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, 2010 |
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, 2010
(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/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
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
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Global capital markets have been positive thus far in 2010, overcoming some early volatility to continue the upward trend that began in March 2009. Year to date, U.S. stocks have seen the biggest gains, outpacing the performance of foreign equities, which has been hampered by a rebounding dollar. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the 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 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 "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 by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | 14.74% | 2.63% | 2.85% |
Class T (incl. 3.50% sales charge) | 17.21% | 2.84% | 2.95% |
Class B (incl. contingent deferred sales charge)B | 15.86% | 2.69% | 2.97% |
Class C (incl. contingent deferred sales charge)C | 19.83% | 3.06% | 2.98% |
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 0%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | 26.21% | 2.28% | 3.01% |
Class T (incl. 3.50% sales charge) | 28.93% | 2.51% | 3.13% |
Class B (incl. contingent deferred sales charge)B | 27.90% | 2.36% | 3.20% |
Class C (incl. contingent deferred sales charge)C | 31.90% | 2.72% | 3.21% |
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 0%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | 28.66% | 2.32% | 3.55% |
Class T (incl. 3.50% sales charge) | 31.42% | 2.55% | 3.66% |
Class B (incl. contingent deferred sales charge)B | 30.54% | 2.42% | 3.70% |
Class C (incl. contingent deferred sales charge)C | 34.45% | 2.77% | 3.70% |
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 0%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | 30.02% | 2.53% | 3.46% |
Class T (incl. 3.50% sales charge) | 32.72% | 2.74% | 3.59% |
Class B (incl. contingent deferred sales charge) B | 31.85% | 2.61% | 3.67% |
Class C (incl. contingent deferred sales charge) C | 35.97% | 2.97% | 3.66% |
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 0%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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 S&P 500® Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2020 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | 36.02% | 2.01% | 4.04% |
Class T (incl. 3.50% sales charge) | 38.97% | 2.23% | 4.17% |
Class B (incl. contingent deferred sales charge) B | 38.34% | 2.10% | 4.21% |
Class C (incl. contingent deferred sales charge) C | 42.38% | 2.44% | 4.21% |
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 0%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2025 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | 38.42% | 1.93% | 3.26% |
Class T (incl. 3.50% sales charge) | 41.47% | 2.17% | 3.44% |
Class B (incl. contingent deferred sales charge) B | 40.83% | 2.03% | 3.46% |
Class C (incl. contingent deferred sales charge) C | 44.83% | 2.39% | 3.45% |
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 0%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2030 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | 41.54% | 1.40% | 3.90% |
Class T (incl. 3.50% sales charge) | 44.48% | 1.61% | 4.01% |
Class B (incl. contingent deferred sales charge) B | 44.07% | 1.48% | 4.05% |
Class C (incl. contingent deferred sales charge)C | 48.06% | 1.84% | 4.05% |
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 0%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2035 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | 42.88% | 1.32% | 2.98% |
Class T (incl. 3.50% sales charge) | 45.88% | 1.54% | 3.07% |
Class B (incl. contingent deferred sales charge) B | 45.43% | 1.39% | 3.12% |
Class C (incl. contingent deferred sales charge)C | 49.28% | 1.75% | 3.14% |
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 0%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2040 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Class A (incl. 5.75% sales charge) | 44.35% | 1.20% | 4.05% |
Class T (incl. 3.50% sales charge) | 47.48% | 1.43% | 4.15% |
Class B (incl. contingent deferred sales charge) B | 47.08% | 1.30% | 4.20% |
Class C (incl. contingent deferred sales charge) C | 51.18% | 1.65% | 4.19% |
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 0%, respectively.
C Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2045 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | 44.97% | -2.17% |
Class T (incl. 3.50% sales charge) | 48.15% | -1.81% |
Class B (incl. contingent deferred sales charge) B | 47.74% | -2.10% |
Class C (incl. contingent deferred sales charge) C | 51.90% | -1.37% |
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 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2050 Fund® - Class A, T, B, and C
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | | Past 1
year | Life of
fund A |
Class A (incl. 5.75% sales charge) | | 46.97% | -2.47% |
Class T (incl. 3.50% sales charge) | | 50.12% | -2.09% |
Class B (incl. contingent deferred sales charge) B | | 49.72% | -2.37% |
Class C (incl. contingent deferred sales charge) C | | 54.15% | -1.63% |
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 Index performed over the same period.
Annual Report
Market Recap: Blistering stock market declines sustained during the global economic crisis dramatically reversed during the 12-month period ending March 31, 2010, as extraordinary government stimulus took hold, corporate cost cutting paved the way for encouraging earnings reports, credit conditions improved and consumer fears began to ease. After hitting woeful lows in March 2009, stock markets began a steady ascent that coincided with the near culmination of the Great Recession that began in late 2007. Although a weak labor market still lingered, in March 2010 the prices of many individual stocks reached a 52-week high, lifting the blue-chip Dow Jones Industrial AverageSM to a 17-month peak, and a 46.93% gain for the annual period. Impressive returns were widespread, with the S&P 500® Index rising 49.77% - its third-largest 12-month increase in more than two decades - and the technology-laden Nasdaq Composite® Index rising 58.32% for the period. Strong performance also echoed across global markets, with the MSCI® EAFE® (Europe, Australasia, Far East) Index rising 54.63%. In the fixed-income arena, as credit conditions improved, investors who shifted into higher-risk vehicles were generally rewarded with strong returns. High-yield bonds were standouts, with The BofA Merrill Lynch US High Yield Constrained IndexSM posting a 56.95% gain during the period, far outpacing the 7.69% rise in Barclays Capital U.S. Aggregate Bond Index - a broad measure of the domestic investment-grade universe - which was weighed down by the weak performance of ultra-safe U.S. Treasury securities.
Comments from Jonathan Shelon and Christopher Sharpe, Co-Portfolio Managers of Fidelity Advisor Freedom Funds®: The Fidelity Advisor Freedom Funds experienced a period of solid performance for the year. In absolute terms, all of the Advisor Freedom Funds posted exceptional double-digit gains during the 12-month period. (For specific Fund results, please refer to the performance section of this report.) The longer-dated and more-equity-oriented Funds advanced the most, compared with results for the shorter-dated and more-conservatively positioned Funds. In relative terms, all of the Funds outpaced their composite indexes, driven by strong outperformance within almost every asset class during the period. Our underlying investment-grade holdings strongly outpaced the Barclays Capital U.S. Aggregate Bond Index. Fueling our success within the investment-grade category was Fidelity® Series Investment Grade Bond Fund, which benefited from its positioning in more credit-sensitive, higher-yielding issues. Our out-of-benchmark allocation to high-yield securities - an asset class that turned in remarkable results - also added meaningfully to performance, led by our sole investment in the category, Fidelity Advisor High Income Advantage Fund. Lastly, within the short-term asset class, our underlying funds handily topped the Barclays Capital U.S. 3 Month Treasury Bellwether Index, which rose 0.19%. Shifting to the equity category, our domestic equities outperformed the Dow Jones U.S. Total Stock Market IndexSM, which advanced 52.62% during the past 12 months. Four of the nine underlying funds in the domestic equity class beat their respective benchmarks, with Fidelity Series Small Cap Opportunities Fund and Fidelity Advisor Large Cap Fund contributing meaningfully, bolstered by solid stock selection. Developed foreign equities, as measured by the MSCI EAFE, pushed higher than domestic equities. However, nearly all of our underlying funds underperformed their respective benchmark indexes. The performance for our international funds was hurt by an emphasis on higher-quality securities, which didn't keep pace with the riskier stocks investors favored during the period.
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, 2009 to March 31, 2010).
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, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009 to March 31, 2010 |
Advisor Freedom Income | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,044.30 | $ 1.27 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,043.00 | $ 2.55 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,039.30 | $ 5.08 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,039.30 | $ 5.08 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,045.60 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2005 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,061.40 | $ 1.28 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,060.60 | $ 2.57 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized
Expense Ratio | Beginning
Account Value
October 1, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009 to March 31, 2010 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,058.30 | $ 5.13 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,057.90 | $ 5.13 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,063.70 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2010 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,066.70 | $ 1.29 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,065.00 | $ 2.57 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,063.10 | $ 5.14 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,062.60 | $ 5.14 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,068.20 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2015 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,067.90 | $ 1.29 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,067.00 | $ 2.58 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,064.60 | $ 5.15 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,064.80 | $ 5.15 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,069.20 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2020 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,077.70 | $ 1.30 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,075.70 | $ 2.59 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized
Expense Ratio | Beginning
Account Value
October 1, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009 to March 31, 2010 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,074.30 | $ 5.17 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,073.90 | $ 5.17 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,079.00 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2025 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,082.50 | $ 1.30 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,081.40 | $ 2.59 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,079.40 | $ 5.18 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,078.90 | $ 5.18 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,084.60 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2030 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,087.10 | $ 1.30 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,085.50 | $ 2.60 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,083.10 | $ 5.19 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,082.50 | $ 5.19 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,088.40 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2035 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,090.50 | $ 1.30 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,089.10 | $ 2.60 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized
Expense Ratio | Beginning
Account Value
October 1, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009 to March 31, 2010 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,086.10 | $ 5.20 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,085.30 | $ 5.20 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,091.70 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2040 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,091.30 | $ 1.30 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,090.70 | $ 2.61 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,087.60 | $ 5.20 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,087.90 | $ 5.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,093.50 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2045 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,092.90 | $ 1.30 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,091.50 | $ 2.61 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,089.40 | $ 5.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,088.60 | $ 5.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,095.40 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2050 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,093.90 | $ 1.31 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,092.60 | $ 2.61 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized
Expense Ratio | Beginning
Account Value
October 1, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009 to March 31, 2010 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,090.80 | $ 5.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,090.50 | $ 5.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,096.40 | $ .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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 0.7 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 1.8 | 2.1 |
Fidelity Advisor Equity Income Fund Institutional Class | 1.5 | 2.7 |
Fidelity Advisor Growth & Income Fund Institutional Class | 2.7 | 3.3 |
Fidelity Advisor Large Cap Fund Institutional Class | 2.5 | 3.0 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.8 | 1.0 |
Fidelity Series 100 Index Fund | 1.7 | 1.6 |
Fidelity Series All-Sector Equity Fund | 3.5 | 4.1 |
Fidelity Series Large Cap Value Fund | 2.1 | 1.7 |
Fidelity Series Small Cap Opportunities Fund | 0.9 | 1.0 |
| 17.5 | 20.5 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 0.8 | 0.0 |
Fidelity Advisor Overseas Fund Institutional Class | 0.8 | 0.0 |
Fidelity Series International Growth Fund | 0.2 | 0.0 |
Fidelity Series International Small Cap Fund | 0.0* | 0.0 |
Fidelity Series International Value Fund | 0.2 | 0.0 |
| 2.0 | 0.0 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 0.2 | 0.0 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.1 | 5.4 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 4.8 | 0.5 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5.4 | 6.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 2.2 | 7.6 |
Fidelity Series Investment Grade Bond Fund | 22.5 | 22.1 |
| 30.1 | 36.5 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 19.8 | 18.8 |
Fidelity Institutional Money Market Portfolio Institutional Class | 19.8 | 18.3 |
| 39.6 | 37.1 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Current |
 | Commodity Funds | 0.7% | |
 | Domestic Equity Funds | 17.5% | |
 | Developed International Equity Funds | 2.0% | |
 | Emerging Markets Equity Funds | 0.2% | |
 | High Yield Bond Funds | 5.1% | |
 | Inflation-Protected Bond Funds | 4.8% | |
 | Investment Grade Bond Funds | 30.1% | |
 | Short-Term Funds | 39.6% | |
Six months ago |
| Domestic Equity Funds | 20.5% | |
| High Yield Bond Funds | 5.4% | |
| Inflation-Protected Bond Funds | 0.5% | |
| Investment Grade Bond Funds | 36.5% | |
| Short-Term Funds | 37.1% | |
Expected |
| Commodity Funds | 1.7% | |
| Domestic Equity Funds | 13.7% | |
| Developed International Equity Funds | 4.0% | |
| Emerging Markets Equity Funds | 0.6% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 10.3% | |
| Investment Grade Bond Funds | 24.7% | |
| Short-Term Funds | 40.0% | |
The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom Income Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 18.2% |
| Shares | | Value |
Commodity Funds - 0.7% |
Fidelity Series Commodity Strategy Fund | 158,891 | | $ 1,665,180 |
Domestic Equity Funds - 17.5% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 83,809 | | 4,151,918 |
Fidelity Advisor Equity Income Fund Institutional Class | 153,018 | | 3,413,829 |
Fidelity Advisor Growth & Income Fund Institutional Class | 391,142 | | 6,223,070 |
Fidelity Advisor Large Cap Fund Institutional Class | 346,587 | | 5,975,157 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 79,730 | | 1,896,779 |
Fidelity Series 100 Index Fund | 468,327 | | 3,882,430 |
Fidelity Series All-Sector Equity Fund | 677,608 | | 8,144,854 |
Fidelity Series Large Cap Value Fund | 418,950 | | 4,972,936 |
Fidelity Series Small Cap Opportunities Fund (a) | 230,639 | | 2,057,302 |
TOTAL DOMESTIC EQUITY FUNDS | | 40,718,275 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $40,066,032) | 42,383,455 |
International Equity Funds - 2.2% |
| | | |
Developed International Equity Funds - 2.0% |
Fidelity Advisor Diversified International Fund Institutional Class | 119,316 | | 1,806,445 |
Fidelity Advisor Overseas Fund Institutional Class | 108,045 | | 1,812,993 |
Fidelity Series International Growth Fund | 44,179 | | 439,141 |
Fidelity Series International Small Cap Fund | 9,519 | | 97,383 |
Fidelity Series International Value Fund | 45,361 | | 438,189 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 4,594,151 |
Emerging Markets Equity Funds - 0.2% |
Fidelity Series Emerging Markets Fund | 36,862 | | 617,809 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $5,006,075) | 5,211,960 |
Bond Funds - 40.0% |
| Shares | | Value |
High Yield Bond Funds - 5.1% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 1,320,969 | | $ 11,862,298 |
Inflation-Protected Bond Funds - 4.8% |
Fidelity Series Inflation-Protected Bond Index Fund | 1,079,910 | | 11,079,874 |
Investment Grade Bond Funds - 30.1% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,453,432 | | 12,572,188 |
Fidelity Advisor Total Bond Fund Institutional Class | 475,233 | | 5,051,730 |
Fidelity Series Investment Grade Bond Fund | 4,588,207 | | 52,489,084 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 70,113,002 |
TOTAL BOND FUNDS (Cost $90,353,320) | 93,055,174 |
Short-Term Funds - 39.6% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 5,064,579 | | 46,188,960 |
Fidelity Institutional Money Market Portfolio Institutional Class | 46,112,457 | | 46,112,457 |
TOTAL SHORT-TERM FUNDS (Cost $92,775,876) | 92,301,417 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $228,201,303) | | 232,952,006 |
NET OTHER ASSETS - 0.0% | | (59,659) |
NET ASSETS - 100% | $ 232,892,347 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $2,021,981 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, 2010 |
Assets | | |
Investment in securities, at value (cost $228,201,303) - See accompanying schedule | | $ 232,952,006 |
Receivable for investments sold | | 307,439 |
Receivable for fund shares sold | | 396,564 |
Total assets | | 233,656,009 |
| | |
Liabilities | | |
Payable for investments purchased | $ 36,405 | |
Payable for fund shares redeemed | 659,195 | |
Distribution fees payable | 68,062 | |
Total liabilities | | 763,662 |
| | |
Net Assets | | $ 232,892,347 |
Net Assets consist of: | | |
Paid in capital | | $ 232,879,862 |
Undistributed net investment income | | 298,355 |
Accumulated undistributed net realized gain (loss) on investments | | (5,036,573) |
Net unrealized appreciation (depreciation) on investments | | 4,750,703 |
Net Assets | | $ 232,892,347 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($142,691,335 ÷ 13,789,793 shares) | | $ 10.35 |
| | |
Maximum offering price per share (100/94.25 of $10.35) | | $ 10.98 |
Class T:
Net Asset Value and redemption price per share ($52,046,674 ÷ 5,033,292 shares) | | $ 10.34 |
| | |
Maximum offering price per share (100/96.50 of $10.34) | | $ 10.72 |
Class B:
Net Asset Value and offering price per share ($5,319,345 ÷ 514,746 shares)A | | $ 10.33 |
| | |
Class C:
Net Asset Value and offering price per share ($14,697,499 ÷ 1,422,415 shares)A | | $ 10.33 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($18,137,494 ÷ 1,749,577 shares) | | $ 10.37 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 4,900,431 |
| | |
Expenses | | |
Distribution fees | $ 727,017 | |
Independent trustees' compensation | 665 | |
Total expenses before reductions | 727,682 | |
Expense reductions | (665) | 727,017 |
Net investment income (loss) | | 4,173,414 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 884,619 | |
Capital gain distributions from underlying funds | 1,510,363 | 2,394,982 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 30,437,609 |
Net gain (loss) | | 32,832,591 |
Net increase (decrease) in net assets resulting from operations | | $ 37,006,005 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,173,414 | $ 4,836,274 |
Net realized gain (loss) | 2,394,982 | (4,563,832) |
Change in net unrealized appreciation (depreciation) | 30,437,609 | (24,059,265) |
Net increase (decrease) in net assets resulting from operations | 37,006,005 | (23,786,823) |
Distributions to shareholders from net investment income | (4,185,152) | (4,951,780) |
Distributions to shareholders from net realized gain | (1,201,062) | (1,910,005) |
Total distributions | (5,386,214) | (6,861,785) |
Share transactions - net increase (decrease) | 40,627,765 | 29,566,421 |
Total increase (decrease) in net assets | 72,247,556 | (1,082,187) |
| | |
Net Assets | | |
Beginning of period | 160,644,791 | 161,726,978 |
End of period (including undistributed net investment income of $298,355 and undistributed net investment income of $310,093, respectively) | $ 232,892,347 | $ 160,644,791 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.74 | $ 10.46 | $ 10.74 | $ 10.52 | $ 10.30 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .22 | .29 | .40 | .36 | .29 |
Net realized and unrealized gain (loss) | 1.66 | (1.60) | (.21) | .29 | .23 |
Total from investment operations | 1.88 | (1.31) | .19 | .65 | .52 |
Distributions from net investment income | (.22) | (.30) | (.40) | (.35) | (.27) |
Distributions from net realized gain | (.06) | (.11) | (.07) | (.08) | (.04) |
Total distributions | (.27) H | (.41) | (.47) G | (.43) | (.30) F |
Net asset value, end of period | $ 10.35 | $ 8.74 | $ 10.46 | $ 10.74 | $ 10.52 |
Total Return A,B | 21.74% | (12.78)% | 1.73% | 6.38% | 5.12% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 2.19% | 3.03% | 3.77% | 3.46% | 2.83% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 142,691 | $ 93,865 | $ 87,469 | $ 49,721 | $ 18,524 |
Portfolio turnover rate | 31% | 44% | 56% | 38% | 21% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.30 per share is comprised of distributions from net investment income of $.265 and distributions from net realized gain of $.035 per share.
G Total distributions of $.47 per share is comprised of distributions from net investment income of $.403 and distributions from net realized gain of $.066 per share.
H Total distributions of $.27 per share is comprised of distributions from net investment income of $.217 and distributions from net realized gain of $.056 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.73 | $ 10.45 | $ 10.73 | $ 10.51 | $ 10.30 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .19 | .27 | .38 | .34 | .27 |
Net realized and unrealized gain (loss) | 1.67 | (1.61) | (.22) | .29 | .22 |
Total from investment operations | 1.86 | (1.34) | .16 | .63 | .49 |
Distributions from net investment income | (.19) | (.27) | (.38) | (.33) | (.24) |
Distributions from net realized gain | (.06) | (.11) | (.07) | (.08) | (.04) |
Total distributions | (.25) G | (.38) | (.44) F | (.41) | (.28) |
Net asset value, end of period | $ 10.34 | $ 8.73 | $ 10.45 | $ 10.73 | $ 10.51 |
Total Return A,B | 21.47% | (13.03)% | 1.48% | 6.11% | 4.78% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .51% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .51% |
Net investment income (loss) | 1.94% | 2.78% | 3.52% | 3.21% | 2.58% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 52,047 | $ 42,675 | $ 44,882 | $ 39,739 | $ 32,469 |
Portfolio turnover rate | 31% | 44% | 56% | 38% | 21% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.44 per share is comprised of distributions from net investment income of $.377 and distributions from net realized gain of $.066 per share.
G Total distributions of $.25 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.056 per share.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.72 | $ 10.44 | $ 10.72 | $ 10.50 | $ 10.29 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .22 | .32 | .29 | .22 |
Net realized and unrealized gain (loss) | 1.67 | (1.60) | (.21) | .28 | .21 |
Total from investment operations | 1.81 | (1.38) | .11 | .57 | .43 |
Distributions from net investment income | (.14) | (.23) | (.32) | (.27) | (.19) |
Distributions from net realized gain | (.06) | (.11) | (.07) | (.08) | (.04) |
Total distributions | (.20) H | (.34) | (.39) G | (.35) | (.22) F |
Net asset value, end of period | $ 10.33 | $ 8.72 | $ 10.44 | $ 10.72 | $ 10.50 |
Total Return A,B | 20.86% | (13.48)% | .97% | 5.57% | 4.27% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.44% | 2.28% | 3.02% | 2.71% | 2.08% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,319 | $ 4,282 | $ 5,539 | $ 4,993 | $ 4,873 |
Portfolio turnover rate | 31% | 44% | 56% | 38% | 21% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.22 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.
G Total distributions of $.39 per share is comprised of distributions from net investment income of $.322 and distributions from net realized gain of $.066 per share.
H Total distributions of $.20 per share is comprised of distributions from net investment income of $.142 and distributions from net realized gain of $.056 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.72 | $ 10.43 | $ 10.71 | $ 10.50 | $ 10.28 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .22 | .32 | .29 | .22 |
Net realized and unrealized gain (loss) | 1.67 | (1.60) | (.21) | .27 | .22 |
Total from investment operations | 1.81 | (1.38) | .11 | .56 | .44 |
Distributions from net investment income | (.14) | (.22) | (.32) | (.27) | (.19) |
Distributions from net realized gain | (.06) | (.11) | (.07) | (.08) | (.04) |
Total distributions | (.20) H | (.33) | (.39) G | (.35) | (.22) F |
Net asset value, end of period | $ 10.33 | $ 8.72 | $ 10.43 | $ 10.71 | $ 10.50 |
Total Return A,B | 20.83% | (13.41)% | .97% | 5.48% | 4.37% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.44% | 2.28% | 3.02% | 2.71% | 2.08% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,697 | $ 11,362 | $ 14,718 | $ 13,279 | $ 13,678 |
Portfolio turnover rate | 31% | 44% | 56% | 38% | 21% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.22 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.
G Total distributions of $.39 per share is comprised of distributions from net investment income of $.323 and distributions from net realized gain of $.066 per share.
H Total distributions of $.20 per share is comprised of distributions from net investment income of $.140 and distributions from net realized gain of $.056 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.75 | $ 10.48 | $ 10.76 | $ 10.53 | $ 10.31 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .24 | .31 | .43 | .39 | .32 |
Net realized and unrealized gain (loss) | 1.68 | (1.61) | (.21) | .30 | .23 |
Total from investment operations | 1.92 | (1.30) | .22 | .69 | .55 |
Distributions from net investment income | (.24) | (.32) | (.43) | (.38) | (.29) |
Distributions from net realized gain | (.06) | (.11) | (.07) | (.08) | (.04) |
Total distributions | (.30) G | (.43) | (.50) F | (.46) | (.33) |
Net asset value, end of period | $ 10.37 | $ 8.75 | $ 10.48 | $ 10.76 | $ 10.53 |
Total Return A | 22.16% | (12.63)% | 2.00% | 6.72% | 5.39% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .01% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .01% |
Net investment income (loss) | 2.44% | 3.28% | 4.02% | 3.71% | 3.08% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 18,137 | $ 8,461 | $ 9,119 | $ 2,800 | $ 1,134 |
Portfolio turnover rate | 31% | 44% | 56% | 38% | 21% |
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 Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.50 per share is comprised of distributions from net investment income of $.432 and distributions from net realized gain of $.066 per share.
G Total distributions of $.30 per share is comprised of distributions from net investment income of $.243 and distributions from net realized gain of $.056 per share.
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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 1.9 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 3.5 | 3.8 |
Fidelity Advisor Equity Income Fund Institutional Class | 2.8 | 5.0 |
Fidelity Advisor Growth & Income Fund Institutional Class | 5.2 | 6.1 |
Fidelity Advisor Large Cap Fund Institutional Class | 5.0 | 5.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.6 | 1.8 |
Fidelity Series 100 Index Fund | 3.2 | 3.1 |
Fidelity Series All-Sector Equity Fund | 6.8 | 7.7 |
Fidelity Series Large Cap Value Fund | 4.1 | 3.1 |
Fidelity Series Small Cap Opportunities Fund | 1.7 | 1.9 |
| 33.9 | 37.8 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 3.2 | 3.6 |
Fidelity Advisor Overseas Fund Institutional Class | 3.2 | 3.5 |
Fidelity Series International Growth Fund | 0.8 | 0.0 |
Fidelity Series International Small Cap Fund | 0.1 | 0.0 |
Fidelity Series International Value Fund | 0.7 | 0.0 |
| 8.0 | 7.1 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.1 | 0.7 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.1 | 5.3 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 4.0 | 0.4 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4.9 | 6.2 |
Fidelity Advisor Total Bond Fund Institutional Class | 2.0 | 6.8 |
Fidelity Series Investment Grade Bond Fund | 20.7 | 20.4 |
| 27.6 | 33.4 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 9.2 | 7.7 |
Fidelity Institutional Money Market Portfolio Institutional Class | 9.2 | 7.6 |
| 18.4 | 15.3 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 1.9% | |
| Domestic Equity Funds | 33.9% | |
| Developed International Equity Funds | 8.0% | |
| Emerging Markets Equity Funds | 1.1% | |
| High Yield Bond Funds | 5.1% | |
| Inflation-Protected Bond Funds | 4.0% | |
| Investment Grade Bond Funds | 27.6% | |
| Short-Term Funds | 18.4% | |
Six months ago |
| Domestic Equity Funds | 37.8% | |
| Developed International Equity Funds | 7.1% | |
| Emerging Markets Equity Funds | 0.7% | |
| High Yield Bond Funds | 5.3% | |
| Inflation-Protected Bond Funds | 0.4% | |
| Investment Grade Bond Funds | 33.4% | |
| Short-Term Funds | 15.3% | |
Expected |
| Commodity Funds | 4.0% | |
| Domestic Equity Funds | 28.0% | |
| Developed International Equity Funds | 9.2% | |
| Emerging Markets Equity Funds | 1.5% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 8.7% | |
| Investment Grade Bond Funds | 22.8% | |
| Short-Term Funds | 20.8% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 35.8% |
| Shares | | Value |
Commodity Funds - 1.9% |
Fidelity Series Commodity Strategy Fund | 380,638 | | $ 3,989,088 |
Domestic Equity Funds - 33.9% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 146,568 | | 7,260,966 |
Fidelity Advisor Equity Income Fund Institutional Class | 266,442 | | 5,944,313 |
Fidelity Advisor Growth & Income Fund Institutional Class | 684,080 | | 10,883,709 |
Fidelity Advisor Large Cap Fund Institutional Class | 605,222 | | 10,434,021 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 140,008 | | 3,330,800 |
Fidelity Series 100 Index Fund | 817,836 | | 6,779,858 |
Fidelity Series All-Sector Equity Fund | 1,180,974 | | 14,195,310 |
Fidelity Series Large Cap Value Fund | 730,005 | | 8,665,161 |
Fidelity Series Small Cap Opportunities Fund (a) | 403,263 | | 3,597,110 |
TOTAL DOMESTIC EQUITY FUNDS | | 71,091,248 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $72,991,542) | 75,080,336 |
International Equity Funds - 9.1% |
| | | |
Developed International Equity Funds - 8.0% |
Fidelity Advisor Diversified International Fund Institutional Class | 442,001 | | 6,691,901 |
Fidelity Advisor Overseas Fund Institutional Class | 401,560 | | 6,738,182 |
Fidelity Series International Growth Fund | 159,415 | | 1,584,584 |
Fidelity Series International Small Cap Fund | 31,465 | | 321,883 |
Fidelity Series International Value Fund | 163,641 | | 1,580,772 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 16,917,322 |
Emerging Markets Equity Funds - 1.1% |
Fidelity Series Emerging Markets Fund | 134,274 | | 2,250,434 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $21,692,753) | 19,167,756 |
Bond Funds - 36.7% |
| Shares | | Value |
High Yield Bond Funds - 5.1% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 1,180,221 | | $ 10,598,381 |
Inflation-Protected Bond Funds - 4.0% |
Fidelity Series Inflation-Protected Bond Index Fund | 823,644 | | 8,450,590 |
Investment Grade Bond Funds - 27.6% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,201,883 | | 10,396,292 |
Fidelity Advisor Total Bond Fund Institutional Class | 391,554 | | 4,162,217 |
Fidelity Series Investment Grade Bond Fund | 3,787,493 | | 43,328,918 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 57,887,427 |
TOTAL BOND FUNDS (Cost $75,350,982) | 76,936,398 |
Short-Term Funds - 18.4% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 2,119,062 | | 19,325,844 |
Fidelity Institutional Money Market Portfolio Institutional Class | 19,275,175 | | 19,275,175 |
TOTAL SHORT-TERM FUNDS (Cost $38,622,224) | 38,601,019 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $208,657,501) | | 209,785,509 |
NET OTHER ASSETS - 0.0% | | (52,667) |
NET ASSETS - 100% | $ 209,732,842 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $5,987,852 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 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
Assets | | |
Investment in securities, at value (cost $208,657,501) - See accompanying schedule | | $ 209,785,509 |
Cash | | 10 |
Receivable for investments sold | | 6,321 |
Receivable for fund shares sold | | 227,776 |
Total assets | | 210,019,616 |
| | |
Liabilities | | |
Payable for investments purchased | $ 41,912 | |
Payable for fund shares redeemed | 192,335 | |
Distribution fees payable | 52,527 | |
Total liabilities | | 286,774 |
| | |
Net Assets | | $ 209,732,842 |
Net Assets consist of: | | |
Paid in capital | | $ 219,040,792 |
Undistributed net investment income | | 513,327 |
Accumulated undistributed net realized gain (loss) on investments | | (10,949,285) |
Net unrealized appreciation (depreciation) on investments | | 1,128,008 |
Net Assets | | $ 209,732,842 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($155,481,721 ÷ 14,702,949 shares) | | $ 10.57 |
| | |
Maximum offering price per share (100/94.25 of $10.57) | | $ 11.21 |
Class T:
Net Asset Value and redemption price per share ($23,112,592 ÷ 2,186,103 shares) | | $ 10.57 |
| | |
Maximum offering price per share (100/96.50 of $10.57) | | $ 10.95 |
Class B:
Net Asset Value and offering price per share ($2,986,180 ÷ 282,651 shares)A | | $ 10.56 |
| | |
Class C:
Net Asset Value and offering price per share ($9,377,389 ÷ 889,670 shares)A | | $ 10.54 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($18,774,960 ÷ 1,766,069 shares) | | $ 10.63 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 3,816,442 |
| | |
Expenses | | |
Distribution fees | $ 520,023 | |
Independent trustees' compensation | 551 | |
Total expenses before reductions | 520,574 | |
Expense reductions | (551) | 520,023 |
Net investment income (loss) | | 3,296,419 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (157,614) | |
Capital gain distributions from underlying funds | 1,953,135 | 1,795,521 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 39,634,422 |
Net gain (loss) | | 41,429,943 |
Net increase (decrease) in net assets resulting from operations | | $ 44,726,362 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,296,419 | $ 3,702,207 |
Net realized gain (loss) | 1,795,521 | (9,761,617) |
Change in net unrealized appreciation (depreciation) | 39,634,422 | (34,653,868) |
Net increase (decrease) in net assets resulting from operations | 44,726,362 | (40,713,278) |
Distributions to shareholders from net investment income | (3,251,107) | (3,863,581) |
Distributions to shareholders from net realized gain | (1,348,446) | (3,059,864) |
Total distributions | (4,599,553) | (6,923,445) |
Share transactions - net increase (decrease) | 47,810,477 | 25,066,869 |
Total increase (decrease) in net assets | 87,937,286 | (22,569,854) |
| | |
Net Assets | | |
Beginning of period | 121,795,556 | 144,365,410 |
End of period (including undistributed net investment income of $513,327 and undistributed net investment income of $468,016, respectively) | $ 209,732,842 | $ 121,795,556 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.10 | $ 11.40 | $ 11.83 | $ 11.33 | $ 10.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .27 | .33 | .28 | .25 |
Net realized and unrealized gain (loss) | 2.53 | (3.06) | (.34) | .63 | .76 |
Total from investment operations | 2.73 | (2.79) | (.01) | .91 | 1.01 |
Distributions from net investment income | (.19) | (.28) | (.26) | (.23) | (.20) |
Distributions from net realized gain | (.07) | (.23) | (.16) | (.18) | (.05) |
Total distributions | (.26) | (.51) | (.42) | (.41) | (.25) |
Net asset value, end of period | $ 10.57 | $ 8.10 | $ 11.40 | $ 11.83 | $ 11.33 |
Total Return A,B | 33.91% | (25.09)% | (.23)% | 8.21% | 9.63% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 2.01% | 2.75% | 2.74% | 2.49% | 2.25% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 155,482 | $ 88,593 | $ 98,483 | $ 49,418 | $ 16,194 |
Portfolio turnover rate | 35% | 54% | 30% | 30% | 34% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.10 | $ 11.39 | $ 11.81 | $ 11.31 | $ 10.56 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .17 | .25 | .30 | .25 | .22 |
Net realized and unrealized gain (loss) | 2.54 | (3.06) | (.33) | .63 | .75 |
Total from investment operations | 2.71 | (2.81) | (.03) | .88 | .97 |
Distributions from net investment income | (.17) | (.25) | (.23) | (.20) | (.17) |
Distributions from net realized gain | (.07) | (.23) | (.16) | (.18) | (.05) |
Total distributions | (.24) | (.48) | (.39) | (.38) | (.22) |
Net asset value, end of period | $ 10.57 | $ 8.10 | $ 11.39 | $ 11.81 | $ 11.31 |
Total Return A,B | 33.61% | (25.27)% | (.44)% | 7.95% | 9.31% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | 1.76% | 2.50% | 2.49% | 2.24% | 2.00% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 23,113 | $ 14,437 | $ 20,837 | $ 20,289 | $ 13,906 |
Portfolio turnover rate | 35% | 54% | 30% | 30% | 34% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.09 | $ 11.37 | $ 11.78 | $ 11.28 | $ 10.53 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .20 | .24 | .20 | .16 |
Net realized and unrealized gain (loss) | 2.53 | (3.06) | (.33) | .62 | .76 |
Total from investment operations | 2.65 | (2.86) | (.09) | .82 | .92 |
Distributions from net investment income | (.11) | (.19) | (.16) | (.14) | (.12) |
Distributions from net realized gain | (.07) | (.23) | (.16) | (.18) | (.05) |
Total distributions | (.18) | (.42) | (.32) | (.32) | (.17) |
Net asset value, end of period | $ 10.56 | $ 8.09 | $ 11.37 | $ 11.78 | $ 11.28 |
Total Return A,B | 32.90% | (25.69)% | (.89)% | 7.40% | 8.80% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | 1.26% | 2.00% | 1.99% | 1.74% | 1.50% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,986 | $ 2,692 | $ 4,348 | $ 3,974 | $ 3,835 |
Portfolio turnover rate | 35% | 54% | 30% | 30% | 34% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.08 | $ 11.34 | $ 11.76 | $ 11.27 | $ 10.53 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .20 | .24 | .20 | .16 |
Net realized and unrealized gain (loss) | 2.53 | (3.04) | (.33) | .62 | .75 |
Total from investment operations | 2.65 | (2.84) | (.09) | .82 | .91 |
Distributions from net investment income | (.12) | (.19) | (.17) | (.15) | (.12) |
Distributions from net realized gain | (.07) | (.23) | (.16) | (.18) | (.05) |
Total distributions | (.19) | (.42) | (.33) | (.33) | (.17) |
Net asset value, end of period | $ 10.54 | $ 8.08 | $ 11.34 | $ 11.76 | $ 11.27 |
Total Return A,B | 32.90% | (25.61)% | (.91)% | 7.36% | 8.74% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.26% | 2.00% | 1.99% | 1.74% | 1.50% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,377 | $ 6,761 | $ 11,052 | $ 9,107 | $ 7,637 |
Portfolio turnover rate | 35% | 54% | 30% | 30% | 34% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.14 | $ 11.46 | $ 11.87 | $ 11.37 | $ 10.60 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .22 | .29 | .35 | .31 | .28 |
Net realized and unrealized gain (loss) | 2.55 | (3.07) | (.32) | .62 | .76 |
Total from investment operations | 2.77 | (2.78) | .03 | .93 | 1.04 |
Distributions from net investment income | (.21) | (.31) | (.28) | (.25) | (.22) |
Distributions from net realized gain | (.07) | (.23) | (.16) | (.18) | (.05) |
Total distributions | (.28) | (.54) | (.44) | (.43) | (.27) |
Net asset value, end of period | $ 10.63 | $ 8.14 | $ 11.46 | $ 11.87 | $ 11.37 |
Total Return A | 34.28% | (24.93)% | .12% | 8.37% | 9.92% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 2.26% | 3.00% | 2.99% | 2.74% | 2.50% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 18,775 | $ 9,313 | $ 9,645 | $ 3,424 | $ 1,376 |
Portfolio turnover rate | 35% | 54% | 30% | 30% | 34% |
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 Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 2.1 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 3.8 | 4.1 |
Fidelity Advisor Equity Income Fund Institutional Class | 3.1 | 5.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 5.7 | 6.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 5.4 | 5.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.7 | 1.9 |
Fidelity Series 100 Index Fund | 3.5 | 3.1 |
Fidelity Series All-Sector Equity Fund | 7.4 | 8.2 |
Fidelity Series Large Cap Value Fund | 4.5 | 3.0 |
Fidelity Series Small Cap Opportunities Fund | 1.9 | 2.0 |
| 37.0 | 40.2 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.0 | 4.6 |
Fidelity Advisor Overseas Fund Institutional Class | 4.1 | 4.6 |
Fidelity Series International Growth Fund | 0.9 | 0.0 |
Fidelity Series International Small Cap Fund | 0.2 | 0.0 |
Fidelity Series International Value Fund | 0.9 | 0.0 |
| 10.1 | 9.2 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.3 | 0.7 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.0 | 5.4 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 4.1 | 0.5 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5.5 | 6.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 2.2 | 7.1 |
Fidelity Series Investment Grade Bond Fund | 22.6 | 21.1 |
| 30.3 | 34.7 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 5.1 | 4.7 |
Fidelity Institutional Money Market Portfolio Institutional Class | 5.0 | 4.6 |
| 10.1 | 9.3 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 2.1% | |
| Domestic Equity Funds | 37.0% | |
| Developed International Equity Funds | 10.1% | |
| Emerging Markets Equity Funds | 1.3% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 4.1% | |
| Investment Grade Bond Funds | 30.3% | |
| Short-Term Funds | 10.1% | |
Six months ago |
| Domestic Equity Funds | 40.2% | |
| Developed International Equity Funds | 9.2% | |
| Emerging Markets Equity Funds | 0.7% | |
| High Yield Bond Funds | 5.4% | |
| Inflation-Protected Bond Funds | 0.5% | |
| Investment Grade Bond Funds | 34.7% | |
| Short-Term Funds | 9.3% | |
Expected |
| Commodity Funds | 4.7% | |
| Domestic Equity Funds | 32.2% | |
| Developed International Equity Funds | 11.0% | |
| Emerging Markets Equity Funds | 1.8% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 9.1% | |
| Investment Grade Bond Funds | 25.7% | |
| 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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 39.1% |
| Shares | | Value |
Commodity Funds - 2.1% |
Fidelity Series Commodity Strategy Fund | 1,667,260 | | $ 17,472,890 |
Domestic Equity Funds - 37.0% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 630,619 | | 31,240,877 |
Fidelity Advisor Equity Income Fund Institutional Class | 1,158,029 | | 25,835,637 |
Fidelity Advisor Growth & Income Fund Institutional Class | 2,945,648 | | 46,865,263 |
Fidelity Advisor Large Cap Fund Institutional Class | 2,603,155 | | 44,878,396 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 604,165 | | 14,373,091 |
Fidelity Series 100 Index Fund | 3,513,406 | | 29,126,132 |
Fidelity Series All-Sector Equity Fund | 5,082,490 | | 61,091,530 |
Fidelity Series Large Cap Value Fund | 3,128,856 | | 37,139,524 |
Fidelity Series Small Cap Opportunities Fund (a) | 1,731,179 | | 15,442,117 |
TOTAL DOMESTIC EQUITY FUNDS | | 305,992,567 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $312,034,344) | 323,465,457 |
International Equity Funds - 11.4% |
| | | |
Developed International Equity Funds - 10.1% |
Fidelity Advisor Diversified International Fund Institutional Class | 2,192,843 | | 33,199,646 |
Fidelity Advisor Overseas Fund Institutional Class | 1,991,017 | | 33,409,271 |
Fidelity Series International Growth Fund | 773,050 | | 7,684,121 |
Fidelity Series International Small Cap Fund | 155,471 | | 1,590,473 |
Fidelity Series International Value Fund | 793,505 | | 7,665,255 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 83,548,766 |
Emerging Markets Equity Funds - 1.3% |
Fidelity Series Emerging Markets Fund | 664,776 | | 11,141,650 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $105,803,048) | 94,690,416 |
Bond Funds - 39.4% |
| Shares | | Value |
High Yield Bond Funds - 5.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4,644,405 | | $ 41,706,759 |
Inflation-Protected Bond Funds - 4.1% |
Fidelity Series Inflation-Protected Bond Index Fund | 3,312,698 | | 33,988,280 |
Investment Grade Bond Funds - 30.3% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5,238,031 | | 45,308,971 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,679,509 | | 17,853,183 |
Fidelity Series Investment Grade Bond Fund | 16,352,056 | | 187,067,517 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 250,229,671 |
TOTAL BOND FUNDS (Cost $320,363,168) | 325,924,710 |
Short-Term Funds - 10.1% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 4,581,359 | | 41,781,991 |
Fidelity Institutional Money Market Portfolio Institutional Class | 41,683,247 | | 41,683,247 |
TOTAL SHORT-TERM FUNDS (Cost $84,065,207) | 83,465,238 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $822,265,767) | | 827,545,821 |
NET OTHER ASSETS - 0.0% | | (246,626) |
NET ASSETS - 100% | $ 827,299,195 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $34,281,646 of which $30,891,938 and $3,389,708 will expire on March 31, 2017 and 2018, respectively. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $19,754,233 of losses recognized during the period November 1, 2009 to March 31, 2010. |
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, 2010 |
Assets | | |
Investment in securities, at value (cost $822,265,767) - See accompanying schedule | | $ 827,545,821 |
Receivable for investments sold | | 617,196 |
Receivable for fund shares sold | | 1,140,080 |
Total assets | | 829,303,097 |
| | |
Liabilities | | |
Payable to custodian bank | $ 8 | |
Payable for investments purchased | 312,975 | |
Payable for fund shares redeemed | 1,448,024 | |
Distribution fees payable | 242,895 | |
Total liabilities | | 2,003,902 |
| | |
Net Assets | | $ 827,299,195 |
Net Assets consist of: | | |
Paid in capital | | $ 877,374,221 |
Undistributed net investment income | | 1,873,313 |
Accumulated undistributed net realized gain (loss) on investments | | (57,228,393) |
Net unrealized appreciation (depreciation) on investments | | 5,280,054 |
Net Assets | | $ 827,299,195 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($478,025,368 ÷ 43,973,411 shares) | | $ 10.87 |
| | |
Maximum offering price per share (100/94.25 of $10.87) | | $ 11.53 |
Class T:
Net Asset Value and redemption price per share ($204,058,564 ÷ 18,841,462 shares) | | $ 10.83 |
| | |
Maximum offering price per share (100/96.50 of $10.83) | | $ 11.22 |
Class B:
Net Asset Value and offering price per share ($22,467,667 ÷ 2,076,663 shares)A | | $ 10.82 |
| | |
Class C:
Net Asset Value and offering price per share ($47,178,186 ÷ 4,377,898 shares)A | | $ 10.78 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($75,569,410 ÷ 6,924,814 shares) | | $ 10.91 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 17,312,985 |
| | |
Expenses | | |
Distribution fees | $ 2,724,021 | |
Independent trustees' compensation | 2,517 | |
Total expenses before reductions | 2,726,538 | |
Expense reductions | (2,517) | 2,724,021 |
Net investment income (loss) | | 14,588,964 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (10,207,574) | |
Capital gain distributions from underlying funds | 8,855,695 | (1,351,879) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 207,984,174 |
Net gain (loss) | | 206,632,295 |
Net increase (decrease) in net assets resulting from operations | | $ 221,221,259 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 14,588,964 | $ 18,391,658 |
Net realized gain (loss) | (1,351,879) | (44,170,237) |
Change in net unrealized appreciation (depreciation) | 207,984,174 | (194,782,235) |
Net increase (decrease) in net assets resulting from operations | 221,221,259 | (220,560,814) |
Distributions to shareholders from net investment income | (14,970,360) | (18,945,686) |
Distributions to shareholders from net realized gain | (6,224,738) | (19,419,546) |
Total distributions | (21,195,098) | (38,365,232) |
Share transactions - net increase (decrease) | 25,017,028 | 134,895,498 |
Total increase (decrease) in net assets | 225,043,189 | (124,030,548) |
| | |
Net Assets | | |
Beginning of period | 602,256,006 | 726,286,554 |
End of period (including undistributed net investment income of $1,873,313 and undistributed net investment income of $2,254,710, respectively) | $ 827,299,195 | $ 602,256,006 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.19 | $ 11.78 | $ 12.28 | $ 11.79 | $ 11.01 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .21 | .27 | .33 | .29 | .25 |
Net realized and unrealized gain (loss) | 2.76 | (3.28) | (.34) | .66 | .80 |
Total from investment operations | 2.97 | (3.01) | (.01) | .95 | 1.05 |
Distributions from net investment income | (.21) | (.28) | (.30) | (.26) | (.22) |
Distributions from net realized gain | (.08) | (.30) | (.19) | (.20) | (.06) |
Total distributions | (.29) G | (.58) | (.49) | (.46) | (.27) F |
Net asset value, end of period | $ 10.87 | $ 8.19 | $ 11.78 | $ 12.28 | $ 11.79 |
Total Return A, B | 36.51% | (26.36)% | (.27)% | 8.22% | 9.65% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 2.04% | 2.77% | 2.66% | 2.43% | 2.23% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 478,025 | $ 339,203 | $ 377,118 | $ 248,500 | $ 146,593 |
Portfolio turnover rate | 42% | 44% | 15% | 22% | 7% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.055 per share.
G Total distributions of $.29 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.083 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.16 | $ 11.74 | $ 12.24 | $ 11.75 | $ 10.97 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .18 | .25 | .30 | .26 | .22 |
Net realized and unrealized gain (loss) | 2.76 | (3.28) | (.34) | .66 | .80 |
Total from investment operations | 2.94 | (3.03) | (.04) | .92 | 1.02 |
Distributions from net investment income | (.19) | (.25) | (.27) | (.23) | (.19) |
Distributions from net realized gain | (.08) | (.30) | (.19) | (.20) | (.06) |
Total distributions | (.27) G | (.55) | (.46) | (.43) | (.24) F |
Net asset value, end of period | $ 10.83 | $ 8.16 | $ 11.74 | $ 12.24 | $ 11.75 |
Total Return A, B | 36.19% | (26.57)% | (.52)% | 8.00% | 9.42% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .51% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .51% |
Net investment income (loss) | 1.79% | 2.52% | 2.41% | 2.18% | 1.98% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 204,059 | $ 163,842 | $ 216,732 | $ 194,563 | $ 143,012 |
Portfolio turnover rate | 42% | 44% | 15% | 22% | 7% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.24 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.055 per share.
G Total distributions of $.27 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.083 per share.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.15 | $ 11.70 | $ 12.20 | $ 11.71 | $ 10.94 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .20 | .24 | .20 | .17 |
Net realized and unrealized gain (loss) | 2.76 | (3.26) | (.35) | .66 | .79 |
Total from investment operations | 2.89 | (3.06) | (.11) | .86 | .96 |
Distributions from net investment income | (.13) | (.19) | (.20) | (.17) | (.13) |
Distributions from net realized gain | (.08) | (.30) | (.19) | (.20) | (.06) |
Total distributions | (.22) F | (.49) | (.39) | (.37) | (.19) |
Net asset value, end of period | $ 10.82 | $ 8.15 | $ 11.70 | $ 12.20 | $ 11.71 |
Total Return A, B | 35.54% | (26.92)% | (1.04)% | 7.47% | 8.83% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.29% | 2.03% | 1.91% | 1.68% | 1.48% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 22,468 | $ 19,950 | $ 34,137 | $ 34,834 | $ 33,404 |
Portfolio turnover rate | 42% | 44% | 15% | 22% | 7% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.22 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.083 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.13 | $ 11.67 | $ 12.17 | $ 11.69 | $ 10.93 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .20 | .23 | .20 | .17 |
Net realized and unrealized gain (loss) | 2.74 | (3.25) | (.33) | .66 | .78 |
Total from investment operations | 2.87 | (3.05) | (.10) | .86 | .95 |
Distributions from net investment income | (.14) | (.19) | (.21) | (.18) | (.14) |
Distributions from net realized gain | (.08) | (.30) | (.19) | (.20) | (.06) |
Total distributions | (.22) G | (.49) | (.40) | (.38) | (.19) F |
Net asset value, end of period | $ 10.78 | $ 8.13 | $ 11.67 | $ 12.17 | $ 11.69 |
Total Return A, B | 35.45% | (26.88)% | (.97)% | 7.45% | 8.78% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.29% | 2.02% | 1.91% | 1.68% | 1.48% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 47,178 | $ 37,524 | $ 58,378 | $ 47,918 | $ 38,882 |
Portfolio turnover rate | 42% | 44% | 15% | 22% | 7% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.19 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.055 per share.
G Total distributions of $.22 per share is comprised of distributions from net investment income of $.139 and distributions from net realized gain of $.083 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.22 | $ 11.82 | $ 12.32 | $ 11.82 | $ 11.03 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .23 | .30 | .36 | .32 | .28 |
Net realized and unrealized gain (loss) | 2.78 | (3.30) | (.34) | .67 | .80 |
Total from investment operations | 3.01 | (3.00) | .02 | .99 | 1.08 |
Distributions from net investment income | (.23) | (.30) | (.33) | (.29) | (.24) |
Distributions from net realized gain | (.08) | (.30) | (.19) | (.20) | (.06) |
Total distributions | (.32) G | (.60) | (.52) | (.49) | (.29) F |
Net asset value, end of period | $ 10.91 | $ 8.22 | $ 11.82 | $ 12.32 | $ 11.82 |
Total Return A | 36.80% | (26.16)% | (.05)% | 8.52% | 9.94% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .01% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .01% |
Net investment income (loss) | 2.29% | 3.02% | 2.91% | 2.68% | 2.48% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 75,569 | $ 41,737 | $ 39,922 | $ 21,580 | $ 11,038 |
Portfolio turnover rate | 42% | 44% | 15% | 22% | 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 Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.29 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.055 per share.
G Total distributions of $.32 per share is comprised of distributions from net investment income of $.234 and distributions from net realized gain of $.083 per share.
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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 2.2 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 3.9 | 4.3 |
Fidelity Advisor Equity Income Fund Institutional Class | 3.2 | 5.9 |
Fidelity Advisor Growth & Income Fund Institutional Class | 5.9 | 6.7 |
Fidelity Advisor Large Cap Fund Institutional Class | 5.6 | 6.2 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.8 | 1.9 |
Fidelity Series 100 Index Fund | 3.7 | 3.2 |
Fidelity Series All-Sector Equity Fund | 7.6 | 8.4 |
Fidelity Series Large Cap Value Fund | 4.7 | 3.1 |
Fidelity Series Small Cap Opportunities Fund | 1.9 | 2.1 |
| 38.3 | 41.8 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.1 | 4.8 |
Fidelity Advisor Overseas Fund Institutional Class | 4.2 | 4.8 |
Fidelity Series International Growth Fund | 1.0 | 0.0 |
Fidelity Series International Small Cap Fund | 0.2 | 0.0 |
Fidelity Series International Value Fund | 1.0 | 0.0 |
| 10.5 | 9.6 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.4 | 0.9 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.2 | 5.6 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 3.7 | 0.4 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5.4 | 6.4 |
Fidelity Advisor Total Bond Fund Institutional Class | 2.1 | 6.9 |
Fidelity Series Investment Grade Bond Fund | 22.4 | 20.6 |
| 29.9 | 33.9 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 4.4 | 3.9 |
Fidelity Institutional Money Market Portfolio Institutional Class | 4.4 | 3.9 |
| 8.8 | 7.8 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 2.2% | |
| Domestic Equity Funds | 38.3% | |
| Developed International Equity Funds | 10.5% | |
| Emerging Markets Equity Funds | 1.4% | |
| High Yield Bond Funds | 5.2% | |
| Inflation-Protected Bond Funds | 3.7% | |
| Investment Grade Bond Funds | 29.9% | |
| Short-Term Funds | 8.8% | |
Six months ago |
| Domestic Equity Funds | 41.8% | |
| Developed International Equity Funds | 9.6% | |
| Emerging Markets Equity Funds | 0.9% | |
| High Yield Bond Funds | 5.6% | |
| Inflation-Protected Bond Funds | 0.4% | |
| Investment Grade Bond Funds | 33.9% | |
| Short-Term Funds | 7.8% | |
Expected |
| Commodity Funds | 4.8% | |
| Domestic Equity Funds | 33.1% | |
| Developed International Equity Funds | 11.4% | |
| Emerging Markets Equity Funds | 1.8% | |
| High Yield Bond Funds | 5.1% | |
| Inflation-Protected Bond Funds | 8.4% | |
| Investment Grade Bond Funds | 26.1% | |
| Short-Term Funds | 9.3% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 40.5% |
| Shares | | Value |
Commodity Funds - 2.2% |
Fidelity Series Commodity Strategy Fund | 2,724,372 | | $ 28,551,423 |
Domestic Equity Funds - 38.3% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 1,019,436 | | 50,502,872 |
Fidelity Advisor Equity Income Fund Institutional Class | 1,853,423 | | 41,349,860 |
Fidelity Advisor Growth & Income Fund Institutional Class | 4,755,261 | | 75,656,195 |
Fidelity Advisor Large Cap Fund Institutional Class | 4,211,189 | | 72,600,896 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 976,635 | | 23,234,135 |
Fidelity Series 100 Index Fund | 5,684,364 | | 47,123,380 |
Fidelity Series All-Sector Equity Fund | 8,211,874 | | 98,706,727 |
Fidelity Series Large Cap Value Fund | 5,089,170 | | 60,408,449 |
Fidelity Series Small Cap Opportunities Fund (a) | 2,806,608 | | 25,034,946 |
TOTAL DOMESTIC EQUITY FUNDS | | 494,617,460 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $513,938,176) | 523,168,883 |
International Equity Funds - 11.9% |
| | | |
Developed International Equity Funds - 10.5% |
Fidelity Advisor Diversified International Fund Institutional Class | 3,562,347 | | 53,933,933 |
Fidelity Advisor Overseas Fund Institutional Class | 3,234,077 | | 54,267,809 |
Fidelity Series International Growth Fund | 1,268,241 | | 12,606,311 |
Fidelity Series International Small Cap Fund | 257,197 | | 2,631,121 |
Fidelity Series International Value Fund | 1,301,871 | | 12,576,072 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 136,015,246 |
Emerging Markets Equity Funds - 1.4% |
Fidelity Series Emerging Markets Fund | 1,079,550 | | 18,093,260 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $170,853,356) | 154,108,506 |
Bond Funds - 38.8% |
| Shares | | Value |
High Yield Bond Funds - 5.2% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7,478,955 | | $ 67,161,012 |
Inflation-Protected Bond Funds - 3.7% |
Fidelity Series Inflation-Protected Bond Index Fund | 4,740,740 | | 48,639,988 |
Investment Grade Bond Funds - 29.9% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 8,027,658 | | 69,439,242 |
Fidelity Advisor Total Bond Fund Institutional Class | 2,625,697 | | 27,911,162 |
Fidelity Series Investment Grade Bond Fund | 25,285,417 | | 289,265,173 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 386,615,577 |
TOTAL BOND FUNDS (Cost $492,238,159) | 502,416,577 |
Short-Term Funds - 8.8% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 6,274,165 | | 57,220,383 |
Fidelity Institutional Money Market Portfolio Institutional Class | 57,061,916 | | 57,061,916 |
TOTAL SHORT-TERM FUNDS (Cost $114,521,692) | 114,282,299 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,291,551,383) | | 1,293,976,265 |
NET OTHER ASSETS - 0.0% | | (348,874) |
NET ASSETS - 100% | $ 1,293,627,391 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $35,532,008 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $20,405,712 of losses recognized during the period November 1, 2009 to March 31, 2010. |
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, 2010 |
Assets | | |
Investment in securities, at value (cost $1,291,551,383) - See accompanying schedule | | $ 1,293,976,265 |
Receivable for investments sold | | 1,845,225 |
Receivable for fund shares sold | | 1,304,978 |
Total assets | | 1,297,126,468 |
| | |
Liabilities | | |
Payable for investments purchased | $ 179,650 | |
Payable for fund shares redeemed | 2,967,758 | |
Distribution fees payable | 351,669 | |
Total liabilities | | 3,499,077 |
| | |
Net Assets | | $ 1,293,627,391 |
Net Assets consist of: | | |
Paid in capital | | $ 1,347,333,952 |
Undistributed net investment income | | 2,937,541 |
Accumulated undistributed net realized gain (loss) on investments | | (59,068,984) |
Net unrealized appreciation (depreciation) on investments | | 2,424,882 |
Net Assets | | $ 1,293,627,391 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($830,023,795 ÷ 76,790,754 shares) | | $ 10.81 |
| | |
Maximum offering price per share (100/94.25 of $10.81) | | $ 11.47 |
Class T:
Net Asset Value and redemption price per share ($225,384,217 ÷ 20,884,865 shares) | | $ 10.79 |
| | |
Maximum offering price per share (100/96.50 of $10.79) | | $ 11.18 |
Class B:
Net Asset Value and offering price per share ($35,931,652 ÷ 3,339,566 shares)A | | $ 10.76 |
| | |
Class C:
Net Asset Value and offering price per share ($64,800,812 ÷ 6,034,645 shares)A | | $ 10.74 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($137,486,915 ÷ 12,642,696 shares) | | $ 10.87 |
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, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 24,482,399 |
| | |
Expenses | | |
Distribution fees | $ 3,619,597 | |
Independent trustees' compensation | 3,527 | |
Total expenses before reductions | 3,623,124 | |
Expense reductions | (3,527) | 3,619,597 |
Net investment income (loss) | | 20,862,802 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (8,278,355) | |
Capital gain distributions from underlying funds | 13,450,466 | 5,172,111 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 290,904,573 |
Net gain (loss) | | 296,076,684 |
Net increase (decrease) in net assets resulting from operations | | $ 316,939,486 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 20,862,802 | $ 22,823,857 |
Net realized gain (loss) | 5,172,111 | (49,116,733) |
Change in net unrealized appreciation (depreciation) | 290,904,573 | (268,311,878) |
Net increase (decrease) in net assets resulting from operations | 316,939,486 | (294,604,754) |
Distributions to shareholders from net investment income | (20,840,116) | (22,943,550) |
Distributions to shareholders from net realized gain | (9,228,273) | (26,245,848) |
Total distributions | (30,068,389) | (49,189,398) |
Share transactions - net increase (decrease) | 214,008,908 | 236,884,136 |
Total increase (decrease) in net assets | 500,880,005 | (106,910,016) |
| | |
Net Assets | | |
Beginning of period | 792,747,386 | 899,657,402 |
End of period (including undistributed net investment income of $2,937,541 and undistributed net investment income of $2,914,856, respectively) | $ 1,293,627,391 | $ 792,747,386 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.05 | $ 11.85 | $ 12.40 | $ 11.84 | $ 10.77 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .20 | .26 | .31 | .26 | .22 |
Net realized and unrealized gain (loss) | 2.84 | (3.47) | (.35) | .74 | 1.07 |
Total from investment operations | 3.04 | (3.21) | (.04) | 1.00 | 1.29 |
Distributions from net investment income | (.20) | (.26) | (.27) | (.23) | (.16) |
Distributions from net realized gain | (.08) | (.33) | (.24) | (.21) | (.06) |
Total distributions | (.28) H | (.59) G | (.51) F | (.44) | (.22) |
Net asset value, end of period | $ 10.81 | $ 8.05 | $ 11.85 | $ 12.40 | $ 11.84 |
Total Return A,B | 37.95% | (28.01)% | (.53)% | 8.56% | 12.12% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 2.02% | 2.69% | 2.46% | 2.21% | 1.93% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 830,024 | $ 477,641 | $ 517,888 | $ 291,783 | $ 128,241 |
Portfolio turnover rate | 29% | 36% | 13% | 11% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.51 per share is comprised of distributions from net investment income of $.268 and distributions from net realized gain of $.243 per share.
