (loss) | | 33,876,751 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (108,850,173) | |
Capital gain distributions from underlying funds | 7,519,065 | (101,331,108) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (513,255,786) |
Net gain (loss) | | (614,586,894) |
Net increase (decrease) in net assets resulting from operations | | $ (580,710,143) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 33,876,751 | $ 26,365,500 |
Net realized gain (loss) | (101,331,108) | 56,483,314 |
Change in net unrealized appreciation (depreciation) | (513,255,786) | (128,993,098) |
Net increase (decrease) in net assets resulting from operations | (580,710,143) | (46,144,284) |
Distributions to shareholders from net investment income | (33,890,863) | (24,317,719) |
Distributions to shareholders from net realized gain | (54,461,707) | (28,216,665) |
Total distributions | (88,352,570) | (52,534,384) |
Share transactions - net increase (decrease) | 369,126,187 | 488,344,875 |
Total increase (decrease) in net assets | (299,936,526) | 389,666,207 |
| | |
Net Assets | | |
Beginning of period | 1,542,297,707 | 1,152,631,500 |
End of period (including undistributed net investment income of $3,649,909 and undistributed net investment income of $3,849,262, respectively) | $ 1,242,361,181 | $ 1,542,297,707 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.73 | $ 13.49 | $ 12.85 | $ 11.53 | $ 11.29 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .25 | .28 | .24 | .19 | .20 |
Net realized and unrealized gain (loss) | (4.33) | (.49) | .92 | 1.36 | .23 |
Total from investment operations | (4.08) | (.21) | 1.16 | 1.55 | .43 |
Distributions from net investment income | (.25) | (.25) | (.23) | (.16) | (.18) |
Distributions from net realized gain | (.43) | (.30) | (.30) | (.08) | - F |
Total distributions | (.68) | (.55) | (.52) I | (.23) H | (.19) G |
Net asset value, end of period | $ 7.97 | $ 12.73 | $ 13.49 | $ 12.85 | $ 11.53 |
Total Return A, B | (33.34)% | (1.83)% | 9.21% | 13.62% | 3.75% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 2.49% | 2.07% | 1.89% | 1.60% | 1.80% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 677,210 | $ 811,992 | $ 511,536 | $ 284,466 | $ 135,306 |
Portfolio turnover rate | 31% | 10% | 13% | 6% | 1% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H 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.
I 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.72 | $ 13.47 | $ 12.83 | $ 11.52 | $ 11.29 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .23 | .25 | .21 | .16 | .18 |
Net realized and unrealized gain (loss) | (4.34) | (.49) | .92 | 1.36 | .21 |
Total from investment operations | (4.11) | (.24) | 1.13 | 1.52 | .39 |
Distributions from net investment income | (.22) | (.21) | (.19) | (.13) | (.16) |
Distributions from net realized gain | (.43) | (.30) | (.30) | (.08) | - F |
Total distributions | (.65) | (.51) | (.49) G | (.21) | (.16) |
Net asset value, end of period | $ 7.96 | $ 12.72 | $ 13.47 | $ 12.83 | $ 11.52 |
Total Return A, B | (33.56)% | (2.02)% | 8.97% | 13.28% | 3.46% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .51% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .51% | .58% |
Net investment income (loss) | 2.24% | 1.82% | 1.63% | 1.35% | 1.55% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 343,919 | $ 458,465 | $ 431,886 | $ 296,477 | $ 177,336 |
Portfolio turnover rate | 31% | 10% | 13% | 6% | 1% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.66 | $ 13.41 | $ 12.78 | $ 11.48 | $ 11.27 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .18 | .18 | .15 | .10 | .12 |
Net realized and unrealized gain (loss) | (4.31) | (.48) | .91 | 1.35 | .21 |
Total from investment operations | (4.13) | (.30) | 1.06 | 1.45 | .33 |
Distributions from net investment income | (.16) | (.15) | (.13) | (.08) | (.12) |
Distributions from net realized gain | (.43) | (.30) | (.30) | (.07) | - F |
Total distributions | (.59) | (.45) | (.43) G | (.15) | (.12) |
Net asset value, end of period | $ 7.94 | $ 12.66 | $ 13.41 | $ 12.78 | $ 11.48 |
Total Return A, B | (33.87)% | (2.51)% | 8.40% | 12.71% | 2.93% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.74% | 1.32% | 1.13% | .85% | 1.05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 52,871 | $ 89,049 | $ 85,981 | $ 71,232 | $ 49,398 |
Portfolio turnover rate | 31% | 10% | 13% | 6% | 1% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.64 | $ 13.40 | $ 12.77 | $ 11.48 | $ 11.26 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .18 | .18 | .15 | .10 | .12 |
Net realized and unrealized gain (loss) | (4.31) | (.49) | .91 | 1.34 | .22 |
Total from investment operations | (4.13) | (.31) | 1.06 | 1.44 | .34 |
Distributions from net investment income | (.16) | (.15) | (.14) | (.08) | (.12) |
Distributions from net realized gain | (.43) | (.30) | (.30) | (.07) | - F |
Total distributions | (.59) | (.45) | (.43) G | (.15) | (.12) |
Net asset value, end of period | $ 7.92 | $ 12.64 | $ 13.40 | $ 12.77 | $ 11.48 |
Total Return A, B | (33.90)% | (2.56)% | 8.45% | 12.66% | 3.02% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.74% | 1.32% | 1.14% | .85% | 1.05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 62,702 | $ 95,224 | $ 85,076 | $ 61,442 | $ 39,310 |
Portfolio turnover rate | 31% | 10% | 13% | 6% | 1% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.79 | $ 13.55 | $ 12.90 | $ 11.57 | $ 11.31 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .28 | .32 | .28 | .23 | .23 |
Net realized and unrealized gain (loss) | (4.35) | (.50) | .92 | 1.36 | .23 |
Total from investment operations | (4.07) | (.18) | 1.20 | 1.59 | .46 |
Distributions from net investment income | (.28) | (.28) | (.25) | (.18) | (.20) |
Distributions from net realized gain | (.43) | (.30) | (.30) | (.08) | - E |
Total distributions | (.71) | (.58) | (.55) F | (.26) | (.20) |
Net asset value, end of period | $ 8.01 | $ 12.79 | $ 13.55 | $ 12.90 | $ 11.57 |
Total Return A | (33.16)% | (1.62)% | 9.47% | 13.88% | 4.06% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.74% | 2.32% | 2.13% | 1.85% | 2.05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 105,660 | $ 87,568 | $ 38,153 | $ 21,212 | $ 11,932 |
Portfolio turnover rate | 31% | 10% | 13% | 6% | 1% |
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 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.
E Amount represents less than $.01 per share.
F 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.7 | 3.3 |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.7 | 7.4 |
Fidelity Advisor Equity Income Fund Institutional Class | 9.0 | 11.0 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.5 | 9.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 8.4 | 9.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.6 | 2.5 |
Fidelity Series All-Sector Equity Fund | 10.9 | 0.0 |
Fidelity Series Large Cap Value Fund | 2.9 | 0.0 |
Fidelity Small Cap Opportunities Fund | 2.5 | 2.4 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 5.9 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 4.3 |
| 56.2 | 56.0 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.7 | 6.7 |
Fidelity Advisor Overseas Fund Institutional Class | 6.7 | 6.8 |
Fidelity Series Emerging Markets Fund | 0.2 | 0.0 |
| 13.6 | 13.5 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.4 | 7.2 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 2.9 | 8.2 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4.5 | 4.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 7.2 | 7.1 |
Fidelity Series Investment Grade Bond Fund | 8.2 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 3.5 |
| 22.8 | 23.3 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 56.2% | |
| International Equity Funds | 13.6% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Investment Grade Fixed-Income Funds | 22.8% | |
Six months ago |
| Domestic Equity Funds | 56.0% | |
| International Equity Funds | 13.5% | |
| High Yield Fixed-Income Funds | 7.2% | |
| Investment Grade Fixed-Income Funds | 23.3% | |
Expected |
| Domestic Equity Funds | 56.0% | |
| International Equity Funds | 14.0% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 22.5% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 69.8% |
| Shares | | Value |
Domestic Equity Funds - 56.2% |
Fidelity 100 Index Fund | 4,953,614 | | $ 28,978,643 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,562,045 | | 52,172,307 |
Fidelity Advisor Equity Income Fund Institutional Class | 4,787,845 | | 70,333,444 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6,740,482 | | 74,212,712 |
Fidelity Advisor Large Cap Fund Institutional Class | 6,580,569 | | 65,871,500 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,239,683 | | 20,491,956 |
Fidelity Series All-Sector Equity Fund | 10,190,631 | | 84,887,962 |
Fidelity Series Large Cap Value Fund | 2,661,525 | | 22,410,038 |
Fidelity Small Cap Opportunities Fund | 3,898,932 | | 19,338,702 |
TOTAL DOMESTIC EQUITY FUNDS | | 438,697,264 |
International Equity Funds - 13.6% |
Fidelity Advisor Diversified International Fund Institutional Class | 5,155,829 | | 52,486,339 |
Fidelity Advisor Overseas Fund Institutional Class | 4,645,169 | | 52,536,863 |
Fidelity Series Emerging Markets Fund | 143,214 | | 1,466,515 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 106,489,717 |
TOTAL EQUITY FUNDS (Cost $856,777,783) | 545,186,981 |
Fixed-Income Funds - 30.2% |
| Shares | | Value |
High Yield Fixed-Income Funds - 7.4% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 10,901,950 | | $ 57,562,296 |
Investment Grade Fixed-Income Funds - 22.8% |
Fidelity Advisor Government Income Fund Institutional Class | 2,056,260 | | 22,495,482 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5,155,205 | | 34,849,189 |
Fidelity Advisor Total Bond Fund Institutional Class | 6,030,213 | | 56,020,675 |
Fidelity Series Investment Grade Bond Fund | 6,113,427 | | 64,496,653 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 177,861,999 |
TOTAL FIXED-INCOME FUNDS (Cost $291,173,654) | 235,424,295 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,147,951,437) | $ 780,611,276 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 780,611,276 | $ 780,611,276 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $55,796,563 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $1,147,951,437) - See accompanying schedule | | $ 780,611,276 |
Cash | | 19,956 |
Receivable for investments sold | | 848,547 |
Receivable for fund shares sold | | 1,534,924 |
Distributions receivable from underlying funds | | 93,505 |
Total assets | | 783,108,208 |
| | |
Liabilities | | |
Payable for fund shares redeemed | $ 2,421,065 | |
Distribution fees payable | 203,191 | |
Total liabilities | | 2,624,256 |
| | |
Net Assets | | $ 780,483,952 |
Net Assets consist of: | | |
Paid in capital | | $ 1,211,329,359 |
Undistributed net investment income | | 2,201,484 |
Accumulated undistributed net realized gain (loss) on investments | | (65,706,730) |
Net unrealized appreciation (depreciation) on investments | | (367,340,161) |
Net Assets | | $ 780,483,952 |
| | |
Calculation of Maximum Offering Price Class A
Net Asset Value and redemption price per share ($512,482,042 ÷ 68,271,379 shares) | | $ 7.51 |
| | |
Maximum offering price per share (100/94.25 of $7.51) | | $ 7.97 |
Class T:
Net Asset Value and redemption price per share ($139,329,611 ÷ 18,522,356 shares) | | $ 7.52 |
| | |
Maximum offering price per share (100/96.50 of $7.52) | | $ 7.79 |
Class B:
Net Asset Value and offering price per share ($27,207,028 ÷ 3,643,490 shares)A | | $ 7.47 |
| | |
Class C:
Net Asset Value and offering price per share ($31,734,683 ÷ 4,256,175 shares)A | | $ 7.46 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($69,730,588 ÷ 9,239,754 shares) | | $ 7.55 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 22,765,763 |
| | |
Expenses | | |
Distribution fees | $ 2,909,633 | |
Independent trustees' compensation | 3,444 | |
Total expenses before reductions | 2,913,077 | |
Expense reductions | (3,444) | 2,909,633 |
Net investment income (loss) | | 19,856,130 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (65,042,738) | |
Capital gain distributions from underlying funds | 4,211,076 | (60,831,662) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (328,423,663) |
Net gain (loss) | | (389,255,325) |
Net increase (decrease) in net assets resulting from operations | | $ (369,399,195) |
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,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 19,856,130 | $ 13,091,477 |
Net realized gain (loss) | (60,831,662) | 31,255,729 |
Change in net unrealized appreciation (depreciation) | (328,423,663) | (77,544,121) |
Net increase (decrease) in net assets resulting from operations | (369,399,195) | (33,196,915) |
Distributions to shareholders from net investment income | (19,629,825) | (11,956,162) |
Distributions to shareholders from net realized gain | (30,018,396) | (14,061,115) |
Total distributions | (49,648,221) | (26,017,277) |
Share transactions - net increase (decrease) | 330,490,319 | 383,205,903 |
Total increase (decrease) in net assets | (88,557,097) | 323,991,711 |
| | |
Net Assets | | |
Beginning of period | 869,041,049 | 545,049,338 |
End of period (including undistributed net investment income of $2,201,484 and undistributed net investment income of $2,017,976, respectively) | $ 780,483,952 | $ 869,041,049 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.26 | $ 13.01 | $ 12.34 | $ 10.96 | $ 10.67 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .23 | .26 | .22 | .17 | .19 |
Net realized and unrealized gain (loss) | (4.36) | (.50) | .90 | 1.39 | .23 |
Total from investment operations | (4.13) | (.24) | 1.12 | 1.56 | .42 |
Distributions from net investment income | (.22) | (.22) | (.19) | (.13) | (.13) |
Distributions from net realized gain | (.40) | (.29) | (.26) | (.05) | - F |
Total distributions | (.62) | (.51) | (.45) | (.18) | (.13) |
Net asset value, end of period | $ 7.51 | $ 12.26 | $ 13.01 | $ 12.34 | $ 10.96 |
Total Return A, B | (34.98)% | (2.14)% | 9.26% | 14.35% | 3.96% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .33% |
Net investment income (loss) | 2.41% | 1.95% | 1.79% | 1.44% | 1.76% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 512,482 | $ 558,890 | $ 306,544 | $ 128,504 | $ 59,347 |
Portfolio turnover rate | 29% | 10% | 3% | 5% | 10% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.28 | $ 13.03 | $ 12.35 | $ 10.97 | $ 10.69 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .21 | .23 | .19 | .14 | .16 |
Net realized and unrealized gain (loss) | (4.37) | (.51) | .91 | 1.39 | .24 |
Total from investment operations | (4.16) | (.28) | 1.10 | 1.53 | .40 |
Distributions from net investment income | (.20) | (.18) | (.16) | (.11) | (.12) |
Distributions from net realized gain | (.40) | (.29) | (.26) | (.05) | - F |
Total distributions | (.60) | (.47) | (.42) | (.15) G | (.12) |
Net asset value, end of period | $ 7.52 | $ 12.28 | $ 13.03 | $ 12.35 | $ 10.97 |
Total Return A, B | (35.20)% | (2.40)% | 9.10% | 14.07% | 3.75% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .58% |
Net investment income (loss) | 2.16% | 1.70% | 1.54% | 1.19% | 1.51% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 139,330 | $ 173,946 | $ 154,042 | $ 83,955 | $ 36,966 |
Portfolio turnover rate | 29% | 10% | 3% | 5% | 10% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.17 | $ 12.93 | $ 12.26 | $ 10.91 | $ 10.64 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .16 | .16 | .13 | .08 | .11 |
Net realized and unrealized gain (loss) | (4.32) | (.51) | .90 | 1.38 | .24 |
Total from investment operations | (4.16) | (.35) | 1.03 | 1.46 | .35 |
Distributions from net investment income | (.14) | (.12) | (.10) | (.07) | (.08) |
Distributions from net realized gain | (.40) | (.29) | (.26) | (.04) | - F |
Total distributions | (.54) | (.41) | (.36) | (.11) | (.08) |
Net asset value, end of period | $ 7.47 | $ 12.17 | $ 12.93 | $ 12.26 | $ 10.91 |
Total Return A, B | (35.45)% | (2.95)% | 8.57% | 13.46% | 3.29% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.66% | 1.20% | 1.04% | .69% | 1.01% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 27,207 | $ 43,016 | $ 37,881 | $ 27,111 | $ 13,415 |
Portfolio turnover rate | 29% | 10% | 3% | 5% | 10% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.16 | $ 12.92 | $ 12.26 | $ 10.91 | $ 10.65 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .16 | .16 | .13 | .08 | .11 |
Net realized and unrealized gain (loss) | (4.32) | (.50) | .89 | 1.38 | .23 |
Total from investment operations | (4.16) | (.34) | 1.02 | 1.46 | .34 |
Distributions from net investment income | (.14) | (.13) | (.10) | (.07) | (.08) |
Distributions from net realized gain | (.40) | (.29) | (.26) | (.04) | - F |
Total distributions | (.54) | (.42) | (.36) | (.11) | (.08) |
Net asset value, end of period | $ 7.46 | $ 12.16 | $ 12.92 | $ 12.26 | $ 10.91 |
Total Return A, B | (35.44)% | (2.91)% | 8.51% | 13.46% | 3.19% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.66% | 1.20% | 1.04% | .69% | 1.01% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 31,735 | $ 40,426 | $ 32,679 | $ 20,323 | $ 10,859 |
Portfolio turnover rate | 29% | 10% | 3% | 5% | 10% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.33 | $ 13.08 | $ 12.39 | $ 10.99 | $ 10.68 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .26 | .29 | .25 | .20 | .22 |
Net realized and unrealized gain (loss) | (4.39) | (.50) | .91 | 1.40 | .24 |
Total from investment operations | (4.13) | (.21) | 1.16 | 1.60 | .46 |
Distributions from net investment income | (.25) | (.25) | (.21) | (.15) | (.15) |
Distributions from net realized gain | (.40) | (.29) | (.26) | (.05) | - E |
Total distributions | (.65) | (.54) | (.47) | (.20) | (.15) |
Net asset value, end of period | $ 7.55 | $ 12.33 | $ 13.08 | $ 12.39 | $ 10.99 |
Total Return A | (34.83)% | (1.93)% | 9.60% | 14.69% | 4.25% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.66% | 2.20% | 2.04% | 1.69% | 2.01% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 69,731 | $ 52,762 | $ 13,903 | $ 5,167 | $ 1,921 |
Portfolio turnover rate | 29% | 10% | 3% | 5% | 10% |
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 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.
E 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 4.0 | 4.1 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.5 | 8.5 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.2 | 12.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.8 | 11.0 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.5 | 10.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.0 | 2.9 |
Fidelity Series All-Sector Equity Fund | 12.1 | 0.0 |
Fidelity Series Large Cap Value Fund | 3.3 | 0.0 |
Fidelity Small Cap Opportunities Fund | 2.8 | 2.7 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 6.9 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 4.9 |
| 63.2 | 64.5 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 7.6 | 7.8 |
Fidelity Advisor Overseas Fund Institutional Class | 7.6 | 7.8 |
Fidelity Series Emerging Markets Fund | 0.2 | 0.0 |
| 15.4 | 15.6 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.5 | 7.3 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 1.8 | 4.4 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.6 | 2.4 |
Fidelity Advisor Total Bond Fund Institutional Class | 4.2 | 3.9 |
Fidelity Series Investment Grade Bond Fund | 5.3 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 1.9 |
| 13.9 | 12.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 63.2% | |
| International Equity Funds | 15.4% | |
 | High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 13.9% | |
Six months ago |
| Domestic Equity Funds | 64.5% | |
| International Equity Funds | 15.6% | |
| High Yield Fixed-Income Funds | 7.3% | |
| Investment Grade Fixed-Income Funds | 12.6% | |
Expected |
| Domestic Equity Funds | 62.2% | |
| International Equity Funds | 15.6% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 14.7% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 78.6% |
| Shares | | Value |
Domestic Equity Funds - 63.2% |
Fidelity 100 Index Fund | 6,357,208 | | $ 37,189,668 |
Fidelity Advisor Equity Growth Fund Institutional Class | 2,079,610 | | 69,458,977 |
Fidelity Advisor Equity Income Fund Institutional Class | 6,394,070 | | 93,928,885 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9,007,922 | | 99,177,223 |
Fidelity Advisor Large Cap Fund Institutional Class | 8,778,479 | | 87,872,579 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,650,207 | | 27,277,929 |
Fidelity Series All-Sector Equity Fund | 13,340,025 | | 111,122,405 |
Fidelity Series Large Cap Value Fund | 3,623,869 | | 30,512,977 |
Fidelity Small Cap Opportunities Fund | 5,208,078 | | 25,832,066 |
TOTAL DOMESTIC EQUITY FUNDS | | 582,372,709 |
International Equity Funds - 15.4% |
Fidelity Advisor Diversified International Fund Institutional Class | 6,858,792 | | 69,822,500 |
Fidelity Advisor Overseas Fund Institutional Class | 6,187,790 | | 69,983,903 |
Fidelity Series Emerging Markets Fund | 243,052 | | 2,488,847 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 142,295,250 |
TOTAL EQUITY FUNDS (Cost $1,143,327,634) | 724,667,959 |
Fixed-Income Funds - 21.4% |
| Shares | | Value |
High Yield Fixed-Income Funds - 7.5% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 13,051,821 | | $ 68,913,616 |
Investment Grade Fixed-Income Funds - 13.9% |
Fidelity Advisor Government Income Fund Institutional Class | 1,556,166 | | 17,024,461 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 3,538,260 | | 23,918,636 |
Fidelity Advisor Total Bond Fund Institutional Class | 4,191,518 | | 38,939,200 |
Fidelity Series Investment Grade Bond Fund | 4,615,770 | | 48,696,369 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 128,578,666 |
TOTAL FIXED-INCOME FUNDS (Cost $254,614,315) | 197,492,282 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,397,941,949) | $ 922,160,241 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 922,160,241 | $ 922,160,241 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $76,501,982 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $1,397,941,949) - See accompanying schedule | | $ 922,160,241 |
Receivable for investments sold | | 136,778 |
Receivable for fund shares sold | | 1,614,291 |
Distributions receivable from underlying funds | | 65,580 |
Total assets | | 923,976,890 |
| | |
Liabilities | | |
Payable to custodian bank | $ 2,098 | |
Payable for investments purchased | 81,624 | |
Payable for fund shares redeemed | 1,733,004 | |
Distribution fees payable | 256,304 | |
Total liabilities | | 2,073,030 |
| | |
Net Assets | | $ 921,903,860 |
Net Assets consist of: | | |
Paid in capital | | $ 1,486,255,122 |
Undistributed net investment income | | 1,516,067 |
Accumulated undistributed net realized gain (loss) on investments | | (90,085,621) |
Net unrealized appreciation (depreciation) on investments | | (475,781,708) |
Net Assets | | $ 921,903,860 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($527,042,086 ÷ 68,534,836 shares) | | $ 7.69 |
| | |
Maximum offering price per share (100/94.25 of $7.69) | | $ 8.16 |
Class T:
Net Asset Value and redemption price per share ($236,332,736 ÷ 30,819,054 shares) | | $ 7.67 |
| | |
Maximum offering price per share (100/96.50 of $7.67) | | $ 7.95 |
Class B:
Net Asset Value and offering price per share ($35,701,397 ÷ 4,671,849 shares)A | | $ 7.64 |
| | |
Class C:
Net Asset Value and offering price per share ($40,293,859 ÷ 5,280,018 shares)A | | $ 7.63 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($82,533,782 ÷ 10,694,753 shares) | | $ 7.72 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 24,319,784 |
| | |
Expenses | | |
Distribution fees | $ 3,819,256 | |
Independent trustees' compensation | 4,241 | |
Total expenses before reductions | 3,823,497 | |
Expense reductions | (4,241) | 3,819,256 |
Net investment income (loss) | | 20,500,528 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (89,387,714) | |
Capital gain distributions from underlying funds | 3,565,791 | (85,821,923) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (433,071,093) |
Net gain (loss) | | (518,893,016) |
Net increase (decrease) in net assets resulting from operations | | $ (498,392,488) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2030 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 20,500,528 | $ 13,358,286 |
Net realized gain (loss) | (85,821,923) | 48,484,814 |
Change in net unrealized appreciation (depreciation) | (433,071,093) | (115,173,925) |
Net increase (decrease) in net assets resulting from operations | (498,392,488) | (53,330,825) |
Distributions to shareholders from net investment income | (20,772,833) | (12,227,782) |
Distributions to shareholders from net realized gain | (43,764,449) | (22,817,192) |
Total distributions | (64,537,282) | (35,044,974) |
Share transactions - net increase (decrease) | 372,427,616 | 439,844,437 |
Total increase (decrease) in net assets | (190,502,154) | 351,468,638 |
| | |
Net Assets | | |
Beginning of period | 1,112,406,014 | 760,937,376 |
End of period (including undistributed net investment income of $1,516,067 and undistributed net investment income of $1,788,371, respectively) | $ 921,903,860 | $ 1,112,406,014 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.29 | $ 14.27 | $ 13.47 | $ 11.81 | $ 11.48 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .21 | .22 | .20 | .15 | .18 |
Net realized and unrealized gain (loss) | (5.10) | (.63) | 1.09 | 1.70 | .30 |
Total from investment operations | (4.89) | (.41) | 1.29 | 1.85 | .48 |
Distributions from net investment income | (.21) | (.19) | (.18) | (.11) | (.15) |
Distributions from net realized gain | (.50) | (.38) | (.31) | (.08) | - F |
Total distributions | (.71) | (.57) | (.49) | (.19) | (.15) |
Net asset value, end of period | $ 7.69 | $ 13.29 | $ 14.27 | $ 13.47 | $ 11.81 |
Total Return A, B | (38.49)% | (3.22)% | 9.82% | 15.84% | 4.19% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 2.08% | 1.53% | 1.49% | 1.17% | 1.55% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 527,042 | $ 626,641 | $ 343,345 | $ 156,916 | $ 65,593 |
Portfolio turnover rate | 22% | 10% | 8% | 4% | 2% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.25 | $ 14.23 | $ 13.43 | $ 11.78 | $ 11.47 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .19 | .19 | .17 | .11 | .15 |
Net realized and unrealized gain (loss) | (5.09) | (.64) | 1.09 | 1.70 | .30 |
Total from investment operations | (4.90) | (.45) | 1.26 | 1.81 | .45 |
Distributions from net investment income | (.18) | (.15) | (.15) | (.09) | (.14) |
Distributions from net realized gain | (.50) | (.38) | (.31) | (.08) | - F |
Total distributions | (.68) | (.53) | (.46) | (.16) G | (.14) |
Net asset value, end of period | $ 7.67 | $ 13.25 | $ 14.23 | $ 13.43 | $ 11.78 |
Total Return A, B | (38.62)% | (3.49)% | 9.59% | 15.52% | 3.91% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .51% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .51% | .58% |
Net investment income (loss) | 1.83% | 1.28% | 1.24% | .92% | 1.30% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 236,333 | $ 297,618 | $ 281,508 | $ 184,029 | $ 102,153 |
Portfolio turnover rate | 22% | 10% | 8% | 4% | 2% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .11 | .10 | .05 | .09 |
Net realized and unrealized gain (loss) | (5.06) | (.63) | 1.08 | 1.70 | .30 |
Total from investment operations | (4.92) | (.52) | 1.18 | 1.75 | .39 |
Distributions from net investment income | (.11) | (.09) | (.09) | (.05) | (.09) |
Distributions from net realized gain | (.50) | (.37) | (.31) | (.07) | - F |
Total distributions | (.61) | (.46) | (.40) | (.12) | (.09) |
Net asset value, end of period | $ 7.64 | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 |
Total Return A, B | (38.94)% | (3.96)% | 8.98% | 14.96% | 3.41% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.33% | .78% | .74% | .42% | .80% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 35,701 | $ 60,367 | $ 56,845 | $ 43,099 | $ 27,653 |
Portfolio turnover rate | 22% | 10% | 8% | 4% | 2% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F 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, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 | $ 11.44 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .11 | .10 | .05 | .09 |
Net realized and unrealized gain (loss) | (5.06) | (.63) | 1.08 | 1.70 | .30 |
Total from investment operations | (4.92) | (.52) | 1.18 | 1.75 | .39 |
Distributions from net investment income | (.12) | (.09) | (.09) | (.05) | (.09) |
Distributions from net realized gain | (.50) | (.37) | (.31) | (.07) | - F |
Total distributions | (.62) | (.46) | (.40) | (.12) | (.09) |
Net asset value, end of period | $ 7.63 | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 |
Total Return A, B | (38.96)% | (3.95)% | 9.00% | 14.99% | 3.41% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.33% | .78% | .74% | .42% | .80% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 40,294 | $ 58,768 | $ 54,338 | $ 37,940 | $ 22,265 |
Portfolio turnover rate | 22% | 10% | 8% | 4% | 2% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.34 | $ 14.32 | $ 13.51 | $ 11.84 | $ 11.49 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .23 | .26 | .24 | .18 | .21 |
Net realized and unrealized gain (loss) | (5.11) | (.64) | 1.09 | 1.71 | .31 |
Total from investment operations | (4.88) | (.38) | 1.33 | 1.89 | .52 |
Distributions from net investment income | (.24) | (.22) | (.21) | (.13) | (.17) |
Distributions from net realized gain | (.50) | (.38) | (.31) | (.09) | - E |
Total distributions | (.74) | (.60) | (.52) | (.22) | (.17) |
Net asset value, end of period | $ 7.72 | $ 13.34 | $ 14.32 | $ 13.51 | $ 11.84 |
Total Return A | (38.31)% | (3.01)% | 10.08% | 16.10% | 4.50% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.33% | 1.78% | 1.74% | 1.42% | 1.80% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 82,534 | $ 69,011 | $ 24,902 | $ 10,918 | $ 7,841 |
Portfolio turnover rate | 22% | 10% | 8% | 4% | 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 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.
E 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 4.1 | 3.9 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.8 | 8.8 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.5 | 13.1 |
Fidelity Advisor Growth & Income Fund Institutional Class | 11.2 | 11.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.8 | 11.4 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.1 | 3.0 |
Fidelity Series All-Sector Equity Fund | 12.6 | 0.0 |
Fidelity Series Large Cap Value Fund | 3.7 | 0.0 |
Fidelity Small Cap Opportunities Fund | 2.9 | 2.7 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 7.0 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 5.0 |
| 65.7 | 66.3 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 7.8 | 8.0 |
Fidelity Advisor Overseas Fund Institutional Class | 7.9 | 8.0 |
Fidelity Series Emerging Markets Fund | 0.3 | 0.0 |
| 16.0 | 16.0 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.5 | 7.3 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 1.2 | 3.7 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.0 | 2.0 |
Fidelity Advisor Total Bond Fund Institutional Class | 3.2 | 3.1 |
Fidelity Series Investment Grade Bond Fund | 4.4 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 1.6 |
| 10.8 | 10.4 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 65.7% | |
| International Equity Funds | 16.0% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 10.8% | |
Six months ago |
| Domestic Equity Funds | 66.3% | |
| International Equity Funds | 16.0% | |
| High Yield Fixed-Income Funds | 7.3% | |
| Investment Grade Fixed-Income Funds | 10.4% | |
Expected |
| Domestic Equity Funds | 66.0% | |
| International Equity Funds | 16.5% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 10.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 81.7% |
| Shares | | Value |
Domestic Equity Funds - 65.7% |
Fidelity 100 Index Fund | 3,345,593 | | $ 19,571,717 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,103,732 | | 36,864,633 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,399,567 | | 49,939,636 |
Fidelity Advisor Growth & Income Fund Institutional Class | 4,820,428 | | 53,072,911 |
Fidelity Advisor Large Cap Fund Institutional Class | 4,678,317 | | 46,829,957 |
Fidelity Advisor Small Cap Fund Institutional Class | 885,355 | | 14,634,915 |
Fidelity Series All-Sector Equity Fund | 7,211,738 | | 60,073,780 |
Fidelity Series Large Cap Value Fund | 2,075,873 | | 17,478,854 |
Fidelity Small Cap Opportunities Fund | 2,826,012 | | 14,017,017 |
TOTAL DOMESTIC EQUITY FUNDS | | 312,483,420 |
International Equity Funds - 16.0% |
Fidelity Advisor Diversified International Fund Institutional Class | 3,667,042 | | 37,330,491 |
Fidelity Advisor Overseas Fund Institutional Class | 3,308,192 | | 37,415,653 |
Fidelity Series Emerging Markets Fund | 146,453 | | 1,499,676 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 76,245,820 |
TOTAL EQUITY FUNDS (Cost $618,225,064) | 388,729,240 |
Fixed-Income Funds - 18.3% |
| Shares | | Value |
High Yield Fixed-Income Funds - 7.5% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 6,781,709 | | $ 35,807,425 |
Investment Grade Fixed-Income Funds - 10.8% |
Fidelity Advisor Government Income Fund Institutional Class | 536,542 | | 5,869,772 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,421,395 | | 9,608,632 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,648,518 | | 15,314,729 |
Fidelity Series Investment Grade Bond Fund | 1,955,531 | | 20,630,849 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 51,423,982 |
TOTAL FIXED-INCOME FUNDS (Cost $114,750,905) | 87,231,407 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $732,975,969) | $ 475,960,647 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 475,960,647 | $ 475,960,647 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $39,694,784 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $732,975,969) - See accompanying schedule | | $ 475,960,647 |
Receivable for investments sold | | 31,096 |
Receivable for fund shares sold | | 1,540,253 |
Distributions receivable from underlying funds | | 25,568 |
Total assets | | 477,557,564 |
| | |
Liabilities | | |
Payable to custodian bank | $ 2,991 | |
Payable for investments purchased | 894,498 | |
Payable for fund shares redeemed | 699,456 | |
Distribution fees payable | 121,585 | |
Total liabilities | | 1,718,530 |
| | |
Net Assets | | $ 475,839,034 |
Net Assets consist of: | | |
Paid in capital | | $ 774,923,870 |
Undistributed net investment income | | 912,704 |
Accumulated undistributed net realized gain (loss) on investments | | (42,982,218) |
Net unrealized appreciation (depreciation) on investments | | (257,015,322) |
Net Assets | | $ 475,839,034 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($314,996,255 ÷ 43,858,937 shares) | | $ 7.18 |
| | |
Maximum offering price per share (100/94.25 of $7.18) | | $ 7.62 |
Class T:
Net Asset Value and redemption price per share ($81,463,029 ÷ 11,390,339 shares) | | $ 7.15 |
| | |
Maximum offering price per share (100/96.50 of $7.15) | | $ 7.41 |
Class B:
Net Asset Value and offering price per share ($17,892,240 ÷ 2,518,551 shares)A | | $ 7.10 |
| | |
Class C:
Net Asset Value and offering price per share ($17,820,589 ÷ 2,507,350 shares)A | | $ 7.11 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($43,666,921 ÷ 6,058,561 shares) | | $ 7.21 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 11,713,247 |
| | |
Expenses | | |
Distribution fees | $ 1,728,450 | |
Independent trustees' compensation | 2,054 | |
Total expenses before reductions | 1,730,504 | |
Expense reductions | (2,054) | 1,728,450 |
Net investment income (loss) | | 9,984,797 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (42,573,342) | |
Capital gain distributions from underlying funds | 1,590,104 | (40,983,238) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (221,191,491) |
Net gain (loss) | | (262,174,729) |
Net increase (decrease) in net assets resulting from operations | | $ (252,189,932) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 9,984,797 | $ 5,536,100 |
Net realized gain (loss) | (40,983,238) | 21,192,689 |
Change in net unrealized appreciation (depreciation) | (221,191,491) | (56,006,834) |
Net increase (decrease) in net assets resulting from operations | (252,189,932) | (29,278,045) |
Distributions to shareholders from net investment income | (9,759,661) | (5,034,848) |
Distributions to shareholders from net realized gain | (19,339,084) | (8,515,761) |
Total distributions | (29,098,745) | (13,550,609) |
Share transactions - net increase (decrease) | 235,607,700 | 285,328,975 |
Total increase (decrease) in net assets | (45,680,977) | 242,500,321 |
| | |
Net Assets | | |
Beginning of period | 521,520,011 | 279,019,690 |
End of period (including undistributed net investment income of $912,704 and undistributed net investment income of $732,543, respectively) | $ 475,839,034 | $ 521,520,011 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.53 | $ 13.44 | $ 12.67 | $ 11.06 | $ 10.70 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .20 | .19 | .14 | .19 |
Net realized and unrealized gain (loss) | (4.92) | (.60) | 1.02 | 1.62 | .32 |
Total from investment operations | (4.72) | (.40) | 1.21 | 1.76 | .51 |
Distributions from net investment income | (.18) | (.17) | (.15) | (.11) | (.15) |
Distributions from net realized gain | (.45) | (.34) | (.29) | (.04) | - F |
Total distributions | (.63) H | (.51) | (.44) G | (.15) | (.15) |
Net asset value, end of period | $ 7.18 | $ 12.53 | $ 13.44 | $ 12.67 | $ 11.06 |
Total Return A, B | (39.29)% | (3.34)% | 9.74% | 16.03% | 4.76% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .33% |
Net investment income (loss) | 2.04% | 1.51% | 1.48% | 1.20% | 1.71% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 314,996 | $ 336,805 | $ 146,175 | $ 49,877 | $ 15,281 |
Portfolio turnover rate | 21% | 9% | 5% | 4% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.627 per share is comprised of distributions from net investment income of $.182 and distributions from net realized gain of $.445 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.47 | $ 13.38 | $ 12.62 | $ 11.02 | $ 10.69 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .17 | .17 | .16 | .11 | .16 |
Net realized and unrealized gain (loss) | (4.89) | (.62) | 1.01 | 1.63 | .31 |
Total from investment operations | (4.72) | (.45) | 1.17 | 1.74 | .47 |
Distributions from net investment income | (.16) | (.13) | (.13) | (.10) | (.14) |
Distributions from net realized gain | (.45) | (.33) | (.28) | (.04) | - F |
Total distributions | (.60) H | (.46) | (.41) G | (.14) | (.14) |
Net asset value, end of period | $ 7.15 | $ 12.47 | $ 13.38 | $ 12.62 | $ 11.02 |
Total Return A, B | (39.42)% | (3.66)% | 9.46% | 15.84% | 4.37% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .58% |
Net investment income (loss) | 1.79% | 1.26% | 1.23% | .95% | 1.46% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 81,463 | $ 99,531 | $ 84,368 | $ 45,421 | $ 16,432 |
Portfolio turnover rate | 21% | 9% | 5% | 4% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.601 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.445 per share.
Financial Highlights - Class B
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.38 | $ 13.29 | $ 12.54 | $ 10.98 | $ 10.67 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .10 | .09 | .05 | .10 |
Net realized and unrealized gain (loss) | (4.86) | (.61) | 1.02 | 1.61 | .32 |
Total from investment operations | (4.73) | (.51) | 1.11 | 1.66 | .42 |
Distributions from net investment income | (.10) | (.08) | (.09) | (.06) | (.11) |
Distributions from net realized gain | (.45) | (.32) | (.27) | (.04) | - F |
Total distributions | (.55) H | (.40) | (.36) G | (.10) | (.11) |
Net asset value, end of period | $ 7.10 | $ 12.38 | $ 13.29 | $ 12.54 | $ 10.98 |
Total Return A, B | (39.76)% | (4.10)% | 8.98% | 15.17% | 3.88% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.08% |
Net investment income (loss) | 1.30% | .76% | .73% | .45% | .96% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 17,892 | $ 27,854 | $ 23,065 | $ 15,351 | $ 6,917 |
Portfolio turnover rate | 21% | 9% | 5% | 4% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.548 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.445 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.39 | $ 13.30 | $ 12.55 | $ 10.99 | $ 10.68 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .10 | .09 | .05 | .10 |
Net realized and unrealized gain (loss) | (4.85) | (.61) | 1.02 | 1.61 | .32 |
Total from investment operations | (4.73) | (.51) | 1.11 | 1.66 | .42 |
Distributions from net investment income | (.11) | (.08) | (.09) | (.06) | (.11) |
Distributions from net realized gain | (.45) | (.32) | (.27) | (.04) | - F |
Total distributions | (.55) H | (.40) | (.36) G | (.10) | (.11) |
Net asset value, end of period | $ 7.11 | $ 12.39 | $ 13.30 | $ 12.55 | $ 10.99 |
Total Return A, B | (39.70)% | (4.10)% | 8.99% | 15.15% | 3.87% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.08% |
Net investment income (loss) | 1.29% | .76% | .73% | .45% | .96% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 17,821 | $ 23,168 | $ 19,041 | $ 12,023 | $ 5,089 |
Portfolio turnover rate | 21% | 9% | 5% | 4% | 5% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Amount represents less than $.01 per share.
G 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.
H Total distributions of $.552 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.445 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.57 | $ 13.49 | $ 12.71 | $ 11.07 | $ 10.71 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .22 | .24 | .22 | .17 | .21 |
Net realized and unrealized gain (loss) | (4.93) | (.62) | 1.02 | 1.64 | .31 |
Total from investment operations | (4.71) | (.38) | 1.24 | 1.81 | .52 |
Distributions from net investment income | (.21) | (.20) | (.18) | (.13) | (.16) |
Distributions from net realized gain | (.45) | (.34) | (.29) | (.04) | - E |
Total distributions | (.65) G | (.54) | (.46) F | (.17) | (.16) |
Net asset value, end of period | $ 7.21 | $ 12.57 | $ 13.49 | $ 12.71 | $ 11.07 |
Total Return A | (39.08)% | (3.19)% | 9.98% | 16.45% | 4.87% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.29% | 1.76% | 1.72% | 1.45% | 1.96% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 43,667 | $ 34,162 | $ 6,371 | $ 2,207 | $ 467 |
Portfolio turnover rate | 21% | 9% | 5% | 4% | 5% |
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 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.
E Amount represents less than $.01 per share.
F 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.
G Total distributions of $.651 per share is comprised of distributions from net investment income of $.206 and distributions from net realized gain of $.445 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 4.2 | 4.5 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.9 | 8.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.7 | 13.3 |
Fidelity Advisor Growth & Income Fund Institutional Class | 11.4 | 11.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.1 | 11.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.1 | 3.0 |
Fidelity Series All-Sector Equity Fund | 12.8 | 0.0 |
Fidelity Series Large Cap Value Fund | 3.7 | 0.0 |
Fidelity Small Cap Opportunities Fund | 3.0 | 2.9 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 7.3 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 5.2 |
| 66.9 | 68.2 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.0 | 8.2 |
Fidelity Advisor Overseas Fund Institutional Class | 8.0 | 8.2 |
Fidelity Series Emerging Markets Fund | 0.3 | 0.0 |
| 16.3 | 16.4 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9.6 | 9.3 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 1.0 | 2.1 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1.2 | 1.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 2.1 | 1.9 |
Fidelity Series Investment Grade Bond Fund | 2.9 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 1.0 |
| 7.2 | 6.1 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 66.9% | |
| International Equity Funds | 16.3% | |
| High Yield Fixed-Income Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 7.2% | |
Six months ago |
| Domestic Equity Funds | 68.2% | |
| International Equity Funds | 16.4% | |
| High Yield Fixed-Income Funds | 9.3% | |
| Investment Grade Fixed-Income Funds | 6.1% | |
Expected |
| Domestic Equity Funds | 67.3% | |
| International Equity Funds | 16.8% | |
| High Yield Fixed-Income Funds | 9.1% | |
| Investment Grade Fixed-Income Funds | 6.8% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 83.2% |
| Shares | | Value |
Domestic Equity Funds - 66.9% |
Fidelity 100 Index Fund | 4,646,134 | | $ 27,179,882 |
Fidelity Advisor Equity Growth Fund Institutional Class | 1,527,784 | | 51,027,990 |
Fidelity Advisor Equity Income Fund Institutional Class | 4,725,368 | | 69,415,657 |
Fidelity Advisor Growth & Income Fund Institutional Class | 6,661,289 | | 73,340,797 |
Fidelity Advisor Large Cap Fund Institutional Class | 6,495,399 | | 65,018,945 |
Fidelity Advisor Small Cap Fund Institutional Class | 1,206,491 | | 19,943,293 |
Fidelity Series All-Sector Equity Fund | 9,917,929 | | 82,616,344 |
Fidelity Series Large Cap Value Fund | 2,827,973 | | 23,811,531 |
Fidelity Small Cap Opportunities Fund | 3,863,234 | | 19,161,643 |
TOTAL DOMESTIC EQUITY FUNDS | | 431,516,082 |
International Equity Funds - 16.3% |
Fidelity Advisor Diversified International Fund Institutional Class | 5,050,286 | | 51,411,908 |
Fidelity Advisor Overseas Fund Institutional Class | 4,552,426 | | 51,487,941 |
Fidelity Series Emerging Markets Fund | 217,194 | | 2,224,072 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 105,123,921 |
TOTAL EQUITY FUNDS (Cost $849,355,081) | 536,640,003 |
Fixed-Income Funds - 16.8% |
| Shares | | Value |
High Yield Fixed-Income Funds - 9.6% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 11,687,951 | | $ 61,712,382 |
Investment Grade Fixed-Income Funds - 7.2% |
Fidelity Advisor Government Income Fund Institutional Class | 614,049 | | 6,717,698 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,149,243 | | 7,768,882 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,453,756 | | 13,505,395 |
Fidelity Series Investment Grade Bond Fund | 1,760,422 | | 18,572,450 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 46,564,425 |
TOTAL FIXED-INCOME FUNDS (Cost $153,669,202) | 108,276,807 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,003,024,283) | $ 644,916,810 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 644,916,810 | $ 644,916,810 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $57,729,888 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $1,003,024,283) - See accompanying schedule | | $ 644,916,810 |
Cash | | 22,712 |
Receivable for investments sold | | 10,760 |
Receivable for fund shares sold | | 1,534,527 |
Distributions receivable from underlying funds | | 23,114 |
Total assets | | 646,507,923 |
| | |
Liabilities | | |
Payable for investments purchased | $ 769,653 | |
Payable for fund shares redeemed | 821,517 | |
Distribution fees payable | 188,132 | |
Total liabilities | | 1,779,302 |
| | |
Net Assets | | $ 644,728,621 |
Net Assets consist of: | | |
Paid in capital | | $ 1,066,074,098 |
Undistributed net investment income | | 1,146,349 |
Accumulated undistributed net realized gain (loss) on investments | | (64,384,353) |
Net unrealized appreciation (depreciation) on investments | | (358,107,473) |
Net Assets | | $ 644,728,621 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($342,357,465 ÷ 45,108,646 shares) | | $ 7.59 |
| | |
Maximum offering price per share (100/94.25 of $7.59) | | $ 8.05 |
Class T:
Net Asset Value and redemption price per share ($181,917,341 ÷ 24,029,742 shares) | | $ 7.57 |
| | |
Maximum offering price per share (100/96.50 of $7.57) | | $ 7.84 |
Class B:
Net Asset Value and offering price per share ($29,478,503 ÷ 3,920,886 shares)A | | $ 7.52 |
| | |
Class C:
Net Asset Value and offering price per share ($34,035,723 ÷ 4,531,077 shares)A | | $ 7.51 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($56,939,589 ÷ 7,476,600 shares) | | $ 7.62 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 16,866,621 |
| | |
Expenses | | |
Distribution fees | $ 2,893,796 | |
Independent trustees' compensation | 3,036 | |
Total expenses before reductions | 2,896,832 | |
Expense reductions | (3,036) | 2,893,796 |
Net investment income (loss) | | 13,972,825 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (63,386,348) | |
Capital gain distributions from underlying funds | 1,762,157 | (61,624,191) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (325,789,369) |
Net gain (loss) | | (387,413,560) |
Net increase (decrease) in net assets resulting from operations | | $ (373,440,735) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2040 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 13,972,825 | $ 9,592,089 |
Net realized gain (loss) | (61,624,191) | 38,468,270 |
Change in net unrealized appreciation (depreciation) | (325,789,369) | (92,107,484) |
Net increase (decrease) in net assets resulting from operations | (373,440,735) | (44,047,125) |
Distributions to shareholders from net investment income | (13,667,108) | (9,160,224) |
Distributions to shareholders from net realized gain | (34,379,125) | (18,281,042) |
Total distributions | (48,046,233) | (27,441,266) |
Share transactions - net increase (decrease) | 247,327,890 | 285,498,710 |
Total increase (decrease) in net assets | (174,159,078) | 214,010,319 |
| | |
Net Assets | | |
Beginning of period | 818,887,699 | 604,877,380 |
End of period (including undistributed net investment income of $1,146,349 and undistributed net investment income of $840,632, respectively) | $ 644,728,621 | $ 818,887,699 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.57 | $ 14.69 | $ 13.83 | $ 12.03 | $ 11.62 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .21 | .22 | .21 | .15 | .18 |
Net realized and unrealized gain (loss) | (5.44) | (.74) | 1.16 | 1.84 | .39 |
Total from investment operations | (5.23) | (.52) | 1.37 | 1.99 | .57 |
Distributions from net investment income | (.20) | (.20) | (.18) | (.12) | (.16) |
Distributions from net realized gain | (.56) | (.40) | (.33) | (.07) | - |
Total distributions | (.75)G | (.60) | (.51) F | (.19) | (.16) |
Net asset value, end of period | $ 7.59 | $ 13.57 | $ 14.69 | $ 13.83 | $ 12.03 |
Total Return A, B | (40.42)% | (3.92)% | 10.09% | 16.65% | 4.87% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .26% | .35% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .26% | .33% |
Expenses net of all reductions | .25% | .25% | .25% | .26% | .33% |
Net investment income (loss) | 2.02% | 1.47% | 1.48% | 1.18% | 1.50% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 342,357 | $ 428,381 | $ 263,733 | $ 133,817 | $ 51,718 |
Portfolio turnover rate | 18% | 9% | 7% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.506 per share is comprised of distributions from net investment income of $.181 and distributions from net realized gain of $.325 per share.
G Total distributions of $.752 per share is comprised of distributions from net investment income of $.197 and distributions from net realized gain of $.555 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.54 | $ 14.64 | $ 13.79 | $ 12.00 | $ 11.60 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .18 | .18 | .17 | .12 | .15 |
Net realized and unrealized gain (loss) | (5.43) | (.72) | 1.16 | 1.83 | .38 |
Total from investment operations | (5.25) | (.54) | 1.33 | 1.95 | .53 |
Distributions from net investment income | (.17) | (.16) | (.15) | (.10) | (.13) |
Distributions from net realized gain | (.56) | (.40) | (.33) | (.06) | - |
Total distributions | (.72) G | (.56) | (.48) F | (.16) | (.13) |
Net asset value, end of period | $ 7.57 | $ 13.54 | $ 14.64 | $ 13.79 | $ 12.00 |
Total Return A, B | (40.61)% | (4.05)% | 9.81% | 16.35% | 4.57% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .51% | .60% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .51% | .58% |
Expenses net of all reductions | .50% | .50% | .50% | .51% | .58% |
Net investment income (loss) | 1.77% | 1.22% | 1.23% | .93% | 1.25% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 181,917 | $ 238,675 | $ 221,815 | $ 136,679 | $ 66,136 |
Portfolio turnover rate | 18% | 9% | 7% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the sales charges.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.475 per share is comprised of distributions from net investment income of $.150 and distributions from net realized gain of $.325 per share.
G Total distributions of $.723 per share is comprised of distributions from net investment income of $.168 and distributions from net realized gain of $.555 per share.
Financial Highlights - Class B
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.42 | $ 14.53 | $ 13.70 | $ 11.94 | $ 11.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .11 | .10 | .05 | .09 |
Net realized and unrealized gain (loss) | (5.37) | (.73) | 1.14 | 1.83 | .38 |
Total from investment operations | (5.24) | (.62) | 1.24 | 1.88 | .47 |
Distributions from net investment income | (.11) | (.10) | (.10) | (.06) | (.10) |
Distributions from net realized gain | (.55) | (.39) | (.32) | (.06) | - |
Total distributions | (.66) G | (.49) | (.41) F | (.12) | (.10) |
Net asset value, end of period | $ 7.52 | $ 13.42 | $ 14.53 | $ 13.70 | $ 11.94 |
Total Return A, B | (40.85)% | (4.59)% | 9.25% | 15.81% | 4.04% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.28% | .72% | .73% | .43% | .75% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 29,479 | $ 50,827 | $ 46,110 | $ 32,658 | $ 18,541 |
Portfolio turnover rate | 18% | 9% | 7% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.413 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share.
G Total distributions of $.662 per share is comprised of distributions from net investment income of $.112 and distributions from net realized gain of $.55 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.42 | $ 14.52 | $ 13.70 | $ 11.94 | $ 11.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .11 | .10 | .05 | .09 |
Net realized and unrealized gain (loss) | (5.37) | (.72) | 1.13 | 1.83 | .38 |
Total from investment operations | (5.24) | (.61) | 1.23 | 1.88 | .47 |
Distributions from net investment income | (.12) | (.10) | (.10) | (.06) | (.10) |
Distributions from net realized gain | (.55) | (.39) | (.32) | (.06) | - |
Total distributions | (.67) G | (.49) | (.41) F | (.12) | (.10) |
Net asset value, end of period | $ 7.51 | $ 13.42 | $ 14.52 | $ 13.70 | $ 11.94 |
Total Return A, B | (40.91)% | (4.54)% | 9.17% | 15.82% | 4.04% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.10% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.01% | 1.08% |
Net investment income (loss) | 1.28% | .72% | .73% | .43% | .75% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 34,036 | $ 54,549 | $ 54,022 | $ 38,947 | $ 21,792 |
Portfolio turnover rate | 18% | 9% | 7% | 4% | 3% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Total returns do not include the effect of the contingent deferred sales charge.
C Calculated based on average shares outstanding during the period.
D Amounts do not include the activity of the underlying funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.413 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.315 per share.
G Total distributions of $.665 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.55 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 13.62 | $ 14.74 | $ 13.87 | $ 12.05 | $ 11.63 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .23 | .25 | .24 | .18 | .21 |
Net realized and unrealized gain (loss) | (5.45) | (.74) | 1.17 | 1.85 | .38 |
Total from investment operations | (5.22) | (.49) | 1.41 | 2.03 | .59 |
Distributions from net investment income | (.22) | (.23) | (.21) | (.14) | (.17) |
Distributions from net realized gain | (.56) | (.40) | (.33) | (.07) | - |
Total distributions | (.78) F | (.63) | (.54) E | (.21) | (.17) |
Net asset value, end of period | $ 7.62 | $ 13.62 | $ 14.74 | $ 13.87 | $ 12.05 |
Total Return A | (40.24)% | (3.70)% | 10.36% | 16.99% | 5.07% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.27% | 1.72% | 1.73% | 1.43% | 1.75% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 56,940 | $ 46,457 | $ 19,197 | $ 7,227 | $ 4,474 |
Portfolio turnover rate | 18% | 9% | 7% | 4% | 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 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.
E 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.
F Total distributions of $.779 per share is comprised of distributions from net investment income of $.224 and distributions from net realized gain of $.555 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.7 | 4.3 |
Fidelity Advisor Equity Growth Fund Institutional Class | 7.9 | 9.1 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.5 | 13.5 |
Fidelity Advisor Growth & Income Fund Institutional Class | 10.9 | 12.1 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.9 | 11.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.1 | 3.0 |
Fidelity Series All-Sector Equity Fund | 14.0 | 0.0 |
Fidelity Series Large Cap Value Fund | 4.5 | 0.0 |
Fidelity Small Cap Opportunities Fund | 3.0 | 3.2 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 7.4 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 4.8 |
| 67.5 | 69.3 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 8.1 | 8.3 |
Fidelity Advisor Overseas Fund Institutional Class | 8.0 | 8.3 |
Fidelity Series Emerging Markets Fund | 0.4 | 0.0 |
| 16.5 | 16.6 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 10.2 | 9.6 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 0.8 | 1.8 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.9 | 1.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 1.0 | 1.1 |
Fidelity Series Investment Grade Bond Fund | 3.1 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 0.5 |
| 5.8 | 4.5 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 67.5% | |
| International Equity Funds | 16.5% | |
| High Yield Fixed-Income Funds | 10.2% | |
| Investment Grade Fixed-Income Funds | 5.8% | |
Six months ago |
| Domestic Equity Funds | 69.3% | |
| International Equity Funds | 16.6% | |
| High Yield Fixed-Income Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 4.5% | |
Expected |
| Domestic Equity Funds | 68.0% | |
| International Equity Funds | 17.0% | |
| High Yield Fixed-Income Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 5.0% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 84.0% |
| Shares | | Value |
Domestic Equity Funds - 67.5% |
Fidelity 100 Index Fund | 752,012 | | $ 4,399,269 |
Fidelity Advisor Equity Growth Fund Institutional Class | 277,020 | | 9,252,478 |
Fidelity Advisor Equity Income Fund Institutional Class | 835,811 | | 12,278,060 |
Fidelity Advisor Growth & Income Fund Institutional Class | 1,159,167 | | 12,762,434 |
Fidelity Advisor Large Cap Fund Institutional Class | 1,167,295 | | 11,684,624 |
Fidelity Advisor Small Cap Fund Institutional Class | 221,685 | | 3,664,457 |
Fidelity Series All-Sector Equity Fund | 1,967,522 | | 16,389,462 |
Fidelity Series Large Cap Value Fund | 625,544 | | 5,267,081 |
Fidelity Small Cap Opportunities Fund | 722,277 | | 3,582,496 |
TOTAL DOMESTIC EQUITY FUNDS | | 79,280,361 |
International Equity Funds - 16.5% |
Fidelity Advisor Diversified International Fund Institutional Class | 932,124 | | 9,489,021 |
Fidelity Advisor Overseas Fund Institutional Class | 832,465 | | 9,415,175 |
Fidelity Series Emerging Markets Fund | 44,462 | | 455,291 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 19,359,487 |
TOTAL EQUITY FUNDS (Cost $149,370,827) | 98,639,848 |
Fixed-Income Funds - 16.0% |
| Shares | | Value |
High Yield Fixed-Income Funds - 10.2% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 2,270,338 | | $ 11,987,383 |
Investment Grade Fixed-Income Funds - 5.8% |
Fidelity Advisor Government Income Fund Institutional Class | 85,623 | | 936,714 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 155,582 | | 1,051,733 |
Fidelity Advisor Total Bond Fund Institutional Class | 129,555 | | 1,203,562 |
Fidelity Series Investment Grade Bond Fund | 340,543 | | 3,592,723 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 6,784,732 |
TOTAL FIXED-INCOME FUNDS (Cost $25,263,742) | 18,772,115 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $174,634,569) | $ 117,411,963 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 117,411,963 | $ 117,411,963 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $7,999,140 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $174,634,569) - See accompanying schedule | | $ 117,411,963 |
Cash | | 54 |
Receivable for investments sold | | 980,195 |
Receivable for fund shares sold | | 355,171 |
Distributions receivable from underlying funds | | 2,144 |
Total assets | | 118,749,527 |
| | |
Liabilities | | |
Payable for investments purchased | $ 13,182 | |
Payable for fund shares redeemed | 1,324,326 | |
Distribution fees payable | 27,022 | |
Total liabilities | | 1,364,530 |
| | |
Net Assets | | $ 117,384,997 |
Net Assets consist of: | | |
Paid in capital | | $ 183,242,986 |
Undistributed net investment income | | 239,612 |
Accumulated undistributed net realized gain (loss) on investments | | (8,874,995) |
Net unrealized appreciation (depreciation) on investments | | (57,222,606) |
Net Assets | | $ 117,384,997 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($81,984,730 ÷ 14,000,637 shares) | | $ 5.86 |
| | |
Maximum offering price per share (100/94.25 of $5.86) | | $ 6.22 |
Class T:
Net Asset Value and redemption price per share ($18,064,965 ÷ 3,093,290 shares) | | $ 5.84 |
| | |
Maximum offering price per share (100/96.50 of $5.84) | | $ 6.05 |
Class B:
Net Asset Value and offering price per share ($2,230,564 ÷ 382,999 shares)A | | $ 5.82 |
| | |
Class C:
Net Asset Value and offering price per share ($3,026,785 ÷ 517,131 shares)A | | $ 5.85 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($12,077,953 ÷ 2,058,131 shares) | | $ 5.87 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 2,420,667 |
| | |
Expenses | | |
Distribution fees | $ 308,375 | |
Independent trustees' compensation | 393 | |
Total expenses before reductions | 308,768 | |
Expense reductions | (393) | 308,375 |
Net investment income (loss) | | 2,112,292 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (8,500,496) | |
Capital gain distributions from underlying funds | 262,317 | (8,238,179) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (47,910,180) |
Net gain (loss) | | (56,148,359) |
Net increase (decrease) in net assets resulting from operations | | $ (54,036,067) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,112,292 | $ 652,701 |
Net realized gain (loss) | (8,238,179) | 2,548,022 |
Change in net unrealized appreciation (depreciation) | (47,910,180) | (9,564,052) |
Net increase (decrease) in net assets resulting from operations | (54,036,067) | (6,363,329) |
Distributions to shareholders from net investment income | (2,013,822) | (570,874) |
Distributions to shareholders from net realized gain | (2,435,534) | (529,295) |
Total distributions | (4,449,356) | (1,100,169) |
Share transactions - net increase (decrease) | 90,758,359 | 74,511,096 |
Total increase (decrease) in net assets | 32,272,936 | 67,047,598 |
| | |
Net Assets | | |
Beginning of period | 85,112,061 | 18,064,463 |
End of period (including undistributed net investment income of $239,612 and undistributed net investment income of $94,849, respectively) | $ 117,384,997 | $ 85,112,061 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.39 | $ 11.05 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .16 | .16 | .12 |
Net realized and unrealized gain (loss) | (4.29) | (.57) | 1.06 |
Total from investment operations | (4.13) | (.41) | 1.18 |
Distributions from net investment income | (.14) | (.11) | (.08) |
Distributions from net realized gain | (.26) | (.14) | (.05) |
Total distributions | (.40) | (.25) I | (.13) |
Net asset value, end of period | $ 5.86 | $ 10.39 | $ 11.05 |
Total Return B, C, D | (40.93)% | (3.96)% | 11.78% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | .25% | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% A |
Expenses net of all reductions | .25% | .25% | .25% A |
Net investment income (loss) | 2.12% | 1.44% | 1.31% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 81,985 | $ 61,721 | $ 12,550 |
Portfolio turnover rate | 18% | 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 from 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, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.36 | $ 11.03 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .14 | .13 | .09 |
Net realized and unrealized gain (loss) | (4.28) | (.57) | 1.06 |
Total from investment operations | (4.14) | (.44) | 1.15 |
Distributions from net investment income | (.12) | (.09) | (.07) |
Distributions from net realized gain | (.26) | (.14) | (.05) |
Total distributions | (.38) | (.23) I | (.12) |
Net asset value, end of period | $ 5.84 | $ 10.36 | $ 11.03 |
Total Return B, C, D | (41.08)% | (4.23)% | 11.53% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | .50% | .50% | .50% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% A |
Expenses net of all reductions | .50% | .50% | .50% A |
Net investment income (loss) | 1.87% | 1.19% | 1.06% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 18,065 | $ 11,746 | $ 3,339 |
Portfolio turnover rate | 18% | 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, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.33 | $ 11.01 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .11 | .08 | .05 |
Net realized and unrealized gain (loss) | (4.28) | (.57) | 1.06 |
Total from investment operations | (4.17) | (.49) | 1.11 |
Distributions from net investment income | (.08) | (.06) | (.05) |
Distributions from net realized gain | (.26) | (.13) | (.05) |
Total distributions | (.34) | (.19) I | (.10) |
Net asset value, end of period | $ 5.82 | $ 10.33 | $ 11.01 |
Total Return B, C, D | (41.49)% | (4.65)% | 11.09% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | 1.37% | .69% | .56% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 2,231 | $ 2,476 | $ 776 |
Portfolio turnover rate | 18% | 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, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.32 | $ 11.01 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .11 | .08 | .05 |
Net realized and unrealized gain (loss) | (4.24) | (.58) | 1.06 |
Total from investment operations | (4.13) | (.50) | 1.11 |
Distributions from net investment income | (.08) | (.06) | (.05) |
Distributions from net realized gain | (.26) | (.13) | (.05) |
Total distributions | (.34) | (.19) I | (.10) |
Net asset value, end of period | $ 5.85 | $ 10.32 | $ 11.01 |
Total Return B, C, D | (41.08)% | (4.74)% | 11.08% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | 1.37% | .69% | .56% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 3,027 | $ 2,539 | $ 770 |
Portfolio turnover rate | 18% | 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, | 2009 | 2008 | 2007 F |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.41 | $ 11.07 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .18 | .19 | .14 |
Net realized and unrealized gain (loss) | (4.30) | (.59) | 1.06 |
Total from investment operations | (4.12) | (.40) | 1.20 |
Distributions from net investment income | (.16) | (.13) | (.08) |
Distributions from net realized gain | (.26) | (.14) | (.05) |
Total distributions | (.42) | (.26) H | (.13) |
Net asset value, end of period | $ 5.87 | $ 10.41 | $ 11.07 |
Total Return B, C | (40.81)% | (3.82)% | 12.02% |
Ratios to Average Net Assets E, G | | | |
Expenses before reductions | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% A |
Net investment income (loss) | 2.37% | 1.68% | 1.56% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 12,078 | $ 6,631 | $ 629 |
Portfolio turnover rate | 18% | 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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.1 | 4.6 |
Fidelity Advisor Equity Growth Fund Institutional Class | 8.0 | 9.2 |
Fidelity Advisor Equity Income Fund Institutional Class | 10.2 | 13.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 11.3 | 11.8 |
Fidelity Advisor Large Cap Fund Institutional Class | 10.3 | 11.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.2 | 3.1 |
Fidelity Series All-Sector Equity Fund | 14.7 | 0.0 |
Fidelity Series Large Cap Value Fund | 5.3 | 0.0 |
Fidelity Small Cap Opportunities Fund | 3.1 | 3.6 |
Fidelity Advisor Dividend Growth Fund Institutional Class | 0.0 | 7.7 |
Fidelity Advisor Mid Cap Fund Institutional Class | 0.0 | 5.0 |
| 69.2 | 70.5 |
International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 9.4 | 9.7 |
Fidelity Advisor Overseas Fund Institutional Class | 9.3 | 9.7 |
Fidelity Series Emerging Markets Fund | 0.5 | 0.0 |
| 19.2 | 19.4 |
High Yield Fixed-Income Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 10.9 | 9.6 |
Investment Grade Fixed-Income Funds | | |
Fidelity Advisor Government Income Fund Institutional Class | 0.1 | 0.2 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.1 | 0.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.1 | 0.1 |
Fidelity Series Investment Grade Bond Fund | 0.4 | 0.0 |
Fidelity Advisor Intermediate Bond Fund Institutional Class | 0.0 | 0.1 |
| 0.7 | 0.5 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 69.2% | |
| International Equity Funds | 19.2% | |
| High Yield Fixed-Income Funds | 10.9% | |
| Investment Grade Fixed-Income Funds | 0.7% | |
Six months ago |
| Domestic Equity Funds | 70.5% | |
| International Equity Funds | 19.4% | |
| High Yield Fixed-Income Funds | 9.6% | |
| Investment Grade Fixed-Income Funds | 0.5% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 88.4% |
| Shares | | Value |
Domestic Equity Funds - 69.2% |
Fidelity 100 Index Fund | 536,439 | | $ 3,138,168 |
Fidelity Advisor Equity Growth Fund Institutional Class | 246,505 | | 8,233,277 |
Fidelity Advisor Equity Income Fund Institutional Class | 713,027 | | 10,474,366 |
Fidelity Advisor Growth & Income Fund Institutional Class | 1,051,561 | | 11,577,691 |
Fidelity Advisor Large Cap Fund Institutional Class | 1,048,694 | | 10,497,429 |
Fidelity Advisor Small Cap Fund Institutional Class | 197,857 | | 3,270,582 |
Fidelity Series All-Sector Equity Fund | 1,803,549 | | 15,023,562 |
Fidelity Series Large Cap Value Fund | 645,737 | | 5,437,106 |
Fidelity Small Cap Opportunities Fund | 630,901 | | 3,129,271 |
TOTAL DOMESTIC EQUITY FUNDS | | 70,781,452 |
International Equity Funds - 19.2% |
Fidelity Advisor Diversified International Fund Institutional Class | 946,653 | | 9,636,926 |
Fidelity Advisor Overseas Fund Institutional Class | 843,174 | | 9,536,303 |
Fidelity Series Emerging Markets Fund | 46,616 | | 477,348 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 19,650,577 |
TOTAL EQUITY FUNDS (Cost $139,454,992) | 90,432,029 |
Fixed-Income Funds - 11.6% |
| Shares | | Value |
High Yield Fixed-Income Funds - 10.9% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 2,117,717 | | $ 11,181,545 |
Investment Grade Fixed-Income Funds - 0.7% |
Fidelity Advisor Government Income Fund Institutional Class | 8,218 | | 89,903 |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 13,276 | | 89,744 |
Fidelity Advisor Total Bond Fund Institutional Class | 15,003 | | 139,377 |
Fidelity Series Investment Grade Bond Fund | 37,343 | | 393,970 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 712,994 |
TOTAL FIXED-INCOME FUNDS (Cost $17,567,026) | 11,894,539 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $157,022,018) | $ 102,326,568 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 102,326,568 | $ 102,326,568 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $7,984,790 all of which will expire on March 31, 2017. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $157,022,018) - See accompanying schedule | | $ 102,326,568 |
Cash | | 65 |
Receivable for investments sold | | 843,502 |
Receivable for fund shares sold | | 328,952 |
Distributions receivable from underlying funds | | 431 |
Total assets | | 103,499,518 |
| | |
Liabilities | | |
Payable for investments purchased | $ 52,138 | |
Payable for fund shares redeemed | 1,120,740 | |
Distribution fees payable | 25,802 | |
Total liabilities | | 1,198,680 |
| | |
Net Assets | | $ 102,300,838 |
Net Assets consist of: | | |
Paid in capital | | $ 165,956,276 |
Undistributed net investment income | | 142,623 |
Accumulated undistributed net realized gain (loss) on investments | | (9,102,611) |
Net unrealized appreciation (depreciation) on investments | | (54,695,450) |
Net Assets | | $ 102,300,838 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($57,590,859 ÷ 10,171,062 shares) | | $ 5.66 |
| | |
Maximum offering price per share (100/94.25 of $5.66) | | $ 6.01 |
Class T:
Net Asset Value and redemption price per share ($21,186,019 ÷ 3,742,458 shares) | | $ 5.66 |
| | |
Maximum offering price per share (100/96.50 of $5.66) | | $ 5.87 |
Class B:
Net Asset Value and offering price per share ($3,078,478 ÷ 547,065 shares)A | | $ 5.63 |
| | |
Class C:
Net Asset Value and offering price per share ($5,435,530 ÷ 956,056 shares)A | | $ 5.69 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($15,009,952 ÷ 2,632,896 shares) | | $ 5.70 |
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, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 2,161,362 |
Interest | | 19 |
Total income | | 2,161,381 |
| | |
Expenses | | |
Distribution fees | $ 322,394 | |
Independent trustees' compensation | 369 | |
Total expenses before reductions | 322,763 | |
Expense reductions | (369) | 322,394 |
Net investment income (loss) | | 1,838,987 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (8,597,026) | |
Capital gain distributions from underlying funds | 173,472 | (8,423,554) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (44,545,249) |
Net gain (loss) | | (52,968,803) |
Net increase (decrease) in net assets resulting from operations | | $ (51,129,816) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,838,987 | $ 657,993 |
Net realized gain (loss) | (8,423,554) | 2,866,413 |
Change in net unrealized appreciation (depreciation) | (44,545,249) | (10,545,175) |
Net increase (decrease) in net assets resulting from operations | (51,129,816) | (7,020,769) |
Distributions to shareholders from net investment income | (1,739,953) | (617,903) |
Distributions to shareholders from net realized gain | (2,746,301) | (637,740) |
Total distributions | (4,486,254) | (1,255,643) |
Share transactions - net increase (decrease) | 71,843,683 | 74,257,188 |
Total increase (decrease) in net assets | 16,227,613 | 65,980,776 |
| | |
Net Assets | | |
Beginning of period | 86,073,225 | 20,092,449 |
End of period (including undistributed net investment income of $142,623 and undistributed net investment income of $45,694, respectively) | $ 102,300,838 | $ 86,073,225 |
Financial Highlights - Class A
Years ended March 31, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.32 | $ 11.04 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .16 | .16 | .13 |
Net realized and unrealized gain (loss) | (4.40) | (.60) | 1.06 |
Total from investment operations | (4.24) | (.44) | 1.19 |
Distributions from net investment income | (.13) | (.11) | (.09) |
Distributions from net realized gain | (.30) | (.17) | (.06) |
Total distributions | (.42) I | (.28) | (.15) |
Net asset value, end of period | $ 5.66 | $ 10.32 | $ 11.04 |
Total Return B, C, D | (42.40)% | (4.27)% | 11.91% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | .25% | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% A |
Expenses net of all reductions | .25% | .25% | .25% A |
Net investment income (loss) | 2.04% | 1.39% | 1.45% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 57,591 | $ 55,250 | $ 12,907 |
Portfolio turnover rate | 16% | 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.