G Total distributions of $.59 per share is comprised of distributions from net investment income of $.262 and distributions from net realized gain of $.325 per share.
H Total distributions of $.28 per share is comprised of distributions from net investment income of $.197 and distributions from net realized gain of $.082 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.04 | $ 11.82 | $ 12.38 | $ 11.81 | $ 10.76 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .18 | .24 | .28 | .23 | .19 |
Net realized and unrealized gain (loss) | 2.82 | (3.46) | (.36) | .75 | 1.06 |
Total from investment operations | 3.00 | (3.22) | (.08) | .98 | 1.25 |
Distributions from net investment income | (.17) | (.23) | (.23) | (.20) | (.14) |
Distributions from net realized gain | (.08) | (.33) | (.24) | (.21) | (.06) |
Total distributions | (.25) H | (.56) G | (.48) F | (.41) | (.20) |
Net asset value, end of period | $ 10.79 | $ 8.04 | $ 11.82 | $ 12.38 | $ 11.81 |
Total Return A,B | 37.53% | (28.13)% | (.89)% | 8.40% | 11.71% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .51% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .51% |
Net investment income (loss) | 1.77% | 2.44% | 2.21% | 1.96% | 1.68% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 225,384 | $ 162,439 | $ 203,822 | $ 186,106 | $ 125,323 |
Portfolio turnover rate | 29% | 36% | 13% | 11% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.48 per share is comprised of distributions from net investment income of $.233 and distributions from net realized gain of $.243 per share.
G Total distributions of $.56 per share is comprised of distributions from net investment income of $.234 and distributions from net realized gain of $.325 per share.
H Total distributions of $.25 per share is comprised of distributions from net investment income of $.172 and distributions from net realized gain of $.082 per share.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.02 | $ 11.77 | $ 12.33 | $ 11.77 | $ 10.73 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .19 | .21 | .17 | .13 |
Net realized and unrealized gain (loss) | 2.82 | (3.44) | (.36) | .74 | 1.06 |
Total from investment operations | 2.95 | (3.25) | (.15) | .91 | 1.19 |
Distributions from net investment income | (.12) | (.17) | (.17) | (.14) | (.09) |
Distributions from net realized gain | (.08) | (.33) | (.24) | (.21) | (.06) |
Total distributions | (.21) H | (.50) G | (.41) F | (.35) | (.15) |
Net asset value, end of period | $ 10.76 | $ 8.02 | $ 11.77 | $ 12.33 | $ 11.77 |
Total Return A,B | 36.85% | (28.47)% | (1.37)% | 7.83% | 11.17% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.27% | 1.94% | 1.71% | 1.46% | 1.18% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 35,932 | $ 27,727 | $ 43,608 | $ 41,424 | $ 33,633 |
Portfolio turnover rate | 29% | 36% | 13% | 11% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.41 per share is comprised of distributions from net investment income of $.171 and distributions from net realized gain of $.243 per share.
G Total distributions of $.50 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.325 per share.
H Total distributions of $.21 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.082 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.00 | $ 11.76 | $ 12.32 | $ 11.77 | $ 10.73 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .19 | .21 | .17 | .13 |
Net realized and unrealized gain (loss) | 2.82 | (3.45) | (.35) | .74 | 1.06 |
Total from investment operations | 2.95 | (3.26) | (.14) | .91 | 1.19 |
Distributions from net investment income | (.13) | (.18) | (.18) | (.15) | (.09) |
Distributions from net realized gain | (.08) | (.33) | (.24) | (.21) | (.06) |
Total distributions | (.21) H | (.50) G | (.42) F | (.36) | (.15) |
Net asset value, end of period | $ 10.74 | $ 8.00 | $ 11.76 | $ 12.32 | $ 11.77 |
Total Return A,B | 36.97% | (28.53)% | (1.34)% | 7.81% | 11.19% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.27% | 1.94% | 1.71% | 1.46% | 1.18% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 64,801 | $ 46,942 | $ 65,543 | $ 56,686 | $ 35,656 |
Portfolio turnover rate | 29% | 36% | 13% | 11% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.42 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.243 per share.
G Total distributions of $.50 per share is comprised of distributions from net investment income of $.179 and distributions from net realized gain of $.325 per share.
H Total distributions of $.21 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.082 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.09 | $ 11.91 | $ 12.47 | $ 11.89 | $ 10.81 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .23 | .29 | .34 | .29 | .25 |
Net realized and unrealized gain (loss) | 2.85 | (3.50) | (.36) | .75 | 1.07 |
Total from investment operations | 3.08 | (3.21) | (.02) | 1.04 | 1.32 |
Distributions from net investment income | (.22) | (.29) | (.29) | (.25) | (.18) |
Distributions from net realized gain | (.08) | (.33) | (.24) | (.21) | (.06) |
Total distributions | (.30) H | (.61) G | (.54) F | (.46) | (.24) |
Net asset value, end of period | $ 10.87 | $ 8.09 | $ 11.91 | $ 12.47 | $ 11.89 |
Total Return A | 38.30% | (27.85)% | (.42)% | 8.90% | 12.36% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 2.27% | 2.94% | 2.71% | 2.46% | 2.18% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 137,487 | $ 77,998 | $ 68,797 | $ 39,631 | $ 26,886 |
Portfolio turnover rate | 29% | 36% | 13% | 11% | 4% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.54 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 $.61 per share is comprised of distributions from net investment income of $.286 and distributions from net realized gain of $.325 per share.
H Total distributions of $.30 per share is comprised of distributions from net investment income of $.219 and distributions from net realized gain of $.082 per share.
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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 2.7 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.7 | 5.3 |
Fidelity Advisor Equity Income Fund Institutional Class | 3.9 | 7.3 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7.1 | 8.2 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.8 | 7.7 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.2 | 2.3 |
Fidelity Series 100 Index Fund | 4.4 | 3.9 |
Fidelity Series All-Sector Equity Fund | 9.2 | 10.1 |
Fidelity Series Large Cap Value Fund | 5.6 | 3.9 |
Fidelity Series Small Cap Opportunities Fund | 2.3 | 2.5 |
| 46.2 | 51.2 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 5.0 | 5.9 |
Fidelity Advisor Overseas Fund Institutional Class | 5.1 | 5.9 |
Fidelity Series International Growth Fund | 1.2 | 0.0 |
Fidelity Series International Small Cap Fund | 0.2 | 0.0 |
Fidelity Series International Value Fund | 1.2 | 0.0 |
| 12.7 | 11.8 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.7 | 1.0 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.0 | 7.5 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 2.7 | 0.3 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4.4 | 4.9 |
Fidelity Advisor Total Bond Fund Institutional Class | 1.7 | 5.4 |
Fidelity Series Investment Grade Bond Fund | 18.4 | 16.2 |
| 24.5 | 26.5 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 1.3 | 0.9 |
Fidelity Institutional Money Market Portfolio Institutional Class | 1.2 | 0.8 |
| 2.5 | 1.7 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 2.7% | |
 | Domestic Equity Funds | 46.2% | |
| Developed International Equity Funds | 12.7% | |
 | Emerging Markets Equity Funds | 1.7% | |
 | High Yield Bond Funds | 7.0% | |
| Inflation-Protected Bond Funds | 2.7% | |
 | Investment Grade Bond Funds | 24.5% | |
| Short-Term Funds | 2.5% | |
Six months ago |
| Domestic Equity Funds | 51.2% | |
| Developed International Equity Funds | 11.8% | |
| Emerging Markets Equity Funds | 1.0% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 0.3% | |
| Investment Grade Bond Funds | 26.5% | |
 | Short-Term Funds | 1.7% | |
Expected |
| Commodity Funds | 5.8% | |
| Domestic Equity Funds | 39.6% | |
| Developed International Equity Funds | 13.6% | |
| Emerging Markets Equity Funds | 2.2% | |
| High Yield Bond Funds | 6.7% | |
| Inflation-Protected Bond Funds | 6.3% | |
| Investment Grade Bond Funds | 22.5% | |
| Short-Term Funds | 3.3% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 48.9% |
| Shares | | Value |
Commodity Funds - 2.7% |
Fidelity Series Commodity Strategy Fund | 5,323,320 | | $ 55,788,390 |
Domestic Equity Funds - 46.2% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 2,003,753 | | 99,265,905 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,641,186 | | 81,234,859 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9,357,200 | | 148,873,060 |
Fidelity Advisor Large Cap Fund Institutional Class | 8,281,163 | | 142,767,252 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 1,921,739 | | 45,718,165 |
Fidelity Series 100 Index Fund | 11,208,291 | | 92,916,729 |
Fidelity Series All-Sector Equity Fund | 16,164,797 | | 194,300,857 |
Fidelity Series Large Cap Value Fund | 10,025,925 | | 119,007,730 |
Fidelity Series Small Cap Opportunities Fund (a) | 5,533,286 | | 49,356,913 |
TOTAL DOMESTIC EQUITY FUNDS | | 973,441,470 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $990,493,538) | 1,029,229,860 |
International Equity Funds - 14.4% |
| | | |
Developed International Equity Funds - 12.7% |
Fidelity Advisor Diversified International Fund Institutional Class | 7,017,214 | | 106,240,619 |
Fidelity Advisor Overseas Fund Institutional Class | 6,367,838 | | 106,852,327 |
Fidelity Series International Growth Fund | 2,466,533 | | 24,517,341 |
Fidelity Series International Small Cap Fund | 501,146 | | 5,126,719 |
Fidelity Series International Value Fund | 2,531,941 | | 24,458,549 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 267,195,555 |
Emerging Markets Equity Funds - 1.7% |
Fidelity Series Emerging Markets Fund | 2,119,907 | | 35,529,648 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $330,665,324) | 302,725,203 |
Bond Funds - 34.2% |
| Shares | | Value |
High Yield Bond Funds - 7.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 16,349,022 | | $ 146,814,216 |
Inflation-Protected Bond Funds - 2.7% |
Fidelity Series Inflation-Protected Bond Index Fund | 5,571,759 | | 57,166,243 |
Investment Grade Bond Funds - 24.5% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 10,712,026 | | 92,659,026 |
Fidelity Advisor Total Bond Fund Institutional Class | 3,507,971 | | 37,289,727 |
Fidelity Series Investment Grade Bond Fund | 33,840,535 | | 387,135,722 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 517,084,475 |
TOTAL BOND FUNDS (Cost $707,270,890) | 721,064,934 |
Short-Term Funds - 2.5% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 2,945,789 | | 26,865,597 |
Fidelity Institutional Money Market Portfolio Institutional Class | 26,852,202 | | 26,852,202 |
TOTAL SHORT-TERM FUNDS (Cost $53,592,260) | 53,717,799 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $2,082,022,012) | | 2,106,737,796 |
NET OTHER ASSETS - 0.0% | | (597,102) |
NET ASSETS - 100% | $ 2,106,140,694 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $83,490,631 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $46,197,827 of losses recognized during the period November 1, 2009 to March 31, 2010. |
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, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $2,082,022,012) - See accompanying schedule | | $ 2,106,737,796 |
Receivable for investments sold | | 1,035,049 |
Receivable for fund shares sold | | 2,224,045 |
Total assets | | 2,109,996,890 |
| | |
Liabilities | | |
Payable for investments purchased | $ 105,904 | |
Payable for fund shares redeemed | 3,152,729 | |
Distribution fees payable | 597,563 | |
Total liabilities | | 3,856,196 |
| | |
Net Assets | | $ 2,106,140,694 |
Net Assets consist of: | | |
Paid in capital | | $ 2,212,898,702 |
Undistributed net investment income | | 4,017,738 |
Accumulated undistributed net realized gain (loss) on investments | | (135,491,530) |
Net unrealized appreciation (depreciation) on investments | | 24,715,784 |
Net Assets | | $ 2,106,140,694 |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($1,238,014,544 ÷ 110,418,246 shares) | | $ 11.21 |
| | |
Maximum offering price per share (100/94.25 of $11.21) | | $ 11.89 |
Class T:
Net Asset Value and redemption price per share ($488,096,701 ÷ 43,569,147 shares) | | $ 11.20 |
| | |
Maximum offering price per share (100/96.50 of $11.20) | | $ 11.61 |
Class B:
Net Asset Value and offering price per share ($71,888,201 ÷ 6,437,226 shares)A | | $ 11.17 |
| | |
Class C:
Net Asset Value and offering price per share ($93,236,702 ÷ 8,366,384 shares)A | | $ 11.14 |
| | |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($214,904,546 ÷ 19,061,296 shares) | | $ 11.27 |
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, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 37,890,033 |
| | |
Expenses | | |
Distribution fees | $ 6,194,530 | |
Independent trustees' compensation | 5,722 | |
Total expenses before reductions | 6,200,252 | |
Expense reductions | (5,722) | 6,194,530 |
Net investment income (loss) | | 31,695,503 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (33,903,848) | |
Capital gain distributions from underlying funds | 23,919,395 | (9,984,453) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 562,202,605 |
Net gain (loss) | | 552,218,152 |
Net increase (decrease) in net assets resulting from operations | | $ 583,913,655 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 31,695,503 | $ 33,876,751 |
Net realized gain (loss) | (9,984,453) | (101,331,108) |
Change in net unrealized appreciation (depreciation) | 562,202,605 | (513,255,786) |
Net increase (decrease) in net assets resulting from operations | 583,913,655 | (580,710,143) |
Distributions to shareholders from net investment income | (31,327,675) | (33,890,863) |
Distributions to shareholders from net realized gain | (15,485,703) | (54,461,707) |
Total distributions | (46,813,378) | (88,352,570) |
Share transactions - net increase (decrease) | 326,679,236 | 369,126,187 |
Total increase (decrease) in net assets | 863,779,513 | (299,936,526) |
| | |
Net Assets | | |
Beginning of period | 1,242,361,181 | 1,542,297,707 |
End of period (including undistributed net investment income of $4,017,738 and undistributed net investment income of $3,649,909, respectively) | $ 2,106,140,694 | $ 1,242,361,181 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.97 | $ 12.73 | $ 13.49 | $ 12.85 | $ 11.53 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .25 | .28 | .24 | .19 |
Net realized and unrealized gain (loss) | 3.32 | (4.33) | (.49) | .92 | 1.36 |
Total from investment operations | 3.52 | (4.08) | (.21) | 1.16 | 1.55 |
Distributions from net investment income | (.19) | (.25) | (.25) | (.23) | (.16) |
Distributions from net realized gain | (.09) | (.43) | (.30) | (.30) | (.08) |
Total distributions | (.28) H | (.68) | (.55) | (.52) G | (.23) F |
Net asset value, end of period | $ 11.21 | $ 7.97 | $ 12.73 | $ 13.49 | $ 12.85 |
Total Return A,B | 44.32% | (33.34)% | (1.83)% | 9.21% | 13.62% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 1.92% | 2.49% | 2.07% | 1.89% | 1.60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,238,015 | $ 677,210 | $ 811,992 | $ 511,536 | $ 284,466 |
Portfolio turnover rate | 26% | 31% | 10% | 13% | 6% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.23 per share is comprised of distributions from net investment income of $.158 and distributions from net realized gain of $.075 per share.
G Total distributions of $.52 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $.295 per share.
H Total distributions of $.28 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.087 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.96 | $ 12.72 | $ 13.47 | $ 12.83 | $ 11.52 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .17 | .23 | .25 | .21 | .16 |
Net realized and unrealized gain (loss) | 3.32 | (4.34) | (.49) | .92 | 1.36 |
Total from investment operations | 3.49 | (4.11) | (.24) | 1.13 | 1.52 |
Distributions from net investment income | (.16) | (.22) | (.21) | (.19) | (.13) |
Distributions from net realized gain | (.09) | (.43) | (.30) | (.30) | (.08) |
Total distributions | (.25) G | (.65) | (.51) | (.49) F | (.21) |
Net asset value, end of period | $ 11.20 | $ 7.96 | $ 12.72 | $ 13.47 | $ 12.83 |
Total Return A,B | 44.02% | (33.56)% | (2.02)% | 8.97% | 13.28% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .51% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .51% |
Net investment income (loss) | 1.67% | 2.24% | 1.82% | 1.63% | 1.35% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 488,097 | $ 343,919 | $ 458,465 | $ 431,886 | $ 296,477 |
Portfolio turnover rate | 26% | 31% | 10% | 13% | 6% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.49 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.295 per share.
G Total distributions of $.25 per share is comprised of distributions from net investment income of $.163 and distributions from net realized gain of $.087 per share.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.94 | $ 12.66 | $ 13.41 | $ 12.78 | $ 11.48 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .18 | .18 | .15 | .10 |
Net realized and unrealized gain (loss) | 3.31 | (4.31) | (.48) | .91 | 1.35 |
Total from investment operations | 3.43 | (4.13) | (.30) | 1.06 | 1.45 |
Distributions from net investment income | (.12) | (.16) | (.15) | (.13) | (.08) |
Distributions from net realized gain | (.09) | (.43) | (.30) | (.30) | (.07) |
Total distributions | (.20) G | (.59) | (.45) | (.43) F | (.15) |
Net asset value, end of period | $ 11.17 | $ 7.94 | $ 12.66 | $ 13.41 | $ 12.78 |
Total Return A,B | 43.34% | (33.87)% | (2.51)% | 8.40% | 12.71% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.17% | 1.74% | 1.32% | 1.13% | .85% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 71,888 | $ 52,871 | $ 89,049 | $ 85,981 | $ 71,232 |
Portfolio turnover rate | 26% | 31% | 10% | 13% | 6% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.43 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.295 per share.
G Total distributions of $.20 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.087 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.92 | $ 12.64 | $ 13.40 | $ 12.77 | $ 11.48 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .18 | .18 | .15 | .10 |
Net realized and unrealized gain (loss) | 3.31 | (4.31) | (.49) | .91 | 1.34 |
Total from investment operations | 3.43 | (4.13) | (.31) | 1.06 | 1.44 |
Distributions from net investment income | (.12) | (.16) | (.15) | (.14) | (.08) |
Distributions from net realized gain | (.09) | (.43) | (.30) | (.30) | (.07) |
Total distributions | (.21) G | (.59) | (.45) | (.43) F | (.15) |
Net asset value, end of period | $ 11.14 | $ 7.92 | $ 12.64 | $ 13.40 | $ 12.77 |
Total Return A,B | 43.38% | (33.90)% | (2.56)% | 8.45% | 12.66% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.17% | 1.74% | 1.32% | 1.14% | .85% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 93,237 | $ 62,702 | $ 95,224 | $ 85,076 | $ 61,442 |
Portfolio turnover rate | 26% | 31% | 10% | 13% | 6% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.43 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.295 per share.
G Total distributions of $.21 per share is comprised of distributions from net investment income of $.119 and distributions from net realized gain of $.087 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.01 | $ 12.79 | $ 13.55 | $ 12.90 | $ 11.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .22 | .28 | .32 | .28 | .23 |
Net realized and unrealized gain (loss) | 3.34 | (4.35) | (.50) | .92 | 1.36 |
Total from investment operations | 3.56 | (4.07) | (.18) | 1.20 | 1.59 |
Distributions from net investment income | (.21) | (.28) | (.28) | (.25) | (.18) |
Distributions from net realized gain | (.09) | (.43) | (.30) | (.30) | (.08) |
Total distributions | (.30) G | (.71) | (.58) | (.55) F | (.26) |
Net asset value, end of period | $ 11.27 | $ 8.01 | $ 12.79 | $ 13.55 | $ 12.90 |
Total Return A | 44.65% | (33.16)% | (1.62)% | 9.47% | 13.88% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 2.17% | 2.74% | 2.32% | 2.13% | 1.85% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 214,905 | $ 105,660 | $ 87,568 | $ 38,153 | $ 21,212 |
Portfolio turnover rate | 26% | 31% | 10% | 13% | 6% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.55 per share is comprised of distributions from net investment income of $.252 and distributions from net realized gain of $.295 per share.
G Total distributions of $.30 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.087 per share.
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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.0 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.3 | 5.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 4.3 | 8.2 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7.9 | 9.0 |
Fidelity Advisor Large Cap Fund Institutional Class | 7.5 | 8.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.4 | 2.5 |
Fidelity Series 100 Index Fund | 4.9 | 4.3 |
Fidelity Series All-Sector Equity Fund | 10.3 | 11.0 |
Fidelity Series Large Cap Value Fund | 6.3 | 4.3 |
Fidelity Series Small Cap Opportunities Fund | 2.6 | 2.8 |
| 51.5 | 56.5 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 5.6 | 6.5 |
Fidelity Advisor Overseas Fund Institutional Class | 5.6 | 6.4 |
Fidelity Series International Growth Fund | 1.3 | 0.0 |
Fidelity Series International Small Cap Fund | 0.3 | 0.0 |
Fidelity Series International Value Fund | 1.3 | 0.0 |
| 14.1 | 12.9 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.9 | 1.1 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.5 | 8.1 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 1.6 | 0.2 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 3.6 | 3.9 |
Fidelity Advisor Total Bond Fund Institutional Class | 1.5 | 4.4 |
Fidelity Series Investment Grade Bond Fund | 15.3 | 12.9 |
| 20.4 | 21.2 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 0.0* | 0.0 |
Fidelity Institutional Money Market Portfolio Institutional Class | 0.0* | 0.0 |
| 0.0* | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.0% | |
| Domestic Equity Funds | 51.5% | |
 | Developed International Equity Funds | 14.1% | |
 | Emerging Markets Equity Funds | 1.9% | |
| High Yield Bond Funds | 7.5% | |
 | Inflation-Protected Bond Funds | 1.6% | |
 | Investment Grade Bond Funds | 20.4% | |
| Short-Term Funds | 0.0%* | |
Six months ago |
| Domestic Equity Funds | 56.5% | |
| Developed International Equity Funds | 12.9% | |
| Emerging Markets Equity Funds | 1.1% | |
| High Yield Bond Funds | 8.1% | |
| Inflation-Protected Bond Funds | 0.2% | |
| Investment Grade Bond Funds | 21.2% | |
Expected |
| Commodity Funds | 6.6% | |
| Domestic Equity Funds | 45.2% | |
| Developed International Equity Funds | 15.5% | |
| Emerging Markets Equity Funds | 2.5% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 3.7% | |
 | Investment Grade Bond Funds | 19.0% | |
| Short-Term Funds | 0.0% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 54.5% |
| Shares | | Value |
Commodity Funds - 3.0% |
Fidelity Series Commodity Strategy Fund | 4,163,260 | | $ 43,630,963 |
Domestic Equity Funds - 51.5% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 1,549,713 | | 76,772,794 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,806,930 | | 62,622,599 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7,240,231 | | 115,192,075 |
Fidelity Advisor Large Cap Fund Institutional Class | 6,403,131 | | 110,389,982 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 1,485,240 | | 35,333,849 |
Fidelity Series 100 Index Fund | 8,679,926 | | 71,956,588 |
Fidelity Series All-Sector Equity Fund | 12,503,551 | | 150,292,679 |
Fidelity Series Large Cap Value Fund | 7,778,623 | | 92,332,255 |
Fidelity Series Small Cap Opportunities Fund (a) | 4,280,363 | | 38,180,837 |
TOTAL DOMESTIC EQUITY FUNDS | | 753,073,658 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $769,133,689) | 796,704,621 |
International Equity Funds - 16.0% |
| | | |
Developed International Equity Funds - 14.1% |
Fidelity Advisor Diversified International Fund Institutional Class | 5,422,085 | | 82,090,373 |
Fidelity Advisor Overseas Fund Institutional Class | 4,919,252 | | 82,545,051 |
Fidelity Series International Growth Fund | 1,929,158 | | 19,175,828 |
Fidelity Series International Small Cap Fund | 392,939 | | 4,019,771 |
Fidelity Series International Value Fund | 1,980,370 | | 19,130,372 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 206,961,395 |
Emerging Markets Equity Funds - 1.9% |
Fidelity Series Emerging Markets Fund | 1,648,327 | | 27,625,962 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $254,292,204) | 234,587,357 |
Bond Funds - 29.5% |
| Shares | | Value |
High Yield Bond Funds - 7.5% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 12,230,244 | | $ 109,827,590 |
Inflation-Protected Bond Funds - 1.6% |
Fidelity Series Inflation-Protected Bond Index Fund | 2,210,988 | | 22,684,738 |
Investment Grade Bond Funds - 20.4% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6,141,100 | | 53,120,512 |
Fidelity Advisor Total Bond Fund Institutional Class | 2,046,059 | | 21,749,608 |
Fidelity Series Investment Grade Bond Fund | 19,571,882 | | 223,902,327 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 298,772,447 |
TOTAL BOND FUNDS (Cost $420,936,875) | 431,284,775 |
Short-Term Funds - 0.0% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 517 | | 4,715 |
Fidelity Institutional Money Market Portfolio Institutional Class | 4,700 | | 4,700 |
TOTAL SHORT-TERM FUNDS (Cost $9,413) | 9,415 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,444,372,181) | | 1,462,586,168 |
NET OTHER ASSETS - 0.0% | | (375,450) |
NET ASSETS - 100% | $ 1,462,210,718 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $53,781,443 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $25,145,573 of losses recognized during the period November 1, 2009 to March 31, 2010. |
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, 2010 |
Assets | | |
Investment in securities, at value (cost $1,444,372,181) - See accompanying schedule | | $ 1,462,586,168 |
Cash | | 9 |
Receivable for investments sold | | 72,280 |
Receivable for fund shares sold | | 1,463,376 |
Total assets | | 1,464,121,833 |
| | |
Liabilities | | |
Payable for investments purchased | $ 44,197 | |
Payable for fund shares redeemed | 1,487,820 | |
Distribution fees payable | 379,098 | |
Total liabilities | | 1,911,115 |
| | |
Net Assets | | $ 1,462,210,718 |
Net Assets consist of: | | |
Paid in capital | | $ 1,524,364,439 |
Undistributed net investment income | | 2,411,656 |
Accumulated undistributed net realized gain (loss) on investments | | (82,779,364) |
Net unrealized appreciation (depreciation) on investments | | 18,213,987 |
Net Assets | | $ 1,462,210,718 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($999,687,453 ÷ 92,896,401 shares) | | $ 10.76 |
| | |
Maximum offering price per share (100/94.25 of $10.76) | | $ 11.42 |
Class T:
Net Asset Value and redemption price per share ($230,003,037 ÷ 21,332,241 shares) | | $ 10.78 |
| | |
Maximum offering price per share (100/96.50 of $10.78) | | $ 11.17 |
Class B:
Net Asset Value and offering price per share ($38,816,183 ÷ 3,628,560 shares)A | | $ 10.70 |
| | |
Class C:
Net Asset Value and offering price per share ($52,756,323 ÷ 4,941,656 shares)A | | $ 10.68 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($140,947,722 ÷ 13,019,341 shares) | | $ 10.83 |
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, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 24,000,183 |
| | |
Expenses | | |
Distribution fees | $ 3,707,387 | |
Independent trustees' compensation | 3,745 | |
Total expenses before reductions | 3,711,132 | |
Expense reductions | (3,745) | 3,707,387 |
Net investment income (loss) | | 20,292,796 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (23,304,373) | |
Capital gain distributions from underlying funds | 16,956,292 | (6,348,081) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 385,554,148 |
Net gain (loss) | | 379,206,067 |
Net increase (decrease) in net assets resulting from operations | | $ 399,498,863 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2025 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 20,292,796 | $ 19,856,130 |
Net realized gain (loss) | (6,348,081) | (60,831,662) |
Change in net unrealized appreciation (depreciation) | 385,554,148 | (328,423,663) |
Net increase (decrease) in net assets resulting from operations | 399,498,863 | (369,399,195) |
Distributions to shareholders from net investment income | (20,082,625) | (19,629,825) |
Distributions to shareholders from net realized gain | (10,724,553) | (30,018,396) |
Total distributions | (30,807,178) | (49,648,221) |
Share transactions - net increase (decrease) | 313,035,081 | 330,490,319 |
Total increase (decrease) in net assets | 681,726,766 | (88,557,097) |
| | |
Net Assets | | |
Beginning of period | 780,483,952 | 869,041,049 |
End of period (including undistributed net investment income of $2,411,656 and undistributed net investment income of $2,201,483, respectively) | $ 1,462,210,718 | $ 780,483,952 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.51 | $ 12.26 | $ 13.01 | $ 12.34 | $ 10.96 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .18 | .23 | .26 | .22 | .17 |
Net realized and unrealized gain (loss) | 3.32 | (4.36) | (.50) | .90 | 1.39 |
Total from investment operations | 3.50 | (4.13) | (.24) | 1.12 | 1.56 |
Distributions from net investment income | (.17) | (.22) | (.22) | (.19) | (.13) |
Distributions from net realized gain | (.09) | (.40) | (.29) | (.26) | (.05) |
Total distributions | (.25) F | (.62) | (.51) | (.45) | (.18) |
Net asset value, end of period | $ 10.76 | $ 7.51 | $ 12.26 | $ 13.01 | $ 12.34 |
Total Return A, B | 46.86% | (34.98)% | (2.14)% | 9.26% | 14.35% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.82% | 2.41% | 1.95% | 1.79% | 1.44% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 999,687 | $ 512,482 | $ 558,890 | $ 306,544 | $ 128,504 |
Portfolio turnover rate | 19% | 29% | 10% | 3% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.169 and distributions from net realized gain of $.085 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.52 | $ 12.28 | $ 13.03 | $ 12.35 | $ 10.97 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .15 | .21 | .23 | .19 | .14 |
Net realized and unrealized gain (loss) | 3.34 | (4.37) | (.51) | .91 | 1.39 |
Total from investment operations | 3.49 | (4.16) | (.28) | 1.10 | 1.53 |
Distributions from net investment income | (.15) | (.20) | (.18) | (.16) | (.11) |
Distributions from net realized gain | (.09) | (.40) | (.29) | (.26) | (.05) |
Total distributions | (.23) G | (.60) | (.47) | (.42) | (.15) F |
Net asset value, end of period | $ 10.78 | $ 7.52 | $ 12.28 | $ 13.03 | $ 12.35 |
Total Return A, B | 46.60% | (35.20)% | (2.40)% | 9.10% | 14.07% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | 1.57% | 2.16% | 1.70% | 1.54% | 1.19% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 230,003 | $ 139,330 | $ 173,946 | $ 154,042 | $ 83,955 |
Portfolio turnover rate | 19% | 29% | 10% | 3% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.15 per share is comprised of distributions from net investment income of $.108 and distributions from net realized gain of $.046 per share.
G Total distributions of $.23 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.085 per share.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.47 | $ 12.17 | $ 12.93 | $ 12.26 | $ 10.91 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .10 | .16 | .16 | .13 | .08 |
Net realized and unrealized gain (loss) | 3.32 | (4.32) | (.51) | .90 | 1.38 |
Total from investment operations | 3.42 | (4.16) | (.35) | 1.03 | 1.46 |
Distributions from net investment income | (.10) | (.14) | (.12) | (.10) | (.07) |
Distributions from net realized gain | (.09) | (.40) | (.29) | (.26) | (.04) |
Total distributions | (.19) F | (.54) | (.41) | (.36) | (.11) |
Net asset value, end of period | $ 10.70 | $ 7.47 | $ 12.17 | $ 12.93 | $ 12.26 |
Total Return A, B | 45.83% | (35.45)% | (2.95)% | 8.57% | 13.46% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.07% | 1.66% | 1.20% | 1.04% | .69% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 38,816 | $ 27,207 | $ 43,016 | $ 37,881 | $ 27,111 |
Portfolio turnover rate | 19% | 29% | 10% | 3% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.19 per share is comprised of distributions from net investment income of $.100 and distributions from net realized gain of $.085 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.46 | $ 12.16 | $ 12.92 | $ 12.26 | $ 10.91 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .10 | .16 | .16 | .13 | .08 |
Net realized and unrealized gain (loss) | 3.31 | (4.32) | (.50) | .89 | 1.38 |
Total from investment operations | 3.41 | (4.16) | (.34) | 1.02 | 1.46 |
Distributions from net investment income | (.11) | (.14) | (.13) | (.10) | (.07) |
Distributions from net realized gain | (.09) | (.40) | (.29) | (.26) | (.04) |
Total distributions | (.19) F | (.54) | (.42) | (.36) | (.11) |
Net asset value, end of period | $ 10.68 | $ 7.46 | $ 12.16 | $ 12.92 | $ 12.26 |
Total Return A, B | 45.83% | (35.44)% | (2.91)% | 8.51% | 13.46% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.07% | 1.66% | 1.20% | 1.04% | .69% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 52,756 | $ 31,735 | $ 40,426 | $ 32,679 | $ 20,323 |
Portfolio turnover rate | 19% | 29% | 10% | 3% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.19 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.085 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.55 | $ 12.33 | $ 13.08 | $ 12.39 | $ 10.99 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .20 | .26 | .29 | .25 | .20 |
Net realized and unrealized gain (loss) | 3.35 | (4.39) | (.50) | .91 | 1.40 |
Total from investment operations | 3.55 | (4.13) | (.21) | 1.16 | 1.60 |
Distributions from net investment income | (.19) | (.25) | (.25) | (.21) | (.15) |
Distributions from net realized gain | (.09) | (.40) | (.29) | (.26) | (.05) |
Total distributions | (.27)F | (.65) | (.54) | (.47) | (.20) |
Net asset value, end of period | $ 10.83 | $ 7.55 | $ 12.33 | $ 13.08 | $ 12.39 |
Total Return A | 47.31% | (34.83)% | (1.93)% | 9.60% | 14.69% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 2.07% | 2.66% | 2.20% | 2.04% | 1.69% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 140,948 | $ 69,731 | $ 52,762 | $ 13,903 | $ 5,167 |
Portfolio turnover rate | 19% | 29% | 10% | 3% | 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 Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.085 per share.
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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.2 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.7 | 6.5 |
Fidelity Advisor Equity Income Fund Institutional Class | 4.7 | 9.0 |
Fidelity Advisor Growth & Income Fund Institutional Class | 8.6 | 10.0 |
Fidelity Advisor Large Cap Fund Institutional Class | 8.2 | 9.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.6 | 2.8 |
Fidelity Series 100 Index Fund | 5.4 | 4.6 |
Fidelity Series All-Sector Equity Fund | 11.2 | 12.4 |
Fidelity Series Large Cap Value Fund | 6.9 | 4.9 |
Fidelity Series Small Cap Opportunities Fund | 2.8 | 3.2 |
| 56.1 | 62.9 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.1 | 7.1 |
Fidelity Advisor Overseas Fund Institutional Class | 6.2 | 7.1 |
Fidelity Series International Growth Fund | 1.4 | 0.0 |
Fidelity Series International Small Cap Fund | 0.3 | 0.0 |
Fidelity Series International Value Fund | 1.4 | 0.0 |
| 15.4 | 14.2 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.0 | 1.4 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.5 | 8.0 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 0.2 | 0.0* |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.8 | 2.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 1.1 | 2.8 |
Fidelity Series Investment Grade Bond Fund | 11.7 | 8.2 |
| 15.6 | 13.5 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.2% | |
| Domestic Equity Funds | 56.1% | |
| Developed International Equity Funds | 15.4% | |
| Emerging Markets Equity Funds | 2.0% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 0.2% | |
| Investment Grade Bond Funds | 15.6% | |
Six months ago |
| Domestic Equity Funds | 62.9% | |
| Developed International Equity Funds | 14.2% | |
| Emerging Markets Equity Funds | 1.4% | |
| High Yield Bond Funds | 8.0% | |
| Inflation-Protected Bond Funds | 0.0% | |
| Investment Grade Bond Funds | 13.5% | |
Expected |
| Commodity Funds | 7.1% | |
| Domestic Equity Funds | 48.4% | |
| Developed International Equity Funds | 16.6% | |
| Emerging Markets Equity Funds | 2.7% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 0.8% | |
| Investment Grade Bond Funds | 16.9% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 59.3% |
| Shares | | Value |
Commodity Funds - 3.2% |
Fidelity Series Commodity Strategy Fund | 5,271,915 | | $ 55,249,666 |
Domestic Equity Funds - 56.1% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 1,969,965 | | 97,592,054 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,566,358 | | 79,565,441 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9,193,658 | | 146,271,105 |
Fidelity Advisor Large Cap Fund Institutional Class | 8,128,459 | | 140,134,638 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 1,888,422 | | 44,925,569 |
Fidelity Series 100 Index Fund | 11,028,609 | | 91,427,166 |
Fidelity Series All-Sector Equity Fund | 15,891,103 | | 191,011,053 |
Fidelity Series Large Cap Value Fund | 9,859,298 | | 117,029,862 |
Fidelity Series Small Cap Opportunities Fund (a) | 5,432,538 | | 48,458,241 |
TOTAL DOMESTIC EQUITY FUNDS | | 956,415,129 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $977,433,695) | 1,011,664,795 |
International Equity Funds - 17.4% |
| | | |
Developed International Equity Funds - 15.4% |
Fidelity Advisor Diversified International Fund Institutional Class | 6,886,153 | | 104,256,353 |
Fidelity Advisor Overseas Fund Institutional Class | 6,256,787 | | 104,988,887 |
Fidelity Series International Growth Fund | 2,454,229 | | 24,395,032 |
Fidelity Series International Small Cap Fund | 491,446 | | 5,027,493 |
Fidelity Series International Value Fund | 2,519,354 | | 24,336,963 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 263,004,728 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.0% |
Fidelity Series Emerging Markets Fund | 2,086,136 | | $ 34,963,646 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $323,974,314) | 297,968,374 |
Bond Funds - 23.3% |
| | | |
High Yield Bond Funds - 7.5% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 14,245,293 | | 127,922,733 |
Inflation-Protected Bond Funds - 0.2% |
Fidelity Series Inflation-Protected Bond Index Fund | 369,917 | | 3,795,351 |
Investment Grade Bond Funds - 15.6% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5,449,753 | | 47,140,366 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,818,800 | | 19,333,848 |
Fidelity Series Investment Grade Bond Fund | 17,394,882 | | 198,997,444 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 265,471,658 |
TOTAL BOND FUNDS (Cost $387,822,263) | 397,189,742 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,689,230,272) | | 1,706,822,911 |
NET OTHER ASSETS - 0.0% | | (468,116) |
NET ASSETS - 100% | $ 1,706,354,795 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $75,012,132 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $40,381,036 of losses recognized during the period November 1, 2009 to March 31, 2010. |
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, 2010 |
Assets | | |
Investment in securities, at value (cost $1,689,230,272) - See accompanying schedule | | $ 1,706,822,911 |
Cash | | 4 |
Receivable for investments sold | | 538,765 |
Receivable for fund shares sold | | 2,906,112 |
Total assets | | 1,710,267,792 |
| | |
Liabilities | | |
Payable for investments purchased | $ 110,281 | |
Payable for fund shares redeemed | 3,334,657 | |
Distribution fees payable | 468,059 | |
Total liabilities | | 3,912,997 |
| | |
Net Assets | | $ 1,706,354,795 |
Net Assets consist of: | | |
Paid in capital | | $ 1,805,899,572 |
Undistributed net investment income | | 2,385,989 |
Accumulated undistributed net realized gain (loss) on investments | | (119,523,405) |
Net unrealized appreciation (depreciation) on investments | | 17,592,639 |
Net Assets | | $ 1,706,354,795 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,030,971,552 ÷ 91,351,779 shares) | | $ 11.29 |
| | |
Maximum offering price per share (100/94.25 of $11.29) | | $ 11.98 |
Class T:
Net Asset Value and redemption price per share ($382,091,540 ÷ 33,964,959 shares) | | $ 11.25 |
| | |
Maximum offering price per share (100/96.50 of $11.25) | | $ 11.66 |
Class B:
Net Asset Value and offering price per share ($51,359,536 ÷ 4,582,772 shares)A | | $ 11.21 |
| | |
Class C:
Net Asset Value and offering price per share ($63,700,424 ÷ 5,694,158 shares)A | | $ 11.19 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($178,231,743 ÷ 15,729,894 shares) | | $ 11.33 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 25,415,548 |
| | |
Expenses | | |
Distribution fees | $ 4,674,564 | |
Independent trustees' compensation | 4,423 | |
Total expenses before reductions | 4,678,987 | |
Expense reductions | (4,423) | 4,674,564 |
Net investment income (loss) | | 20,740,984 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (36,945,800) | |
Capital gain distributions from underlying funds | 20,532,775 | (16,413,025) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 493,374,347 |
Net gain (loss) | | 476,961,322 |
Net increase (decrease) in net assets resulting from operations | | $ 497,702,306 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 20,740,984 | $ 20,500,528 |
Net realized gain (loss) | (16,413,025) | (85,821,923) |
Change in net unrealized appreciation (depreciation) | 493,374,347 | (433,071,093) |
Net increase (decrease) in net assets resulting from operations | 497,702,306 | (498,392,488) |
Distributions to shareholders from net investment income | (19,871,061) | (20,772,833) |
Distributions to shareholders from net realized gain | (13,024,758) | (43,764,449) |
Total distributions | (32,895,819) | (64,537,282) |
Share transactions - net increase (decrease) | 319,644,448 | 372,427,616 |
Total increase (decrease) in net assets | 784,450,935 | (190,502,154) |
| | |
Net Assets | | |
Beginning of period | 921,903,860 | 1,112,406,014 |
End of period (including undistributed net investment income of $2,385,989 and undistributed net investment income of $1,516,067, respectively) | $ 1,706,354,795 | $ 921,903,860 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.69 | $ 13.29 | $ 14.27 | $ 13.47 | $ 11.81 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .16 | .21 | .22 | .20 | .15 |
Net realized and unrealized gain (loss) | 3.68 | (5.10) | (.63) | 1.09 | 1.70 |
Total from investment operations | 3.84 | (4.89) | (.41) | 1.29 | 1.85 |
Distributions from net investment income | (.15) | (.21) | (.19) | (.18) | (.11) |
Distributions from net realized gain | (.09) | (.50) | (.38) | (.31) | (.08) |
Total distributions | (.24) F | (.71) | (.57) | (.49) | (.19) |
Net asset value, end of period | $ 11.29 | $ 7.69 | $ 13.29 | $ 14.27 | $ 13.47 |
Total Return A,B | 50.17% | (38.49)% | (3.22)% | 9.82% | 15.84% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 1.61% | 2.08% | 1.53% | 1.49% | 1.17% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,030,972 | $ 527,042 | $ 626,641 | $ 343,345 | $ 156,916 |
Portfolio turnover rate | 20% | 22% | 10% | 8% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.24 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.093 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.67 | $ 13.25 | $ 14.23 | $ 13.43 | $ 11.78 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .19 | .19 | .17 | .11 |
Net realized and unrealized gain (loss) | 3.66 | (5.09) | (.64) | 1.09 | 1.70 |
Total from investment operations | 3.80 | (4.90) | (.45) | 1.26 | 1.81 |
Distributions from net investment income | (.13) | (.18) | (.15) | (.15) | (.09) |
Distributions from net realized gain | (.09) | (.50) | (.38) | (.31) | (.08) |
Total distributions | (.22) G | (.68) | (.53) | (.46) | (.16) F |
Net asset value, end of period | $ 11.25 | $ 7.67 | $ 13.25 | $ 14.23 | $ 13.43 |
Total Return A,B | 49.72% | (38.62)% | (3.49)% | 9.59% | 15.52% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .51% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .51% |
Net investment income (loss) | 1.36% | 1.83% | 1.28% | 1.24% | .92% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 382,092 | $ 236,333 | $ 297,618 | $ 281,508 | $ 184,029 |
Portfolio turnover rate | 20% | 22% | 10% | 8% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.16 per share is comprised of distributions from net investment income of $.087 and distributions from net realized gain of $.077 per share.
G Total distributions of $.22 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.093 per share.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.64 | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .09 | .14 | .11 | .10 | .05 |
Net realized and unrealized gain (loss) | 3.65 | (5.06) | (.63) | 1.08 | 1.70 |
Total from investment operations | 3.74 | (4.92) | (.52) | 1.18 | 1.75 |
Distributions from net investment income | (.08) | (.11) | (.09) | (.09) | (.05) |
Distributions from net realized gain | (.09) | (.50) | (.37) | (.31) | (.07) |
Total distributions | (.17) F | (.61) | (.46) | (.40) | (.12) |
Net asset value, end of period | $ 11.21 | $ 7.64 | $ 13.17 | $ 14.15 | $ 13.37 |
Total Return A,B | 49.07% | (38.94)% | (3.96)% | 8.98% | 14.96% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | .86% | 1.33% | .78% | .74% | .42% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 51,360 | $ 35,701 | $ 60,367 | $ 56,845 | $ 43,099 |
Portfolio turnover rate | 20% | 22% | 10% | 8% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.17 per share is comprised of distributions from net investment income of $.080 and distributions from net realized gain of $.092 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.63 | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .09 | .14 | .11 | .10 | .05 |
Net realized and unrealized gain (loss) | 3.65 | (5.06) | (.63) | 1.08 | 1.70 |
Total from investment operations | 3.74 | (4.92) | (.52) | 1.18 | 1.75 |
Distributions from net investment income | (.08) | (.12) | (.09) | (.09) | (.05) |
Distributions from net realized gain | (.09) | (.50) | (.37) | (.31) | (.07) |
Total distributions | (.18) F | (.62) | (.46) | (.40) | (.12) |
Net asset value, end of period | $ 11.19 | $ 7.63 | $ 13.17 | $ 14.15 | $ 13.37 |
Total Return A,B | 49.06% | (38.96)% | (3.95)% | 9.00% | 14.99% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | .86% | 1.33% | .78% | .74% | .42% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 63,700 | $ 40,294 | $ 58,768 | $ 54,338 | $ 37,940 |
Portfolio turnover rate | 20% | 22% | 10% | 8% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.18 per share is comprised of distributions from net investment income of $.083 and distributions from net realized gain of $.093 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.72 | $ 13.34 | $ 14.32 | $ 13.51 | $ 11.84 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .19 | .23 | .26 | .24 | .18 |
Net realized and unrealized gain (loss) | 3.69 | (5.11) | (.64) | 1.09 | 1.71 |
Total from investment operations | 3.88 | (4.88) | (.38) | 1.33 | 1.89 |
Distributions from net investment income | (.17) | (.24) | (.22) | (.21) | (.13) |
Distributions from net realized gain | (.09) | (.50) | (.38) | (.31) | (.09) |
Total distributions | (.27) F | (.74) | (.60) | (.52) | (.22) |
Net asset value, end of period | $ 11.33 | $ 7.72 | $ 13.34 | $ 14.32 | $ 13.51 |
Total Return A | 50.42% | (38.31)% | (3.01)% | 10.08% | 16.10% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.86% | 2.33% | 1.78% | 1.74% | 1.42% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 178,232 | $ 82,534 | $ 69,011 | $ 24,902 | $ 10,918 |
Portfolio turnover rate | 20% | 22% | 10% | 8% | 4% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.093 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.5 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.2 | 6.8 |
Fidelity Advisor Equity Income Fund Institutional Class | 5.0 | 9.1 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.2 | 10.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 8.9 | 9.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.8 | 3.0 |
Fidelity Series 100 Index Fund | 5.8 | 5.2 |
Fidelity Series All-Sector Equity Fund | 12.1 | 13.0 |
Fidelity Series Large Cap Value Fund | 7.4 | 5.4 |
Fidelity Series Small Cap Opportunities Fund | 3.1 | 3.4 |
| 60.5 | 66.0 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.6 | 7.4 |
Fidelity Advisor Overseas Fund Institutional Class | 6.6 | 7.3 |
Fidelity Series International Growth Fund | 1.6 | 0.0 |
Fidelity Series International Small Cap Fund | 0.3 | 0.0 |
Fidelity Series International Value Fund | 1.5 | 0.0 |
| 16.6 | 14.7 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.2 | 1.6 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.5 | 8.0 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1.7 | 1.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.7 | 2.0 |
Fidelity Series Investment Grade Bond Fund | 7.3 | 5.9 |
| 9.7 | 9.7 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.5% | |
| Domestic Equity Funds | 60.5% | |
| Developed International Equity Funds | 16.6% | |
| Emerging Markets Equity Funds | 2.2% | |
 | High Yield Bond Funds | 7.5% | |
| Investment Grade Bond Funds | 9.7% | |
Six months ago |
| Domestic Equity Funds | 66.0% | |
| Developed International Equity Funds | 14.7% | |
| Emerging Markets Equity Funds | 1.6% | |
| High Yield Bond Funds | 8.0% | |
| Investment Grade Bond Funds | 9.7% | |
Expected |
| Commodity Funds | 7.8% | |
| Domestic Equity Funds | 53.5% | |
| Developed International Equity Funds | 18.3% | |
| Emerging Markets Equity Funds | 2.9% | |
| High Yield Bond Funds | 7.5% | |
| Investment Grade Bond 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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 64.0% |
| Shares | | Value |
Commodity Funds - 3.5% |
Fidelity Series Commodity Strategy Fund | 3,242,705 | | $ 33,983,553 |
Domestic Equity Funds - 60.5% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 1,205,752 | | 59,732,975 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,181,693 | | 48,673,567 |
Fidelity Advisor Growth & Income Fund Institutional Class | 5,627,524 | | 89,533,903 |
Fidelity Advisor Large Cap Fund Institutional Class | 4,979,675 | | 85,849,600 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 1,155,906 | | 27,499,008 |
Fidelity Series 100 Index Fund | 6,748,544 | | 55,945,426 |
Fidelity Series All-Sector Equity Fund | 9,724,464 | | 116,888,058 |
Fidelity Series Large Cap Value Fund | 6,044,562 | | 71,748,956 |
Fidelity Series Small Cap Opportunities Fund (a) | 3,320,515 | | 29,618,995 |
TOTAL DOMESTIC EQUITY FUNDS | | 585,490,488 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $600,978,621) | 619,474,041 |
International Equity Funds - 18.8% |
| | | |
Developed International Equity Funds - 16.6% |
Fidelity Advisor Diversified International Fund Institutional Class | 4,214,019 | | 63,800,252 |
Fidelity Advisor Overseas Fund Institutional Class | 3,822,214 | | 64,136,750 |
Fidelity Series International Growth Fund | 1,509,475 | | 15,004,183 |
Fidelity Series International Small Cap Fund | 309,138 | | 3,162,484 |
Fidelity Series International Value Fund | 1,549,587 | | 14,969,006 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 161,072,675 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.2% |
Fidelity Series Emerging Markets Fund | 1,281,993 | | $ 21,486,205 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $196,093,127) | 182,558,880 |
Bond Funds - 17.2% |
| | | |
High Yield Bond Funds - 7.5% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 8,071,351 | | 72,480,730 |
Investment Grade Bond Funds - 9.7% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,937,962 | | 16,763,374 |
Fidelity Advisor Total Bond Fund Institutional Class | 646,234 | | 6,869,467 |
Fidelity Series Investment Grade Bond Fund | 6,179,024 | | 70,688,033 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 94,320,874 |
TOTAL BOND FUNDS (Cost $161,090,106) | 166,801,604 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $958,161,854) | | 968,834,525 |
NET OTHER ASSETS - 0.0% | | (247,046) |
NET ASSETS - 100% | $ 968,587,479 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $37,616,185 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $14,528,420 of losses recognized during the period November 1, 2009 to March 31, 2010. |
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, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $958,161,854) - See accompanying schedule | | $ 968,834,525 |
Cash | | 10 |
Receivable for investments sold | | 875,924 |
Receivable for fund shares sold | | 1,238,438 |
Total assets | | 970,948,897 |
| | |
Liabilities | | |
Payable for investments purchased | $ 169,895 | |
Payable for fund shares redeemed | 1,944,471 | |
Distribution fees payable | 247,052 | |
Total liabilities | | 2,361,418 |
| | |
Net Assets | | $ 968,587,479 |
Net Assets consist of: | | |
Paid in capital | | $ 1,012,106,109 |
Undistributed net investment income | | 873,654 |
Accumulated undistributed net realized gain (loss) on investments | | (55,064,955) |
Net unrealized appreciation (depreciation) on investments | | 10,672,671 |
Net Assets | | $ 968,587,479 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($669,450,065 ÷ 62,880,935 shares) | | $ 10.65 |
| | |
Maximum offering price per share (100/94.25 of $10.65) | | $ 11.30 |
Class T:
Net Asset Value and redemption price per share ($143,106,402 ÷ 13,501,626 shares) | | $ 10.60 |
| | |
Maximum offering price per share (100/96.50 of $10.60) | | $ 10.98 |
Class B:
Net Asset Value and offering price per share ($27,408,282 ÷ 2,604,841 shares)A | | $ 10.52 |
| | |
Class C:
Net Asset Value and offering price per share ($30,994,102 ÷ 2,945,530 shares)A | | $ 10.52 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($97,628,628 ÷ 9,131,880 shares) | | $ 10.69 |
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, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 13,103,333 |
| | |
Expenses | | |
Distribution fees | $ 2,347,634 | |
Independent trustees' compensation | 2,385 | |
Total expenses before reductions | 2,350,019 | |
Expense reductions | (2,385) | 2,347,634 |
Net investment income (loss) | | 10,755,699 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (17,050,095) | |
Capital gain distributions from underlying funds | 11,901,834 | (5,148,261) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 267,687,993 |
Net gain (loss) | | 262,539,732 |
Net increase (decrease) in net assets resulting from operations | | $ 273,295,431 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 10,755,699 | $ 9,984,797 |
Net realized gain (loss) | (5,148,261) | (40,983,238) |
Change in net unrealized appreciation (depreciation) | 267,687,993 | (221,191,491) |
Net increase (decrease) in net assets resulting from operations | 273,295,431 | (252,189,932) |
Distributions to shareholders from net investment income | (10,794,748) | (9,759,661) |
Distributions to shareholders from net realized gain | (6,934,476) | (19,339,084) |
Total distributions | (17,729,224) | (29,098,745) |
Share transactions - net increase (decrease) | 237,182,238 | 235,607,700 |
Total increase (decrease) in net assets | 492,748,445 | (45,680,977) |
| | |
Net Assets | | |
Beginning of period | 475,839,034 | 521,520,011 |
End of period (including undistributed net investment income of $873,654 and undistributed net investment income of $912,704, respectively) | $ 968,587,479 | $ 475,839,034 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.18 | $ 12.53 | $ 13.44 | $ 12.67 | $ 11.06 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .20 | .20 | .19 | .14 |
Net realized and unrealized gain (loss) | 3.55 | (4.92) | (.60) | 1.02 | 1.62 |
Total from investment operations | 3.69 | (4.72) | (.40) | 1.21 | 1.76 |
Distributions from net investment income | (.14) | (.18) | (.17) | (.15) | (.11) |
Distributions from net realized gain | (.08) | (.45) | (.34) | (.29) | (.04) |
Total distributions | (.22) | (.63) G | (.51) | (.44) F | (.15) |
Net asset value, end of period | $ 10.65 | $ 7.18 | $ 12.53 | $ 13.44 | $ 12.67 |
Total Return A,B | 51.59% | (39.29)% | (3.34)% | 9.74% | 16.03% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.51% | 2.04% | 1.51% | 1.48% | 1.20% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 669,450 | $ 314,996 | $ 336,805 | $ 146,175 | $ 49,877 |
Portfolio turnover rate | 16% | 21% | 9% | 5% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.44 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.287 per share.
G Total distributions of $.63 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, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.15 | $ 12.47 | $ 13.38 | $ 12.62 | $ 11.02 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .17 | .17 | .16 | .11 |
Net realized and unrealized gain (loss) | 3.53 | (4.89) | (.62) | 1.01 | 1.63 |
Total from investment operations | 3.65 | (4.72) | (.45) | 1.17 | 1.74 |
Distributions from net investment income | (.12) | (.16) | (.13) | (.13) | (.10) |
Distributions from net realized gain | (.08) | (.45) | (.33) | (.28) | (.04) |
Total distributions | (.20) | (.60) G | (.46) | (.41) F | (.14) |
Net asset value, end of period | $ 10.60 | $ 7.15 | $ 12.47 | $ 13.38 | $ 12.62 |
Total Return A,B | 51.17% | (39.42)% | (3.66)% | 9.46% | 15.84% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | 1.26% | 1.79% | 1.26% | 1.23% | .95% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 143,106 | $ 81,463 | $ 99,531 | $ 84,368 | $ 45,421 |
Portfolio turnover rate | 16% | 21% | 9% | 5% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.41 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.280 per share.
G Total distributions of $.60 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, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.10 | $ 12.38 | $ 13.29 | $ 12.54 | $ 10.98 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .07 | .13 | .10 | .09 | .05 |
Net realized and unrealized gain (loss) | 3.50 | (4.86) | (.61) | 1.02 | 1.61 |
Total from investment operations | 3.57 | (4.73) | (.51) | 1.11 | 1.66 |
Distributions from net investment income | (.07) | (.10) | (.08) | (.09) | (.06) |
Distributions from net realized gain | (.08) | (.45) | (.32) | (.27) | (.04) |
Total distributions | (.15) | (.55) G | (.40) | (.36) F | (.10) |
Net asset value, end of period | $ 10.52 | $ 7.10 | $ 12.38 | $ 13.29 | $ 12.54 |
Total Return A,B | 50.43% | (39.76)% | (4.10) % | 8.98% | 15.17% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .76% | 1.30% | .76% | .73% | .45% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 27,408 | $ 17,892 | $ 27,854 | $ 23,065 | $ 15,351 |
Portfolio turnover rate | 16% | 21% | 9% | 5% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.36 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.270 per share.