I Total distributions of $.422 per share is comprised of distributions from net investment income of $.127 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, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.30 | $ 11.02 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .14 | .13 | .11 |
Net realized and unrealized gain (loss) | (4.37) | (.59) | 1.05 |
Total from investment operations | (4.23) | (.46) | 1.16 |
Distributions from net investment income | (.11) | (.09) | (.08) |
Distributions from net realized gain | (.30) | (.17) | (.06) |
Total distributions | (.41) I | (.26) | (.14) |
Net asset value, end of period | $ 5.66 | $ 10.30 | $ 11.02 |
Total Return B, C, D | (42.41)% | (4.45)% | 11.64% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | .50% | .50% | .50% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% A |
Expenses net of all reductions | .50% | .50% | .50% A |
Net investment income (loss) | 1.79% | 1.14% | 1.20% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 21,186 | $ 15,147 | $ 3,520 |
Portfolio turnover rate | 16% | 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.
I Total distributions of $.407 per share is comprised of distributions from net investment income of $.112 and distributions from net realized gain of $.295 per share.
Financial Highlights - Class B
Years ended March 31, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.26 | $ 11.00 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | (4.36) | (.59) | 1.07 |
Total from investment operations | (4.26) | (.52) | 1.13 |
Distributions from net investment income | (.08) | (.06) | (.07) |
Distributions from net realized gain | (.29) | (.16) | (.06) |
Total distributions | (.37) I | (.22) | (.13) |
Net asset value, end of period | $ 5.63 | $ 10.26 | $ 11.00 |
Total Return B, C, D | (42.81)% | (4.93)% | 11.31% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | 1.29% | .64% | .70% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 3,078 | $ 3,414 | $ 1,177 |
Portfolio turnover rate | 16% | 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.
I Total distributions of $.368 per share is comprised of distributions from net investment income of $.078 and distributions from net realized gain of $.290 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.25 | $ 11.00 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | (4.29) | (.59) | 1.06 |
Total from investment operations | (4.19) | (.52) | 1.12 |
Distributions from net investment income | (.08) | (.07) | (.06) |
Distributions from net realized gain | (.29) | (.16) | (.06) |
Total distributions | (.37) I | (.23) | (.12) |
Net asset value, end of period | $ 5.69 | $ 10.25 | $ 11.00 |
Total Return B, C, D | (42.13)% | (4.99)% | 11.25% |
Ratios to Average Net Assets F, H | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | 1.29% | .64% | .70% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 5,436 | $ 5,380 | $ 1,507 |
Portfolio turnover rate | 16% | 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.
I Total distributions of $.370 per share is comprised of distributions from net investment income of $.080 and distributions from net realized gain of $.290 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2009 | 2008 | 2007 F |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.35 | $ 11.06 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .17 | .18 | .15 |
Net realized and unrealized gain (loss) | (4.38) | (.59) | 1.06 |
Total from investment operations | (4.21) | (.41) | 1.21 |
Distributions from net investment income | (.15) | (.13) | (.09) |
Distributions from net realized gain | (.30) | (.17) | (.06) |
Total distributions | (.44) H | (.30) | (.15) |
Net asset value, end of period | $ 5.70 | $ 10.35 | $ 11.06 |
Total Return B, C | (42.01)% | (4.02)% | 12.16% |
Ratios to Average Net Assets E, G | | | |
Expenses before reductions | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% A |
Net investment income (loss) | 2.29% | 1.64% | 1.70% |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 15,010 | $ 6,882 | $ 982 |
Portfolio turnover rate | 16% | 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.
H Total distributions of $.441 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.295 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended March 31, 2009
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. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day.
The Funds adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Funds' fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of March 31, 2009, for each Fund's investments is included at the end of each Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date. 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 is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). 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. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. In addition, the Funds will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. Certain adjustments have been made to the accounts relating to the prior periods. Collectively, these adjustments have no impact on net assets or the results and operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.
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 | $ 187,814,290 | $ 1,135,931 | $ (28,249,928) | $ (27,113,997) |
Advisor Freedom 2005 | 163,945,110 | 775,219 | (42,891,971) | (42,116,752) |
Advisor Freedom 2010 | 814,299,341 | 4,246,714 | (216,022,942) | (211,776,228) |
Advisor Freedom 2015 | 1,088,754,796 | 5,945,638 | (301,729,241) | (295,783,603) |
Advisor Freedom 2020 | 1,792,542,873 | 8,294,519 | (558,135,610) | (549,841,091) |
Advisor Freedom 2025 | 1,154,831,478 | 5,007,092 | (379,227,294) | (374,220,202) |
Advisor Freedom 2030 | 1,406,198,228 | 4,384,390 | (488,422,377) | (484,037,987) |
Advisor Freedom 2035 | 736,005,712 | 2,281,745 | (262,326,810) | (260,045,065) |
Advisor Freedom 2040 | 1,008,384,662 | 2,327,088 | (365,794,940) | (363,467,852) |
Advisor Freedom 2045 | 175,510,425 | 655,908 | (58,754,370) | (58,098,462) |
Advisor Freedom 2050 | 158,139,837 | 386,661 | (56,199,930) | (55,813,269) |
| Undistributed
Ordinary Income | Capital Loss
Carryforward |
Advisor Freedom Income | $ 398,940 | $ (3,435,419) |
Advisor Freedom 2005 | 468,016 | (6,282,292) |
Advisor Freedom 2010 | 2,254,710 | (30,891,938) |
Advisor Freedom 2015 | 2,916,785 | (42,415,853) |
Advisor Freedom 2020 | 3,649,910 | (85,005,141) |
Advisor Freedom 2025 | 2,228,832 | (55,796,563) |
Advisor Freedom 2030 | 1,852,153 | (76,501,982) |
Advisor Freedom 2035 | 912,704 | (39,694,784) |
Advisor Freedom 2040 | 1,210,490 | (57,729,888) |
Advisor Freedom 2045 | 239,614 | (7,999,140) |
Advisor Freedom 2050 | 142,623 | (7,984,790) |
The tax character of distributions paid was as follows:
March 31, 2009 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 5,856,514 | $ 1,005,271 | $ 6,861,785 |
Advisor Freedom 2005 | 4,591,097 | 2,332,348 | 6,923,445 |
Advisor Freedom 2010 | 22,631,084 | 15,734,148 | 38,365,232 |
Advisor Freedom 2015 | 27,190,807 | 21,998,591 | 49,189,398 |
Advisor Freedom 2020 | 39,768,154 | 48,584,416 | 88,352,570 |
Advisor Freedom 2025 | 23,198,269 | 26,449,952 | 49,648,221 |
Advisor Freedom 2030 | 22,969,281 | 41,568,001 | 64,537,282 |
Advisor Freedom 2035 | 10,628,393 | 18,470,352 | 29,098,745 |
Advisor Freedom 2040 | 14,702,047 | 33,344,186 | 48,046,233 |
Advisor Freedom 2045 | 2,170,604 | 2,278,752 | 4,449,356 |
Advisor Freedom 2050 | 1,780,026 | 2,706,228 | 4,486,254 |
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 |
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 | 101,702,038 | 73,118,794 |
Advisor Freedom 2005 | 98,567,688 | 75,829,009 |
Advisor Freedom 2010 | 429,277,323 | 309,601,104 |
Advisor Freedom 2015 | 537,263,140 | 321,008,288 |
Advisor Freedom 2020 | 776,646,439 | 454,694,558 |
Advisor Freedom 2025 | 552,657,440 | 247,760,107 |
Advisor Freedom 2030 | 565,812,338 | 233,774,058 |
Advisor Freedom 2035 | 324,329,609 | 106,192,272 |
Advisor Freedom 2040 | 351,732,328 | 136,774,505 |
Advisor Freedom 2045 | 107,544,464 | 18,834,045 |
Advisor Freedom 2050 | 84,590,713 | 15,217,247 |
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.
Reallocation of Underlying Fund Investments. During the period, Strategic Advisers reallocated certain investments of the Funds' to include shares of three newly created Fidelity Series Funds. This involved a taxable redemption of each Fund's interest in Fidelity Advisor Mid Cap Fund, Fidelity Advisor Dividend Growth Fund and Fidelity Advisor Intermediate Bond Fund ("selected Underlying Funds") for cash and securities in-kind
Annual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Reallocation of Underlying Fund Investments - continued
and a non-taxable exchange of those securities for shares of Fidelity Series All-Sector Equity Fund and Fidelity Series Investment Grade Bond Fund. Realized gains and losses on redemptions of the selected Underlying Funds in connection with the reallocation are presented in the accompanying Statement of Operations as "Realized gain (loss) on sale of underlying fund shares."
Details of these transactions with the related gain/(loss) for each Fund are presented in the accompanying table:
| Value of Cash and
Securities reallocated | Realized Gain/(Loss) on
redemptions of selected
Underlying Funds |
Advisor Freedom Income | $ 13,727,213 | $ (4,203,865) |
Advisor Freedom 2005 | 14,759,041 | (6,533,344) |
Advisor Freedom 2010 | 78,819,247 | (32,729,070) |
Advisor Freedom 2015 | 101,145,022 | (45,757,863) |
Advisor Freedom 2020 | 169,384,604 | (86,822,490) |
Advisor Freedom 2025 | 102,778,059 | (57,533,238) |
Advisor Freedom 2030 | 119,877,781 | (76,735,141) |
Advisor Freedom 2035 | 58,753,451 | (39,849,183) |
Advisor Freedom 2040 | 79,463,869 | (56,549,112) |
Advisor Freedom 2045 | 10,742,269 | (7,926,510) |
Advisor Freedom 2050 | 9,644,501 | (7,551,426) |
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% | $ 240,494 | $ 80,323 |
Class T | .25% | .25% | 219,066 | 1,440 |
Class B | .75% | .25% | 49,983 | 37,510 |
Class C | .75% | .25% | 126,864 | 21,648 |
| | | $ 636,407 | $ 140,921 |
Advisor Freedom 2005 | | | | |
Class A | 0% | .25% | $ 246,113 | $ 108,775 |
Class T | .25% | .25% | 87,956 | 382 |
Class B | .75% | .25% | 35,836 | 26,901 |
Class C | .75% | .25% | 88,853 | 17,625 |
| | | $ 458,758 | $ 153,683 |
Advisor Freedom 2010 | | | | |
Class A | 0% | .25% | $ 948,528 | $ 292,406 |
Class T | .25% | .25% | 964,010 | - |
Class B | .75% | .25% | 279,585 | 209,828 |
Class C | .75% | .25% | 492,690 | 92,401 |
| | | $ 2,684,813 | $ 594,635 |
Advisor Freedom 2015 | | | | |
Class A | 0% | .25% | $ 1,292,715 | $ 404,266 |
Class T | .25% | .25% | 945,464 | 2,118 |
Class B | .75% | .25% | 369,029 | 277,007 |
Class C | .75% | .25% | 580,388 | 94,034 |
| | | $ 3,187,596 | $ 777,425 |
Annual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
Advisor Freedom 2020 | Distribution
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 1,920,961 | $ 488,681 |
Class T | .25% | .25% | 2,021,546 | 1,958 |
Class B | .75% | .25% | 731,449 | 549,035 |
Class C | .75% | .25% | 818,318 | 156,834 |
| | | $ 5,492,274 | $ 1,196,508 |
Advisor Freedom 2025 | | | | |
Class A | 0% | .25% | $ 1,378,247 | $ 443,343 |
Class T | .25% | .25% | 797,144 | 150 |
Class B | .75% | .25% | 365,454 | 274,407 |
Class C | .75% | .25% | 368,788 | 73,849 |
| | | $ 2,909,633 | $ 791,749 |
Advisor Freedom 2030 | | | | |
Class A | 0% | .25% | $ 1,482,702 | $ 422,226 |
Class T | .25% | .25% | 1,336,416 | - |
Class B | .75% | .25% | 494,747 | 371,098 |
Class C | .75% | .25% | 505,391 | 81,554 |
| | | $ 3,819,256 | $ 874,878 |
Advisor Freedom 2035 | | | | |
Class A | 0% | .25% | $ 827,005 | $ 293,223 |
Class T | .25% | .25% | 457,892 | - |
Class B | .75% | .25% | 236,110 | 177,124 |
Class C | .75% | .25% | 207,443 | 41,491 |
| | | $ 1,728,450 | $ 511,838 |
Advisor Freedom 2040 | | | | |
Class A | 0% | .25% | $ 976,166 | $ 223,886 |
Class T | .25% | .25% | 1,049,816 | 1,052 |
Class B | .75% | .25% | 410,481 | 307,974 |
Class C | .75% | .25% | 457,333 | 68,868 |
| | | $ 2,893,796 | $ 601,780 |
Advisor Freedom 2045 | | | | |
Class A | 0% | .25% | $ 181,495 | $ 82,418 |
Class T | .25% | .25% | 72,623 | - |
Class B | .75% | .25% | 26,088 | 19,571 |
Class C | .75% | .25% | 28,169 | 13,390 |
| | | $ 308,375 | $ 115,379 |
Advisor Freedom 2050 | | | | |
Class A | 0% | .25% | $ 139,568 | $ 37,504 |
Class T | .25% | .25% | 92,942 | 132 |
Class B | .75% | .25% | 34,873 | 26,155 |
Class C | .75% | .25% | 55,011 | 25,132 |
| | | $ 322,394 | $ 88,923 |
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.
Annual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
Advisor Freedom Income | Retained by FDC |
Class A | $ 14,102 |
Class T | 6,267 |
Class B* | 20,357 |
Class C* | 1,260 |
| $ 41,986 |
Advisor Freedom 2005 | |
Class A | $ 11,445 |
Class T | 1,683 |
Class B* | 22,275 |
Class C* | 9,576 |
| $ 44,979 |
Advisor Freedom 2010 | |
Class A | $ 35,266 |
Class T | 18,409 |
Class B* | 84,252 |
Class C* | 10,050 |
| $ 147,977 |
Advisor Freedom 2015 | |
Class A | $ 81,408 |
Class T | 25,745 |
Class B* | 157,664 |
Class C* | 9,594 |
| $ 274,411 |
Advisor Freedom 2020 | |
Class A | $ 126,003 |
Class T | 40,639 |
Class B* | 237,015 |
Class C* | 20,211 |
| $ 423,868 |
Advisor Freedom 2025 | |
Class A | $ 97,139 |
Class T | 29,388 |
Class B* | 143,760 |
Class C* | 6,473 |
| $ 276,760 |
Advisor Freedom 2030 | |
Class A | $ 114,602 |
Class T | 26,003 |
Class B* | 177,909 |
Class C* | 9,352 |
| $ 327,866 |
Advisor Freedom 2035 | |
Class A | $ 65,979 |
Class T | 18,766 |
Class B* | 92,424 |
Class C* | 5,603 |
| $ 182,772 |
Advisor Freedom 2040 | |
Class A | $ 102,851 |
Class T | 29,862 |
Class B* | 159,694 |
Class C* | 7,220 |
| $ 299,627 |
Annual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
Advisor Freedom 2045 | |
Class A | $ 20,908 |
Class T | 5,005 |
Class B* | 11,103 |
Class C* | 846 |
| $ 37,862 |
Advisor Freedom 2050 | |
Class A | $ 28,557 |
Class T | 7,484 |
Class B* | 9,740 |
Class C* | 2,623 |
| $ 48,404 |
* 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.
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% | $ 383 |
Class T | .50% | 174 |
Class B | 1.00% | 20 |
Class C | 1.00% | 51 |
Institutional Class | .00% | 36 |
Advisor Freedom 2005 | | |
Class A | .25% | 399 |
Class T | .50% | 71 |
Class B | 1.00% | 15 |
Class C | 1.00% | 36 |
Institutional Class | .00% | 41 |
Advisor Freedom 2010 | | |
Class A | .25% | 1,537 |
Class T | .50% | 782 |
Class B | 1.00% | 113 |
Class C | 1.00% | 200 |
Institutional Class | .00% | 191 |
Advisor Freedom 2015 | | |
Class A | .25% | 2,081 |
Class T | .50% | 762 |
Class B | 1.00% | 149 |
Class C | 1.00% | 234 |
Institutional Class | .00% | 334 |
Advisor Freedom 2020 | | |
Class A | .25% | 3,132 |
Class T | .50% | 1,649 |
Class B | 1.00% | 299 |
Class C | 1.00% | 334 |
Institutional Class | .00% | 436 |
Annual Report
Notes to Financial Statements - continued
6. Expense Reductions - continued
| Expense
Limitations | Reimbursement
from adviser |
Advisor Freedom 2025 | | |
Class A | .25% | $ 2,219 |
Class T | .50% | 642 |
Class B | 1.00% | 147 |
Class C | 1.00% | 149 |
Institutional Class | .00% | 287 |
Advisor Freedom 2030 | | |
Class A | .25% | 2,413 |
Class T | .50% | 1,088 |
Class B | 1.00% | 202 |
Class C | 1.00% | 206 |
Institutional Class | .00% | 332 |
Advisor Freedom 2035 | | |
Class A | .25% | 1,331 |
Class T | .50% | 369 |
Class B | 1.00% | 95 |
Class C | 1.00% | 84 |
Institutional Class | .00% | 175 |
Advisor Freedom 2040 | | |
Class A | .25% | 1,601 |
Class T | .50% | 861 |
Class B | 1.00% | 169 |
Class C | 1.00% | 188 |
Institutional Class | .00% | 217 |
Advisor Freedom 2045 | | |
Class A | .25% | 279 |
Class T | .50% | 56 |
Class B | 1.00% | 10 |
Class C | 1.00% | 11 |
Institutional Class | .00% | 37 |
Advisor Freedom 2050 | | |
Class A | .25% | 217 |
Class T | .50% | 73 |
Class B | 1.00% | 14 |
Class C | 1.00% | 22 |
Institutional Class | .00% | 43 |
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended March 31, | 2009 | 2008 |
Advisor Freedom Income | | |
From net investment income | | |
Class A | $ 2,990,969 | $ 2,504,685 |
Class T | 1,242,739 | 1,563,953 |
Class B | 118,298 | 152,566 |
Class C | 295,522 | 433,205 |
Institutional Class | 304,252 | 228,075 |
Total | $ 4,951,780 | $ 4,882,484 |
Annual Report
7. Distributions to Shareholders - continued
Years ended March 31, | 2009 | 2008 |
From net realized gain | | |
Class A | $ 1,103,465 | $ 363,946 |
Class T | 501,951 | 265,719 |
Class B | 58,786 | 31,009 |
Class C | 143,588 | 84,230 |
Institutional Class | 102,215 | 29,749 |
Total | $ 1,910,005 | $ 774,653 |
Advisor Freedom 2005 | | |
From net investment income | | |
Class A | $ 2,875,262 | $ 1,724,823 |
Class T | 435,635 | 428,083 |
Class B | 67,624 | 51,521 |
Class C | 160,605 | 147,372 |
Institutional Class | 324,455 | 207,409 |
Total | $ 3,863,581 | $ 2,559,208 |
From net realized gain | | |
Class A | $ 2,130,306 | $ 834,705 |
Class T | 423,340 | 290,404 |
Class B | 84,230 | 52,453 |
Class C | 214,103 | 130,191 |
Institutional Class | 207,885 | 78,795 |
Total | $ 3,059,864 | $ 1,386,548 |
Advisor Freedom 2010 | | |
From net investment income | | |
Class A | $ 10,947,222 | $ 8,089,684 |
Class T | 5,111,081 | 4,645,864 |
Class B | 504,030 | 581,796 |
Class C | 905,547 | 979,699 |
Institutional Class | 1,477,806 | 999,219 |
Total | $ 18,945,686 | $ 15,296,262 |
From net realized gain | | |
Class A | $ 10,198,551 | $ 4,371,752 |
Class T | 5,679,097 | 3,146,806 |
Class B | 862,119 | 543,390 |
Class C | 1,488,953 | 798,291 |
Institutional Class | 1,190,826 | 439,647 |
Total | $ 19,419,546 | $ 9,299,886 |
Advisor Freedom 2015 | | |
From net investment income | | |
Class A | $ 14,240,612 | $ 9,282,719 |
Class T | 4,518,598 | 3,805,292 |
Class B | 620,340 | 608,280 |
Class C | 1,044,267 | 916,055 |
Institutional Class | 2,519,733 | 1,380,515 |
Total | $ 22,943,550 | $ 15,992,861 |
From net realized gain | | |
Class A | $ 15,189,802 | $ 6,792,732 |
Class T | 5,848,859 | 3,796,442 |
Class B | 1,211,160 | 835,908 |
Class C | 1,851,735 | 1,173,886 |
Institutional Class | 2,144,292 | 894,618 |
Total | $ 26,245,848 | $ 13,493,586 |
Annual Report
Notes to Financial Statements - continued
7. Distributions to Shareholders - continued
Years ended March 31, | 2009 | 2008 |
Advisor Freedom 2020 | | |
From net investment income | | |
Class A | $ 19,215,664 | $ 13,227,162 |
Class T | 9,183,010 | 7,368,496 |
Class B | 1,086,901 | 994,726 |
Class C | 1,261,267 | 1,068,257 |
Institutional Class | 3,144,021 | 1,659,078 |
Total | $ 33,890,863 | $ 24,317,719 |
From net realized gain | | |
Class A | $ 28,711,282 | $ 13,024,880 |
Class T | 15,997,485 | 10,046,546 |
Class B | 3,039,923 | 1,981,035 |
Class C | 3,299,753 | 1,985,963 |
Institutional Class | 3,413,264 | 1,178,241 |
Total | $ 54,461,707 | $ 28,216,665 |
Advisor Freedom 2025 | | |
From net investment income | | |
Class A | $ 13,299,070 | $ 7,874,109 |
Class T | 3,310,848 | 2,457,202 |
Class B | 505,085 | 398,931 |
Class C | 558,066 | 394,171 |
Institutional Class | 1,956,756 | 831,749 |
Total | $ 19,629,825 | $ 11,956,162 |
From net realized gain | | |
Class A | $ 19,217,652 | $ 8,202,079 |
Class T | 5,918,387 | 3,646,794 |
Class B | 1,447,951 | 892,352 |
Class C | 1,386,204 | 791,593 |
Institutional Class | 2,048,202 | 528,297 |
Total | $ 30,018,396 | $ 14,061,115 |
Advisor Freedom 2030 | | |
From net investment income | | |
Class A | $ 12,523,897 | $ 7,205,006 |
Class T | 5,041,844 | 3,287,728 |
Class B | 523,790 | 414,862 |
Class C | 595,367 | 403,557 |
Institutional Class | 2,087,935 | 916,629 |
Total | $ 20,772,833 | $ 12,227,782 |
From net realized gain | | |
Class A | $ 24,763,231 | $ 10,936,038 |
Class T | 11,555,431 | 7,840,143 |
Class B | 2,319,770 | 1,556,434 |
Class C | 2,296,059 | 1,494,609 |
Institutional Class | 2,829,958 | 989,968 |
Total | $ 43,764,449 | $ 22,817,192 |
Advisor Freedom 2035 | | |
From net investment income | | |
Class A | $ 6,685,226 | $ 3,345,833 |
Class T | 1,578,824 | 952,354 |
Class B | 253,655 | 177,323 |
Class C | 241,140 | 143,957 |
Institutional Class | 1,000,816 | 415,381 |
Total | $ 9,759,661 | $ 5,034,848 |
Annual Report
7. Distributions to Shareholders - continued
Years ended March 31, | 2009 | 2008 |
From net realized gain | | |
Class A | $ 12,449,964 | $ 4,819,324 |
Class T | 3,685,700 | 2,263,096 |
Class B | 1,024,129 | 601,586 |
Class C | 863,970 | 497,133 |
Institutional Class | 1,315,321 | 334,622 |
Total | $ 19,339,084 | $ 8,515,761 |
Advisor Freedom 2040 | | |
From net investment income | | |
Class A | $ 7,793,389 | $ 5,153,377 |
Class T | 3,588,898 | 2,630,359 |
Class B | 436,286 | 354,339 |
Class C | 515,663 | 387,464 |
Institutional Class | 1,332,872 | 634,685 |
Total | $ 13,667,108 | $ 9,160,224 |
From net realized gain | | |
Class A | $ 18,027,783 | $ 8,341,256 |
Class T | 9,963,489 | 6,395,011 |
Class B | 2,093,643 | 1,317,210 |
Class C | 2,284,827 | 1,493,781 |
Institutional Class | 2,009,383 | 733,784 |
Total | $ 34,379,125 | $ 18,281,042 |
Advisor Freedom 2045 | | |
From net investment income | | |
Class A | $ 1,453,387 | $ 408,907 |
Class T | 279,952 | 76,927 |
Class B | 27,920 | 11,522 |
Class C | 33,745 | 11,199 |
Institutional Class | 218,818 | 62,319 |
Total | $ 2,013,822 | $ 570,874 |
From net realized gain | | |
Class A | $ 1,746,634 | $ 365,060 |
Class T | 344,367 | 84,292 |
Class B | 73,453 | 18,988 |
Class C | 73,894 | 18,223 |
Institutional Class | 197,186 | 42,732 |
Total | $ 2,435,534 | $ 529,295 |
Advisor Freedom 2050 | | |
From net investment income | | |
Class A | $ 1,030,278 | $ 421,587 |
Class T | 319,811 | 94,910 |
Class B | 38,529 | 15,927 |
Class C | 62,649 | 26,686 |
Institutional Class | 288,686 | 58,793 |
Total | $ 1,739,953 | $ 617,903 |
From net realized gain | | |
Class A | $ 1,711,927 | $ 409,384 |
Class T | 515,363 | 109,763 |
Class B | 110,348 | 29,999 |
Class C | 167,930 | 43,754 |
Institutional Class | 240,733 | 44,840 |
Total | $ 2,746,301 | $ 637,740 |
Annual Report
Notes to Financial Statements - continued
8. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
Years ended March 31, | 2009 | 2008 | 2009 | 2008 |
Advisor Freedom Income | | | | |
Class A | | | | |
Shares sold | 6,982,465 | 6,395,797 | $ 67,700,366 | $ 68,652,447 |
Reinvestment of distributions | 424,486 | 259,372 | 4,014,480 | 2,783,957 |
Shares redeemed | (5,026,311) | (2,922,596) | (47,294,795) | (31,256,793) |
Net increase (decrease) | 2,380,640 | 3,732,573 | $ 24,420,051 | $ 40,179,611 |
Class T | | | | |
Shares sold | 2,860,068 | 2,855,150 | $ 27,200,706 | $ 30,643,258 |
Reinvestment of distributions | 178,640 | 164,484 | 1,693,207 | 1,765,934 |
Shares redeemed | (2,445,970) | (2,428,323) | (23,290,929) | (25,960,467) |
Net increase (decrease) | 592,738 | 591,311 | $ 5,602,984 | $ 6,448,725 |
Class B | | | | |
Shares sold | 157,222 | 214,502 | $ 1,476,911 | $ 2,287,850 |
Reinvestment of distributions | 17,174 | 15,304 | 162,898 | 164,212 |
Shares redeemed | (214,129) | (165,034) | (1,990,988) | (1,766,793) |
Net increase (decrease) | (39,733) | 64,772 | $ (351,179) | $ 685,269 |
Class C | | | | |
Shares sold | 508,802 | 601,335 | $ 4,852,317 | $ 6,439,273 |
Reinvestment of distributions | 39,179 | 39,613 | 372,190 | 424,846 |
Shares redeemed | (655,537) | (469,822) | (6,321,803) | (5,023,022) |
Net increase (decrease) | (107,556) | 171,126 | $ (1,097,296) | $ 1,841,097 |
Institutional Class | | | | |
Shares sold | 766,168 | 1,046,538 | $ 7,275,963 | $ 11,013,967 |
Reinvestment of distributions | 42,274 | 23,599 | 402,268 | 253,422 |
Shares redeemed | (712,207) | (460,080) | (6,686,370) | (4,893,967) |
Net increase (decrease) | 96,235 | 610,057 | $ 991,861 | $ 6,373,422 |
Advisor Freedom 2005 | | | | |
Class A | | | | |
Shares sold | 7,824,991 | 7,280,006 | $ 76,183,885 | $ 86,978,408 |
Reinvestment of distributions | 527,603 | 209,681 | 4,959,217 | 2,523,615 |
Shares redeemed | (6,052,431) | (3,032,111) | (57,057,843) | (36,068,889) |
Net increase (decrease) | 2,300,163 | 4,457,576 | $ 24,085,259 | $ 53,433,134 |
Class T | | | | |
Shares sold | 1,107,674 | 1,302,460 | $ 10,689,045 | $ 15,596,978 |
Reinvestment of distributions | 83,844 | 57,458 | 807,051 | 691,442 |
Shares redeemed | (1,238,205) | (1,248,968) | (11,959,868) | (14,879,592) |
Net increase (decrease) | (46,687) | 110,950 | $ (463,772) | $ 1,408,828 |
Class B | | | | |
Shares sold | 93,691 | 134,939 | $ 943,061 | $ 1,573,994 |
Reinvestment of distributions | 14,275 | 7,641 | 138,494 | 91,841 |
Shares redeemed | (157,750) | (97,335) | (1,505,391) | (1,155,938) |
Net increase (decrease) | (49,784) | 45,245 | $ (423,836) | $ 509,897 |
Class C | | | | |
Shares sold | 332,577 | 398,272 | $ 3,214,674 | $ 4,710,455 |
Reinvestment of distributions | 34,394 | 20,492 | 335,809 | 245,781 |
Shares redeemed | (504,271) | (218,640) | (4,858,459) | (2,586,377) |
Net increase (decrease) | (137,300) | 200,124 | $ (1,307,976) | $ 2,369,859 |
Institutional Class | | | | |
Shares sold | 679,881 | 898,304 | $ 6,849,983 | $ 10,934,550 |
Reinvestment of distributions | 56,512 | 23,531 | 527,550 | 284,303 |
Shares redeemed | (434,113) | (368,372) | (4,200,339) | (4,367,156) |
Net increase (decrease) | 302,280 | 553,463 | $ 3,177,194 | $ 6,851,697 |
Annual Report
8. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2009 | 2008 | 2009 | 2008 |
Advisor Freedom 2010 | | | | |
Class A | | | | |
Shares sold | 27,644,971 | 21,172,266 | $ 279,300,486 | $ 262,315,907 |
Reinvestment of distributions | 2,137,557 | 977,928 | 20,813,308 | 12,200,535 |
Shares redeemed | (20,377,432) | (10,377,196) | (193,937,215) | (128,191,139) |
Net increase (decrease) | 9,405,096 | 11,772,998 | $ 106,176,579 | $ 146,325,303 |
Class T | | | | |
Shares sold | 10,512,535 | 9,009,530 | $ 100,864,998 | $ 110,976,658 |
Reinvestment of distributions | 1,078,073 | 619,841 | 10,623,798 | 7,710,014 |
Shares redeemed | (9,978,388) | (7,066,194) | (95,483,371) | (87,124,252) |
Net increase (decrease) | 1,612,220 | 2,563,177 | $ 16,005,425 | $ 31,562,420 |
Class B | | | | |
Shares sold | 360,739 | 531,540 | $ 3,611,530 | $ 6,513,051 |
Reinvestment of distributions | 121,076 | 81,330 | 1,229,138 | 1,009,856 |
Shares redeemed | (951,618) | (551,595) | (8,905,172) | (6,803,579) |
Net increase (decrease) | (469,803) | 61,275 | $ (4,064,504) | $ 719,328 |
Class C | | | | |
Shares sold | 1,451,192 | 1,941,907 | $ 14,356,301 | $ 23,880,546 |
Reinvestment of distributions | 207,922 | 125,362 | 2,096,514 | 1,552,639 |
Shares redeemed | (2,043,613) | (1,000,919) | (19,263,851) | (12,286,806) |
Net increase (decrease) | (384,499) | 1,066,350 | $ (2,811,036) | $ 13,146,379 |
Institutional Class | | | | |
Shares sold | 3,808,131 | 2,789,625 | $ 39,641,688 | $ 34,942,048 |
Reinvestment of distributions | 267,634 | 109,553 | 2,583,482 | 1,370,855 |
Shares redeemed | (2,374,575) | (1,273,890) | (22,636,136) | (15,744,160) |
Net increase (decrease) | 1,701,190 | 1,625,288 | $ 19,589,034 | $ 20,568,743 |
Advisor Freedom 2015 | | | | |
Class A | | | | |
Shares sold | 33,660,949 | 30,012,366 | $ 332,436,308 | $ 375,290,820 |
Reinvestment of distributions | 2,969,139 | 1,252,597 | 29,046,026 | 15,820,828 |
Shares redeemed | (21,015,336) | (11,069,498) | (201,059,105) | (138,060,728) |
Net increase (decrease) | 15,614,752 | 20,195,465 | $ 160,423,229 | $ 253,050,920 |
Class T | | | | |
Shares sold | 9,552,536 | 7,187,921 | $ 93,377,388 | $ 89,866,267 |
Reinvestment of distributions | 1,015,718 | 593,664 | 10,080,764 | 7,487,851 |