G Total distributions of $.55 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, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.11 | $ 12.39 | $ 13.30 | $ 12.55 | $ 10.99 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .07 | .12 | .10 | .09 | .05 |
Net realized and unrealized gain (loss) | 3.50 | (4.85) | (.61) | 1.02 | 1.61 |
Total from investment operations | 3.57 | (4.73) | (.51) | 1.11 | 1.66 |
Distributions from net investment income | (.08) | (.11) | (.08) | (.09) | (.06) |
Distributions from net realized gain | (.08) | (.45) | (.32) | (.27) | (.04) |
Total distributions | (.16) | (.55) G | (.40) | (.36) F | (.10) |
Net asset value, end of period | $ 10.52 | $ 7.11 | $ 12.39 | $ 13.30 | $ 12.55 |
Total Return A,B | 50.28% | (39.70)% | (4.10)% | 8.99% | 15.15% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .76% | 1.29% | .76% | .73% | .45% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 30,994 | $ 17,821 | $ 23,168 | $ 19,041 | $ 12,023 |
Portfolio turnover rate | 16% | 21% | 9% | 5% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.36 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.270 per share.
G Total distributions of $.55 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, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.21 | $ 12.57 | $ 13.49 | $ 12.71 | $ 11.07 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .17 | .22 | .24 | .22 | .17 |
Net realized and unrealized gain (loss) | 3.55 | (4.93) | (.62) | 1.02 | 1.64 |
Total from investment operations | 3.72 | (4.71) | (.38) | 1.24 | 1.81 |
Distributions from net investment income | (.16) | (.21) | (.20) | (.18) | (.13) |
Distributions from net realized gain | (.08) | (.45) | (.34) | (.29) | (.04) |
Total distributions | (.24) | (.65) G | (.54) | (.46) F | (.17) |
Net asset value, end of period | $ 10.69 | $ 7.21 | $ 12.57 | $ 13.49 | $ 12.71 |
Total Return A | 51.81% | (39.08)% | (3.19)% | 9.98% | 16.45% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.76% | 2.29% | 1.76% | 1.72% | 1.45% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 97,629 | $ 43,667 | $ 34,162 | $ 6,371 | $ 2,207 |
Portfolio turnover rate | 16% | 21% | 9% | 5% | 4% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.46 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 $.65 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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.6 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.3 | 6.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 5.1 | 9.5 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.4 | 10.7 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.0 | 9.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.9 | 3.0 |
Fidelity Series 100 Index Fund | 5.9 | 5.1 |
Fidelity Series All-Sector Equity Fund | 12.2 | 13.1 |
Fidelity Series Large Cap Value Fund | 7.5 | 5.4 |
Fidelity Series Small Cap Opportunities Fund | 3.1 | 3.4 |
| 61.4 | 67.0 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.7 | 7.5 |
Fidelity Advisor Overseas Fund Institutional Class | 6.7 | 7.5 |
Fidelity Series International Growth Fund | 1.6 | 0.0 |
Fidelity Series International Small Cap Fund | 0.3 | 0.0 |
Fidelity Series International Value Fund | 1.6 | 0.0 |
| 16.9 | 15.0 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.2 | 1.6 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 8.8 | 9.9 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1.3 | 1.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.5 | 1.4 |
Fidelity Series Investment Grade Bond Fund | 5.3 | 4.0 |
| 7.1 | 6.5 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.6% | |
| Domestic Equity Funds | 61.4% | |
| Developed International Equity Funds | 16.9% | |
| Emerging Markets Equity Funds | 2.2% | |
| High Yield Bond Funds | 8.8% | |
| Investment Grade Bond Funds | 7.1% | |
Six months ago |
| Domestic Equity Funds | 67.0% | |
| Developed International Equity Funds | 15.0% | |
| Emerging Markets Equity Funds | 1.6% | |
| High Yield Bond Funds | 9.9% | |
| Investment Grade Bond Funds | 6.5% | |
Expected |
| Commodity Funds | 7.9% | |
| Domestic Equity Funds | 54.1% | |
| Developed International Equity Funds | 18.5% | |
| Emerging Markets Equity Funds | 3.0% | |
| High Yield Bond Funds | 8.5% | |
| Investment Grade Bond Funds | 8.0% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 65.0% |
| Shares | | Value |
Commodity Funds - 3.6% |
Fidelity Series Commodity Strategy Fund | 4,037,091 | | $ 42,308,711 |
Domestic Equity Funds - 61.4% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 1,511,643 | | 74,886,798 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,735,757 | | 61,034,739 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7,054,813 | | 112,242,074 |
Fidelity Advisor Large Cap Fund Institutional Class | 6,241,103 | | 107,596,608 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 1,445,793 | | 34,395,427 |
Fidelity Series 100 Index Fund | 8,453,723 | | 70,081,366 |
Fidelity Series All-Sector Equity Fund | 12,185,283 | | 146,467,096 |
Fidelity Series Large Cap Value Fund | 7,574,559 | | 89,910,015 |
Fidelity Series Small Cap Opportunities Fund (a) | 4,163,201 | | 37,135,755 |
TOTAL DOMESTIC EQUITY FUNDS | | 733,749,878 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $783,746,027) | 776,058,589 |
International Equity Funds - 19.1% |
| | | |
Developed International Equity Funds - 16.9% |
Fidelity Advisor Diversified International Fund Institutional Class | 5,291,515 | | 80,113,542 |
Fidelity Advisor Overseas Fund Institutional Class | 4,799,377 | | 80,533,551 |
Fidelity Series International Growth Fund | 1,885,160 | | 18,738,493 |
Fidelity Series International Small Cap Fund | 378,863 | | 3,875,769 |
Fidelity Series International Value Fund | 1,922,958 | | 18,575,778 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 201,837,133 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.2% |
Fidelity Series Emerging Markets Fund | 1,601,192 | | $ 26,835,973 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $257,010,582) | 228,673,106 |
Bond Funds - 15.9% |
| | | |
High Yield Bond Funds - 8.8% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 11,732,780 | | 105,360,367 |
Investment Grade Bond Funds - 7.1% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,749,701 | | 15,134,914 |
Fidelity Advisor Total Bond Fund Institutional Class | 580,548 | | 6,171,223 |
Fidelity Series Investment Grade Bond Fund | 5,573,349 | | 63,759,111 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 85,065,248 |
TOTAL BOND FUNDS (Cost $192,927,197) | 190,425,615 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,233,683,806) | | 1,195,157,310 |
NET OTHER ASSETS - 0.0% | | (343,773) |
NET ASSETS - 100% | $ 1,194,813,537 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $36,100,262 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, 2010 |
Assets | | |
Investment in securities, at value (cost $1,233,683,806) - See accompanying schedule | | $ 1,195,157,310 |
Cash | | 485 |
Receivable for investments sold | | 93,764 |
Receivable for fund shares sold | | 2,149,327 |
Total assets | | 1,197,400,886 |
| | |
Liabilities | | |
Payable for investments purchased | $ 336,322 | |
Payable for fund shares redeemed | 1,907,255 | |
Distribution fees payable | 343,772 | |
Total liabilities | | 2,587,349 |
| | |
Net Assets | | $ 1,194,813,537 |
Net Assets consist of: | | |
Paid in capital | | $ 1,268,807,650 |
Undistributed net investment income | | 926,726 |
Accumulated undistributed net realized gain (loss) on investments | | (36,394,343) |
Net unrealized appreciation (depreciation) on investments | | (38,526,496) |
Net Assets | | $ 1,194,813,537 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($670,672,892 ÷ 58,961,400 shares) | | $ 11.37 |
| | |
Maximum offering price per share (100/94.25 of $11.37) | | $ 12.06 |
Class T:
Net Asset Value and redemption price per share ($300,593,735 ÷ 26,503,181 shares) | | $ 11.34 |
| | |
Maximum offering price per share (100/96.50 of $11.34) | | $ 11.75 |
Class B:
Net Asset Value and offering price per share ($43,772,909 ÷ 3,888,187 shares)A | | $ 11.26 |
| | |
Class C:
Net Asset Value and offering price per share ($53,334,309 ÷ 4,742,687 shares)A | | $ 11.25 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($126,439,692 ÷ 11,072,495 shares) | | $ 11.42 |
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, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 17,084,060 |
| | |
Expenses | | |
Distribution fees | $ 3,459,380 | |
Independent trustees' compensation | 3,130 | |
Total expenses before reductions | 3,462,510 | |
Expense reductions | (3,130) | 3,459,380 |
Net investment income (loss) | | 13,624,680 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 21,808,406 | |
Capital gain distributions from underlying funds | 14,874,095 | 36,682,501 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 319,580,977 |
Net gain (loss) | | 356,263,478 |
Net increase (decrease) in net assets resulting from operations | | $ 369,888,158 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 13,624,680 | $ 13,972,825 |
Net realized gain (loss) | 36,682,501 | (61,624,191) |
Change in net unrealized appreciation (depreciation) | 319,580,977 | (325,789,369) |
Net increase (decrease) in net assets resulting from operations | 369,888,158 | (373,440,735) |
Distributions to shareholders from net investment income | (13,844,304) | (13,667,108) |
Distributions to shareholders from net realized gain | (8,692,491) | (34,379,125) |
Total distributions | (22,536,795) | (48,046,233) |
Share transactions - net increase (decrease) | 202,733,553 | 247,327,890 |
Total increase (decrease) in net assets | 550,084,916 | (174,159,078) |
| | |
Net Assets | | |
Beginning of period | 644,728,621 | 818,887,699 |
End of period (including undistributed net investment income of $926,726 and undistributed net investment income of $1,146,349, respectively) | $ 1,194,813,537 | $ 644,728,621 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.59 | $ 13.57 | $ 14.69 | $ 13.83 | $ 12.03 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .15 | .21 | .22 | .21 | .15 |
Net realized and unrealized gain (loss) | 3.87 | (5.44) | (.74) | 1.16 | 1.84 |
Total from investment operations | 4.02 | (5.23) | (.52) | 1.37 | 1.99 |
Distributions from net investment income | (.15) | (.20) | (.20) | (.18) | (.12) |
Distributions from net realized gain | (.09) | (.56) | (.40) | (.33) | (.07) |
Total distributions | (.24) | (.75) G | (.60) | (.51) F | (.19) |
Net asset value, end of period | $ 11.37 | $ 7.59 | $ 13.57 | $ 14.69 | $ 13.83 |
Total Return A,B | 53.15% | (40.42)% | (3.92)% | 10.09% | 16.65% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 1.52% | 2.02% | 1.47% | 1.48% | 1.18% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 670,673 | $ 342,357 | $ 428,381 | $ 263,733 | $ 133,817 |
Portfolio turnover rate | 18% | 18% | 9% | 7% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.51 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 $.75 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, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.57 | $ 13.54 | $ 14.64 | $ 13.79 | $ 12.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .18 | .18 | .17 | .12 |
Net realized and unrealized gain (loss) | 3.86 | (5.43) | (.72) | 1.16 | 1.83 |
Total from investment operations | 3.99 | (5.25) | (.54) | 1.33 | 1.95 |
Distributions from net investment income | (.13) | (.17) | (.16) | (.15) | (.10) |
Distributions from net realized gain | (.09) | (.56) | (.40) | (.33) | (.06) |
Total distributions | (.22) | (.72) G | (.56) | (.48) F | (.16) |
Net asset value, end of period | $ 11.34 | $ 7.57 | $ 13.54 | $ 14.64 | $ 13.79 |
Total Return A,B | 52.83% | (40.61)% | (4.05)% | 9.81% | 16.35% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .51% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .51% |
Net investment income (loss) | 1.27% | 1.77% | 1.22% | 1.23% | .93% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 300,594 | $ 181,917 | $ 238,675 | $ 221,815 | $ 136,679 |
Portfolio turnover rate | 18% | 18% | 9% | 7% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.48 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 $.72 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, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.52 | $ 13.42 | $ 14.53 | $ 13.70 | $ 11.94 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .08 | .13 | .11 | .10 | .05 |
Net realized and unrealized gain (loss) | 3.83 | (5.37) | (.73) | 1.14 | 1.83 |
Total from investment operations | 3.91 | (5.24) | (.62) | 1.24 | 1.88 |
Distributions from net investment income | (.08) | (.11) | (.10) | (.10) | (.06) |
Distributions from net realized gain | (.09) | (.55) | (.39) | (.32) | (.06) |
Total distributions | (.17) | (.66) G | (.49) | (.41) F | (.12) |
Net asset value, end of period | $ 11.26 | $ 7.52 | $ 13.42 | $ 14.53 | $ 13.70 |
Total Return A,B | 52.08% | (40.85)% | (4.59)% | 9.25% | 15.81% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | .77% | 1.28% | .72% | .73% | .43% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 43,773 | $ 29,479 | $ 50,827 | $ 46,110 | $ 32,658 |
Portfolio turnover rate | 18% | 18% | 9% | 7% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.41 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 $.66 per share is comprised of distributions from net investment income of $.112 and distributions from net realized gain of $.550 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.51 | $ 13.42 | $ 14.52 | $ 13.70 | $ 11.94 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .08 | .13 | .11 | .10 | .05 |
Net realized and unrealized gain (loss) | 3.83 | (5.37) | (.72) | 1.13 | 1.83 |
Total from investment operations | 3.91 | (5.24) | (.61) | 1.23 | 1.88 |
Distributions from net investment income | (.08) | (.12) | (.10) | (.10) | (.06) |
Distributions from net realized gain | (.09) | (.55) | (.39) | (.32) | (.06) |
Total distributions | (.17) | (.67) G | (.49) | (.41) F | (.12) |
Net asset value, end of period | $ 11.25 | $ 7.51 | $ 13.42 | $ 14.52 | $ 13.70 |
Total Return A,B | 52.18% | (40.91)% | (4.54)% | 9.17% | 15.82% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | .77% | 1.28% | .72% | .73% | .43% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 53,334 | $ 34,036 | $ 54,549 | $ 54,022 | $ 38,947 |
Portfolio turnover rate | 18% | 18% | 9% | 7% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.41 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 $.67 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.550 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.62 | $ 13.62 | $ 14.74 | $ 13.87 | $ 12.05 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .18 | .23 | .25 | .24 | .18 |
Net realized and unrealized gain (loss) | 3.88 | (5.45) | (.74) | 1.17 | 1.85 |
Total from investment operations | 4.06 | (5.22) | (.49) | 1.41 | 2.03 |
Distributions from net investment income | (.17) | (.22) | (.23) | (.21) | (.14) |
Distributions from net realized gain | (.09) | (.56) | (.40) | (.33) | (.07) |
Total distributions | (.26) | (.78) G | (.63) | (.54) F | (.21) |
Net asset value, end of period | $ 11.42 | $ 7.62 | $ 13.62 | $ 14.74 | $ 13.87 |
Total Return A | 53.53% | (40.24)% | (3.70)% | 10.36% | 16.99% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.77% | 2.27% | 1.72% | 1.73% | 1.43% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 126,440 | $ 56,940 | $ 46,457 | $ 19,197 | $ 7,227 |
Portfolio turnover rate | 18% | 18% | 9% | 7% | 4% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.54 per share is comprised of distributions from net investment income of $.210 and distributions from net realized gain of $.325 per share.
G Total distributions of $.78 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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.7 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.3 | 6.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 5.1 | 9.0 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.5 | 10.7 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.1 | 9.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.9 | 3.2 |
Fidelity Series 100 Index Fund | 6.0 | 5.5 |
Fidelity Series All-Sector Equity Fund | 12.4 | 13.6 |
Fidelity Series Large Cap Value Fund | 7.7 | 6.0 |
Fidelity Series Small Cap Opportunities Fund | 3.1 | 3.5 |
| 62.1 | 68.0 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.8 | 7.4 |
Fidelity Advisor Overseas Fund Institutional Class | 6.8 | 7.2 |
Fidelity Series International Growth Fund | 1.6 | 0.0 |
Fidelity Series International Small Cap Fund | 0.3 | 0.0 |
Fidelity Series International Value Fund | 1.6 | 0.0 |
| 17.1 | 14.6 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.3 | 2.0 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9.9 | 10.5 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.8 | 0.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.4 | 1.1 |
Fidelity Series Investment Grade Bond Fund | 3.7 | 3.0 |
| 4.9 | 4.9 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.7% | |
| Domestic Equity Funds | 62.1% | |
| Developed International Equity Funds | 17.1% | |
| Emerging Markets Equity Funds | 2.3% | |
| High Yield Bond Funds | 9.9% | |
| Investment Grade Bond Funds | 4.9% | |
Six months ago |
| Domestic Equity Funds | 68.0% | |
| Developed International Equity Funds | 14.6% | |
| Emerging Markets Equity Funds | 2.0% | |
| High Yield Bond Funds | 10.5% | |
| Investment Grade Bond Funds | 4.9% | |
Expected |
| Commodity Funds | 8.0% | |
| Domestic Equity Funds | 55.1% | |
| Developed International Equity Funds | 18.8% | |
 | Emerging Markets Equity Funds | 3.1% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond 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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 65.8% |
| Shares | | Value |
Commodity Funds - 3.7% |
Fidelity Series Commodity Strategy Fund | 1,023,560 | | $ 10,726,912 |
Domestic Equity Funds - 62.1% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 373,331 | | 18,494,795 |
Fidelity Advisor Equity Income Fund Institutional Class | 667,126 | | 14,883,582 |
Fidelity Advisor Growth & Income Fund Institutional Class | 1,739,454 | | 27,674,709 |
Fidelity Advisor Large Cap Fund Institutional Class | 1,540,380 | | 26,556,152 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 357,611 | | 8,507,562 |
Fidelity Series 100 Index Fund | 2,094,015 | | 17,359,384 |
Fidelity Series All-Sector Equity Fund | 3,010,645 | | 36,187,948 |
Fidelity Series Large Cap Value Fund | 1,885,940 | | 22,386,104 |
Fidelity Series Small Cap Opportunities Fund (a) | 1,028,259 | | 9,172,069 |
TOTAL DOMESTIC EQUITY FUNDS | | 181,222,305 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $177,816,198) | 191,949,217 |
International Equity Funds - 19.4% |
| | | |
Developed International Equity Funds - 17.1% |
Fidelity Advisor Diversified International Fund Institutional Class | 1,301,279 | | 19,701,360 |
Fidelity Advisor Overseas Fund Institutional Class | 1,180,205 | | 19,803,845 |
Fidelity Series International Growth Fund | 478,034 | | 4,751,656 |
Fidelity Series International Small Cap Fund | 97,600 | | 998,451 |
Fidelity Series International Value Fund | 490,759 | | 4,740,728 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 49,996,040 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.3% |
Fidelity Series Emerging Markets Fund | 398,045 | | $ 6,671,226 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $57,269,152) | 56,667,266 |
Bond Funds - 14.8% |
| | | |
High Yield Bond Funds - 9.9% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 3,239,225 | | 29,088,245 |
Investment Grade Bond Funds - 4.9% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 287,764 | | 2,489,154 |
Fidelity Advisor Total Bond Fund Institutional Class | 98,420 | | 1,046,207 |
Fidelity Series Investment Grade Bond Fund | 934,176 | | 10,686,972 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 14,222,333 |
TOTAL BOND FUNDS (Cost $39,744,996) | 43,310,578 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $274,830,346) | | 291,927,061 |
NET OTHER ASSETS - 0.0% | | (65,264) |
NET ASSETS - 100% | $ 291,861,797 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $7,479,724 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, 2010 |
Assets | | |
Investment in securities, at value (cost $274,830,346) - See accompanying schedule | | $ 291,927,061 |
Cash | | 54 |
Receivable for investments sold | | 130,329 |
Receivable for fund shares sold | | 479,582 |
Other affiliated receivables | | 3,552 |
Total assets | | 292,540,578 |
| | |
Liabilities | | |
Payable for investments purchased | $ 24,227 | |
Payable for fund shares redeemed | 585,672 | |
Distribution fees payable | 68,882 | |
Total liabilities | | 678,781 |
| | |
Net Assets | | $ 291,861,797 |
Net Assets consist of: | | |
Paid in capital | | $ 285,974,582 |
Undistributed net investment income | | 269,780 |
Accumulated undistributed net realized gain (loss) on investments | | (11,479,280) |
Net unrealized appreciation (depreciation) on investments | | 17,096,715 |
Net Assets | | $ 291,861,797 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($205,405,305 ÷ 23,290,604 shares) | | $ 8.82 |
| | |
Maximum offering price per share (100/94.25 of $8.82) | | $ 9.36 |
Class T:
Net Asset Value and redemption price per share ($43,325,813 ÷ 4,928,835 shares) | | $ 8.79 |
| | |
Maximum offering price per share (100/96.50 of $8.79) | | $ 9.11 |
Class B:
Net Asset Value and offering price per share ($4,089,301 ÷ 466,319 shares)A | | $ 8.77 |
| | |
Class C:
Net Asset Value and offering price per share ($6,199,307 ÷ 707,446 shares)A | | $ 8.76 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($32,842,071 ÷ 3,711,578 shares) | | $ 8.85 |
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, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 3,692,701 |
| | |
Expenses | | |
Distribution fees | $ 601,899 | |
Independent trustees' compensation | 651 | |
Total expenses before reductions | 602,550 | |
Expense reductions | (651) | 601,899 |
Net investment income (loss) | | 3,090,802 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (4,092,719) | |
Capital gain distributions from underlying funds | 3,511,927 | (580,792) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 74,319,321 |
Net gain (loss) | | 73,738,529 |
Net increase (decrease) in net assets resulting from operations | | $ 76,829,331 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,090,802 | $ 2,112,292 |
Net realized gain (loss) | (580,792) | (8,238,179) |
Change in net unrealized appreciation (depreciation) | 74,319,321 | (47,910,180) |
Net increase (decrease) in net assets resulting from operations | 76,829,331 | (54,036,067) |
Distributions to shareholders from net investment income | (3,060,635) | (2,013,822) |
Distributions to shareholders from net realized gain | (2,023,492) | (2,435,534) |
Total distributions | (5,084,127) | (4,449,356) |
Share transactions - net increase (decrease) | 102,731,596 | 90,758,359 |
Total increase (decrease) in net assets | 174,476,800 | 32,272,936 |
| | |
Net Assets | | |
Beginning of period | 117,384,997 | 85,112,061 |
End of period (including undistributed net investment income of $269,780 and undistributed net investment income of $239,612, respectively) | $ 291,861,797 | $ 117,384,997 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.86 | $ 10.39 | $ 11.05 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .12 | .16 | .16 | .12 |
Net realized and unrealized gain (loss) | 3.02 | (4.29) | (.57) | 1.06 |
Total from investment operations | 3.14 | (4.13) | (.41) | 1.18 |
Distributions from net investment income | (.11) | (.14) | (.11) | (.08) |
Distributions from net realized gain | (.07) | (.26) | (.14) | (.05) |
Total distributions | (.18) | (.40) | (.25) I | (.13) |
Net asset value, end of period | $ 8.82 | $ 5.86 | $ 10.39 | $ 11.05 |
Total Return B,C,D | 53.81% | (40.93)% | (3.96)% | 11.78% |
Ratios to Average Net Assets F,H | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% A |
Expenses net of all reductions | .25% | .25% | .25% | .25% A |
Net investment income (loss) | 1.53% | 2.12% | 1.44% | 1.31% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 205,405 | $ 81,985 | $ 61,721 | $ 12,550 |
Portfolio turnover rate | 14% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.25 per share is comprised of distributions from net investment income of $.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, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.84 | $ 10.36 | $ 11.03 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .10 | .14 | .13 | .09 |
Net realized and unrealized gain (loss) | 3.02 | (4.28) | (.57) | 1.06 |
Total from investment operations | 3.12 | (4.14) | (.44) | 1.15 |
Distributions from net investment income | (.10) | (.12) | (.09) | (.07) |
Distributions from net realized gain | (.07) | (.26) | (.14) | (.05) |
Total distributions | (.17) | (.38) | (.23) I | (.12) |
Net asset value, end of period | $ 8.79 | $ 5.84 | $ 10.36 | $ 11.03 |
Total Return B,C,D | 53.52% | (41.08)% | (4.23)% | 11.53% |
Ratios to Average Net Assets F,H | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% A |
Expenses net of all reductions | .50% | .50% | .50% | .50% A |
Net investment income (loss) | 1.28% | 1.87% | 1.19% | 1.06% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 43,326 | $ 18,065 | $ 11,746 | $ 3,339 |
Portfolio turnover rate | 14% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.23 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, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.83 | $ 10.33 | $ 11.01 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .06 | .11 | .08 | .05 |
Net realized and unrealized gain (loss) | 3.01 | (4.27) J | (.57) | 1.06 |
Total from investment operations | 3.07 | (4.16) J | (.49) | 1.11 |
Distributions from net investment income | (.06) | (.08) | (.06) | (.05) |
Distributions from net realized gain | (.07) | (.26) | (.13) | (.05) |
Total distributions | (.13) | (.34) | (.19) I | (.10) |
Net asset value, end of period | $ 8.77 | $ 5.83 J | $ 10.33 | $ 11.01 |
Total Return B,C,D | 52.74% | (41.39)% J | (4.65)% | 11.09% |
Ratios to Average Net Assets F,H | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | .78% | 1.37% | .69% | .56% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 4,089 | $ 2,231 | $ 2,476 | $ 776 |
Portfolio turnover rate | 14% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.19 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.130 per share.
J Certain amounts for the year ended March 31, 2009 have been restated to correct amounts that were previously reported. This resulted in an increase to the net asset value of $0.01 per share with corresponding increases to net realized and unrealized gain (loss) and total from investment operations per share amounts. The total return increased from (41.49%) to (41.39%).
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.82 | $ 10.32 | $ 11.01 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .06 | .11 | .08 | .05 |
Net realized and unrealized gain (loss) | 3.01 | (4.27) J | (.58) | 1.06 |
Total from investment operations | 3.07 | (4.16) J | (.50) | 1.11 |
Distributions from net investment income | (.06) | (.08) | (.06) | (.05) |
Distributions from net realized gain | (.07) | (.26) | (.13) | (.05) |
Total distributions | (.13) | (.34) | (.19) I | (.10) |
Net asset value, end of period | $ 8.76 | $ 5.82 J | $ 10.32 | $ 11.01 |
Total Return B,C,D | 52.90% | (41.39)% J | (4.74)% | 11.08% |
Ratios to Average Net Assets F,H | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | .78% | 1.37% | .69% | .56% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 6,199 | $ 3,027 | $ 2,539 | $ 770 |
Portfolio turnover rate | 14% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.19 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.130 per share.
J Certain amounts for the year ended March 31, 2009 have been restated to correct amounts that were previously reported. This resulted in an decrease to the net asset value of $.03 per share with corresponding decreases to net realized and unrealized gain (loss) and total from investment operations per share amounts. The total return decreased from (41.08%) to (41.39%).
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.87 | $ 10.41 | $ 11.07 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .14 | .18 | .19 | .14 |
Net realized and unrealized gain (loss) | 3.04 | (4.30) | (.59) | 1.06 |
Total from investment operations | 3.18 | (4.12) | (.40) | 1.20 |
Distributions from net investment income | (.13) | (.16) | (.13) | (.08) |
Distributions from net realized gain | (.07) | (.26) | (.14) | (.05) |
Total distributions | (.20) | (.42) | (.26) I | (.13) |
Net asset value, end of period | $ 8.85 | $ 5.87 | $ 10.41 | $ 11.07 |
Total Return B,C | 54.35% | (40.81)% | (3.82)% | 12.02% |
Ratios to Average Net Assets E,H | | | | |
Expenses before reductions F | .00% | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% | .00% A |
Net investment income (loss) | 1.78% | 2.37% | 1.68% | 1.56% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 32,842 | $ 12,078 | $ 6,631 | $ 629 |
Portfolio turnover rate | 14% | 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 Amount represents less than .01%.
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.26 per share is comprised of distributions from net investment income of $.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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.8 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.5 | 7.2 |
Fidelity Advisor Equity Income Fund Institutional Class | 5.3 | 8.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.8 | 10.9 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.4 | 10.0 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.0 | 3.2 |
Fidelity Series 100 Index Fund | 6.2 | 5.4 |
Fidelity Series All-Sector Equity Fund | 12.8 | 14.0 |
Fidelity Series Large Cap Value Fund | 7.9 | 6.3 |
Fidelity Series Small Cap Opportunities Fund | 3.2 | 3.8 |
| 64.1 | 69.2 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 7.5 | 8.7 |
Fidelity Advisor Overseas Fund Institutional Class | 7.6 | 8.5 |
Fidelity Series International Growth Fund | 1.8 | 0.0 |
Fidelity Series International Small Cap Fund | 0.4 | 0.0 |
Fidelity Series International Value Fund | 1.8 | 0.0 |
| 19.1 | 17.2 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.6 | 2.2 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9.9 | 10.9 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.1 | 0.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.0* | 0.1 |
Fidelity Series Investment Grade Bond Fund | 0.4 | 0.3 |
| 0.5 | 0.5 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.8% | |
| Domestic Equity Funds | 64.1% | |
| Developed International Equity Funds | 19.1% | |
| Emerging Markets Equity Funds | 2.6% | |
| High Yield Bond Funds | 9.9% | |
| Investment Grade Bond Funds | 0.5% | |
Six months ago |
| Domestic Equity Funds | 69.2% | |
| Developed International Equity Funds | 17.2% | |
| Emerging Markets Equity Funds | 2.2% | |
| High Yield Bond Funds | 10.9% | |
| Investment Grade Bond Funds | 0.5% | |
Expected |
| Commodity Funds | 8.4% | |
| Domestic Equity Funds | 57.6% | |
| Developed International Equity Funds | 20.0% | |
| Emerging Markets Equity Funds | 3.3% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond Funds | 0.7% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 67.9% |
| Shares | | Value |
Commodity Funds - 3.8% |
Fidelity Series Commodity Strategy Fund | 880,268 | | $ 9,225,206 |
Domestic Equity Funds - 64.1% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 316,658 | | 15,687,213 |
Fidelity Advisor Equity Income Fund Institutional Class | 566,910 | | 12,647,754 |
Fidelity Advisor Growth & Income Fund Institutional Class | 1,476,393 | | 23,489,409 |
Fidelity Advisor Large Cap Fund Institutional Class | 1,304,742 | | 22,493,754 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 303,131 | | 7,211,485 |
Fidelity Series 100 Index Fund | 1,777,826 | | 14,738,178 |
Fidelity Series All-Sector Equity Fund | 2,551,518 | | 30,669,243 |
Fidelity Series Large Cap Value Fund | 1,596,686 | | 18,952,668 |
Fidelity Series Small Cap Opportunities Fund (a) | 872,347 | | 7,781,332 |
TOTAL DOMESTIC EQUITY FUNDS | | 153,671,036 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $153,484,779) | 162,896,242 |
International Equity Funds - 21.7% |
| | | |
Developed International Equity Funds - 19.1% |
Fidelity Advisor Diversified International Fund Institutional Class | 1,195,950 | | 18,106,688 |
Fidelity Advisor Overseas Fund Institutional Class | 1,084,490 | | 18,197,739 |
Fidelity Series International Growth Fund | 437,303 | | 4,346,795 |
Fidelity Series International Small Cap Fund | 88,876 | | 909,199 |
Fidelity Series International Value Fund | 448,938 | | 4,336,744 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 45,897,165 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.6% |
Fidelity Series Emerging Markets Fund | 364,549 | | $ 6,109,847 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $54,026,819) | 52,007,012 |
Bond Funds - 10.4% |
| | | |
High Yield Bond Funds - 9.9% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 2,658,789 | | 23,875,925 |
Investment Grade Bond Funds - 0.5% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 24,513 | | 212,036 |
Fidelity Advisor Total Bond Fund Institutional Class | 7,433 | | 79,018 |
Fidelity Series Investment Grade Bond Fund | 75,439 | | 863,027 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 1,154,081 |
TOTAL BOND FUNDS (Cost $22,320,321) | 25,030,006 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $229,831,919) | | 239,933,260 |
NET OTHER ASSETS - 0.0% | | (60,274) |
NET ASSETS - 100% | $ 239,872,986 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $7,387,590 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, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $229,831,919) - See accompanying schedule | | $ 239,933,260 |
Receivable for investments sold | | 30,627 |
Receivable for fund shares sold | | 1,521,907 |
Total assets | | 241,485,794 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,209,692 | |
Payable for fund shares redeemed | 342,836 | |
Distribution fees payable | 60,280 | |
Total liabilities | | 1,612,808 |
| | |
Net Assets | | $ 239,872,986 |
Net Assets consist of: | | |
Paid in capital | | $ 240,191,001 |
Undistributed net investment income | | 151,377 |
Accumulated undistributed net realized gain (loss) on investments | | (10,570,733) |
Net unrealized appreciation (depreciation) on investments | | 10,101,341 |
Net Assets | | $ 239,872,986 |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($137,716,437 ÷ 15,895,884 shares) | | $ 8.66 |
| | |
Maximum offering price per share (100/94.25 of $8.66) | | $ 9.19 |
Class T:
Net Asset Value and redemption price per share ($46,449,242 ÷ 5,375,539 shares) | | $ 8.64 |
| | |
Maximum offering price per share (100/96.50 of $8.64) | | $ 8.95 |
Class B:
Net Asset Value and offering price per share ($5,847,405 ÷ 679,804 shares)A | | $ 8.60 |
| | |
Class C:
Net Asset Value and offering price per share ($9,645,586 ÷ 1,119,987 shares)A | | $ 8.61 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($40,214,316 ÷ 4,624,382 shares) | | $ 8.70 |
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, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 2,944,930 |
| | |
Expenses | | |
Distribution fees | $ 553,961 | |
Independent trustees' compensation | 553 | |
Total expenses before reductions | 554,514 | |
Expense reductions | (553) | 553,961 |
Net investment income (loss) | | 2,390,969 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (2,719,640) | |
Capital gain distributions from underlying funds | 2,953,675 | 234,035 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 64,796,791 |
Net gain (loss) | | 65,030,826 |
Net increase (decrease) in net assets resulting from operations | | $ 67,421,795 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2050 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,390,969 | $ 1,838,987 |
Net realized gain (loss) | 234,035 | (8,423,554) |
Change in net unrealized appreciation (depreciation) | 64,796,791 | (44,545,249) |
Net increase (decrease) in net assets resulting from operations | 67,421,795 | (51,129,816) |
Distributions to shareholders from net investment income | (2,382,215) | (1,739,953) |
Distributions to shareholders from net realized gain | (1,702,157) | (2,746,301) |
Total distributions | (4,084,372) | (4,486,254) |
Share transactions - net increase(decrease) | 74,234,725 | 71,843,683 |
Total increase (decrease) in net assets | 137,572,148 | 16,227,613 |
| | |
Net Assets | | |
Beginning of period | 102,300,838 | 86,073,225 |
End of period (including undistributed net investment income of $151,377 and undistributed net investment income of $142,623, respectively) | $ 239,872,986 | $ 102,300,838 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.67 | $ 10.32 | $ 11.04 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .11 | .16 | .16 | .13 |
Net realized and unrealized gain (loss) | 3.05 | (4.39) J | (.60) | 1.06 |
Total from investment operations | 3.16 | (4.23) J | (.44) | 1.19 |
Distributions from net investment income | (.10) | (.13) | (.11) | (.09) |
Distributions from net realized gain | (.07) | (.30) | (.17) | (.06) |
Total distributions | (.17) | (.42) I | (.28) | (.15) |
Net asset value, end of period | $ 8.66 | $ 5.67 J | $ 10.32 | $ 11.04 |
Total Return B, C, D | 55.94% | (42.30)% J | (4.27)% | 11.91% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% A |
Expenses net of all reductions | .25% | .25% | .25% | .25% A |
Net investment income (loss) | 1.43% | 2.04% | 1.39% | 1.45% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 137,716 | $ 57,591 | $ 55,250 | $ 12,907 |
Portfolio turnover rate | 15% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.42 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.295 per share.
J Certain amounts for the year ended March 31, 2009 have been restated to correct amounts that were previously reported. This resulted in an increase to the net asset value of $0.01 per share with corresponding increases to net realized and unrealized gain (loss) and total from investment operations per share amounts. The total return increased from (42.40%) to (42.30%).
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.66 | $ 10.30 | $ 11.02 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .09 | .14 | .13 | .11 |
Net realized and unrealized gain (loss) | 3.05 | (4.37) | (.59) | 1.05 |
Total from investment operations | 3.14 | (4.23) | (.46) | 1.16 |
Distributions from net investment income | (.09) | (.11) | (.09) | (.08) |
Distributions from net realized gain | (.07) | (.30) | (.17) | (.06) |
Total distributions | (.16) | (.41) I | (.26) | (.14) |
Net asset value, end of period | $ 8.64 | $ 5.66 | $ 10.30 | $ 11.02 |
Total Return B, C, D | 55.57% | (42.41)% | (4.45)% | 11.64% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% A |
Expenses net of all reductions | .50% | .50% | .50% | .50% A |
Net investment income (loss) | 1.18% | 1.79% | 1.14% | 1.20% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 46,449 | $ 21,186 | $ 15,147 | $ 3,520 |
Portfolio turnover rate | 15% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.41 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, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.64 | $ 10.26 | $ 11.00 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .05 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | 3.03 | (4.35) J | (.59) | 1.07 |
Total from investment operations | 3.08 | (4.25) J | (.52) | 1.13 |
Distributions from net investment income | (.05) | (.08) | (.06) | (.07) |
Distributions from net realized gain | (.07) | (.29) | (.16) | (.06) |
Total distributions | (.12) | (.37) I | (.22) | (.13) |
Net asset value, end of period | $ 8.60 | $ 5.64 J | $ 10.26 | $ 11.00 |
Total Return B, C, D | 54.72% | (42.71)% J | (4.93)% | 11.31% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | .68% | 1.29% | .64% | .70% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 5,847 | $ 3,078 | $ 3,414 | $ 1,177 |
Portfolio turnover rate | 15% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.37 per share is comprised of distributions from net investment income of $.078 and distributions from net realized gain of $.290 per share.
J Certain amounts for the year ended March 31, 2009 have been restated to correct amounts that were previously reported. This resulted in an increase to the net asset value of $0.01 per share with corresponding increases to net realized and unrealized gain (loss) and total from investment operations per share amounts. The total return increased from (42.81%) to (42.71%).
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.63 | $ 10.25 | $ 11.00 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .05 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | 3.05 | (4.35) J | (.59) | 1.06 |
Total from investment operations | 3.10 | (4.25) J | (.52) | 1.12 |
Distributions from net investment income | (.05) | (.08) | (.07) | (.06) |
Distributions from net realized gain | (.07) | (.29) | (.16) | (.06) |
Total distributions | (.12) | (.37) I | (.23) | (.12) |
Net asset value, end of period | $ 8.61 | $ 5.63 J | $ 10.25 | $ 11.00 |
Total Return B, C, D | 55.15% | (42.74)% J | (4.99)% | 11.25% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | .68% | 1.29% | .64% | .70% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 9,646 | $ 5,436 | $ 5,380 | $ 1,507 |
Portfolio turnover rate | 15% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.37 per share is comprised of distributions from net investment income of $.080 and distributions from net realized gain of $.290 per share.
J Certain amounts for the year ended March 31, 2009 have been restated to correct amounts that were previously reported. This resulted in an decrease to the net asset value of $0.06 per share with corresponding decreases to net realized and unrealized gain (loss) and total from investment operations per share amounts. The total return decreased from (42.13%) to (42.74%).
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.68 | $ 10.35 | $ 11.06 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .13 | .17 | .18 | .15 |
Net realized and unrealized gain (loss) | 3.08 | (4.40) J | (.59) | 1.06 |
Total from investment operations | 3.21 | (4.23) J | (.41) | 1.21 |
Distributions from net investment income | (.12) | (.15) | (.13) | (.09) |
Distributions from net realized gain | (.07) | (.30) | (.17) | (.06) |
Total distributions | (.19) | (.44) I | (.30) | (.15) |
Net asset value, end of period | $ 8.70 | $ 5.68 J | $ 10.35 | $ 11.06 |
Total Return B, C | 56.66% | (42.22)% J | (4.02)% | 12.16% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions F | .00% | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% | .00% A |
Net investment income (loss) | 1.68% | 2.29% | 1.64% | 1.70% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 40,214 | $ 15,010 | $ 6,882 | $ 982 |
Portfolio turnover rate | 15% | 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 Amount represents less than .01%.
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.44 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.295 per share.
J Certain amounts for the year ended March 31, 2009 have been restated to correct amounts that were previously reported. This resulted in an decrease to the net asset value of $0.02 per share with corresponding decreases to net realized and unrealized gain (loss) and total from investment operations per share amounts. The total return decreased from (42.01%) to (42.22%).
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended March 31, 2010
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, bond, 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 are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses. 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. As of March 31, 2010, each Fund did not have any 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 dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
Fund | Tax cost | Gross unrealized
appreciation | Gross unrealized
depreciation | Net unrealized
appreciation
(depreciation) |
Advisor Freedom Income | $ 229,893,265 | $ 8,786,672 | $ (5,727,931) | $ 3,058,741 |
Advisor Freedom 2005 | 212,046,559 | 9,450,217 | (11,711,267) | (2,261,050) |
Advisor Freedom 2010 | 827,247,999 | 43,479,197 | (43,181,375) | 297,822 |
Advisor Freedom 2015 | 1,297,588,083 | 70,141,125 | (73,752,943) | (3,611,818) |
Advisor Freedom 2020 | 2,093,741,207 | 136,867,313 | (123,870,724) | 12,996,589 |
Advisor Freedom 2025 | 1,452,595,697 | 110,095,766 | (100,105,295) | 9,990,471 |
Advisor Freedom 2030 | 1,698,833,675 | 129,289,114 | (121,299,878) | 7,989,236 |
Advisor Freedom 2035 | 964,627,880 | 80,474,746 | (76,268,101) | 4,206,645 |
Advisor Freedom 2040 | 1,238,438,546 | 66,528,589 | (109,809,825) | (43,281,236) |
Advisor Freedom 2045 | 277,414,362 | 32,378,584 | (17,865,885) | 14,512,699 |
Advisor Freedom 2050 | 231,692,628 | 26,175,004 | (17,934,372) | 8,240,632 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| Undistributed
ordinary
income | Capital loss
carryforward | Net unrealized
appreciation
(depreciation) |
Advisor Freedom Income | $ 572,465 | $ (2,021,981) | $ 3,058,741 |
Advisor Freedom 2005 | 926,903 | (5,987,852) | (2,261,050) |
Advisor Freedom 2010 | 3,663,029 | (34,281,646) | 297,822 |
Advisor Freedom 2015 | 5,842,978 | (35,532,008) | (3,611,818) |
Advisor Freedom 2020 | 9,933,861 | (83,490,631) | 12,996,589 |
Advisor Freedom 2025 | 6,782,821 | (53,781,443) | 9,990,471 |
Advisor Freedom 2030 | 7,859,154 | (75,012,132) | 7,989,236 |
Advisor Freedom 2035 | 4,419,329 | (37,616,185) | 4,206,645 |
Advisor Freedom 2040 | 5,387,380 | (36,100,262) | (43,281,236) |
Advisor Freedom 2045 | 1,330,689 | (7,479,724) | 14,512,699 |
Advisor Freedom 2050 | 1,044,143 | (7,387,590) | 8,240,632 |
The tax character of distributions paid was as follows:
March 31, 2010 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 5,386,214 | $ - | $ 5,386,214 |
Advisor Freedom 2005 | 4,599,553 | - | 4,599,553 |
Advisor Freedom 2010 | 21,195,098 | - | 21,195,098 |
Advisor Freedom 2015 | 30,068,389 | - | 30,068,389 |
Advisor Freedom 2020 | 46,813,378 | - | 46,813,378 |
Advisor Freedom 2025 | 30,807,178 | - | 30,807,178 |
Advisor Freedom 2030 | 32,895,819 | - | 32,895,819 |
Advisor Freedom 2035 | 17,729,224 | - | 17,729,224 |
Advisor Freedom 2040 | 22,536,795 | - | 22,536,795 |
Advisor Freedom 2045 | 5,084,127 | - | 5,084,127 |
Advisor Freedom 2050 | 4,084,372 | - | 4,084,372 |
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 |
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
March 31, 2009 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
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 |
3. Purchases and Sales of Investments.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| Purchases ($) | Redemptions ($) |
Advisor Freedom Income | 102,325,147 | 61,395,658 |
Advisor Freedom 2005 | 106,915,265 | 58,434,887 |
Advisor Freedom 2010 | 341,964,143 | 314,718,078 |
Advisor Freedom 2015 | 533,200,094 | 314,821,134 |
Advisor Freedom 2020 | 782,254,071 | 446,516,813 |
Advisor Freedom 2025 | 542,574,873 | 222,849,615 |
Advisor Freedom 2030 | 597,161,063 | 268,926,770 |
Advisor Freedom 2035 | 361,803,646 | 119,567,643 |
Advisor Freedom 2040 | 376,509,144 | 167,658,019 |
Advisor Freedom 2045 | 133,266,207 | 28,977,725 |
Advisor Freedom 2050 | 101,117,541 | 25,588,000 |
4. 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.
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% | $ 302,442 | $ 34,180 |
Class T | .25% | .25% | 245,357 | 728 |
Class B | .75% | .25% | 48,179 | 36,168 |
Class C | .75% | .25% | 131,039 | 23,954 |
| | | $ 727,017 | $ 95,030 |
Annual Report
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
Advisor Freedom 2005 | Distribution
Fee | Service
Fee | Paid to
FDC | Retained by
FDC |
Class A | 0% | .25% | $ 309,852 | $ 79,090 |
Class T | .25% | .25% | 96,720 | 1,458 |
Class B | .75% | .25% | 30,183 | 22,645 |
Class C | .75% | .25% | 83,268 | 7,693 |
| | | $ 520,023 | $ 110,886 |
Advisor Freedom 2010 | | | | |
Class A | 0% | .25% | $ 1,081,091 | $ 213,976 |
Class T | .25% | .25% | 967,461 | 1,839 |
Class B | .75% | .25% | 225,084 | 169,048 |
Class C | .75% | .25% | 450,385 | 43,746 |
| | | $ 2,724,021 | $ 428,609 |
Advisor Freedom 2015 | | | | |
Class A | 0% | .25% | $ 1,669,492 | $ 304,897 |
Class T | .25% | .25% | 1,028,991 | 704 |
Class B | .75% | .25% | 334,070 | 250,703 |
Class C | .75% | .25% | 587,044 | 66,784 |
| | | $ 3,619,597 | $ 623,088 |
Advisor Freedom 2020 | | | | |
Class A | 0% | .25% | $ 2,474,661 | $ 441,049 |
Class T | .25% | .25% | 2,234,155 | 2,469 |
Class B | .75% | .25% | 659,073 | 494,602 |
Class C | .75% | .25% | 826,641 | 101,033 |
| | | $ 6,194,530 | $ 1,039,153 |
Advisor Freedom 2025 | | | | |
Class A | 0% | .25% | $ 1,938,804 | $ 393,810 |
Class T | .25% | .25% | 979,636 | 1,640 |
Class B | .75% | .25% | 352,109 | 264,258 |
Class C | .75% | .25% | 436,838 | 61,425 |
| | | $ 3,707,387 | $ 721,133 |
Advisor Freedom 2030 | | | | |
Class A | 0% | .25% | $ 2,000,372 | $ 341,826 |
Class T | .25% | .25% | 1,653,646 | 910 |
Class B | .75% | .25% | 462,700 | 347,322 |
Class C | .75% | .25% | 557,846 | 77,610 |
| | | $ 4,674,564 | $ 767,668 |
Advisor Freedom 2035 | | | | |
Class A | 0% | .25% | $ 1,261,837 | $ 251,318 |
Class T | .25% | .25% | 592,347 | 519 |
Class B | .75% | .25% | 240,137 | 180,267 |
Class C | .75% | .25% | 253,313 | 44,216 |
| | | $ 2,347,634 | $ 476,320 |
Advisor Freedom 2040 | | | | |
Class A | 0% | .25% | $ 1,322,150 | $ 170,364 |
Class T | .25% | .25% | 1,289,535 | 1,673 |
Class B | .75% | .25% | 386,610 | 290,229 |
Class C | .75% | .25% | 461,085 | 64,386 |
| | | $ 3,459,380 | $ 526,652 |
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
Advisor Freedom 2045 | Distribution
Fee | Service
Fee | Paid to
FDC | Retained by
FDC |
Class A | 0% | .25% | $ 363,766 | $ 77,891 |
Class T | .25% | .25% | 159,077 | 233 |
Class B | .75% | .25% | 32,859 | 24,673 |
Class C | .75% | .25% | 46,197 | 10,313 |
| | | $ 601,899 | $ 113,110 |
Advisor Freedom 2050 | | | | |
Class A | 0% | .25% | $ 250,102 | $ 29,017 |
Class T | .25% | .25% | 176,847 | 434 |
Class B | .75% | .25% | 46,715 | 35,085 |
Class C | .75% | .25% | 80,297 | 22,201 |
| | | $ 553,961 | $ 86,737 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Advisor Freedom Income | Retained
by FDC |
Class A | $ 14,401 |
Class T | 2,713 |
Class B* | 14,877 |
Class C* | 1,239 |
| $ 33,230 |
Advisor Freedom 2005 | |
Class A | $ 7,025 |
Class T | 816 |
Class B* | 6,695 |
Class C* | 479 |
| $ 15,015 |
Advisor Freedom 2010 | |
Class A | $ 25,027 |
Class T | 10,055 |
Class B* | 58,598 |
Class C* | 2,557 |
| $ 96,237 |
Advisor Freedom 2015 | |
Class A | $ 62,818 |
Class T | 15,477 |
Class B* | 85,561 |
Class C* | 6,149 |
| $ 170,005 |
Advisor Freedom 2020 | |
Class A | $ 106,044 |
Class T | 27,519 |
Class B* | 147,032 |
Class C* | 8,955 |
| $ 289,550 |
Annual Report
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
Advisor Freedom 2025 | Retained
by FDC |
Class A | $ 76,777 |
Class T | 22,470 |
Class B* | 103,490 |
Class C* | 5,298 |
| $ 208,035 |
Advisor Freedom 2030 | |
Class A | $ 88,664 |
Class T | 23,626 |
Class B* | 110,514 |
Class C* | 6,832 |
| $ 229,636 |
Advisor Freedom 2035 | |
Class A | $ 66,017 |
Class T | 17,054 |
Class B* | 54,786 |
Class C* | 3,553 |
| $ 141,410 |
Advisor Freedom 2040 | |
Class A | $ 83,138 |
Class T | 23,635 |
Class B* | 87,431 |
Class C* | 6,126 |
| $ 200,330 |
Advisor Freedom 2045 | |
Class A | $ 20,485 |
Class T | 5,045 |
Class B* | 12,765 |
Class C* | 1,041 |
| $ 39,336 |
Advisor Freedom 2050 | |
Class A | $ 22,931 |
Class T | 7,100 |
Class B* | 11,998 |
Class C* | 2,367 |
| $ 44,396 |
* 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.
5. 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% | $ 401 |
Class T | .50% | 162 |
Class B | 1.00% | 16 |
Class C | 1.00% | 43 |
Institutional Class | .00% | 43 |
Annual Report
Notes to Financial Statements - continued
5. Expense Reductions - continued
| Expense
Limitations | Reimbursement
from adviser |
Advisor Freedom 2005 | | |
Class A | .25% | $ 404 |
Class T | .50% | 63 |
Class B | 1.00% | 10 |
Class C | 1.00% | 27 |
Institutional Class | .00% | 47 |
Advisor Freedom 2010 | | |
Class A | .25% | 1,443 |
Class T | .50% | 645 |
Class B | 1.00% | 75 |
Class C | 1.00% | 150 |
Institutional Class | .00% | 204 |
Advisor Freedom 2015 | | |
Class A | .25% | 2,190 |
Class T | .50% | 674 |
Class B | 1.00% | 109 |
Class C | 1.00% | 192 |
Institutional Class | .00% | 362 |
Advisor Freedom 2020 | | |
Class A | .25% | 3,240 |
Class T | .50% | 1,462 |
Class B | 1.00% | 216 |
Class C | 1.00% | 270 |
Institutional Class | .00% | 534 |
Advisor Freedom 2025 | | |
Class A | .25% | 2,510 |
Class T | .50% | 634 |
Class B | 1.00% | 114 |
Class C | 1.00% | 141 |
Institutional Class | .00% | 346 |
Advisor Freedom 2030 | | |
Class A | .25% | 2,596 |
Class T | .50% | 1,073 |
Class B | 1.00% | 149 |
Class C | 1.00% | 181 |
Institutional Class | .00% | 424 |
Advisor Freedom 2035 | | |
Class A | .25% | 1,621 |
Class T | .50% | 380 |
Class B | 1.00% | 77 |
Class C | 1.00% | 81 |
Institutional Class | .00% | 226 |
Advisor Freedom 2040 | | |
Class A | .25% | 1,716 |
Class T | .50% | 837 |
Class B | 1.00% | 126 |
Class C | 1.00% | 150 |
Institutional Class | .00% | 301 |
Annual Report
5. Expense Reductions - continued
| Expense
Limitations | Reimbursement
from adviser |
Advisor Freedom 2045 | | |
Class A | .25% | $ 456 |
Class T | .50% | 100 |
Class B | 1.00% | 10 |
Class C | 1.00% | 15 |
Institutional Class | .00% | 70 |
Advisor Freedom 2050 | | |
Class A | .25% | 316 |
Class T | .50% | 112 |
Class B | 1.00% | 15 |
Class C | 1.00% | 25 |
Institutional Class | .00% | 85 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended March 31, | 2010 | 2009 |
Advisor Freedom Income | | |
From net investment income | | |
Class A | $ 2,649,510 | $ 2,990,969 |
Class T | 962,627 | 1,242,739 |
Class B | 69,674 | 118,298 |
Class C | 185,548 | 295,522 |
Institutional Class | 317,793 | 304,252 |
Total | $ 4,185,152 | $ 4,951,780 |
From net realized gain | | |
Class A | $ 732,418 | $ 1,103,465 |
Class T | 282,856 | 501,951 |
Class B | 27,780 | 58,786 |
Class C | 75,264 | 143,588 |
Institutional Class | 82,744 | 102,215 |
Total | $ 1,201,062 | $ 1,910,005 |
Advisor Freedom 2005 | | |
From net investment income | | |
Class A | $ 2,464,352 | $ 2,875,262 |
Class T | 327,239 | 435,635 |
Class B | 32,599 | 67,624 |
Class C | 95,996 | 160,605 |
Institutional Class | 330,921 | 324,455 |
Total | $ 3,251,107 | $ 3,863,581 |
From net realized gain | | |
Class A | $ 994,230 | $ 2,130,306 |
Class T | 147,352 | 423,340 |
Class B | 21,486 | 84,230 |
Class C | 61,066 | 214,103 |
Institutional Class | 124,312 | 207,885 |
Total | $ 1,348,446 | $ 3,059,864 |
Annual Report
Notes to Financial Statements - continued
6. Distributions to Shareholders - continued
Years ended March 31, | 2010 | 2009 |
Advisor Freedom 2010 | | |
From net investment income | | |
Class A | $ 9,091,104 | $ 10,947,222 |
Class T | 3,497,344 | 5,111,081 |
Class B | 293,043 | 504,030 |
Class C | 620,780 | 905,547 |
Institutional Class | 1,468,089 | 1,477,806 |
Total | $ 14,970,360 | $ 18,945,686 |
From net realized gain | | |
Class A | $ 3,593,351 | $ 10,198,551 |
Class T | 1,546,799 | 5,679,097 |
Class B | 178,771 | 862,119 |
Class C | 368,444 | 1,488,953 |
Institutional Class | 537,373 | 1,190,826 |
Total | $ 6,224,738 | $ 19,419,546 |
Advisor Freedom 2015 | | |
From net investment income | | |
Class A | $ 13,679,424 | $ 14,240,612 |
Class T | 3,527,564 | 4,518,598 |
Class B | 416,674 | 620,340 |
Class C | 743,299 | 1,044,267 |
Institutional Class | 2,473,155 | 2,519,733 |
Total | $ 20,840,116 | $ 22,943,550 |
From net realized gain | | |
Class A | $ 5,842,830 | $ 15,189,802 |
Class T | 1,678,828 | 5,848,859 |
Class B | 274,462 | 1,211,160 |
Class C | 483,221 | 1,851,735 |
Institutional Class | 948,932 | 2,144,292 |
Total | $ 9,228,273 | $ 26,245,848 |
Advisor Freedom 2020 | | |
From net investment income | | |
Class A | $ 18,974,843 | $ 19,215,664 |
Class T | 7,050,784 | 9,183,010 |
Class B | 736,617 | 1,086,901 |
Class C | 991,170 | 1,261,267 |
Institutional Class | 3,574,261 | 3,144,021 |
Total | $ 31,327,675 | $ 33,890,863 |
From net realized gain | | |
Class A | $ 8,917,115 | $ 28,711,282 |
Class T | 3,758,542 | 15,997,485 |
Class B | 555,113 | 3,039,923 |
Class C | 727,102 | 3,299,753 |
Institutional Class | 1,527,831 | 3,413,264 |
Total | $ 15,485,703 | $ 54,461,707 |
Advisor Freedom 2025 | | |
From net investment income | | |
Class A | $ 14,118,695 | $ 13,299,070 |
Class T | 2,959,037 | 3,310,848 |
Class B | 362,584 | 505,085 |
Class C | 486,550 | 558,066 |
Institutional Class | 2,155,759 | 1,956,756 |
Total | $ 20,082,625 | $ 19,629,825 |
Annual Report
6. Distributions to Shareholders - continued
Years ended March 31, | 2010 | 2009 |
Advisor Freedom 2025 | | |
From net realized gain | | |
Class A | $ 7,285,104 | $ 19,217,652 |
Class T | 1,738,010 | 5,918,387 |
Class B | 307,778 | 1,447,951 |
Class C | 396,872 | 1,386,204 |
Institutional Class | 996,789 | 2,048,202 |
Total | $ 10,724,553 | $ 30,018,396 |
Advisor Freedom 2030 | | |
From net investment income | | |
Class A | $ 12,452,357 | $ 12,523,897 |
Class T | 4,250,834 | 5,041,844 |
Class B | 365,617 | 523,790 |
Class C | 474,232 | 595,367 |
Institutional Class | 2,328,021 | 2,087,935 |
Total | $ 19,871,061 | $ 20,772,833 |
From net realized gain | | |
Class A | $ 7,715,428 | $ 24,763,231 |
Class T | 3,092,971 | 11,555,431 |
Class B | 420,885 | 2,319,770 |
Class C | 529,883 | 2,296,059 |
Institutional Class | 1,265,591 | 2,829,958 |
Total | $ 13,024,758 | $ 43,764,449 |
Advisor Freedom 2035 | | |
From net investment income | | |
Class A | $ 7,722,463 | $ 6,685,226 |
Class T | 1,461,433 | 1,578,824 |
Class B | 182,301 | 253,655 |
Class C | 206,849 | 241,140 |
Institutional Class | 1,221,702 | 1,000,816 |
Total | $ 10,794,748 | $ 9,759,661 |
From net realized gain | | |
Class A | $ 4,762,560 | $ 12,449,964 |
Class T | 1,063,886 | 3,685,700 |
Class B | 213,235 | 1,024,129 |
Class C | 229,952 | 863,970 |
Institutional Class | 664,843 | 1,315,321 |
Total | $ 6,934,476 | $ 19,339,084 |
Advisor Freedom 2040 | | |
From net investment income | | |
Class A | $ 8,229,546 | $ 7,793,389 |
Class T | 3,279,826 | 3,588,898 |
Class B | 308,904 | 436,286 |
Class C | 383,546 | 515,663 |
Institutional Class | 1,642,482 | 1,332,872 |
Total | $ 13,844,304 | $ 13,667,108 |
From net realized gain | | |
Class A | $ 4,852,217 | $ 18,027,783 |
Class T | 2,246,554 | 9,963,489 |
Class B | 335,168 | 2,093,643 |
Class C | 406,856 | 2,284,827 |
Institutional Class | 851,696 | 2,009,383 |
Total | $ 8,692,491 | $ 34,379,125 |
Annual Report
Notes to Financial Statements - continued
6. Distributions to Shareholders - continued
Years ended March 31, | 2010 | 2009 |
Advisor Freedom 2045 | | |
From net investment income | | |
Class A | $ 2,212,999 | $ 1,453,387 |
Class T | 408,091 | 279,952 |
Class B | 25,209 | 27,920 |
Class C | 39,467 | 33,745 |
Institutional Class | 374,869 | 218,818 |
Total | $ 3,060,635 | $ 2,013,822 |
From net realized gain | | |
Class A | $ 1,430,150 | $ 1,746,634 |
Class T | 305,415 | 344,367 |
Class B | 29,833 | 73,453 |
Class C | 44,309 | 73,894 |
Institutional Class | 213,785 | 197,186 |
Total | $ 2,023,492 | $ 2,435,534 |
Advisor Freedom 2050 | | |
From net investment income | | |
Class A | $ 1,439,113 | $ 1,030,278 |
Class T | 429,631 | 319,811 |
Class B | 33,433 | 38,529 |
Class C | 56,059 | 62,649 |
Institutional Class | 423,979 | 288,686 |
Total | $ 2,382,215 | $ 1,739,953 |
From net realized gain | | |
Class A | $ 987,306 | $ 1,711,927 |
Class T | 342,451 | 515,363 |
Class B | 43,522 | 110,348 |
Class C | 74,386 | 167,930 |
Institutional Class | 254,492 | 240,733 |
Total | $ 1,702,157 | $ 2,746,301 |
7. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom Income | | | | |
Class A | | | | |
Shares sold | 5,939,919 | 6,982,465 | $ 58,801,119 | $ 67,700,366 |
Reinvestment of distributions | 337,348 | 424,486 | 3,334,001 | 4,014,480 |
Shares redeemed | (3,231,976) | (5,026,311) | (32,123,087) | (47,294,795) |
Net increase (decrease) | 3,045,291 | 2,380,640 | $ 30,012,033 | $ 24,420,051 |
Class T | | | | |
Shares sold | 2,030,571 | 2,860,068 | $ 19,971,346 | $ 27,200,706 |
Reinvestment of distributions | 121,701 | 178,640 | 1,199,887 | 1,693,207 |
Shares redeemed | (2,006,879) | (2,445,970) | (19,795,299) | (23,290,929) |
Net increase (decrease) | 145,393 | 592,738 | $ 1,375,934 | $ 5,602,984 |
Class B | | | | |
Shares sold | 162,405 | 157,222 | $ 1,613,389 | $ 1,476,911 |
Reinvestment of distributions | 9,197 | 17,174 | 90,890 | 162,898 |
Shares redeemed | (147,684) | (214,129) | (1,450,520) | (1,990,988) |
Net increase (decrease) | 23,918 | (39,733) | $ 253,759 | $ (351,179) |
Annual Report
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom Income | | | | |
Class C | | | | |
Shares sold | 396,874 | 508,802 | $ 3,943,497 | $ 4,852,317 |
Reinvestment of distributions | 22,975 | 39,179 | 227,312 | 372,190 |
Shares redeemed | (300,368) | (655,537) | (2,962,489) | (6,321,803) |
Net increase (decrease) | 119,481 | (107,556) | $ 1,208,320 | $ (1,097,296) |
Institutional Class | | | | |
Shares sold | 1,124,925 | 766,168 | $ 11,177,705 | $ 7,275,963 |
Reinvestment of distributions | 40,001 | 42,274 | 396,841 | 402,268 |
Shares redeemed | (381,938) | (712,207) | (3,796,827) | (6,686,370) |
Net increase (decrease) | 782,988 | 96,235 | $ 7,777,719 | $ 991,861 |
Advisor Freedom 2005 | | | | |
Class A | | | | |
Shares sold | 7,317,164 | 7,824,991 | $ 72,565,372 | $ 76,183,885 |
Reinvestment of distributions | 339,976 | 527,603 | 3,435,631 | 4,959,217 |
Shares redeemed | (3,890,338) | (6,052,431) | (38,525,238) | (57,057,843) |
Net increase (decrease) | 3,766,802 | 2,300,163 | $ 37,475,765 | $ 24,085,259 |
Class T | | | | |
Shares sold | 1,132,309 | 1,107,674 | $ 11,030,532 | $ 10,689,045 |
Reinvestment of distributions | 45,061 | 83,844 | 455,100 | 807,051 |
Shares redeemed | (773,364) | (1,238,205) | (7,549,693) | (11,959,868) |
Net increase (decrease) | 404,006 | (46,687) | $ 3,935,939 | $ (463,772) |
Class B | | | | |
Shares sold | 54,150 | 93,691 | $ 533,127 | $ 943,061 |
Reinvestment of distributions | 4,964 | 14,275 | 50,271 | 138,494 |
Shares redeemed | (109,244) | (157,750) | (1,080,645) | (1,505,391) |
Net increase (decrease) | (50,130) | (49,784) | $ (497,247) | $ (423,836) |
Class C | | | | |
Shares sold | 305,167 | 332,577 | $ 3,018,553 | $ 3,214,674 |
Reinvestment of distributions | 14,510 | 34,394 | 146,747 | 335,809 |
Shares redeemed | (267,085) | (504,271) | (2,621,078) | (4,858,459) |
Net increase (decrease) | 52,592 | (137,300) | $ 544,222 | $ (1,307,976) |
Institutional Class | | | | |
Shares sold | 937,114 | 679,881 | $ 9,468,701 | $ 6,849,983 |
Reinvestment of distributions | 44,760 | 56,512 | 455,233 | 527,550 |
Shares redeemed | (359,918) | (434,113) | (3,572,136) | (4,200,339) |
Net increase (decrease) | 621,956 | 302,280 | $ 6,351,798 | $ 3,177,194 |
Advisor Freedom 2010 | | | | |
Class A | | | | |
Shares sold | 18,880,491 | 27,644,971 | $ 190,682,441 | $ 279,300,486 |
Reinvestment of distributions | 1,212,193 | 2,137,557 | 12,543,848 | 20,813,308 |
Shares redeemed | (17,530,431) | (20,377,432) | (178,487,457) | (193,937,215) |
Net increase (decrease) | 2,562,253 | 9,405,096 | $ 24,738,832 | $ 106,176,579 |
Class T | | | | |
Shares sold | 5,949,706 | 10,512,535 | $ 58,943,534 | $ 100,864,998 |
Reinvestment of distributions | 481,295 | 1,078,073 | 4,961,234 | 10,623,798 |
Shares redeemed | (7,663,328) | (9,978,388) | (76,116,113) | (95,483,371) |
Net increase (decrease) | (1,232,327) | 1,612,220 | $ (12,211,345) | $ 16,005,425 |
Class B | | | | |
Shares sold | 182,133 | 360,739 | $ 1,835,344 | $ 3,611,530 |
Reinvestment of distributions | 42,625 | 121,076 | 441,800 | 1,229,138 |
Shares redeemed | (595,063) | (951,618) | (5,991,071) | (8,905,172) |
Net increase (decrease) | (370,305) | (469,803) | $ (3,713,927) | $ (4,064,504) |
Annual Report
Notes to Financial Statements - continued
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom 2010 | | | | |
Class C | | | | |
Shares sold | 952,028 | 1,451,192 | $ 9,446,683 | $ 14,356,301 |
Reinvestment of distributions | 86,895 | 207,922 | 896,335 | 2,096,514 |
Shares redeemed | (1,279,015) | (2,043,613) | (12,836,486) | (19,263,851) |
Net increase (decrease) | (240,092) | (384,499) | $ (2,493,468) | $ (2,811,036) |
Institutional Class | | | | |
Shares sold | 3,337,499 | 3,808,131 | $ 33,780,398 | $ 39,641,688 |
Reinvestment of distributions | 192,208 | 267,634 | 1,998,866 | 2,583,482 |
Shares redeemed | (1,682,623) | (2,374,575) | (17,082,328) | (22,636,136) |
Net increase (decrease) | 1,847,084 | 1,701,190 | $ 18,696,936 | $ 19,589,034 |
Advisor Freedom 2015 | | | | |
Class A | | | | |
Shares sold | 32,164,983 | 33,660,949 | $ 323,357,211 | $ 332,436,308 |
Reinvestment of distributions | 1,876,238 | 2,969,139 | 19,317,105 | 29,046,026 |
Shares redeemed | (16,585,226) | (21,015,336) | (165,743,140) | (201,059,105) |
Net increase (decrease) | 17,455,995 | 15,614,752 | $ 176,931,176 | $ 160,423,229 |
Class T | | | | |
Shares sold | 6,975,850 | 9,552,536 | $ 68,177,681 | $ 93,377,388 |
Reinvestment of distributions | 490,769 | 1,015,718 | 5,039,209 | 10,080,764 |
Shares redeemed | (6,790,785) | (7,598,715) | (67,432,006) | (71,596,533) |
Net increase (decrease) | 675,834 | 2,969,539 | $ 5,784,884 | $ 31,861,619 |
Class B | | | | |
Shares sold | 449,760 | 681,198 | $ 4,433,310 | $ 6,933,950 |
Reinvestment of distributions | 64,006 | 168,864 | 659,460 | 1,718,215 |
Shares redeemed | (633,005) | (1,095,174) | (6,220,872) | (10,356,068) |
Net increase (decrease) | (119,239) | (245,112) | $ (1,128,102) | $ (1,703,903) |
Class C | | | | |
Shares sold | 1,453,766 | 1,862,954 | $ 14,350,142 | $ 18,285,509 |
Reinvestment of distributions | 110,378 | 257,190 | 1,134,531 | 2,586,187 |
Shares redeemed | (1,395,406) | (1,826,626) | (13,893,073) | (17,084,660) |
Net increase (decrease) | 168,738 | 293,518 | $ 1,591,600 | $ 3,787,036 |
Institutional Class | | | | |
Shares sold | 5,176,355 | 6,396,847 | $ 52,604,404 | $ 66,855,852 |
Reinvestment of distributions | 329,755 | 480,395 | 3,408,927 | 4,619,510 |
Shares redeemed | (2,498,861) | (3,018,599) | (25,183,981) | (28,959,207) |
Net increase (decrease) | 3,007,249 | 3,858,643 | $ 30,829,350 | $ 42,516,155 |
Advisor Freedom 2020 | | | | |
Class A | | | | |
Shares sold | 45,183,836 | 42,768,917 | $ 463,202,937 | $ 438,011,578 |
Reinvestment of distributions | 2,595,974 | 4,520,276 | 27,655,510 | 47,381,140 |
Shares redeemed | (22,376,535) | (26,063,863) | (229,963,322) | (259,723,487) |
Net increase (decrease) | 25,403,275 | 21,225,330 | $ 260,895,125 | $ 225,669,231 |
Class T | | | | |
Shares sold | 13,389,476 | 18,886,061 | $ 134,409,911 | $ 186,399,308 |
Reinvestment of distributions | 1,003,112 | 2,337,116 | 10,676,415 | 24,805,802 |
Shares redeemed | (14,031,668) | (14,070,253) | (143,283,312) | (140,504,124) |
Net increase (decrease) | 360,920 | 7,152,924 | $ 1,803,014 | $ 70,700,986 |
Class B | | | | |
Shares sold | 786,273 | 1,103,375 | $ 7,911,628 | $ 11,809,274 |
Reinvestment of distributions | 116,218 | 360,923 | 1,242,364 | 3,962,480 |
Shares redeemed | (1,125,596) | (1,839,222) | (11,397,490) | (18,050,005) |
Net increase (decrease) | (223,105) | (374,924) | $ (2,243,498) | $ (2,278,251) |
Annual Report
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom 2020 | | | | |
Class C | | | | |
Shares sold | 2,227,854 | 2,884,143 | $ 22,595,108 | $ 29,790,918 |
Reinvestment of distributions | 147,034 | 361,443 | 1,569,561 | 3,933,566 |
Shares redeemed | (1,920,594) | (2,865,470) | (19,584,995) | (27,955,288) |
Net increase (decrease) | 454,294 | 380,116 | $ 4,579,674 | $ 5,769,196 |
Institutional Class | | | | |
Shares sold | 8,404,614 | 8,703,199 | $ 87,788,002 | $ 92,686,776 |
Reinvestment of distributions | 474,048 | 630,394 | 5,075,149 | 6,383,899 |
Shares redeemed | (3,015,266) | (2,981,000) | (31,218,230) | (29,805,650) |
Net increase (decrease) | 5,863,396 | 6,352,593 | $ 61,644,921 | $ 69,265,025 |
Advisor Freedom 2025 | | | | |
Class A | | | | |
Shares sold | 40,250,497 | 36,598,209 | $ 395,216,135 | $ 351,257,221 |
Reinvestment of distributions | 2,082,741 | 3,228,324 | 21,253,319 | 32,255,912 |
Shares redeemed | (17,708,216) | (17,140,862) | (173,855,795) | (160,248,668) |
Net increase (decrease) | 24,625,022 | 22,685,671 | $ 242,613,659 | $ 223,264,465 |
Class T | | | | |
Shares sold | 8,314,781 | 9,116,017 | $ 80,263,098 | $ 86,676,520 |
Reinvestment of distributions | 448,807 | 882,777 | 4,590,362 | 9,017,264 |
Shares redeemed | (5,953,703) | (5,644,264) | (58,549,334) | (53,391,522) |
Net increase (decrease) | 2,809,885 | 4,354,530 | $ 26,304,126 | $ 42,302,262 |
Class B | | | | |
Shares sold | 580,667 | 743,353 | $ 5,471,445 | $ 7,578,046 |
Reinvestment of distributions | 63,222 | 179,009 | 646,389 | 1,884,532 |
Shares redeemed | (658,819) | (812,754) | (6,344,074) | (7,458,928) |
Net increase (decrease) | (14,930) | 109,608 | $ (226,240) | $ 2,003,650 |
Class C | | | | |
Shares sold | 1,510,376 | 1,719,703 | $ 14,596,541 | $ 16,055,880 |
Reinvestment of distributions | 82,292 | 173,569 | 840,011 | 1,792,762 |
Shares redeemed | (907,187) | (960,545) | (8,676,397) | (8,431,223) |
Net increase (decrease) | 685,481 | 932,727 | $ 6,760,155 | $ 9,417,419 |
Institutional Class | | | | |
Shares sold | 4,943,550 | 7,043,431 | $ 48,886,534 | $ 74,326,650 |
Reinvestment of distributions | 307,002 | 412,243 | 3,146,123 | 3,981,166 |
Shares redeemed | (1,470,965) | (2,496,321) | (14,449,276) | (24,805,293) |
Net increase (decrease) | 3,779,587 | 4,959,353 | $ 37,583,381 | $ 53,502,523 |
Advisor Freedom 2030 | | | | |
Class A | | | | |
Shares sold | 38,797,182 | 36,571,859 | $ 395,875,652 | $ 369,068,951 |
Reinvestment of distributions | 1,866,748 | 3,333,735 | 19,998,334 | 36,933,871 |
Shares redeemed | (17,846,987) | (18,526,964) | (181,939,183) | (184,096,059) |
Net increase (decrease) | 22,816,943 | 21,378,630 | $ 233,934,803 | $ 221,906,763 |
Class T | | | | |
Shares sold | 12,307,212 | 15,493,194 | $ 122,751,803 | $ 151,841,595 |
Reinvestment of distributions | 680,438 | 1,467,862 | 7,274,926 | 16,407,269 |
Shares redeemed | (9,841,745) | (8,605,624) | (99,921,008) | (87,102,297) |
Net increase (decrease) | 3,145,905 | 8,355,432 | $ 30,105,721 | $ 81,146,567 |
Class B | | | | |
Shares sold | 600,341 | 853,353 | $ 5,980,332 | $ 9,110,199 |
Reinvestment of distributions | 70,777 | 234,952 | 763,149 | 2,754,171 |
Shares redeemed | (760,195) | (998,967) | (7,622,000) | (9,944,194) |
Net increase (decrease) | (89,077) | 89,338 | $ (878,519) | $ 1,920,176 |
Annual Report
Notes to Financial Statements - continued
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom 2030 | | | | |
Class C | | | | |
Shares sold | 1,605,657 | 1,778,130 | $ 16,073,300 | $ 17,627,965 |
Reinvestment of distributions | 87,396 | 229,804 | 939,821 | 2,662,650 |
Shares redeemed | (1,278,913) | (1,190,976) | (13,072,332) | (11,472,328) |
Net increase (decrease) | 414,140 | 816,958 | $ 3,940,789 | $ 8,818,287 |
Institutional Class | | | | |
Shares sold | 6,778,493 | 7,173,836 | $ 70,133,488 | $ 74,902,303 |
Reinvestment of distributions | 333,659 | 456,149 | 3,581,406 | 4,820,536 |
Shares redeemed | (2,077,011) | (2,109,452) | (21,173,240) | (21,087,016) |
Net increase (decrease) | 5,035,141 | 5,520,533 | $ 52,541,654 | $ 58,635,823 |
Advisor Freedom 2035 | | | | |
Class A | | | | |
Shares sold | 29,478,855 | 24,984,613 | $ 283,259,853 | $ 233,206,889 |
Reinvestment of distributions | 1,224,913 | 1,840,329 | 12,371,642 | 18,981,347 |
Shares redeemed | (11,681,770) | (9,851,227) | (113,019,155) | (92,108,084) |
Net increase (decrease) | 19,021,998 | 16,973,715 | $ 182,612,340 | $ 160,080,152 |
Class T | | | | |
Shares sold | 5,784,903 | 5,952,168 | $ 54,332,277 | $ 55,077,528 |
Reinvestment of distributions | 245,284 | 492,541 | 2,472,154 | 5,172,978 |
Shares redeemed | (3,918,900) | (3,034,429) | (37,204,051) | (28,314,087) |
Net increase (decrease) | 2,111,287 | 3,410,280 | $ 19,600,380 | $ 31,936,419 |
Class B | | | | |
Shares sold | 405,509 | 579,388 | $ 3,788,136 | $ 5,700,656 |
Reinvestment of distributions | 38,336 | 114,147 | 387,872 | 1,248,634 |
Shares redeemed | (357,555) | (425,319) | (3,379,935) | (3,994,907) |
Net increase (decrease) | 86,290 | 268,216 | $ 796,073 | $ 2,954,383 |
Class C | | | | |
Shares sold | 971,148 | 1,020,539 | $ 9,096,299 | $ 9,370,199 |
Reinvestment of distributions | 41,555 | 96,416 | 420,018 | 1,041,544 |
Shares redeemed | (574,523) | (479,767) | (5,371,383) | (4,400,281) |
Net increase (decrease) | 438,180 | 637,188 | $ 4,144,934 | $ 6,011,462 |
Institutional Class | | | | |
Shares sold | 3,975,253 | 4,318,097 | $ 38,607,280 | $ 43,926,192 |
Reinvestment of distributions | 186,356 | 233,544 | 1,885,670 | 2,312,872 |
Shares redeemed | (1,088,290) | (1,210,387) | (10,464,439) | (11,613,780) |
Net increase (decrease) | 3,073,319 | 3,341,254 | $ 30,028,511 | $ 34,625,284 |
Advisor Freedom 2040 | | | | |
Class A | | | | |
Shares sold | 24,913,305 | 22,907,802 | $ 252,890,462 | $ 229,408,437 |
Reinvestment of distributions | 1,193,321 | 2,235,268 | 12,861,441 | 25,465,481 |
Shares redeemed | (12,253,872) | (11,591,220) | (125,782,802) | (118,053,909) |
Net increase (decrease) | 13,852,754 | 13,551,850 | $ 139,969,101 | $ 136,820,009 |
Class T | | | | |
Shares sold | 10,000,332 | 11,685,682 | $ 99,858,612 | $ 115,123,107 |
Reinvestment of distributions | 509,696 | 1,168,582 | 5,481,963 | 13,493,008 |
Shares redeemed | (8,036,589) | (6,458,211) | (81,578,421) | (67,074,170) |
Net increase (decrease) | 2,473,439 | 6,396,053 | $ 23,762,154 | $ 61,541,945 |
Class B | | | | |
Shares sold | 476,095 | 697,441 | $ 4,732,469 | $ 7,381,584 |
Reinvestment of distributions | 58,166 | 205,367 | 628,599 | 2,471,340 |
Shares redeemed | (566,960) | (768,134) | (5,619,118) | (7,870,942) |
Net increase (decrease) | (32,699) | 134,674 | $ (258,050) | $ 1,981,982 |
Annual Report
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom 2040 | | | | |
Class C | | | | |
Shares sold | 1,191,976 | 1,430,154 | $ 11,944,778 | $ 14,372,126 |
Reinvestment of distributions | 70,129 | 222,333 | 756,765 | 2,652,427 |
Shares redeemed | (1,050,495) | (1,186,886) | (10,581,828) | (11,203,689) |
Net increase (decrease) | 211,610 | 465,601 | $ 2,119,715 | $ 5,820,864 |
Institutional Class | | | | |
Shares sold | 4,937,197 | 5,128,738 | $ 50,576,131 | $ 52,025,528 |
Reinvestment of distributions | 230,524 | 301,181 | 2,486,427 | 3,256,018 |
Shares redeemed | (1,571,826) | (1,363,335) | (15,921,925) | (14,118,456) |
Net increase (decrease) | 3,595,895 | 4,066,584 | $ 37,140,633 | $ 41,163,090 |
Advisor Freedom 2045 | | | | |
Class A | | | | |
Shares sold | 13,663,363 | 10,501,973 | $ 108,131,504 | $ 79,738,869 |
Reinvestment of distributions | 434,034 | 402,720 | 3,629,970 | 3,193,824 |
Shares redeemed | (4,807,430) | (2,847,127) | (38,399,839) | (21,159,265) |
Net increase (decrease) | 9,289,967 | 8,057,566 | $ 73,361,635 | $ 61,773,428 |
Class T | | | | |
Shares sold | 3,019,866 | 2,641,382 | $ 23,345,550 | $ 19,692,407 |
Reinvestment of distributions | 84,802 | 78,999 | 708,733 | 621,637 |
Shares redeemed | (1,269,123) | (760,540) | (9,935,840) | (5,831,312) |
Net increase (decrease) | 1,835,545 | 1,959,841 | $ 14,118,443 | $ 14,482,732 |
Class B | | | | |
Shares sold | 151,912 | 201,093 | $ 1,183,636 | $ 1,704,203 |
Reinvestment of distributions | 6,409 | 11,604 | 53,934 | 99,161 |
Shares redeemed | (75,001) | (69,458) | (599,710) | (523,370) |
Net increase (decrease) | 83,320 | 143,239 | $ 637,860 | $ 1,279,994 |
Class C | | | | |
Shares sold | 299,037 | 340,192 | $ 2,351,191 | $ 2,575,960 |
Reinvestment of distributions | 9,804 | 12,674 | 82,368 | 105,589 |
Shares redeemed | (118,526) | (81,675) | (901,091) | (587,757) |
Net increase (decrease) | 190,315 | 271,191 | $ 1,532,468 | $ 2,093,792 |
Institutional Class | | | | |
Shares sold | 2,136,614 | 1,743,476 | $ 16,905,851 | $ 13,791,749 |
Reinvestment of distributions | 70,375 | 54,380 | 588,654 | 416,004 |
Shares redeemed | (553,542) | (376,442) | (4,413,315) | (3,079,340) |
Net increase (decrease) | 1,653,447 | 1,421,414 | $ 13,081,190 | $ 11,128,413 |
Advisor Freedom 2050 | | | | |
Class A | | | | |
Shares sold | 9,581,471 | 7,208,292 | $ 73,833,021 | $ 52,190,277 |
Reinvestment of distributions | 291,959 | 338,127 | 2,406,119 | 2,729,949 |
Shares redeemed | (4,148,608) | (2,726,472) | (32,257,966) | (20,275,710) |
Net increase (decrease) | 5,724,822 | 4,819,947 | $ 43,981,174 | $ 34,644,516 |
Class T | | | | |
Shares sold | 3,635,495 | 3,043,075 | $ 27,820,143 | $ 22,952,674 |
Reinvestment of distributions | 92,896 | 103,511 | 765,843 | 821,243 |
Shares redeemed | (2,095,310) | (874,640) | (16,196,123) | (6,429,499) |
Net increase (decrease) | 1,633,081 | 2,271,946 | $ 12,389,863 | $ 17,344,418 |
Class B | | | | |
Shares sold | 210,935 | 270,438 | $ 1,592,970 | $ 2,159,352 |
Reinvestment of distributions | 9,042 | 16,859 | 75,136 | 143,208 |
Shares redeemed | (87,238) | (72,982) | (663,372) | (547,997) |
Net increase (decrease) | 132,739 | 214,315 | $ 1,004,734 | $ 1,754,563 |
Annual Report
Notes to Financial Statements - continued
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom 2050 | | | | |
Class C | | | | |
Shares sold | 373,964 | 515,969 | $ 2,823,004 | $ 3,934,942 |
Reinvestment of distributions | 14,928 | 25,508 | 124,197 | 214,919 |
Shares redeemed | (224,961) | (110,097) | (1,746,454) | (804,741) |
Net increase (decrease) | 163,931 | 431,380 | $ 1,200,747 | $ 3,345,120 |
Institutional Class | | | | |
Shares sold | 2,689,897 | 2,337,700 | $ 21,086,162 | $ 17,484,042 |
Reinvestment of distributions | 82,208 | 72,013 | 678,287 | 526,754 |
Shares redeemed | (780,619) | (442,034) | (6,106,242) | (3,255,730) |
Net increase (decrease) | 1,991,486 | 1,967,679 | $ 15,658,207 | $ 14,755,066 |
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Advisor Freedom Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
Fund | Advisor Freedom
2020 | 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 | 50% |
Fidelity Advisor Large Cap Fund | 63% |
Fidelity Advisor Overseas Fund | 44% |
Fidelity Advisor High Income Advantage Fund | 25% |
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, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2010, by correspondence with the transfer agent; where replies were not received from the transfer agent, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund and Fidelity Advisor Freedom 2050 Fund as of March 31, 2010, 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 periods presented, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 21, 2010
Annual Report
The Trustees and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Fidelity Advisor Freedom Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fidelity Advisor Freedom Fund's activities, review contractual arrangements with companies that provide services to each Fidelity Advisor Freedom Fund, oversee management of the risks associated with such activities and contractual arrangements, and review each Fidelity Advisor Freedom Fund's performance. If the interests of a Fidelity Advisor Freedom Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Fidelity Advisor Freedom Funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers and the Trustees would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for James C. Curvey, each of the Trustees oversees 189 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 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 hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Funds' Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Kenneth L. Wolfe serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate. The responsibilities of each committee, including their oversight responsibilities, are described further under "Standing Committees of the Funds' Trustees."
Annual Report
Trustees and Officers - continued
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
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 Occupations and Other Relevant Experience+ |
Abigail P. Johnson (48) |
| Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal and Workplace Investing (2005-present). Ms. Johnson is a Director of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related. |
James C. Curvey (74) |
| 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.
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupations and Other Relevant Experience+ |
Albert R. Gamper, Jr. (68) |
| 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 (2002-2003). He also served as President and Chief Executive Officer of Tyco Capital Corporation (2001-2002). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Robert F. Gartland (58) |
| Year of Election or Appointment: 2010 Mr. Gartland is a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-present) and is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007). |
Arthur E. Johnson (63) |
| 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). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson and Ms. Abigail P. Johnson are not related. |
Michael E. Kenneally (56) |
| Year of Election or Appointment: 2009 Prior to his retirement, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). 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 funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
James H. Keyes (69) |
| 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, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (63) |
| 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, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California 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 (71) |
| Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009). |
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Executive Officers:
Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
John R. Hebble (51) |
| Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolio (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments. |
Boyce I. Greer (54) |
| 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 of the Asset Allocation Division (2008-present), 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 (2005-present). Previously, Mr. Greer served as Executive Vice President of FMR Co., Inc. (2005-2009), and as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005). |
Derek L. Young (45) |
| Year of Election or Appointment: 2009 Vice President of Fidelity's Asset Allocation Funds. Mr. Young also serves as Chief Investment Officers of the Global Asset Allocation Group (2009-present). Previously, Mr. Young served as a portfolio manager. |
Scott C. Goebel (42) |
| 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 Officer 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 (55) |
| 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 (51) |
| 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 (42) |
| 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. |
Jeffrey S. Christian (48) |
| Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009). |
Bryan A. Mehrmann (48) |
| Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. |
Stephanie J. Dorsey (40) |
| 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. |
Paul M. Murphy (63) |
| Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. 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). |
Kenneth B. Robins (40) |
| Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008). |
Gary W. Ryan (51) |
| 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 Advisor Freedom Income Fund | | | | |
Class A | 05/10/10 | 05/07/10 | $0.010 | $0.012 |
Class T | 05/10/10 | 05/07/10 | $0.008 | $0.012 |
Class B | 05/10/10 | 05/07/10 | $0.004 | $0.012 |
Class C | 05/10/10 | 05/07/10 | $0.004 | $0.012 |
Fidelity Advisor Freedom 2005 Fund | | | | |
Class A | 05/10/10 | 05/07/10 | $0.027 | $0.023 |
Class T | 05/10/10 | 05/07/10 | $0.020 | $0.023 |
Class B | 05/10/10 | 05/07/10 | $0.007 | $0.023 |
Class C | 05/10/10 | 05/07/10 | $0.008 | $0.023 |
Fidelity Advisor Freedom 2010 Fund | | | | |
Class A | 05/10/10 | 05/07/10 | $0.027 | $0.025 |
Class T | 05/10/10 | 05/07/10 | $0.020 | $0.025 |
Class B | 05/10/10 | 05/07/10 | $0.006 | $0.025 |
Class C | 05/10/10 | 05/07/10 | $0.007 | $0.025 |
Fidelity Advisor Freedom 2015 Fund | | | | |
Class A | 05/10/10 | 05/07/10 | $0.026 | $0.026 |
Class T | 05/10/10 | 05/07/10 | $0.020 | $0.026 |
Class B | 05/10/10 | 05/07/10 | $0.006 | $0.026 |
Class C | 05/10/10 | 05/07/10 | $0.007 | $0.026 |
Fidelity Advisor Freedom 2020 Fund | | | | |
Class A | 05/10/10 | 05/07/10 | $0.024 | $0.033 |
Class T | 05/10/10 | 05/07/10 | $0.017 | $0.033 |
Class B | 05/10/10 | 05/07/10 | $0.003 | $0.033 |
Class C | 05/10/10 | 05/07/10 | $0.003 | $0.033 |
Fidelity Advisor Freedom 2025 Fund | | | | |
Class A | 05/10/10 | 05/07/10 | $0.019 | $0.034 |
Class T | 05/10/10 | 05/07/10 | $0.012 | $0.034 |
Class B | 05/10/10 | 05/07/10 | $- | $0.033 |
Class C | 05/10/10 | 05/07/10 | $0.001 | $0.034 |
Fidelity Advisor Freedom 2030 Fund | | | | |
Class A | 05/10/10 | 05/07/10 | $0.018 | $0.038 |
Class T | 05/10/10 | 05/07/10 | $0.011 | $0.038 |
Class B | 05/10/10 | 05/07/10 | $- | $0.034 |
Class C | 05/10/10 | 05/07/10 | $- | $0.035 |
Fidelity Advisor Freedom 2035 Fund | | | | |
Class A | 05/10/10 | 05/07/10 | $0.010 | $0.041 |
Class T | 05/10/10 | 05/07/10 | $0.004 | $0.041 |
Class B | 05/10/10 | 05/07/10 | $- | $0.032 |
Class C | 05/10/10 | 05/07/10 | $- | $0.033 |
Fidelity Advisor Freedom 2040 Fund | | | | |
Class A | 05/10/10 | 05/07/10 | $0.011 | $0.045 |
Class T | 05/10/10 | 05/07/10 | $0.004 | $0.045 |
Class B | 05/10/10 | 05/07/10 | $- | $0.035 |
Class C | 05/10/10 | 05/07/10 | $- | $0.035 |
| Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Advisor Freedom 2045 Fund | | | | |
Class A | 05/10/10 | 05/07/10 | $0.008 | $0.033 |
Class T | 05/10/10 | 05/07/10 | $0.003 | $0.033 |
Class B | 05/10/10 | 05/07/10 | $- | $0.027 |
Class C | 05/10/10 | 05/07/10 | $- | $0.027 |
Fidelity Advisor Freedom 2050 Fund | | | | |
Class A | 05/10/10 | 05/07/10 | $0.006 | $0.034 |
Class T | 05/10/10 | 05/07/10 | $0.001 | $0.034 |
Class B | 05/10/10 | 05/07/10 | $- | $0.025 |
Class C | 05/10/10 | 05/07/10 | $- | $0.024 |
A percentage of the dividends distributed during the fiscal year for the following funds was derived from interest on U.S. Government securities which is generally exempt from state income tax:
Fidelity Advisor Freedom Income Fund | |
Class A | 7.36% |
Class T | 7.36% |
Class B | 7.36% |
Class C | 7.36% |
Fidelity Advisor Freedom 2005 Fund | |
Class A | 5.63% |
Class T | 5.63% |
Class B | 5.63% |
Class C | 5.63% |
Fidelity Advisor Freedom 2010 Fund | |
Class A | 5.46% |
Class T | 5.46% |
Class B | 5.46% |
Class C | 5.46% |
Fidelity Advisor Freedom 2015 Fund | |
Class A | 5.25% |
Class T | 5.25% |
Class B | 5.25% |
Class C | 5.25% |
Fidelity Advisor Freedom 2020 Fund | |
Class A | 3.96% |
Class T | 3.96% |
Class B | 3.96% |
Class C | 3.96% |
Fidelity Advisor Freedom 2025 Fund | |
Class A | 3.16% |
Class T | 3.16% |
Class B | 3.16% |
Class C | 3.16% |
Fidelity Advisor Freedom 2030 Fund | |
Class A | 2.15% |
Class T | 2.15% |
Class B | 2.15% |
Class C | 2.15% |
Fidelity Advisor Freedom 2035 Fund | |
Class A | 1.48% |
Class T | 1.48% |
Class B | 1.48% |
Class C | 1.48% |
Fidelity Advisor Freedom 2040 Fund | |
Class A | 1.03% |
Class T | 1.03% |
Class B | 1.03% |
Class C | 1.03% |
Fidelity Advisor Freedom 2045 Fund | |
Class A | 0.74% |
Class T | 0.74% |
Class B | 0.74% |
Class C | 0.74% |
Fidelity Advisor Freedom 2050 Fund | |
Class A | 0.09% |
Class T | 0.09% |
Class B | 0.09% |
Class C | 0.09% |
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
| Class A | Class T | Class B | Class C |
Fidelity Advisor Freedom Income Fund | | | | |
May 2009 | 4% | 5% | 6% | 6% |
June 2009 | 8% | 9% | 14% | 13% |
July 2009 | 8% | 9% | 12% | 17% |
August 2009 | 8% | 9% | 12% | 12% |
September 2009 | 8% | 9% | 14% | 14% |
October 2009 | 8% | 9% | 14% | 14% |
November 2009 | 8% | 9% | 12% | 12% |
December 2009 (Ex-Date 12/04/09) | 8% | 9% | 12% | 12% |
December 2009 (Ex-Date 12/28/09) | 9% | 9% | 9% | 9% |
February 2010 | 4% | 6% | 12% | 12% |
March 2010 | 4% | 5% | 11% | 11% |
Fidelity Advisor Freedom 2005 Fund | | | | |
May 2009 | 4% | 4% | 7% | 7% |
December 2009 | 15% | 16% | 21% | 20% |
Fidelity Advisor Freedom 2010 Fund | | | | |
May 2009 | 2% | 2% | 3% | 3% |
December 2009 | 15% | 17% | 20% | 20% |
Fidelity Advisor Freedom 2015 Fund | | | | |
May 2009 | 2% | 2% | 3% | 3% |
December 2009 | 16% | 18% | 21% | 21% |
Fidelity Advisor Freedom 2020 Fund | | | | |
May 2009 | 2% | 3% | 5% | 5% |
December 2009 | 20% | 22% | 27% | 26% |
Fidelity Advisor Freedom 2025 Fund | | | | |
May 2009 | 3% | 4% | 7% | 7% |
December 2009 | 23% | 25% | 30% | 29% |
Fidelity Advisor Freedom 2030 Fund | | | | |
May 2009 | 9% | 11% | 41% | 33% |
December 2009 | 27% | 29% | 36% | 35% |
Fidelity Advisor Freedom 2035 Fund | | | | |
May 2009 | 6% | 9% | 35% | 26% |
December 2009 | 29% | 32% | 40% | 39% |
Fidelity Advisor Freedom 2040 Fund | | | | |
May 2009 | 6% | 8% | 26% | 26% |
December 2009 | 30% | 33% | 41% | 40% |
Fidelity Advisor Freedom 2045 Fund | | | | |
May 2009 | 8% | 10% | 35% | 26% |
December 2009 | 30% | 33% | 40% | 39% |
Fidelity Advisor Freedom 2050 Fund | | | | |
May 2009 | 10% | 14% | -% | -% |
December 2009 | 31% | 34% | 41% | 42% |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| Class A | Class T | Class B | Class C |
Fidelity Advisor Freedom Income Fund | | | | |
May 2009 | 5% | 5% | 7% | 7% |
June 2009 | 9% | 10% | 15% | 14% |
July 2009 | 9% | 10% | 14% | 19% |
August 2009 | 9% | 10% | 13% | 13% |
September 2009 | 9% | 10% | 15% | 15% |
October 2009 | 9% | 10% | 15% | 15% |
November 2009 | 9% | 10% | 14% | 14% |
December 2009 (Ex-Date 12/04/09) | 9% | 10% | 13% | 13% |
December 2009 (Ex-Date 12/28/09) | 10% | 10% | 10% | 10% |
February 2010 | 5% | 6% | 12% | 12% |
March 2010 | 5% | 6% | 11% | 11% |
Fidelity Advisor Freedom 2005 Fund | | | | |
May 2009 | 5% | 5% | 9% | 8% |
December 2009 | 21% | 23% | 29% | 28% |
Fidelity Advisor Freedom 2010 Fund | | | | |
May 2009 | 5% | 5% | 9% | 8% |
December 2009 | 23% | 25% | 30% | 29% |
Fidelity Advisor Freedom 2015 Fund | | | | |
May 2009 | 5% | 6% | 9% | 9% |
December 2009 | 24% | 26% | 31% | 31% |
Fidelity Advisor Freedom 2020 Fund | | | | |
May 2009 | 7% | 9% | 15% | 15% |
December 2009 | 30% | 33% | 39% | 39% |
Fidelity Advisor Freedom 2025 Fund | | | | |
May 2009 | 8% | 10% | 19% | 17% |
December 2009 | 34% | 37% | 44% | 43% |
Fidelity Advisor Freedom 2030 Fund | | | | |
May 2009 | 13% | 16% | 58% | 47% |
December 2009 | 40% | 44% | 54% | 53% |
Fidelity Advisor Freedom 2035 Fund | | | | |
May 2009 | 14% | 20% | 77% | 58% |
December 2009 | 43% | 47% | 58% | 57% |
Fidelity Advisor Freedom 2040 Fund | | | | |
May 2009 | 14% | 18% | 60% | 60% |
December 2009 | 44% | 48% | 59% | 59% |
Fidelity Advisor Freedom 2045 Fund | | | | |
May 2009 | 15% | 19% | 67% | 51% |
December 2009 | 44% | 48% | 59% | 57% |
Fidelity Advisor Freedom 2050 Fund | | | | |
May 2009 | 20% | 29% | -% | -% |
December 2009 | 48% | 52% | 64% | 64% |
The funds will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.
Annual Report
A special meeting of each fund's shareholders was held on August 14, 2009. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 24,643,083,056.59 | 94.466 |
Withheld | 1,443,637,207.24 | 5.534 |
TOTAL | 26,086,720,263.83 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 24,678,393,003.04 | 94.601 |
Withheld | 1,408,327,260.79 | 5.399 |
TOTAL | 26,086,720,263.83 | 100.000 |
Abigail P. Johnson |
Affirmative | 24,649,778,053.86 | 94.492 |
Withheld | 1,436,942,209.97 | 5.508 |
TOTAL | 26,086,720,263.83 | 100.000 |
Arthur E. Johnson |
Affirmative | 24,657,479,001.20 | 94.521 |
Withheld | 1,429,241,262.63 | 5.479 |
TOTAL | 26,086,720,263.83 | 100.000 |
Michael E. Kenneally |
Affirmative | 24,733,028,000.40 | 94.811 |
Withheld | 1,353,692,263.43 | 5.189 |
TOTAL | 26,086,720,263.83 | 100.000 |
James H. Keyes |
Affirmative | 24,701,338,835.40 | 94.689 |
Withheld | 1,385,381,428.43 | 5.311 |
TOTAL | 26,086,720,263.83 | 100.000 |
Marie L. Knowles |
Affirmative | 24,607,022,984.88 | 94.328 |
Withheld | 1,479,697,278.95 | 5.672 |
TOTAL | 26,086,720,263.83 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 24,549,568,568.96 | 94.108 |
Withheld | 1,537,151,694.87 | 5.892 |
TOTAL | 26,086,720,263.83 | 100.000 |
A Denotes trust-wide proposal and voting results. |
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-0510
1.792134.106
Fidelity Advisor Freedom Funds®-
Income, 2005, 2010, 2015, 2020, 2025, 2030,
2035, 2040, 2045, 2050 - Institutional Class
Annual Report
March 31, 2010
(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/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
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
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Global capital markets have been positive thus far in 2010, overcoming some early volatility to continue the upward trend that began in March 2009. Year to date, U.S. stocks have seen the biggest gains, outpacing the performance of foreign equities, which has been hampered by a rebounding dollar. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the 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 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 "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 by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | 22.16% | 4.13% | 4.04% |
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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | 34.28% | 3.75% | 4.23% |
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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | 36.80% | 3.79% | 4.73% |
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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | 38.30% | 3.99% | 4.68% |
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 S&P 500® Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2020 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | 44.65% | 3.47% | 5.24% |
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 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2025 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | 47.31% | 3.42% | 4.49% |
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 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2030 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | 50.42% | 2.84% | 5.07% |
A From July 24, 2003.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 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 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2035 Fund ® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | 51.81% | 2.78% | 4.16% |
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 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2040 Fund® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Institutional Class | 53.53% | 2.67% | 5.23% |
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 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2045 Fund® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | | Past 1
year | Life of
fund A |
Institutional Class | | 54.35% | -0.41% |
A From June 1, 2006.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2045 Fund® - Institutional Class on June 1, 2006, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Advisor Freedom 2050 Fund® - Institutional Class
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' 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, 2010 | Past 1
year | Life of
fund A |
Institutional Class | 56.66% | -0.67% |
A From June 1, 2006.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Advisor Freedom 2050 Fund® - Institutional Class on June 1, 2006, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Market Recap: Blistering stock market declines sustained during the global economic crisis dramatically reversed during the 12-month period ending March 31, 2010, as extraordinary government stimulus took hold, corporate cost cutting paved the way for encouraging earnings reports, credit conditions improved and consumer fears began to ease. After hitting woeful lows in March 2009, stock markets began a steady ascent that coincided with the near culmination of the Great Recession that began in late 2007. Although a weak labor market still lingered, in March 2010 the prices of many individual stocks reached a 52-week high, lifting the blue-chip Dow Jones Industrial AverageSM to a 17-month peak, and a 46.93% gain for the annual period. Impressive returns were widespread, with the S&P 500® Index rising 49.77% - its third-largest 12-month increase in more than two decades - and the technology-laden Nasdaq Composite® Index rising 58.32% for the period. Strong performance also echoed across global markets, with the MSCI® EAFE® (Europe, Australasia, Far East) Index rising 54.63%. In the fixed-income arena, as credit conditions improved, investors who shifted into higher-risk vehicles were generally rewarded with strong returns. High-yield bonds were standouts, with The BofA Merrill Lynch US High Yield Constrained IndexSM posting a 56.95% gain during the period, far outpacing the 7.69% rise in Barclays Capital U.S. Aggregate Bond Index - a broad measure of the domestic investment-grade universe - which was weighed down by the weak performance of ultra-safe U.S. Treasury securities.
Comments from Jonathan Shelon and Christopher Sharpe, Co-Portfolio Managers of Fidelity Advisor Freedom Funds®: The Fidelity Advisor Freedom Funds experienced a period of solid performance for the year. In absolute terms, all of the Advisor Freedom Funds posted exceptional double-digit gains during the 12-month period. (For specific Fund results, please refer to the performance section of this report.) The longer-dated and more-equity-oriented Funds advanced the most, compared with results for the shorter-dated and more-conservatively positioned Funds. In relative terms, all of the Funds outpaced their composite indexes, driven by strong outperformance within almost every asset class during the period. Our underlying investment-grade holdings strongly outpaced the Barclays Capital U.S. Aggregate Bond Index. Fueling our success within the investment-grade category was Fidelity® Series Investment Grade Bond Fund, which benefited from its positioning in more credit-sensitive, higher-yielding issues. Our out-of-benchmark allocation to high-yield securities - an asset class that turned in remarkable results - also added meaningfully to performance, led by our sole investment in the category, Fidelity Advisor High Income Advantage Fund. Lastly, within the short-term asset class, our underlying funds handily topped the Barclays Capital U.S. 3 Month Treasury Bellwether Index, which rose 0.19%. Shifting to the equity category, our domestic equities outperformed the Dow Jones U.S. Total Stock Market IndexSM, which advanced 52.62% during the past 12 months. Four of the nine underlying funds in the domestic equity class beat their respective benchmarks, with Fidelity Series Small Cap Opportunities Fund and Fidelity Advisor Large Cap Fund contributing meaningfully, bolstered by solid stock selection. Developed foreign equities, as measured by the MSCI EAFE, pushed higher than domestic equities. However, nearly all of our underlying funds underperformed their respective benchmark indexes. The performance for our international funds was hurt by an emphasis on higher-quality securities, which didn't keep pace with the riskier stocks investors favored during the period.
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, 2009 to March 31, 2010).
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, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009 to March 31, 2010 |
Advisor Freedom Income | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,044.30 | $ 1.27 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,043.00 | $ 2.55 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,039.30 | $ 5.08 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,039.30 | $ 5.08 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,045.60 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2005 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,061.40 | $ 1.28 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,060.60 | $ 2.57 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized
Expense Ratio | Beginning
Account Value
October 1, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009 to March 31, 2010 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,058.30 | $ 5.13 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,057.90 | $ 5.13 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,063.70 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2010 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,066.70 | $ 1.29 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,065.00 | $ 2.57 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,063.10 | $ 5.14 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,062.60 | $ 5.14 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,068.20 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2015 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,067.90 | $ 1.29 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,067.00 | $ 2.58 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,064.60 | $ 5.15 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,064.80 | $ 5.15 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,069.20 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2020 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,077.70 | $ 1.30 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,075.70 | $ 2.59 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized
Expense Ratio | Beginning
Account Value
October 1, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009 to March 31, 2010 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,074.30 | $ 5.17 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,073.90 | $ 5.17 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,079.00 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2025 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,082.50 | $ 1.30 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,081.40 | $ 2.59 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,079.40 | $ 5.18 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,078.90 | $ 5.18 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,084.60 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2030 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,087.10 | $ 1.30 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,085.50 | $ 2.60 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,083.10 | $ 5.19 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,082.50 | $ 5.19 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,088.40 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2035 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,090.50 | $ 1.30 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,089.10 | $ 2.60 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized
Expense Ratio | Beginning
Account Value
October 1, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009 to March 31, 2010 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,086.10 | $ 5.20 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,085.30 | $ 5.20 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,091.70 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2040 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,091.30 | $ 1.30 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,090.70 | $ 2.61 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,087.60 | $ 5.20 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,087.90 | $ 5.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,093.50 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2045 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,092.90 | $ 1.30 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,091.50 | $ 2.61 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,089.40 | $ 5.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,088.60 | $ 5.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,095.40 | $ .00 |
Hypothetical A | | $ 1,000.00 | $ 1,024.93 | $ .00 |
Advisor Freedom 2050 | | | | |
Class A | .25% | | | |
Actual | | $ 1,000.00 | $ 1,093.90 | $ 1.31 |
Hypothetical A | | $ 1,000.00 | $ 1,023.68 | $ 1.26 |
Class T | .50% | | | |
Actual | | $ 1,000.00 | $ 1,092.60 | $ 2.61 |
Hypothetical A | | $ 1,000.00 | $ 1,022.44 | $ 2.52 |
| Annualized
Expense Ratio | Beginning
Account Value
October 1, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009 to March 31, 2010 |
Class B | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,090.80 | $ 5.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Class C | 1.00% | | | |
Actual | | $ 1,000.00 | $ 1,090.50 | $ 5.21 |
Hypothetical A | | $ 1,000.00 | $ 1,019.95 | $ 5.04 |
Institutional Class | .00% | | | |
Actual | | $ 1,000.00 | $ 1,096.40 | $ .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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 0.7 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 1.8 | 2.1 |
Fidelity Advisor Equity Income Fund Institutional Class | 1.5 | 2.7 |
Fidelity Advisor Growth & Income Fund Institutional Class | 2.7 | 3.3 |
Fidelity Advisor Large Cap Fund Institutional Class | 2.5 | 3.0 |
Fidelity Advisor Small Cap Fund Institutional Class | 0.8 | 1.0 |
Fidelity Series 100 Index Fund | 1.7 | 1.6 |
Fidelity Series All-Sector Equity Fund | 3.5 | 4.1 |
Fidelity Series Large Cap Value Fund | 2.1 | 1.7 |
Fidelity Series Small Cap Opportunities Fund | 0.9 | 1.0 |
| 17.5 | 20.5 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 0.8 | 0.0 |
Fidelity Advisor Overseas Fund Institutional Class | 0.8 | 0.0 |
Fidelity Series International Growth Fund | 0.2 | 0.0 |
Fidelity Series International Small Cap Fund | 0.0* | 0.0 |
Fidelity Series International Value Fund | 0.2 | 0.0 |
| 2.0 | 0.0 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 0.2 | 0.0 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.1 | 5.4 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 4.8 | 0.5 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5.4 | 6.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 2.2 | 7.6 |
Fidelity Series Investment Grade Bond Fund | 22.5 | 22.1 |
| 30.1 | 36.5 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 19.8 | 18.8 |
Fidelity Institutional Money Market Portfolio Institutional Class | 19.8 | 18.3 |
| 39.6 | 37.1 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Current |
 | Commodity Funds | 0.7% | |
 | Domestic Equity Funds | 17.5% | |
 | Developed International Equity Funds | 2.0% | |
 | Emerging Markets Equity Funds | 0.2% | |
 | High Yield Bond Funds | 5.1% | |
 | Inflation-Protected Bond Funds | 4.8% | |
 | Investment Grade Bond Funds | 30.1% | |
 | Short-Term Funds | 39.6% | |
Six months ago |
| Domestic Equity Funds | 20.5% | |
| High Yield Bond Funds | 5.4% | |
| Inflation-Protected Bond Funds | 0.5% | |
| Investment Grade Bond Funds | 36.5% | |
| Short-Term Funds | 37.1% | |
Expected |
| Commodity Funds | 1.7% | |
| Domestic Equity Funds | 13.7% | |
| Developed International Equity Funds | 4.0% | |
| Emerging Markets Equity Funds | 0.6% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 10.3% | |
| Investment Grade Bond Funds | 24.7% | |
| Short-Term Funds | 40.0% | |
The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom Income Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 18.2% |
| Shares | | Value |
Commodity Funds - 0.7% |
Fidelity Series Commodity Strategy Fund | 158,891 | | $ 1,665,180 |
Domestic Equity Funds - 17.5% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 83,809 | | 4,151,918 |
Fidelity Advisor Equity Income Fund Institutional Class | 153,018 | | 3,413,829 |
Fidelity Advisor Growth & Income Fund Institutional Class | 391,142 | | 6,223,070 |
Fidelity Advisor Large Cap Fund Institutional Class | 346,587 | | 5,975,157 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 79,730 | | 1,896,779 |
Fidelity Series 100 Index Fund | 468,327 | | 3,882,430 |
Fidelity Series All-Sector Equity Fund | 677,608 | | 8,144,854 |
Fidelity Series Large Cap Value Fund | 418,950 | | 4,972,936 |
Fidelity Series Small Cap Opportunities Fund (a) | 230,639 | | 2,057,302 |
TOTAL DOMESTIC EQUITY FUNDS | | 40,718,275 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $40,066,032) | 42,383,455 |
International Equity Funds - 2.2% |
| | | |
Developed International Equity Funds - 2.0% |
Fidelity Advisor Diversified International Fund Institutional Class | 119,316 | | 1,806,445 |
Fidelity Advisor Overseas Fund Institutional Class | 108,045 | | 1,812,993 |
Fidelity Series International Growth Fund | 44,179 | | 439,141 |
Fidelity Series International Small Cap Fund | 9,519 | | 97,383 |
Fidelity Series International Value Fund | 45,361 | | 438,189 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 4,594,151 |
Emerging Markets Equity Funds - 0.2% |
Fidelity Series Emerging Markets Fund | 36,862 | | 617,809 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $5,006,075) | 5,211,960 |
Bond Funds - 40.0% |
| Shares | | Value |
High Yield Bond Funds - 5.1% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 1,320,969 | | $ 11,862,298 |
Inflation-Protected Bond Funds - 4.8% |
Fidelity Series Inflation-Protected Bond Index Fund | 1,079,910 | | 11,079,874 |
Investment Grade Bond Funds - 30.1% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,453,432 | | 12,572,188 |
Fidelity Advisor Total Bond Fund Institutional Class | 475,233 | | 5,051,730 |
Fidelity Series Investment Grade Bond Fund | 4,588,207 | | 52,489,084 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 70,113,002 |
TOTAL BOND FUNDS (Cost $90,353,320) | 93,055,174 |
Short-Term Funds - 39.6% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 5,064,579 | | 46,188,960 |
Fidelity Institutional Money Market Portfolio Institutional Class | 46,112,457 | | 46,112,457 |
TOTAL SHORT-TERM FUNDS (Cost $92,775,876) | 92,301,417 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $228,201,303) | | 232,952,006 |
NET OTHER ASSETS - 0.0% | | (59,659) |
NET ASSETS - 100% | $ 232,892,347 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $2,021,981 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, 2010 |
Assets | | |
Investment in securities, at value (cost $228,201,303) - See accompanying schedule | | $ 232,952,006 |
Receivable for investments sold | | 307,439 |
Receivable for fund shares sold | | 396,564 |
Total assets | | 233,656,009 |
| | |
Liabilities | | |
Payable for investments purchased | $ 36,405 | |
Payable for fund shares redeemed | 659,195 | |
Distribution fees payable | 68,062 | |
Total liabilities | | 763,662 |
| | |
Net Assets | | $ 232,892,347 |
Net Assets consist of: | | |
Paid in capital | | $ 232,879,862 |
Undistributed net investment income | | 298,355 |
Accumulated undistributed net realized gain (loss) on investments | | (5,036,573) |
Net unrealized appreciation (depreciation) on investments | | 4,750,703 |
Net Assets | | $ 232,892,347 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($142,691,335 ÷ 13,789,793 shares) | | $ 10.35 |
| | |
Maximum offering price per share (100/94.25 of $10.35) | | $ 10.98 |
Class T:
Net Asset Value and redemption price per share ($52,046,674 ÷ 5,033,292 shares) | | $ 10.34 |
| | |
Maximum offering price per share (100/96.50 of $10.34) | | $ 10.72 |
Class B:
Net Asset Value and offering price per share ($5,319,345 ÷ 514,746 shares)A | | $ 10.33 |
| | |
Class C:
Net Asset Value and offering price per share ($14,697,499 ÷ 1,422,415 shares)A | | $ 10.33 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($18,137,494 ÷ 1,749,577 shares) | | $ 10.37 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 4,900,431 |
| | |
Expenses | | |
Distribution fees | $ 727,017 | |
Independent trustees' compensation | 665 | |
Total expenses before reductions | 727,682 | |
Expense reductions | (665) | 727,017 |
Net investment income (loss) | | 4,173,414 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 884,619 | |
Capital gain distributions from underlying funds | 1,510,363 | 2,394,982 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 30,437,609 |
Net gain (loss) | | 32,832,591 |
Net increase (decrease) in net assets resulting from operations | | $ 37,006,005 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,173,414 | $ 4,836,274 |
Net realized gain (loss) | 2,394,982 | (4,563,832) |
Change in net unrealized appreciation (depreciation) | 30,437,609 | (24,059,265) |
Net increase (decrease) in net assets resulting from operations | 37,006,005 | (23,786,823) |
Distributions to shareholders from net investment income | (4,185,152) | (4,951,780) |
Distributions to shareholders from net realized gain | (1,201,062) | (1,910,005) |
Total distributions | (5,386,214) | (6,861,785) |
Share transactions - net increase (decrease) | 40,627,765 | 29,566,421 |
Total increase (decrease) in net assets | 72,247,556 | (1,082,187) |
| | |
Net Assets | | |
Beginning of period | 160,644,791 | 161,726,978 |
End of period (including undistributed net investment income of $298,355 and undistributed net investment income of $310,093, respectively) | $ 232,892,347 | $ 160,644,791 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.74 | $ 10.46 | $ 10.74 | $ 10.52 | $ 10.30 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .22 | .29 | .40 | .36 | .29 |
Net realized and unrealized gain (loss) | 1.66 | (1.60) | (.21) | .29 | .23 |
Total from investment operations | 1.88 | (1.31) | .19 | .65 | .52 |
Distributions from net investment income | (.22) | (.30) | (.40) | (.35) | (.27) |
Distributions from net realized gain | (.06) | (.11) | (.07) | (.08) | (.04) |
Total distributions | (.27) H | (.41) | (.47) G | (.43) | (.30) F |
Net asset value, end of period | $ 10.35 | $ 8.74 | $ 10.46 | $ 10.74 | $ 10.52 |
Total Return A,B | 21.74% | (12.78)% | 1.73% | 6.38% | 5.12% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 2.19% | 3.03% | 3.77% | 3.46% | 2.83% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 142,691 | $ 93,865 | $ 87,469 | $ 49,721 | $ 18,524 |
Portfolio turnover rate | 31% | 44% | 56% | 38% | 21% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.30 per share is comprised of distributions from net investment income of $.265 and distributions from net realized gain of $.035 per share.