Shares redeemed | (7,598,715) | (5,577,816) | (71,596,533) | (69,873,542) |
Net increase (decrease) | 2,969,539 | 2,203,769 | $ 31,861,619 | $ 27,480,576 |
Class B | | | | |
Shares sold | 681,198 | 952,656 | $ 6,933,950 | $ 11,837,765 |
Reinvestment of distributions | 168,864 | 107,501 | 1,718,215 | 1,351,705 |
Shares redeemed | (1,095,174) | (715,996) | (10,356,068) | (8,904,180) |
Net increase (decrease) | (245,112) | 344,161 | $ (1,703,903) | $ 4,285,290 |
Class C | | | | |
Shares sold | 1,862,954 | 1,762,544 | $ 18,285,509 | $ 21,931,918 |
Reinvestment of distributions | 257,190 | 147,692 | 2,586,187 | 1,855,516 |
Shares redeemed | (1,826,626) | (938,455) | (17,084,660) | (11,655,229) |
Net increase (decrease) | 293,518 | 971,781 | $ 3,787,036 | $ 12,132,205 |
Institutional Class | | | | |
Shares sold | 6,396,847 | 4,107,174 | $ 66,855,852 | $ 52,023,759 |
Reinvestment of distributions | 480,395 | 177,571 | 4,619,510 | 2,253,324 |
Shares redeemed | (3,018,599) | (1,687,314) | (28,959,207) | (21,403,007) |
Net increase (decrease) | 3,858,643 | 2,597,431 | $ 42,516,155 | $ 32,874,076 |
Annual Report
Notes to Financial Statements - continued
8. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2009 | 2008 | 2009 | 2008 |
Advisor Freedom 2020 | | | | |
Class A | | | | |
Shares sold | 42,768,917 | 38,566,894 | $ 438,011,578 | $ 525,160,644 |
Reinvestment of distributions | 4,520,276 | 1,874,481 | 47,381,140 | 25,889,867 |
Shares redeemed | (26,063,863) | (14,579,291) | (259,723,487) | (197,670,315) |
Net increase (decrease) | 21,225,330 | 25,862,084 | $ 225,669,231 | $ 353,380,196 |
Class T | | | | |
Shares sold | 18,886,061 | 15,080,905 | $ 186,399,308 | $ 205,467,830 |
Reinvestment of distributions | 2,337,116 | 1,251,431 | 24,805,802 | 17,269,011 |
Shares redeemed | (14,070,253) | (12,338,940) | (140,504,124) | (168,368,029) |
Net increase (decrease) | 7,152,924 | 3,993,396 | $ 70,700,986 | $ 54,368,812 |
Class B | | | | |
Shares sold | 1,103,375 | 1,397,786 | $ 11,809,274 | $ 18,987,125 |
Reinvestment of distributions | 360,923 | 206,609 | 3,962,480 | 2,841,914 |
Shares redeemed | (1,839,222) | (979,173) | (18,050,005) | (13,271,484) |
Net increase (decrease) | (374,924) | 625,222 | $ (2,278,251) | $ 8,557,555 |
Class C | | | | |
Shares sold | 2,884,143 | 2,950,874 | $ 29,790,918 | $ 40,072,501 |
Reinvestment of distributions | 361,443 | 193,944 | 3,933,566 | 2,664,764 |
Shares redeemed | (2,865,470) | (1,961,725) | (27,955,288) | (26,617,780) |
Net increase (decrease) | 380,116 | 1,183,093 | $ 5,769,196 | $ 16,119,485 |
Institutional Class | | | | |
Shares sold | 8,703,199 | 5,531,638 | $ 92,686,776 | $ 76,296,447 |
Reinvestment of distributions | 630,394 | 196,081 | 6,383,899 | 2,719,400 |
Shares redeemed | (2,981,000) | (1,698,087) | (29,805,650) | (23,097,020) |
Net increase (decrease) | 6,352,593 | 4,029,632 | $ 69,265,025 | $ 55,918,827 |
Advisor Freedom 2025 | | | | |
Class A | | | | |
Shares sold | 36,598,209 | 31,444,214 | $ 351,257,221 | $ 413,397,979 |
Reinvestment of distributions | 3,228,324 | 1,193,033 | 32,255,912 | 15,943,550 |
Shares redeemed | (17,140,862) | (10,605,763) | (160,248,668) | (138,593,485) |
Net increase (decrease) | 22,685,671 | 22,031,484 | $ 223,264,465 | $ 290,748,044 |
Class T | | | | |
Shares sold | 9,116,017 | 7,320,665 | $ 86,676,520 | $ 96,719,142 |
Reinvestment of distributions | 882,777 | 451,032 | 9,017,264 | 6,039,311 |
Shares redeemed | (5,644,264) | (5,426,572) | (53,391,522) | (71,792,696) |
Net increase (decrease) | 4,354,530 | 2,345,125 | $ 42,302,262 | $ 30,965,757 |
Class B | | | | |
Shares sold | 743,353 | 1,032,697 | $ 7,578,046 | $ 13,514,621 |
Reinvestment of distributions | 179,009 | 94,056 | 1,884,532 | 1,250,009 |
Shares redeemed | (812,754) | (523,284) | (7,458,928) | (6,862,113) |
Net increase (decrease) | 109,608 | 603,469 | $ 2,003,650 | $ 7,902,517 |
Class C | | | | |
Shares sold | 1,719,703 | 1,232,948 | $ 16,055,880 | $ 16,188,203 |
Reinvestment of distributions | 173,569 | 81,325 | 1,792,762 | 1,080,397 |
Shares redeemed | (960,545) | (519,398) | (8,431,223) | (6,755,133) |
Net increase (decrease) | 932,727 | 794,875 | $ 9,417,419 | $ 10,513,467 |
Institutional Class | | | | |
Shares sold | 7,043,431 | 4,059,864 | $ 74,326,650 | $ 54,260,664 |
Reinvestment of distributions | 412,243 | 99,805 | 3,981,166 | 1,339,601 |
Shares redeemed | (2,496,321) | (942,331) | (24,805,293) | (12,524,147) |
Net increase (decrease) | 4,959,353 | 3,217,338 | $ 53,502,523 | $ 43,076,118 |
Advisor Freedom 2030 | | | | |
Class A | | | | |
Shares sold | 36,571,859 | 31,843,152 | $ 369,068,951 | $ 459,602,140 |
Reinvestment of distributions | 3,333,735 | 1,221,831 | 36,933,871 | 17,967,778 |
Shares redeemed | (18,526,964) | (9,968,940) | (184,096,059) | (142,503,129) |
Net increase (decrease) | 21,378,630 | 23,096,043 | $ 221,906,763 | $ 335,066,789 |
Annual Report
8. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2009 | 2008 | 2009 | 2008 |
Class T | | | | |
Shares sold | 15,493,194 | 11,245,298 | $ 151,841,595 | $ 162,101,126 |
Reinvestment of distributions | 1,467,862 | 752,594 | 16,407,269 | 11,039,870 |
Shares redeemed | (8,605,624) | (9,323,237) | (87,102,297) | (135,908,919) |
Net increase (decrease) | 8,355,432 | 2,674,655 | $ 81,146,567 | $ 37,232,077 |
Class B | | | | |
Shares sold | 853,353 | 1,094,290 | $ 9,110,199 | $ 15,718,712 |
Reinvestment of distributions | 234,952 | 130,528 | 2,754,171 | 1,905,487 |
Shares redeemed | (998,967) | (658,615) | (9,944,194) | (9,302,781) |
Net increase (decrease) | 89,338 | 566,203 | $ 1,920,176 | $ 8,321,418 |
Class C | | | | |
Shares sold | 1,778,130 | 1,428,374 | $ 17,627,965 | $ 20,470,871 |
Reinvestment of distributions | 229,804 | 119,323 | 2,662,650 | 1,741,917 |
Shares redeemed | (1,190,976) | (925,108) | (11,472,328) | (13,146,909) |
Net increase (decrease) | 816,958 | 622,589 | $ 8,818,287 | $ 9,065,879 |
Institutional Class | | | | |
Shares sold | 7,173,836 | 4,311,519 | $ 74,902,303 | $ 62,949,526 |
Reinvestment of distributions | 456,149 | 122,302 | 4,820,536 | 1,804,784 |
Shares redeemed | (2,109,452) | (998,614) | (21,087,016) | (14,596,036) |
Net increase (decrease) | 5,520,533 | 3,435,207 | $ 58,635,823 | $ 50,158,274 |
Advisor Freedom 2035 | | | | |
Class A | | | | |
Shares sold | 24,984,613 | 21,196,181 | $ 233,206,889 | $ 288,304,008 |
Reinvestment of distributions | 1,840,329 | 582,502 | 18,981,347 | 8,092,022 |
Shares redeemed | (9,851,227) | (5,766,443) | (92,108,084) | (77,817,751) |
Net increase (decrease) | 16,973,715 | 16,012,240 | $ 160,080,152 | $ 218,578,279 |
Class T | | | | |
Shares sold | 5,952,168 | 4,490,317 | $ 55,077,528 | $ 61,032,845 |
Reinvestment of distributions | 492,541 | 230,541 | 5,172,978 | 3,188,274 |
Shares redeemed | (3,034,429) | (3,046,746) | (28,314,087) | (41,592,325) |
Net increase (decrease) | 3,410,280 | 1,674,112 | $ 31,936,419 | $ 22,628,794 |
Class B | | | | |
Shares sold | 579,388 | 727,943 | $ 5,700,656 | $ 9,848,745 |
Reinvestment of distributions | 114,147 | 55,321 | 1,248,634 | 760,291 |
Shares redeemed | (425,319) | (268,514) | (3,994,907) | (3,598,845) |
Net increase (decrease) | 268,216 | 514,750 | $ 2,954,383 | $ 7,010,191 |
Class C | | | | |
Shares sold | 1,020,539 | 744,599 | $ 9,370,199 | $ 10,054,795 |
Reinvestment of distributions | 96,416 | 43,460 | 1,041,544 | 597,725 |
Shares redeemed | (479,767) | (349,529) | (4,400,281) | (4,698,348) |
Net increase (decrease) | 637,188 | 438,530 | $ 6,011,462 | $ 5,954,172 |
Institutional Class | | | | |
Shares sold | 4,318,097 | 2,734,548 | $ 43,926,192 | $ 37,807,044 |
Reinvestment of distributions | 233,544 | 53,535 | 2,312,872 | 746,046 |
Shares redeemed | (1,210,387) | (543,000) | (11,613,780) | (7,395,551) |
Net increase (decrease) | 3,341,254 | 2,245,083 | $ 34,625,284 | $ 31,157,539 |
Advisor Freedom 2040 | | | | |
Class A | | | | |
Shares sold | 22,907,802 | 19,155,475 | $ 229,408,437 | $ 285,070,394 |
Reinvestment of distributions | 2,235,268 | 880,790 | 25,465,481 | 13,339,232 |
Shares redeemed | (11,591,220) | (6,437,466) | (118,053,909) | (95,274,858) |
Net increase (decrease) | 13,551,850 | 13,598,799 | $ 136,820,009 | $ 203,134,768 |
Class T | | | | |
Shares sold | 11,685,682 | 8,339,567 | $ 115,123,107 | $ 123,585,235 |
Reinvestment of distributions | 1,168,582 | 596,272 | 13,493,008 | 9,006,999 |
Shares redeemed | (6,458,211) | (6,451,723) | (67,074,170) | (96,064,959) |
Net increase (decrease) | 6,396,053 | 2,484,116 | $ 61,541,945 | $ 36,527,275 |
Annual Report
Notes to Financial Statements - continued
8. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2009 | 2008 | 2009 | 2008 |
Class B | | | | |
Shares sold | 697,441 | 1,033,232 | $ 7,381,584 | $ 15,187,232 |
Reinvestment of distributions | 205,367 | 108,535 | 2,471,340 | 1,628,020 |
Shares redeemed | (768,134) | (528,583) | (7,870,942) | (7,760,981) |
Net increase (decrease) | 134,674 | 613,184 | $ 1,981,982 | $ 9,054,271 |
Class C | | | | |
Shares sold | 1,430,154 | 1,171,341 | $ 14,372,126 | $ 17,304,375 |
Reinvestment of distributions | 222,333 | 118,241 | 2,652,427 | 1,773,152 |
Shares redeemed | (1,186,886) | (943,498) | (11,203,689) | (13,863,706) |
Net increase (decrease) | 465,601 | 346,084 | $ 5,820,864 | $ 5,213,821 |
Institutional Class | | | | |
Shares sold | 5,128,738 | 2,783,889 | $ 52,025,528 | $ 41,634,833 |
Reinvestment of distributions | 301,181 | 84,901 | 3,256,018 | 1,289,408 |
Shares redeemed | (1,363,335) | (761,479) | (14,118,456) | (11,355,666) |
Net increase (decrease) | 4,066,584 | 2,107,311 | $ 41,163,090 | $ 31,568,575 |
Advisor Freedom 2045 | | | | |
Class A | | | | |
Shares sold | 10,501,973 | 5,976,822 | $ 79,738,869 | $ 67,538,170 |
Reinvestment of distributions | 402,720 | 66,457 | 3,193,824 | 771,955 |
Shares redeemed | (2,847,127) | (1,235,991) | (21,159,265) | (13,806,904) |
Net increase (decrease) | 8,057,566 | 4,807,288 | $ 61,773,428 | $ 54,503,221 |
Class T | | | | |
Shares sold | 2,641,382 | 1,134,327 | $ 19,692,407 | $ 12,786,797 |
Reinvestment of distributions | 78,999 | 13,886 | 621,637 | 161,155 |
Shares redeemed | (760,540) | (317,499) | (5,831,312) | (3,582,304) |
Net increase (decrease) | 1,959,841 | 830,714 | $ 14,482,732 | $ 9,365,648 |
Class B | | | | |
Shares sold | 201,093 | 197,272 | $ 1,704,203 | $ 2,237,639 |
Reinvestment of distributions | 11,604 | 2,563 | 99,161 | 29,677 |
Shares redeemed | (69,458) | (30,565) | (523,370) | (338,933) |
Net increase (decrease) | 143,239 | 169,270 | $ 1,279,994 | $ 1,928,383 |
Class C | | | | |
Shares sold | 340,192 | 215,629 | $ 2,575,960 | $ 2,436,801 |
Reinvestment of distributions | 12,674 | 2,506 | 105,589 | 28,989 |
Shares redeemed | (81,675) | (42,119) | (587,757) | (465,838) |
Net increase (decrease) | 271,191 | 176,016 | $ 2,093,792 | $ 1,999,952 |
Institutional Class | | | | |
Shares sold | 1,743,476 | 707,070 | $ 13,791,749 | $ 8,153,318 |
Reinvestment of distributions | 54,380 | 9,019 | 416,004 | 105,051 |
Shares redeemed | (376,442) | (136,245) | (3,079,340) | (1,544,477) |
Net increase (decrease) | 1,421,414 | 579,844 | $ 11,128,413 | $ 6,713,892 |
Advisor Freedom 2050 | | | | |
Class A | | | | |
Shares sold | 7,208,292 | 5,070,025 | $ 52,190,277 | $ 57,527,193 |
Reinvestment of distributions | 338,127 | 71,419 | 2,729,949 | 828,089 |
Shares redeemed | (2,726,472) | (959,527) | (20,275,710) | (10,623,621) |
Net increase (decrease) | 4,819,947 | 4,181,917 | $ 34,644,516 | $ 47,731,661 |
Class T | | | | |
Shares sold | 3,043,075 | 1,657,861 | $ 22,952,674 | $ 18,728,257 |
Reinvestment of distributions | 103,511 | 17,173 | 821,243 | 198,763 |
Shares redeemed | (874,640) | (523,844) | (6,429,499) | (5,932,648) |
Net increase (decrease) | 2,271,946 | 1,151,190 | $ 17,344,418 | $ 12,994,372 |
Class B | | | | |
Shares sold | 270,438 | 258,344 | $ 2,159,352 | $ 2,916,138 |
Reinvestment of distributions | 16,859 | 3,848 | 143,208 | 44,456 |
Shares redeemed | (72,982) | (36,465) | (547,997) | (402,811) |
Net increase (decrease) | 214,315 | 225,727 | $ 1,754,563 | $ 2,557,783 |
Annual Report
8. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2009 | 2008 | 2009 | 2008 |
Class C | | | | |
Shares sold | 515,969 | 525,005 | $ 3,934,942 | $ 5,945,473 |
Reinvestment of distributions | 25,508 | 5,664 | 214,919 | 65,337 |
Shares redeemed | (110,097) | (143,070) | (804,741) | (1,603,259) |
Net increase (decrease) | 431,380 | 387,599 | $ 3,345,120 | $ 4,407,551 |
Institutional Class | | | | |
Shares sold | 2,337,700 | 808,048 | $ 17,484,042 | $ 9,192,394 |
Reinvestment of distributions | 72,013 | 8,828 | 526,754 | 102,543 |
Shares redeemed | (442,034) | (240,435) | (3,255,730) | (2,729,116) |
Net increase (decrease) | 1,967,679 | 576,441 | $ 14,755,066 | $ 6,565,821 |
9. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Advisor Freedom Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
Fund | Advisor Freedom
2020 | Advisor Freedom
2030 |
Fidelity Advisor Large Cap Fund | 12% | 11% |
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 Growth & Income Fund | 46% |
Fidelity Advisor High Income Advantage Fund | 22% |
Fidelity Advisor Large Cap Fund | 60% |
Fidelity Advisor Overseas Fund | 46% |
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, 2009, 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, 2009, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial 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, 2009, 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 21, 2009
Annual Report
The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Advisor Freedom Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Advisor Freedom Fund's activities, review contractual arrangements with companies that provide services to each Advisor Freedom Fund, and review each Advisor Freedom Fund's performance. If the interests of an Advisor Freedom Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees and Member of the Advisory Board fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Advisor Freedom Funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers, the Trustees, and Member of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for Edward C. Johnson 3d and James C. Curvey, each of the Trustees oversees 161 funds advised by FMR or an affiliate. Messrs. Johnson and Curvey oversee 383 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
Edward C. Johnson 3d (78) |
| 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 (73) |
| Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (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, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. |
* 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.
Name, Age; Principal Occupation |
Albert R. Gamper, Jr. (67) |
| 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. Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities), a member of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Arthur E. Johnson (62) |
| Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present) and AGL Resources, Inc. (holding company). Previously, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009), and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related. |
James H. Keyes (68) |
| Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). Previously, Mr. Keyes served as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (62) |
| 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. Ms. Knowles 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 and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007). |
Kenneth L. Wolfe (70) |
| Year of Election or Appointment: 2005 Mr. Wolfe currently serves as a member of the Board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation, and as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006) and Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007). |
Advisory Board Member and Executive Officers**:
Correspondence intended for Michael E. Kenneally may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
Michael E. Kenneally (55) |
| Year of Election or Appointment: 2008 Member of the Advisory Board. Mr. Kenneally also serves as Trustee (2009-present) or Member of the Advisory Board of other Fidelity Fixed Income and Asset Allocation Funds. Previously, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of The Credit Suisse Funds (U.S. Mutual Fund, 2004-2008) and was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
John R. Hebble (50) |
| Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble is an employee of Fidelity Investments. |
Boyce I. Greer (53) |
| Year of Election or Appointment: 2005 or 2006 Vice President of Fidelity's Fixed Income Funds (2006) and Asset Allocation Funds (2005). Mr. Greer is also a Trustee of other investment companies advised by FMR. Mr. Greer is President and a Director of Strategic Advisers, Inc. (2008-present), 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). |
Scott C. Goebel (41) |
| Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Secretary of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). |
Holly C. Laurent (54) |
| Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006). |
Christine Reynolds (50) |
| Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). |
Michael H. Whitaker (41) |
| Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel. |
Bryan A. Mehrmann (47) |
| Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004). |
Stephanie J. Dorsey (39) |
| Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank. |
Robert G. Byrnes (42) |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Byrnes is an employee of Fidelity Investments (2005-present). Previously, Mr. Byrnes served as Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2003-2005). |
Paul M. Murphy (62) |
| Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments (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 (FPCMS) (1994-2007). |
Gary W. Ryan (50) |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (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
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 | 05/04/09 | 05/01/09 | $.014 | - |
Fidelity Advisor Freedom 2005 Fund | | | | |
Institutional Class | 05/18/09 | 05/15/09 | $0.039 | - |
Fidelity Advisor Freedom 2010 Fund | | | | |
Institutional Class | 05/18/09 | 05/15/09 | $0.04 | - |
Fidelity Advisor Freedom 2015 Fund | | | | |
Institutional Class | 05/18/09 | 05/15/09 | $0.038 | - |
Fidelity Advisor Freedom 2020 Fund | | | | |
Institutional Class | 05/18/09 | 05/15/09 | $0.032 | - |
Fidelity Advisor Freedom 2025 Fund | | | | |
Institutional Class | 05/18/09 | 05/15/09 | $0.028 | - |
Fidelity Advisor Freedom 2030 Fund | | | | |
Institutional Class | 05/18/09 | 05/15/09 | $0.019 | $0.005 |
Fidelity Advisor Freedom 2035 Fund | | | | |
Institutional Class | 05/18/09 | 05/15/09 | $0.021 | - |
Fidelity Advisor Freedom 2040 Fund | | | | |
Institutional Class | 05/18/09 | 05/15/09 | $0.023 | - |
Fidelity Advisor Freedom 2045 Fund | | | | |
Institutional Class | 05/18/09 | 05/15/09 | $0.017 | - |
Fidelity Advisor Freedom 2050 Fund | | | | |
Institutional Class | 05/18/09 | 05/15/09 | $0.013 | - |
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 | 2.8914% |
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 | |
May 2008 | 7% |
June 2008 | 6% |
July 2008 | 6% |
August 2008 | 7% |
September 2008 | 6% |
October 2008 | 6% |
November 2008 | 7% |
December 2008 (Ex-Date 12/05/08) | 6% |
December 2008 (Ex-Date 12/26/08) | 7% |
February 2009 | 1% |
March 2009 | 1% |
Fidelity Advisor Freedom 2005 Fund | |
May 2008 | 1% |
December 2008 | 13% |
Fidelity Advisor Freedom 2010 Fund | |
May 2008 | 1% |
December 2008 | 14% |
Fidelity Advisor Freedom 2015 Fund | |
May 2008 | 1% |
December 2008 | 15% |
Fidelity Advisor Freedom 2020 Fund | |
May 2008 | 2% |
December 2008 | 20% |
Fidelity Advisor Freedom 2025 Fund | |
May 2008 | 5% |
December 2008 | 22% |
Fidelity Advisor Freedom 2030 Fund | |
May 2008 | 6% |
December 2008 | 29% |
Fidelity Advisor Freedom 2035 Fund | |
May 2008 | 3% |
December 2008 | 32% |
Fidelity Advisor Freedom 2040 Fund | |
May 2008 | 7% |
December 2008 | 33% |
Fidelity Advisor Freedom 2045 Fund | |
May 2008 | 12% |
December 2008 | 33% |
Fidelity Advisor Freedom 2050 Fund | |
May 2008 | 4% |
December 2008 | 37% |
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 | |
April 2008 | 1% |
May 2008 | 7% |
June 2008 | 7% |
July 2008 | 7% |
August 2008 | 7% |
September 2008 | 7% |
October 2008 | 7% |
November 2008 | 7% |
December 2008 (Ex-Date 12/05/08) | 7% |
December 2008 (Ex-Date 12/26/08) | 8% |
February 2009 | 2% |
March 2009 | 2% |
Fidelity Advisor Freedom 2005 Fund | |
May 2008 | 2% |
December 2008 | 21% |
Fidelity Advisor Freedom 2010 Fund | |
May 2008 | 2% |
December 2008 | 23% |
Fidelity Advisor Freedom 2015 Fund | |
May 2008 | 2% |
December 2008 | 25% |
Fidelity Advisor Freedom 2020 Fund | |
May 2008 | 3% |
December 2008 | 33% |
Fidelity Advisor Freedom 2025 Fund | |
May 2008 | 9% |
December 2008 | 37% |
Fidelity Advisor Freedom 2030 Fund | |
May 2008 | 10% |
December 2008 | 49% |
Fidelity Advisor Freedom 2035 Fund | |
May 2008 | 4% |
December 2008 | 53% |
Fidelity Advisor Freedom 2040 Fund | |
May 2008 | 10% |
December 2008 | 54% |
Fidelity Advisor Freedom 2045 Fund | |
May 2008 | 19% |
December 2008 | 57% |
Fidelity Advisor Freedom 2050 Fund | |
May 2008 | 13% |
December 2008 | 67% |
The funds will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.
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 Mellon
New York, NY
AFFI-UANN-0509
1.792135.105
Fidelity Freedom Funds ® -
Income, 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050
Annual Report
March 31, 2009
(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
Dear Shareholder:
The stresses on the world's capital markets have shown few signs of abating thus far in 2009. Although government programs may eventually rekindle economic growth, corporate earnings are still weaker than we would like to see them, and the valuations of many securities remain at historically low levels. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. 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, 2009 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom Income Fund® | -11.97% | 0.48% | 2.50% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Income Fund® on March 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom 2000 Fund®
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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, 2009 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2000 Fund® | -13.60% | 0.30% | 2.34% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2000 Fund® on March 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom 2005 Fund®
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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, 2009 | | Past 1
year | Past 5
years | Life of
fund A |
Fidelity Freedom 2005 Fund® | | -23.91% | -1.31% | -0.28% |
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 Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom 2010 Fund®
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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, 2009 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2010 Fund® | -25.06% | -1.45% | 1.40% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2010 Fund® on March 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom 2015 Fund®
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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, 2009 | | Past 1
year | Past 5
years | Life of
fund A |
Fidelity Freedom 2015 Fund® | | -26.45% | -1.35% | -0.16% |
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, 2009 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2020 Fund® | -31.39% | -2.35% | 0.38% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2020 Fund® on March 31, 1999. 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, 2009 | | Past 1
year | Past 5
years | Life of
fundA |
Fidelity Freedom 2025 Fund® | | -32.84% | -2.67% | -1.26% |
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, 2009 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2030 Fund® | -36.25% | -3.46% | -0.63% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2030 Fund® on March 31, 1999. 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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Fidelity Freedom 2035 Fund® | -37.11% | -3.64% | -2.09% |
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, 2009 | Past 1
year | Past 5
years | Life of
fund A |
Fidelity Freedom 2040 Fund® | -38.20% | -3.88% | -4.48% |
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, 2009 | Past 1
year | Life of
fund A |
Fidelity Freedom 2045 Fund® | -38.60% | -13.59% |
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, 2009 | Past 1
year | Life of
fund A |
Fidelity Freedom 2050 Fund® | -40.19% | -14.46% |
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
Market Recap: Although an equity rally in the final weeks of the period seemed a welcome sight for beleaguered investors, most looked back on the year ending March 31, 2009, with little reason to smile amid ongoing concerns about slowing global growth and a virtual drying-up of credit availability. A massive flight to quality and away from risk defined the markets during the past year, and even the U.S. government's aggressive moves to unfreeze credit, stabilize the financial system and reignite the domestic economy did little to bring investors back into stocks until late in the period. The Standard & Poor's 500SM Index returned -38.09%, with none of its market sectors able to break into positive ground. The blue-chip Dow Jones Industrial AverageSM posted a mark of -35.94%, and the technology-laden NASDAQ Composite® Index saw a -32.29% return. International equities fared even worse, with the MSCI® EAFE® Index (Europe, Australasia, Far East) - a measure of developed markets outside the U.S. and Canada - returning -46.42%. Investors' flight to quality also affected the fixed-income markets, with securities explicitly or implicitly backed by the U.S. government far outperforming those further out on the risk spectrum. Accordingly, the Barclays Capital U.S. Aggregate Bond Index - a broad measure of the investment grade debt universe - gained 3.13% for the 12-month period, and short-term assets, as gauged by the Barclays Capital U.S. 3 Month Treasury Bill Index, posted a 1.31% annual return. High-yield bonds, however, suffered greatly from the flight to quality, with the benchmark Merrill Lynch® U.S. High Yield Master II Constrained Index returning -19.65%.
Comments from Christopher Sharpe and Jonathan Shelon, Co-Portfolio Managers of Fidelity Freedom Funds®: The Freedom Funds age-based portfolios all had negative absolute returns for the 12-month period. (For specific performance results, please refer to the performance section of this report.) These results mirrored those of the global capital markets, reflecting a period of extreme volatility and poor performance for virtually all asset classes except those secured in some way by the federal government. Accordingly, the shorter-dated and more conservatively positioned Funds - those with greater exposure to fixed-income securities - posted less-negative returns than the longer-dated and more aggressively positioned Funds, whose asset allocation is, by design, more tilted toward equities. In relative terms, however, all of the Funds underperformed their Composite indexes, mainly because of weak returns from the underlying mutual funds within our domestic equity and investment-grade bond allocations.