G Total distributions of $.47 per share is comprised of distributions from net investment income of $.403 and distributions from net realized gain of $.066 per share.
H Total distributions of $.27 per share is comprised of distributions from net investment income of $.217 and distributions from net realized gain of $.056 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.73 | $ 10.45 | $ 10.73 | $ 10.51 | $ 10.30 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .19 | .27 | .38 | .34 | .27 |
Net realized and unrealized gain (loss) | 1.67 | (1.61) | (.22) | .29 | .22 |
Total from investment operations | 1.86 | (1.34) | .16 | .63 | .49 |
Distributions from net investment income | (.19) | (.27) | (.38) | (.33) | (.24) |
Distributions from net realized gain | (.06) | (.11) | (.07) | (.08) | (.04) |
Total distributions | (.25) G | (.38) | (.44) F | (.41) | (.28) |
Net asset value, end of period | $ 10.34 | $ 8.73 | $ 10.45 | $ 10.73 | $ 10.51 |
Total Return A,B | 21.47% | (13.03)% | 1.48% | 6.11% | 4.78% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .51% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .51% |
Net investment income (loss) | 1.94% | 2.78% | 3.52% | 3.21% | 2.58% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 52,047 | $ 42,675 | $ 44,882 | $ 39,739 | $ 32,469 |
Portfolio turnover rate | 31% | 44% | 56% | 38% | 21% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.44 per share is comprised of distributions from net investment income of $.377 and distributions from net realized gain of $.066 per share.
G Total distributions of $.25 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.056 per share.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.72 | $ 10.44 | $ 10.72 | $ 10.50 | $ 10.29 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .22 | .32 | .29 | .22 |
Net realized and unrealized gain (loss) | 1.67 | (1.60) | (.21) | .28 | .21 |
Total from investment operations | 1.81 | (1.38) | .11 | .57 | .43 |
Distributions from net investment income | (.14) | (.23) | (.32) | (.27) | (.19) |
Distributions from net realized gain | (.06) | (.11) | (.07) | (.08) | (.04) |
Total distributions | (.20) H | (.34) | (.39) G | (.35) | (.22) F |
Net asset value, end of period | $ 10.33 | $ 8.72 | $ 10.44 | $ 10.72 | $ 10.50 |
Total Return A,B | 20.86% | (13.48)% | .97% | 5.57% | 4.27% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.44% | 2.28% | 3.02% | 2.71% | 2.08% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,319 | $ 4,282 | $ 5,539 | $ 4,993 | $ 4,873 |
Portfolio turnover rate | 31% | 44% | 56% | 38% | 21% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.22 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.
G Total distributions of $.39 per share is comprised of distributions from net investment income of $.322 and distributions from net realized gain of $.066 per share.
H Total distributions of $.20 per share is comprised of distributions from net investment income of $.142 and distributions from net realized gain of $.056 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.72 | $ 10.43 | $ 10.71 | $ 10.50 | $ 10.28 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .22 | .32 | .29 | .22 |
Net realized and unrealized gain (loss) | 1.67 | (1.60) | (.21) | .27 | .22 |
Total from investment operations | 1.81 | (1.38) | .11 | .56 | .44 |
Distributions from net investment income | (.14) | (.22) | (.32) | (.27) | (.19) |
Distributions from net realized gain | (.06) | (.11) | (.07) | (.08) | (.04) |
Total distributions | (.20) H | (.33) | (.39) G | (.35) | (.22) F |
Net asset value, end of period | $ 10.33 | $ 8.72 | $ 10.43 | $ 10.71 | $ 10.50 |
Total Return A,B | 20.83% | (13.41)% | .97% | 5.48% | 4.37% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.44% | 2.28% | 3.02% | 2.71% | 2.08% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,697 | $ 11,362 | $ 14,718 | $ 13,279 | $ 13,678 |
Portfolio turnover rate | 31% | 44% | 56% | 38% | 21% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.22 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.035 per share.
G Total distributions of $.39 per share is comprised of distributions from net investment income of $.323 and distributions from net realized gain of $.066 per share.
H Total distributions of $.20 per share is comprised of distributions from net investment income of $.140 and distributions from net realized gain of $.056 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.75 | $ 10.48 | $ 10.76 | $ 10.53 | $ 10.31 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .24 | .31 | .43 | .39 | .32 |
Net realized and unrealized gain (loss) | 1.68 | (1.61) | (.21) | .30 | .23 |
Total from investment operations | 1.92 | (1.30) | .22 | .69 | .55 |
Distributions from net investment income | (.24) | (.32) | (.43) | (.38) | (.29) |
Distributions from net realized gain | (.06) | (.11) | (.07) | (.08) | (.04) |
Total distributions | (.30) G | (.43) | (.50) F | (.46) | (.33) |
Net asset value, end of period | $ 10.37 | $ 8.75 | $ 10.48 | $ 10.76 | $ 10.53 |
Total Return A | 22.16% | (12.63)% | 2.00% | 6.72% | 5.39% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .01% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .01% |
Net investment income (loss) | 2.44% | 3.28% | 4.02% | 3.71% | 3.08% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 18,137 | $ 8,461 | $ 9,119 | $ 2,800 | $ 1,134 |
Portfolio turnover rate | 31% | 44% | 56% | 38% | 21% |
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 Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.50 per share is comprised of distributions from net investment income of $.432 and distributions from net realized gain of $.066 per share.
G Total distributions of $.30 per share is comprised of distributions from net investment income of $.243 and distributions from net realized gain of $.056 per share.
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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 1.9 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 3.5 | 3.8 |
Fidelity Advisor Equity Income Fund Institutional Class | 2.8 | 5.0 |
Fidelity Advisor Growth & Income Fund Institutional Class | 5.2 | 6.1 |
Fidelity Advisor Large Cap Fund Institutional Class | 5.0 | 5.3 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.6 | 1.8 |
Fidelity Series 100 Index Fund | 3.2 | 3.1 |
Fidelity Series All-Sector Equity Fund | 6.8 | 7.7 |
Fidelity Series Large Cap Value Fund | 4.1 | 3.1 |
Fidelity Series Small Cap Opportunities Fund | 1.7 | 1.9 |
| 33.9 | 37.8 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 3.2 | 3.6 |
Fidelity Advisor Overseas Fund Institutional Class | 3.2 | 3.5 |
Fidelity Series International Growth Fund | 0.8 | 0.0 |
Fidelity Series International Small Cap Fund | 0.1 | 0.0 |
Fidelity Series International Value Fund | 0.7 | 0.0 |
| 8.0 | 7.1 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.1 | 0.7 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.1 | 5.3 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 4.0 | 0.4 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4.9 | 6.2 |
Fidelity Advisor Total Bond Fund Institutional Class | 2.0 | 6.8 |
Fidelity Series Investment Grade Bond Fund | 20.7 | 20.4 |
| 27.6 | 33.4 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 9.2 | 7.7 |
Fidelity Institutional Money Market Portfolio Institutional Class | 9.2 | 7.6 |
| 18.4 | 15.3 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 1.9% | |
| Domestic Equity Funds | 33.9% | |
| Developed International Equity Funds | 8.0% | |
| Emerging Markets Equity Funds | 1.1% | |
| High Yield Bond Funds | 5.1% | |
| Inflation-Protected Bond Funds | 4.0% | |
| Investment Grade Bond Funds | 27.6% | |
| Short-Term Funds | 18.4% | |
Six months ago |
| Domestic Equity Funds | 37.8% | |
| Developed International Equity Funds | 7.1% | |
| Emerging Markets Equity Funds | 0.7% | |
| High Yield Bond Funds | 5.3% | |
| Inflation-Protected Bond Funds | 0.4% | |
| Investment Grade Bond Funds | 33.4% | |
| Short-Term Funds | 15.3% | |
Expected |
| Commodity Funds | 4.0% | |
| Domestic Equity Funds | 28.0% | |
| Developed International Equity Funds | 9.2% | |
| Emerging Markets Equity Funds | 1.5% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 8.7% | |
| Investment Grade Bond Funds | 22.8% | |
| Short-Term Funds | 20.8% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2005 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 35.8% |
| Shares | | Value |
Commodity Funds - 1.9% |
Fidelity Series Commodity Strategy Fund | 380,638 | | $ 3,989,088 |
Domestic Equity Funds - 33.9% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 146,568 | | 7,260,966 |
Fidelity Advisor Equity Income Fund Institutional Class | 266,442 | | 5,944,313 |
Fidelity Advisor Growth & Income Fund Institutional Class | 684,080 | | 10,883,709 |
Fidelity Advisor Large Cap Fund Institutional Class | 605,222 | | 10,434,021 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 140,008 | | 3,330,800 |
Fidelity Series 100 Index Fund | 817,836 | | 6,779,858 |
Fidelity Series All-Sector Equity Fund | 1,180,974 | | 14,195,310 |
Fidelity Series Large Cap Value Fund | 730,005 | | 8,665,161 |
Fidelity Series Small Cap Opportunities Fund (a) | 403,263 | | 3,597,110 |
TOTAL DOMESTIC EQUITY FUNDS | | 71,091,248 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $72,991,542) | 75,080,336 |
International Equity Funds - 9.1% |
| | | |
Developed International Equity Funds - 8.0% |
Fidelity Advisor Diversified International Fund Institutional Class | 442,001 | | 6,691,901 |
Fidelity Advisor Overseas Fund Institutional Class | 401,560 | | 6,738,182 |
Fidelity Series International Growth Fund | 159,415 | | 1,584,584 |
Fidelity Series International Small Cap Fund | 31,465 | | 321,883 |
Fidelity Series International Value Fund | 163,641 | | 1,580,772 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 16,917,322 |
Emerging Markets Equity Funds - 1.1% |
Fidelity Series Emerging Markets Fund | 134,274 | | 2,250,434 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $21,692,753) | 19,167,756 |
Bond Funds - 36.7% |
| Shares | | Value |
High Yield Bond Funds - 5.1% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 1,180,221 | | $ 10,598,381 |
Inflation-Protected Bond Funds - 4.0% |
Fidelity Series Inflation-Protected Bond Index Fund | 823,644 | | 8,450,590 |
Investment Grade Bond Funds - 27.6% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,201,883 | | 10,396,292 |
Fidelity Advisor Total Bond Fund Institutional Class | 391,554 | | 4,162,217 |
Fidelity Series Investment Grade Bond Fund | 3,787,493 | | 43,328,918 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 57,887,427 |
TOTAL BOND FUNDS (Cost $75,350,982) | 76,936,398 |
Short-Term Funds - 18.4% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 2,119,062 | | 19,325,844 |
Fidelity Institutional Money Market Portfolio Institutional Class | 19,275,175 | | 19,275,175 |
TOTAL SHORT-TERM FUNDS (Cost $38,622,224) | 38,601,019 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $208,657,501) | | 209,785,509 |
NET OTHER ASSETS - 0.0% | | (52,667) |
NET ASSETS - 100% | $ 209,732,842 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $5,987,852 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 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
Assets | | |
Investment in securities, at value (cost $208,657,501) - See accompanying schedule | | $ 209,785,509 |
Cash | | 10 |
Receivable for investments sold | | 6,321 |
Receivable for fund shares sold | | 227,776 |
Total assets | | 210,019,616 |
| | |
Liabilities | | |
Payable for investments purchased | $ 41,912 | |
Payable for fund shares redeemed | 192,335 | |
Distribution fees payable | 52,527 | |
Total liabilities | | 286,774 |
| | |
Net Assets | | $ 209,732,842 |
Net Assets consist of: | | |
Paid in capital | | $ 219,040,792 |
Undistributed net investment income | | 513,327 |
Accumulated undistributed net realized gain (loss) on investments | | (10,949,285) |
Net unrealized appreciation (depreciation) on investments | | 1,128,008 |
Net Assets | | $ 209,732,842 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($155,481,721 ÷ 14,702,949 shares) | | $ 10.57 |
| | |
Maximum offering price per share (100/94.25 of $10.57) | | $ 11.21 |
Class T:
Net Asset Value and redemption price per share ($23,112,592 ÷ 2,186,103 shares) | | $ 10.57 |
| | |
Maximum offering price per share (100/96.50 of $10.57) | | $ 10.95 |
Class B:
Net Asset Value and offering price per share ($2,986,180 ÷ 282,651 shares)A | | $ 10.56 |
| | |
Class C:
Net Asset Value and offering price per share ($9,377,389 ÷ 889,670 shares)A | | $ 10.54 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($18,774,960 ÷ 1,766,069 shares) | | $ 10.63 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 3,816,442 |
| | |
Expenses | | |
Distribution fees | $ 520,023 | |
Independent trustees' compensation | 551 | |
Total expenses before reductions | 520,574 | |
Expense reductions | (551) | 520,023 |
Net investment income (loss) | | 3,296,419 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (157,614) | |
Capital gain distributions from underlying funds | 1,953,135 | 1,795,521 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 39,634,422 |
Net gain (loss) | | 41,429,943 |
Net increase (decrease) in net assets resulting from operations | | $ 44,726,362 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,296,419 | $ 3,702,207 |
Net realized gain (loss) | 1,795,521 | (9,761,617) |
Change in net unrealized appreciation (depreciation) | 39,634,422 | (34,653,868) |
Net increase (decrease) in net assets resulting from operations | 44,726,362 | (40,713,278) |
Distributions to shareholders from net investment income | (3,251,107) | (3,863,581) |
Distributions to shareholders from net realized gain | (1,348,446) | (3,059,864) |
Total distributions | (4,599,553) | (6,923,445) |
Share transactions - net increase (decrease) | 47,810,477 | 25,066,869 |
Total increase (decrease) in net assets | 87,937,286 | (22,569,854) |
| | |
Net Assets | | |
Beginning of period | 121,795,556 | 144,365,410 |
End of period (including undistributed net investment income of $513,327 and undistributed net investment income of $468,016, respectively) | $ 209,732,842 | $ 121,795,556 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.10 | $ 11.40 | $ 11.83 | $ 11.33 | $ 10.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .27 | .33 | .28 | .25 |
Net realized and unrealized gain (loss) | 2.53 | (3.06) | (.34) | .63 | .76 |
Total from investment operations | 2.73 | (2.79) | (.01) | .91 | 1.01 |
Distributions from net investment income | (.19) | (.28) | (.26) | (.23) | (.20) |
Distributions from net realized gain | (.07) | (.23) | (.16) | (.18) | (.05) |
Total distributions | (.26) | (.51) | (.42) | (.41) | (.25) |
Net asset value, end of period | $ 10.57 | $ 8.10 | $ 11.40 | $ 11.83 | $ 11.33 |
Total Return A,B | 33.91% | (25.09)% | (.23)% | 8.21% | 9.63% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 2.01% | 2.75% | 2.74% | 2.49% | 2.25% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 155,482 | $ 88,593 | $ 98,483 | $ 49,418 | $ 16,194 |
Portfolio turnover rate | 35% | 54% | 30% | 30% | 34% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.10 | $ 11.39 | $ 11.81 | $ 11.31 | $ 10.56 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .17 | .25 | .30 | .25 | .22 |
Net realized and unrealized gain (loss) | 2.54 | (3.06) | (.33) | .63 | .75 |
Total from investment operations | 2.71 | (2.81) | (.03) | .88 | .97 |
Distributions from net investment income | (.17) | (.25) | (.23) | (.20) | (.17) |
Distributions from net realized gain | (.07) | (.23) | (.16) | (.18) | (.05) |
Total distributions | (.24) | (.48) | (.39) | (.38) | (.22) |
Net asset value, end of period | $ 10.57 | $ 8.10 | $ 11.39 | $ 11.81 | $ 11.31 |
Total Return A,B | 33.61% | (25.27)% | (.44)% | 7.95% | 9.31% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | 1.76% | 2.50% | 2.49% | 2.24% | 2.00% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 23,113 | $ 14,437 | $ 20,837 | $ 20,289 | $ 13,906 |
Portfolio turnover rate | 35% | 54% | 30% | 30% | 34% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.09 | $ 11.37 | $ 11.78 | $ 11.28 | $ 10.53 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .20 | .24 | .20 | .16 |
Net realized and unrealized gain (loss) | 2.53 | (3.06) | (.33) | .62 | .76 |
Total from investment operations | 2.65 | (2.86) | (.09) | .82 | .92 |
Distributions from net investment income | (.11) | (.19) | (.16) | (.14) | (.12) |
Distributions from net realized gain | (.07) | (.23) | (.16) | (.18) | (.05) |
Total distributions | (.18) | (.42) | (.32) | (.32) | (.17) |
Net asset value, end of period | $ 10.56 | $ 8.09 | $ 11.37 | $ 11.78 | $ 11.28 |
Total Return A,B | 32.90% | (25.69)% | (.89)% | 7.40% | 8.80% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | 1.26% | 2.00% | 1.99% | 1.74% | 1.50% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,986 | $ 2,692 | $ 4,348 | $ 3,974 | $ 3,835 |
Portfolio turnover rate | 35% | 54% | 30% | 30% | 34% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.08 | $ 11.34 | $ 11.76 | $ 11.27 | $ 10.53 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .20 | .24 | .20 | .16 |
Net realized and unrealized gain (loss) | 2.53 | (3.04) | (.33) | .62 | .75 |
Total from investment operations | 2.65 | (2.84) | (.09) | .82 | .91 |
Distributions from net investment income | (.12) | (.19) | (.17) | (.15) | (.12) |
Distributions from net realized gain | (.07) | (.23) | (.16) | (.18) | (.05) |
Total distributions | (.19) | (.42) | (.33) | (.33) | (.17) |
Net asset value, end of period | $ 10.54 | $ 8.08 | $ 11.34 | $ 11.76 | $ 11.27 |
Total Return A,B | 32.90% | (25.61)% | (.91)% | 7.36% | 8.74% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.26% | 2.00% | 1.99% | 1.74% | 1.50% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,377 | $ 6,761 | $ 11,052 | $ 9,107 | $ 7,637 |
Portfolio turnover rate | 35% | 54% | 30% | 30% | 34% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.14 | $ 11.46 | $ 11.87 | $ 11.37 | $ 10.60 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .22 | .29 | .35 | .31 | .28 |
Net realized and unrealized gain (loss) | 2.55 | (3.07) | (.32) | .62 | .76 |
Total from investment operations | 2.77 | (2.78) | .03 | .93 | 1.04 |
Distributions from net investment income | (.21) | (.31) | (.28) | (.25) | (.22) |
Distributions from net realized gain | (.07) | (.23) | (.16) | (.18) | (.05) |
Total distributions | (.28) | (.54) | (.44) | (.43) | (.27) |
Net asset value, end of period | $ 10.63 | $ 8.14 | $ 11.46 | $ 11.87 | $ 11.37 |
Total Return A | 34.28% | (24.93)% | .12% | 8.37% | 9.92% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 2.26% | 3.00% | 2.99% | 2.74% | 2.50% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 18,775 | $ 9,313 | $ 9,645 | $ 3,424 | $ 1,376 |
Portfolio turnover rate | 35% | 54% | 30% | 30% | 34% |
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 Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 2.1 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 3.8 | 4.1 |
Fidelity Advisor Equity Income Fund Institutional Class | 3.1 | 5.6 |
Fidelity Advisor Growth & Income Fund Institutional Class | 5.7 | 6.4 |
Fidelity Advisor Large Cap Fund Institutional Class | 5.4 | 5.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.7 | 1.9 |
Fidelity Series 100 Index Fund | 3.5 | 3.1 |
Fidelity Series All-Sector Equity Fund | 7.4 | 8.2 |
Fidelity Series Large Cap Value Fund | 4.5 | 3.0 |
Fidelity Series Small Cap Opportunities Fund | 1.9 | 2.0 |
| 37.0 | 40.2 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.0 | 4.6 |
Fidelity Advisor Overseas Fund Institutional Class | 4.1 | 4.6 |
Fidelity Series International Growth Fund | 0.9 | 0.0 |
Fidelity Series International Small Cap Fund | 0.2 | 0.0 |
Fidelity Series International Value Fund | 0.9 | 0.0 |
| 10.1 | 9.2 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.3 | 0.7 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.0 | 5.4 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 4.1 | 0.5 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5.5 | 6.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 2.2 | 7.1 |
Fidelity Series Investment Grade Bond Fund | 22.6 | 21.1 |
| 30.3 | 34.7 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 5.1 | 4.7 |
Fidelity Institutional Money Market Portfolio Institutional Class | 5.0 | 4.6 |
| 10.1 | 9.3 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 2.1% | |
| Domestic Equity Funds | 37.0% | |
| Developed International Equity Funds | 10.1% | |
| Emerging Markets Equity Funds | 1.3% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 4.1% | |
| Investment Grade Bond Funds | 30.3% | |
| Short-Term Funds | 10.1% | |
Six months ago |
| Domestic Equity Funds | 40.2% | |
| Developed International Equity Funds | 9.2% | |
| Emerging Markets Equity Funds | 0.7% | |
| High Yield Bond Funds | 5.4% | |
| Inflation-Protected Bond Funds | 0.5% | |
| Investment Grade Bond Funds | 34.7% | |
| Short-Term Funds | 9.3% | |
Expected |
| Commodity Funds | 4.7% | |
| Domestic Equity Funds | 32.2% | |
| Developed International Equity Funds | 11.0% | |
| Emerging Markets Equity Funds | 1.8% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 9.1% | |
| Investment Grade Bond Funds | 25.7% | |
| 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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2010 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 39.1% |
| Shares | | Value |
Commodity Funds - 2.1% |
Fidelity Series Commodity Strategy Fund | 1,667,260 | | $ 17,472,890 |
Domestic Equity Funds - 37.0% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 630,619 | | 31,240,877 |
Fidelity Advisor Equity Income Fund Institutional Class | 1,158,029 | | 25,835,637 |
Fidelity Advisor Growth & Income Fund Institutional Class | 2,945,648 | | 46,865,263 |
Fidelity Advisor Large Cap Fund Institutional Class | 2,603,155 | | 44,878,396 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 604,165 | | 14,373,091 |
Fidelity Series 100 Index Fund | 3,513,406 | | 29,126,132 |
Fidelity Series All-Sector Equity Fund | 5,082,490 | | 61,091,530 |
Fidelity Series Large Cap Value Fund | 3,128,856 | | 37,139,524 |
Fidelity Series Small Cap Opportunities Fund (a) | 1,731,179 | | 15,442,117 |
TOTAL DOMESTIC EQUITY FUNDS | | 305,992,567 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $312,034,344) | 323,465,457 |
International Equity Funds - 11.4% |
| | | |
Developed International Equity Funds - 10.1% |
Fidelity Advisor Diversified International Fund Institutional Class | 2,192,843 | | 33,199,646 |
Fidelity Advisor Overseas Fund Institutional Class | 1,991,017 | | 33,409,271 |
Fidelity Series International Growth Fund | 773,050 | | 7,684,121 |
Fidelity Series International Small Cap Fund | 155,471 | | 1,590,473 |
Fidelity Series International Value Fund | 793,505 | | 7,665,255 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 83,548,766 |
Emerging Markets Equity Funds - 1.3% |
Fidelity Series Emerging Markets Fund | 664,776 | | 11,141,650 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $105,803,048) | 94,690,416 |
Bond Funds - 39.4% |
| Shares | | Value |
High Yield Bond Funds - 5.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 4,644,405 | | $ 41,706,759 |
Inflation-Protected Bond Funds - 4.1% |
Fidelity Series Inflation-Protected Bond Index Fund | 3,312,698 | | 33,988,280 |
Investment Grade Bond Funds - 30.3% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5,238,031 | | 45,308,971 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,679,509 | | 17,853,183 |
Fidelity Series Investment Grade Bond Fund | 16,352,056 | | 187,067,517 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 250,229,671 |
TOTAL BOND FUNDS (Cost $320,363,168) | 325,924,710 |
Short-Term Funds - 10.1% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 4,581,359 | | 41,781,991 |
Fidelity Institutional Money Market Portfolio Institutional Class | 41,683,247 | | 41,683,247 |
TOTAL SHORT-TERM FUNDS (Cost $84,065,207) | 83,465,238 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $822,265,767) | | 827,545,821 |
NET OTHER ASSETS - 0.0% | | (246,626) |
NET ASSETS - 100% | $ 827,299,195 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $34,281,646 of which $30,891,938 and $3,389,708 will expire on March 31, 2017 and 2018, respectively. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $19,754,233 of losses recognized during the period November 1, 2009 to March 31, 2010. |
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, 2010 |
Assets | | |
Investment in securities, at value (cost $822,265,767) - See accompanying schedule | | $ 827,545,821 |
Receivable for investments sold | | 617,196 |
Receivable for fund shares sold | | 1,140,080 |
Total assets | | 829,303,097 |
| | |
Liabilities | | |
Payable to custodian bank | $ 8 | |
Payable for investments purchased | 312,975 | |
Payable for fund shares redeemed | 1,448,024 | |
Distribution fees payable | 242,895 | |
Total liabilities | | 2,003,902 |
| | |
Net Assets | | $ 827,299,195 |
Net Assets consist of: | | |
Paid in capital | | $ 877,374,221 |
Undistributed net investment income | | 1,873,313 |
Accumulated undistributed net realized gain (loss) on investments | | (57,228,393) |
Net unrealized appreciation (depreciation) on investments | | 5,280,054 |
Net Assets | | $ 827,299,195 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($478,025,368 ÷ 43,973,411 shares) | | $ 10.87 |
| | |
Maximum offering price per share (100/94.25 of $10.87) | | $ 11.53 |
Class T:
Net Asset Value and redemption price per share ($204,058,564 ÷ 18,841,462 shares) | | $ 10.83 |
| | |
Maximum offering price per share (100/96.50 of $10.83) | | $ 11.22 |
Class B:
Net Asset Value and offering price per share ($22,467,667 ÷ 2,076,663 shares)A | | $ 10.82 |
| | |
Class C:
Net Asset Value and offering price per share ($47,178,186 ÷ 4,377,898 shares)A | | $ 10.78 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($75,569,410 ÷ 6,924,814 shares) | | $ 10.91 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 17,312,985 |
| | |
Expenses | | |
Distribution fees | $ 2,724,021 | |
Independent trustees' compensation | 2,517 | |
Total expenses before reductions | 2,726,538 | |
Expense reductions | (2,517) | 2,724,021 |
Net investment income (loss) | | 14,588,964 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (10,207,574) | |
Capital gain distributions from underlying funds | 8,855,695 | (1,351,879) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 207,984,174 |
Net gain (loss) | | 206,632,295 |
Net increase (decrease) in net assets resulting from operations | | $ 221,221,259 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 14,588,964 | $ 18,391,658 |
Net realized gain (loss) | (1,351,879) | (44,170,237) |
Change in net unrealized appreciation (depreciation) | 207,984,174 | (194,782,235) |
Net increase (decrease) in net assets resulting from operations | 221,221,259 | (220,560,814) |
Distributions to shareholders from net investment income | (14,970,360) | (18,945,686) |
Distributions to shareholders from net realized gain | (6,224,738) | (19,419,546) |
Total distributions | (21,195,098) | (38,365,232) |
Share transactions - net increase (decrease) | 25,017,028 | 134,895,498 |
Total increase (decrease) in net assets | 225,043,189 | (124,030,548) |
| | |
Net Assets | | |
Beginning of period | 602,256,006 | 726,286,554 |
End of period (including undistributed net investment income of $1,873,313 and undistributed net investment income of $2,254,710, respectively) | $ 827,299,195 | $ 602,256,006 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.19 | $ 11.78 | $ 12.28 | $ 11.79 | $ 11.01 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .21 | .27 | .33 | .29 | .25 |
Net realized and unrealized gain (loss) | 2.76 | (3.28) | (.34) | .66 | .80 |
Total from investment operations | 2.97 | (3.01) | (.01) | .95 | 1.05 |
Distributions from net investment income | (.21) | (.28) | (.30) | (.26) | (.22) |
Distributions from net realized gain | (.08) | (.30) | (.19) | (.20) | (.06) |
Total distributions | (.29) G | (.58) | (.49) | (.46) | (.27) F |
Net asset value, end of period | $ 10.87 | $ 8.19 | $ 11.78 | $ 12.28 | $ 11.79 |
Total Return A, B | 36.51% | (26.36)% | (.27)% | 8.22% | 9.65% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 2.04% | 2.77% | 2.66% | 2.43% | 2.23% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 478,025 | $ 339,203 | $ 377,118 | $ 248,500 | $ 146,593 |
Portfolio turnover rate | 42% | 44% | 15% | 22% | 7% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.055 per share.
G Total distributions of $.29 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.083 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.16 | $ 11.74 | $ 12.24 | $ 11.75 | $ 10.97 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .18 | .25 | .30 | .26 | .22 |
Net realized and unrealized gain (loss) | 2.76 | (3.28) | (.34) | .66 | .80 |
Total from investment operations | 2.94 | (3.03) | (.04) | .92 | 1.02 |
Distributions from net investment income | (.19) | (.25) | (.27) | (.23) | (.19) |
Distributions from net realized gain | (.08) | (.30) | (.19) | (.20) | (.06) |
Total distributions | (.27) G | (.55) | (.46) | (.43) | (.24) F |
Net asset value, end of period | $ 10.83 | $ 8.16 | $ 11.74 | $ 12.24 | $ 11.75 |
Total Return A, B | 36.19% | (26.57)% | (.52)% | 8.00% | 9.42% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .51% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .51% |
Net investment income (loss) | 1.79% | 2.52% | 2.41% | 2.18% | 1.98% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 204,059 | $ 163,842 | $ 216,732 | $ 194,563 | $ 143,012 |
Portfolio turnover rate | 42% | 44% | 15% | 22% | 7% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.24 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.055 per share.
G Total distributions of $.27 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.083 per share.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.15 | $ 11.70 | $ 12.20 | $ 11.71 | $ 10.94 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .20 | .24 | .20 | .17 |
Net realized and unrealized gain (loss) | 2.76 | (3.26) | (.35) | .66 | .79 |
Total from investment operations | 2.89 | (3.06) | (.11) | .86 | .96 |
Distributions from net investment income | (.13) | (.19) | (.20) | (.17) | (.13) |
Distributions from net realized gain | (.08) | (.30) | (.19) | (.20) | (.06) |
Total distributions | (.22) F | (.49) | (.39) | (.37) | (.19) |
Net asset value, end of period | $ 10.82 | $ 8.15 | $ 11.70 | $ 12.20 | $ 11.71 |
Total Return A, B | 35.54% | (26.92)% | (1.04)% | 7.47% | 8.83% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.29% | 2.03% | 1.91% | 1.68% | 1.48% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 22,468 | $ 19,950 | $ 34,137 | $ 34,834 | $ 33,404 |
Portfolio turnover rate | 42% | 44% | 15% | 22% | 7% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.22 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.083 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.13 | $ 11.67 | $ 12.17 | $ 11.69 | $ 10.93 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .20 | .23 | .20 | .17 |
Net realized and unrealized gain (loss) | 2.74 | (3.25) | (.33) | .66 | .78 |
Total from investment operations | 2.87 | (3.05) | (.10) | .86 | .95 |
Distributions from net investment income | (.14) | (.19) | (.21) | (.18) | (.14) |
Distributions from net realized gain | (.08) | (.30) | (.19) | (.20) | (.06) |
Total distributions | (.22) G | (.49) | (.40) | (.38) | (.19) F |
Net asset value, end of period | $ 10.78 | $ 8.13 | $ 11.67 | $ 12.17 | $ 11.69 |
Total Return A, B | 35.45% | (26.88)% | (.97)% | 7.45% | 8.78% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.29% | 2.02% | 1.91% | 1.68% | 1.48% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 47,178 | $ 37,524 | $ 58,378 | $ 47,918 | $ 38,882 |
Portfolio turnover rate | 42% | 44% | 15% | 22% | 7% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.19 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.055 per share.
G Total distributions of $.22 per share is comprised of distributions from net investment income of $.139 and distributions from net realized gain of $.083 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.22 | $ 11.82 | $ 12.32 | $ 11.82 | $ 11.03 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .23 | .30 | .36 | .32 | .28 |
Net realized and unrealized gain (loss) | 2.78 | (3.30) | (.34) | .67 | .80 |
Total from investment operations | 3.01 | (3.00) | .02 | .99 | 1.08 |
Distributions from net investment income | (.23) | (.30) | (.33) | (.29) | (.24) |
Distributions from net realized gain | (.08) | (.30) | (.19) | (.20) | (.06) |
Total distributions | (.32) G | (.60) | (.52) | (.49) | (.29) F |
Net asset value, end of period | $ 10.91 | $ 8.22 | $ 11.82 | $ 12.32 | $ 11.82 |
Total Return A | 36.80% | (26.16)% | (.05)% | 8.52% | 9.94% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .01% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .01% |
Net investment income (loss) | 2.29% | 3.02% | 2.91% | 2.68% | 2.48% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 75,569 | $ 41,737 | $ 39,922 | $ 21,580 | $ 11,038 |
Portfolio turnover rate | 42% | 44% | 15% | 22% | 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 Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.29 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.055 per share.
G Total distributions of $.32 per share is comprised of distributions from net investment income of $.234 and distributions from net realized gain of $.083 per share.
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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 2.2 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 3.9 | 4.3 |
Fidelity Advisor Equity Income Fund Institutional Class | 3.2 | 5.9 |
Fidelity Advisor Growth & Income Fund Institutional Class | 5.9 | 6.7 |
Fidelity Advisor Large Cap Fund Institutional Class | 5.6 | 6.2 |
Fidelity Advisor Small Cap Fund Institutional Class | 1.8 | 1.9 |
Fidelity Series 100 Index Fund | 3.7 | 3.2 |
Fidelity Series All-Sector Equity Fund | 7.6 | 8.4 |
Fidelity Series Large Cap Value Fund | 4.7 | 3.1 |
Fidelity Series Small Cap Opportunities Fund | 1.9 | 2.1 |
| 38.3 | 41.8 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 4.1 | 4.8 |
Fidelity Advisor Overseas Fund Institutional Class | 4.2 | 4.8 |
Fidelity Series International Growth Fund | 1.0 | 0.0 |
Fidelity Series International Small Cap Fund | 0.2 | 0.0 |
Fidelity Series International Value Fund | 1.0 | 0.0 |
| 10.5 | 9.6 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.4 | 0.9 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 5.2 | 5.6 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 3.7 | 0.4 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5.4 | 6.4 |
Fidelity Advisor Total Bond Fund Institutional Class | 2.1 | 6.9 |
Fidelity Series Investment Grade Bond Fund | 22.4 | 20.6 |
| 29.9 | 33.9 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 4.4 | 3.9 |
Fidelity Institutional Money Market Portfolio Institutional Class | 4.4 | 3.9 |
| 8.8 | 7.8 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 2.2% | |
| Domestic Equity Funds | 38.3% | |
| Developed International Equity Funds | 10.5% | |
| Emerging Markets Equity Funds | 1.4% | |
| High Yield Bond Funds | 5.2% | |
| Inflation-Protected Bond Funds | 3.7% | |
| Investment Grade Bond Funds | 29.9% | |
| Short-Term Funds | 8.8% | |
Six months ago |
| Domestic Equity Funds | 41.8% | |
| Developed International Equity Funds | 9.6% | |
| Emerging Markets Equity Funds | 0.9% | |
| High Yield Bond Funds | 5.6% | |
| Inflation-Protected Bond Funds | 0.4% | |
| Investment Grade Bond Funds | 33.9% | |
| Short-Term Funds | 7.8% | |
Expected |
| Commodity Funds | 4.8% | |
| Domestic Equity Funds | 33.1% | |
| Developed International Equity Funds | 11.4% | |
| Emerging Markets Equity Funds | 1.8% | |
| High Yield Bond Funds | 5.1% | |
| Inflation-Protected Bond Funds | 8.4% | |
| Investment Grade Bond Funds | 26.1% | |
| Short-Term Funds | 9.3% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2015 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 40.5% |
| Shares | | Value |
Commodity Funds - 2.2% |
Fidelity Series Commodity Strategy Fund | 2,724,372 | | $ 28,551,423 |
Domestic Equity Funds - 38.3% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 1,019,436 | | 50,502,872 |
Fidelity Advisor Equity Income Fund Institutional Class | 1,853,423 | | 41,349,860 |
Fidelity Advisor Growth & Income Fund Institutional Class | 4,755,261 | | 75,656,195 |
Fidelity Advisor Large Cap Fund Institutional Class | 4,211,189 | | 72,600,896 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 976,635 | | 23,234,135 |
Fidelity Series 100 Index Fund | 5,684,364 | | 47,123,380 |
Fidelity Series All-Sector Equity Fund | 8,211,874 | | 98,706,727 |
Fidelity Series Large Cap Value Fund | 5,089,170 | | 60,408,449 |
Fidelity Series Small Cap Opportunities Fund (a) | 2,806,608 | | 25,034,946 |
TOTAL DOMESTIC EQUITY FUNDS | | 494,617,460 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $513,938,176) | 523,168,883 |
International Equity Funds - 11.9% |
| | | |
Developed International Equity Funds - 10.5% |
Fidelity Advisor Diversified International Fund Institutional Class | 3,562,347 | | 53,933,933 |
Fidelity Advisor Overseas Fund Institutional Class | 3,234,077 | | 54,267,809 |
Fidelity Series International Growth Fund | 1,268,241 | | 12,606,311 |
Fidelity Series International Small Cap Fund | 257,197 | | 2,631,121 |
Fidelity Series International Value Fund | 1,301,871 | | 12,576,072 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 136,015,246 |
Emerging Markets Equity Funds - 1.4% |
Fidelity Series Emerging Markets Fund | 1,079,550 | | 18,093,260 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $170,853,356) | 154,108,506 |
Bond Funds - 38.8% |
| Shares | | Value |
High Yield Bond Funds - 5.2% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7,478,955 | | $ 67,161,012 |
Inflation-Protected Bond Funds - 3.7% |
Fidelity Series Inflation-Protected Bond Index Fund | 4,740,740 | | 48,639,988 |
Investment Grade Bond Funds - 29.9% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 8,027,658 | | 69,439,242 |
Fidelity Advisor Total Bond Fund Institutional Class | 2,625,697 | | 27,911,162 |
Fidelity Series Investment Grade Bond Fund | 25,285,417 | | 289,265,173 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 386,615,577 |
TOTAL BOND FUNDS (Cost $492,238,159) | 502,416,577 |
Short-Term Funds - 8.8% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 6,274,165 | | 57,220,383 |
Fidelity Institutional Money Market Portfolio Institutional Class | 57,061,916 | | 57,061,916 |
TOTAL SHORT-TERM FUNDS (Cost $114,521,692) | 114,282,299 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,291,551,383) | | 1,293,976,265 |
NET OTHER ASSETS - 0.0% | | (348,874) |
NET ASSETS - 100% | $ 1,293,627,391 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $35,532,008 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $20,405,712 of losses recognized during the period November 1, 2009 to March 31, 2010. |
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, 2010 |
Assets | | |
Investment in securities, at value (cost $1,291,551,383) - See accompanying schedule | | $ 1,293,976,265 |
Receivable for investments sold | | 1,845,225 |
Receivable for fund shares sold | | 1,304,978 |
Total assets | | 1,297,126,468 |
| | |
Liabilities | | |
Payable for investments purchased | $ 179,650 | |
Payable for fund shares redeemed | 2,967,758 | |
Distribution fees payable | 351,669 | |
Total liabilities | | 3,499,077 |
| | |
Net Assets | | $ 1,293,627,391 |
Net Assets consist of: | | |
Paid in capital | | $ 1,347,333,952 |
Undistributed net investment income | | 2,937,541 |
Accumulated undistributed net realized gain (loss) on investments | | (59,068,984) |
Net unrealized appreciation (depreciation) on investments | | 2,424,882 |
Net Assets | | $ 1,293,627,391 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($830,023,795 ÷ 76,790,754 shares) | | $ 10.81 |
| | |
Maximum offering price per share (100/94.25 of $10.81) | | $ 11.47 |
Class T:
Net Asset Value and redemption price per share ($225,384,217 ÷ 20,884,865 shares) | | $ 10.79 |
| | |
Maximum offering price per share (100/96.50 of $10.79) | | $ 11.18 |
Class B:
Net Asset Value and offering price per share ($35,931,652 ÷ 3,339,566 shares)A | | $ 10.76 |
| | |
Class C:
Net Asset Value and offering price per share ($64,800,812 ÷ 6,034,645 shares)A | | $ 10.74 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($137,486,915 ÷ 12,642,696 shares) | | $ 10.87 |
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, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 24,482,399 |
| | |
Expenses | | |
Distribution fees | $ 3,619,597 | |
Independent trustees' compensation | 3,527 | |
Total expenses before reductions | 3,623,124 | |
Expense reductions | (3,527) | 3,619,597 |
Net investment income (loss) | | 20,862,802 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (8,278,355) | |
Capital gain distributions from underlying funds | 13,450,466 | 5,172,111 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 290,904,573 |
Net gain (loss) | | 296,076,684 |
Net increase (decrease) in net assets resulting from operations | | $ 316,939,486 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 20,862,802 | $ 22,823,857 |
Net realized gain (loss) | 5,172,111 | (49,116,733) |
Change in net unrealized appreciation (depreciation) | 290,904,573 | (268,311,878) |
Net increase (decrease) in net assets resulting from operations | 316,939,486 | (294,604,754) |
Distributions to shareholders from net investment income | (20,840,116) | (22,943,550) |
Distributions to shareholders from net realized gain | (9,228,273) | (26,245,848) |
Total distributions | (30,068,389) | (49,189,398) |
Share transactions - net increase (decrease) | 214,008,908 | 236,884,136 |
Total increase (decrease) in net assets | 500,880,005 | (106,910,016) |
| | |
Net Assets | | |
Beginning of period | 792,747,386 | 899,657,402 |
End of period (including undistributed net investment income of $2,937,541 and undistributed net investment income of $2,914,856, respectively) | $ 1,293,627,391 | $ 792,747,386 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.05 | $ 11.85 | $ 12.40 | $ 11.84 | $ 10.77 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .20 | .26 | .31 | .26 | .22 |
Net realized and unrealized gain (loss) | 2.84 | (3.47) | (.35) | .74 | 1.07 |
Total from investment operations | 3.04 | (3.21) | (.04) | 1.00 | 1.29 |
Distributions from net investment income | (.20) | (.26) | (.27) | (.23) | (.16) |
Distributions from net realized gain | (.08) | (.33) | (.24) | (.21) | (.06) |
Total distributions | (.28) H | (.59) G | (.51) F | (.44) | (.22) |
Net asset value, end of period | $ 10.81 | $ 8.05 | $ 11.85 | $ 12.40 | $ 11.84 |
Total Return A,B | 37.95% | (28.01)% | (.53)% | 8.56% | 12.12% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 2.02% | 2.69% | 2.46% | 2.21% | 1.93% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 830,024 | $ 477,641 | $ 517,888 | $ 291,783 | $ 128,241 |
Portfolio turnover rate | 29% | 36% | 13% | 11% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.51 per share is comprised of distributions from net investment income of $.268 and distributions from net realized gain of $.243 per share.
G Total distributions of $.59 per share is comprised of distributions from net investment income of $.262 and distributions from net realized gain of $.325 per share.
H Total distributions of $.28 per share is comprised of distributions from net investment income of $.197 and distributions from net realized gain of $.082 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.04 | $ 11.82 | $ 12.38 | $ 11.81 | $ 10.76 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .18 | .24 | .28 | .23 | .19 |
Net realized and unrealized gain (loss) | 2.82 | (3.46) | (.36) | .75 | 1.06 |
Total from investment operations | 3.00 | (3.22) | (.08) | .98 | 1.25 |
Distributions from net investment income | (.17) | (.23) | (.23) | (.20) | (.14) |
Distributions from net realized gain | (.08) | (.33) | (.24) | (.21) | (.06) |
Total distributions | (.25) H | (.56) G | (.48) F | (.41) | (.20) |
Net asset value, end of period | $ 10.79 | $ 8.04 | $ 11.82 | $ 12.38 | $ 11.81 |
Total Return A,B | 37.53% | (28.13)% | (.89)% | 8.40% | 11.71% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .51% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .51% |
Net investment income (loss) | 1.77% | 2.44% | 2.21% | 1.96% | 1.68% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 225,384 | $ 162,439 | $ 203,822 | $ 186,106 | $ 125,323 |
Portfolio turnover rate | 29% | 36% | 13% | 11% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.48 per share is comprised of distributions from net investment income of $.233 and distributions from net realized gain of $.243 per share.
G Total distributions of $.56 per share is comprised of distributions from net investment income of $.234 and distributions from net realized gain of $.325 per share.
H Total distributions of $.25 per share is comprised of distributions from net investment income of $.172 and distributions from net realized gain of $.082 per share.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.02 | $ 11.77 | $ 12.33 | $ 11.77 | $ 10.73 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .19 | .21 | .17 | .13 |
Net realized and unrealized gain (loss) | 2.82 | (3.44) | (.36) | .74 | 1.06 |
Total from investment operations | 2.95 | (3.25) | (.15) | .91 | 1.19 |
Distributions from net investment income | (.12) | (.17) | (.17) | (.14) | (.09) |
Distributions from net realized gain | (.08) | (.33) | (.24) | (.21) | (.06) |
Total distributions | (.21) H | (.50) G | (.41) F | (.35) | (.15) |
Net asset value, end of period | $ 10.76 | $ 8.02 | $ 11.77 | $ 12.33 | $ 11.77 |
Total Return A,B | 36.85% | (28.47)% | (1.37)% | 7.83% | 11.17% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.27% | 1.94% | 1.71% | 1.46% | 1.18% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 35,932 | $ 27,727 | $ 43,608 | $ 41,424 | $ 33,633 |
Portfolio turnover rate | 29% | 36% | 13% | 11% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.41 per share is comprised of distributions from net investment income of $.171 and distributions from net realized gain of $.243 per share.
G Total distributions of $.50 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.325 per share.
H Total distributions of $.21 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.082 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.00 | $ 11.76 | $ 12.32 | $ 11.77 | $ 10.73 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .19 | .21 | .17 | .13 |
Net realized and unrealized gain (loss) | 2.82 | (3.45) | (.35) | .74 | 1.06 |
Total from investment operations | 2.95 | (3.26) | (.14) | .91 | 1.19 |
Distributions from net investment income | (.13) | (.18) | (.18) | (.15) | (.09) |
Distributions from net realized gain | (.08) | (.33) | (.24) | (.21) | (.06) |
Total distributions | (.21) H | (.50) G | (.42) F | (.36) | (.15) |
Net asset value, end of period | $ 10.74 | $ 8.00 | $ 11.76 | $ 12.32 | $ 11.77 |
Total Return A,B | 36.97% | (28.53)% | (1.34)% | 7.81% | 11.19% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.27% | 1.94% | 1.71% | 1.46% | 1.18% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 64,801 | $ 46,942 | $ 65,543 | $ 56,686 | $ 35,656 |
Portfolio turnover rate | 29% | 36% | 13% | 11% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.42 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.243 per share.
G Total distributions of $.50 per share is comprised of distributions from net investment income of $.179 and distributions from net realized gain of $.325 per share.
H Total distributions of $.21 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.082 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.09 | $ 11.91 | $ 12.47 | $ 11.89 | $ 10.81 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .23 | .29 | .34 | .29 | .25 |
Net realized and unrealized gain (loss) | 2.85 | (3.50) | (.36) | .75 | 1.07 |
Total from investment operations | 3.08 | (3.21) | (.02) | 1.04 | 1.32 |
Distributions from net investment income | (.22) | (.29) | (.29) | (.25) | (.18) |
Distributions from net realized gain | (.08) | (.33) | (.24) | (.21) | (.06) |
Total distributions | (.30) H | (.61) G | (.54) F | (.46) | (.24) |
Net asset value, end of period | $ 10.87 | $ 8.09 | $ 11.91 | $ 12.47 | $ 11.89 |
Total Return A | 38.30% | (27.85)% | (.42)% | 8.90% | 12.36% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 2.27% | 2.94% | 2.71% | 2.46% | 2.18% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 137,487 | $ 77,998 | $ 68,797 | $ 39,631 | $ 26,886 |
Portfolio turnover rate | 29% | 36% | 13% | 11% | 4% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.54 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 $.61 per share is comprised of distributions from net investment income of $.286 and distributions from net realized gain of $.325 per share.
H Total distributions of $.30 per share is comprised of distributions from net investment income of $.219 and distributions from net realized gain of $.082 per share.
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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 2.7 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 4.7 | 5.3 |
Fidelity Advisor Equity Income Fund Institutional Class | 3.9 | 7.3 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7.1 | 8.2 |
Fidelity Advisor Large Cap Fund Institutional Class | 6.8 | 7.7 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.2 | 2.3 |
Fidelity Series 100 Index Fund | 4.4 | 3.9 |
Fidelity Series All-Sector Equity Fund | 9.2 | 10.1 |
Fidelity Series Large Cap Value Fund | 5.6 | 3.9 |
Fidelity Series Small Cap Opportunities Fund | 2.3 | 2.5 |
| 46.2 | 51.2 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 5.0 | 5.9 |
Fidelity Advisor Overseas Fund Institutional Class | 5.1 | 5.9 |
Fidelity Series International Growth Fund | 1.2 | 0.0 |
Fidelity Series International Small Cap Fund | 0.2 | 0.0 |
Fidelity Series International Value Fund | 1.2 | 0.0 |
| 12.7 | 11.8 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.7 | 1.0 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.0 | 7.5 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 2.7 | 0.3 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 4.4 | 4.9 |
Fidelity Advisor Total Bond Fund Institutional Class | 1.7 | 5.4 |
Fidelity Series Investment Grade Bond Fund | 18.4 | 16.2 |
| 24.5 | 26.5 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 1.3 | 0.9 |
Fidelity Institutional Money Market Portfolio Institutional Class | 1.2 | 0.8 |
| 2.5 | 1.7 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 2.7% | |
 | Domestic Equity Funds | 46.2% | |
| Developed International Equity Funds | 12.7% | |
 | Emerging Markets Equity Funds | 1.7% | |
 | High Yield Bond Funds | 7.0% | |
| Inflation-Protected Bond Funds | 2.7% | |
 | Investment Grade Bond Funds | 24.5% | |
| Short-Term Funds | 2.5% | |
Six months ago |
| Domestic Equity Funds | 51.2% | |
| Developed International Equity Funds | 11.8% | |
| Emerging Markets Equity Funds | 1.0% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 0.3% | |
| Investment Grade Bond Funds | 26.5% | |
 | Short-Term Funds | 1.7% | |
Expected |
| Commodity Funds | 5.8% | |
| Domestic Equity Funds | 39.6% | |
| Developed International Equity Funds | 13.6% | |
| Emerging Markets Equity Funds | 2.2% | |
| High Yield Bond Funds | 6.7% | |
| Inflation-Protected Bond Funds | 6.3% | |
| Investment Grade Bond Funds | 22.5% | |
| Short-Term Funds | 3.3% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2020 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 48.9% |
| Shares | | Value |
Commodity Funds - 2.7% |
Fidelity Series Commodity Strategy Fund | 5,323,320 | | $ 55,788,390 |
Domestic Equity Funds - 46.2% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 2,003,753 | | 99,265,905 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,641,186 | | 81,234,859 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9,357,200 | | 148,873,060 |
Fidelity Advisor Large Cap Fund Institutional Class | 8,281,163 | | 142,767,252 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 1,921,739 | | 45,718,165 |
Fidelity Series 100 Index Fund | 11,208,291 | | 92,916,729 |
Fidelity Series All-Sector Equity Fund | 16,164,797 | | 194,300,857 |
Fidelity Series Large Cap Value Fund | 10,025,925 | | 119,007,730 |
Fidelity Series Small Cap Opportunities Fund (a) | 5,533,286 | | 49,356,913 |
TOTAL DOMESTIC EQUITY FUNDS | | 973,441,470 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $990,493,538) | 1,029,229,860 |
International Equity Funds - 14.4% |
| | | |
Developed International Equity Funds - 12.7% |
Fidelity Advisor Diversified International Fund Institutional Class | 7,017,214 | | 106,240,619 |
Fidelity Advisor Overseas Fund Institutional Class | 6,367,838 | | 106,852,327 |
Fidelity Series International Growth Fund | 2,466,533 | | 24,517,341 |
Fidelity Series International Small Cap Fund | 501,146 | | 5,126,719 |
Fidelity Series International Value Fund | 2,531,941 | | 24,458,549 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 267,195,555 |
Emerging Markets Equity Funds - 1.7% |
Fidelity Series Emerging Markets Fund | 2,119,907 | | 35,529,648 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $330,665,324) | 302,725,203 |
Bond Funds - 34.2% |
| Shares | | Value |
High Yield Bond Funds - 7.0% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 16,349,022 | | $ 146,814,216 |
Inflation-Protected Bond Funds - 2.7% |
Fidelity Series Inflation-Protected Bond Index Fund | 5,571,759 | | 57,166,243 |
Investment Grade Bond Funds - 24.5% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 10,712,026 | | 92,659,026 |
Fidelity Advisor Total Bond Fund Institutional Class | 3,507,971 | | 37,289,727 |
Fidelity Series Investment Grade Bond Fund | 33,840,535 | | 387,135,722 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 517,084,475 |
TOTAL BOND FUNDS (Cost $707,270,890) | 721,064,934 |
Short-Term Funds - 2.5% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 2,945,789 | | 26,865,597 |
Fidelity Institutional Money Market Portfolio Institutional Class | 26,852,202 | | 26,852,202 |
TOTAL SHORT-TERM FUNDS (Cost $53,592,260) | 53,717,799 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $2,082,022,012) | | 2,106,737,796 |
NET OTHER ASSETS - 0.0% | | (597,102) |
NET ASSETS - 100% | $ 2,106,140,694 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $83,490,631 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $46,197,827 of losses recognized during the period November 1, 2009 to March 31, 2010. |
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, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $2,082,022,012) - See accompanying schedule | | $ 2,106,737,796 |
Receivable for investments sold | | 1,035,049 |
Receivable for fund shares sold | | 2,224,045 |
Total assets | | 2,109,996,890 |
| | |
Liabilities | | |
Payable for investments purchased | $ 105,904 | |
Payable for fund shares redeemed | 3,152,729 | |
Distribution fees payable | 597,563 | |
Total liabilities | | 3,856,196 |
| | |
Net Assets | | $ 2,106,140,694 |
Net Assets consist of: | | |
Paid in capital | | $ 2,212,898,702 |
Undistributed net investment income | | 4,017,738 |
Accumulated undistributed net realized gain (loss) on investments | | (135,491,530) |
Net unrealized appreciation (depreciation) on investments | | 24,715,784 |
Net Assets | | $ 2,106,140,694 |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($1,238,014,544 ÷ 110,418,246 shares) | | $ 11.21 |
| | |
Maximum offering price per share (100/94.25 of $11.21) | | $ 11.89 |
Class T:
Net Asset Value and redemption price per share ($488,096,701 ÷ 43,569,147 shares) | | $ 11.20 |
| | |
Maximum offering price per share (100/96.50 of $11.20) | | $ 11.61 |
Class B:
Net Asset Value and offering price per share ($71,888,201 ÷ 6,437,226 shares)A | | $ 11.17 |
| | |
Class C:
Net Asset Value and offering price per share ($93,236,702 ÷ 8,366,384 shares)A | | $ 11.14 |
| | |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($214,904,546 ÷ 19,061,296 shares) | | $ 11.27 |
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, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 37,890,033 |
| | |
Expenses | | |
Distribution fees | $ 6,194,530 | |
Independent trustees' compensation | 5,722 | |
Total expenses before reductions | 6,200,252 | |
Expense reductions | (5,722) | 6,194,530 |
Net investment income (loss) | | 31,695,503 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (33,903,848) | |
Capital gain distributions from underlying funds | 23,919,395 | (9,984,453) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 562,202,605 |
Net gain (loss) | | 552,218,152 |
Net increase (decrease) in net assets resulting from operations | | $ 583,913,655 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 31,695,503 | $ 33,876,751 |
Net realized gain (loss) | (9,984,453) | (101,331,108) |
Change in net unrealized appreciation (depreciation) | 562,202,605 | (513,255,786) |
Net increase (decrease) in net assets resulting from operations | 583,913,655 | (580,710,143) |
Distributions to shareholders from net investment income | (31,327,675) | (33,890,863) |
Distributions to shareholders from net realized gain | (15,485,703) | (54,461,707) |
Total distributions | (46,813,378) | (88,352,570) |
Share transactions - net increase (decrease) | 326,679,236 | 369,126,187 |
Total increase (decrease) in net assets | 863,779,513 | (299,936,526) |
| | |
Net Assets | | |
Beginning of period | 1,242,361,181 | 1,542,297,707 |
End of period (including undistributed net investment income of $4,017,738 and undistributed net investment income of $3,649,909, respectively) | $ 2,106,140,694 | $ 1,242,361,181 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.97 | $ 12.73 | $ 13.49 | $ 12.85 | $ 11.53 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .20 | .25 | .28 | .24 | .19 |
Net realized and unrealized gain (loss) | 3.32 | (4.33) | (.49) | .92 | 1.36 |
Total from investment operations | 3.52 | (4.08) | (.21) | 1.16 | 1.55 |
Distributions from net investment income | (.19) | (.25) | (.25) | (.23) | (.16) |
Distributions from net realized gain | (.09) | (.43) | (.30) | (.30) | (.08) |
Total distributions | (.28) H | (.68) | (.55) | (.52) G | (.23) F |
Net asset value, end of period | $ 11.21 | $ 7.97 | $ 12.73 | $ 13.49 | $ 12.85 |
Total Return A,B | 44.32% | (33.34)% | (1.83)% | 9.21% | 13.62% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 1.92% | 2.49% | 2.07% | 1.89% | 1.60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,238,015 | $ 677,210 | $ 811,992 | $ 511,536 | $ 284,466 |
Portfolio turnover rate | 26% | 31% | 10% | 13% | 6% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.23 per share is comprised of distributions from net investment income of $.158 and distributions from net realized gain of $.075 per share.
G Total distributions of $.52 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $.295 per share.
H Total distributions of $.28 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.087 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.96 | $ 12.72 | $ 13.47 | $ 12.83 | $ 11.52 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .17 | .23 | .25 | .21 | .16 |
Net realized and unrealized gain (loss) | 3.32 | (4.34) | (.49) | .92 | 1.36 |
Total from investment operations | 3.49 | (4.11) | (.24) | 1.13 | 1.52 |
Distributions from net investment income | (.16) | (.22) | (.21) | (.19) | (.13) |
Distributions from net realized gain | (.09) | (.43) | (.30) | (.30) | (.08) |
Total distributions | (.25) G | (.65) | (.51) | (.49) F | (.21) |
Net asset value, end of period | $ 11.20 | $ 7.96 | $ 12.72 | $ 13.47 | $ 12.83 |
Total Return A,B | 44.02% | (33.56)% | (2.02)% | 8.97% | 13.28% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .51% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .51% |
Net investment income (loss) | 1.67% | 2.24% | 1.82% | 1.63% | 1.35% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 488,097 | $ 343,919 | $ 458,465 | $ 431,886 | $ 296,477 |
Portfolio turnover rate | 26% | 31% | 10% | 13% | 6% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.49 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.295 per share.