Note to shareholders: During the past year, four new underlying funds were added to the Freedom Funds structure. In the domestic equity allocation, we transitioned to two new funds dedicated strictly for use in Fidelity fund-of-fund products - Fidelity® Series All-Sector Equity Fund and Fidelity Series Large Cap Value Fund - which allows Jonathan and me to better control the Freedom Funds' overall sector exposures. These additions replaced Fidelity Mid-Cap Stock Fund and Fidelity OTC Portfolio and will ultimately replace Fidelity Value Fund. In the international equity space, we added Fidelity Series Emerging Markets Fund. In the investment-grade bond allocation, we added Fidelity Series Investment Grade Bond Fund - a dedicated fund-of-funds product that invests in investment-grade debt securities of all types - replacing Fidelity Intermediate Bond Fund and Fidelity Investment Grade Bond Fund and ultimately intended to replace Fidelity Government Income Fund. Fidelity Total Bond Fund is expected to be removed as an underlying fund over time. We consistently monitor the structure of the Freedom Funds' product line to ensure that our asset allocation approach is appropriate to current conditions and also so that we can more-effectively manage the risk/return characteristics of the product line.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2008 to March 31, 2009).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized
Expense Ratio | Beginning
Account Value
October 1, 2008 | Ending
Account Value
March 31, 2009 | Expenses Paid
During Period*
October 1, 2008 to March 31, 2009 |
Freedom Income | 0.00% | | | |
Actual | | $ 1,000.00 | $ 913.20 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2000 | 0.00% | | | |
Actual | | $ 1,000.00 | $ 901.00 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2005 | 0.00% | | | |
Actual | | $ 1,000.00 | $ 826.30 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2010 | 0.00% | | | |
Actual | | $ 1,000.00 | $ 817.90 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2015 | 0.00% | | | |
Actual | | $ 1,000.00 | $ 807.30 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2020 | 0.00% | | | |
Actual | | $ 1,000.00 | $ 767.20 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2025 | 0.00% | | | |
Actual | | $ 1,000.00 | $ 754.30 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2030 | 0.00% | | | |
Actual | | $ 1,000.00 | $ 725.60 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
| Annualized
Expense Ratio | Beginning
Account Value
October 1, 2008 | Ending
Account Value
March 31, 2009 | Expenses Paid
During Period*
October 1, 2008 to March 31, 2009 |
Freedom 2035 | 0.00% | | | |
Actual | | $ 1,000.00 | $ 718.10 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2040 | 0.00% | | | |
Actual | | $ 1,000.00 | $ 707.70 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2045 | 0.00% | | | |
Actual | | $ 1,000.00 | $ 705.30 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2050 | 0.00% | | | |
Actual | | $ 1,000.00 | $ 692.50 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
A 5% return per year before expenses
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
Annual Report
Fidelity Freedom Income
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2009 |
| % of fund's
investments | % of fund's investments
6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.0 | 3.0 |
Fidelity Blue Chip Growth Fund | 0.9 | 0.9 |
Fidelity Disciplined Equity Fund | 3.9 | 3.8 |
Fidelity Equity-Income Fund | 3.5 | 3.7 |
Fidelity Growth Company Fund | 3.1 | 2.5 |
Fidelity Mid-Cap Stock Fund | 0.0 | 1.1 |
Fidelity OTC Portfolio | 0.0 | 0.2 |
Fidelity Series All-Sector Equity Fund | 2.2 | 0.0 |
Fidelity Series Large Cap Value Fund | 1.8 | 0.0 |
Fidelity Small Cap Growth Fund | 0.3 | 0.3 |
Fidelity Small Cap Opportunities Fund | 0.5 | 0.6 |
Fidelity Small Cap Value Fund | 0.3 | 0.3 |
Fidelity Value Fund | 0.9 | 2.2 |
| 20.4 | 18.6 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.2 | 2.4 |
Fidelity High Income Fund | 2.3 | 2.4 |
| 4.5 | 4.8 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 4.0 | 10.1 |
Fidelity Intermediate Bond Fund | 0.0 | 5.1 |
Fidelity Investment Grade Bond Fund | 0.0 | 8.6 |
Fidelity Series Investment Grade Bond Fund | 19.8 | 0.0 |
Fidelity Strategic Real Return Fund | 6.2 | 6.8 |
Fidelity Total Bond Fund | 5.4 | 5.0 |
| 35.4 | 35.6 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 19.8 | 20.8 |
Fidelity Short-Term Bond Fund | 19.9 | 20.2 |
| 39.7 | 41.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 20.4% | |
| High Yield Fixed-Income Funds | 4.5% | |
| Investment Grade Fixed-Income Funds | 35.4% | |
| Short-Term Funds | 39.7% | |
Six months ago |
| Domestic Equity Funds | 18.6% | |
| High Yield Fixed-Income Funds | 4.8% | |
| Investment Grade Fixed-Income Funds | 35.6% | |
| Short-Term Funds | 41.0% | |
The six months ago allocation is based on the fund's holdings as of September 30, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. |
Annual Report
Fidelity Freedom Income
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 20.4% |
| Shares | | Value |
Domestic Equity Funds - 20.4% |
Fidelity 100 Index Fund | 11,320,635 | | $ 66,225,713 |
Fidelity Blue Chip Growth Fund | 827,305 | | 20,666,071 |
Fidelity Disciplined Equity Fund | 5,556,178 | | 85,954,075 |
Fidelity Equity-Income Fund | 2,826,581 | | 75,611,053 |
Fidelity Growth Company Fund | 1,394,497 | | 66,517,484 |
Fidelity Series All-Sector Equity Fund | 5,683,053 | | 47,339,828 |
Fidelity Series Large Cap Value Fund | 4,599,263 | | 38,725,796 |
Fidelity Small Cap Growth Fund (a) | 780,564 | | 6,322,566 |
Fidelity Small Cap Opportunities Fund | 2,088,700 | | 10,359,954 |
Fidelity Small Cap Value Fund | 767,028 | | 6,274,286 |
Fidelity Value Fund | 589,103 | | 20,106,074 |
TOTAL EQUITY FUNDS (Cost $634,434,018) | 444,102,900 |
Fixed-Income Funds - 39.9% |
| | | |
High Yield Fixed-Income Funds - 4.5% |
Fidelity Capital & Income Fund | 8,596,667 | | 47,711,503 |
Fidelity High Income Fund | 8,270,892 | | 51,527,656 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 99,239,159 |
|
| Shares | | Value |
Investment Grade Fixed-Income Funds - 35.4% |
Fidelity Government Income Fund | 7,916,443 | | $ 86,289,228 |
Fidelity Series Investment Grade Bond Fund | 40,889,278 | | 431,381,879 |
Fidelity Strategic Real Return Fund | 20,054,875 | | 135,771,506 |
Fidelity Total Bond Fund | 12,618,099 | | 117,348,323 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 770,790,936 |
TOTAL FIXED-INCOME FUNDS (Cost $973,533,031) | 870,030,095 |
Short-Term Funds - 39.7% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 432,614,728 | | 432,614,728 |
Fidelity Short-Term Bond Fund | 54,487,684 | | 433,177,089 |
TOTAL SHORT-TERM FUNDS (Cost $912,673,261) | 865,791,817 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $2,520,640,310) | $ 2,179,924,812 |
Legend |
(a) Non-income producing |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 2,179,924,812 | $ 2,179,924,812 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $8,879,718 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $60,177,935 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
| | |
Assets | | |
Investment in securities, at value (cost $2,520,640,310) - See accompanying schedule | | $ 2,179,924,812 |
Receivable for investments sold | | 3,331,191 |
Receivable for fund shares sold | | 3,956,126 |
Distributions receivable from underlying funds | | 1,196,106 |
Total assets | | 2,188,408,235 |
| | |
Liabilities | | |
Payable to custodian bank | $ 166,896 | |
Payable for fund shares redeemed | 8,335,542 | |
Total liabilities | | 8,502,438 |
| | |
Net Assets | | $ 2,179,905,797 |
Net Assets consist of: | | |
Paid in capital | | $ 2,593,935,977 |
Undistributed net investment income | | 5,288,956 |
Accumulated undistributed net realized gain (loss) on investments | | (78,603,638) |
Net unrealized appreciation (depreciation) on investments | | (340,715,498) |
Net Assets, for 232,537,291 shares outstanding | | $ 2,179,905,797 |
Net Asset Value, offering price and redemption price per share ($2,179,905,797 ÷ 232,537,291 shares) | | $ 9.37 |
Statement of Operations
| Year ended March 31, 2009 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 82,712,771 |
Interest | | 8 |
Total income | | 82,712,779 |
| | |
Expenses | | |
Independent trustees' compensation | $ 9,669 | |
Total expenses before reductions | 9,669 | |
Expense reductions | (9,669) | - |
Net investment income (loss) | | 82,712,779 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (76,247,719) | |
Capital gain distributions from underlying funds | 13,097,968 | (63,149,751) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (328,307,853) |
Net gain (loss) | | (391,457,604) |
Net increase (decrease) in net assets resulting from operations | | $ (308,744,825) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 82,712,779 | $ 100,864,881 |
Net realized gain (loss) | (63,149,751) | 42,210,494 |
Change in net unrealized appreciation (depreciation) | (328,307,853) | (108,292,381) |
Net increase (decrease) in net assets resulting from operations | (308,744,825) | 34,782,994 |
Distributions to shareholders from net investment income | (85,740,027) | (100,493,066) |
Distributions to shareholders from net realized gain | (34,333,021) | (36,169,480) |
Total distributions | (120,073,048) | (136,662,546) |
Share transactions
Proceeds from sales of shares | 1,080,534,168 | 1,126,940,843 |
Reinvestment of distributions | 118,782,389 | 135,207,956 |
Cost of shares redeemed | (1,113,768,808) | (1,013,370,607) |
Net increase (decrease) in net assets resulting from share transactions | 85,547,749 | 248,778,192 |
Total increase (decrease) in net assets | (343,270,124) | 146,898,640 |
| | |
Net Assets | | |
Beginning of period | 2,523,175,921 | 2,376,277,281 |
End of period (including undistributed net investment income of $5,288,956 and undistributed net investment income of $9,035,383, respectively) | $ 2,179,905,797 | $ 2,523,175,921 |
Other Information Shares | | |
Sold | 106,054,838 | 97,663,304 |
Issued in reinvestment of distributions | 11,465,938 | 11,693,139 |
Redeemed | (110,395,824) | (87,782,371) |
Net increase (decrease) | 7,124,952 | 21,574,072 |
Financial Highlights
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.19 | $ 11.66 | $ 11.49 | $ 11.20 | $ 11.24 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .36 | .47 | .44 | .35 | .22 |
Net realized and unrealized gain (loss) | (1.66) | (.30) | .29 | .28 | (.01) |
Total from investment operations | (1.30) | .17 | .73 | .63 | .21 |
Distributions from net investment income | (.37) | (.47) | (.44) | (.31) | (.23) |
Distributions from net realized gain | (.15) | (.17) | (.12) | (.03) | (.02) |
Total distributions | (.52) | (.64) | (.56) | (.34) | (.25) |
Net asset value, end of period | $ 9.37 | $ 11.19 | $ 11.66 | $ 11.49 | $ 11.20 |
Total Return A | (11.97)% | 1.41% | 6.54% | 5.71% | 1.86% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .01% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .01% | .08% |
Net investment income (loss) | 3.46% | 4.06% | 3.81% | 3.07% | 1.97% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,179,906 | $ 2,523,176 | $ 2,376,277 | $ 2,132,031 | $ 1,944,903 |
Portfolio turnover rate | 35% | 33% | 26% | 18% | 7% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Calculated based on average shares outstanding during the period. C Amounts do not include the activity of the underlying funds. D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2000 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2009 |
| % of fund's
investments | % of fund's investments
6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 3.5 | 3.7 |
Fidelity Blue Chip Growth Fund | 1.1 | 1.1 |
Fidelity Disciplined Equity Fund | 4.5 | 4.5 |
Fidelity Equity-Income Fund | 4.0 | 4.5 |
Fidelity Growth Company Fund | 3.5 | 3.0 |
Fidelity Mid-Cap Stock Fund | 0.0 | 1.3 |
Fidelity OTC Portfolio | 0.0 | 0.2 |
Fidelity Series All-Sector Equity Fund | 2.4 | 0.0 |
Fidelity Series Large Cap Value Fund | 1.9 | 0.0 |
Fidelity Small Cap Growth Fund | 0.3 | 0.3 |
Fidelity Small Cap Opportunities Fund | 0.5 | 0.7 |
Fidelity Small Cap Value Fund | 0.3 | 0.4 |
Fidelity Value Fund | 1.1 | 2.7 |
| 23.1 | 22.4 |
International Equity Funds | | |
Fidelity Diversified International Fund | 0.1 | 0.1 |
Fidelity Europe Fund | 0.0* | 0.1 |
Fidelity Japan Fund | 0.1 | 0.1 |
Fidelity Overseas Fund | 0.1 | 0.1 |
Fidelity Series Emerging Markets Fund | 0.0* | 0.0 |
Fidelity Southeast Asia Fund | 0.0* | 0.0* |
| 0.3 | 0.4 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.2 | 2.4 |
Fidelity High Income Fund | 2.4 | 2.4 |
| 4.6 | 4.8 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 3.9 | 9.3 |
Fidelity Intermediate Bond Fund | 0.0 | 4.4 |
Fidelity Investment Grade Bond Fund | 0.0 | 7.4 |
Fidelity Series Investment Grade Bond Fund | 17.4 | 0.0 |
Fidelity Strategic Real Return Fund | 5.7 | 6.2 |
Fidelity Total Bond Fund | 5.2 | 4.7 |
| 32.2 | 32.0 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 19.9 | 20.4 |
Fidelity Short-Term Bond Fund | 19.9 | 20.0 |
| 39.8 | 40.4 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 23.1% | |
| International Equity Funds | 0.3% | |
| High Yield Fixed-Income Funds | 4.6% | |
| Investment Grade Fixed-Income Funds | 32.2% | |
| Short-Term Funds | 39.8% | |
Six months ago |
| Domestic Equity Funds | 22.4% | |
| International Equity Funds | 0.4% | |
| High Yield Fixed-Income Funds | 4.8% | |
| Investment Grade Fixed-Income Funds | 32.0% | |
| Short-Term Funds | 40.4% | |
Expected |
| Domestic Equity Funds | 22.1% | |
| International Equity Funds | 0.1% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 33.1% | |
| Short-Term Funds | 39.7% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Freedom 2000 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 23.4% |
| Shares | | Value |
Domestic Equity Funds - 23.1% |
Fidelity 100 Index Fund | 8,669,802 | | $ 50,718,343 |
Fidelity Blue Chip Growth Fund | 635,813 | | 15,882,597 |
Fidelity Disciplined Equity Fund | 4,176,263 | | 64,606,796 |
Fidelity Equity-Income Fund | 2,141,963 | | 57,297,516 |
Fidelity Growth Company Fund | 1,046,422 | | 49,914,349 |
Fidelity Series All-Sector Equity Fund | 4,097,547 | | 34,132,570 |
Fidelity Series Large Cap Value Fund | 3,300,314 | | 27,788,644 |
Fidelity Small Cap Growth Fund (a) | 595,915 | | 4,826,908 |
Fidelity Small Cap Opportunities Fund | 1,605,504 | | 7,963,300 |
Fidelity Small Cap Value Fund | 590,647 | | 4,831,491 |
Fidelity Value Fund | 467,769 | | 15,964,962 |
TOTAL DOMESTIC EQUITY FUNDS | | 333,927,476 |
International Equity Funds - 0.3% |
Fidelity Diversified International Fund | 63,949 | | 1,213,115 |
Fidelity Europe Fund | 26,116 | | 515,264 |
Fidelity Japan Fund | 80,572 | | 636,519 |
Fidelity Overseas Fund | 51,546 | | 1,102,055 |
Fidelity Series Emerging Markets Fund | 2,461 | | 25,205 |
Fidelity Southeast Asia Fund | 122 | | 2,190 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 3,494,348 |
TOTAL EQUITY FUNDS (Cost $490,879,458) | 337,421,824 |
Fixed-Income Funds - 36.8% |
| Shares | | Value |
High Yield Fixed-Income Funds - 4.6% |
Fidelity Capital & Income Fund | 5,710,014 | | $ 31,690,580 |
Fidelity High Income Fund | 5,553,969 | | 34,601,225 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 66,291,805 |
Investment Grade Fixed-Income Funds - 32.2% |
Fidelity Government Income Fund | 5,128,843 | | 55,904,391 |
Fidelity Series Investment Grade Bond Fund | 23,787,782 | | 250,961,099 |
Fidelity Strategic Real Return Fund | 12,297,045 | | 83,250,995 |
Fidelity Total Bond Fund | 8,053,237 | | 74,895,101 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 465,011,586 |
TOTAL FIXED-INCOME FUNDS (Cost $597,538,068) | 531,303,391 |
Short-Term Funds - 39.8% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 287,056,511 | | 287,056,511 |
Fidelity Short-Term Bond Fund | 36,197,309 | | 287,768,604 |
TOTAL SHORT-TERM FUNDS (Cost $606,083,235) | 574,825,115 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,694,500,761) | $ 1,443,550,330 |
Legend |
(a) Non-income producing |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 1,443,550,330 | $ 1,443,550,330 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $7,629,953 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $33,996,203 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $1,694,500,761) - See accompanying schedule | | $ 1,443,550,330 |
Receivable for investments sold | | 68,008,819 |
Receivable for fund shares sold | | 2,256,479 |
Distributions receivable from underlying funds | | 693,727 |
Total assets | | 1,514,509,355 |
| | |
Liabilities | | |
Payable to custodian bank | $ 65,703,150 | |
Payable for investments purchased | 52 | |
Payable for fund shares redeemed | 5,261,995 | |
Total liabilities | | 70,965,197 |
| | |
Net Assets | | $ 1,443,544,158 |
Net Assets consist of: | | |
Paid in capital | | $ 1,736,888,649 |
Undistributed net investment income | | 8,305,130 |
Accumulated undistributed net realized gain (loss) on investments | | (50,699,190) |
Net unrealized appreciation (depreciation) on investments | | (250,950,431) |
Net Assets, for 146,414,480 shares outstanding | | $ 1,443,544,158 |
Net Asset Value, offering price and redemption price per share ($1,443,544,158 ÷ 146,414,480 shares) | | $ 9.86 |
Statement of Operations
| Year ended March 31, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 54,145,201 |
| | |
Expenses | | |
Independent trustees' compensation | $ 6,609 | |
Total expenses before reductions | 6,609 | |
Expense reductions | (6,609) | - |
Net investment income (loss) | | 54,145,201 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (48,730,405) | |
Capital gain distributions from underlying funds | 8,372,184 | (40,358,221) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (250,752,946) |
Net gain (loss) | | (291,111,167) |
Net increase (decrease) in net assets resulting from operations | | $ (236,965,966) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 54,145,201 | $ 66,729,477 |
Net realized gain (loss) | (40,358,221) | 43,140,445 |
Change in net unrealized appreciation (depreciation) | (250,752,946) | (88,673,223) |
Net increase (decrease) in net assets resulting from operations | (236,965,966) | 21,196,699 |
Distributions to shareholders from net investment income | (59,179,421) | (66,254,619) |
Distributions to shareholders from net realized gain | (30,793,930) | (36,928,125) |
Total distributions | (89,973,351) | (103,182,744) |
Share transactions
Proceeds from sales of shares | 641,161,913 | 659,430,862 |
Reinvestment of distributions | 89,555,637 | 102,655,686 |
Cost of shares redeemed | (741,036,866) | (593,675,005) |
Net increase (decrease) in net assets resulting from share transactions | (10,319,316) | 168,411,543 |
Total increase (decrease) in net assets | (337,258,633) | 86,425,498 |
| | |
Net Assets | | |
Beginning of period | 1,780,802,791 | 1,694,377,293 |
End of period (including undistributed net investment income of $8,305,130 and undistributed net investment income of $13,282,307, respectively) | $ 1,443,544,158 | $ 1,780,802,791 |
Other Information Shares | | |
Sold | 58,941,951 | 52,533,693 |
Issued in reinvestment of distributions | 8,333,416 | 8,231,093 |
Redeemed | (68,297,699) | (47,195,509) |
Net increase (decrease) | (1,022,332) | 13,569,277 |
Financial Highlights
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.08 | $ 12.66 | $ 12.41 | $ 12.00 | $ 11.97 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .37 | .48 | .44 | .36 | .24 |
Net realized and unrealized gain (loss) | (1.97) | (.31) | .38 | .40 | .02 |
Total from investment operations | (1.60) | .17 | .82 | .76 | .26 |
Distributions from net investment income | (.41) | (.48) | (.43) | (.33) | (.23) |
Distributions from net realized gain | (.21) | (.27) | (.14) | (.02) | - |
Total distributions | (.62) | (.75) | (.57) | (.35) | (.23) |
Net asset value, end of period | $ 9.86 | $ 12.08 | $ 12.66 | $ 12.41 | $ 12.00 |
Total Return A | (13.60)% | 1.23% | 6.72% | 6.40% | 2.18% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .01% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .01% | .08% |
Net investment income (loss) | 3.33% | 3.80% | 3.54% | 2.98% | 2.02% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,443,544 | $ 1,780,803 | $ 1,694,377 | $ 1,601,127 | $ 1,575,894 |
Portfolio turnover rate | 33% | 36% | 34% | 20% | 11% |
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, 2009 |
| % of fund's
investments | % of fund's investments
6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 5.8 | 6.0 |
Fidelity Blue Chip Growth Fund | 1.8 | 2.0 |
Fidelity Disciplined Equity Fund | 7.4 | 7.4 |
Fidelity Equity-Income Fund | 6.1 | 7.4 |
Fidelity Growth Company Fund | 5.8 | 4.9 |
Fidelity Mid-Cap Stock Fund | 0.0 | 2.2 |
Fidelity OTC Portfolio | 0.0 | 0.5 |
Fidelity Series All-Sector Equity Fund | 4.3 | 0.0 |
Fidelity Series Large Cap Value Fund | 3.7 | 0.0 |
Fidelity Small Cap Growth Fund | 0.5 | 0.6 |
Fidelity Small Cap Opportunities Fund | 0.9 | 1.1 |
Fidelity Small Cap Value Fund | 0.6 | 0.6 |
Fidelity Value Fund | 1.9 | 4.6 |
| 38.8 | 37.3 |
International Equity Funds | | |
Fidelity Diversified International Fund | 2.8 | 2.3 |
Fidelity Europe Fund | 1.8 | 2.3 |
Fidelity Japan Fund | 0.6 | 0.7 |
Fidelity Overseas Fund | 2.7 | 2.2 |
Fidelity Series Emerging Markets Fund | 0.3 | 0.0 |
Fidelity Southeast Asia Fund | 0.2 | 0.3 |
| 8.4 | 7.8 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.4 | 2.5 |
Fidelity High Income Fund | 2.7 | 2.5 |
| 5.1 | 5.0 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 1.9 | 9.7 |
Fidelity Intermediate Bond Fund | 0.0 | 4.6 |
Fidelity Investment Grade Bond Fund | 0.0 | 8.0 |
Fidelity Series Investment Grade Bond Fund | 18.3 | 0.0 |
Fidelity Strategic Real Return Fund | 6.6 | 6.8 |
Fidelity Total Bond Fund | 6.6 | 6.0 |
| 33.4 | 35.1 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 7.2 | 7.4 |
Fidelity Short-Term Bond Fund | 7.1 | 7.4 |
| 14.3 | 14.8 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 38.8% | |
| International Equity Funds | 8.4% | |
| High Yield Fixed-Income Funds | 5.1% | |
| Investment Grade Fixed-Income Funds | 33.4% | |
| Short-Term Funds | 14.3% | |
Six months ago |
| Domestic Equity Funds | 37.3% | |
| International Equity Funds | 7.8% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 35.1% | |
| Short-Term Funds | 14.8% | |
Expected |
| Domestic Equity Funds | 37.7% | |
| International Equity Funds | 7.7% | |
| High Yield Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 32.6% | |
| Short-Term Funds | 17.0% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Freedom 2005 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 47.2% |
| Shares | | Value |
Domestic Equity Funds - 38.8% |
Fidelity 100 Index Fund | 7,628,483 | | $ 44,626,626 |
Fidelity Blue Chip Growth Fund | 558,237 | | 13,944,755 |
Fidelity Disciplined Equity Fund | 3,661,103 | | 56,637,262 |
Fidelity Equity-Income Fund | 1,767,482 | | 47,280,138 |
Fidelity Growth Company Fund | 937,209 | | 44,704,867 |
Fidelity Series All-Sector Equity Fund | 4,022,997 | | 33,511,567 |
Fidelity Series Large Cap Value Fund | 3,412,774 | | 28,735,553 |
Fidelity Small Cap Growth Fund (a) | 513,169 | | 4,156,672 |
Fidelity Small Cap Opportunities Fund | 1,418,826 | | 7,037,378 |
Fidelity Small Cap Value Fund | 523,990 | | 4,286,240 |
Fidelity Value Fund | 420,606 | | 14,355,294 |
TOTAL DOMESTIC EQUITY FUNDS | | 299,276,352 |
International Equity Funds - 8.4% |
Fidelity Diversified International Fund | 1,143,294 | | 21,688,294 |
Fidelity Europe Fund | 697,770 | | 13,767,008 |
Fidelity Japan Fund | 611,252 | | 4,828,887 |
Fidelity Overseas Fund | 987,877 | | 21,120,806 |
Fidelity Series Emerging Markets Fund | 216,119 | | 2,213,055 |
Fidelity Southeast Asia Fund | 67,332 | | 1,207,258 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 64,825,308 |
TOTAL EQUITY FUNDS (Cost $578,311,410) | 364,101,660 |
Fixed-Income Funds - 38.5% |
| Shares | | Value |
High Yield Fixed-Income Funds - 5.1% |
Fidelity Capital & Income Fund | 3,374,982 | | $ 18,731,148 |
Fidelity High Income Fund | 3,291,769 | | 20,507,719 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 39,238,867 |
Investment Grade Fixed-Income Funds - 33.4% |
Fidelity Government Income Fund | 1,307,758 | | 14,254,560 |
Fidelity Series Investment Grade Bond Fund | 13,392,932 | | 141,295,430 |
Fidelity Strategic Real Return Fund | 7,449,032 | | 50,429,946 |
Fidelity Total Bond Fund | 5,500,553 | | 51,155,146 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 257,135,082 |
TOTAL FIXED-INCOME FUNDS (Cost $340,759,062) | 296,373,949 |
Short-Term Funds - 14.3% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 55,094,039 | | 55,094,039 |
Fidelity Short-Term Bond Fund | 6,927,387 | | 55,072,728 |
TOTAL SHORT-TERM FUNDS (Cost $115,724,838) | 110,166,767 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,034,795,310) | $ 770,642,376 |
Legend |
(a) Non-income producing |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 770,642,376 | $ 770,642,376 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $15,520,321 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $36,879,888 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $1,034,795,310) - See accompanying schedule | | $ 770,642,376 |
Receivable for investments sold | | 1,400,441 |
Receivable for fund shares sold | | 1,286,892 |
Distributions receivable from underlying funds | | 402,162 |
Total assets | | 773,731,871 |
| | |
Liabilities | | |
Payable for investments purchased | $ 22 | |
Payable for fund shares redeemed | 3,089,539 | |
Total liabilities | | 3,089,561 |
| | |
Net Assets | | $ 770,642,310 |
Net Assets consist of: | | |
Paid in capital | | $ 1,092,750,212 |
Undistributed net investment income | | 4,104,201 |
Accumulated undistributed net realized gain (loss) on investments | | (62,059,169) |
Net unrealized appreciation (depreciation) on investments | | (264,152,934) |
Net Assets, for 96,076,636 shares outstanding | | $ 770,642,310 |
Net Asset Value, offering price and redemption price per share ($770,642,310 ÷ 96,076,636 shares) | | $ 8.02 |
Statement of Operations
| Year ended March 31, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 28,372,555 |
| | |
Expenses | | |
Independent trustees' compensation | $ 3,847 | |
Total expenses before reductions | 3,847 | |
Expense reduction | (3,847) | - |
Net investment income (loss) | | 28,372,555 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (61,790,079) | |
Capital gain distributions from underlying funds | 5,729,843 | (56,060,236) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (228,372,095) |
Net gain (loss) | | (284,432,331) |
Net increase (decrease) in net assets resulting from operations | | $ (256,059,776) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 28,372,555 | $ 29,238,980 |
Net realized gain (loss) | (56,060,236) | 32,637,234 |
Change in net unrealized appreciation (depreciation) | (228,372,095) | (69,852,937) |
Net increase (decrease) in net assets resulting from operations | (256,059,776) | (7,976,723) |
Distributions to shareholders from net investment income | (30,146,037) | (27,518,399) |
Distributions to shareholders from net realized gain | (24,176,253) | (27,410,356) |
Total distributions | (54,322,290) | (54,928,755) |
Share transactions
Proceeds from sales of shares | 399,128,096 | 591,090,786 |
Reinvestment of distributions | 54,069,538 | 54,688,680 |
Cost of shares redeemed | (423,876,229) | (398,488,544) |
Net increase (decrease) in net assets resulting from share transactions | 29,321,405 | 247,290,922 |
Total increase (decrease) in net assets | (281,060,661) | 184,385,444 |
| | |
Net Assets | | |
Beginning of period | 1,051,702,971 | 867,317,527 |
End of period (including undistributed net investment income of $4,104,201 and undistributed net investment income of $5,877,684, respectively) | $ 770,642,310 | $ 1,051,702,971 |
Other Information Shares | | |
Sold | 41,753,878 | 49,764,623 |
Issued in reinvestment of distributions | 5,712,030 | 4,605,980 |
Redeemed | (45,350,546) | (33,684,559) |
Net increase (decrease) | 2,115,362 | 20,686,044 |
Financial Highlights
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.19 | $ 11.84 | $ 11.44 | $ 10.67 | $ 10.48 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .29 | .35 | .31 | .28 | .23 |
Net realized and unrealized gain (loss) | (2.88) | (.34) | .62 | .78 | .13 |
Total from investment operations | (2.59) | .01 | .93 | 1.06 | .36 |
Distributions from net investment income | (.32) | (.32) | (.29) | (.21) | (.16) |
Distributions from net realized gain | (.26) | (.34) | (.24) | (.08) | (.01) |
Total distributions | (.58) | (.66) | (.53) | (.29) | (.17) |
Net asset value, end of period | $ 8.02 | $ 11.19 | $ 11.84 | $ 11.44 | $ 10.67 |
Total Return A | (23.91)% | (.17)% | 8.27% | 10.05% | 3.44% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 3.03% | 2.94% | 2.70% | 2.55% | 2.18% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 770,642 | $ 1,051,703 | $ 867,318 | $ 530,216 | $ 228,244 |
Portfolio turnover rate | 43% | 31% | 12% | 4% | 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 2010 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 6.4 | 6.6 |
Fidelity Blue Chip Growth Fund | 1.9 | 1.8 |
Fidelity Disciplined Equity Fund | 7.7 | 7.8 |
Fidelity Equity-Income Fund | 6.3 | 7.7 |
Fidelity Growth Company Fund | 6.1 | 5.1 |
Fidelity Mid-Cap Stock Fund | 0.0 | 2.4 |
Fidelity OTC Portfolio | 0.0 | 0.6 |
Fidelity Series All-Sector Equity Fund | 4.3 | 0.0 |
Fidelity Series Large Cap Value Fund | 3.6 | 0.0 |
Fidelity Small Cap Growth Fund | 0.6 | 0.6 |
Fidelity Small Cap Opportunities Fund | 1.0 | 1.1 |
Fidelity Small Cap Value Fund | 0.6 | 0.6 |
Fidelity Value Fund | 2.0 | 4.6 |
| 40.5 | 38.9 |
International Equity Funds | | |
Fidelity Diversified International Fund | 3.3 | 2.5 |
Fidelity Europe Fund | 1.8 | 2.7 |
Fidelity Japan Fund | 0.7 | 0.8 |
Fidelity Overseas Fund | 3.1 | 2.4 |
Fidelity Series Emerging Markets Fund | 0.5 | 0.0 |
Fidelity Southeast Asia Fund | 0.2 | 0.3 |
| 9.6 | 8.7 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.6 | 2.5 |
Fidelity High Income Fund | 2.8 | 2.6 |
| 5.4 | 5.1 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 0.6 | 9.1 |
Fidelity Intermediate Bond Fund | 0.0 | 5.0 |
Fidelity Investment Grade Bond Fund | 0.0 | 8.9 |
Fidelity Series Investment Grade Bond Fund | 20.4 | 0.0 |
Fidelity Strategic Real Return Fund | 6.9 | 7.1 |
Fidelity Total Bond Fund | 6.7 | 6.0 |
| 34.6 | 36.1 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 4.9 | 5.6 |
Fidelity Short-Term Bond Fund | 5.0 | 5.6 |
| 9.9 | 11.2 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 40.5% | |
| International Equity Funds | 9.6% | |
| High Yield
Fixed-Income Funds | 5.4% | |
| Investment Grade Fixed-Income Funds | 34.6% | |
| Short-Term Funds | 9.9% | |
Six months ago |
| Domestic Equity Funds | 38.9% | |
 | International Equity Funds | 8.7% | |
| High Yield
Fixed-Income Funds | 5.1% | |
| Investment Grade Fixed-Income Funds | 36.1% | |
| Short-Term Funds | 11.2% | |
Expected |
| Domestic Equity Funds | 40.0% | |
| International Equity Funds | 10.0% | |
| High Yield
Fixed-Income Funds | 5.0% | |
| Investment Grade Fixed-Income Funds | 34.5% | |
| Short-Term Funds | 10.5% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Freedom 2010 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 50.1% |
| Shares | | Value |
Domestic Equity Funds - 40.5% |
Fidelity 100 Index Fund | 100,382,540 | | $ 587,237,860 |
Fidelity Blue Chip Growth Fund | 7,102,224 | | 177,413,555 |
Fidelity Disciplined Equity Fund | 45,650,092 | | 706,206,928 |
Fidelity Equity-Income Fund | 21,639,985 | | 578,869,593 |
Fidelity Growth Company Fund | 11,674,861 | | 556,890,890 |
Fidelity Series All-Sector Equity Fund | 47,253,931 | | 393,625,246 |
Fidelity Series Large Cap Value Fund | 38,475,795 | | 323,966,196 |
Fidelity Small Cap Growth Fund (a) | 6,422,708 | | 52,023,931 |
Fidelity Small Cap Opportunities Fund | 17,429,667 | | 86,451,149 |
Fidelity Small Cap Value Fund | 6,380,448 | | 52,192,066 |
Fidelity Value Fund | 5,391,505 | | 184,012,057 |
TOTAL DOMESTIC EQUITY FUNDS | | 3,698,889,471 |
International Equity Funds - 9.6% |
Fidelity Diversified International Fund | 15,740,527 | | 298,597,805 |
Fidelity Europe Fund | 8,205,268 | | 161,889,930 |
Fidelity Japan Fund | 8,594,480 | | 67,896,396 |
Fidelity Overseas Fund | 13,519,564 | | 289,048,270 |
Fidelity Series Emerging Markets Fund | 4,187,686 | | 42,881,906 |
Fidelity Southeast Asia Fund | 958,253 | | 17,181,482 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 877,495,789 |
TOTAL EQUITY FUNDS (Cost $6,943,300,786) | 4,576,385,260 |
Fixed-Income Funds - 40.0% |
| Shares | | Value |
High Yield Fixed-Income Funds - 5.4% |
Fidelity Capital & Income Fund | 42,071,298 | | $ 233,495,706 |
Fidelity High Income Fund | 41,652,760 | | 259,496,695 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 492,992,401 |
Investment Grade Fixed-Income Funds - 34.6% |
Fidelity Government Income Fund | 5,475,029 | | 59,677,818 |