G Total distributions of $.25 per share is comprised of distributions from net investment income of $.163 and distributions from net realized gain of $.087 per share.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.94 | $ 12.66 | $ 13.41 | $ 12.78 | $ 11.48 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .18 | .18 | .15 | .10 |
Net realized and unrealized gain (loss) | 3.31 | (4.31) | (.48) | .91 | 1.35 |
Total from investment operations | 3.43 | (4.13) | (.30) | 1.06 | 1.45 |
Distributions from net investment income | (.12) | (.16) | (.15) | (.13) | (.08) |
Distributions from net realized gain | (.09) | (.43) | (.30) | (.30) | (.07) |
Total distributions | (.20) G | (.59) | (.45) | (.43) F | (.15) |
Net asset value, end of period | $ 11.17 | $ 7.94 | $ 12.66 | $ 13.41 | $ 12.78 |
Total Return A,B | 43.34% | (33.87)% | (2.51)% | 8.40% | 12.71% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.17% | 1.74% | 1.32% | 1.13% | .85% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 71,888 | $ 52,871 | $ 89,049 | $ 85,981 | $ 71,232 |
Portfolio turnover rate | 26% | 31% | 10% | 13% | 6% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.43 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.295 per share.
G Total distributions of $.20 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.087 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.92 | $ 12.64 | $ 13.40 | $ 12.77 | $ 11.48 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .18 | .18 | .15 | .10 |
Net realized and unrealized gain (loss) | 3.31 | (4.31) | (.49) | .91 | 1.34 |
Total from investment operations | 3.43 | (4.13) | (.31) | 1.06 | 1.44 |
Distributions from net investment income | (.12) | (.16) | (.15) | (.14) | (.08) |
Distributions from net realized gain | (.09) | (.43) | (.30) | (.30) | (.07) |
Total distributions | (.21) G | (.59) | (.45) | (.43) F | (.15) |
Net asset value, end of period | $ 11.14 | $ 7.92 | $ 12.64 | $ 13.40 | $ 12.77 |
Total Return A,B | 43.38% | (33.90)% | (2.56)% | 8.45% | 12.66% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.17% | 1.74% | 1.32% | 1.14% | .85% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 93,237 | $ 62,702 | $ 95,224 | $ 85,076 | $ 61,442 |
Portfolio turnover rate | 26% | 31% | 10% | 13% | 6% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.43 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.295 per share.
G Total distributions of $.21 per share is comprised of distributions from net investment income of $.119 and distributions from net realized gain of $.087 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.01 | $ 12.79 | $ 13.55 | $ 12.90 | $ 11.57 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .22 | .28 | .32 | .28 | .23 |
Net realized and unrealized gain (loss) | 3.34 | (4.35) | (.50) | .92 | 1.36 |
Total from investment operations | 3.56 | (4.07) | (.18) | 1.20 | 1.59 |
Distributions from net investment income | (.21) | (.28) | (.28) | (.25) | (.18) |
Distributions from net realized gain | (.09) | (.43) | (.30) | (.30) | (.08) |
Total distributions | (.30) G | (.71) | (.58) | (.55) F | (.26) |
Net asset value, end of period | $ 11.27 | $ 8.01 | $ 12.79 | $ 13.55 | $ 12.90 |
Total Return A | 44.65% | (33.16)% | (1.62)% | 9.47% | 13.88% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 2.17% | 2.74% | 2.32% | 2.13% | 1.85% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 214,905 | $ 105,660 | $ 87,568 | $ 38,153 | $ 21,212 |
Portfolio turnover rate | 26% | 31% | 10% | 13% | 6% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.55 per share is comprised of distributions from net investment income of $.252 and distributions from net realized gain of $.295 per share.
G Total distributions of $.30 per share is comprised of distributions from net investment income of $.211 and distributions from net realized gain of $.087 per share.
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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.0 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.3 | 5.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 4.3 | 8.2 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7.9 | 9.0 |
Fidelity Advisor Large Cap Fund Institutional Class | 7.5 | 8.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.4 | 2.5 |
Fidelity Series 100 Index Fund | 4.9 | 4.3 |
Fidelity Series All-Sector Equity Fund | 10.3 | 11.0 |
Fidelity Series Large Cap Value Fund | 6.3 | 4.3 |
Fidelity Series Small Cap Opportunities Fund | 2.6 | 2.8 |
| 51.5 | 56.5 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 5.6 | 6.5 |
Fidelity Advisor Overseas Fund Institutional Class | 5.6 | 6.4 |
Fidelity Series International Growth Fund | 1.3 | 0.0 |
Fidelity Series International Small Cap Fund | 0.3 | 0.0 |
Fidelity Series International Value Fund | 1.3 | 0.0 |
| 14.1 | 12.9 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.9 | 1.1 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.5 | 8.1 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 1.6 | 0.2 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 3.6 | 3.9 |
Fidelity Advisor Total Bond Fund Institutional Class | 1.5 | 4.4 |
Fidelity Series Investment Grade Bond Fund | 15.3 | 12.9 |
| 20.4 | 21.2 |
Short-Term Funds | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 0.0* | 0.0 |
Fidelity Institutional Money Market Portfolio Institutional Class | 0.0* | 0.0 |
| 0.0* | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.0% | |
| Domestic Equity Funds | 51.5% | |
 | Developed International Equity Funds | 14.1% | |
 | Emerging Markets Equity Funds | 1.9% | |
| High Yield Bond Funds | 7.5% | |
 | Inflation-Protected Bond Funds | 1.6% | |
 | Investment Grade Bond Funds | 20.4% | |
| Short-Term Funds | 0.0%* | |
Six months ago |
| Domestic Equity Funds | 56.5% | |
| Developed International Equity Funds | 12.9% | |
| Emerging Markets Equity Funds | 1.1% | |
| High Yield Bond Funds | 8.1% | |
| Inflation-Protected Bond Funds | 0.2% | |
| Investment Grade Bond Funds | 21.2% | |
Expected |
| Commodity Funds | 6.6% | |
| Domestic Equity Funds | 45.2% | |
| Developed International Equity Funds | 15.5% | |
| Emerging Markets Equity Funds | 2.5% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 3.7% | |
 | Investment Grade Bond Funds | 19.0% | |
| Short-Term Funds | 0.0% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2025 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 54.5% |
| Shares | | Value |
Commodity Funds - 3.0% |
Fidelity Series Commodity Strategy Fund | 4,163,260 | | $ 43,630,963 |
Domestic Equity Funds - 51.5% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 1,549,713 | | 76,772,794 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,806,930 | | 62,622,599 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7,240,231 | | 115,192,075 |
Fidelity Advisor Large Cap Fund Institutional Class | 6,403,131 | | 110,389,982 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 1,485,240 | | 35,333,849 |
Fidelity Series 100 Index Fund | 8,679,926 | | 71,956,588 |
Fidelity Series All-Sector Equity Fund | 12,503,551 | | 150,292,679 |
Fidelity Series Large Cap Value Fund | 7,778,623 | | 92,332,255 |
Fidelity Series Small Cap Opportunities Fund (a) | 4,280,363 | | 38,180,837 |
TOTAL DOMESTIC EQUITY FUNDS | | 753,073,658 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $769,133,689) | 796,704,621 |
International Equity Funds - 16.0% |
| | | |
Developed International Equity Funds - 14.1% |
Fidelity Advisor Diversified International Fund Institutional Class | 5,422,085 | | 82,090,373 |
Fidelity Advisor Overseas Fund Institutional Class | 4,919,252 | | 82,545,051 |
Fidelity Series International Growth Fund | 1,929,158 | | 19,175,828 |
Fidelity Series International Small Cap Fund | 392,939 | | 4,019,771 |
Fidelity Series International Value Fund | 1,980,370 | | 19,130,372 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 206,961,395 |
Emerging Markets Equity Funds - 1.9% |
Fidelity Series Emerging Markets Fund | 1,648,327 | | 27,625,962 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $254,292,204) | 234,587,357 |
Bond Funds - 29.5% |
| Shares | | Value |
High Yield Bond Funds - 7.5% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 12,230,244 | | $ 109,827,590 |
Inflation-Protected Bond Funds - 1.6% |
Fidelity Series Inflation-Protected Bond Index Fund | 2,210,988 | | 22,684,738 |
Investment Grade Bond Funds - 20.4% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 6,141,100 | | 53,120,512 |
Fidelity Advisor Total Bond Fund Institutional Class | 2,046,059 | | 21,749,608 |
Fidelity Series Investment Grade Bond Fund | 19,571,882 | | 223,902,327 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 298,772,447 |
TOTAL BOND FUNDS (Cost $420,936,875) | 431,284,775 |
Short-Term Funds - 0.0% |
| | | |
Fidelity Advisor Short Fixed-Income Fund Institutional Class | 517 | | 4,715 |
Fidelity Institutional Money Market Portfolio Institutional Class | 4,700 | | 4,700 |
TOTAL SHORT-TERM FUNDS (Cost $9,413) | 9,415 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,444,372,181) | | 1,462,586,168 |
NET OTHER ASSETS - 0.0% | | (375,450) |
NET ASSETS - 100% | $ 1,462,210,718 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $53,781,443 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $25,145,573 of losses recognized during the period November 1, 2009 to March 31, 2010. |
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, 2010 |
Assets | | |
Investment in securities, at value (cost $1,444,372,181) - See accompanying schedule | | $ 1,462,586,168 |
Cash | | 9 |
Receivable for investments sold | | 72,280 |
Receivable for fund shares sold | | 1,463,376 |
Total assets | | 1,464,121,833 |
| | |
Liabilities | | |
Payable for investments purchased | $ 44,197 | |
Payable for fund shares redeemed | 1,487,820 | |
Distribution fees payable | 379,098 | |
Total liabilities | | 1,911,115 |
| | |
Net Assets | | $ 1,462,210,718 |
Net Assets consist of: | | |
Paid in capital | | $ 1,524,364,439 |
Undistributed net investment income | | 2,411,656 |
Accumulated undistributed net realized gain (loss) on investments | | (82,779,364) |
Net unrealized appreciation (depreciation) on investments | | 18,213,987 |
Net Assets | | $ 1,462,210,718 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($999,687,453 ÷ 92,896,401 shares) | | $ 10.76 |
| | |
Maximum offering price per share (100/94.25 of $10.76) | | $ 11.42 |
Class T:
Net Asset Value and redemption price per share ($230,003,037 ÷ 21,332,241 shares) | | $ 10.78 |
| | |
Maximum offering price per share (100/96.50 of $10.78) | | $ 11.17 |
Class B:
Net Asset Value and offering price per share ($38,816,183 ÷ 3,628,560 shares)A | | $ 10.70 |
| | |
Class C:
Net Asset Value and offering price per share ($52,756,323 ÷ 4,941,656 shares)A | | $ 10.68 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($140,947,722 ÷ 13,019,341 shares) | | $ 10.83 |
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, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 24,000,183 |
| | |
Expenses | | |
Distribution fees | $ 3,707,387 | |
Independent trustees' compensation | 3,745 | |
Total expenses before reductions | 3,711,132 | |
Expense reductions | (3,745) | 3,707,387 |
Net investment income (loss) | | 20,292,796 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (23,304,373) | |
Capital gain distributions from underlying funds | 16,956,292 | (6,348,081) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 385,554,148 |
Net gain (loss) | | 379,206,067 |
Net increase (decrease) in net assets resulting from operations | | $ 399,498,863 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2025 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 20,292,796 | $ 19,856,130 |
Net realized gain (loss) | (6,348,081) | (60,831,662) |
Change in net unrealized appreciation (depreciation) | 385,554,148 | (328,423,663) |
Net increase (decrease) in net assets resulting from operations | 399,498,863 | (369,399,195) |
Distributions to shareholders from net investment income | (20,082,625) | (19,629,825) |
Distributions to shareholders from net realized gain | (10,724,553) | (30,018,396) |
Total distributions | (30,807,178) | (49,648,221) |
Share transactions - net increase (decrease) | 313,035,081 | 330,490,319 |
Total increase (decrease) in net assets | 681,726,766 | (88,557,097) |
| | |
Net Assets | | |
Beginning of period | 780,483,952 | 869,041,049 |
End of period (including undistributed net investment income of $2,411,656 and undistributed net investment income of $2,201,483, respectively) | $ 1,462,210,718 | $ 780,483,952 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.51 | $ 12.26 | $ 13.01 | $ 12.34 | $ 10.96 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .18 | .23 | .26 | .22 | .17 |
Net realized and unrealized gain (loss) | 3.32 | (4.36) | (.50) | .90 | 1.39 |
Total from investment operations | 3.50 | (4.13) | (.24) | 1.12 | 1.56 |
Distributions from net investment income | (.17) | (.22) | (.22) | (.19) | (.13) |
Distributions from net realized gain | (.09) | (.40) | (.29) | (.26) | (.05) |
Total distributions | (.25) F | (.62) | (.51) | (.45) | (.18) |
Net asset value, end of period | $ 10.76 | $ 7.51 | $ 12.26 | $ 13.01 | $ 12.34 |
Total Return A, B | 46.86% | (34.98)% | (2.14)% | 9.26% | 14.35% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.82% | 2.41% | 1.95% | 1.79% | 1.44% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 999,687 | $ 512,482 | $ 558,890 | $ 306,544 | $ 128,504 |
Portfolio turnover rate | 19% | 29% | 10% | 3% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.25 per share is comprised of distributions from net investment income of $.169 and distributions from net realized gain of $.085 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.52 | $ 12.28 | $ 13.03 | $ 12.35 | $ 10.97 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .15 | .21 | .23 | .19 | .14 |
Net realized and unrealized gain (loss) | 3.34 | (4.37) | (.51) | .91 | 1.39 |
Total from investment operations | 3.49 | (4.16) | (.28) | 1.10 | 1.53 |
Distributions from net investment income | (.15) | (.20) | (.18) | (.16) | (.11) |
Distributions from net realized gain | (.09) | (.40) | (.29) | (.26) | (.05) |
Total distributions | (.23) G | (.60) | (.47) | (.42) | (.15) F |
Net asset value, end of period | $ 10.78 | $ 7.52 | $ 12.28 | $ 13.03 | $ 12.35 |
Total Return A, B | 46.60% | (35.20)% | (2.40)% | 9.10% | 14.07% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | 1.57% | 2.16% | 1.70% | 1.54% | 1.19% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 230,003 | $ 139,330 | $ 173,946 | $ 154,042 | $ 83,955 |
Portfolio turnover rate | 19% | 29% | 10% | 3% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.15 per share is comprised of distributions from net investment income of $.108 and distributions from net realized gain of $.046 per share.
G Total distributions of $.23 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.085 per share.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.47 | $ 12.17 | $ 12.93 | $ 12.26 | $ 10.91 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .10 | .16 | .16 | .13 | .08 |
Net realized and unrealized gain (loss) | 3.32 | (4.32) | (.51) | .90 | 1.38 |
Total from investment operations | 3.42 | (4.16) | (.35) | 1.03 | 1.46 |
Distributions from net investment income | (.10) | (.14) | (.12) | (.10) | (.07) |
Distributions from net realized gain | (.09) | (.40) | (.29) | (.26) | (.04) |
Total distributions | (.19) F | (.54) | (.41) | (.36) | (.11) |
Net asset value, end of period | $ 10.70 | $ 7.47 | $ 12.17 | $ 12.93 | $ 12.26 |
Total Return A, B | 45.83% | (35.45)% | (2.95)% | 8.57% | 13.46% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.07% | 1.66% | 1.20% | 1.04% | .69% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 38,816 | $ 27,207 | $ 43,016 | $ 37,881 | $ 27,111 |
Portfolio turnover rate | 19% | 29% | 10% | 3% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.19 per share is comprised of distributions from net investment income of $.100 and distributions from net realized gain of $.085 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.46 | $ 12.16 | $ 12.92 | $ 12.26 | $ 10.91 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .10 | .16 | .16 | .13 | .08 |
Net realized and unrealized gain (loss) | 3.31 | (4.32) | (.50) | .89 | 1.38 |
Total from investment operations | 3.41 | (4.16) | (.34) | 1.02 | 1.46 |
Distributions from net investment income | (.11) | (.14) | (.13) | (.10) | (.07) |
Distributions from net realized gain | (.09) | (.40) | (.29) | (.26) | (.04) |
Total distributions | (.19) F | (.54) | (.42) | (.36) | (.11) |
Net asset value, end of period | $ 10.68 | $ 7.46 | $ 12.16 | $ 12.92 | $ 12.26 |
Total Return A, B | 45.83% | (35.44)% | (2.91)% | 8.51% | 13.46% |
Ratios to Average Net Assets D, E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | 1.07% | 1.66% | 1.20% | 1.04% | .69% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 52,756 | $ 31,735 | $ 40,426 | $ 32,679 | $ 20,323 |
Portfolio turnover rate | 19% | 29% | 10% | 3% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.19 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.085 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.55 | $ 12.33 | $ 13.08 | $ 12.39 | $ 10.99 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .20 | .26 | .29 | .25 | .20 |
Net realized and unrealized gain (loss) | 3.35 | (4.39) | (.50) | .91 | 1.40 |
Total from investment operations | 3.55 | (4.13) | (.21) | 1.16 | 1.60 |
Distributions from net investment income | (.19) | (.25) | (.25) | (.21) | (.15) |
Distributions from net realized gain | (.09) | (.40) | (.29) | (.26) | (.05) |
Total distributions | (.27)F | (.65) | (.54) | (.47) | (.20) |
Net asset value, end of period | $ 10.83 | $ 7.55 | $ 12.33 | $ 13.08 | $ 12.39 |
Total Return A | 47.31% | (34.83)% | (1.93)% | 9.60% | 14.69% |
Ratios to Average Net Assets C, E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 2.07% | 2.66% | 2.20% | 2.04% | 1.69% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 140,948 | $ 69,731 | $ 52,762 | $ 13,903 | $ 5,167 |
Portfolio turnover rate | 19% | 29% | 10% | 3% | 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 Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.085 per share.
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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.2 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 5.7 | 6.5 |
Fidelity Advisor Equity Income Fund Institutional Class | 4.7 | 9.0 |
Fidelity Advisor Growth & Income Fund Institutional Class | 8.6 | 10.0 |
Fidelity Advisor Large Cap Fund Institutional Class | 8.2 | 9.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.6 | 2.8 |
Fidelity Series 100 Index Fund | 5.4 | 4.6 |
Fidelity Series All-Sector Equity Fund | 11.2 | 12.4 |
Fidelity Series Large Cap Value Fund | 6.9 | 4.9 |
Fidelity Series Small Cap Opportunities Fund | 2.8 | 3.2 |
| 56.1 | 62.9 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.1 | 7.1 |
Fidelity Advisor Overseas Fund Institutional Class | 6.2 | 7.1 |
Fidelity Series International Growth Fund | 1.4 | 0.0 |
Fidelity Series International Small Cap Fund | 0.3 | 0.0 |
Fidelity Series International Value Fund | 1.4 | 0.0 |
| 15.4 | 14.2 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.0 | 1.4 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.5 | 8.0 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 0.2 | 0.0* |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 2.8 | 2.5 |
Fidelity Advisor Total Bond Fund Institutional Class | 1.1 | 2.8 |
Fidelity Series Investment Grade Bond Fund | 11.7 | 8.2 |
| 15.6 | 13.5 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.2% | |
| Domestic Equity Funds | 56.1% | |
| Developed International Equity Funds | 15.4% | |
| Emerging Markets Equity Funds | 2.0% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 0.2% | |
| Investment Grade Bond Funds | 15.6% | |
Six months ago |
| Domestic Equity Funds | 62.9% | |
| Developed International Equity Funds | 14.2% | |
| Emerging Markets Equity Funds | 1.4% | |
| High Yield Bond Funds | 8.0% | |
| Inflation-Protected Bond Funds | 0.0% | |
| Investment Grade Bond Funds | 13.5% | |
Expected |
| Commodity Funds | 7.1% | |
| Domestic Equity Funds | 48.4% | |
| Developed International Equity Funds | 16.6% | |
| Emerging Markets Equity Funds | 2.7% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 0.8% | |
| Investment Grade Bond Funds | 16.9% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2030 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 59.3% |
| Shares | | Value |
Commodity Funds - 3.2% |
Fidelity Series Commodity Strategy Fund | 5,271,915 | | $ 55,249,666 |
Domestic Equity Funds - 56.1% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 1,969,965 | | 97,592,054 |
Fidelity Advisor Equity Income Fund Institutional Class | 3,566,358 | | 79,565,441 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9,193,658 | | 146,271,105 |
Fidelity Advisor Large Cap Fund Institutional Class | 8,128,459 | | 140,134,638 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 1,888,422 | | 44,925,569 |
Fidelity Series 100 Index Fund | 11,028,609 | | 91,427,166 |
Fidelity Series All-Sector Equity Fund | 15,891,103 | | 191,011,053 |
Fidelity Series Large Cap Value Fund | 9,859,298 | | 117,029,862 |
Fidelity Series Small Cap Opportunities Fund (a) | 5,432,538 | | 48,458,241 |
TOTAL DOMESTIC EQUITY FUNDS | | 956,415,129 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $977,433,695) | 1,011,664,795 |
International Equity Funds - 17.4% |
| | | |
Developed International Equity Funds - 15.4% |
Fidelity Advisor Diversified International Fund Institutional Class | 6,886,153 | | 104,256,353 |
Fidelity Advisor Overseas Fund Institutional Class | 6,256,787 | | 104,988,887 |
Fidelity Series International Growth Fund | 2,454,229 | | 24,395,032 |
Fidelity Series International Small Cap Fund | 491,446 | | 5,027,493 |
Fidelity Series International Value Fund | 2,519,354 | | 24,336,963 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 263,004,728 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.0% |
Fidelity Series Emerging Markets Fund | 2,086,136 | | $ 34,963,646 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $323,974,314) | 297,968,374 |
Bond Funds - 23.3% |
| | | |
High Yield Bond Funds - 7.5% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 14,245,293 | | 127,922,733 |
Inflation-Protected Bond Funds - 0.2% |
Fidelity Series Inflation-Protected Bond Index Fund | 369,917 | | 3,795,351 |
Investment Grade Bond Funds - 15.6% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 5,449,753 | | 47,140,366 |
Fidelity Advisor Total Bond Fund Institutional Class | 1,818,800 | | 19,333,848 |
Fidelity Series Investment Grade Bond Fund | 17,394,882 | | 198,997,444 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 265,471,658 |
TOTAL BOND FUNDS (Cost $387,822,263) | 397,189,742 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,689,230,272) | | 1,706,822,911 |
NET OTHER ASSETS - 0.0% | | (468,116) |
NET ASSETS - 100% | $ 1,706,354,795 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $75,012,132 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $40,381,036 of losses recognized during the period November 1, 2009 to March 31, 2010. |
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, 2010 |
Assets | | |
Investment in securities, at value (cost $1,689,230,272) - See accompanying schedule | | $ 1,706,822,911 |
Cash | | 4 |
Receivable for investments sold | | 538,765 |
Receivable for fund shares sold | | 2,906,112 |
Total assets | | 1,710,267,792 |
| | |
Liabilities | | |
Payable for investments purchased | $ 110,281 | |
Payable for fund shares redeemed | 3,334,657 | |
Distribution fees payable | 468,059 | |
Total liabilities | | 3,912,997 |
| | |
Net Assets | | $ 1,706,354,795 |
Net Assets consist of: | | |
Paid in capital | | $ 1,805,899,572 |
Undistributed net investment income | | 2,385,989 |
Accumulated undistributed net realized gain (loss) on investments | | (119,523,405) |
Net unrealized appreciation (depreciation) on investments | | 17,592,639 |
Net Assets | | $ 1,706,354,795 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,030,971,552 ÷ 91,351,779 shares) | | $ 11.29 |
| | |
Maximum offering price per share (100/94.25 of $11.29) | | $ 11.98 |
Class T:
Net Asset Value and redemption price per share ($382,091,540 ÷ 33,964,959 shares) | | $ 11.25 |
| | |
Maximum offering price per share (100/96.50 of $11.25) | | $ 11.66 |
Class B:
Net Asset Value and offering price per share ($51,359,536 ÷ 4,582,772 shares)A | | $ 11.21 |
| | |
Class C:
Net Asset Value and offering price per share ($63,700,424 ÷ 5,694,158 shares)A | | $ 11.19 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($178,231,743 ÷ 15,729,894 shares) | | $ 11.33 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
| Year ended March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 25,415,548 |
| | |
Expenses | | |
Distribution fees | $ 4,674,564 | |
Independent trustees' compensation | 4,423 | |
Total expenses before reductions | 4,678,987 | |
Expense reductions | (4,423) | 4,674,564 |
Net investment income (loss) | | 20,740,984 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (36,945,800) | |
Capital gain distributions from underlying funds | 20,532,775 | (16,413,025) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 493,374,347 |
Net gain (loss) | | 476,961,322 |
Net increase (decrease) in net assets resulting from operations | | $ 497,702,306 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 20,740,984 | $ 20,500,528 |
Net realized gain (loss) | (16,413,025) | (85,821,923) |
Change in net unrealized appreciation (depreciation) | 493,374,347 | (433,071,093) |
Net increase (decrease) in net assets resulting from operations | 497,702,306 | (498,392,488) |
Distributions to shareholders from net investment income | (19,871,061) | (20,772,833) |
Distributions to shareholders from net realized gain | (13,024,758) | (43,764,449) |
Total distributions | (32,895,819) | (64,537,282) |
Share transactions - net increase (decrease) | 319,644,448 | 372,427,616 |
Total increase (decrease) in net assets | 784,450,935 | (190,502,154) |
| | |
Net Assets | | |
Beginning of period | 921,903,860 | 1,112,406,014 |
End of period (including undistributed net investment income of $2,385,989 and undistributed net investment income of $1,516,067, respectively) | $ 1,706,354,795 | $ 921,903,860 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.69 | $ 13.29 | $ 14.27 | $ 13.47 | $ 11.81 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .16 | .21 | .22 | .20 | .15 |
Net realized and unrealized gain (loss) | 3.68 | (5.10) | (.63) | 1.09 | 1.70 |
Total from investment operations | 3.84 | (4.89) | (.41) | 1.29 | 1.85 |
Distributions from net investment income | (.15) | (.21) | (.19) | (.18) | (.11) |
Distributions from net realized gain | (.09) | (.50) | (.38) | (.31) | (.08) |
Total distributions | (.24) F | (.71) | (.57) | (.49) | (.19) |
Net asset value, end of period | $ 11.29 | $ 7.69 | $ 13.29 | $ 14.27 | $ 13.47 |
Total Return A,B | 50.17% | (38.49)% | (3.22)% | 9.82% | 15.84% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 1.61% | 2.08% | 1.53% | 1.49% | 1.17% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,030,972 | $ 527,042 | $ 626,641 | $ 343,345 | $ 156,916 |
Portfolio turnover rate | 20% | 22% | 10% | 8% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.24 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.093 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.67 | $ 13.25 | $ 14.23 | $ 13.43 | $ 11.78 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .19 | .19 | .17 | .11 |
Net realized and unrealized gain (loss) | 3.66 | (5.09) | (.64) | 1.09 | 1.70 |
Total from investment operations | 3.80 | (4.90) | (.45) | 1.26 | 1.81 |
Distributions from net investment income | (.13) | (.18) | (.15) | (.15) | (.09) |
Distributions from net realized gain | (.09) | (.50) | (.38) | (.31) | (.08) |
Total distributions | (.22) G | (.68) | (.53) | (.46) | (.16) F |
Net asset value, end of period | $ 11.25 | $ 7.67 | $ 13.25 | $ 14.23 | $ 13.43 |
Total Return A,B | 49.72% | (38.62)% | (3.49)% | 9.59% | 15.52% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .51% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .51% |
Net investment income (loss) | 1.36% | 1.83% | 1.28% | 1.24% | .92% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 382,092 | $ 236,333 | $ 297,618 | $ 281,508 | $ 184,029 |
Portfolio turnover rate | 20% | 22% | 10% | 8% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.16 per share is comprised of distributions from net investment income of $.087 and distributions from net realized gain of $.077 per share.
G Total distributions of $.22 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.093 per share.
Financial Highlights - Class B
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.64 | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .09 | .14 | .11 | .10 | .05 |
Net realized and unrealized gain (loss) | 3.65 | (5.06) | (.63) | 1.08 | 1.70 |
Total from investment operations | 3.74 | (4.92) | (.52) | 1.18 | 1.75 |
Distributions from net investment income | (.08) | (.11) | (.09) | (.09) | (.05) |
Distributions from net realized gain | (.09) | (.50) | (.37) | (.31) | (.07) |
Total distributions | (.17) F | (.61) | (.46) | (.40) | (.12) |
Net asset value, end of period | $ 11.21 | $ 7.64 | $ 13.17 | $ 14.15 | $ 13.37 |
Total Return A,B | 49.07% | (38.94)% | (3.96)% | 8.98% | 14.96% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | .86% | 1.33% | .78% | .74% | .42% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 51,360 | $ 35,701 | $ 60,367 | $ 56,845 | $ 43,099 |
Portfolio turnover rate | 20% | 22% | 10% | 8% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.17 per share is comprised of distributions from net investment income of $.080 and distributions from net realized gain of $.092 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.63 | $ 13.17 | $ 14.15 | $ 13.37 | $ 11.74 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .09 | .14 | .11 | .10 | .05 |
Net realized and unrealized gain (loss) | 3.65 | (5.06) | (.63) | 1.08 | 1.70 |
Total from investment operations | 3.74 | (4.92) | (.52) | 1.18 | 1.75 |
Distributions from net investment income | (.08) | (.12) | (.09) | (.09) | (.05) |
Distributions from net realized gain | (.09) | (.50) | (.37) | (.31) | (.07) |
Total distributions | (.18) F | (.62) | (.46) | (.40) | (.12) |
Net asset value, end of period | $ 11.19 | $ 7.63 | $ 13.17 | $ 14.15 | $ 13.37 |
Total Return A,B | 49.06% | (38.96)% | (3.95)% | 9.00% | 14.99% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | .86% | 1.33% | .78% | .74% | .42% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 63,700 | $ 40,294 | $ 58,768 | $ 54,338 | $ 37,940 |
Portfolio turnover rate | 20% | 22% | 10% | 8% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.18 per share is comprised of distributions from net investment income of $.083 and distributions from net realized gain of $.093 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.72 | $ 13.34 | $ 14.32 | $ 13.51 | $ 11.84 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .19 | .23 | .26 | .24 | .18 |
Net realized and unrealized gain (loss) | 3.69 | (5.11) | (.64) | 1.09 | 1.71 |
Total from investment operations | 3.88 | (4.88) | (.38) | 1.33 | 1.89 |
Distributions from net investment income | (.17) | (.24) | (.22) | (.21) | (.13) |
Distributions from net realized gain | (.09) | (.50) | (.38) | (.31) | (.09) |
Total distributions | (.27) F | (.74) | (.60) | (.52) | (.22) |
Net asset value, end of period | $ 11.33 | $ 7.72 | $ 13.34 | $ 14.32 | $ 13.51 |
Total Return A | 50.42% | (38.31)% | (3.01)% | 10.08% | 16.10% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.86% | 2.33% | 1.78% | 1.74% | 1.42% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 178,232 | $ 82,534 | $ 69,011 | $ 24,902 | $ 10,918 |
Portfolio turnover rate | 20% | 22% | 10% | 8% | 4% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.27 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.093 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.5 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.2 | 6.8 |
Fidelity Advisor Equity Income Fund Institutional Class | 5.0 | 9.1 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.2 | 10.6 |
Fidelity Advisor Large Cap Fund Institutional Class | 8.9 | 9.5 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.8 | 3.0 |
Fidelity Series 100 Index Fund | 5.8 | 5.2 |
Fidelity Series All-Sector Equity Fund | 12.1 | 13.0 |
Fidelity Series Large Cap Value Fund | 7.4 | 5.4 |
Fidelity Series Small Cap Opportunities Fund | 3.1 | 3.4 |
| 60.5 | 66.0 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.6 | 7.4 |
Fidelity Advisor Overseas Fund Institutional Class | 6.6 | 7.3 |
Fidelity Series International Growth Fund | 1.6 | 0.0 |
Fidelity Series International Small Cap Fund | 0.3 | 0.0 |
Fidelity Series International Value Fund | 1.5 | 0.0 |
| 16.6 | 14.7 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.2 | 1.6 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 7.5 | 8.0 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1.7 | 1.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.7 | 2.0 |
Fidelity Series Investment Grade Bond Fund | 7.3 | 5.9 |
| 9.7 | 9.7 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.5% | |
| Domestic Equity Funds | 60.5% | |
| Developed International Equity Funds | 16.6% | |
| Emerging Markets Equity Funds | 2.2% | |
 | High Yield Bond Funds | 7.5% | |
| Investment Grade Bond Funds | 9.7% | |
Six months ago |
| Domestic Equity Funds | 66.0% | |
| Developed International Equity Funds | 14.7% | |
| Emerging Markets Equity Funds | 1.6% | |
| High Yield Bond Funds | 8.0% | |
| Investment Grade Bond Funds | 9.7% | |
Expected |
| Commodity Funds | 7.8% | |
| Domestic Equity Funds | 53.5% | |
| Developed International Equity Funds | 18.3% | |
| Emerging Markets Equity Funds | 2.9% | |
| High Yield Bond Funds | 7.5% | |
| Investment Grade Bond 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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2035 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 64.0% |
| Shares | | Value |
Commodity Funds - 3.5% |
Fidelity Series Commodity Strategy Fund | 3,242,705 | | $ 33,983,553 |
Domestic Equity Funds - 60.5% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 1,205,752 | | 59,732,975 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,181,693 | | 48,673,567 |
Fidelity Advisor Growth & Income Fund Institutional Class | 5,627,524 | | 89,533,903 |
Fidelity Advisor Large Cap Fund Institutional Class | 4,979,675 | | 85,849,600 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 1,155,906 | | 27,499,008 |
Fidelity Series 100 Index Fund | 6,748,544 | | 55,945,426 |
Fidelity Series All-Sector Equity Fund | 9,724,464 | | 116,888,058 |
Fidelity Series Large Cap Value Fund | 6,044,562 | | 71,748,956 |
Fidelity Series Small Cap Opportunities Fund (a) | 3,320,515 | | 29,618,995 |
TOTAL DOMESTIC EQUITY FUNDS | | 585,490,488 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $600,978,621) | 619,474,041 |
International Equity Funds - 18.8% |
| | | |
Developed International Equity Funds - 16.6% |
Fidelity Advisor Diversified International Fund Institutional Class | 4,214,019 | | 63,800,252 |
Fidelity Advisor Overseas Fund Institutional Class | 3,822,214 | | 64,136,750 |
Fidelity Series International Growth Fund | 1,509,475 | | 15,004,183 |
Fidelity Series International Small Cap Fund | 309,138 | | 3,162,484 |
Fidelity Series International Value Fund | 1,549,587 | | 14,969,006 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 161,072,675 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.2% |
Fidelity Series Emerging Markets Fund | 1,281,993 | | $ 21,486,205 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $196,093,127) | 182,558,880 |
Bond Funds - 17.2% |
| | | |
High Yield Bond Funds - 7.5% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 8,071,351 | | 72,480,730 |
Investment Grade Bond Funds - 9.7% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,937,962 | | 16,763,374 |
Fidelity Advisor Total Bond Fund Institutional Class | 646,234 | | 6,869,467 |
Fidelity Series Investment Grade Bond Fund | 6,179,024 | | 70,688,033 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 94,320,874 |
TOTAL BOND FUNDS (Cost $161,090,106) | 166,801,604 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $958,161,854) | | 968,834,525 |
NET OTHER ASSETS - 0.0% | | (247,046) |
NET ASSETS - 100% | $ 968,587,479 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $37,616,185 all of which will expire on March 31, 2017. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $14,528,420 of losses recognized during the period November 1, 2009 to March 31, 2010. |
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, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $958,161,854) - See accompanying schedule | | $ 968,834,525 |
Cash | | 10 |
Receivable for investments sold | | 875,924 |
Receivable for fund shares sold | | 1,238,438 |
Total assets | | 970,948,897 |
| | |
Liabilities | | |
Payable for investments purchased | $ 169,895 | |
Payable for fund shares redeemed | 1,944,471 | |
Distribution fees payable | 247,052 | |
Total liabilities | | 2,361,418 |
| | |
Net Assets | | $ 968,587,479 |
Net Assets consist of: | | |
Paid in capital | | $ 1,012,106,109 |
Undistributed net investment income | | 873,654 |
Accumulated undistributed net realized gain (loss) on investments | | (55,064,955) |
Net unrealized appreciation (depreciation) on investments | | 10,672,671 |
Net Assets | | $ 968,587,479 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($669,450,065 ÷ 62,880,935 shares) | | $ 10.65 |
| | |
Maximum offering price per share (100/94.25 of $10.65) | | $ 11.30 |
Class T:
Net Asset Value and redemption price per share ($143,106,402 ÷ 13,501,626 shares) | | $ 10.60 |
| | |
Maximum offering price per share (100/96.50 of $10.60) | | $ 10.98 |
Class B:
Net Asset Value and offering price per share ($27,408,282 ÷ 2,604,841 shares)A | | $ 10.52 |
| | |
Class C:
Net Asset Value and offering price per share ($30,994,102 ÷ 2,945,530 shares)A | | $ 10.52 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($97,628,628 ÷ 9,131,880 shares) | | $ 10.69 |
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, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 13,103,333 |
| | |
Expenses | | |
Distribution fees | $ 2,347,634 | |
Independent trustees' compensation | 2,385 | |
Total expenses before reductions | 2,350,019 | |
Expense reductions | (2,385) | 2,347,634 |
Net investment income (loss) | | 10,755,699 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (17,050,095) | |
Capital gain distributions from underlying funds | 11,901,834 | (5,148,261) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 267,687,993 |
Net gain (loss) | | 262,539,732 |
Net increase (decrease) in net assets resulting from operations | | $ 273,295,431 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 10,755,699 | $ 9,984,797 |
Net realized gain (loss) | (5,148,261) | (40,983,238) |
Change in net unrealized appreciation (depreciation) | 267,687,993 | (221,191,491) |
Net increase (decrease) in net assets resulting from operations | 273,295,431 | (252,189,932) |
Distributions to shareholders from net investment income | (10,794,748) | (9,759,661) |
Distributions to shareholders from net realized gain | (6,934,476) | (19,339,084) |
Total distributions | (17,729,224) | (29,098,745) |
Share transactions - net increase (decrease) | 237,182,238 | 235,607,700 |
Total increase (decrease) in net assets | 492,748,445 | (45,680,977) |
| | |
Net Assets | | |
Beginning of period | 475,839,034 | 521,520,011 |
End of period (including undistributed net investment income of $873,654 and undistributed net investment income of $912,704, respectively) | $ 968,587,479 | $ 475,839,034 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.18 | $ 12.53 | $ 13.44 | $ 12.67 | $ 11.06 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .14 | .20 | .20 | .19 | .14 |
Net realized and unrealized gain (loss) | 3.55 | (4.92) | (.60) | 1.02 | 1.62 |
Total from investment operations | 3.69 | (4.72) | (.40) | 1.21 | 1.76 |
Distributions from net investment income | (.14) | (.18) | (.17) | (.15) | (.11) |
Distributions from net realized gain | (.08) | (.45) | (.34) | (.29) | (.04) |
Total distributions | (.22) | (.63) G | (.51) | (.44) F | (.15) |
Net asset value, end of period | $ 10.65 | $ 7.18 | $ 12.53 | $ 13.44 | $ 12.67 |
Total Return A,B | 51.59% | (39.29)% | (3.34)% | 9.74% | 16.03% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .25% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .25% |
Net investment income (loss) | 1.51% | 2.04% | 1.51% | 1.48% | 1.20% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 669,450 | $ 314,996 | $ 336,805 | $ 146,175 | $ 49,877 |
Portfolio turnover rate | 16% | 21% | 9% | 5% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.44 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.287 per share.
G Total distributions of $.63 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, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.15 | $ 12.47 | $ 13.38 | $ 12.62 | $ 11.02 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .12 | .17 | .17 | .16 | .11 |
Net realized and unrealized gain (loss) | 3.53 | (4.89) | (.62) | 1.01 | 1.63 |
Total from investment operations | 3.65 | (4.72) | (.45) | 1.17 | 1.74 |
Distributions from net investment income | (.12) | (.16) | (.13) | (.13) | (.10) |
Distributions from net realized gain | (.08) | (.45) | (.33) | (.28) | (.04) |
Total distributions | (.20) | (.60) G | (.46) | (.41) F | (.14) |
Net asset value, end of period | $ 10.60 | $ 7.15 | $ 12.47 | $ 13.38 | $ 12.62 |
Total Return A,B | 51.17% | (39.42)% | (3.66)% | 9.46% | 15.84% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .50% |
Net investment income (loss) | 1.26% | 1.79% | 1.26% | 1.23% | .95% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 143,106 | $ 81,463 | $ 99,531 | $ 84,368 | $ 45,421 |
Portfolio turnover rate | 16% | 21% | 9% | 5% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.41 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.280 per share.
G Total distributions of $.60 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, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.10 | $ 12.38 | $ 13.29 | $ 12.54 | $ 10.98 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .07 | .13 | .10 | .09 | .05 |
Net realized and unrealized gain (loss) | 3.50 | (4.86) | (.61) | 1.02 | 1.61 |
Total from investment operations | 3.57 | (4.73) | (.51) | 1.11 | 1.66 |
Distributions from net investment income | (.07) | (.10) | (.08) | (.09) | (.06) |
Distributions from net realized gain | (.08) | (.45) | (.32) | (.27) | (.04) |
Total distributions | (.15) | (.55) G | (.40) | (.36) F | (.10) |
Net asset value, end of period | $ 10.52 | $ 7.10 | $ 12.38 | $ 13.29 | $ 12.54 |
Total Return A,B | 50.43% | (39.76)% | (4.10) % | 8.98% | 15.17% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .76% | 1.30% | .76% | .73% | .45% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 27,408 | $ 17,892 | $ 27,854 | $ 23,065 | $ 15,351 |
Portfolio turnover rate | 16% | 21% | 9% | 5% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.36 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.270 per share.
G Total distributions of $.55 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, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.11 | $ 12.39 | $ 13.30 | $ 12.55 | $ 10.99 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .07 | .12 | .10 | .09 | .05 |
Net realized and unrealized gain (loss) | 3.50 | (4.85) | (.61) | 1.02 | 1.61 |
Total from investment operations | 3.57 | (4.73) | (.51) | 1.11 | 1.66 |
Distributions from net investment income | (.08) | (.11) | (.08) | (.09) | (.06) |
Distributions from net realized gain | (.08) | (.45) | (.32) | (.27) | (.04) |
Total distributions | (.16) | (.55) G | (.40) | (.36) F | (.10) |
Net asset value, end of period | $ 10.52 | $ 7.11 | $ 12.39 | $ 13.30 | $ 12.55 |
Total Return A,B | 50.28% | (39.70)% | (4.10)% | 8.99% | 15.15% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | .76% | 1.29% | .76% | .73% | .45% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 30,994 | $ 17,821 | $ 23,168 | $ 19,041 | $ 12,023 |
Portfolio turnover rate | 16% | 21% | 9% | 5% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.36 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.270 per share.
G Total distributions of $.55 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, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.21 | $ 12.57 | $ 13.49 | $ 12.71 | $ 11.07 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .17 | .22 | .24 | .22 | .17 |
Net realized and unrealized gain (loss) | 3.55 | (4.93) | (.62) | 1.02 | 1.64 |
Total from investment operations | 3.72 | (4.71) | (.38) | 1.24 | 1.81 |
Distributions from net investment income | (.16) | (.21) | (.20) | (.18) | (.13) |
Distributions from net realized gain | (.08) | (.45) | (.34) | (.29) | (.04) |
Total distributions | (.24) | (.65) G | (.54) | (.46) F | (.17) |
Net asset value, end of period | $ 10.69 | $ 7.21 | $ 12.57 | $ 13.49 | $ 12.71 |
Total Return A | 51.81% | (39.08)% | (3.19)% | 9.98% | 16.45% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.76% | 2.29% | 1.76% | 1.72% | 1.45% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 97,629 | $ 43,667 | $ 34,162 | $ 6,371 | $ 2,207 |
Portfolio turnover rate | 16% | 21% | 9% | 5% | 4% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.46 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 $.65 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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.6 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.3 | 6.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 5.1 | 9.5 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.4 | 10.7 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.0 | 9.9 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.9 | 3.0 |
Fidelity Series 100 Index Fund | 5.9 | 5.1 |
Fidelity Series All-Sector Equity Fund | 12.2 | 13.1 |
Fidelity Series Large Cap Value Fund | 7.5 | 5.4 |
Fidelity Series Small Cap Opportunities Fund | 3.1 | 3.4 |
| 61.4 | 67.0 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.7 | 7.5 |
Fidelity Advisor Overseas Fund Institutional Class | 6.7 | 7.5 |
Fidelity Series International Growth Fund | 1.6 | 0.0 |
Fidelity Series International Small Cap Fund | 0.3 | 0.0 |
Fidelity Series International Value Fund | 1.6 | 0.0 |
| 16.9 | 15.0 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.2 | 1.6 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 8.8 | 9.9 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1.3 | 1.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.5 | 1.4 |
Fidelity Series Investment Grade Bond Fund | 5.3 | 4.0 |
| 7.1 | 6.5 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.6% | |
| Domestic Equity Funds | 61.4% | |
| Developed International Equity Funds | 16.9% | |
| Emerging Markets Equity Funds | 2.2% | |
| High Yield Bond Funds | 8.8% | |
| Investment Grade Bond Funds | 7.1% | |
Six months ago |
| Domestic Equity Funds | 67.0% | |
| Developed International Equity Funds | 15.0% | |
| Emerging Markets Equity Funds | 1.6% | |
| High Yield Bond Funds | 9.9% | |
| Investment Grade Bond Funds | 6.5% | |
Expected |
| Commodity Funds | 7.9% | |
| Domestic Equity Funds | 54.1% | |
| Developed International Equity Funds | 18.5% | |
| Emerging Markets Equity Funds | 3.0% | |
| High Yield Bond Funds | 8.5% | |
| Investment Grade Bond Funds | 8.0% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2040 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 65.0% |
| Shares | | Value |
Commodity Funds - 3.6% |
Fidelity Series Commodity Strategy Fund | 4,037,091 | | $ 42,308,711 |
Domestic Equity Funds - 61.4% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 1,511,643 | | 74,886,798 |
Fidelity Advisor Equity Income Fund Institutional Class | 2,735,757 | | 61,034,739 |
Fidelity Advisor Growth & Income Fund Institutional Class | 7,054,813 | | 112,242,074 |
Fidelity Advisor Large Cap Fund Institutional Class | 6,241,103 | | 107,596,608 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 1,445,793 | | 34,395,427 |
Fidelity Series 100 Index Fund | 8,453,723 | | 70,081,366 |
Fidelity Series All-Sector Equity Fund | 12,185,283 | | 146,467,096 |
Fidelity Series Large Cap Value Fund | 7,574,559 | | 89,910,015 |
Fidelity Series Small Cap Opportunities Fund (a) | 4,163,201 | | 37,135,755 |
TOTAL DOMESTIC EQUITY FUNDS | | 733,749,878 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $783,746,027) | 776,058,589 |
International Equity Funds - 19.1% |
| | | |
Developed International Equity Funds - 16.9% |
Fidelity Advisor Diversified International Fund Institutional Class | 5,291,515 | | 80,113,542 |
Fidelity Advisor Overseas Fund Institutional Class | 4,799,377 | | 80,533,551 |
Fidelity Series International Growth Fund | 1,885,160 | | 18,738,493 |
Fidelity Series International Small Cap Fund | 378,863 | | 3,875,769 |
Fidelity Series International Value Fund | 1,922,958 | | 18,575,778 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 201,837,133 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.2% |
Fidelity Series Emerging Markets Fund | 1,601,192 | | $ 26,835,973 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $257,010,582) | 228,673,106 |
Bond Funds - 15.9% |
| | | |
High Yield Bond Funds - 8.8% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 11,732,780 | | 105,360,367 |
Investment Grade Bond Funds - 7.1% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 1,749,701 | | 15,134,914 |
Fidelity Advisor Total Bond Fund Institutional Class | 580,548 | | 6,171,223 |
Fidelity Series Investment Grade Bond Fund | 5,573,349 | | 63,759,111 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 85,065,248 |
TOTAL BOND FUNDS (Cost $192,927,197) | 190,425,615 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,233,683,806) | | 1,195,157,310 |
NET OTHER ASSETS - 0.0% | | (343,773) |
NET ASSETS - 100% | $ 1,194,813,537 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $36,100,262 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, 2010 |
Assets | | |
Investment in securities, at value (cost $1,233,683,806) - See accompanying schedule | | $ 1,195,157,310 |
Cash | | 485 |
Receivable for investments sold | | 93,764 |
Receivable for fund shares sold | | 2,149,327 |
Total assets | | 1,197,400,886 |
| | |
Liabilities | | |
Payable for investments purchased | $ 336,322 | |
Payable for fund shares redeemed | 1,907,255 | |
Distribution fees payable | 343,772 | |
Total liabilities | | 2,587,349 |
| | |
Net Assets | | $ 1,194,813,537 |
Net Assets consist of: | | |
Paid in capital | | $ 1,268,807,650 |
Undistributed net investment income | | 926,726 |
Accumulated undistributed net realized gain (loss) on investments | | (36,394,343) |
Net unrealized appreciation (depreciation) on investments | | (38,526,496) |
Net Assets | | $ 1,194,813,537 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($670,672,892 ÷ 58,961,400 shares) | | $ 11.37 |
| | |
Maximum offering price per share (100/94.25 of $11.37) | | $ 12.06 |
Class T:
Net Asset Value and redemption price per share ($300,593,735 ÷ 26,503,181 shares) | | $ 11.34 |
| | |
Maximum offering price per share (100/96.50 of $11.34) | | $ 11.75 |
Class B:
Net Asset Value and offering price per share ($43,772,909 ÷ 3,888,187 shares)A | | $ 11.26 |
| | |
Class C:
Net Asset Value and offering price per share ($53,334,309 ÷ 4,742,687 shares)A | | $ 11.25 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($126,439,692 ÷ 11,072,495 shares) | | $ 11.42 |
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, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 17,084,060 |
| | |
Expenses | | |
Distribution fees | $ 3,459,380 | |
Independent trustees' compensation | 3,130 | |
Total expenses before reductions | 3,462,510 | |
Expense reductions | (3,130) | 3,459,380 |
Net investment income (loss) | | 13,624,680 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 21,808,406 | |
Capital gain distributions from underlying funds | 14,874,095 | 36,682,501 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 319,580,977 |
Net gain (loss) | | 356,263,478 |
Net increase (decrease) in net assets resulting from operations | | $ 369,888,158 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 13,624,680 | $ 13,972,825 |
Net realized gain (loss) | 36,682,501 | (61,624,191) |
Change in net unrealized appreciation (depreciation) | 319,580,977 | (325,789,369) |
Net increase (decrease) in net assets resulting from operations | 369,888,158 | (373,440,735) |
Distributions to shareholders from net investment income | (13,844,304) | (13,667,108) |
Distributions to shareholders from net realized gain | (8,692,491) | (34,379,125) |
Total distributions | (22,536,795) | (48,046,233) |
Share transactions - net increase (decrease) | 202,733,553 | 247,327,890 |
Total increase (decrease) in net assets | 550,084,916 | (174,159,078) |
| | |
Net Assets | | |
Beginning of period | 644,728,621 | 818,887,699 |
End of period (including undistributed net investment income of $926,726 and undistributed net investment income of $1,146,349, respectively) | $ 1,194,813,537 | $ 644,728,621 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.59 | $ 13.57 | $ 14.69 | $ 13.83 | $ 12.03 |
Income from Investment Operations | | | | | |
Net investment income (loss)C | .15 | .21 | .22 | .21 | .15 |
Net realized and unrealized gain (loss) | 3.87 | (5.44) | (.74) | 1.16 | 1.84 |
Total from investment operations | 4.02 | (5.23) | (.52) | 1.37 | 1.99 |
Distributions from net investment income | (.15) | (.20) | (.20) | (.18) | (.12) |
Distributions from net realized gain | (.09) | (.56) | (.40) | (.33) | (.07) |
Total distributions | (.24) | (.75) G | (.60) | (.51) F | (.19) |
Net asset value, end of period | $ 11.37 | $ 7.59 | $ 13.57 | $ 14.69 | $ 13.83 |
Total Return A,B | 53.15% | (40.42)% | (3.92)% | 10.09% | 16.65% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% | .26% |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% | .26% |
Expenses net of all reductions | .25% | .25% | .25% | .25% | .26% |
Net investment income (loss) | 1.52% | 2.02% | 1.47% | 1.48% | 1.18% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 670,673 | $ 342,357 | $ 428,381 | $ 263,733 | $ 133,817 |
Portfolio turnover rate | 18% | 18% | 9% | 7% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.51 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 $.75 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, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.57 | $ 13.54 | $ 14.64 | $ 13.79 | $ 12.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .13 | .18 | .18 | .17 | .12 |
Net realized and unrealized gain (loss) | 3.86 | (5.43) | (.72) | 1.16 | 1.83 |
Total from investment operations | 3.99 | (5.25) | (.54) | 1.33 | 1.95 |
Distributions from net investment income | (.13) | (.17) | (.16) | (.15) | (.10) |
Distributions from net realized gain | (.09) | (.56) | (.40) | (.33) | (.06) |
Total distributions | (.22) | (.72) G | (.56) | (.48) F | (.16) |
Net asset value, end of period | $ 11.34 | $ 7.57 | $ 13.54 | $ 14.64 | $ 13.79 |
Total Return A,B | 52.83% | (40.61)% | (4.05)% | 9.81% | 16.35% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .51% |
Expenses net of all reductions | .50% | .50% | .50% | .50% | .51% |
Net investment income (loss) | 1.27% | 1.77% | 1.22% | 1.23% | .93% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 300,594 | $ 181,917 | $ 238,675 | $ 221,815 | $ 136,679 |
Portfolio turnover rate | 18% | 18% | 9% | 7% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.48 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 $.72 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, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.52 | $ 13.42 | $ 14.53 | $ 13.70 | $ 11.94 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .08 | .13 | .11 | .10 | .05 |
Net realized and unrealized gain (loss) | 3.83 | (5.37) | (.73) | 1.14 | 1.83 |
Total from investment operations | 3.91 | (5.24) | (.62) | 1.24 | 1.88 |
Distributions from net investment income | (.08) | (.11) | (.10) | (.10) | (.06) |
Distributions from net realized gain | (.09) | (.55) | (.39) | (.32) | (.06) |
Total distributions | (.17) | (.66) G | (.49) | (.41) F | (.12) |
Net asset value, end of period | $ 11.26 | $ 7.52 | $ 13.42 | $ 14.53 | $ 13.70 |
Total Return A,B | 52.08% | (40.85)% | (4.59)% | 9.25% | 15.81% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | .77% | 1.28% | .72% | .73% | .43% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 43,773 | $ 29,479 | $ 50,827 | $ 46,110 | $ 32,658 |
Portfolio turnover rate | 18% | 18% | 9% | 7% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.41 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 $.66 per share is comprised of distributions from net investment income of $.112 and distributions from net realized gain of $.550 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.51 | $ 13.42 | $ 14.52 | $ 13.70 | $ 11.94 |
Income from Investment Operations | | | | | |
Net investment income (loss) C | .08 | .13 | .11 | .10 | .05 |
Net realized and unrealized gain (loss) | 3.83 | (5.37) | (.72) | 1.13 | 1.83 |
Total from investment operations | 3.91 | (5.24) | (.61) | 1.23 | 1.88 |
Distributions from net investment income | (.08) | (.12) | (.10) | (.10) | (.06) |
Distributions from net realized gain | (.09) | (.55) | (.39) | (.32) | (.06) |
Total distributions | (.17) | (.67) G | (.49) | (.41) F | (.12) |
Net asset value, end of period | $ 11.25 | $ 7.51 | $ 13.42 | $ 14.52 | $ 13.70 |
Total Return A,B | 52.18% | (40.91)% | (4.54)% | 9.17% | 15.82% |
Ratios to Average Net Assets D,E | | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% | 1.01% |
Net investment income (loss) | .77% | 1.28% | .72% | .73% | .43% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 53,334 | $ 34,036 | $ 54,549 | $ 54,022 | $ 38,947 |
Portfolio turnover rate | 18% | 18% | 9% | 7% | 4% |
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.41 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 $.67 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.550 per share.
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.62 | $ 13.62 | $ 14.74 | $ 13.87 | $ 12.05 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .18 | .23 | .25 | .24 | .18 |
Net realized and unrealized gain (loss) | 3.88 | (5.45) | (.74) | 1.17 | 1.85 |
Total from investment operations | 4.06 | (5.22) | (.49) | 1.41 | 2.03 |
Distributions from net investment income | (.17) | (.22) | (.23) | (.21) | (.14) |
Distributions from net realized gain | (.09) | (.56) | (.40) | (.33) | (.07) |
Total distributions | (.26) | (.78) G | (.63) | (.54) F | (.21) |
Net asset value, end of period | $ 11.42 | $ 7.62 | $ 13.62 | $ 14.74 | $ 13.87 |
Total Return A | 53.53% | (40.24)% | (3.70)% | 10.36% | 16.99% |
Ratios to Average Net Assets C,E | | | | | |
Expenses before reductions | .00% D | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.77% | 2.27% | 1.72% | 1.73% | 1.43% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 126,440 | $ 56,940 | $ 46,457 | $ 19,197 | $ 7,227 |
Portfolio turnover rate | 18% | 18% | 9% | 7% | 4% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
F Total distributions of $.54 per share is comprised of distributions from net investment income of $.210 and distributions from net realized gain of $.325 per share.
G Total distributions of $.78 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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.7 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.3 | 6.9 |
Fidelity Advisor Equity Income Fund Institutional Class | 5.1 | 9.0 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.5 | 10.7 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.1 | 9.6 |
Fidelity Advisor Small Cap Fund Institutional Class | 2.9 | 3.2 |
Fidelity Series 100 Index Fund | 6.0 | 5.5 |
Fidelity Series All-Sector Equity Fund | 12.4 | 13.6 |
Fidelity Series Large Cap Value Fund | 7.7 | 6.0 |
Fidelity Series Small Cap Opportunities Fund | 3.1 | 3.5 |
| 62.1 | 68.0 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 6.8 | 7.4 |
Fidelity Advisor Overseas Fund Institutional Class | 6.8 | 7.2 |
Fidelity Series International Growth Fund | 1.6 | 0.0 |
Fidelity Series International Small Cap Fund | 0.3 | 0.0 |
Fidelity Series International Value Fund | 1.6 | 0.0 |
| 17.1 | 14.6 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.3 | 2.0 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9.9 | 10.5 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.8 | 0.8 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.4 | 1.1 |
Fidelity Series Investment Grade Bond Fund | 3.7 | 3.0 |
| 4.9 | 4.9 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.7% | |
| Domestic Equity Funds | 62.1% | |
| Developed International Equity Funds | 17.1% | |
| Emerging Markets Equity Funds | 2.3% | |
| High Yield Bond Funds | 9.9% | |
| Investment Grade Bond Funds | 4.9% | |
Six months ago |
| Domestic Equity Funds | 68.0% | |
| Developed International Equity Funds | 14.6% | |
| Emerging Markets Equity Funds | 2.0% | |
| High Yield Bond Funds | 10.5% | |
| Investment Grade Bond Funds | 4.9% | |
Expected |
| Commodity Funds | 8.0% | |
| Domestic Equity Funds | 55.1% | |
| Developed International Equity Funds | 18.8% | |
 | Emerging Markets Equity Funds | 3.1% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond 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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2045 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 65.8% |
| Shares | | Value |
Commodity Funds - 3.7% |
Fidelity Series Commodity Strategy Fund | 1,023,560 | | $ 10,726,912 |
Domestic Equity Funds - 62.1% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 373,331 | | 18,494,795 |
Fidelity Advisor Equity Income Fund Institutional Class | 667,126 | | 14,883,582 |
Fidelity Advisor Growth & Income Fund Institutional Class | 1,739,454 | | 27,674,709 |
Fidelity Advisor Large Cap Fund Institutional Class | 1,540,380 | | 26,556,152 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 357,611 | | 8,507,562 |
Fidelity Series 100 Index Fund | 2,094,015 | | 17,359,384 |
Fidelity Series All-Sector Equity Fund | 3,010,645 | | 36,187,948 |
Fidelity Series Large Cap Value Fund | 1,885,940 | | 22,386,104 |
Fidelity Series Small Cap Opportunities Fund (a) | 1,028,259 | | 9,172,069 |
TOTAL DOMESTIC EQUITY FUNDS | | 181,222,305 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $177,816,198) | 191,949,217 |
International Equity Funds - 19.4% |
| | | |
Developed International Equity Funds - 17.1% |
Fidelity Advisor Diversified International Fund Institutional Class | 1,301,279 | | 19,701,360 |
Fidelity Advisor Overseas Fund Institutional Class | 1,180,205 | | 19,803,845 |
Fidelity Series International Growth Fund | 478,034 | | 4,751,656 |
Fidelity Series International Small Cap Fund | 97,600 | | 998,451 |
Fidelity Series International Value Fund | 490,759 | | 4,740,728 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 49,996,040 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.3% |
Fidelity Series Emerging Markets Fund | 398,045 | | $ 6,671,226 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $57,269,152) | 56,667,266 |
Bond Funds - 14.8% |
| | | |
High Yield Bond Funds - 9.9% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 3,239,225 | | 29,088,245 |
Investment Grade Bond Funds - 4.9% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 287,764 | | 2,489,154 |
Fidelity Advisor Total Bond Fund Institutional Class | 98,420 | | 1,046,207 |
Fidelity Series Investment Grade Bond Fund | 934,176 | | 10,686,972 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 14,222,333 |
TOTAL BOND FUNDS (Cost $39,744,996) | 43,310,578 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $274,830,346) | | 291,927,061 |
NET OTHER ASSETS - 0.0% | | (65,264) |
NET ASSETS - 100% | $ 291,861,797 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $7,479,724 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, 2010 |
Assets | | |
Investment in securities, at value (cost $274,830,346) - See accompanying schedule | | $ 291,927,061 |
Cash | | 54 |
Receivable for investments sold | | 130,329 |
Receivable for fund shares sold | | 479,582 |
Other affiliated receivables | | 3,552 |
Total assets | | 292,540,578 |
| | |
Liabilities | | |
Payable for investments purchased | $ 24,227 | |
Payable for fund shares redeemed | 585,672 | |
Distribution fees payable | 68,882 | |
Total liabilities | | 678,781 |
| | |
Net Assets | | $ 291,861,797 |
Net Assets consist of: | | |
Paid in capital | | $ 285,974,582 |
Undistributed net investment income | | 269,780 |
Accumulated undistributed net realized gain (loss) on investments | | (11,479,280) |
Net unrealized appreciation (depreciation) on investments | | 17,096,715 |
Net Assets | | $ 291,861,797 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($205,405,305 ÷ 23,290,604 shares) | | $ 8.82 |
| | |
Maximum offering price per share (100/94.25 of $8.82) | | $ 9.36 |
Class T:
Net Asset Value and redemption price per share ($43,325,813 ÷ 4,928,835 shares) | | $ 8.79 |
| | |
Maximum offering price per share (100/96.50 of $8.79) | | $ 9.11 |
Class B:
Net Asset Value and offering price per share ($4,089,301 ÷ 466,319 shares)A | | $ 8.77 |
| | |
Class C:
Net Asset Value and offering price per share ($6,199,307 ÷ 707,446 shares)A | | $ 8.76 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($32,842,071 ÷ 3,711,578 shares) | | $ 8.85 |
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, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 3,692,701 |
| | |
Expenses | | |
Distribution fees | $ 601,899 | |
Independent trustees' compensation | 651 | |
Total expenses before reductions | 602,550 | |
Expense reductions | (651) | 601,899 |
Net investment income (loss) | | 3,090,802 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (4,092,719) | |
Capital gain distributions from underlying funds | 3,511,927 | (580,792) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 74,319,321 |
Net gain (loss) | | 73,738,529 |
Net increase (decrease) in net assets resulting from operations | | $ 76,829,331 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,090,802 | $ 2,112,292 |
Net realized gain (loss) | (580,792) | (8,238,179) |
Change in net unrealized appreciation (depreciation) | 74,319,321 | (47,910,180) |
Net increase (decrease) in net assets resulting from operations | 76,829,331 | (54,036,067) |
Distributions to shareholders from net investment income | (3,060,635) | (2,013,822) |
Distributions to shareholders from net realized gain | (2,023,492) | (2,435,534) |
Total distributions | (5,084,127) | (4,449,356) |
Share transactions - net increase (decrease) | 102,731,596 | 90,758,359 |
Total increase (decrease) in net assets | 174,476,800 | 32,272,936 |
| | |
Net Assets | | |
Beginning of period | 117,384,997 | 85,112,061 |
End of period (including undistributed net investment income of $269,780 and undistributed net investment income of $239,612, respectively) | $ 291,861,797 | $ 117,384,997 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.86 | $ 10.39 | $ 11.05 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .12 | .16 | .16 | .12 |
Net realized and unrealized gain (loss) | 3.02 | (4.29) | (.57) | 1.06 |
Total from investment operations | 3.14 | (4.13) | (.41) | 1.18 |
Distributions from net investment income | (.11) | (.14) | (.11) | (.08) |
Distributions from net realized gain | (.07) | (.26) | (.14) | (.05) |
Total distributions | (.18) | (.40) | (.25) I | (.13) |
Net asset value, end of period | $ 8.82 | $ 5.86 | $ 10.39 | $ 11.05 |
Total Return B,C,D | 53.81% | (40.93)% | (3.96)% | 11.78% |
Ratios to Average Net Assets F,H | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% A |
Expenses net of all reductions | .25% | .25% | .25% | .25% A |
Net investment income (loss) | 1.53% | 2.12% | 1.44% | 1.31% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 205,405 | $ 81,985 | $ 61,721 | $ 12,550 |
Portfolio turnover rate | 14% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.25 per share is comprised of distributions from net investment income of $.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, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.84 | $ 10.36 | $ 11.03 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .10 | .14 | .13 | .09 |
Net realized and unrealized gain (loss) | 3.02 | (4.28) | (.57) | 1.06 |
Total from investment operations | 3.12 | (4.14) | (.44) | 1.15 |
Distributions from net investment income | (.10) | (.12) | (.09) | (.07) |
Distributions from net realized gain | (.07) | (.26) | (.14) | (.05) |
Total distributions | (.17) | (.38) | (.23) I | (.12) |
Net asset value, end of period | $ 8.79 | $ 5.84 | $ 10.36 | $ 11.03 |
Total Return B,C,D | 53.52% | (41.08)% | (4.23)% | 11.53% |
Ratios to Average Net Assets F,H | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% A |
Expenses net of all reductions | .50% | .50% | .50% | .50% A |
Net investment income (loss) | 1.28% | 1.87% | 1.19% | 1.06% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 43,326 | $ 18,065 | $ 11,746 | $ 3,339 |
Portfolio turnover rate | 14% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.23 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, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.83 | $ 10.33 | $ 11.01 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .06 | .11 | .08 | .05 |
Net realized and unrealized gain (loss) | 3.01 | (4.27) J | (.57) | 1.06 |
Total from investment operations | 3.07 | (4.16) J | (.49) | 1.11 |
Distributions from net investment income | (.06) | (.08) | (.06) | (.05) |
Distributions from net realized gain | (.07) | (.26) | (.13) | (.05) |
Total distributions | (.13) | (.34) | (.19) I | (.10) |
Net asset value, end of period | $ 8.77 | $ 5.83 J | $ 10.33 | $ 11.01 |
Total Return B,C,D | 52.74% | (41.39)% J | (4.65)% | 11.09% |
Ratios to Average Net Assets F,H | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | .78% | 1.37% | .69% | .56% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 4,089 | $ 2,231 | $ 2,476 | $ 776 |
Portfolio turnover rate | 14% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.19 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.130 per share.
J Certain amounts for the year ended March 31, 2009 have been restated to correct amounts that were previously reported. This resulted in an increase to the net asset value of $0.01 per share with corresponding increases to net realized and unrealized gain (loss) and total from investment operations per share amounts. The total return increased from (41.49%) to (41.39%).
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.82 | $ 10.32 | $ 11.01 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .06 | .11 | .08 | .05 |
Net realized and unrealized gain (loss) | 3.01 | (4.27) J | (.58) | 1.06 |
Total from investment operations | 3.07 | (4.16) J | (.50) | 1.11 |
Distributions from net investment income | (.06) | (.08) | (.06) | (.05) |
Distributions from net realized gain | (.07) | (.26) | (.13) | (.05) |
Total distributions | (.13) | (.34) | (.19) I | (.10) |
Net asset value, end of period | $ 8.76 | $ 5.82 J | $ 10.32 | $ 11.01 |
Total Return B,C,D | 52.90% | (41.39)% J | (4.74)% | 11.08% |
Ratios to Average Net Assets F,H | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | .78% | 1.37% | .69% | .56% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 6,199 | $ 3,027 | $ 2,539 | $ 770 |
Portfolio turnover rate | 14% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.19 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.130 per share.
J Certain amounts for the year ended March 31, 2009 have been restated to correct amounts that were previously reported. This resulted in an decrease to the net asset value of $.03 per share with corresponding decreases to net realized and unrealized gain (loss) and total from investment operations per share amounts. The total return decreased from (41.08%) to (41.39%).
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.87 | $ 10.41 | $ 11.07 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .14 | .18 | .19 | .14 |
Net realized and unrealized gain (loss) | 3.04 | (4.30) | (.59) | 1.06 |
Total from investment operations | 3.18 | (4.12) | (.40) | 1.20 |
Distributions from net investment income | (.13) | (.16) | (.13) | (.08) |
Distributions from net realized gain | (.07) | (.26) | (.14) | (.05) |
Total distributions | (.20) | (.42) | (.26) I | (.13) |
Net asset value, end of period | $ 8.85 | $ 5.87 | $ 10.41 | $ 11.07 |
Total Return B,C | 54.35% | (40.81)% | (3.82)% | 12.02% |
Ratios to Average Net Assets E,H | | | | |
Expenses before reductions F | .00% | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% | .00% A |
Net investment income (loss) | 1.78% | 2.37% | 1.68% | 1.56% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 32,842 | $ 12,078 | $ 6,631 | $ 629 |
Portfolio turnover rate | 14% | 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 Amount represents less than .01%.
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.26 per share is comprised of distributions from net investment income of $.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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.8 | 0.0 |
Domestic Equity Funds | | |
Fidelity Advisor Equity Growth Fund Institutional Class | 6.5 | 7.2 |
Fidelity Advisor Equity Income Fund Institutional Class | 5.3 | 8.4 |
Fidelity Advisor Growth & Income Fund Institutional Class | 9.8 | 10.9 |
Fidelity Advisor Large Cap Fund Institutional Class | 9.4 | 10.0 |
Fidelity Advisor Small Cap Fund Institutional Class | 3.0 | 3.2 |
Fidelity Series 100 Index Fund | 6.2 | 5.4 |
Fidelity Series All-Sector Equity Fund | 12.8 | 14.0 |
Fidelity Series Large Cap Value Fund | 7.9 | 6.3 |
Fidelity Series Small Cap Opportunities Fund | 3.2 | 3.8 |
| 64.1 | 69.2 |
Developed International Equity Funds | | |
Fidelity Advisor Diversified International Fund Institutional Class | 7.5 | 8.7 |
Fidelity Advisor Overseas Fund Institutional Class | 7.6 | 8.5 |
Fidelity Series International Growth Fund | 1.8 | 0.0 |
Fidelity Series International Small Cap Fund | 0.4 | 0.0 |
Fidelity Series International Value Fund | 1.8 | 0.0 |
| 19.1 | 17.2 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.6 | 2.2 |
High Yield Bond Funds | | |
Fidelity Advisor High Income Advantage Fund Institutional Class | 9.9 | 10.9 |
Investment Grade Bond Funds | | |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 0.1 | 0.1 |
Fidelity Advisor Total Bond Fund Institutional Class | 0.0* | 0.1 |
Fidelity Series Investment Grade Bond Fund | 0.4 | 0.3 |
| 0.5 | 0.5 |
| 100.0 | 100.0 |
* Amount represents less than 0.1% |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.8% | |
| Domestic Equity Funds | 64.1% | |
| Developed International Equity Funds | 19.1% | |
| Emerging Markets Equity Funds | 2.6% | |
| High Yield Bond Funds | 9.9% | |
| Investment Grade Bond Funds | 0.5% | |
Six months ago |
| Domestic Equity Funds | 69.2% | |
| Developed International Equity Funds | 17.2% | |
| Emerging Markets Equity Funds | 2.2% | |
| High Yield Bond Funds | 10.9% | |
| Investment Grade Bond Funds | 0.5% | |
Expected |
| Commodity Funds | 8.4% | |
| Domestic Equity Funds | 57.6% | |
| Developed International Equity Funds | 20.0% | |
| Emerging Markets Equity Funds | 3.3% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond Funds | 0.7% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Advisor Freedom 2050 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 67.9% |
| Shares | | Value |
Commodity Funds - 3.8% |
Fidelity Series Commodity Strategy Fund | 880,268 | | $ 9,225,206 |
Domestic Equity Funds - 64.1% |
Fidelity Advisor Equity Growth Fund Institutional Class (a) | 316,658 | | 15,687,213 |
Fidelity Advisor Equity Income Fund Institutional Class | 566,910 | | 12,647,754 |
Fidelity Advisor Growth & Income Fund Institutional Class | 1,476,393 | | 23,489,409 |
Fidelity Advisor Large Cap Fund Institutional Class | 1,304,742 | | 22,493,754 |
Fidelity Advisor Small Cap Fund Institutional Class (a) | 303,131 | | 7,211,485 |
Fidelity Series 100 Index Fund | 1,777,826 | | 14,738,178 |
Fidelity Series All-Sector Equity Fund | 2,551,518 | | 30,669,243 |
Fidelity Series Large Cap Value Fund | 1,596,686 | | 18,952,668 |
Fidelity Series Small Cap Opportunities Fund (a) | 872,347 | | 7,781,332 |
TOTAL DOMESTIC EQUITY FUNDS | | 153,671,036 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $153,484,779) | 162,896,242 |
International Equity Funds - 21.7% |
| | | |
Developed International Equity Funds - 19.1% |
Fidelity Advisor Diversified International Fund Institutional Class | 1,195,950 | | 18,106,688 |
Fidelity Advisor Overseas Fund Institutional Class | 1,084,490 | | 18,197,739 |
Fidelity Series International Growth Fund | 437,303 | | 4,346,795 |
Fidelity Series International Small Cap Fund | 88,876 | | 909,199 |
Fidelity Series International Value Fund | 448,938 | | 4,336,744 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 45,897,165 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.6% |
Fidelity Series Emerging Markets Fund | 364,549 | | $ 6,109,847 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $54,026,819) | 52,007,012 |
Bond Funds - 10.4% |
| | | |
High Yield Bond Funds - 9.9% |
Fidelity Advisor High Income Advantage Fund Institutional Class | 2,658,789 | | 23,875,925 |
Investment Grade Bond Funds - 0.5% |
Fidelity Advisor Strategic Real Return Fund Institutional Class | 24,513 | | 212,036 |
Fidelity Advisor Total Bond Fund Institutional Class | 7,433 | | 79,018 |
Fidelity Series Investment Grade Bond Fund | 75,439 | | 863,027 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 1,154,081 |
TOTAL BOND FUNDS (Cost $22,320,321) | 25,030,006 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $229,831,919) | | 239,933,260 |
NET OTHER ASSETS - 0.0% | | (60,274) |
NET ASSETS - 100% | $ 239,872,986 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $7,387,590 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, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $229,831,919) - See accompanying schedule | | $ 239,933,260 |
Receivable for investments sold | | 30,627 |
Receivable for fund shares sold | | 1,521,907 |
Total assets | | 241,485,794 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,209,692 | |
Payable for fund shares redeemed | 342,836 | |
Distribution fees payable | 60,280 | |
Total liabilities | | 1,612,808 |
| | |
Net Assets | | $ 239,872,986 |
Net Assets consist of: | | |
Paid in capital | | $ 240,191,001 |
Undistributed net investment income | | 151,377 |
Accumulated undistributed net realized gain (loss) on investments | | (10,570,733) |
Net unrealized appreciation (depreciation) on investments | | 10,101,341 |
Net Assets | | $ 239,872,986 |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($137,716,437 ÷ 15,895,884 shares) | | $ 8.66 |
| | |
Maximum offering price per share (100/94.25 of $8.66) | | $ 9.19 |
Class T:
Net Asset Value and redemption price per share ($46,449,242 ÷ 5,375,539 shares) | | $ 8.64 |
| | |
Maximum offering price per share (100/96.50 of $8.64) | | $ 8.95 |
Class B:
Net Asset Value and offering price per share ($5,847,405 ÷ 679,804 shares)A | | $ 8.60 |
| | |
Class C:
Net Asset Value and offering price per share ($9,645,586 ÷ 1,119,987 shares)A | | $ 8.61 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($40,214,316 ÷ 4,624,382 shares) | | $ 8.70 |
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, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 2,944,930 |
| | |
Expenses | | |
Distribution fees | $ 553,961 | |
Independent trustees' compensation | 553 | |
Total expenses before reductions | 554,514 | |
Expense reductions | (553) | 553,961 |
Net investment income (loss) | | 2,390,969 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (2,719,640) | |
Capital gain distributions from underlying funds | 2,953,675 | 234,035 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 64,796,791 |
Net gain (loss) | | 65,030,826 |
Net increase (decrease) in net assets resulting from operations | | $ 67,421,795 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Advisor Freedom 2050 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,390,969 | $ 1,838,987 |
Net realized gain (loss) | 234,035 | (8,423,554) |
Change in net unrealized appreciation (depreciation) | 64,796,791 | (44,545,249) |
Net increase (decrease) in net assets resulting from operations | 67,421,795 | (51,129,816) |
Distributions to shareholders from net investment income | (2,382,215) | (1,739,953) |
Distributions to shareholders from net realized gain | (1,702,157) | (2,746,301) |
Total distributions | (4,084,372) | (4,486,254) |
Share transactions - net increase(decrease) | 74,234,725 | 71,843,683 |
Total increase (decrease) in net assets | 137,572,148 | 16,227,613 |
| | |
Net Assets | | |
Beginning of period | 102,300,838 | 86,073,225 |
End of period (including undistributed net investment income of $151,377 and undistributed net investment income of $142,623, respectively) | $ 239,872,986 | $ 102,300,838 |
Financial Highlights - Class A
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.67 | $ 10.32 | $ 11.04 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .11 | .16 | .16 | .13 |
Net realized and unrealized gain (loss) | 3.05 | (4.39) J | (.60) | 1.06 |
Total from investment operations | 3.16 | (4.23) J | (.44) | 1.19 |
Distributions from net investment income | (.10) | (.13) | (.11) | (.09) |
Distributions from net realized gain | (.07) | (.30) | (.17) | (.06) |
Total distributions | (.17) | (.42) I | (.28) | (.15) |
Net asset value, end of period | $ 8.66 | $ 5.67 J | $ 10.32 | $ 11.04 |
Total Return B, C, D | 55.94% | (42.30)% J | (4.27)% | 11.91% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .25% | .25% | .25% | .25% A |
Expenses net of fee waivers, if any | .25% | .25% | .25% | .25% A |
Expenses net of all reductions | .25% | .25% | .25% | .25% A |
Net investment income (loss) | 1.43% | 2.04% | 1.39% | 1.45% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 137,716 | $ 57,591 | $ 55,250 | $ 12,907 |
Portfolio turnover rate | 15% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.42 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.295 per share.
J Certain amounts for the year ended March 31, 2009 have been restated to correct amounts that were previously reported. This resulted in an increase to the net asset value of $0.01 per share with corresponding increases to net realized and unrealized gain (loss) and total from investment operations per share amounts. The total return increased from (42.40%) to (42.30%).
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class T
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.66 | $ 10.30 | $ 11.02 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .09 | .14 | .13 | .11 |
Net realized and unrealized gain (loss) | 3.05 | (4.37) | (.59) | 1.05 |
Total from investment operations | 3.14 | (4.23) | (.46) | 1.16 |
Distributions from net investment income | (.09) | (.11) | (.09) | (.08) |
Distributions from net realized gain | (.07) | (.30) | (.17) | (.06) |
Total distributions | (.16) | (.41) I | (.26) | (.14) |
Net asset value, end of period | $ 8.64 | $ 5.66 | $ 10.30 | $ 11.02 |
Total Return B, C, D | 55.57% | (42.41)% | (4.45)% | 11.64% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | .50% | .50% | .50% | .50% A |
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% A |
Expenses net of all reductions | .50% | .50% | .50% | .50% A |
Net investment income (loss) | 1.18% | 1.79% | 1.14% | 1.20% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 46,449 | $ 21,186 | $ 15,147 | $ 3,520 |
Portfolio turnover rate | 15% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.41 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, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.64 | $ 10.26 | $ 11.00 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .05 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | 3.03 | (4.35) J | (.59) | 1.07 |
Total from investment operations | 3.08 | (4.25) J | (.52) | 1.13 |
Distributions from net investment income | (.05) | (.08) | (.06) | (.07) |
Distributions from net realized gain | (.07) | (.29) | (.16) | (.06) |
Total distributions | (.12) | (.37) I | (.22) | (.13) |
Net asset value, end of period | $ 8.60 | $ 5.64 J | $ 10.26 | $ 11.00 |
Total Return B, C, D | 54.72% | (42.71)% J | (4.93)% | 11.31% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | .68% | 1.29% | .64% | .70% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 5,847 | $ 3,078 | $ 3,414 | $ 1,177 |
Portfolio turnover rate | 15% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.37 per share is comprised of distributions from net investment income of $.078 and distributions from net realized gain of $.290 per share.
J Certain amounts for the year ended March 31, 2009 have been restated to correct amounts that were previously reported. This resulted in an increase to the net asset value of $0.01 per share with corresponding increases to net realized and unrealized gain (loss) and total from investment operations per share amounts. The total return increased from (42.81%) to (42.71%).
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Class C
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.63 | $ 10.25 | $ 11.00 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .05 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | 3.05 | (4.35) J | (.59) | 1.06 |
Total from investment operations | 3.10 | (4.25) J | (.52) | 1.12 |
Distributions from net investment income | (.05) | (.08) | (.07) | (.06) |
Distributions from net realized gain | (.07) | (.29) | (.16) | (.06) |
Total distributions | (.12) | (.37) I | (.23) | (.12) |
Net asset value, end of period | $ 8.61 | $ 5.63 J | $ 10.25 | $ 11.00 |
Total Return B, C, D | 55.15% | (42.74)% J | (4.99)% | 11.25% |
Ratios to Average Net Assets F, H | | | | |
Expenses before reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.00% | 1.00% A |
Expenses net of all reductions | 1.00% | 1.00% | 1.00% | 1.00% A |
Net investment income (loss) | .68% | 1.29% | .64% | .70% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 9,646 | $ 5,436 | $ 5,380 | $ 1,507 |
Portfolio turnover rate | 15% | 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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.37 per share is comprised of distributions from net investment income of $.080 and distributions from net realized gain of $.290 per share.
J Certain amounts for the year ended March 31, 2009 have been restated to correct amounts that were previously reported. This resulted in an decrease to the net asset value of $0.06 per share with corresponding decreases to net realized and unrealized gain (loss) and total from investment operations per share amounts. The total return decreased from (42.13%) to (42.74%).
Financial Highlights - Institutional Class
Years ended March 31, | 2010 | 2009 | 2008 | 2007 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.68 | $ 10.35 | $ 11.06 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .13 | .17 | .18 | .15 |
Net realized and unrealized gain (loss) | 3.08 | (4.40) J | (.59) | 1.06 |
Total from investment operations | 3.21 | (4.23) J | (.41) | 1.21 |
Distributions from net investment income | (.12) | (.15) | (.13) | (.09) |
Distributions from net realized gain | (.07) | (.30) | (.17) | (.06) |
Total distributions | (.19) | (.44) I | (.30) | (.15) |
Net asset value, end of period | $ 8.70 | $ 5.68 J | $ 10.35 | $ 11.06 |
Total Return B, C | 56.66% | (42.22)% J | (4.02)% | 12.16% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions F | .00% | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% | .00% A |
Net investment income (loss) | 1.68% | 2.29% | 1.64% | 1.70% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 40,214 | $ 15,010 | $ 6,882 | $ 982 |
Portfolio turnover rate | 15% | 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 Amount represents less than .01%.
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 reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.
I Total distributions of $.44 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.295 per share.
J Certain amounts for the year ended March 31, 2009 have been restated to correct amounts that were previously reported. This resulted in an decrease to the net asset value of $0.02 per share with corresponding decreases to net realized and unrealized gain (loss) and total from investment operations per share amounts. The total return decreased from (42.01%) to (42.22%).
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended March 31, 2010
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, bond, 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 are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses. 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. As of March 31, 2010, each Fund did not have any 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 dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
Fund | Tax cost | Gross unrealized
appreciation | Gross unrealized
depreciation | Net unrealized
appreciation
(depreciation) |
Advisor Freedom Income | $ 229,893,265 | $ 8,786,672 | $ (5,727,931) | $ 3,058,741 |
Advisor Freedom 2005 | 212,046,559 | 9,450,217 | (11,711,267) | (2,261,050) |
Advisor Freedom 2010 | 827,247,999 | 43,479,197 | (43,181,375) | 297,822 |
Advisor Freedom 2015 | 1,297,588,083 | 70,141,125 | (73,752,943) | (3,611,818) |
Advisor Freedom 2020 | 2,093,741,207 | 136,867,313 | (123,870,724) | 12,996,589 |
Advisor Freedom 2025 | 1,452,595,697 | 110,095,766 | (100,105,295) | 9,990,471 |
Advisor Freedom 2030 | 1,698,833,675 | 129,289,114 | (121,299,878) | 7,989,236 |
Advisor Freedom 2035 | 964,627,880 | 80,474,746 | (76,268,101) | 4,206,645 |
Advisor Freedom 2040 | 1,238,438,546 | 66,528,589 | (109,809,825) | (43,281,236) |
Advisor Freedom 2045 | 277,414,362 | 32,378,584 | (17,865,885) | 14,512,699 |
Advisor Freedom 2050 | 231,692,628 | 26,175,004 | (17,934,372) | 8,240,632 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| Undistributed
ordinary
income | Capital loss
carryforward | Net unrealized
appreciation
(depreciation) |
Advisor Freedom Income | $ 572,465 | $ (2,021,981) | $ 3,058,741 |
Advisor Freedom 2005 | 926,903 | (5,987,852) | (2,261,050) |
Advisor Freedom 2010 | 3,663,029 | (34,281,646) | 297,822 |
Advisor Freedom 2015 | 5,842,978 | (35,532,008) | (3,611,818) |
Advisor Freedom 2020 | 9,933,861 | (83,490,631) | 12,996,589 |
Advisor Freedom 2025 | 6,782,821 | (53,781,443) | 9,990,471 |
Advisor Freedom 2030 | 7,859,154 | (75,012,132) | 7,989,236 |
Advisor Freedom 2035 | 4,419,329 | (37,616,185) | 4,206,645 |
Advisor Freedom 2040 | 5,387,380 | (36,100,262) | (43,281,236) |
Advisor Freedom 2045 | 1,330,689 | (7,479,724) | 14,512,699 |
Advisor Freedom 2050 | 1,044,143 | (7,387,590) | 8,240,632 |
The tax character of distributions paid was as follows:
March 31, 2010 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
Advisor Freedom Income | $ 5,386,214 | $ - | $ 5,386,214 |
Advisor Freedom 2005 | 4,599,553 | - | 4,599,553 |
Advisor Freedom 2010 | 21,195,098 | - | 21,195,098 |
Advisor Freedom 2015 | 30,068,389 | - | 30,068,389 |
Advisor Freedom 2020 | 46,813,378 | - | 46,813,378 |
Advisor Freedom 2025 | 30,807,178 | - | 30,807,178 |
Advisor Freedom 2030 | 32,895,819 | - | 32,895,819 |
Advisor Freedom 2035 | 17,729,224 | - | 17,729,224 |
Advisor Freedom 2040 | 22,536,795 | - | 22,536,795 |
Advisor Freedom 2045 | 5,084,127 | - | 5,084,127 |
Advisor Freedom 2050 | 4,084,372 | - | 4,084,372 |
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 |
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
March 31, 2009 | | | |
| Ordinary
Income | Long-term
Capital Gains | Total |
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 |
3. Purchases and Sales of Investments.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| Purchases ($) | Redemptions ($) |
Advisor Freedom Income | 102,325,147 | 61,395,658 |
Advisor Freedom 2005 | 106,915,265 | 58,434,887 |
Advisor Freedom 2010 | 341,964,143 | 314,718,078 |
Advisor Freedom 2015 | 533,200,094 | 314,821,134 |
Advisor Freedom 2020 | 782,254,071 | 446,516,813 |
Advisor Freedom 2025 | 542,574,873 | 222,849,615 |
Advisor Freedom 2030 | 597,161,063 | 268,926,770 |
Advisor Freedom 2035 | 361,803,646 | 119,567,643 |
Advisor Freedom 2040 | 376,509,144 | 167,658,019 |
Advisor Freedom 2045 | 133,266,207 | 28,977,725 |
Advisor Freedom 2050 | 101,117,541 | 25,588,000 |
4. 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.
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% | $ 302,442 | $ 34,180 |
Class T | .25% | .25% | 245,357 | 728 |
Class B | .75% | .25% | 48,179 | 36,168 |
Class C | .75% | .25% | 131,039 | 23,954 |
| | | $ 727,017 | $ 95,030 |
Annual Report
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
Advisor Freedom 2005 | Distribution
Fee | Service
Fee | Paid to
FDC | Retained by
FDC |
Class A | 0% | .25% | $ 309,852 | $ 79,090 |
Class T | .25% | .25% | 96,720 | 1,458 |
Class B | .75% | .25% | 30,183 | 22,645 |
Class C | .75% | .25% | 83,268 | 7,693 |
| | | $ 520,023 | $ 110,886 |
Advisor Freedom 2010 | | | | |
Class A | 0% | .25% | $ 1,081,091 | $ 213,976 |
Class T | .25% | .25% | 967,461 | 1,839 |
Class B | .75% | .25% | 225,084 | 169,048 |
Class C | .75% | .25% | 450,385 | 43,746 |
| | | $ 2,724,021 | $ 428,609 |
Advisor Freedom 2015 | | | | |
Class A | 0% | .25% | $ 1,669,492 | $ 304,897 |
Class T | .25% | .25% | 1,028,991 | 704 |
Class B | .75% | .25% | 334,070 | 250,703 |
Class C | .75% | .25% | 587,044 | 66,784 |
| | | $ 3,619,597 | $ 623,088 |
Advisor Freedom 2020 | | | | |
Class A | 0% | .25% | $ 2,474,661 | $ 441,049 |
Class T | .25% | .25% | 2,234,155 | 2,469 |
Class B | .75% | .25% | 659,073 | 494,602 |
Class C | .75% | .25% | 826,641 | 101,033 |
| | | $ 6,194,530 | $ 1,039,153 |
Advisor Freedom 2025 | | | | |
Class A | 0% | .25% | $ 1,938,804 | $ 393,810 |
Class T | .25% | .25% | 979,636 | 1,640 |
Class B | .75% | .25% | 352,109 | 264,258 |
Class C | .75% | .25% | 436,838 | 61,425 |
| | | $ 3,707,387 | $ 721,133 |
Advisor Freedom 2030 | | | | |
Class A | 0% | .25% | $ 2,000,372 | $ 341,826 |
Class T | .25% | .25% | 1,653,646 | 910 |
Class B | .75% | .25% | 462,700 | 347,322 |
Class C | .75% | .25% | 557,846 | 77,610 |
| | | $ 4,674,564 | $ 767,668 |
Advisor Freedom 2035 | | | | |
Class A | 0% | .25% | $ 1,261,837 | $ 251,318 |
Class T | .25% | .25% | 592,347 | 519 |
Class B | .75% | .25% | 240,137 | 180,267 |
Class C | .75% | .25% | 253,313 | 44,216 |
| | | $ 2,347,634 | $ 476,320 |
Advisor Freedom 2040 | | | | |
Class A | 0% | .25% | $ 1,322,150 | $ 170,364 |
Class T | .25% | .25% | 1,289,535 | 1,673 |
Class B | .75% | .25% | 386,610 | 290,229 |
Class C | .75% | .25% | 461,085 | 64,386 |
| | | $ 3,459,380 | $ 526,652 |
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
Advisor Freedom 2045 | Distribution
Fee | Service
Fee | Paid to
FDC | Retained by
FDC |
Class A | 0% | .25% | $ 363,766 | $ 77,891 |
Class T | .25% | .25% | 159,077 | 233 |
Class B | .75% | .25% | 32,859 | 24,673 |
Class C | .75% | .25% | 46,197 | 10,313 |
| | | $ 601,899 | $ 113,110 |
Advisor Freedom 2050 | | | | |
Class A | 0% | .25% | $ 250,102 | $ 29,017 |
Class T | .25% | .25% | 176,847 | 434 |
Class B | .75% | .25% | 46,715 | 35,085 |
Class C | .75% | .25% | 80,297 | 22,201 |
| | | $ 553,961 | $ 86,737 |
Sales Load. FDC receives a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Advisor Freedom Income | Retained
by FDC |
Class A | $ 14,401 |
Class T | 2,713 |
Class B* | 14,877 |
Class C* | 1,239 |
| $ 33,230 |
Advisor Freedom 2005 | |
Class A | $ 7,025 |
Class T | 816 |
Class B* | 6,695 |
Class C* | 479 |
| $ 15,015 |
Advisor Freedom 2010 | |
Class A | $ 25,027 |
Class T | 10,055 |
Class B* | 58,598 |
Class C* | 2,557 |
| $ 96,237 |
Advisor Freedom 2015 | |
Class A | $ 62,818 |
Class T | 15,477 |
Class B* | 85,561 |
Class C* | 6,149 |
| $ 170,005 |
Advisor Freedom 2020 | |
Class A | $ 106,044 |
Class T | 27,519 |
Class B* | 147,032 |
Class C* | 8,955 |
| $ 289,550 |
Annual Report
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
Advisor Freedom 2025 | Retained
by FDC |
Class A | $ 76,777 |
Class T | 22,470 |
Class B* | 103,490 |
Class C* | 5,298 |
| $ 208,035 |
Advisor Freedom 2030 | |
Class A | $ 88,664 |
Class T | 23,626 |
Class B* | 110,514 |
Class C* | 6,832 |
| $ 229,636 |
Advisor Freedom 2035 | |
Class A | $ 66,017 |
Class T | 17,054 |
Class B* | 54,786 |
Class C* | 3,553 |
| $ 141,410 |
Advisor Freedom 2040 | |
Class A | $ 83,138 |
Class T | 23,635 |
Class B* | 87,431 |
Class C* | 6,126 |
| $ 200,330 |
Advisor Freedom 2045 | |
Class A | $ 20,485 |
Class T | 5,045 |
Class B* | 12,765 |
Class C* | 1,041 |
| $ 39,336 |
Advisor Freedom 2050 | |
Class A | $ 22,931 |
Class T | 7,100 |
Class B* | 11,998 |
Class C* | 2,367 |
| $ 44,396 |
* 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.
5. 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% | $ 401 |
Class T | .50% | 162 |
Class B | 1.00% | 16 |
Class C | 1.00% | 43 |
Institutional Class | .00% | 43 |
Annual Report
Notes to Financial Statements - continued
5. Expense Reductions - continued
| Expense
Limitations | Reimbursement
from adviser |
Advisor Freedom 2005 | | |
Class A | .25% | $ 404 |
Class T | .50% | 63 |
Class B | 1.00% | 10 |
Class C | 1.00% | 27 |
Institutional Class | .00% | 47 |
Advisor Freedom 2010 | | |
Class A | .25% | 1,443 |
Class T | .50% | 645 |
Class B | 1.00% | 75 |
Class C | 1.00% | 150 |
Institutional Class | .00% | 204 |
Advisor Freedom 2015 | | |
Class A | .25% | 2,190 |
Class T | .50% | 674 |
Class B | 1.00% | 109 |
Class C | 1.00% | 192 |
Institutional Class | .00% | 362 |
Advisor Freedom 2020 | | |
Class A | .25% | 3,240 |
Class T | .50% | 1,462 |
Class B | 1.00% | 216 |
Class C | 1.00% | 270 |
Institutional Class | .00% | 534 |
Advisor Freedom 2025 | | |
Class A | .25% | 2,510 |
Class T | .50% | 634 |
Class B | 1.00% | 114 |
Class C | 1.00% | 141 |
Institutional Class | .00% | 346 |
Advisor Freedom 2030 | | |
Class A | .25% | 2,596 |
Class T | .50% | 1,073 |
Class B | 1.00% | 149 |
Class C | 1.00% | 181 |
Institutional Class | .00% | 424 |
Advisor Freedom 2035 | | |
Class A | .25% | 1,621 |
Class T | .50% | 380 |
Class B | 1.00% | 77 |
Class C | 1.00% | 81 |
Institutional Class | .00% | 226 |
Advisor Freedom 2040 | | |
Class A | .25% | 1,716 |
Class T | .50% | 837 |
Class B | 1.00% | 126 |
Class C | 1.00% | 150 |
Institutional Class | .00% | 301 |
Annual Report
5. Expense Reductions - continued
| Expense
Limitations | Reimbursement
from adviser |
Advisor Freedom 2045 | | |
Class A | .25% | $ 456 |
Class T | .50% | 100 |
Class B | 1.00% | 10 |
Class C | 1.00% | 15 |
Institutional Class | .00% | 70 |
Advisor Freedom 2050 | | |
Class A | .25% | 316 |
Class T | .50% | 112 |
Class B | 1.00% | 15 |
Class C | 1.00% | 25 |
Institutional Class | .00% | 85 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended March 31, | 2010 | 2009 |
Advisor Freedom Income | | |
From net investment income | | |
Class A | $ 2,649,510 | $ 2,990,969 |
Class T | 962,627 | 1,242,739 |
Class B | 69,674 | 118,298 |
Class C | 185,548 | 295,522 |
Institutional Class | 317,793 | 304,252 |
Total | $ 4,185,152 | $ 4,951,780 |
From net realized gain | | |
Class A | $ 732,418 | $ 1,103,465 |
Class T | 282,856 | 501,951 |
Class B | 27,780 | 58,786 |
Class C | 75,264 | 143,588 |
Institutional Class | 82,744 | 102,215 |
Total | $ 1,201,062 | $ 1,910,005 |
Advisor Freedom 2005 | | |
From net investment income | | |
Class A | $ 2,464,352 | $ 2,875,262 |
Class T | 327,239 | 435,635 |
Class B | 32,599 | 67,624 |
Class C | 95,996 | 160,605 |
Institutional Class | 330,921 | 324,455 |
Total | $ 3,251,107 | $ 3,863,581 |
From net realized gain | | |
Class A | $ 994,230 | $ 2,130,306 |
Class T | 147,352 | 423,340 |
Class B | 21,486 | 84,230 |
Class C | 61,066 | 214,103 |
Institutional Class | 124,312 | 207,885 |
Total | $ 1,348,446 | $ 3,059,864 |
Annual Report
Notes to Financial Statements - continued
6. Distributions to Shareholders - continued
Years ended March 31, | 2010 | 2009 |
Advisor Freedom 2010 | | |
From net investment income | | |
Class A | $ 9,091,104 | $ 10,947,222 |
Class T | 3,497,344 | 5,111,081 |
Class B | 293,043 | 504,030 |
Class C | 620,780 | 905,547 |
Institutional Class | 1,468,089 | 1,477,806 |
Total | $ 14,970,360 | $ 18,945,686 |
From net realized gain | | |
Class A | $ 3,593,351 | $ 10,198,551 |
Class T | 1,546,799 | 5,679,097 |
Class B | 178,771 | 862,119 |
Class C | 368,444 | 1,488,953 |
Institutional Class | 537,373 | 1,190,826 |
Total | $ 6,224,738 | $ 19,419,546 |
Advisor Freedom 2015 | | |
From net investment income | | |
Class A | $ 13,679,424 | $ 14,240,612 |
Class T | 3,527,564 | 4,518,598 |
Class B | 416,674 | 620,340 |
Class C | 743,299 | 1,044,267 |
Institutional Class | 2,473,155 | 2,519,733 |
Total | $ 20,840,116 | $ 22,943,550 |
From net realized gain | | |
Class A | $ 5,842,830 | $ 15,189,802 |
Class T | 1,678,828 | 5,848,859 |
Class B | 274,462 | 1,211,160 |
Class C | 483,221 | 1,851,735 |
Institutional Class | 948,932 | 2,144,292 |
Total | $ 9,228,273 | $ 26,245,848 |
Advisor Freedom 2020 | | |
From net investment income | | |
Class A | $ 18,974,843 | $ 19,215,664 |
Class T | 7,050,784 | 9,183,010 |
Class B | 736,617 | 1,086,901 |
Class C | 991,170 | 1,261,267 |
Institutional Class | 3,574,261 | 3,144,021 |
Total | $ 31,327,675 | $ 33,890,863 |
From net realized gain | | |
Class A | $ 8,917,115 | $ 28,711,282 |
Class T | 3,758,542 | 15,997,485 |
Class B | 555,113 | 3,039,923 |
Class C | 727,102 | 3,299,753 |
Institutional Class | 1,527,831 | 3,413,264 |
Total | $ 15,485,703 | $ 54,461,707 |
Advisor Freedom 2025 | | |
From net investment income | | |
Class A | $ 14,118,695 | $ 13,299,070 |
Class T | 2,959,037 | 3,310,848 |
Class B | 362,584 | 505,085 |
Class C | 486,550 | 558,066 |
Institutional Class | 2,155,759 | 1,956,756 |
Total | $ 20,082,625 | $ 19,629,825 |
Annual Report
6. Distributions to Shareholders - continued
Years ended March 31, | 2010 | 2009 |
Advisor Freedom 2025 | | |
From net realized gain | | |
Class A | $ 7,285,104 | $ 19,217,652 |
Class T | 1,738,010 | 5,918,387 |
Class B | 307,778 | 1,447,951 |
Class C | 396,872 | 1,386,204 |
Institutional Class | 996,789 | 2,048,202 |
Total | $ 10,724,553 | $ 30,018,396 |
Advisor Freedom 2030 | | |
From net investment income | | |
Class A | $ 12,452,357 | $ 12,523,897 |
Class T | 4,250,834 | 5,041,844 |
Class B | 365,617 | 523,790 |
Class C | 474,232 | 595,367 |
Institutional Class | 2,328,021 | 2,087,935 |
Total | $ 19,871,061 | $ 20,772,833 |
From net realized gain | | |
Class A | $ 7,715,428 | $ 24,763,231 |
Class T | 3,092,971 | 11,555,431 |
Class B | 420,885 | 2,319,770 |
Class C | 529,883 | 2,296,059 |
Institutional Class | 1,265,591 | 2,829,958 |
Total | $ 13,024,758 | $ 43,764,449 |
Advisor Freedom 2035 | | |
From net investment income | | |
Class A | $ 7,722,463 | $ 6,685,226 |
Class T | 1,461,433 | 1,578,824 |
Class B | 182,301 | 253,655 |
Class C | 206,849 | 241,140 |
Institutional Class | 1,221,702 | 1,000,816 |
Total | $ 10,794,748 | $ 9,759,661 |
From net realized gain | | |
Class A | $ 4,762,560 | $ 12,449,964 |
Class T | 1,063,886 | 3,685,700 |
Class B | 213,235 | 1,024,129 |
Class C | 229,952 | 863,970 |
Institutional Class | 664,843 | 1,315,321 |
Total | $ 6,934,476 | $ 19,339,084 |
Advisor Freedom 2040 | | |
From net investment income | | |
Class A | $ 8,229,546 | $ 7,793,389 |
Class T | 3,279,826 | 3,588,898 |
Class B | 308,904 | 436,286 |
Class C | 383,546 | 515,663 |
Institutional Class | 1,642,482 | 1,332,872 |
Total | $ 13,844,304 | $ 13,667,108 |
From net realized gain | | |
Class A | $ 4,852,217 | $ 18,027,783 |
Class T | 2,246,554 | 9,963,489 |
Class B | 335,168 | 2,093,643 |
Class C | 406,856 | 2,284,827 |
Institutional Class | 851,696 | 2,009,383 |
Total | $ 8,692,491 | $ 34,379,125 |
Annual Report
Notes to Financial Statements - continued
6. Distributions to Shareholders - continued
Years ended March 31, | 2010 | 2009 |
Advisor Freedom 2045 | | |
From net investment income | | |
Class A | $ 2,212,999 | $ 1,453,387 |
Class T | 408,091 | 279,952 |
Class B | 25,209 | 27,920 |
Class C | 39,467 | 33,745 |
Institutional Class | 374,869 | 218,818 |
Total | $ 3,060,635 | $ 2,013,822 |
From net realized gain | | |
Class A | $ 1,430,150 | $ 1,746,634 |
Class T | 305,415 | 344,367 |
Class B | 29,833 | 73,453 |
Class C | 44,309 | 73,894 |
Institutional Class | 213,785 | 197,186 |
Total | $ 2,023,492 | $ 2,435,534 |
Advisor Freedom 2050 | | |
From net investment income | | |
Class A | $ 1,439,113 | $ 1,030,278 |
Class T | 429,631 | 319,811 |
Class B | 33,433 | 38,529 |
Class C | 56,059 | 62,649 |
Institutional Class | 423,979 | 288,686 |
Total | $ 2,382,215 | $ 1,739,953 |
From net realized gain | | |
Class A | $ 987,306 | $ 1,711,927 |
Class T | 342,451 | 515,363 |
Class B | 43,522 | 110,348 |
Class C | 74,386 | 167,930 |
Institutional Class | 254,492 | 240,733 |
Total | $ 1,702,157 | $ 2,746,301 |
7. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom Income | | | | |
Class A | | | | |
Shares sold | 5,939,919 | 6,982,465 | $ 58,801,119 | $ 67,700,366 |
Reinvestment of distributions | 337,348 | 424,486 | 3,334,001 | 4,014,480 |
Shares redeemed | (3,231,976) | (5,026,311) | (32,123,087) | (47,294,795) |
Net increase (decrease) | 3,045,291 | 2,380,640 | $ 30,012,033 | $ 24,420,051 |
Class T | | | | |
Shares sold | 2,030,571 | 2,860,068 | $ 19,971,346 | $ 27,200,706 |
Reinvestment of distributions | 121,701 | 178,640 | 1,199,887 | 1,693,207 |
Shares redeemed | (2,006,879) | (2,445,970) | (19,795,299) | (23,290,929) |
Net increase (decrease) | 145,393 | 592,738 | $ 1,375,934 | $ 5,602,984 |
Class B | | | | |
Shares sold | 162,405 | 157,222 | $ 1,613,389 | $ 1,476,911 |
Reinvestment of distributions | 9,197 | 17,174 | 90,890 | 162,898 |
Shares redeemed | (147,684) | (214,129) | (1,450,520) | (1,990,988) |
Net increase (decrease) | 23,918 | (39,733) | $ 253,759 | $ (351,179) |
Annual Report
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom Income | | | | |
Class C | | | | |
Shares sold | 396,874 | 508,802 | $ 3,943,497 | $ 4,852,317 |
Reinvestment of distributions | 22,975 | 39,179 | 227,312 | 372,190 |
Shares redeemed | (300,368) | (655,537) | (2,962,489) | (6,321,803) |
Net increase (decrease) | 119,481 | (107,556) | $ 1,208,320 | $ (1,097,296) |
Institutional Class | | | | |
Shares sold | 1,124,925 | 766,168 | $ 11,177,705 | $ 7,275,963 |
Reinvestment of distributions | 40,001 | 42,274 | 396,841 | 402,268 |
Shares redeemed | (381,938) | (712,207) | (3,796,827) | (6,686,370) |
Net increase (decrease) | 782,988 | 96,235 | $ 7,777,719 | $ 991,861 |
Advisor Freedom 2005 | | | | |
Class A | | | | |
Shares sold | 7,317,164 | 7,824,991 | $ 72,565,372 | $ 76,183,885 |
Reinvestment of distributions | 339,976 | 527,603 | 3,435,631 | 4,959,217 |
Shares redeemed | (3,890,338) | (6,052,431) | (38,525,238) | (57,057,843) |
Net increase (decrease) | 3,766,802 | 2,300,163 | $ 37,475,765 | $ 24,085,259 |
Class T | | | | |
Shares sold | 1,132,309 | 1,107,674 | $ 11,030,532 | $ 10,689,045 |
Reinvestment of distributions | 45,061 | 83,844 | 455,100 | 807,051 |
Shares redeemed | (773,364) | (1,238,205) | (7,549,693) | (11,959,868) |
Net increase (decrease) | 404,006 | (46,687) | $ 3,935,939 | $ (463,772) |
Class B | | | | |
Shares sold | 54,150 | 93,691 | $ 533,127 | $ 943,061 |
Reinvestment of distributions | 4,964 | 14,275 | 50,271 | 138,494 |
Shares redeemed | (109,244) | (157,750) | (1,080,645) | (1,505,391) |
Net increase (decrease) | (50,130) | (49,784) | $ (497,247) | $ (423,836) |
Class C | | | | |
Shares sold | 305,167 | 332,577 | $ 3,018,553 | $ 3,214,674 |
Reinvestment of distributions | 14,510 | 34,394 | 146,747 | 335,809 |
Shares redeemed | (267,085) | (504,271) | (2,621,078) | (4,858,459) |
Net increase (decrease) | 52,592 | (137,300) | $ 544,222 | $ (1,307,976) |
Institutional Class | | | | |
Shares sold | 937,114 | 679,881 | $ 9,468,701 | $ 6,849,983 |
Reinvestment of distributions | 44,760 | 56,512 | 455,233 | 527,550 |
Shares redeemed | (359,918) | (434,113) | (3,572,136) | (4,200,339) |
Net increase (decrease) | 621,956 | 302,280 | $ 6,351,798 | $ 3,177,194 |
Advisor Freedom 2010 | | | | |
Class A | | | | |
Shares sold | 18,880,491 | 27,644,971 | $ 190,682,441 | $ 279,300,486 |
Reinvestment of distributions | 1,212,193 | 2,137,557 | 12,543,848 | 20,813,308 |
Shares redeemed | (17,530,431) | (20,377,432) | (178,487,457) | (193,937,215) |
Net increase (decrease) | 2,562,253 | 9,405,096 | $ 24,738,832 | $ 106,176,579 |
Class T | | | | |
Shares sold | 5,949,706 | 10,512,535 | $ 58,943,534 | $ 100,864,998 |
Reinvestment of distributions | 481,295 | 1,078,073 | 4,961,234 | 10,623,798 |
Shares redeemed | (7,663,328) | (9,978,388) | (76,116,113) | (95,483,371) |
Net increase (decrease) | (1,232,327) | 1,612,220 | $ (12,211,345) | $ 16,005,425 |
Class B | | | | |
Shares sold | 182,133 | 360,739 | $ 1,835,344 | $ 3,611,530 |
Reinvestment of distributions | 42,625 | 121,076 | 441,800 | 1,229,138 |
Shares redeemed | (595,063) | (951,618) | (5,991,071) | (8,905,172) |
Net increase (decrease) | (370,305) | (469,803) | $ (3,713,927) | $ (4,064,504) |
Annual Report
Notes to Financial Statements - continued
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom 2010 | | | | |
Class C | | | | |
Shares sold | 952,028 | 1,451,192 | $ 9,446,683 | $ 14,356,301 |
Reinvestment of distributions | 86,895 | 207,922 | 896,335 | 2,096,514 |
Shares redeemed | (1,279,015) | (2,043,613) | (12,836,486) | (19,263,851) |
Net increase (decrease) | (240,092) | (384,499) | $ (2,493,468) | $ (2,811,036) |
Institutional Class | | | | |
Shares sold | 3,337,499 | 3,808,131 | $ 33,780,398 | $ 39,641,688 |
Reinvestment of distributions | 192,208 | 267,634 | 1,998,866 | 2,583,482 |
Shares redeemed | (1,682,623) | (2,374,575) | (17,082,328) | (22,636,136) |
Net increase (decrease) | 1,847,084 | 1,701,190 | $ 18,696,936 | $ 19,589,034 |
Advisor Freedom 2015 | | | | |
Class A | | | | |
Shares sold | 32,164,983 | 33,660,949 | $ 323,357,211 | $ 332,436,308 |
Reinvestment of distributions | 1,876,238 | 2,969,139 | 19,317,105 | 29,046,026 |
Shares redeemed | (16,585,226) | (21,015,336) | (165,743,140) | (201,059,105) |
Net increase (decrease) | 17,455,995 | 15,614,752 | $ 176,931,176 | $ 160,423,229 |
Class T | | | | |
Shares sold | 6,975,850 | 9,552,536 | $ 68,177,681 | $ 93,377,388 |
Reinvestment of distributions | 490,769 | 1,015,718 | 5,039,209 | 10,080,764 |
Shares redeemed | (6,790,785) | (7,598,715) | (67,432,006) | (71,596,533) |
Net increase (decrease) | 675,834 | 2,969,539 | $ 5,784,884 | $ 31,861,619 |
Class B | | | | |
Shares sold | 449,760 | 681,198 | $ 4,433,310 | $ 6,933,950 |
Reinvestment of distributions | 64,006 | 168,864 | 659,460 | 1,718,215 |
Shares redeemed | (633,005) | (1,095,174) | (6,220,872) | (10,356,068) |
Net increase (decrease) | (119,239) | (245,112) | $ (1,128,102) | $ (1,703,903) |
Class C | | | | |
Shares sold | 1,453,766 | 1,862,954 | $ 14,350,142 | $ 18,285,509 |
Reinvestment of distributions | 110,378 | 257,190 | 1,134,531 | 2,586,187 |
Shares redeemed | (1,395,406) | (1,826,626) | (13,893,073) | (17,084,660) |
Net increase (decrease) | 168,738 | 293,518 | $ 1,591,600 | $ 3,787,036 |
Institutional Class | | | | |
Shares sold | 5,176,355 | 6,396,847 | $ 52,604,404 | $ 66,855,852 |
Reinvestment of distributions | 329,755 | 480,395 | 3,408,927 | 4,619,510 |
Shares redeemed | (2,498,861) | (3,018,599) | (25,183,981) | (28,959,207) |
Net increase (decrease) | 3,007,249 | 3,858,643 | $ 30,829,350 | $ 42,516,155 |
Advisor Freedom 2020 | | | | |
Class A | | | | |
Shares sold | 45,183,836 | 42,768,917 | $ 463,202,937 | $ 438,011,578 |
Reinvestment of distributions | 2,595,974 | 4,520,276 | 27,655,510 | 47,381,140 |
Shares redeemed | (22,376,535) | (26,063,863) | (229,963,322) | (259,723,487) |
Net increase (decrease) | 25,403,275 | 21,225,330 | $ 260,895,125 | $ 225,669,231 |
Class T | | | | |
Shares sold | 13,389,476 | 18,886,061 | $ 134,409,911 | $ 186,399,308 |
Reinvestment of distributions | 1,003,112 | 2,337,116 | 10,676,415 | 24,805,802 |
Shares redeemed | (14,031,668) | (14,070,253) | (143,283,312) | (140,504,124) |
Net increase (decrease) | 360,920 | 7,152,924 | $ 1,803,014 | $ 70,700,986 |
Class B | | | | |
Shares sold | 786,273 | 1,103,375 | $ 7,911,628 | $ 11,809,274 |
Reinvestment of distributions | 116,218 | 360,923 | 1,242,364 | 3,962,480 |
Shares redeemed | (1,125,596) | (1,839,222) | (11,397,490) | (18,050,005) |
Net increase (decrease) | (223,105) | (374,924) | $ (2,243,498) | $ (2,278,251) |
Annual Report
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom 2020 | | | | |
Class C | | | | |
Shares sold | 2,227,854 | 2,884,143 | $ 22,595,108 | $ 29,790,918 |
Reinvestment of distributions | 147,034 | 361,443 | 1,569,561 | 3,933,566 |
Shares redeemed | (1,920,594) | (2,865,470) | (19,584,995) | (27,955,288) |
Net increase (decrease) | 454,294 | 380,116 | $ 4,579,674 | $ 5,769,196 |
Institutional Class | | | | |
Shares sold | 8,404,614 | 8,703,199 | $ 87,788,002 | $ 92,686,776 |
Reinvestment of distributions | 474,048 | 630,394 | 5,075,149 | 6,383,899 |
Shares redeemed | (3,015,266) | (2,981,000) | (31,218,230) | (29,805,650) |
Net increase (decrease) | 5,863,396 | 6,352,593 | $ 61,644,921 | $ 69,265,025 |
Advisor Freedom 2025 | | | | |
Class A | | | | |
Shares sold | 40,250,497 | 36,598,209 | $ 395,216,135 | $ 351,257,221 |
Reinvestment of distributions | 2,082,741 | 3,228,324 | 21,253,319 | 32,255,912 |
Shares redeemed | (17,708,216) | (17,140,862) | (173,855,795) | (160,248,668) |
Net increase (decrease) | 24,625,022 | 22,685,671 | $ 242,613,659 | $ 223,264,465 |
Class T | | | | |
Shares sold | 8,314,781 | 9,116,017 | $ 80,263,098 | $ 86,676,520 |
Reinvestment of distributions | 448,807 | 882,777 | 4,590,362 | 9,017,264 |
Shares redeemed | (5,953,703) | (5,644,264) | (58,549,334) | (53,391,522) |
Net increase (decrease) | 2,809,885 | 4,354,530 | $ 26,304,126 | $ 42,302,262 |
Class B | | | | |
Shares sold | 580,667 | 743,353 | $ 5,471,445 | $ 7,578,046 |
Reinvestment of distributions | 63,222 | 179,009 | 646,389 | 1,884,532 |
Shares redeemed | (658,819) | (812,754) | (6,344,074) | (7,458,928) |
Net increase (decrease) | (14,930) | 109,608 | $ (226,240) | $ 2,003,650 |
Class C | | | | |
Shares sold | 1,510,376 | 1,719,703 | $ 14,596,541 | $ 16,055,880 |
Reinvestment of distributions | 82,292 | 173,569 | 840,011 | 1,792,762 |
Shares redeemed | (907,187) | (960,545) | (8,676,397) | (8,431,223) |
Net increase (decrease) | 685,481 | 932,727 | $ 6,760,155 | $ 9,417,419 |
Institutional Class | | | | |
Shares sold | 4,943,550 | 7,043,431 | $ 48,886,534 | $ 74,326,650 |
Reinvestment of distributions | 307,002 | 412,243 | 3,146,123 | 3,981,166 |
Shares redeemed | (1,470,965) | (2,496,321) | (14,449,276) | (24,805,293) |
Net increase (decrease) | 3,779,587 | 4,959,353 | $ 37,583,381 | $ 53,502,523 |
Advisor Freedom 2030 | | | | |
Class A | | | | |
Shares sold | 38,797,182 | 36,571,859 | $ 395,875,652 | $ 369,068,951 |
Reinvestment of distributions | 1,866,748 | 3,333,735 | 19,998,334 | 36,933,871 |
Shares redeemed | (17,846,987) | (18,526,964) | (181,939,183) | (184,096,059) |
Net increase (decrease) | 22,816,943 | 21,378,630 | $ 233,934,803 | $ 221,906,763 |
Class T | | | | |
Shares sold | 12,307,212 | 15,493,194 | $ 122,751,803 | $ 151,841,595 |
Reinvestment of distributions | 680,438 | 1,467,862 | 7,274,926 | 16,407,269 |
Shares redeemed | (9,841,745) | (8,605,624) | (99,921,008) | (87,102,297) |
Net increase (decrease) | 3,145,905 | 8,355,432 | $ 30,105,721 | $ 81,146,567 |
Class B | | | | |
Shares sold | 600,341 | 853,353 | $ 5,980,332 | $ 9,110,199 |
Reinvestment of distributions | 70,777 | 234,952 | 763,149 | 2,754,171 |
Shares redeemed | (760,195) | (998,967) | (7,622,000) | (9,944,194) |
Net increase (decrease) | (89,077) | 89,338 | $ (878,519) | $ 1,920,176 |
Annual Report
Notes to Financial Statements - continued
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom 2030 | | | | |
Class C | | | | |
Shares sold | 1,605,657 | 1,778,130 | $ 16,073,300 | $ 17,627,965 |
Reinvestment of distributions | 87,396 | 229,804 | 939,821 | 2,662,650 |
Shares redeemed | (1,278,913) | (1,190,976) | (13,072,332) | (11,472,328) |
Net increase (decrease) | 414,140 | 816,958 | $ 3,940,789 | $ 8,818,287 |
Institutional Class | | | | |
Shares sold | 6,778,493 | 7,173,836 | $ 70,133,488 | $ 74,902,303 |
Reinvestment of distributions | 333,659 | 456,149 | 3,581,406 | 4,820,536 |
Shares redeemed | (2,077,011) | (2,109,452) | (21,173,240) | (21,087,016) |
Net increase (decrease) | 5,035,141 | 5,520,533 | $ 52,541,654 | $ 58,635,823 |
Advisor Freedom 2035 | | | | |
Class A | | | | |
Shares sold | 29,478,855 | 24,984,613 | $ 283,259,853 | $ 233,206,889 |
Reinvestment of distributions | 1,224,913 | 1,840,329 | 12,371,642 | 18,981,347 |
Shares redeemed | (11,681,770) | (9,851,227) | (113,019,155) | (92,108,084) |
Net increase (decrease) | 19,021,998 | 16,973,715 | $ 182,612,340 | $ 160,080,152 |
Class T | | | | |
Shares sold | 5,784,903 | 5,952,168 | $ 54,332,277 | $ 55,077,528 |
Reinvestment of distributions | 245,284 | 492,541 | 2,472,154 | 5,172,978 |
Shares redeemed | (3,918,900) | (3,034,429) | (37,204,051) | (28,314,087) |
Net increase (decrease) | 2,111,287 | 3,410,280 | $ 19,600,380 | $ 31,936,419 |
Class B | | | | |
Shares sold | 405,509 | 579,388 | $ 3,788,136 | $ 5,700,656 |
Reinvestment of distributions | 38,336 | 114,147 | 387,872 | 1,248,634 |
Shares redeemed | (357,555) | (425,319) | (3,379,935) | (3,994,907) |
Net increase (decrease) | 86,290 | 268,216 | $ 796,073 | $ 2,954,383 |
Class C | | | | |
Shares sold | 971,148 | 1,020,539 | $ 9,096,299 | $ 9,370,199 |
Reinvestment of distributions | 41,555 | 96,416 | 420,018 | 1,041,544 |
Shares redeemed | (574,523) | (479,767) | (5,371,383) | (4,400,281) |
Net increase (decrease) | 438,180 | 637,188 | $ 4,144,934 | $ 6,011,462 |
Institutional Class | | | | |
Shares sold | 3,975,253 | 4,318,097 | $ 38,607,280 | $ 43,926,192 |
Reinvestment of distributions | 186,356 | 233,544 | 1,885,670 | 2,312,872 |
Shares redeemed | (1,088,290) | (1,210,387) | (10,464,439) | (11,613,780) |
Net increase (decrease) | 3,073,319 | 3,341,254 | $ 30,028,511 | $ 34,625,284 |
Advisor Freedom 2040 | | | | |
Class A | | | | |
Shares sold | 24,913,305 | 22,907,802 | $ 252,890,462 | $ 229,408,437 |
Reinvestment of distributions | 1,193,321 | 2,235,268 | 12,861,441 | 25,465,481 |
Shares redeemed | (12,253,872) | (11,591,220) | (125,782,802) | (118,053,909) |
Net increase (decrease) | 13,852,754 | 13,551,850 | $ 139,969,101 | $ 136,820,009 |
Class T | | | | |
Shares sold | 10,000,332 | 11,685,682 | $ 99,858,612 | $ 115,123,107 |
Reinvestment of distributions | 509,696 | 1,168,582 | 5,481,963 | 13,493,008 |
Shares redeemed | (8,036,589) | (6,458,211) | (81,578,421) | (67,074,170) |
Net increase (decrease) | 2,473,439 | 6,396,053 | $ 23,762,154 | $ 61,541,945 |
Class B | | | | |
Shares sold | 476,095 | 697,441 | $ 4,732,469 | $ 7,381,584 |
Reinvestment of distributions | 58,166 | 205,367 | 628,599 | 2,471,340 |
Shares redeemed | (566,960) | (768,134) | (5,619,118) | (7,870,942) |
Net increase (decrease) | (32,699) | 134,674 | $ (258,050) | $ 1,981,982 |
Annual Report
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom 2040 | | | | |
Class C | | | | |
Shares sold | 1,191,976 | 1,430,154 | $ 11,944,778 | $ 14,372,126 |
Reinvestment of distributions | 70,129 | 222,333 | 756,765 | 2,652,427 |
Shares redeemed | (1,050,495) | (1,186,886) | (10,581,828) | (11,203,689) |
Net increase (decrease) | 211,610 | 465,601 | $ 2,119,715 | $ 5,820,864 |
Institutional Class | | | | |
Shares sold | 4,937,197 | 5,128,738 | $ 50,576,131 | $ 52,025,528 |
Reinvestment of distributions | 230,524 | 301,181 | 2,486,427 | 3,256,018 |
Shares redeemed | (1,571,826) | (1,363,335) | (15,921,925) | (14,118,456) |
Net increase (decrease) | 3,595,895 | 4,066,584 | $ 37,140,633 | $ 41,163,090 |
Advisor Freedom 2045 | | | | |
Class A | | | | |
Shares sold | 13,663,363 | 10,501,973 | $ 108,131,504 | $ 79,738,869 |
Reinvestment of distributions | 434,034 | 402,720 | 3,629,970 | 3,193,824 |
Shares redeemed | (4,807,430) | (2,847,127) | (38,399,839) | (21,159,265) |
Net increase (decrease) | 9,289,967 | 8,057,566 | $ 73,361,635 | $ 61,773,428 |
Class T | | | | |
Shares sold | 3,019,866 | 2,641,382 | $ 23,345,550 | $ 19,692,407 |
Reinvestment of distributions | 84,802 | 78,999 | 708,733 | 621,637 |
Shares redeemed | (1,269,123) | (760,540) | (9,935,840) | (5,831,312) |
Net increase (decrease) | 1,835,545 | 1,959,841 | $ 14,118,443 | $ 14,482,732 |
Class B | | | | |
Shares sold | 151,912 | 201,093 | $ 1,183,636 | $ 1,704,203 |
Reinvestment of distributions | 6,409 | 11,604 | 53,934 | 99,161 |
Shares redeemed | (75,001) | (69,458) | (599,710) | (523,370) |
Net increase (decrease) | 83,320 | 143,239 | $ 637,860 | $ 1,279,994 |
Class C | | | | |
Shares sold | 299,037 | 340,192 | $ 2,351,191 | $ 2,575,960 |
Reinvestment of distributions | 9,804 | 12,674 | 82,368 | 105,589 |
Shares redeemed | (118,526) | (81,675) | (901,091) | (587,757) |
Net increase (decrease) | 190,315 | 271,191 | $ 1,532,468 | $ 2,093,792 |
Institutional Class | | | | |
Shares sold | 2,136,614 | 1,743,476 | $ 16,905,851 | $ 13,791,749 |
Reinvestment of distributions | 70,375 | 54,380 | 588,654 | 416,004 |
Shares redeemed | (553,542) | (376,442) | (4,413,315) | (3,079,340) |
Net increase (decrease) | 1,653,447 | 1,421,414 | $ 13,081,190 | $ 11,128,413 |
Advisor Freedom 2050 | | | | |
Class A | | | | |
Shares sold | 9,581,471 | 7,208,292 | $ 73,833,021 | $ 52,190,277 |
Reinvestment of distributions | 291,959 | 338,127 | 2,406,119 | 2,729,949 |
Shares redeemed | (4,148,608) | (2,726,472) | (32,257,966) | (20,275,710) |
Net increase (decrease) | 5,724,822 | 4,819,947 | $ 43,981,174 | $ 34,644,516 |
Class T | | | | |
Shares sold | 3,635,495 | 3,043,075 | $ 27,820,143 | $ 22,952,674 |
Reinvestment of distributions | 92,896 | 103,511 | 765,843 | 821,243 |
Shares redeemed | (2,095,310) | (874,640) | (16,196,123) | (6,429,499) |
Net increase (decrease) | 1,633,081 | 2,271,946 | $ 12,389,863 | $ 17,344,418 |
Class B | | | | |
Shares sold | 210,935 | 270,438 | $ 1,592,970 | $ 2,159,352 |
Reinvestment of distributions | 9,042 | 16,859 | 75,136 | 143,208 |
Shares redeemed | (87,238) | (72,982) | (663,372) | (547,997) |
Net increase (decrease) | 132,739 | 214,315 | $ 1,004,734 | $ 1,754,563 |
Annual Report
Notes to Financial Statements - continued
7. Share Transactions - continued
| Shares | Dollars |
Years ended March 31, | 2010 | 2009 | 2010 | 2009 |
Advisor Freedom 2050 | | | | |
Class C | | | | |
Shares sold | 373,964 | 515,969 | $ 2,823,004 | $ 3,934,942 |
Reinvestment of distributions | 14,928 | 25,508 | 124,197 | 214,919 |
Shares redeemed | (224,961) | (110,097) | (1,746,454) | (804,741) |
Net increase (decrease) | 163,931 | 431,380 | $ 1,200,747 | $ 3,345,120 |
Institutional Class | | | | |
Shares sold | 2,689,897 | 2,337,700 | $ 21,086,162 | $ 17,484,042 |
Reinvestment of distributions | 82,208 | 72,013 | 678,287 | 526,754 |
Shares redeemed | (780,619) | (442,034) | (6,106,242) | (3,255,730) |
Net increase (decrease) | 1,991,486 | 1,967,679 | $ 15,658,207 | $ 14,755,066 |
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Advisor Freedom Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
Fund | Advisor Freedom
2020 | 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 | 50% |
Fidelity Advisor Large Cap Fund | 63% |
Fidelity Advisor Overseas Fund | 44% |
Fidelity Advisor High Income Advantage Fund | 25% |
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, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2010, by correspondence with the transfer agent; where replies were not received from the transfer agent, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Fidelity Advisor Freedom Income Fund, Fidelity Advisor Freedom 2005 Fund, Fidelity Advisor Freedom 2010 Fund, Fidelity Advisor Freedom 2015 Fund, Fidelity Advisor Freedom 2020 Fund, Fidelity Advisor Freedom 2025 Fund, Fidelity Advisor Freedom 2030 Fund, Fidelity Advisor Freedom 2035 Fund, Fidelity Advisor Freedom 2040 Fund, Fidelity Advisor Freedom 2045 Fund and Fidelity Advisor Freedom 2050 Fund as of March 31, 2010, 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 periods presented, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 21, 2010
Annual Report
The Trustees and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Fidelity Advisor Freedom Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fidelity Advisor Freedom Fund's activities, review contractual arrangements with companies that provide services to each Fidelity Advisor Freedom Fund, oversee management of the risks associated with such activities and contractual arrangements, and review each Fidelity Advisor Freedom Fund's performance. If the interests of a Fidelity Advisor Freedom Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Fidelity Advisor Freedom Funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers and the Trustees would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for James C. Curvey, each of the Trustees oversees 189 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 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 hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Funds' Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Kenneth L. Wolfe serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate. The responsibilities of each committee, including their oversight responsibilities, are described further under "Standing Committees of the Funds' Trustees."