Fidelity Series Investment Grade Bond Fund | 176,210,154 | | 1,859,017,127 |
Fidelity Strategic Real Return Fund | 92,637,188 | | 627,153,761 |
Fidelity Total Bond Fund | 65,535,648 | | 609,481,528 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 3,155,330,234 |
TOTAL FIXED-INCOME FUNDS (Cost $4,180,138,703) | 3,648,322,635 |
Short-Term Funds - 9.9% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 451,899,638 | | 451,899,638 |
Fidelity Short-Term Bond Fund | 57,118,439 | | 454,091,590 |
TOTAL SHORT-TERM FUNDS (Cost $955,142,592) | 905,991,228 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $12,078,582,081) | $ 9,130,699,123 |
Legend |
(a) Non-income producing |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 9,130,699,123 | $ 9,130,699,123 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $133,502,896 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $553,463,798 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $12,078,582,081) - See accompanying schedule | | $ 9,130,699,123 |
Cash | | 8 |
Receivable for investments sold | | 6,843,243 |
Receivable for fund shares sold | | 11,219,244 |
Distributions receivable from underlying funds | | 5,648,857 |
Other receivables | | 12,206 |
Total assets | | 9,154,422,681 |
| | |
Liabilities | | |
Payable for investments purchased | $ 351 | |
Payable for fund shares redeemed | 23,713,489 | |
Other payables and accrued expenses | 12,203 | |
Total liabilities | | 23,726,043 |
| | |
Net Assets | | $ 9,130,696,638 |
Net Assets consist of: | | |
Paid in capital | | $ 12,835,730,948 |
Undistributed net investment income | | 51,085,583 |
Accumulated undistributed net realized gain (loss) on investments | | (808,236,935) |
Net unrealized appreciation (depreciation) on investments | | (2,947,882,958) |
Net Assets, for 924,864,501 shares outstanding | | $ 9,130,696,638 |
Net Asset Value, offering price and redemption price per share ($9,130,696,638 ÷ 924,864,501 shares) | | $ 9.87 |
Statement of Operations
| Year ended March 31, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 361,239,790 |
Interest | | 98 |
Total income | | 361,239,888 |
| | |
Expenses | | |
Independent trustees' compensation | $ 49,491 | |
Total expenses before reductions | 49,491 | |
Expense reductions | (49,491) | - |
Net investment income (loss) | | 361,239,888 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (799,271,311) | |
Capital gain distributions from underlying funds | 73,227,288 | (726,044,023) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (3,058,321,631) |
Net gain (loss) | | (3,784,365,654) |
Net increase (decrease) in net assets resulting from operations | | $ (3,423,125,766) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 361,239,888 | $ 402,874,803 |
Net realized gain (loss) | (726,044,023) | 496,683,063 |
Change in net unrealized appreciation (depreciation) | (3,058,321,631) | (903,941,278) |
Net increase (decrease) in net assets resulting from operations | (3,423,125,766) | (4,383,412) |
Distributions to shareholders from net investment income | (382,018,505) | (388,589,230) |
Distributions to shareholders from net realized gain | (395,115,156) | (429,676,712) |
Total distributions | (777,133,661) | (818,265,942) |
Share transactions
Proceeds from sales of shares | 3,295,231,911 | 5,024,645,662 |
Reinvestment of distributions | 774,423,435 | 815,754,699 |
Cost of shares redeemed | (4,642,253,509) | (4,217,097,028) |
Net increase (decrease) in net assets resulting from share transactions | (572,598,163) | 1,623,303,333 |
Total increase (decrease) in net assets | (4,772,857,590) | 800,653,979 |
| | |
Net Assets | | |
Beginning of period | 13,903,554,228 | 13,102,900,249 |
End of period (including undistributed net investment income of $51,085,583 and undistributed net investment income of $71,864,200, respectively) | $ 9,130,696,638 | $ 13,903,554,228 |
Other Information Shares | | |
Sold | 273,115,016 | 336,981,437 |
Issued in reinvestment of distributions | 64,698,345 | 54,630,900 |
Redeemed | (400,867,695) | (283,585,248) |
Net increase (decrease) | (63,054,334) | 108,027,089 |
Financial Highlights
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.07 | $ 14.89 | $ 14.48 | $ 13.45 | $ 13.31 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .37 | .43 | .39 | .35 | .28 |
Net realized and unrealized gain (loss) | (3.77) | (.37) | .77 | 1.05 | .20 |
Total from investment operations | (3.40) | .06 | 1.16 | 1.40 | .48 |
Distributions from net investment income | (.40) | (.41) | (.38) | (.30) | (.29) |
Distributions from net realized gain | (.40) | (.47) | (.37) | (.07) | (.05) |
Total distributions | (.80) | (.88) | (.75) | (.37) | (.34) |
Net asset value, end of period | $ 9.87 | $ 14.07 | $ 14.89 | $ 14.48 | $ 13.45 |
Total Return A | (25.06)% | .14% | 8.17% | 10.54% | 3.59% |
Ratios to Average Net Assets C,D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .01% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .01% | .08% |
Net investment income (loss) | 3.03% | 2.86% | 2.67% | 2.48% | 2.11% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,130,697 | $ 13,903,554 | $ 13,102,900 | $ 10,689,271 | $ 8,693,512 |
Portfolio turnover rate | 39% | 34% | 12% | 8% | 1% |
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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 6.1 | 6.5 |
Fidelity Blue Chip Growth Fund | 2.0 | 2.2 |
Fidelity Disciplined Equity Fund | 8.1 | 8.5 |
Fidelity Equity-Income Fund | 6.6 | 8.5 |
Fidelity Growth Company Fund | 6.4 | 5.5 |
Fidelity Mid-Cap Stock Fund | 0.0 | 2.4 |
Fidelity OTC Portfolio | 0.0 | 0.5 |
Fidelity Series All-Sector Equity Fund | 4.9 | 0.0 |
Fidelity Series Large Cap Value Fund | 4.2 | 0.0 |
Fidelity Small Cap Growth Fund | 0.6 | 0.6 |
Fidelity Small Cap Opportunities Fund | 1.0 | 1.2 |
Fidelity Small Cap Value Fund | 0.6 | 0.7 |
Fidelity Value Fund | 2.2 | 5.2 |
| 42.7 | 41.8 |
International Equity Funds | | |
Fidelity Diversified International Fund | 3.6 | 2.9 |
Fidelity Europe Fund | 2.1 | 2.7 |
Fidelity Japan Fund | 0.7 | 0.8 |
Fidelity Overseas Fund | 3.5 | 2.8 |
Fidelity Series Emerging Markets Fund | 0.7 | 0.0 |
Fidelity Southeast Asia Fund | 0.2 | 0.3 |
| 10.8 | 9.5 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 2.6 | 2.7 |
Fidelity High Income Fund | 2.8 | 2.8 |
| 5.4 | 5.5 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 1.6 | 10.5 |
Fidelity Intermediate Bond Fund | 0.0 | 4.2 |
Fidelity Investment Grade Bond Fund | 0.0 | 7.4 |
Fidelity Series Investment Grade Bond Fund | 18.4 | 0.0 |
Fidelity Strategic Real Return Fund | 6.4 | 6.6 |
Fidelity Total Bond Fund | 7.0 | 6.4 |
| 33.4 | 35.1 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 3.9 | 4.1 |
Fidelity Short-Term Bond Fund | 3.8 | 4.0 |
| 7.7 | 8.1 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 42.7% | |
| International Equity Funds | 10.8% | |
| High Yield
Fixed-Income Funds | 5.4% | |
| Investment Grade Fixed-Income Funds | 33.4% | |
| Short-Term Funds | 7.7% | |
Six months ago |
| Domestic Equity Funds | 41.8% | |
| International Equity Funds | 9.5% | |
| High Yield
Fixed-Income Funds | 5.5% | |
| Investment Grade Fixed-Income Funds | 35.1% | |
| Short-Term Funds | 8.1% | |
Expected |
| Domestic Equity Funds | 41.7% | |
| International Equity Funds | 10.4% | |
| High Yield
Fixed-Income Funds | 5.2% | |
| Investment Grade Fixed-Income Funds | 34.0% | |
| Short-Term Funds | 8.7% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Freedom 2015 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 53.5% |
| Shares | | Value |
Domestic Equity Funds - 42.7% |
Fidelity 100 Index Fund | 63,472,087 | | $ 371,311,708 |
Fidelity Blue Chip Growth Fund | 4,815,778 | | 120,298,131 |
Fidelity Disciplined Equity Fund | 31,907,237 | | 493,604,955 |
Fidelity Equity-Income Fund | 15,079,203 | | 403,368,690 |
Fidelity Growth Company Fund | 8,146,528 | | 388,589,389 |
Fidelity Series All-Sector Equity Fund | 35,634,386 | | 296,834,435 |
Fidelity Series Large Cap Value Fund | 30,557,455 | | 257,293,772 |
Fidelity Small Cap Growth Fund (a) | 4,485,202 | | 36,330,136 |
Fidelity Small Cap Opportunities Fund | 12,499,573 | | 61,997,881 |
Fidelity Small Cap Value Fund | 4,651,595 | | 38,050,048 |
Fidelity Value Fund | 3,907,962 | | 133,378,740 |
TOTAL DOMESTIC EQUITY FUNDS | | 2,601,057,885 |
International Equity Funds - 10.8% |
Fidelity Diversified International Fund | 11,517,997 | | 218,496,405 |
Fidelity Europe Fund | 6,612,458 | | 130,463,789 |
Fidelity Japan Fund | 5,314,098 | | 41,981,370 |
Fidelity Overseas Fund | 9,983,458 | | 213,446,339 |
Fidelity Series Emerging Markets Fund | 3,955,654 | | 40,505,894 |
Fidelity Southeast Asia Fund | 654,598 | | 11,736,951 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 656,630,748 |
TOTAL EQUITY FUNDS (Cost $5,171,599,914) | 3,257,688,633 |
Fixed-Income Funds - 38.8% |
| Shares | | Value |
High Yield Fixed-Income Funds - 5.4% |
Fidelity Capital & Income Fund | 28,661,469 | | $ 159,071,154 |
Fidelity High Income Fund | 27,657,514 | | 172,306,315 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 331,377,469 |
Investment Grade Fixed-Income Funds - 33.4% |
Fidelity Government Income Fund | 8,769,047 | | 95,582,608 |
Fidelity Series Investment Grade Bond Fund | 106,022,317 | | 1,118,535,445 |
Fidelity Strategic Real Return Fund | 57,883,877 | | 391,873,849 |
Fidelity Total Bond Fund | 45,900,165 | | 426,871,537 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 2,032,863,439 |
TOTAL FIXED-INCOME FUNDS (Cost $2,714,704,839) | 2,364,240,908 |
Short-Term Funds - 7.7% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 234,419,615 | | 234,419,615 |
Fidelity Short-Term Bond Fund | 29,317,072 | | 233,070,725 |
TOTAL SHORT-TERM FUNDS (Cost $489,092,766) | 467,490,340 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $8,375,397,519) | $ 6,089,419,881 |
Legend |
(a) Non-income producing |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 6,089,419,881 | $ 6,089,419,881 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $98,777,053 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $220,143,721of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
Assets | | |
Investment in securities, at value (cost $8,375,397,519) - See accompanying schedule | | $ 6,089,419,881 |
Receivable for investments sold | | 5,455,345 |
Receivable for fund shares sold | | 11,562,856 |
Distributions receivable from underlying funds | | 3,121,699 |
Total assets | | 6,109,559,781 |
| | |
Liabilities | | |
Payable for investments purchased | $ 82 | |
Payable for fund shares redeemed | 20,154,070 | |
Total liabilities | | 20,154,152 |
| | |
Net Assets | | $ 6,089,405,629 |
Net Assets consist of: | | |
Paid in capital | | $ 8,709,421,682 |
Undistributed net investment income | | 28,468,161 |
Accumulated undistributed net realized gain (loss) on investments | | (362,506,576) |
Net unrealized appreciation (depreciation) on investments | | (2,285,977,638) |
Net Assets, for 748,730,795 shares outstanding | | $ 6,089,405,629 |
Net Asset Value, offering price and redemption price per share ($6,089,405,629 ÷ 748,730,795 shares) | | $ 8.13 |
Statement of Operations
| Year ended March 31, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 202,554,054 |
Expenses | | |
Independent trustees' compensation | $ 27,572 | |
Total expenses before reductions | 27,572 | |
Expense reductions | (27,572) | - |
Net investment income (loss) | | 202,554,054 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (370,535,402) | |
Capital gain distributions from underlying funds | 43,729,723 | (326,805,679) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (1,984,567,659) |
Net gain (loss) | | (2,311,373,338) |
Net increase (decrease) in net assets resulting from operations | | $ (2,108,819,284) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 202,554,054 | $ 168,353,672 |
Net realized gain (loss) | (326,805,679) | 233,339,105 |
Change in net unrealized appreciation (depreciation) | (1,984,567,659) | (516,277,194) |
Net increase (decrease) in net assets resulting from operations | (2,108,819,284) | (114,584,417) |
Distributions to shareholders from net investment income | (206,566,808) | (156,659,940) |
Distributions to shareholders from net realized gain | (188,649,999) | (178,364,264) |
Total distributions | (395,216,807) | (335,024,204) |
Share transactions
Proceeds from sales of shares | 3,211,723,077 | 3,658,722,093 |
Reinvestment of distributions | 394,517,096 | 334,395,215 |
Cost of shares redeemed | (2,129,469,007) | (1,525,352,165) |
Net increase (decrease) in net assets resulting from share transactions | 1,476,771,166 | 2,467,765,143 |
Total increase (decrease) in net assets | (1,027,264,925) | 2,018,156,522 |
| | |
Net Assets | | |
Beginning of period | 7,116,670,554 | 5,098,514,032 |
End of period (including undistributed net investment income of $28,468,161 and undistributed net investment income of $32,480,915, respectively) | $ 6,089,405,629 | $ 7,116,670,554 |
Other Information Shares | | |
Sold | 324,462,966 | 292,953,098 |
Issued in reinvestment of distributions | 40,366,079 | 26,634,167 |
Redeemed | (222,766,865) | (122,531,666) |
Net increase (decrease) | 142,062,180 | 197,055,599 |
Financial Highlights
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 11.73 | $ 12.45 | $ 11.98 | $ 10.87 | $ 10.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .29 | .34 | .29 | .25 | .21 |
Net realized and unrealized gain (loss) | (3.29) | (.38) | .72 | 1.13 | .25 |
Total from investment operations | (3.00) | (.04) | 1.01 | 1.38 | .46 |
Distributions from net investment income | (.30) | (.30) | (.23) | (.19) | (.14) |
Distributions from net realized gain | (.30) | (.38) | (.31) | (.08) | (.02) |
Total distributions | (.60) | (.68) | (.54) | (.27) | (.16) |
Net asset value, end of period | $ 8.13 | $ 11.73 | $ 12.45 | $ 11.98 | $ 10.87 |
Total Return A | (26.45)% | (.62)% | 8.58% | 12.83% | 4.30% |
Ratios to Average Net Assets C,D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.97% | 2.68% | 2.37% | 2.20% | 2.01% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,089,406 | $ 7,116,671 | $ 5,098,514 | $ 2,677,779 | $ 912,493 |
Portfolio turnover rate | 36% | 24% | 4% | 1% | 0% |
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 2020 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2009 |
| % of fund's
investments | % of fund's investments
6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 7.8 | 8.5 |
Fidelity Blue Chip Growth Fund | 2.5 | 2.6 |
Fidelity Disciplined Equity Fund | 9.8 | 10.6 |
Fidelity Equity-Income Fund | 8.4 | 10.6 |
Fidelity Growth Company Fund | 7.7 | 7.0 |
Fidelity Mid-Cap Stock Fund | 0.0 | 3.2 |
Fidelity OTC Portfolio | 0.0 | 0.7 |
Fidelity Series All-Sector Equity Fund | 5.5 | 0.0 |
Fidelity Series Large Cap Value Fund | 4.7 | 0.0 |
Fidelity Small Cap Growth Fund | 0.7 | 0.8 |
Fidelity Small Cap Opportunities Fund | 1.3 | 1.5 |
Fidelity Small Cap Value Fund | 0.8 | 0.9 |
Fidelity Value Fund | 2.8 | 6.4 |
| 52.0 | 52.8 |
International Equity Funds | | |
Fidelity Diversified International Fund | 4.2 | 3.6 |
Fidelity Europe Fund | 2.8 | 3.4 |
Fidelity Japan Fund | 1.0 | 1.0 |
Fidelity Overseas Fund | 4.1 | 3.5 |
Fidelity Series Emerging Markets Fund | 0.6 | 0.0 |
Fidelity Southeast Asia Fund | 0.3 | 0.4 |
| 13.0 | 11.9 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 3.7 | 3.7 |
Fidelity High Income Fund | 4.0 | 3.7 |
| 7.7 | 7.4 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 0.1 | 7.4 |
Fidelity Intermediate Bond Fund | 0.0 | 3.6 |
Fidelity Investment Grade Bond Fund | 0.0 | 6.4 |
Fidelity Series Investment Grade Bond Fund | 15.5 | 0.0 |
Fidelity Strategic Real Return Fund | 5.0 | 5.0 |
Fidelity Total Bond Fund | 5.6 | 4.5 |
| 26.2 | 26.9 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 0.5 | 0.5 |
Fidelity Short-Term Bond Fund | 0.6 | 0.5 |
| 1.1 | 1.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 52.0% | |
| International Equity Funds | 13.0% | |
| High Yield Fixed-Income Funds | 7.7% | |
| Investment Grade Fixed-Income Funds | 26.2% | |
| Short-Term Funds | 1.1% | |
Six months ago |
| Domestic Equity Funds | 52.8% | |
| International Equity Funds | 11.9% | |
| High Yield Fixed-Income Funds | 7.4% | |
| Investment Grade Fixed-Income Funds | 26.9% | |
| Short-Term Funds | 1.0% | |
Expected |
| Domestic Equity Funds | 51.1% | |
| International Equity Funds | 12.8% | |
| High Yield Fixed-Income Funds | 7.1% | |
| Investment Grade Fixed-Income Funds | 27.0% | |
| Short-Term Funds | 2.0% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Freedom 2020 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 65.0% |
| Shares | | Value |
Domestic Equity Funds - 52.0% |
Fidelity 100 Index Fund | 190,352,762 | | $ 1,113,563,658 |
Fidelity Blue Chip Growth Fund | 14,173,231 | | 354,047,310 |
Fidelity Disciplined Equity Fund | 90,909,838 | | 1,406,375,192 |
Fidelity Equity-Income Fund | 45,285,133 | | 1,211,377,295 |
Fidelity Growth Company Fund | 23,154,317 | | 1,104,460,900 |
Fidelity Series All-Sector Equity Fund | 94,811,667 | | 789,781,189 |
Fidelity Series Large Cap Value Fund | 79,361,420 | | 668,223,154 |
Fidelity Small Cap Growth Fund (a) | 12,954,519 | | 104,931,606 |
Fidelity Small Cap Opportunities Fund | 36,770,235 | | 182,380,367 |
Fidelity Small Cap Value Fund | 13,565,104 | | 110,962,549 |
Fidelity Value Fund | 11,826,668 | | 403,644,195 |
TOTAL DOMESTIC EQUITY FUNDS | | 7,449,747,415 |
International Equity Funds - 13.0% |
Fidelity Diversified International Fund | 31,750,810 | | 602,312,873 |
Fidelity Europe Fund | 20,471,993 | | 403,912,424 |
Fidelity Japan Fund | 17,316,163 | | 136,797,691 |
Fidelity Overseas Fund | 27,411,205 | | 586,051,565 |
Fidelity Series Emerging Markets Fund | 8,767,901 | | 89,783,308 |
Fidelity Southeast Asia Fund | 1,862,712 | | 33,398,425 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 1,852,256,286 |
TOTAL EQUITY FUNDS (Cost $14,420,824,877) | 9,302,003,701 |
Fixed-Income Funds - 33.9% |
| Shares | | Value |
High Yield Fixed-Income Funds - 7.7% |
Fidelity Capital & Income Fund | 95,360,017 | | $ 529,248,092 |
Fidelity High Income Fund | 92,057,352 | | 573,517,302 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 1,102,765,394 |
Investment Grade Fixed-Income Funds - 26.2% |
Fidelity Government Income Fund | 1,935,803 | | 21,100,251 |
Fidelity Series Investment Grade Bond Fund | 209,901,326 | | 2,214,458,991 |
Fidelity Strategic Real Return Fund | 104,734,070 | | 709,049,657 |
Fidelity Total Bond Fund | 86,275,725 | | 802,364,244 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 3,746,973,143 |
TOTAL FIXED-INCOME FUNDS (Cost $5,696,115,374) | 4,849,738,537 |
Short-Term Funds - 1.1% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 81,780,433 | | 81,780,433 |
Fidelity Short-Term Bond Fund | 10,462,242 | | 83,174,825 |
TOTAL SHORT-TERM FUNDS (Cost $171,678,295) | 164,955,258 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $20,288,618,546) | $ 14,316,697,496 |
Legend |
(a) Non-income producing |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 14,316,697,496 | $ 14,316,697,496 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $233,519,669 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $619,058,132 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
| | |
Assets | | |
Investment in securities, at value (cost $20,288,618,546) - See accompanying schedule | | $ 14,316,697,496 |
Cash | | 328 |
Receivable for investments sold | | 5,881,220 |
Receivable for fund shares sold | | 23,009,430 |
Distributions receivable from underlying funds | | 6,792,391 |
Other receivables | | 17,997 |
Total assets | | 14,352,398,862 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,805 | |
Payable for fund shares redeemed | 35,682,126 | |
Other payables and accrued expenses | 17,997 | |
Total liabilities | | 35,702,928 |
| | |
Net Assets | | $ 14,316,695,934 |
Net Assets consist of: | | |
Paid in capital | | $ 21,194,459,833 |
Undistributed net investment income | | 70,111,657 |
Accumulated undistributed net realized gain (loss) on investments | | (975,954,506) |
Net unrealized appreciation (depreciation) on investments | | (5,971,921,050) |
Net Assets, for 1,520,144,475 shares outstanding | | $ 14,316,695,934 |
Net Asset Value, offering price and redemption price per share ($14,316,695,934 ÷ 1,520,144,475 shares) | | $ 9.42 |
Statement of Operations
| Year ended March 31, 2009 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 480,290,253 |
Interest | | 330 |
Total income | | 480,290,583 |
| | |
Expenses | | |
Independent trustees' compensation | $ 72,679 | |
Total expenses before reductions | 72,679 | |
Expense reductions | (72,679) | - |
Net investment income (loss) | | 480,290,583 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (976,859,335) | |
Capital gain distributions from underlying funds | 93,245,728 | (883,613,607) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (6,118,556,930) |
Net gain (loss) | | (7,002,170,537) |
Net increase (decrease) in net assets resulting from operations | | $ (6,521,879,954) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 480,290,583 | $ 451,417,464 |
Net realized gain (loss) | (883,613,607) | 949,778,161 |
Change in net unrealized appreciation (depreciation) | (6,118,556,930) | (1,737,254,393) |
Net increase (decrease) in net assets resulting from operations | (6,521,879,954) | (336,058,768) |
Distributions to shareholders from net investment income | (448,935,720) | (474,419,421) |
Distributions to shareholders from net realized gain | (718,344,659) | (814,931,103) |
Total distributions | (1,167,280,379) | (1,289,350,524) |
Share transactions
Proceeds from sales of shares | 5,577,556,385 | 6,725,682,355 |
Reinvestment of distributions | 1,165,443,761 | 1,287,420,853 |
Cost of shares redeemed | (4,765,588,496) | (4,664,773,890) |
Net increase (decrease) in net assets resulting from share transactions | 1,977,411,650 | 3,348,329,318 |
Total increase (decrease) in net assets | (5,711,748,683) | 1,722,920,026 |
| | |
Net Assets | | |
Beginning of period | 20,028,444,617 | 18,305,524,591 |
End of period (including undistributed net investment income of $70,111,657 and undistributed net investment income of $38,756,794, respectively) | $ 14,316,695,934 | $ 20,028,444,617 |
Other Information Shares | | |
Sold | 470,377,156 | 424,869,998 |
Issued in reinvestment of distributions | 94,637,136 | 80,667,548 |
Redeemed | (410,884,583) | (294,979,067) |
Net increase (decrease) | 154,129,709 | 210,558,479 |
Financial Highlights
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 14.66 | $ 15.84 | $ 15.37 | $ 13.71 | $ 13.34 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .33 | .36 | .31 | .27 | .24 |
Net realized and unrealized gain (loss) | (4.74) | (.50) | 1.03 | 1.72 | .43 |
Total from investment operations | (4.41) | (.14) | 1.34 | 1.99 | .67 |
Distributions from net investment income | (.31) | (.37) | (.28) | (.23) | (.26) |
Distributions from net realized gain | (.52) | (.67) | (.59) | (.10) | (.04) |
Total distributions | (.83) | (1.04) | (.87) | (.33) | (.30) |
Net asset value, end of period | $ 9.42 | $ 14.66 | $ 15.84 | $ 15.37 | $ 13.71 |
Total Return A | (31.39)% | (1.32)% | 8.95% | 14.64% | 5.01% |
Ratios to Average Net Assets C,D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .01% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .01% | .08% |
Net investment income (loss) | 2.73% | 2.24% | 1.99% | 1.87% | 1.79% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,316,696 | $ 20,028,445 | $ 18,305,525 | $ 13,847,298 | $ 9,915,821 |
Portfolio turnover rate | 35% | 35% | 7% | 4% | 0% |
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, 2009 |
| % of fund's
investments | % of fund's investments
6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 7.7 | 8.4 |
Fidelity Blue Chip Growth Fund | 2.6 | 2.9 |
Fidelity Disciplined Equity Fund | 10.6 | 11.4 |
Fidelity Equity-Income Fund | 9.0 | 11.4 |
Fidelity Growth Company Fund | 8.3 | 7.4 |
Fidelity Mid-Cap Stock Fund | 0.0 | 3.1 |
Fidelity OTC Portfolio | 0.0 | 0.6 |
Fidelity Series All-Sector Equity Fund | 6.4 | 0.0 |
Fidelity Series Large Cap Value Fund | 5.6 | 0.0 |
Fidelity Small Cap Growth Fund | 0.8 | 0.8 |
Fidelity Small Cap Opportunities Fund | 1.4 | 1.6 |
Fidelity Small Cap Value Fund | 0.9 | 0.9 |
Fidelity Value Fund | 2.9 | 7.0 |
| 56.2 | 55.5 |
International Equity Funds | | |
Fidelity Diversified International Fund | 4.8 | 3.9 |
Fidelity Europe Fund | 2.7 | 3.5 |
Fidelity Japan Fund | 0.9 | 1.1 |
Fidelity Overseas Fund | 4.7 | 3.8 |
Fidelity Series Emerging Markets Fund | 0.6 | 0.0 |
Fidelity Southeast Asia Fund | 0.3 | 0.4 |
| 14.0 | 12.7 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 3.7 | 3.7 |
Fidelity High Income Fund | 3.9 | 3.9 |
| 7.6 | 7.6 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 0.7 | 7.6 |
Fidelity Intermediate Bond Fund | 0.0 | 2.7 |
Fidelity Investment Grade Bond Fund | 0.0 | 4.8 |
Fidelity Series Investment Grade Bond Fund | 12.1 | 0.0 |
Fidelity Strategic Real Return Fund | 4.3 | 4.6 |
Fidelity Total Bond Fund | 5.1 | 4.5 |
| 22.2 | 24.2 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 56.2% | |
| International Equity Funds | 14.0% | |
| High Yield Fixed-Income Funds | 7.6% | |
| Investment Grade Fixed-Income Funds | 22.2% | |
Six months ago |
| Domestic Equity Funds | 55.5% | |
| International Equity Funds | 12.7% | |
| High Yield Fixed-Income Funds | 7.6% | |
| Investment Grade Fixed-Income Funds | 24.2% | |
Expected |
| Domestic Equity Funds | 56.0% | |
| International Equity Funds | 14.0% | |
| High Yield Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 22.5% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Freedom 2025 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 70.2% |
| Shares | | Value |
Domestic Equity Funds - 56.2% |
Fidelity 100 Index Fund | 76,800,363 | | $ 449,282,123 |
Fidelity Blue Chip Growth Fund | 6,133,055 | | 153,203,716 |
Fidelity Disciplined Equity Fund | 39,594,933 | | 612,533,617 |
Fidelity Equity-Income Fund | 19,487,848 | | 521,299,947 |
Fidelity Growth Company Fund | 10,133,564 | | 483,371,019 |
Fidelity Series All-Sector Equity Fund | 44,554,041 | | 371,135,165 |
Fidelity Series Large Cap Value Fund | 38,458,452 | | 323,820,164 |
Fidelity Small Cap Growth Fund (a) | 5,775,026 | | 46,777,711 |
Fidelity Small Cap Opportunities Fund | 16,387,321 | | 81,281,113 |
Fidelity Small Cap Value Fund | 6,056,308 | | 49,540,602 |
Fidelity Value Fund | 4,911,721 | | 167,637,030 |
TOTAL DOMESTIC EQUITY FUNDS | | 3,259,882,207 |
International Equity Funds - 14.0% |
Fidelity Diversified International Fund | 14,604,517 | | 277,047,683 |
Fidelity Europe Fund | 8,064,182 | | 159,106,315 |
Fidelity Japan Fund | 6,495,762 | | 51,316,518 |
Fidelity Overseas Fund | 12,700,815 | | 271,543,426 |
Fidelity Series Emerging Markets Fund | 3,659,268 | | 37,470,906 |
Fidelity Southeast Asia Fund | 816,159 | | 14,633,731 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 811,118,579 |
TOTAL EQUITY FUNDS (Cost $6,519,687,113) | 4,071,000,786 |
Fixed-Income Funds - 29.8% |
| Shares | | Value |
High Yield Fixed-Income Funds - 7.6% |
Fidelity Capital & Income Fund | 38,545,662 | | $ 213,928,426 |
Fidelity High Income Fund | 36,165,053 | | 225,308,281 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 439,236,707 |
Investment Grade Fixed-Income Funds - 22.2% |
Fidelity Government Income Fund | 4,033,807 | | 43,968,500 |
Fidelity Series Investment Grade Bond Fund | 66,384,825 | | 700,359,898 |
Fidelity Strategic Real Return Fund | 36,560,966 | | 247,517,737 |
Fidelity Total Bond Fund | 31,892,954 | | 296,604,474 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 1,288,450,609 |
TOTAL FIXED-INCOME FUNDS (Cost $2,052,610,265) | 1,727,687,316 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $8,572,297,378) | $ 5,798,688,102 |
Legend |
(a) Non-income producing |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 5,798,688,102 | $ 5,798,688,102 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $128,436,443, all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $186,393,886 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
| | |
Assets | | |
Investment in securities, at value (cost $8,572,297,378) - See accompanying schedule | | $ 5,798,688,102 |
Cash | | 580 |
Receivable for investments sold | | 620,886 |
Receivable for fund shares sold | | 16,536,802 |
Distributions receivable from underlying funds | | 1,903,373 |
Total assets | | 5,817,749,743 |
| | |
Liabilities | | |
Payable for investments purchased | $ 100 | |
Payable for fund shares redeemed | 19,061,679 | |
Total liabilities | | 19,061,779 |
| | |
Net Assets | | $ 5,798,687,964 |
Net Assets consist of: | | |
Paid in capital | | $ 8,900,891,943 |
Undistributed net investment income | | 19,861,288 |
Accumulated undistributed net realized gain (loss) on investments | | (348,455,991) |
Net unrealized appreciation (depreciation) on investments | | (2,773,609,276) |
Net Assets, for 755,334,936 shares outstanding | | $ 5,798,687,964 |
Net Asset Value, offering price and redemption price per share ($5,798,687,964 ÷ 755,334,936 shares) | | $ 7.68 |
Statement of Operations
| Year ended March 31, 2009 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 168,963,808 |
| | |
Expenses | | |
Independent trustees' compensation | $ 25,830 | |
Total expenses before reductions | 25,830 | |
Expense reductions | (25,830) | - |
Net investment income (loss) | | 168,963,808 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (356,365,549) | |
Capital gain distributions from underlying funds | 33,600,997 | (322,764,552) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (2,382,142,055) |
Net gain (loss) | | (2,704,906,607) |
Net increase (decrease) in net assets resulting from operations | | $ (2,535,942,799) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 168,963,808 | $ 122,392,965 |
Net realized gain (loss) | (322,764,552) | 260,202,592 |
Change in net unrealized appreciation (depreciation) | (2,382,142,055) | (602,980,581) |
Net increase (decrease) in net assets resulting from operations | (2,535,942,799) | (220,385,024) |
Distributions to shareholders from net investment income | (171,882,739) | (112,963,788) |
Distributions to shareholders from net realized gain | (211,227,891) | (172,614,012) |
Total distributions | (383,110,630) | (285,577,800) |
Share transactions
Proceeds from sales of shares | 3,202,233,157 | 3,681,868,491 |
Reinvestment of distributions | 382,799,740 | 285,285,015 |
Cost of shares redeemed | (1,518,332,456) | (1,159,346,950) |
Net increase (decrease) in net assets resulting from share transactions | 2,066,700,441 | 2,807,806,556 |
Total increase (decrease) in net assets | (852,352,988) | 2,301,843,732 |
| | |
Net Assets | | |
Beginning of period | 6,651,040,952 | 4,349,197,220 |
End of period (including undistributed net investment income of $19,861,288 and undistributed net investment income of $22,780,219, respectively) | $ 5,798,687,964 | $ 6,651,040,952 |
Other Information Shares | | |
Sold | 328,872,946 | 281,048,308 |
Issued in reinvestment of distributions | 38,379,248 | 21,491,234 |
Redeemed | (159,304,121) | (88,531,680) |
Net increase (decrease) | 207,948,073 | 214,007,862 |
Financial Highlights
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.15 | $ 13.05 | $ 12.52 | $ 11.07 | $ 10.64 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .26 | .28 | .24 | .21 | .18 |
Net realized and unrealized gain (loss) | (4.10) | (.49) | .89 | 1.48 | .39 |
Total from investment operations | (3.84) | (.21) | 1.13 | 1.69 | .57 |
Distributions from net investment income | (.26) | (.25) | (.19) | (.15) | (.13) |
Distributions from net realized gain | (.37) | (.44) | (.41) | (.10) | (.01) |
Total distributions | (.63) | (.69) | (.60) | (.24) E | (.14) |
Net asset value, end of period | $ 7.68 | $ 12.15 | $ 13.05 | $ 12.52 | $ 11.07 |
Total Return A | (32.84)% | (2.00)% | 9.18% | 15.41% | 5.33% |
Ratios to Average Net Assets C,D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.64% | 2.16% | 1.88% | 1.75% | 1.67% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,798,688 | $ 6,651,041 | $ 4,349,197 | $ 2,099,810 | $ 682,499 |
Portfolio turnover rate | 29% | 24% | 3% | 1% | 0% |
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 $.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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 9.2 | 10.2 |
Fidelity Blue Chip Growth Fund | 3.1 | 3.5 |
Fidelity Disciplined Equity Fund | 11.8 | 13.0 |
Fidelity Equity-Income Fund | 10.8 | 13.0 |
Fidelity Growth Company Fund | 9.2 | 8.5 |
Fidelity Mid-Cap Stock Fund | 0.0 | 3.7 |
Fidelity OTC Portfolio | 0.0 | 0.8 |
Fidelity Series All-Sector Equity Fund | 6.5 | 0.0 |
Fidelity Series Large Cap Value Fund | 5.5 | 0.0 |
Fidelity Small Cap Growth Fund | 0.9 | 0.9 |
Fidelity Small Cap Opportunities Fund | 1.6 | 1.8 |
Fidelity Small Cap Value Fund | 1.0 | 1.1 |
Fidelity Value Fund | 3.5 | 8.0 |
| 63.1 | 64.5 |
International Equity Funds | | |
Fidelity Diversified International Fund | 5.2 | 4.4 |
Fidelity Europe Fund | 3.4 | 4.3 |
Fidelity Japan Fund | 1.2 | 1.3 |
Fidelity Overseas Fund | 5.0 | 4.3 |
Fidelity Series Emerging Markets Fund | 0.4 | 0.0 |
Fidelity Southeast Asia Fund | 0.3 | 0.5 |
| 15.5 | 14.8 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 3.9 | 3.8 |
Fidelity High Income Fund | 4.2 | 4.0 |
| 8.1 | 7.8 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 0.4 | 3.6 |
Fidelity Intermediate Bond Fund | 0.0 | 1.6 |
Fidelity Investment Grade Bond Fund | 0.0 | 2.9 |
Fidelity Series Investment Grade Bond Fund | 7.6 | 0.0 |
Fidelity Strategic Real Return Fund | 2.5 | 2.5 |
Fidelity Total Bond Fund | 2.8 | 2.3 |
| 13.3 | 12.9 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 63.1% | |
| International
Equity Funds | 15.5% | |
| High Yield
Fixed-Income Funds | 8.1% | |
| Investment Grade Fixed-Income Funds | 13.3% | |
Six months ago |
| Domestic Equity Funds | 64.5% | |
| International
Equity Funds | 14.8% | |
| High Yield
Fixed-Income Funds | 7.8% | |
| Investment Grade Fixed-Income Funds | 12.9% | |
Expected |
| Domestic Equity Funds | 62.2% | |
| International
Equity Funds | 15.6% | |
| High Yield
Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 14.7% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Freedom 2030 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 78.6% |
| Shares | | Value |
Domestic Equity Funds - 63.1% |
Fidelity 100 Index Fund | 153,036,533 | | $ 895,263,717 |
Fidelity Blue Chip Growth Fund | 12,110,279 | | 302,514,770 |
Fidelity Disciplined Equity Fund | 73,629,427 | | 1,139,047,230 |
Fidelity Equity-Income Fund | 38,926,135 | | 1,041,274,103 |
Fidelity Growth Company Fund | 18,783,902 | | 895,992,112 |
Fidelity Series All-Sector Equity Fund | 75,909,279 | | 632,324,293 |
Fidelity Series Large Cap Value Fund | 63,013,166 | | 530,570,858 |
Fidelity Small Cap Growth Fund (a) | 10,763,842 | | 87,187,117 |
Fidelity Small Cap Opportunities Fund | 30,756,415 | | 152,551,821 |
Fidelity Small Cap Value Fund | 11,381,282 | | 93,098,890 |
Fidelity Value Fund | 9,997,317 | | 341,208,416 |
TOTAL DOMESTIC EQUITY FUNDS | | 6,111,033,327 |
International Equity Funds - 15.5% |
Fidelity Diversified International Fund | 26,249,129 | | 497,945,970 |
Fidelity Europe Fund | 16,851,323 | | 332,476,608 |
Fidelity Japan Fund | 14,664,153 | | 115,846,812 |
Fidelity Overseas Fund | 22,707,873 | | 485,494,331 |
Fidelity Series Emerging Markets Fund | 4,123,814 | | 42,227,860 |
Fidelity Southeast Asia Fund | 1,578,740 | | 28,306,802 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 1,502,298,383 |
TOTAL EQUITY FUNDS (Cost $12,150,323,040) | 7,613,331,710 |
Fixed-Income Funds - 21.4% |
| Shares | | Value |
High Yield Fixed-Income Funds - 8.1% |
Fidelity Capital & Income Fund | 68,319,659 | | $ 379,174,109 |
Fidelity High Income Fund | 65,342,935 | | 407,086,483 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 786,260,592 |
Investment Grade Fixed-Income Funds - 13.3% |
Fidelity Government Income Fund | 3,155,598 | | 34,396,020 |
Fidelity Series Investment Grade Bond Fund | 70,104,659 | | 739,604,157 |
Fidelity Strategic Real Return Fund | 35,473,335 | | 240,154,479 |
Fidelity Total Bond Fund | 29,203,801 | | 271,595,351 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 1,285,750,007 |
TOTAL FIXED-INCOME FUNDS (Cost $2,535,193,540) | 2,072,010,599 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $14,685,516,580) | $ 9,685,342,309 |
Legend |
(a) Non-income producing |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 9,685,342,309 | $ 9,685,342,309 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $175,742,492 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $343,702,351 of losses recognized during the period November 1, 2008 to March 31, 2009. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2030 Fund
Statement of Assets and Liabilities
| March 31, 2009 |
Assets | | |
Investment in securities, at value (cost $14,685,516,580) - See accompanying schedule | | $ 9,685,342,309 |
Cash | | 59 |
Receivable for investments sold | | 688,480 |
Receivable for fund shares sold | | 21,848,270 |
Distributions receivable from underlying funds | | 2,167,948 |
Other receivables | | 12,013 |
Total assets | | 9,710,059,079 |
| | |
Liabilities | | |
Payable for investments purchased | $ 104 | |
Payable for fund shares redeemed | 24,706,647 | |
Other payables and accrued expenses | 12,013 | |
Total liabilities | | 24,718,764 |
| | |
Net Assets | | $ 9,685,340,315 |
Net Assets consist of: | | |
Paid in capital | | $ 15,252,125,738 |
Undistributed net investment income | | 36,372,369 |
Accumulated undistributed net realized gain (loss) on investments | | (602,983,521) |
Net unrealized appreciation (depreciation) on investments | | (5,000,174,271) |
Net Assets, for 1,079,393,995 shares outstanding | | $ 9,685,340,315 |
Net Asset Value, offering price and redemption price per share ($9,685,340,315 ÷ 1,079,393,995 shares) | | $ 8.97 |
Statement of Operations
| Year ended March 31, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 270,587,830 |
Interest | | 241 |
Total income | | 270,588,071 |
| | |
Expenses | | |
Independent trustees' compensation | $ 48,812 | |
Total expenses before reductions | 48,812 | |
Expense Reductions | (48,812) | - |
Net investment income (loss) | | 270,588,071 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (597,058,878) | |
Capital gain distributions from underlying funds | 44,211,105 | (552,847,773) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (4,886,743,804) |
Net gain (loss) | | (5,439,591,577) |
Net increase (decrease) in net assets resulting from operations | | $ (5,169,003,506) |
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,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 270,588,071 | $ 231,710,251 |
Net realized gain (loss) | (552,847,773) | 691,749,953 |
Change in net unrealized appreciation (depreciation) | (4,886,743,804) | (1,363,407,219) |
Net increase (decrease) in net assets resulting from operations | (5,169,003,506) | (439,947,015) |
Distributions to shareholders from net investment income | (267,331,657) | (223,916,045) |
Distributions to shareholders from net realized gain | (539,880,032) | (555,992,230) |
Total distributions | (807,211,689) | (779,908,275) |
Share transactions
Proceeds from sales of shares | 4,346,782,800 | 5,113,969,081 |
Reinvestment of distributions | 806,106,328 | 778,954,554 |
Cost of shares redeemed | (2,938,074,652) | (3,104,739,906) |
Net increase (decrease) in net assets resulting from share transactions | 2,214,814,476 | 2,788,183,729 |
Total increase (decrease) in net assets | (3,761,400,719) | 1,568,328,439 |
| | |
Net Assets | | |
Beginning of period | 13,446,741,034 | 11,878,412,595 |
End of period (including undistributed net investment income of $36,372,369 and undistributed net investment income of $34,494,030, respectively) | $ 9,685,340,315 | $ 13,446,741,034 |
Other Information Shares | | |
Sold | 374,817,642 | 311,694,664 |
Issued in reinvestment of distributions | 62,924,841 | 46,777,835 |
Redeemed | (253,721,173) | (188,969,160) |
Net increase (decrease) | 184,021,310 | 169,503,339 |
Financial Highlights
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 15.02 | $ 16.36 | $ 15.82 | $ 13.81 | $ 13.27 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .27 | .28 | .24 | .22 | .20 |
Net realized and unrealized gain (loss) | (5.46) | (.63) | 1.21 | 2.09 | .56 |
Total from investment operations | (5.19) | (.35) | 1.45 | 2.31 | .76 |
Distributions from net investment income | (.27) | (.27) | (.21) | (.19) | (.22) |
Distributions from net realized gain | (.59) | (.72) | (.70) | (.11) | - |
Total distributions | (.86) | (.99) | (.91) | (.30) | (.22) |
Net asset value, end of period | $ 8.97 | $ 15.02 | $ 16.36 | $ 15.82 | $ 13.81 |
Total Return A | (36.25)% | (2.65)% | 9.40% | 16.86% | 5.72% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .01% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .01% | .08% |
Net investment income (loss) | 2.29% | 1.72% | 1.51% | 1.48% | 1.52% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,685,340 | $ 13,446,741 | $ 11,878,413 | $ 8,550,504 | $ 5,856,816 |
Portfolio turnover rate | 23% | 36% | 6% | 5% | 0% |
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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 8.6 | 9.8 |
Fidelity Blue Chip Growth Fund | 3.1 | 3.4 |
Fidelity Disciplined Equity Fund | 12.3 | 13.6 |
Fidelity Equity-Income Fund | 10.7 | 13.6 |
Fidelity Growth Company Fund | 9.7 | 8.9 |
Fidelity Mid-Cap Stock Fund | 0.0 | 3.7 |
Fidelity OTC Portfolio | 0.0 | 0.8 |
Fidelity Series All-Sector Equity Fund | 7.5 | 0.0 |
Fidelity Series Large Cap Value Fund | 6.6 | 0.0 |
Fidelity Small Cap Growth Fund | 1.0 | 1.0 |
Fidelity Small Cap Opportunities Fund | 1.7 | 1.8 |
Fidelity Small Cap Value Fund | 1.0 | 1.1 |
Fidelity Value Fund | 3.5 | 8.4 |
| 65.7 | 66.1 |
International Equity Funds | | |
Fidelity Diversified International Fund | 5.7 | 4.7 |
Fidelity Europe Fund | 3.1 | 4.1 |
Fidelity Japan Fund | 1.0 | 1.2 |
Fidelity Overseas Fund | 5.6 | 4.7 |
Fidelity Series Emerging Markets Fund | 0.6 | 0.0 |
Fidelity Southeast Asia Fund | 0.3 | 0.5 |
| 16.3 | 15.2 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 3.8 | 3.8 |
Fidelity High Income Fund | 3.9 | 3.9 |
| 7.7 | 7.7 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 0.5 | 3.6 |
Fidelity Intermediate Bond Fund | 0.0 | 1.2 |
Fidelity Investment Grade Bond Fund | 0.0 | 2.1 |
Fidelity Series Investment Grade Bond Fund | 5.6 | 0.0 |
Fidelity Strategic Real Return Fund | 1.9 | 2.1 |
Fidelity Total Bond Fund | 2.3 | 2.0 |
| 10.3 | 11.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
 | Domestic Equity Funds | 65.7% | |
| International
Equity Funds | 16.3% | |
| High Yield
Fixed-Income Funds | 7.7% | |
| Investment Grade Fixed-Income Funds | 10.3% | |
Six months ago |
| Domestic Equity Funds | 66.1% | |
| International
Equity Funds | 15.2% | |
| High Yield
Fixed-Income Funds | 7.7% | |
| Investment Grade Fixed-Income Funds | 11.0% | |
Expected |
 | Domestic Equity Funds | 66.0% | |
| International
Equity Funds | 16.5% | |
| High Yield
Fixed-Income Funds | 7.5% | |
| Investment Grade Fixed-Income Funds | 10.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Freedom 2035 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 82.0% |
| Shares | | Value |
Domestic Equity Funds - 65.7% |
Fidelity 100 Index Fund | 52,813,205 | | $ 308,957,251 |
Fidelity Blue Chip Growth Fund | 4,439,812 | | 110,906,507 |
Fidelity Disciplined Equity Fund | 28,502,425 | | 440,932,516 |
Fidelity Equity-Income Fund | 14,271,693 | | 381,767,785 |
Fidelity Growth Company Fund | 7,301,148 | | 348,264,750 |
Fidelity Series All-Sector Equity Fund | 32,094,773 | | 267,349,462 |
Fidelity Series Large Cap Value Fund | 27,921,753 | | 235,101,162 |
Fidelity Small Cap Growth Fund (a) | 4,235,703 | | 34,309,198 |
Fidelity Small Cap Opportunities Fund | 12,043,115 | | 59,733,852 |
Fidelity Small Cap Value Fund | 4,481,960 | | 36,662,436 |
Fidelity Value Fund | 3,628,095 | | 123,826,891 |
TOTAL DOMESTIC EQUITY FUNDS | | 2,347,811,810 |
International Equity Funds - 16.3% |
Fidelity Diversified International Fund | 10,683,021 | | 202,656,910 |
Fidelity Europe Fund | 5,715,826 | | 112,773,249 |
Fidelity Japan Fund | 4,585,365 | | 36,224,385 |
Fidelity Overseas Fund | 9,300,597 | | 198,846,770 |
Fidelity Series Emerging Markets Fund | 2,147,303 | | 21,988,383 |
Fidelity Southeast Asia Fund | 600,438 | | 10,765,845 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 583,255,542 |
TOTAL EQUITY FUNDS (Cost $4,691,926,716) | 2,931,067,352 |
Fixed-Income Funds - 18.0% |
| Shares | | Value |
High Yield Fixed-Income Funds - 7.7% |
Fidelity Capital & Income Fund | 24,124,410 | | $ 133,890,475 |
Fidelity High Income Fund | 22,634,652 | | 141,013,879 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 274,904,354 |
Investment Grade Fixed-Income Funds - 10.3% |
Fidelity Government Income Fund | 1,826,767 | | 19,911,762 |
Fidelity Series Investment Grade Bond Fund | 19,089,615 | | 201,395,442 |
Fidelity Strategic Real Return Fund | 9,899,474 | | 67,019,438 |
Fidelity Total Bond Fund | 8,788,431 | | 81,732,411 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 370,059,053 |
TOTAL FIXED-INCOME FUNDS (Cost $795,918,918) | 644,963,407 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $5,487,845,634) | $ 3,576,030,759 |
Legend |
(a) Non-income producing |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 3,576,030,759 | $ 3,576,030,759 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $97,863,769 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $84,903,344 of losses recognized during the period November 1, 2008 to March 31, 2009. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2035 Fund
Statement of Assets and Liabilities
| March 31, 2009 |
Assets | | |
Investment in securities, at value (cost $5,487,845,634) - See accompanying schedule | | $ 3,576,030,759 |
Cash | | 321 |
Receivable for investments sold | | 27,077 |
Receivable for fund shares sold | | 12,160,932 |
Distributions receivable from underlying funds | | 501,882 |
Total assets | | 3,588,720,971 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,145,895 | |
Payable for fund shares redeemed | 9,544,349 | |
Total liabilities | | 12,690,244 |
| | |
Net Assets | | $ 3,576,030,727 |
Net Assets consist of: | | |
Paid in capital | | $ 5,687,482,903 |
Undistributed net investment income | | 10,228,093 |
Accumulated undistributed net realized gain (loss) on investments | | (209,865,394) |
Net unrealized appreciation (depreciation) on investments | | (1,911,814,875) |
Net Assets, for 485,798,621 shares outstanding | | $ 3,576,030,727 |
Net Asset Value, offering price and redemption price per share ($3,576,030,727 ÷ 485,798,621 shares) | | $ 7.36 |
Statement of Operations
| Year ended March 31, 2009 |
Investment Income | | |
Income distributions from underlying funds | | $ 85,703,102 |
| | |
Expenses | | |
Independent trustees' compensation | $ 15,352 | |
Total expenses before reductions | 15,352 | |
Expense reductions | (15,352) | - |
Net investment income (loss) | | 85,703,102 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (213,801,733) | |
Capital gain distributions from underlying funds | 13,642,702 | (200,159,031) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (1,626,321,311) |
Net gain (loss) | | (1,826,480,342) |
Net increase (decrease) in net assets resulting from operations | | $ (1,740,777,240) |
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,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 85,703,102 | $ 56,933,149 |
Net realized gain (loss) | (200,159,031) | 185,393,264 |
Change in net unrealized appreciation (depreciation) | (1,626,321,311) | (417,865,074) |
Net increase (decrease) in net assets resulting from operations | (1,740,777,240) | (175,538,661) |
Distributions to shareholders from net investment income | (82,310,020) | (54,240,115) |
Distributions to shareholders from net realized gain | (144,516,516) | (116,139,616) |
Total distributions | (226,826,536) | (170,379,731) |
Share transactions
Proceeds from sales of shares | 2,224,664,186 | 2,306,674,618 |
Reinvestment of distributions | 226,695,516 | 170,293,385 |
Cost of shares redeemed | (822,702,432) | (769,809,327) |
Net increase (decrease) in net assets resulting from share transactions | 1,628,657,270 | 1,707,158,676 |
Total increase (decrease) in net assets | (338,946,506) | 1,361,240,284 |
| | |
Net Assets | | |
Beginning of period | 3,914,977,233 | 2,553,736,949 |
End of period (including undistributed net investment income of $10,228,093 and undistributed net investment income of $6,835,011, respectively) | $ 3,576,030,727 | $ 3,914,977,233 |
Other Information Shares | | |
Sold | 234,638,302 | 170,425,104 |
Issued in reinvestment of distributions | 21,849,305 | 12,346,190 |
Redeemed | (86,270,500) | (56,612,140) |
Net increase (decrease) | 170,217,107 | 126,159,154 |
Financial Highlights
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 12.41 | $ 13.48 | $ 12.89 | $ 11.22 | $ 10.69 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .22 | .23 | .19 | .18 | .17 |
Net realized and unrealized gain (loss) | (4.63) | (.57) | 1.01 | 1.73 | .49 |
Total from investment operations | (4.41) | (.34) | 1.20 | 1.91 | .66 |
Distributions from net investment income | (.20) | (.21) | (.17) | (.13) | (.13) |
Distributions from net realized gain | (.44) | (.52) | (.44) | (.11) | - |
Total distributions | (.64) | (.73) | (.61) | (.24) | (.13) |
Net asset value, end of period | $ 7.36 | $ 12.41 | $ 13.48 | $ 12.89 | $ 11.22 |
Total Return A | (37.11)% | (3.00)% | 9.51% | 17.18% | 6.12% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .00% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .08% |
Net investment income (loss) | 2.24% | 1.70% | 1.50% | 1.48% | 1.56% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 3,576,031 | $ 3,914,977 | $ 2,553,737 | $ 1,155,906 | $ 352,091 |
Portfolio turnover rate | 20% | 28% | 3% | 1% | 0% |
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 2040 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 9.3 | 10.5 |
Fidelity Blue Chip Growth Fund | 3.2 | 3.6 |
Fidelity Disciplined Equity Fund | 12.3 | 13.9 |
Fidelity Equity-Income Fund | 11.5 | 13.9 |
Fidelity Growth Company Fund | 9.7 | 9.1 |
Fidelity Mid-Cap Stock Fund | 0.0 | 3.9 |
Fidelity OTC Portfolio | 0.0 | 0.8 |
Fidelity Series All-Sector Equity Fund | 7.0 | 0.0 |
Fidelity Series Large Cap Value Fund | 6.2 | 0.0 |
Fidelity Small Cap Growth Fund | 1.0 | 1.0 |
Fidelity Small Cap Opportunities Fund | 1.7 | 1.9 |
Fidelity Small Cap Value Fund | 1.0 | 1.2 |
Fidelity Value Fund | 4.0 | 8.5 |
| 66.9 | 68.3 |
International Equity Funds | | |
Fidelity Diversified International Fund | 5.7 | 4.8 |
Fidelity Europe Fund | 3.6 | 4.5 |
Fidelity Japan Fund | 1.2 | 1.3 |
Fidelity Overseas Fund | 5.5 | 4.7 |
Fidelity Series Emerging Markets Fund | 0.4 | 0.0 |
Fidelity Southeast Asia Fund | 0.3 | 0.5 |
| 16.7 | 15.8 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 4.9 | 4.9 |
Fidelity High Income Fund | 5.2 | 5.0 |
| 10.1 | 9.9 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 0.3 | 1.8 |
Fidelity Intermediate Bond Fund | 0.0 | 0.7 |
Fidelity Investment Grade Bond Fund | 0.0 | 1.3 |
Fidelity Series Investment Grade Bond Fund | 3.6 | 0.0 |
Fidelity Strategic Real Return Fund | 1.2 | 1.2 |
Fidelity Total Bond Fund | 1.2 | 1.0 |
| 6.3 | 6.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
 | Domestic Equity Funds | 66.9% | |
| International Equity Funds | 16.7% | |
| High Yield Fixed-Income Funds | 10.1% | |
| Investment Grade Fixed-Income Funds | 6.3% | |
Six months ago |
| Domestic Equity Funds | 68.3% | |
| International Equity Funds | 15.8% | |
| High Yield Fixed-Income Funds | 9.9% | |
| Investment Grade Fixed-Income Funds | 6.0% | |
Expected |
| Domestic Equity Funds | 67.3% | |
| International Equity Funds | 16.8% | |
| High Yield Fixed-Income Funds | 9.1% | |
| Investment Grade Fixed-Income Funds | 6.8% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Freedom 2040 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 83.6% |
| Shares | | Value |
Domestic Equity Funds - 66.9% |
Fidelity 100 Index Fund | 84,459,540 | | $ 494,088,309 |
Fidelity Blue Chip Growth Fund | 6,808,779 | | 170,083,292 |
Fidelity Disciplined Equity Fund | 42,471,754 | | 657,038,024 |
Fidelity Equity-Income Fund | 22,965,151 | | 614,317,797 |
Fidelity Growth Company Fund | 10,897,949 | | 519,832,181 |
Fidelity Series All-Sector Equity Fund | 45,152,853 | | 376,123,265 |
Fidelity Series Large Cap Value Fund | 39,122,154 | | 329,408,535 |
Fidelity Small Cap Growth Fund (a) | 6,325,923 | | 51,239,976 |
Fidelity Small Cap Opportunities Fund | 17,901,343 | | 88,790,660 |
Fidelity Small Cap Value Fund | 6,680,039 | | 54,642,720 |
Fidelity Value Fund | 6,238,615 | | 212,923,923 |
TOTAL DOMESTIC EQUITY FUNDS | | 3,568,488,682 |
International Equity Funds - 16.7% |
Fidelity Diversified International Fund | 15,852,427 | | 300,720,547 |
Fidelity Europe Fund | 9,818,251 | | 193,714,095 |
Fidelity Japan Fund | 8,119,823 | | 64,146,599 |
Fidelity Overseas Fund | 13,756,293 | | 294,109,538 |
Fidelity Series Emerging Markets Fund | 2,077,366 | | 21,272,230 |
Fidelity Southeast Asia Fund | 897,173 | | 16,086,320 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 890,049,329 |
TOTAL EQUITY FUNDS (Cost $7,168,495,868) | 4,458,538,011 |
Fixed-Income Funds - 16.4% |
| Shares | | Value |
High Yield Fixed-Income Funds - 10.1% |
Fidelity Capital & Income Fund | 47,045,811 | | $ 261,104,250 |
Fidelity High Income Fund | 44,703,750 | | 278,504,364 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 539,608,614 |
Investment Grade Fixed-Income Funds - 6.3% |
Fidelity Government Income Fund | 1,556,963 | | 16,970,898 |
Fidelity Series Investment Grade Bond Fund | 18,450,662 | | 194,654,483 |
Fidelity Strategic Real Return Fund | 9,457,892 | | 64,029,926 |
Fidelity Total Bond Fund | 6,720,572 | | 62,501,324 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 338,156,631 |
TOTAL FIXED-INCOME FUNDS (Cost $1,138,545,001) | 877,765,245 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $8,307,040,869) | $ 5,336,303,256 |
Legend |
(a) Non-income producing |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 5,336,303,256 | $ 5,336,303,256 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $90,976,931 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $160,709,932 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
| | |
Assets | | |
Investment in securities, at value (cost $8,307,040,869) - See accompanying schedule | | $ 5,336,303,256 |
Cash | | 39 |
Receivable for investments sold | | 113,992 |
Receivable for fund shares sold | | 15,298,132 |
Distributions receivable from underlying funds | | 522,433 |
Total assets | | 5,352,237,852 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,459,566 | |
Payable for fund shares redeemed | 10,475,040 | |
Total liabilities | | 15,934,606 |
| | |
Net Assets | | $ 5,336,303,246 |
Net Assets consist of: | | |
Paid in capital | | $ 8,583,090,205 |
Undistributed net investment income | | 12,106,447 |
Accumulated undistributed net realized gain (loss) on investments | | (288,155,793) |
Net unrealized appreciation (depreciation) on investments | | (2,970,737,613) |
Net Assets, for 1,046,875,120 shares outstanding | | $ 5,336,303,246 |
Net Asset Value, offering price and redemption price per share ($5,336,303,246 ÷ 1,046,875,120 shares) | | $ 5.10 |
Statement of Operations
| Year ended March 31, 2009 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 139,494,935 |
Interest | | 182 |
Total income | | 139,495,117 |
| | |
Expenses | | |
Independent trustees' compensation | $ 25,790 | |
Total expenses before reductions | 25,790 | |
Expense reduction | (25,790) | - |
Net investment income (loss) | | 139,495,117 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (297,140,290) | |
Capital gain distributions from underlying funds | 17,781,156 | (279,359,134) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (2,794,544,369) |
Net gain (loss) | | (3,073,903,503) |
Net increase (decrease) in net assets resulting from operations | | $ (2,934,408,386) |
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 endedMarch 31,2009 | Year endedMarch 31,2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 139,495,117 | $ 113,480,346 |
Net realized gain (loss) | (279,359,134) | 398,280,811 |
Change in net unrealized appreciation (depreciation) | (2,794,544,369) | (797,537,548) |
Net increase (decrease) in net assets resulting from operations | (2,934,408,386) | (285,776,391) |
Distributions to shareholders from net investment income | (138,458,577) | (108,667,308) |
Distributions to shareholders from net realized gain | (276,991,800) | (319,081,044) |
Total distributions | (415,450,377) | (427,748,352) |
Share transactions
Proceeds from sales of shares | 2,916,595,155 | 3,336,033,521 |
Reinvestment of distributions | 414,693,332 | 427,115,796 |
Cost of shares redeemed | (1,655,688,497) | (1,933,991,244) |
Net increase (decrease) in net assets resulting from share transactions | 1,675,599,990 | 1,829,158,073 |
Total increase (decrease) in net assets | (1,674,258,773) | 1,115,633,330 |
| | |
Net Assets | | |
Beginning of period | 7,010,562,019 | 5,894,928,689 |
End of period (including undistributed net investment income of $12,106,447 and undistributed net investment income of $15,277,014, respectively) | $ 5,336,303,246 | $ 7,010,562,019 |
Other Information Shares | | |
Sold | 438,869,569 | 344,759,374 |
Issued in reinvestment of distributions | 55,254,584 | 43,417,661 |
Redeemed | (244,734,846) | (199,462,588) |
Net increase (decrease) | 249,389,307 | 188,714,447 |
Financial Highlights
Years ended March 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.79 | $ 9.68 | $ 9.33 | $ 8.10 | $ 7.75 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .15 | .16 | .14 | .13 | .11 |
Net realized and unrealized gain (loss) | (3.35) | (.42) | .74 | 1.29 | .38 |
Total from investment operations | (3.20) | (.26) | .88 | 1.42 | .49 |
Distributions from net investment income | (.15) | (.15) | (.13) | (.10) | (.13) |
Distributions from net realized gain | (.34) | (.48) | (.40) | (.09) | (.02) |
Total distributions | (.49) | (.63) | (.53) | (.19) | (.14) E |
Net asset value, end of period | $ 5.10 | $ 8.79 | $ 9.68 | $ 9.33 | $ 8.10 |
Total Return A | (38.20)% | (3.29)% | 9.68% | 17.65% | 6.35% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .01% | .10% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .01% | .08% |
Expenses net of all reductions | .00% | .00% | .00% | .01% | .08% |
Net investment income (loss) | 2.22% | 1.66% | 1.49% | 1.45% | 1.45% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,336,303 | $ 7,010,562 | $ 5,894,929 | $ 3,867,885 | $ 2,138,102 |
Portfolio turnover rate | 17% | 37% | 4% | 4% | 1% |
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, 2009 |
| % of fund's investments | % of fund's investments 6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 6.0 | 8.4 |
Fidelity Blue Chip Growth Fund | 3.3 | 3.8 |
Fidelity Disciplined Equity Fund | 13.0 | 15.2 |
Fidelity Equity-Income Fund | 12.0 | 14.4 |
Fidelity Growth Company Fund | 10.1 | 8.9 |
Fidelity Mid-Cap Stock Fund | 0.0 | 3.6 |
Fidelity OTC Portfolio | 0.0 | 1.1 |
Fidelity Series All-Sector Equity Fund | 7.0 | 0.0 |
Fidelity Series Large Cap Value Fund | 6.5 | 0.0 |
Fidelity Small Cap Growth Fund | 1.0 | 1.0 |
Fidelity Small Cap Opportunities Fund | 1.8 | 1.9 |
Fidelity Small Cap Value Fund | 1.1 | 1.2 |
Fidelity Value Fund | 5.2 | 9.1 |
| 67.0 | 68.6 |
International Equity Funds | | |
Fidelity Diversified International Fund | 6.2 | 4.9 |
Fidelity Europe Fund | 3.1 | 4.4 |
Fidelity Japan Fund | 1.0 | 1.3 |
Fidelity Overseas Fund | 6.1 | 4.8 |
Fidelity Series Emerging Markets Fund | 0.3 | 0.0 |
Fidelity Southeast Asia Fund | 0.3 | 0.5 |
| 17.0 | 15.9 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 5.1 | 5.0 |
Fidelity High Income Fund | 5.3 | 5.2 |
| 10.4 | 10.2 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 1.5 | 2.3 |
Fidelity Intermediate Bond Fund | 0.0 | 0.4 |
Fidelity Investment Grade Bond Fund | 0.0 | 0.8 |
Fidelity Series Investment Grade Bond Fund | 2.5 | 0.0 |
Fidelity Strategic Real Return Fund | 0.9 | 1.0 |
Fidelity Total Bond Fund | 0.7 | 0.8 |
| 5.6 | 5.3 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 67.0% | |
| International Equity Funds | 17.0% | |
| High Yield Fixed-Income Funds | 10.4% | |
| Investment Grade Fixed-Income Funds | 5.6% | |
Six months ago |
| Domestic Equity Funds | 68.6% | |
| International Equity Funds | 15.9% | |
| High Yield Fixed-Income Funds | 10.2% | |
| Investment Grade Fixed-Income Funds | 5.3% | |
Expected |
| Domestic Equity Funds | 68.0% | |
| International Equity Funds | 17.0% | |
| High Yield Fixed-Income Funds | 10.0% | |
| Investment Grade Fixed-Income Funds | 5.0% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Freedom 2045 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 84.0% |
| Shares | | Value |
Domestic Equity Funds - 67.0% |
Fidelity 100 Index Fund | 9,753,182 | | $ 57,056,114 |
Fidelity Blue Chip Growth Fund | 1,237,634 | | 30,916,097 |
Fidelity Disciplined Equity Fund | 7,972,484 | | 123,334,322 |
Fidelity Equity-Income Fund | 4,254,542 | | 113,808,995 |
Fidelity Growth Company Fund | 2,003,141 | | 95,549,821 |
Fidelity Series All-Sector Equity Fund | 8,026,657 | | 66,862,053 |
Fidelity Series Large Cap Value Fund | 7,286,489 | | 61,352,240 |
Fidelity Small Cap Growth Fund (a) | 1,187,854 | | 9,621,620 |
Fidelity Small Cap Opportunities Fund | 3,426,902 | | 16,997,432 |
Fidelity Small Cap Value Fund | 1,243,406 | | 10,171,063 |
Fidelity Value Fund | 1,442,220 | | 49,222,958 |
TOTAL DOMESTIC EQUITY FUNDS | | 634,892,715 |
International Equity Funds - 17.0% |
Fidelity Diversified International Fund | 3,112,701 | | 59,047,931 |
Fidelity Europe Fund | 1,486,263 | | 29,323,978 |
Fidelity Japan Fund | 1,167,843 | | 9,225,958 |
Fidelity Overseas Fund | 2,682,200 | | 57,345,437 |
Fidelity Series Emerging Markets Fund | 281,957 | | 2,887,239 |
Fidelity Southeast Asia Fund | 161,330 | | 2,892,647 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 160,723,190 |
TOTAL EQUITY FUNDS (Cost $1,185,985,650) | 795,615,905 |
Fixed-Income Funds - 16.0% |
| Shares | | Value |
High Yield Fixed-Income Funds - 10.4% |
Fidelity Capital & Income Fund | 8,606,425 | | $ 47,765,658 |
Fidelity High Income Fund | 8,063,265 | | 50,234,144 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 97,999,802 |
Investment Grade Fixed-Income Funds - 5.6% |
Fidelity Government Income Fund | 1,265,638 | | 13,795,457 |
Fidelity Series Investment Grade Bond Fund | 2,267,531 | | 23,922,449 |
Fidelity Strategic Real Return Fund | 1,332,816 | | 9,023,167 |
Fidelity Total Bond Fund | 707,762 | | 6,582,190 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 53,323,263 |
TOTAL FIXED-INCOME FUNDS (Cost $184,771,430) | 151,323,065 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,370,757,080) | $ 946,938,970 |
Legend |
(a) Non-income producing |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 946,938,970 | $ 946,938,970 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $23,238,703 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $13,633,838 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
| | |
Assets | | |
Investment in securities, at value (cost $1,370,757,080) - See accompanying schedule | | $ 946,938,970 |
Receivable for fund shares sold | | 6,758,124 |
Distributions receivable from underlying funds | | 40,023 |
Total assets | | 953,737,117 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,149,306 | |
Payable for fund shares redeemed | 1,648,841 | |
Distributions payable | 42 | |
Total liabilities | | 6,798,189 |
| | |
Net Assets | | $ 946,938,928 |
Net Assets consist of: | | |
Paid in capital | | $ 1,414,363,134 |
Undistributed net investment income | | 2,513,276 |
Accumulated undistributed net realized gain (loss) on investments | | (46,119,372) |
Net unrealized appreciation (depreciation) on investments | | (423,818,110) |
Net Assets, for 158,070,798 shares outstanding | | $ 946,938,928 |
Net Asset Value, offering price and redemption price per share ($946,938,928 ÷ 158,070,798 shares) | | $ 5.99 |
Statement of Operations
| Year ended March 31, 2009 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 18,019,014 |
Interest | | 332 |
Total income | | 18,019,346 |
| | |
Expenses | | |
Independent trustees' compensation | $ 3,011 | |
Total expenses before reductions | 3,011 | |
Expense reductions | (3,011) | - |
Net investment income (loss) | | 18,019,346 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (46,708,562) | |
Capital gain distributions from underlying funds | 2,149,204 | (44,559,358) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (354,766,707) |
Net gain (loss) | | (399,326,065) |
Net increase (decrease) in net assets resulting from operations | | $ (381,306,719) |
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 endedMarch 31,2009 | Year endedMarch 31,2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 18,019,346 | $ 6,562,248 |
Net realized gain (loss) | (44,559,358) | 26,037,272 |
Change in net unrealized appreciation (depreciation) | (354,766,707) | (72,067,473) |
Net increase (decrease) in net assets resulting from operations | (381,306,719) | (39,467,953) |
Distributions to shareholders from net investment income | (16,295,009) | (5,525,508) |
Distributions to shareholders from net realized gain | (20,267,940) | (9,417,079) |
Total distributions | (36,562,949) | (14,942,587) |
Share transactions
Proceeds from sales of shares | 862,439,095 | 643,512,741 |
Reinvestment of distributions | 36,548,853 | 14,934,109 |
Cost of shares redeemed | (190,389,551) | (125,663,145) |
Net increase (decrease) in net assets resulting from share transactions | 708,598,397 | 532,783,705 |
Total increase (decrease) in net assets | 290,728,729 | 478,373,165 |
| | |
Net Assets | | |
Beginning of period | 656,210,199 | 177,837,034 |
End of period (including undistributed net investment income of $2,513,276 and undistributed net investment income of $878,974, respectively) | $ 946,938,928 | $ 656,210,199 |
Other Information Shares | | |
Sold | 113,838,664 | 57,779,653 |
Issued in reinvestment of distributions | 4,489,034 | 1,307,717 |
Redeemed | (24,356,704) | (11,210,894) |
Net increase (decrease) | 93,970,994 | 47,876,476 |
Financial Highlights
Years ended March 31, | 2009 | 2008 | 2007 F |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.24 | $ 10.96 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .18 | .18 | .11 |
Net realized and unrealized gain (loss) | (4.00) | (.49) | 1.01 |
Total from investment operations | (3.82) | (.31) | 1.12 |
Distributions from net investment income | (.15) | (.13) | (.07) |
Distributions from net realized gain | (.28) | (.28) | (.09) |
Total distributions | (.43) | (.41) | (.16) |
Net asset value, end of period | $ 5.99 | $ 10.24 | $ 10.96 |
Total Return B, C | (38.60)% | (3.19)% | 11.23% |
Ratios to Average Net Assets E, G | | | |
Expenses before reductions | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% A |
Net investment income (loss) | 2.29% | 1.65% | 1.30% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 946,939 | $ 656,210 | $ 177,837 |
Portfolio turnover rate | 17% | 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, 2009 |
| % of fund's
investments | % of fund's investments
6 months ago |
Domestic Equity Funds | | |
Fidelity 100 Index Fund | 6.2 | 9.3 |
Fidelity Blue Chip Growth Fund | 3.3 | 3.9 |
Fidelity Disciplined Equity Fund | 13.5 | 15.1 |
Fidelity Equity-Income Fund | 11.7 | 14.5 |
Fidelity Growth Company Fund | 10.5 | 9.0 |
Fidelity Mid-Cap Stock Fund | 0.0 | 4.0 |
Fidelity OTC Portfolio | 0.0 | 1.2 |
Fidelity Series All-Sector Equity Fund | 7.9 | 0.0 |
Fidelity Series Large Cap Value Fund | 6.9 | 0.0 |
Fidelity Small Cap Growth Fund | 1.1 | 1.0 |
Fidelity Small Cap Opportunities Fund | 1.9 | 2.0 |
Fidelity Small Cap Value Fund | 1.1 | 1.2 |
Fidelity Value Fund | 4.8 | 9.1 |
| 68.9 | 70.3 |
International Equity Funds | | |
Fidelity Diversified International Fund | 7.2 | 5.7 |
Fidelity Europe Fund | 3.9 | 5.4 |
Fidelity Japan Fund | 1.2 | 1.6 |
Fidelity Overseas Fund | 7.0 | 5.6 |
Fidelity Series Emerging Markets Fund | 0.5 | 0.0 |
Fidelity Southeast Asia Fund | 0.3 | 0.6 |
| 20.1 | 18.9 |
High Yield Fixed-Income Funds | | |
Fidelity Capital & Income Fund | 5.0 | 5.0 |
Fidelity High Income Fund | 5.3 | 5.2 |
| 10.3 | 10.2 |
Investment Grade Fixed-Income Funds | | |
Fidelity Government Income Fund | 0.1 | 0.2 |
Fidelity Intermediate Bond Fund | 0.0 | 0.1 |
Fidelity Investment Grade Bond Fund | 0.0 | 0.1 |
Fidelity Series Investment Grade Bond Fund | 0.4 | 0.0 |
Fidelity Strategic Real Return Fund | 0.1 | 0.1 |
Fidelity Total Bond Fund | 0.1 | 0.1 |
| 0.7 | 0.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's investments) |
Current |
| Domestic Equity Funds | 68.9% | |
| International Equity Funds | 20.1% | |
| High Yield Fixed-Income Funds | 10.3% | |
| Investment Grade Fixed-Income Funds | 0.7% | |
Six months ago |
| Domestic Equity Funds | 70.3% | |
| International Equity Funds | 18.9% | |
| High Yield Fixed-Income Funds | 10.2% | |
| Investment Grade Fixed-Income Funds | 0.6% | |
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, 2008. The current allocation is based on the fund's holdings as of March 31, 2009. The expected allocation represents the fund's anticipated allocation at September 30, 2009. |
Annual Report
Fidelity Freedom 2050 Fund
Investments March 31, 2009
Showing Percentage of Total Value of Investment in Securities
Equity Funds - 89.0% |
| Shares | | Value |
Domestic Equity Funds - 68.9% |
Fidelity 100 Index Fund | 8,090,175 | | $ 47,327,521 |
Fidelity Blue Chip Growth Fund | 1,024,628 | | 25,595,205 |
Fidelity Disciplined Equity Fund | 6,687,843 | | 103,460,936 |
Fidelity Equity-Income Fund | 3,358,019 | | 89,827,009 |
Fidelity Growth Company Fund | 1,691,342 | | 80,677,030 |
Fidelity Series All-Sector Equity Fund | 7,301,769 | | 60,823,738 |
Fidelity Series Large Cap Value Fund | 6,336,233 | | 53,351,084 |
Fidelity Small Cap Growth Fund (a) | 994,449 | | 8,055,036 |
Fidelity Small Cap Opportunities Fund | 2,861,817 | | 14,194,610 |
Fidelity Small Cap Value Fund | 1,060,996 | | 8,678,950 |
Fidelity Value Fund | 1,083,833 | | 36,991,226 |
TOTAL DOMESTIC EQUITY FUNDS | | 528,982,345 |
International Equity Funds - 20.1% |
Fidelity Diversified International Fund | 2,898,449 | | 54,983,584 |
Fidelity Europe Fund | 1,507,156 | | 29,736,185 |
Fidelity Japan Fund | 1,188,762 | | 9,391,217 |
Fidelity Overseas Fund | 2,501,965 | | 53,492,021 |
Fidelity Series Emerging Markets Fund | 418,726 | | 4,287,758 |
Fidelity Southeast Asia Fund | 151,891 | | 2,723,408 |
TOTAL INTERNATIONAL EQUITY FUNDS | | 154,614,173 |
TOTAL EQUITY FUNDS (Cost $1,050,521,474) | 683,596,518 |
Fixed-Income Funds - 11.0% |
| Shares | | Value |
High Yield Fixed-Income Funds - 10.3% |
Fidelity Capital & Income Fund | 6,951,240 | | $ 38,579,382 |
Fidelity High Income Fund | 6,544,446 | | 40,771,897 |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | | 79,351,279 |
Investment Grade Fixed-Income Funds - 0.7% |
Fidelity Government Income Fund | 83,924 | | 914,770 |
Fidelity Series Investment Grade Bond Fund | 252,468 | | 2,663,540 |
Fidelity Strategic Real Return Fund | 116,625 | | 789,551 |
Fidelity Total Bond Fund | 68,126 | | 633,572 |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | | 5,001,433 |
TOTAL FIXED-INCOME FUNDS (Cost $111,544,596) | 84,352,712 |
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,162,066,070) | $ 767,949,230 |
Legend |
(a) Non-income producing |
Other Information |
The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 767,949,230 | $ 767,949,230 | $ - | $ - |
Income Tax Information |
At March 31, 2009, the fund had a capital loss carryforward of approximately $23,028,339 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2010 approximately $13,228,323 of losses recognized during the period November 1, 2008 to March 31, 2009. |
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, 2009 |
| | |
Assets | | |
Investment in securities, at value (cost $1,162,066,070) - See accompanying schedule | | $ 767,949,230 |
Receivable for fund shares sold | | 6,546,026 |
Distributions receivable from underlying funds | | 3,635 |
Total assets | | 774,498,891 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,231,205 | |
Payable for fund shares redeemed | 1,318,457 | |
Total liabilities | | 6,549,662 |
| | |
Net Assets | | $ 767,949,229 |
Net Assets consist of: | | |
Paid in capital | | $ 1,206,217,136 |
Undistributed net investment income | | 1,344,115 |
Accumulated undistributed net realized gain (loss) on investments | | (45,495,182) |
Net unrealized appreciation (depreciation) on investments | | (394,116,840) |
Net Assets, for 131,486,438 shares outstanding | | $ 767,949,229 |
Net Asset Value, offering price and redemption price per share ($767,949,229 ÷ 131,486,438 shares) | | $ 5.84 |
Statement of Operations
| Year ended March 31, 2009 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 14,766,857 |
Interest | | 609 |
Total income | | 14,767,466 |
| | |
Expenses | | |
Independent trustees' compensation | $ 2,703 | |
Total expenses before reductions | 2,703 | |
Expense reductions | (2,703) | - |
Net investment income (loss) | | 14,767,466 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (45,707,216) | |
Capital gain distributions from underlying funds | 1,410,397 | (44,296,819) |
Change in net unrealized appreciation (depreciation) on underlying funds | | (315,119,131) |
Net gain (loss) | | (359,415,950) |
Net increase (decrease) in net assets resulting from operations | | $ (344,648,484) |
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,
2009 | Year ended
March 31,
2008 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 14,767,466 | $ 6,175,929 |
Net realized gain (loss) | (44,296,819) | 26,201,577 |
Change in net unrealized appreciation (depreciation) | (315,119,131) | (81,277,676) |
Net increase (decrease) in net assets resulting from operations | (344,648,484) | (48,900,170) |
Distributions to shareholders from net investment income | (14,432,858) | (5,305,795) |
Distributions to shareholders from net realized gain | (20,004,081) | (8,019,436) |
Total distributions | (34,436,939) | (13,325,231) |
Share transactions
Proceeds from sales of shares | 776,293,233 | 727,877,590 |
Reinvestment of distributions | 34,359,884 | 13,279,880 |
Cost of shares redeemed | (288,279,995) | (202,303,302) |
Net increase (decrease) in net assets resulting from share transactions | 522,373,122 | 538,854,168 |
Total increase (decrease) in net assets | 143,287,699 | 476,628,767 |
| | |
Net Assets | | |
Beginning of period | 624,661,530 | 148,032,763 |
End of period (including undistributed net investment income of $1,344,115 and undistributed net investment income of $975,474, respectively) | $ 767,949,229 | $ 624,661,530 |
Other Information Shares | | |
Sold | 101,912,372 | 64,478,896 |
Issued in reinvestment of distributions | 4,108,690 | 1,155,619 |
Redeemed | (35,427,969) | (18,224,274) |
Net increase (decrease) | 70,593,093 | 47,410,241 |
Financial Highlights
Years ended March 31, | 2009 | 2008 | 2007 F |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.26 | $ 10.98 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .17 | .18 | .11 |
Net realized and unrealized gain (loss) | (4.15) | (.53) | 1.02 |
Total from investment operations | (3.98) | (.35) | 1.13 |
Distributions from net investment income | (.15) | (.12) | (.06) |
Distributions from net realized gain | (.29) | (.25) | (.09) |
Total distributions | (.44) | (.37) | (.15) |
Net asset value, end of period | $ 5.84 | $ 10.26 | $ 10.98 |
Total Return B, C | (40.19)% | (3.53)% | 11.33% |
Ratios to Average Net Assets E, G | | | |
Expenses before reductions | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% A |
Net investment income (loss) | 2.13% | 1.59% | 1.23% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 767,949 | $ 624,662 | $ 148,033 |
Portfolio turnover rate | 20% | 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, 2009
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. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day.
The Funds adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Funds' fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of March 31, 2009, for each Fund's investments is included at the end of each Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date. 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Freedom 2010 Fund, Freedom 2020 Fund, and Freedom 2030 Fund, independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company 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 is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). 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. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
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.
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. Certain adjustments have been made to the accounts relating to the 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 the short-term gain distributions from the Underlying Funds, deferred trustee compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
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 | $ 2,530,186,297 | $ 18,220,849 | $ (368,482,334) | $ (350,261,485) |
Freedom 2000 | 1,703,573,793 | 13,348,836 | (273,372,299) | (260,023,463) |
Freedom 2005 | 1,044,861,812 | 4,457,472 | (278,676,908) | (274,219,436) |
Freedom 2010 | 12,202,671,113 | 82,172,750 | (3,154,144,740) | (3,071,971,990) |
Freedom 2015 | 8,420,933,892 | 43,484,361 | (2,374,998,372) | (2,331,514,011) |
Freedom 2020 | 20,418,488,733 | 122,044,898 | (6,223,836,135) | (6,101,791,237) |
Freedom 2025 | 8,607,825,752 | 43,429,064 | (2,852,566,714) | (2,809,137,650) |
Freedom 2030 | 14,769,055,257 | 74,354,638 | (5,158,067,586) | (5,083,712,948) |
Freedom 2035 | 5,516,153,690 | 23,655,542 | (1,963,778,473) | (1,940,122,931) |
Freedom 2040 | 8,351,513,998 | 27,354,179 | (3,042,564,921) | (3,015,210,742) |
Freedom 2045 | 1,380,003,913 | 8,210,557 | (441,275,500) | (433,064,943) |
Freedom 2050 | 1,171,810,834 | 5,294,292 | (409,155,896) | (403,861,604) |
| Undistributed
Ordinary
Income | Capital Loss
Carryforward |
Freedom Income | $ 5,288,956 | $ (8,879,718) |
Freedom 2000 | 8,305,129 | (7,629,953) |
Freedom 2005 | 4,511,744 | (15,520,321) |
Freedom 2010 | 53,916,577 | (133,502,896) |
Freedom 2015 | 30,418,730 | (98,777,053) |
Freedom 2020 | 76,623,136 | (233,519,669) |
Freedom 2025 | 21,764,002 | (128,436,443) |
Freedom 2030 | 36,384,382 | (175,742,492) |
Freedom 2035 | 11,437,872 | (97,863,769) |
Freedom 2040 | 20,110,650 | (90,976,931) |
Freedom 2045 | 2,513,276 | (23,238,703) |
Freedom 2050 | 1,850,359 | (23,028,339) |
The tax character of distributions paid was as follows:
March 31, 2009 | Ordinary
Income | Long-term
Capital Gains | Total |
Freedom Income | $ 97,240,094 | $ 22,832,954 | $ 120,073,048 |
Freedom 2000 | 66,342,559 | 23,630,792 | 89,973,351 |
Freedom 2005 | 34,379,288 | 19,943,002 | 54,322,290 |
Freedom 2010 | 438,715,631 | 338,418,030 | 777,133,661 |
Freedom 2015 | 240,871,035 | 154,345,772 | 395,216,807 |
Freedom 2020 | 521,017,365 | 646,263,014 | 1,167,280,379 |
Freedom 2025 | 195,065,624 | 188,045,006 | 383,110,630 |
Freedom 2030 | 296,519,032 | 510,692,657 | 807,211,689 |
Freedom 2035 | 89,814,194 | 137,012,342 | 226,826,536 |
Freedom 2040 | 142,666,202 | 272,784,175 | 415,450,377 |
Freedom 2045 | 17,466,196 | 19,096,753 | 36,562,949 |
Freedom 2050 | 14,432,858 | 20,004,081 | 34,436,939 |
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 |
3. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits certain Funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Certain Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Each applicable Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
4. Purchases and Sales of Investments.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| Purchases ($) | Redemptions ($) |
Freedom Income | 893,825,670 | 832,524,455 |
Freedom 2000 | 532,299,298 | 570,067,234 |
Freedom 2005 | 407,691,906 | 398,589,955 |
Freedom 2010 | 4,602,725,684 | 5,517,992,730 |
Freedom 2015 | 3,768,069,313 | 2,440,211,741 |
Freedom 2020 | 7,519,922,040 | 6,134,852,435 |
Freedom 2025 | 3,763,335,717 | 1,877,176,790 |
Freedom 2030 | 4,475,025,977 | 2,749,909,956 |
Freedom 2035 | 2,271,262,590 | 770,084,129 |
Freedom 2040 | 2,509,670,757 | 1,090,071,790 |
Freedom 2045 | 829,149,765 | 136,945,493 |
Freedom 2050 | 642,405,596 | 138,291,881 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Strategic Advisers, Inc. (Strategic Advisers), an affiliate of FMR, provides the Funds with investment management related services. The Funds do not pay any fees for these services.
Other Transactions. Strategic Advisers has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding the compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Annual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Reallocation of Underlying Fund Investments. During the period, Strategic Advisers reallocated certain investments of the Funds' to include shares of three newly created Fidelity Series Funds. This involved a taxable redemption of each Fund's interest, or partial interest, in Fidelity Mid-Cap Stock Fund, Fidelity OTC Portfolio, Fidelity Value Fund, Fidelity Intermediate Bond Fund and Fidelity Investment Grade Bond Fund ("selected Underlying Funds") for cash and securities in-kind and a non-taxable exchange of those securities for shares of Fidelity Series All-Sector Equity Fund, Fidelity Series Large Cap Value Fund and Fidelity Series Investment Grade Bond Fund. Realized gains and losses on redemptions of the selected Underlying Funds in connection with the reallocation are presented in the accompanying Statement of Operations as "Realized gain (loss) on sale of underlying fund shares".
Details of these transactions with the related gain/(loss) for each Fund are presented in the accompanying table:
| Value of Cash
and Securities
reallocated | Realized Gain/(Loss)
on redemptions of
selected Underlying Funds |
Freedom Income | $ 332,823,850 | $ (54,107,233) |
Freedom 2000 | 201,568,500 | (33,179,209) |
Freedom 2005 | 128,042,808 | (32,921,760) |
Freedom 2010 | 1,771,954,534 | (362,650,849) |
Freedom 2015 | 1,003,373,936 | (265,859,351) |
Freedom 2020 | 2,457,029,647 | (631,225,884) |
Freedom 2025 | 757,248,970 | (262,628,648) |
Freedom 2030 | 1,131,732,264 | (402,912,209) |
Freedom 2035 | 326,489,325 | (160,517,809) |
Freedom 2040 | 477,287,200 | (230,700,968) |
Freedom 2045 | 60,022,451 | (39,899,463) |
Freedom 2050 | 46,516,872 | (36,219,014) |
6. Expense Reductions.
FMR voluntarily agreed to reimburse each Fund's operating expenses. Some expenses, for example interest expense, are excluded from this reimbursement.
During the period ended March 31, 2009, this reimbursement reduced each Fund's expenses by the following:
| Reimbursement
from adviser |
Freedom Income | $ 9,669 |
Freedom 2000 | 6,609 |
Freedom 2005 | 3,847 |
Freedom 2010 | 49,491 |
Freedom 2015 | 27,572 |
Freedom 2020 | 72,679 |
Freedom 2025 | 25,830 |
Freedom 2030 | 48,812 |
Freedom 2035 | 15,352 |
Freedom 2040 | 25,790 |
Freedom 2045 | 3,011 |
Freedom 2050 | 2,703 |
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.
Annual Report
7. Other - continued
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
2015 | Freedom
2020 | Freedom
2025 | Freedom
2030 | Freedom
2040 |
Fidelity 100 Index Fund | 13% | - | 24% | - | 19% | 11% |
Fidelity Disciplined Equity Fund | - | - | 17% | - | 14% | - |
Fidelity Europe Fund | - | - | 19% | - | 15% | - |
Fidelity High Income fund | - | - | 13% | - | - | - |
Fidelity Japan Fund | - | - | 16% | - | 13% | - |
Fidelity Overseas Fund | - | - | 12% | - | - | - |
Fidelity Series All-Sector Equity Fund | - | - | 20% | - | 16% | - |
Fidelity Series Emerging Markets Fund | 14% | 13% | 28% | 12% | 13% | - |
Fidelity Series Investment Grade Bond Fund | 22% | 13% | 27% | - | - | - |
Fidelity Series Large Cap Value Fund | 11% | - | 22% | 11% | 17% | 11% |
Fidelity Small Cap Growth Fund | - | - | 12% | - | 10% | - |
Fidelity Small Cap Opportunities Fund | - | - | 20% | - | 17% | - |
Fidelity Small Cap Value Fund | - | - | 11% | - | - | - |
Fidelity Strategic Real Return Fund | 15% | - | 17% | - | - | - |
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 | 95% |
Fidelity Capital & Income Fund | 32% |
Fidelity Disciplined Equity Fund | 70% |
Fidelity Equity-Income Fund | 35% |
Fidelity Europe Fund | 72% |
Fidelity Growth Company | 20% |
Fidelity High Income Fund | 49% |
Fidelity Japan Fund | 62% |
Fidelity Overseas Fund | 50% |
Fidelity Series All-Sector Equity Fund | 84% |
Fidelity Series Emerging Markets Fund | 96% |
Fidelity Series Investment Grade Bond Fund | 94% |
Fidelity Series Large Cap Value Fund | 95% |
Fidelity Short-Term Bond Fund | 28% |
Fidelity Small Cap Growth Fund | 52% |
Fidelity Small Cap Opportunities Fund | 84% |
Fidelity Small Cap Value Fund | 47% |
Fidelity Strategic Real Return Fund | 64% |
Fidelity Total Bond Fund | 30% |
Fidelity Value Fund | 24% |
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 positions of Fidelity Freedom Income Fund, Fidelity Freedom 2000 Fund, Fidelity Freedom 2005 Fund, Fidelity Freedom 2010 Fund, Fidelity Freedom 2015 Fund, Fidelity Freedom 2020 Fund, Fidelity Freedom 2025 Fund, Fidelity Freedom 2030 Fund, Fidelity Freedom 2035 Fund, Fidelity Freedom 2040 Fund, Fidelity Freedom 2045 Fund and Fidelity Freedom 2050 Fund (funds of Fidelity Aberdeen Street Trust) at March 31, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Aberdeen Street Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2009 by correspondence with the transfer agent, provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 22, 2009
Annual Report
The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Freedom Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Freedom Fund's activities, review contractual arrangements with companies that provide services to each Freedom Fund, and review each Freedom Fund's performance. If the interests of a Freedom Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees and Member of the Advisory Board fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Freedom Funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers, the Trustees, and Member of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for Edward C. Johnson 3d and James C. Curvey, each of the Trustees oversees 161 funds advised by FMR or an affiliate. Messrs. Johnson and Curvey oversee 383 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
Edward C. Johnson 3d (78) |
| 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 (73) |
| Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (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, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupation |
Albert R. Gamper, Jr. (67) |
| 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. Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities), a member of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Arthur E. Johnson (62) |
| Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present) and AGL Resources, Inc. (holding company). Previously, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009), and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related. |
James H. Keyes (68) |
| Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). Previously, Mr. Keyes served as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (62) |
| 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. Ms. Knowles 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 and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007). |
Kenneth L. Wolfe (70) |
| Year of Election or Appointment: 2005 Mr. Wolfe currently serves as a member of the Board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation, and as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006) and Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007). |
Advisory Board Member and Executive Officers:
Correspondence intended for Mr. Kenneally may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
Michael E. Kenneally (55) |
| Year of Election or Appointment: 2008 Member of the Advisory Board. Mr. Kenneally also serves as Trustee (2009-present) or Member of the Advisory Board of other Fidelity Fixed Income and Asset Allocation Funds. Previously, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of The Credit Suisse Funds (U.S. Mutual Fund, 2004-2008) and was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
John R. Hebble (50) |
| Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble is an employee of Fidelity Investments. |
Boyce I. Greer (53) |
| Year of Election or Appointment: 2005 or 2006 Vice President of Fidelity's Fixed Income Funds (2006) and Asset Allocation Funds (2005). Mr. Greer is also a Trustee of other investment companies advised by FMR. Mr. Greer is President and a Director of Strategic Advisers, Inc. (2008-present), 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). |
Scott C. Goebel (41) |
| Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Secretary of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). |
Holly C. Laurent (54) |
| Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006). |
Christine Reynolds (50) |
| Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). |
Michael H. Whitaker (41) |
| Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel. |
Bryan A. Mehrmann (47) |
| Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004). |
Stephanie J. Dorsey (39) |
| Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank. |
Robert G. Byrnes (42) |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Byrnes is an employee of Fidelity Investments (2005-present). Previously, Mr. Byrnes served as Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2003-2005). |
Paul M. Murphy (62) |
| Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments (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 (FPCMS) (1994-2007). |
Gary W. Ryan (50) |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005). |
Annual Report
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Freedom Income Fund | 05/04/09 | 05/01/09 | $0.02 | $- |
Fidelity Freedom 2000 Fund | 05/18/09 | 05/15/09 | $0.06 | $- |
Fidelity Freedom 2005 Fund | 05/18/09 | 05/15/09 | $0.045 | $0.005 |
Fidelity Freedom 2010 Fund | 05/18/09 | 05/15/09 | $0.055 | $0.005 |
Fidelity Freedom 2015 Fund | 05/18/09 | 05/15/09 | $0.035 | $0.005 |
Fidelity Freedom 2020 Fund | 05/18/09 | 05/15/09 | $0.045 | $0.005 |
Fidelity Freedom 2025 Fund | 05/18/09 | 05/15/09 | $0.025 | $0.005 |
Fidelity Freedom 2030 Fund | 05/18/09 | 05/15/09 | $0.04 | $- |
Fidelity Freedom 2035 Fund | 05/18/09 | 05/15/09 | $0.02 | $0.005 |
Fidelity Freedom 2040 Fund | 05/18/09 | 05/15/09 | $0.01 | $0.01 |
Fidelity Freedom 2045 Fund | 05/18/09 | 05/15/09 | $0.015 | $- |
Fidelity Freedom 2050 Fund | 05/18/09 | 05/15/09 | $0.01 | $0.005 |
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
Fidelity Freedom Income Fund | |
May 2008 | 6% |
June 2008 | 8% |
July 2008 | 8% |
August 2008 | 8% |
September 2008 | 8% |
October 2008 | 8% |
November 2008 | 8% |
December 2008 | 8% |
February 2009 | 1% |
March 2009 | 1% |
Fidelity Freedom 2000 Fund | |
May 2008 | 1% |
December 2008 | 10% |
Fidelity Freedom 2005 Fund | |
May 2008 | - |
December 2008 | 16% |
Fidelity Freedom 2010 Fund | |
May 2008 | 2% |
December 2008 | 17% |
Fidelity Freedom 2015 Fund | |
May 2008 | 2% |
December 2008 | 18% |
Fidelity Freedom 2020 Fund | |
May 2008 | 2% |
December 2008 | 25% |
Fidelity Freedom 2025 Fund | |
May 2008 | 1% |
December 2008 | 27% |
Fidelity Freedom 2030 Fund | |
May 2008 | 4% |
December 2008 | 37% |
Fidelity Freedom 2035 Fund | |
May 2008 | 3% |
December 2008 | 40% |
Fidelity Freedom 2040 Fund | |
May 2008 | 3% |
December 2008 | 43% |
Fidelity Freedom 2045 Fund | |
May 2008 | 8% |
December 2008 | 42% |
Fidelity Freedom 2050 Fund | |
May 2008 | 13% |
December 2008 | 45% |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
Fidelity Freedom Income Fund | |
May 2008 | 7% |
June 2008 | 9% |
July 2008 | 9% |
August 2008 | 9% |
September 2008 | 9% |
October 2008 | 9% |
November 2008 | 9% |
December 2008 | 9% |
February 2009 | 1% |
March 2009 | 1% |
Fidelity Freedom 2000 Fund | |
May 2008 | 2% |
December 2008 | 11% |
Fidelity Freedom 2005 Fund | |
May 2008 | 1% |
December 2008 | 22% |
Fidelity Freedom 2010 Fund | |
May 2008 | 3% |
December 2008 | 22% |
Fidelity Freedom 2015 Fund | |
May 2008 | 3% |
December 2008 | 25% |
Fidelity Freedom 2020 Fund | |
May 2008 | 2% |
December 2008 | 33% |
Fidelity Freedom 2025 Fund | |
May 2008 | 2% |
December 2008 | 36% |
Fidelity Freedom 2030 Fund | |
May 2008 | 6% |
December 2008 | 49% |
Fidelity Freedom 2035 Fund | |
May 2008 | 5% |
December 2008 | 53% |
Fidelity Freedom 2040 Fund | |
May 2008 | 4% |
December 2008 | 58% |
Fidelity Freedom 2045 Fund | |
May 2008 | 10% |
December 2008 | 58% |
Fidelity Freedom 2050 Fund | |
May 2008 | 18% |
December 2008 | 64% |
The funds will notify shareholders in January 2010 of amounts for use in preparing 2009 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 Mellon
New York, NY
FF-ANN-0509
1.702316.111
FF-UANNPRO-0509
1.814503.104
Item 2. Code of Ethics
As of the end of the period, March 31, 2009, 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 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
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund, and Fidelity Advisor Freedom 2050 Fund (the "Funds"):
Services Billed by Deloitte Entities
March 31, 2009 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Freedom Income Fund | $23,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2005 Fund | $23,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2010 Fund | $23,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2015 Fund | $23,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2020 Fund | $23,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2025 Fund | $23,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2030 Fund | $23,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2035 Fund | $23,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2040 Fund | $23,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2045 Fund | $24,000 | $- | $5,600 | $- |
Fidelity Advisor Freedom 2050 Fund | $24,000 | $- | $5,600 | $- |
March 31, 2008 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Freedom Income Fund | $22,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2005 Fund | $22,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2010 Fund | $22,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2015 Fund | $22,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2020 Fund | $22,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2025 Fund | $22,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2030 Fund | $22,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2035 Fund | $22,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2040 Fund | $22,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2045 Fund | $21,000 | $- | $5,600 | $- |
Fidelity Advisor Freedom 2050 Fund | $21,000 | $- | $5,600 | $- |
A Amounts may reflect rounding.
The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Freedom Income Fund, Fidelity Freedom 2000 Fund, Fidelity Freedom 2005 Fund, Fidelity Freedom 2010 Fund, Fidelity Freedom 2015 Fund, Fidelity Freedom 2020 Fund, Fidelity Freedom 2025 Fund, Fidelity Freedom 2030 Fund, Fidelity Freedom 2035 Fund, Fidelity Freedom 2040 Fund, Fidelity Freedom 2045 Fund, and Fidelity Freedom 2050 Fund (the "Funds"):
Services Billed by PwC
March 31, 2009 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Freedom Income Fund | $21,000 | $- | $2,200 | $500 |
Fidelity Freedom 2000 Fund | $21,000 | $- | $2,200 | $500 |
Fidelity Freedom 2005 Fund | $21,000 | $- | $2,200 | $500 |
Fidelity Freedom 2010 Fund | $21,000 | $- | $2,200 | $500 |
Fidelity Freedom 2015 Fund | $21,000 | $- | $2,200 | $500 |
Fidelity Freedom 2020 Fund | $21,000 | $- | $2,200 | $500 |
Fidelity Freedom 2025 Fund | $21,000 | $- | $2,200 | $500 |
Fidelity Freedom 2030 Fund | $21,000 | $- | $2,200 | $500 |
Fidelity Freedom 2035 Fund | $21,000 | $- | $2,200 | $500 |
Fidelity Freedom 2040 Fund | $21,000 | $- | $2,200 | $500 |
Fidelity Freedom 2045 Fund | $21,000 | $- | $2,200 | $500 |
Fidelity Freedom 2050 Fund | $21,000 | $- | $2,200 | $500 |
March 31, 2008 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Freedom Income Fund | $20,000 | $- | $2,200 | $800 |
Fidelity Freedom 2000 Fund | $20,000 | $- | $2,200 | $800 |
Fidelity Freedom 2005 Fund | $20,000 | $- | $2,200 | $800 |
Fidelity Freedom 2010 Fund | $20,000 | $- | $2,200 | $800 |
Fidelity Freedom 2015 Fund | $20,000 | $- | $2,200 | $800 |
Fidelity Freedom 2020 Fund | $20,000 | $- | $2,200 | $800 |
Fidelity Freedom 2025 Fund | $20,000 | $- | $2,200 | $800 |
Fidelity Freedom 2030 Fund | $20,000 | $- | $2,200 | $800 |
Fidelity Freedom 2035 Fund | $20,000 | $- | $2,200 | $800 |
Fidelity Freedom 2040 Fund | $20,000 | $- | $2,200 | $800 |
Fidelity Freedom 2045 Fund | $20,000 | $- | $2,200 | $800 |
Fidelity Freedom 2050 Fund | $20,000 | $- | $2,200 | $800 |
A Amounts may reflect rounding.
The following table presents fees billed by PwC and Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds ("Fund Service Providers"):
Services Billed by Deloitte Entities
| March 31, 2009A | March 31, 2008A |
Audit-Related Fees | $815,000 | $- |
Tax Fees | $2,000 | $- |
All Other Fees | $445,000 | $430,000B |
A Amounts may reflect rounding.
B Reflects current period presentation.
Services Billed by PwC
| March 31, 2009A | March 31, 2008A |
Audit-Related Fees | $3,305,000 | $510,000B |
Tax Fees | $2,000 | $- |
All Other Fees | $- | $-B |
A Amounts may reflect rounding.
B Reflects current period presentation.
"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
"All Other Fees" represent fees billed for assurance services provided to the fund or Fund Service Provider that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC and Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
Billed By | March 31, 2009 A | March 31, 2008 A |
PwC | $3,745,000 | $1,710,000 |
Deloitte Entities | $1,525,000 | $580,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC and Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of PwC and Deloitte Entities in their audits of the Funds, taking into account representations from PwC and Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding their independence from the Funds and their related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds' last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Aberdeen Street Trust
By: | /s/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
| |
Date: | May 28, 2009 |
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/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
| |
Date: | May 28, 2009 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
| |
Date: | May 28, 2009 |