Annual Report
Trustees and Officers - continued
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
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 Occupations and Other Relevant Experience+ |
Abigail P. Johnson (48) |
| Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal and Workplace Investing (2005-present). Ms. Johnson is a Director of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related. |
James C. Curvey (74) |
| 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.
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupations and Other Relevant Experience+ |
Albert R. Gamper, Jr. (68) |
| 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 (2002-2003). He also served as President and Chief Executive Officer of Tyco Capital Corporation (2001-2002). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Robert F. Gartland (58) |
| Year of Election or Appointment: 2010 Mr. Gartland is a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-present) and is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007). |
Arthur E. Johnson (63) |
| 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). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson and Ms. Abigail P. Johnson are not related. |
Michael E. Kenneally (56) |
| Year of Election or Appointment: 2009 Prior to his retirement, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). 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 funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
James H. Keyes (69) |
| 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, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (63) |
| 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, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California 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 (71) |
| Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009). |
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Executive Officers:
Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
John R. Hebble (51) |
| Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolio (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments. |
Boyce I. Greer (54) |
| 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 of the Asset Allocation Division (2008-present), 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 (2005-present). Previously, Mr. Greer served as Executive Vice President of FMR Co., Inc. (2005-2009), and as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005). |
Derek L. Young (45) |
| Year of Election or Appointment: 2009 Vice President of Fidelity's Asset Allocation Funds. Mr. Young also serves as Chief Investment Officers of the Global Asset Allocation Group (2009-present). Previously, Mr. Young served as a portfolio manager. |
Scott C. Goebel (42) |
| 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 Officer 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 (55) |
| 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 (51) |
| 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 (42) |
| 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. |
Jeffrey S. Christian (48) |
| Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009). |
Bryan A. Mehrmann (48) |
| Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. |
Stephanie J. Dorsey (40) |
| 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. |
Paul M. Murphy (63) |
| Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. 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). |
Kenneth B. Robins (40) |
| Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008). |
Gary W. Ryan (51) |
| 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 Advisor Freedom Income Fund | | | | |
Institutional Class | 05/10/10 | 05/07/10 | $0.012 | $0.012 |
Fidelity Advisor Freedom 2005 Fund | | | | |
Institutional Class | 05/10/10 | 05/07/10 | $0.034 | $0.023 |
Fidelity Advisor Freedom 2010 Fund | | | | |
Institutional Class | 05/10/10 | 05/07/10 | $0.034 | $0.025 |
Fidelity Advisor Freedom 2015 Fund | | | | |
Institutional Class | 05/10/10 | 05/07/10 | $0.033 | $0.026 |
Fidelity Advisor Freedom 2020 Fund | | | | |
Institutional Class | 05/10/10 | 05/07/10 | $0.030 | $0.033 |
Fidelity Advisor Freedom 2025 Fund | | | | |
Institutional Class | 05/10/10 | 05/07/10 | $0.025 | $0.034 |
Fidelity Advisor Freedom 2030 Fund | | | | |
Institutional Class | 05/10/10 | 05/07/10 | $0.024 | $0.038 |
Fidelity Advisor Freedom 2035 Fund | | | | |
Institutional Class | 05/10/10 | 05/07/10 | $0.016 | $0.041 |
Fidelity Advisor Freedom 2040 Fund | | | | |
Institutional Class | 05/10/10 | 05/07/10 | $0.017 | $0.045 |
Fidelity Advisor Freedom 2045 Fund | | | | |
Institutional Class | 05/10/10 | 05/07/10 | $0.013 | $0.033 |
Fidelity Advisor Freedom 2050 Fund | | | | |
Institutional Class | 05/10/10 | 05/07/10 | $0.011 | $0.034 |
A percentage of the dividends distributed during the fiscal year for the following funds was derived from interest on U.S. Government securities which is generally exempt from state income tax:
Fidelity Advisor Freedom Income Fund | |
Institutional Class | 7.36% |
Fidelity Advisor Freedom 2005 Fund | |
Institutional Class | 5.63% |
Fidelity Advisor Freedom 2010 Fund | |
Institutional Class | 5.46% |
Fidelity Advisor Freedom 2015 Fund | |
Institutional Class | 5.25% |
Fidelity Advisor Freedom 2020 Fund | |
Institutional Class | 3.96% |
Fidelity Advisor Freedom 2025 Fund | |
Institutional Class | 3.16% |
Fidelity Advisor Freedom 2030 Fund | |
Institutional Class | 2.15% |
Fidelity Advisor Freedom 2035 Fund | |
Institutional Class | 1.48% |
Fidelity Advisor Freedom 2040 Fund | |
Institutional Class | 1.03% |
Fidelity Advisor Freedom 2045 Fund | |
Institutional Class | 0.74% |
Fidelity Advisor Freedom 2050 Fund | |
Institutional Class | 0.09% |
Annual Report
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
| Institutional Class |
Fidelity Advisor Freedom Income Fund | |
May 2009 | 4% |
June 2009 | 7% |
July 2009 | 7% |
August 2009 | 8% |
September 2009 | 7% |
October 2009 | 7% |
November 2009 | 8% |
December 2009 (Ex-Date 12/04/09) | 7% |
December 2009 (Ex-Date 12/28/09) | 8% |
February 2010 | 4% |
March 2010 | 4% |
Fidelity Advisor Freedom 2005 Fund | |
May 2009 | 3% |
December 2009 | 14% |
Fidelity Advisor Freedom 2010 Fund | |
May 2009 | 1% |
December 2009 | 14% |
Fidelity Advisor Freedom 2015 Fund | |
May 2009 | 2% |
December 2009 | 15% |
Fidelity Advisor Freedom 2020 Fund | |
May 2009 | 2% |
December 2009 | 19% |
Fidelity Advisor Freedom 2025 Fund | |
May 2009 | 3% |
December 2009 | 21% |
Fidelity Advisor Freedom 2030 Fund | |
May 2009 | 7% |
December 2009 | 25% |
Fidelity Advisor Freedom 2035 Fund | |
May 2009 | 5% |
December 2009 | 27% |
Fidelity Advisor Freedom 2040 Fund | |
May 2009 | 5% |
December 2009 | 28% |
Fidelity Advisor Freedom 2045 Fund | |
May 2009 | 6% |
December 2009 | 28% |
Fidelity Advisor Freedom 2050 Fund | |
May 2009 | 8% |
December 2009 | 29% |
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.
| Institutional Class |
Fidelity Advisor Freedom Income Fund | |
May 2009 | 4% |
June 2009 | 8% |
July 2009 | 8% |
August 2009 | 8% |
September 2009 | 8% |
October 2009 | 8% |
November 2009 | 8% |
December 2009 (Ex-Date 12/04/09) | 8% |
December 2009 (Ex-Date 12/28/09) | 9% |
February 2010 | 4% |
March 2010 | 4% |
Fidelity Advisor Freedom 2005 Fund | |
May 2009 | 4% |
December 2009 | 20% |
Fidelity Advisor Freedom 2010 Fund | |
May 2009 | 4% |
December 2009 | 21% |
Fidelity Advisor Freedom 2015 Fund | |
May 2009 | 4% |
December 2009 | 23% |
Fidelity Advisor Freedom 2020 Fund | |
May 2009 | 6% |
December 2009 | 28% |
Fidelity Advisor Freedom 2025 Fund | |
May 2009 | 7% |
December 2009 | 32% |
Fidelity Advisor Freedom 2030 Fund | |
May 2009 | 10% |
December 2009 | 37% |
Fidelity Advisor Freedom 2035 Fund | |
May 2009 | 11% |
December 2009 | 40% |
Fidelity Advisor Freedom 2040 Fund | |
May 2009 | 11% |
December 2009 | 41% |
Fidelity Advisor Freedom 2045 Fund | |
May 2009 | 12% |
December 2009 | 41% |
Fidelity Advisor Freedom 2050 Fund | |
May 2009 | 16% |
December 2009 | 45% |
The funds will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.
Annual Report
A special meeting of each fund's shareholders was held on August 14, 2009. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of TrusteesA |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 24,643,083,056.59 | 94.466 |
Withheld | 1,443,637,207.24 | 5.534 |
TOTAL | 26,086,720,263.83 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 24,678,393,003.04 | 94.601 |
Withheld | 1,408,327,260.79 | 5.399 |
TOTAL | 26,086,720,263.83 | 100.000 |
Abigail P. Johnson |
Affirmative | 24,649,778,053.86 | 94.492 |
Withheld | 1,436,942,209.97 | 5.508 |
TOTAL | 26,086,720,263.83 | 100.000 |
Arthur E. Johnson |
Affirmative | 24,657,479,001.20 | 94.521 |
Withheld | 1,429,241,262.63 | 5.479 |
TOTAL | 26,086,720,263.83 | 100.000 |
Michael E. Kenneally |
Affirmative | 24,733,028,000.40 | 94.811 |
Withheld | 1,353,692,263.43 | 5.189 |
TOTAL | 26,086,720,263.83 | 100.000 |
James H. Keyes |
Affirmative | 24,701,338,835.40 | 94.689 |
Withheld | 1,385,381,428.43 | 5.311 |
TOTAL | 26,086,720,263.83 | 100.000 |
Marie L. Knowles |
Affirmative | 24,607,022,984.88 | 94.328 |
Withheld | 1,479,697,278.95 | 5.672 |
TOTAL | 26,086,720,263.83 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 24,549,568,568.96 | 94.108 |
Withheld | 1,537,151,694.87 | 5.892 |
TOTAL | 26,086,720,263.83 | 100.000 |
A Denotes trust-wide proposal and voting results. |
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-0510
1.792135.106
Fidelity Freedom Funds® -
Income, 2000, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050
Annual Report
March 31, 2010
(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/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
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
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Global capital markets have been positive thus far in 2010, overcoming some early volatility to continue the upward trend that began in March 2009. Year to date, U.S. stocks have seen the biggest gains, outpacing the performance of foreign equities, which has been hampered by a rebounding dollar. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the 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 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 "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 by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
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, 2010 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom Income Fund® | 20.60% | 3.93% | 3.55% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom Income Fund® on March 31, 2000. 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, 2010 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2000 Fund® | 21.46% | 3.82% | 3.01% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2000 Fund® on March 31, 2000. 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, 2010 | | Past 1
year | Past 5
years | Life of
fund A |
Fidelity Freedom 2005 Fund® | | 32.83% | 3.75% | 4.29% |
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, 2010 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2010 Fund® | 34.99% | 3.91% | 2.57% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2010 Fund® on March 31, 2000. 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, 2010 | | Past 1
year | Past 5
years | Life of
fund A |
Fidelity Freedom 2015 Fund® | | 36.33% | 4.07% | 4.81% |
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 S&P 500® Index performed over the same period.
Annual Report
Fidelity Freedom 2020 Fund®
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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, 2010 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2020 Fund® | 42.19% | 3.75% | 1.54% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2020 Fund® on March 31, 2000. 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, 2010 | | Past 1
year | Past 5
years | Life of
fundA |
Fidelity Freedom 2025 Fund® | | 44.43% | 3.67% | 4.79% |
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, 2010 | Past 1
year | Past 5
years | Past 10
years |
Fidelity Freedom 2030 Fund® | 47.57% | 3.20% | 0.66% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Freedom 2030 Fund® on March 31, 2000. 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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Fidelity Freedom 2035 Fund® | 48.79% | 3.10% | 4.53% |
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, 2010 | Past 1
year | Past 5
years | Life of
fund A |
Fidelity Freedom 2040 Fund® | 50.14% | 2.98% | 0.14% |
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, 2010 | Past 1
year | Life of
fund A |
Fidelity Freedom 2045 Fund® | 50.86% | -0.07% |
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, 2010 | Past 1
year | Life of
fund A |
Fidelity Freedom 2050 Fund® | 52.51% | -0.53% |
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: Blistering stock market declines sustained during the global economic crisis dramatically reversed during the 12-month period ending March 31, 2010, as extraordinary government stimulus took hold, corporate cost cutting paved the way for encouraging earnings reports, credit conditions improved and consumer fears began to ease. After hitting woeful lows in March 2009, stock markets began a steady ascent that coincided with the near culmination of the Great Recession that began in late 2007. Although a weak labor market still lingered, in March 2010 the prices of many individual stocks reached a 52-week high, lifting the blue-chip Dow Jones Industrial Average to a 17-month peak, and a 46.93% gain for the annual period. Impressive returns were widespread, with the S&P 500® Index rising 49.77% - its third-largest 12-month increase in more than two decades - and the technology-laden Nasdaq Composite® Index rising 58.32% for the period. Strong performance also echoed across global markets, with the MSCI® EAFE® (Europe, Australasia, Far East) Index rising 54.63%. In the fixed-income arena, as credit conditions improved, investors who shifted into higher-risk vehicles were generally rewarded with strong returns. High-yield bonds were standouts, with The BofA Merrill Lynch US High Yield Constrained IndexSM posting a 56.95% gain during the period, far outpacing the 7.69% rise in Barclays Capital U.S. Aggregate Bond Index - a broad measure of the domestic investment-grade universe - which was weighed down by the weak performance of ultra-safe U.S. Treasury securities.
Comments from Jonathan Shelon and Christopher Sharpe, Co-Portfolio Managers of Fidelity Freedom Funds®: The Fidelity Freedom Funds experienced a period of strong performance for the year. In absolute terms, all of the Freedom Fund portfolios posted strong double-digit gains during the 12-month period. (For specific Fund results, please refer to the performance section of this report.) The longer-dated and more-equity-oriented Funds advanced the most, compared with results for the shorter-dated and more-conservatively positioned Funds. In relative terms, all of the Funds outpaced their composite indexes during the period, mostly driven by strong outperformance within the bond category. Our underlying investment-grade holdings easily outpaced the Barclays Capital U.S. Aggregate Bond Index. Fueling our success within this category was Fidelity® Series Investment Grade Bond Fund, which benefited from its positioning in credit-sensitive, higher-yielding issues. Our out-of-benchmark allocation to high-yield securities - an asset class that turned in exceptional results - also added meaningfully to performance, led by our two holdings in the sector, Fidelity Capital & Income Fund and Fidelity High Income Fund. Lastly, within the short-term asset class, our underlying funds handily topped the Barclays Capital U.S. 3 Month Treasury Bellwether Index, which rose 0.19%. Shifting to the equity category, our domestic equities performed roughly in line with the Dow Jones U.S. Total Stock Market IndexSM, which advanced 52.62% during the past 12 months. Seven of the 10 underlying funds in the domestic equity class beat their respective benchmarks, with portfolios in the small-cap category leading the way. Fidelity Series Small Cap Opportunities Fund, Fidelity Small Cap Growth Fund and Fidelity Small Cap Value Fund were among the Funds' top performers on an absolute and relative basis. However, this strong performance was countered by weak results from Fidelity Disciplined Equity Fund and Fidelity Series Large Cap Value Fund, which significantly underperformed their respective benchmarks. Developed foreign equities, as measured by the MSCI EAFE, pushed higher than domestic equities. The performance of our international funds was hurt by an emphasis on higher-quality securities, which didn't keep pace with the riskier stocks investors favored during the period. Nearly all of our underlying funds underperformed their respective benchmark indexes.
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, 2009 to March 31, 2010).
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, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009
to March 31, 2010 |
Freedom Income | .00% | | | |
Actual | | $ 1,000.00 | $ 1,046.40 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2000 | .00% | | | |
Actual | | $ 1,000.00 | $ 1,047.20 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2005 | .00% | | | |
Actual | | $ 1,000.00 | $ 1,061.30 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2010 | .00% | | | |
Actual | | $ 1,000.00 | $ 1,065.00 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2015 | .00% | | | |
Actual | | $ 1,000.00 | $ 1,066.00 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2020 | .00% | | | |
Actual | | $ 1,000.00 | $ 1,075.00 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2025 | .00% | | | |
Actual | | $ 1,000.00 | $ 1,079.40 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2030 | .00% | | | |
Actual | | $ 1,000.00 | $ 1,084.30 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
| Annualized Expense Ratio | Beginning
Account Value
October 1, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009
to March 31, 2010 |
Freedom 2035 | .00% | | | |
Actual | | $ 1,000.00 | $ 1,086.40 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2040 | .00% | | | |
Actual | | $ 1,000.00 | $ 1,087.00 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2045 | .00% | | | |
Actual | | $ 1,000.00 | $ 1,089.00 | $ - |
HypotheticalA | | $ 1,000.00 | $ 1,024.93 | $ - |
Freedom 2050 | .00% | | | |
Actual | | $ 1,000.00 | $ 1,089.00 | $ - |
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). The fees and expenses of the underlying Fidelity Funds in which the Fund invests are not included in the Fund's annualized expense ratio.
Annual Report
Fidelity Freedom Income Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 0.7 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund | 0.9 | 1.0 |
Fidelity Disciplined Equity Fund | 3.1 | 3.9 |
Fidelity Equity-Income Fund | 1.7 | 3.3 |
Fidelity Growth Company Fund | 2.7 | 3.2 |
Fidelity Series 100 Index Fund | 2.1 | 2.5 |
Fidelity Series All-Sector Equity Fund | 2.9 | 3.0 |
Fidelity Series Large Cap Value Fund | 3.1 | 3.4 |
Fidelity Series Small Cap Opportunities Fund | 0.5 | 0.6 |
Fidelity Small Cap Growth Fund | 0.3 | 0.3 |
Fidelity Small Cap Value Fund | 0.3 | 0.3 |
| 17.6 | 21.5 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund | 0.5 | 0.0 |
Fidelity Overseas Fund | 0.5 | 0.0 |
Fidelity Series International Growth Fund | 0.2 | 0.0 |
Fidelity Series International Small Cap Fund | 0.1 | 0.0 |
Fidelity Series International Value Fund | 0.2 | 0.0 |
| 1.5 | 0.0 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 0.2 | 0.0 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund | 2.6 | 2.8 |
Fidelity High Income Fund | 2.6 | 2.7 |
| 5.2 | 5.5 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 4.4 | 0.5 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund | 22.3 | 22.0 |
Fidelity Strategic Real Return Fund | 6.7 | 7.2 |
Fidelity Total Bond Fund | 2.0 | 5.8 |
| 31.0 | 35.0 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 19.6 | 18.4 |
Fidelity Short-Term Bond Fund | 19.8 | 19.1 |
| 39.4 | 37.5 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
 | Commodity Funds | 0.7% | |
 | Domestic Equity Funds | 17.6% | |
 | Developed International Equity Funds | 1.5% | |
 | Emerging Markets Equity Funds | 0.2% | |
 | High Yield Bond Funds | 5.2% | |
 | Inflation-Protected Bond Funds | 4.4% | |
 | Investment Grade Bond Funds | 31.0% | |
 | Short-Term Funds | 39.4% | |
Six months ago |
| Domestic Equity Funds | 21.5% | |
| High Yield Bond Funds | 5.5% | |
 | Inflation-Protected Bond Funds | 0.5% | |
| Investment Grade Bond Funds | 35.0% | |
| Short-Term Funds | 37.5% | |
Expected |
| Commodity Funds | 1.7% | |
 | Domestic Equity Funds | 13.7% | |
 | Developed International Equity Funds | 4.0% | |
 | Emerging Markets Equity Funds | 0.6% | |
| High Yield Bond Funds | 5.0% | |
 | Inflation-Protected Bond Funds | 10.3% | |
 | Investment Grade Bond Funds | 24.7% | |
| Short-Term Funds | 40.0% | |
The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom Income Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 18.3% |
| Shares | | Value |
Commodity Funds - 0.7% |
Fidelity Series Commodity Strategy Fund | 1,673,428 | | $ 17,537,522 |
Domestic Equity Funds - 17.6% |
Fidelity Blue Chip Growth Fund | 612,116 | | 24,564,224 |
Fidelity Disciplined Equity Fund | 3,928,276 | | 86,264,933 |
Fidelity Equity-Income Fund | 1,139,631 | | 47,351,660 |
Fidelity Growth Company Fund | 995,413 | | 72,794,556 |
Fidelity Series 100 Index Fund | 6,997,062 | | 58,005,645 |
Fidelity Series All-Sector Equity Fund | 6,514,037 | | 78,298,728 |
Fidelity Series Large Cap Value Fund | 7,054,459 | | 83,736,429 |
Fidelity Series Small Cap Opportunities Fund (a) | 1,581,930 | | 14,110,814 |
Fidelity Small Cap Growth Fund (a) | 626,905 | | 8,413,069 |
Fidelity Small Cap Value Fund | 605,783 | | 8,377,981 |
TOTAL DOMESTIC EQUITY FUNDS | | 481,918,039 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $451,368,803) | 499,455,561 |
International Equity Funds - 1.7% |
| | | |
Developed International Equity Funds - 1.5% |
Fidelity Diversified International Fund | 512,921 | | 14,448,980 |
Fidelity Overseas Fund | 466,085 | | 14,290,173 |
Fidelity Series International Growth Fund | 515,504 | | 5,124,107 |
Fidelity Series International Small Cap Fund | 113,840 | | 1,164,583 |
Fidelity Series International Value Fund | 529,918 | | 5,119,013 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 40,146,856 |
Emerging Markets Equity Funds - 0.2% |
Fidelity Series Emerging Markets Fund | 346,249 | | 5,803,132 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $43,941,652) | 45,949,988 |
Bond Funds - 40.6% |
| Shares | | Value |
High Yield Bond Funds - 5.2% |
Fidelity Capital & Income Fund | 7,986,701 | | $ 71,241,370 |
Fidelity High Income Fund | 8,282,449 | | 71,808,836 |
TOTAL HIGH YIELD BOND FUNDS | | 143,050,206 |
Inflation-Protected Bond Funds - 4.4% |
Fidelity Series Inflation-Protected Bond Index Fund | 11,559,749 | | 118,603,023 |
Investment Grade Bond Funds - 31.0% |
Fidelity Series Investment Grade Bond Fund | 53,345,653 | | 610,274,265 |
Fidelity Strategic Real Return Fund | 21,186,483 | | 183,474,944 |
Fidelity Total Bond Fund | 5,120,916 | | 54,486,543 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 848,235,752 |
TOTAL BOND FUNDS (Cost $1,074,743,671) | 1,109,888,981 |
Short-Term Funds - 39.4% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 537,896,919 | | 537,896,919 |
Fidelity Short-Term Bond Fund | 64,660,553 | | 541,208,831 |
TOTAL SHORT-TERM FUNDS (Cost $1,101,388,845) | 1,079,105,750 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $2,671,442,971) | 2,734,400,280 |
NET OTHER ASSETS - 0.0% | | (2,352) |
NET ASSETS - 100% | $ 2,734,397,928 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $77,775,539 of which $8,879,718 and $68,895,821 will expire on March 31, 2017 and 2018, respectively. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Income Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $2,671,442,971) - See accompanying schedule | | $ 2,734,400,280 |
Cash | | 8 |
Receivable for investments sold | | 3,237,577 |
Receivable for fund shares sold | | 6,959,415 |
Total assets | | 2,744,597,280 |
| | |
Liabilities | | |
Payable for investments purchased | $ 922 | |
Payable for fund shares redeemed | 10,198,430 | |
Total liabilities | | 10,199,352 |
| | |
Net Assets | | $ 2,734,397,928 |
Net Assets consist of: | | |
Paid in capital | | $ 2,767,029,301 |
Undistributed net investment income | | 6,520,492 |
Accumulated undistributed net realized gain (loss) on investments | | (102,109,174) |
Net unrealized appreciation (depreciation) on investments | | 62,957,309 |
Net Assets, for 249,438,782 shares outstanding | | $ 2,734,397,928 |
Net Asset Value, offering price and redemption price per share ($2,734,397,928 ÷ 249,438,782 shares) | | $ 10.96 |
Statement of Operations
| Year ended March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 64,407,433 |
| | |
Expenses | | |
Independent trustees' compensation | $ 8,525 | |
Total expenses before reductions | 8,525 | |
Expense reductions | (8,525) | - |
Net investment income (loss) | | 64,407,433 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (27,664,309) | |
Capital gain distributions from underlying funds | 18,983,610 | (8,680,699) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 403,672,807 |
Net gain (loss) | | 394,992,108 |
Net increase (decrease) in net assets resulting from operations | | $ 459,399,541 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 64,407,433 | $ 82,712,779 |
Net realized gain (loss) | (8,680,699) | (63,149,751) |
Change in net unrealized appreciation (depreciation) | 403,672,807 | (328,307,853) |
Net increase (decrease) in net assets resulting from operations | 459,399,541 | (308,744,825) |
Distributions to shareholders from net investment income | (63,175,897) | (85,740,027) |
Distributions to shareholders from net realized gain | (14,824,837) | (34,333,021) |
Total distributions | (78,000,734) | (120,073,048) |
Share transactions
Proceeds from sales of shares | 968,686,363 | 1,080,534,168 |
Reinvestment of distributions | 77,241,763 | 118,782,389 |
Cost of shares redeemed | (872,834,802) | (1,113,768,808) |
Net increase (decrease) in net assets resulting from share transactions | 173,093,324 | 85,547,749 |
Total increase (decrease) in net assets | 554,492,131 | (343,270,124) |
| | |
Net Assets | | |
Beginning of period | 2,179,905,797 | 2,523,175,921 |
End of period (including undistributed net investment income of $6,520,492 and undistributed net investment income of $5,288,956, respectively) | $ 2,734,397,928 | $ 2,179,905,797 |
Other Information Shares | | |
Sold | 92,393,391 | 106,054,838 |
Issued in reinvestment of distributions | 7,398,045 | 11,465,938 |
Redeemed | (82,889,945) | (110,395,824) |
Net increase (decrease) | 16,901,491 | 7,124,952 |
Financial Highlights
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.37 | $ 11.19 | $ 11.66 | $ 11.49 | $ 11.20 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .26 | .36 | .47 | .44 | .35 |
Net realized and unrealized gain (loss) | 1.65 | (1.66) | (.30) | .29 | .28 |
Total from investment operations | 1.91 | (1.30) | .17 | .73 | .63 |
Distributions from net investment income | (.26) | (.37) | (.47) | (.44) | (.31) |
Distributions from net realized gain | (.06) | (.15) | (.17) | (.12) | (.03) |
Total distributions | (.32) E | (.52) | (.64) | (.56) | (.34) |
Net asset value, end of period | $ 10.96 | $ 9.37 | $ 11.19 | $ 11.66 | $ 11.49 |
Total Return A | 20.60% | (11.97)% | 1.41% | 6.54% | 5.71% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .00% | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .01% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .01% |
Net investment income (loss) | 2.54% | 3.46% | 4.06% | 3.81% | 3.07% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,734,398 | $ 2,179,906 | $ 2,523,176 | $ 2,376,277 | $ 2,132,031 |
Portfolio turnover rate | 29% | 35% | 33% | 26% | 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 Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
E Total distributions of $.32 per share is comprised of distributions from net investment income of $.260 and distributions from net realized gain of $.060 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2000 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 0.8 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund | 1.0 | 1.1 |
Fidelity Disciplined Equity Fund | 3.4 | 4.3 |
Fidelity Equity-Income Fund | 1.9 | 3.7 |
Fidelity Growth Company Fund | 2.9 | 3.6 |
Fidelity Series 100 Index Fund | 2.3 | 2.8 |
Fidelity Series All-Sector Equity Fund | 3.1 | 3.3 |
Fidelity Series Large Cap Value Fund | 3.3 | 3.8 |
Fidelity Series Small Cap Opportunities Fund | 0.6 | 0.7 |
Fidelity Small Cap Growth Fund | 0.3 | 0.4 |
Fidelity Small Cap Value Fund | 0.3 | 0.4 |
| 19.1 | 24.1 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund | 0.6 | 0.1 |
Fidelity Europe Fund | 0.0* | 0.0* |
Fidelity Japan Fund | 0.0* | 0.0* |
Fidelity Overseas Fund | 0.6 | 0.0* |
Fidelity Series International Growth Fund | 0.2 | 0.0 |
Fidelity Series International Small Cap Fund | 0.1 | 0.0 |
Fidelity Series International Value Fund | 0.2 | 0.0 |
| 1.7 | 0.1 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 0.2 | 0.0* |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund | 2.6 | 2.8 |
Fidelity High Income Fund | 2.6 | 2.7 |
| 5.2 | 5.5 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 4.1 | 0.5 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund | 21.3 | 20.6 |
Fidelity Strategic Real Return Fund | 6.5 | 6.6 |
Fidelity Total Bond Fund | 1.9 | 5.5 |
| 29.7 | 32.7 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 19.6 | 18.2 |
Fidelity Short-Term Bond Fund | 19.6 | 18.9 |
| 39.2 | 37.1 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 0.8% | |
| Domestic Equity Funds | 19.1% | |
| Developed International Equity Funds | 1.7% | |
| Emerging Markets Equity Funds | 0.2% | |
| High Yield Bond Funds | 5.2% | |
| Inflation-Protected Bond Funds | 4.1% | |
| Investment Grade Bond Funds | 29.7% | |
| Short-Term Funds | 39.2% | |
Six months ago |
| Domestic Equity Funds | 24.1% | |
| Developed International Equity Funds | 0.1% | |
| Emerging Markets Equity Funds* | 0.0% | |
| High Yield Bond Funds | 5.5% | |
| Inflation-Protected Bond Funds | 0.5% | |
| Investment Grade Bond Funds | 32.7% | |
| Short-Term Funds | 37.1% | |
Expected |
| Commodity Funds | 2.0% | |
| Domestic Equity Funds | 14.4% | |
| Developed International Equity Funds | 4.2% | |
| Emerging Markets Equity Funds | 0.7% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 9.9% | |
 | Investment Grade Bond Funds | 23.9% | |
| Short-Term Funds | 39.9% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
* Amount represents less than 0.1% |
Annual Report
Fidelity Freedom 2000 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 19.9% |
| Shares | | Value |
Commodity Funds - 0.8% |
Fidelity Series Commodity Strategy Fund | 1,367,075 | | $ 14,326,950 |
Domestic Equity Funds - 19.1% |
Fidelity Blue Chip Growth Fund | 413,779 | | 16,604,940 |
Fidelity Disciplined Equity Fund | 2,658,198 | | 58,374,028 |
Fidelity Equity-Income Fund | 779,193 | | 32,375,478 |
Fidelity Growth Company Fund | 673,858 | | 49,279,213 |
Fidelity Series 100 Index Fund | 4,733,688 | | 39,242,273 |
Fidelity Series All-Sector Equity Fund | 4,397,368 | | 52,856,368 |
Fidelity Series Large Cap Value Fund | 4,765,237 | | 56,563,367 |
Fidelity Series Small Cap Opportunities Fund (a) | 1,070,012 | | 9,544,508 |
Fidelity Small Cap Growth Fund (a) | 423,715 | | 5,686,257 |
Fidelity Small Cap Value Fund | 409,461 | | 5,662,843 |
TOTAL DOMESTIC EQUITY FUNDS | | 326,189,275 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $312,363,889) | 340,516,225 |
International Equity Funds - 1.9% |
| | | |
Developed International Equity Funds - 1.7% |
Fidelity Diversified International Fund | 349,883 | | 9,856,201 |
Fidelity Europe Fund | 8,716 | | 254,077 |
Fidelity Japan Fund | 14,250 | | 156,464 |
Fidelity Overseas Fund | 317,311 | | 9,728,750 |
Fidelity Series International Growth Fund | 348,926 | | 3,468,325 |
Fidelity Series International Small Cap Fund | 106,579 | | 1,090,304 |
Fidelity Series International Value Fund | 358,420 | | 3,462,341 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 28,016,462 |
Emerging Markets Equity Funds - 0.2% |
Fidelity Series Emerging Markets Fund | 243,706 | | 4,084,514 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $30,576,025) | 32,100,976 |
Bond Funds - 39.0% |
| Shares | | Value |
High Yield Bond Funds - 5.2% |
Fidelity Capital & Income Fund | 4,991,173 | | $ 44,521,266 |
Fidelity High Income Fund | 5,149,752 | | 44,648,350 |
TOTAL HIGH YIELD BOND FUNDS | | 89,169,616 |
Inflation-Protected Bond Funds - 4.1% |
Fidelity Series Inflation-Protected Bond Index Fund | 6,844,031 | | 70,219,762 |
Investment Grade Bond Funds - 29.7% |
Fidelity Series Investment Grade Bond Fund | 31,779,063 | | 363,552,475 |
Fidelity Strategic Real Return Fund | 12,799,298 | | 110,841,923 |
Fidelity Total Bond Fund | 3,001,820 | | 31,939,367 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 506,333,765 |
TOTAL BOND FUNDS (Cost $646,114,384) | 665,723,143 |
Short-Term Funds - 39.2% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 334,484,588 | | 334,484,588 |
Fidelity Short-Term Bond Fund | 40,142,510 | | 335,992,806 |
TOTAL SHORT-TERM FUNDS (Cost $685,545,993) | 670,477,394 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,674,600,291) | 1,708,817,738 |
NET OTHER ASSETS - 0.0% | | 516 |
NET ASSETS - 100% | $ 1,708,818,254 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $54,246,502 of which $7,629,953 and $46,616,549 will expire on March 31, 2017 and 2018, respectively. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $19,079,223 of losses recognized during the period November 1, 2009 to March 31, 2010. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2000 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $1,674,600,291) - See accompanying schedule | | $ 1,708,817,738 |
Cash | | 1 |
Receivable for investments sold | | 308,929 |
Receivable for fund shares sold | | 2,125,180 |
Total assets | | 1,711,251,848 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,112 | |
Payable for fund shares redeemed | 2,431,482 | |
Total liabilities | | 2,433,594 |
| | |
Net Assets | | $ 1,708,818,254 |
Net Assets consist of: | | |
Paid in capital | | $ 1,743,529,813 |
Undistributed net investment income | | 6,437,488 |
Accumulated undistributed net realized gain (loss) on investments | | (75,366,494) |
Net unrealized appreciation (depreciation) on investments | | 34,217,447 |
Net Assets, for 147,218,291 shares outstanding | | $ 1,708,818,254 |
Net Asset Value, offering price and redemption price per share ($1,708,818,254 ÷ 147,218,291 shares) | | $ 11.61 |
Statement of Operations
| Year ended March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 40,393,571 |
| | |
Expenses | | |
Independent trustees' compensation | $ 5,528 | |
Total expenses before reductions | 5,528 | |
Expense reductions | (5,528) | - |
Net investment income (loss) | | 40,393,571 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (27,975,130) | |
Capital gain distributions from underlying funds | 12,031,676 | (15,943,454) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 285,167,878 |
Net gain (loss) | | 269,224,424 |
Net increase (decrease) in net assets resulting from operations | | $ 309,617,995 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 40,393,571 | $ 54,145,201 |
Net realized gain (loss) | (15,943,454) | (40,358,221) |
Change in net unrealized appreciation (depreciation) | 285,167,878 | (250,752,946) |
Net increase (decrease) in net assets resulting from operations | 309,617,995 | (236,965,966) |
Distributions to shareholders from net investment income | (42,261,213) | (59,179,421) |
Distributions to shareholders from net realized gain | (8,723,849) | (30,793,930) |
Total distributions | (50,985,062) | (89,973,351) |
Share transactions
Proceeds from sales of shares | 455,202,594 | 641,161,913 |
Reinvestment of distributions | 50,682,616 | 89,555,637 |
Cost of shares redeemed | (499,244,047) | (741,036,866) |
Net increase (decrease) in net assets resulting from share transactions | 6,641,163 | (10,319,316) |
Total increase (decrease) in net assets | 265,274,096 | (337,258,633) |
| | |
Net Assets | | |
Beginning of period | 1,443,544,158 | 1,780,802,791 |
End of period (including undistributed net investment income of $6,437,488 and undistributed net investment income of $8,305,130, respectively) | $ 1,708,818,254 | $ 1,443,544,158 |
Other Information Shares | | |
Sold | 41,095,009 | 58,941,951 |
Issued in reinvestment of distributions | 4,538,435 | 8,333,416 |
Redeemed | (44,829,633) | (68,297,699) |
Net increase (decrease) | 803,811 | (1,022,332) |
Financial Highlights
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.86 | $ 12.08 | $ 12.66 | $ 12.41 | $ 12.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .27 | .37 | .48 | .44 | .36 |
Net realized and unrealized gain (loss) | 1.83 | (1.97) | (.31) | .38 | .40 |
Total from investment operations | 2.10 | (1.60) | .17 | .82 | .76 |
Distributions from net investment income | (.29) | (.41) | (.48) | (.43) | (.33) |
Distributions from net realized gain | (.06) | (.21) | (.27) | (.14) | (.02) |
Total distributions | (.35) E | (.62) | (.75) | (.57) | (.35) |
Net asset value, end of period | $ 11.61 | $ 9.86 | $ 12.08 | $ 12.66 | $ 12.41 |
Total Return A | 21.46% | (13.60)% | 1.23% | 6.72% | 6.40% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .00% | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .01% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .01% |
Net investment income (loss) | 2.47% | 3.33% | 3.80% | 3.54% | 2.98% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,708,818 | $ 1,443,544 | $ 1,780,803 | $ 1,694,377 | $ 1,601,127 |
Portfolio turnover rate | 31% | 33% | 36% | 34% | 20% |
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 reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
E Total distributions of $.35 per share is comprised of distributions from net investment income of $.290 and distributions from net realized gain of $.060 per share.
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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 1.6 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund | 1.8 | 1.8 |
Fidelity Disciplined Equity Fund | 6.1 | 7.0 |
Fidelity Equity-Income Fund | 3.4 | 6.1 |
Fidelity Growth Company Fund | 5.2 | 6.0 |
Fidelity Series 100 Index Fund | 4.1 | 4.7 |
Fidelity Series All-Sector Equity Fund | 5.5 | 5.6 |
Fidelity Series Large Cap Value Fund | 5.9 | 6.5 |
Fidelity Series Small Cap Opportunities Fund | 1.0 | 1.0 |
Fidelity Small Cap Growth Fund | 0.6 | 0.6 |
Fidelity Small Cap Value Fund | 0.6 | 0.6 |
| 34.2 | 39.9 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund | 2.9 | 2.9 |
Fidelity Europe Fund | 1.1 | 1.6 |
Fidelity Japan Fund | 0.4 | 0.4 |
Fidelity Overseas Fund | 2.7 | 2.9 |
Fidelity Series International Growth Fund | 0.4 | 0.0 |
Fidelity Series International Small Cap Fund | 0.1 | 0.0 |
Fidelity Series International Value Fund | 0.4 | 0.0 |
| 8.0 | 7.8 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 0.9 | 0.6 |
Fidelity Southeast Asia Fund | 0.1 | 0.1 |
| 1.0 | 0.7 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund | 2.6 | 2.7 |
Fidelity High Income Fund | 2.5 | 2.6 |
| 5.1 | 5.3 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 3.6 | 0.5 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund | 20.4 | 19.7 |
Fidelity Strategic Real Return Fund | 6.3 | 6.4 |
Fidelity Total Bond Fund | 1.8 | 5.2 |
| 28.5 | 31.3 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 9.0 | 7.1 |
Fidelity Short-Term Bond Fund | 9.0 | 7.4 |
| 18.0 | 14.5 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 1.6% | |
| Domestic Equity Funds | 34.2% | |
| Developed International Equity Funds | 8.0% | |
| Emerging Markets Equity Funds | 1.0% | |
| High Yield Bond Funds | 5.1% | |
| Inflation-Protected Bond Funds | 3.6% | |
| Investment Grade Bond Funds | 28.5% | |
| Short-Term Funds | 18.0% | |
Six months ago |
| Domestic Equity Funds | 39.9% | |
| Developed International Equity Funds | 7.8% | |
| Emerging Markets Equity Funds | 0.7% | |
| High Yield Bond Funds | 5.3% | |
| Inflation-Protected Bond Funds | 0.5% | |
| Investment Grade Bond Funds | 31.3% | |
| Short-Term Funds | 14.5% | |
Expected |
| Commodity Funds | 4.0% | |
| Domestic Equity Funds | 28.0% | |
| Developed International Equity Funds | 9.2% | |
| Emerging Markets Equity Funds | 1.5% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 8.7% | |
| Investment Grade Bond Funds | 22.8% | |
| Short-Term Funds | 20.8% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom 2005 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 35.8% |
| Shares | | Value |
Commodity Funds - 1.6% |
Fidelity Series Commodity Strategy Fund | 1,597,996 | | $ 16,747,003 |
Domestic Equity Funds - 34.2% |
Fidelity Blue Chip Growth Fund | 439,497 | | 17,637,023 |
Fidelity Disciplined Equity Fund | 2,822,770 | | 61,988,021 |
Fidelity Equity-Income Fund | 828,087 | | 34,406,995 |
Fidelity Growth Company Fund | 715,655 | | 52,335,858 |
Fidelity Series 100 Index Fund | 5,027,247 | | 41,675,877 |
Fidelity Series All-Sector Equity Fund | 4,665,649 | | 56,081,099 |
Fidelity Series Large Cap Value Fund | 5,058,096 | | 60,039,601 |
Fidelity Series Small Cap Opportunities Fund (a) | 1,137,408 | | 10,145,678 |
Fidelity Small Cap Growth Fund (a) | 450,144 | | 6,040,934 |
Fidelity Small Cap Value Fund | 435,078 | | 6,017,132 |
TOTAL DOMESTIC EQUITY FUNDS | | 346,368,218 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $379,214,693) | 363,115,221 |
International Equity Funds - 9.0% |
| | | |
Developed International Equity Funds - 8.0% |
Fidelity Diversified International Fund | 1,034,585 | | 29,144,272 |
Fidelity Europe Fund | 381,146 | | 11,110,409 |
Fidelity Japan Fund | 375,438 | | 4,122,314 |
Fidelity Overseas Fund | 906,058 | | 27,779,747 |
Fidelity Series International Growth Fund | 425,528 | | 4,229,750 |
Fidelity Series International Small Cap Fund | 82,864 | | 847,703 |
Fidelity Series International Value Fund | 433,158 | | 4,184,306 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 81,418,501 |
Emerging Markets Equity Funds - 1.0% |
Fidelity Series Emerging Markets Fund | 499,514 | | 8,371,855 |
Fidelity Southeast Asia Fund | 47,431 | | 1,226,554 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 9,598,409 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $106,117,412) | 91,016,910 |
Bond Funds - 37.2% |
| Shares | | Value |
High Yield Bond Funds - 5.1% |
Fidelity Capital & Income Fund | 2,923,491 | | $ 26,077,543 |
Fidelity High Income Fund | 2,999,707 | | 26,007,458 |
TOTAL HIGH YIELD BOND FUNDS | | 52,085,001 |
Inflation-Protected Bond Funds - 3.6% |
Fidelity Series Inflation-Protected Bond Index Fund | 3,555,920 | | 36,483,736 |
Investment Grade Bond Funds - 28.5% |
Fidelity Series Investment Grade Bond Fund | 18,101,266 | | 207,078,480 |
Fidelity Strategic Real Return Fund | 7,358,089 | | 63,721,049 |
Fidelity Total Bond Fund | 1,677,567 | | 17,849,313 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 288,648,842 |
TOTAL BOND FUNDS (Cost $375,143,720) | 377,217,579 |
Short-Term Funds - 18.0% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 91,065,398 | | 91,065,398 |
Fidelity Short-Term Bond Fund | 10,932,915 | | 91,508,499 |
TOTAL SHORT-TERM FUNDS (Cost $184,807,164) | 182,573,897 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,045,282,989) | | 1,013,923,607 |
NET OTHER ASSETS - 0.0% | | (10) |
NET ASSETS - 100% | $ 1,013,923,597 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $62,884,681 of which $15,520,321 and $47,364,360 will expire on March 31, 2017 and 2018, respectively. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2005 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $1,045,282,989) - See accompanying schedule | | $ 1,013,923,607 |
Receivable for investments sold | | 2,808,364 |
Receivable for fund shares sold | | 1,430,863 |
Total assets | | 1,018,162,834 |
| | |
Liabilities | | |
Payable for investments purchased | $ 46 | |
Payable for fund shares redeemed | 4,239,191 | |
Total liabilities | | 4,239,237 |
| | |
Net Assets | | $ 1,013,923,597 |
Net Assets consist of: | | |
Paid in capital | | $ 1,110,210,363 |
Undistributed net investment income | | 3,677,994 |
Accumulated undistributed net realized gain (loss) on investments | | (68,605,378) |
Net unrealized appreciation (depreciation) on investments | | (31,359,382) |
Net Assets, for 98,243,125 shares outstanding | | $ 1,013,923,597 |
Net Asset Value, offering price and redemption price per share ($1,013,923,597 ÷ 98,243,125 shares) | | $ 10.32 |
Statement of Operations
| Year ended March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 22,561,635 |
| | |
Expenses | | |
Independent trustees' compensation | $ 3,193 | |
Total expenses before reductions | 3,193 | |
Expense reductions | (3,193) | - |
Net investment income (loss) | | 22,561,635 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (9,171,990) | |
Capital gain distributions from underlying funds | 10,461,915 | 1,289,925 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 232,793,552 |
Net gain (loss) | | 234,083,477 |
Net increase (decrease) in net assets resulting from operations | | $ 256,645,112 |
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,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 22,561,635 | $ 28,372,555 |
Net realized gain (loss) | 1,289,925 | (56,060,236) |
Change in net unrealized appreciation (depreciation) | 232,793,552 | (228,372,095) |
Net increase (decrease) in net assets resulting from operations | 256,645,112 | (256,059,776) |
Distributions to shareholders from net investment income | (22,987,842) | (30,146,037) |
Distributions to shareholders from net realized gain | (7,836,515) | (24,176,253) |
Total distributions | (30,824,357) | (54,322,290) |
Share transactions
Proceeds from sales of shares | 303,175,884 | 399,128,096 |
Reinvestment of distributions | 30,691,240 | 54,069,538 |
Cost of shares redeemed | (316,406,592) | (423,876,229) |
Net increase (decrease) in net assets resulting from share transactions | 17,460,532 | 29,321,405 |
Total increase (decrease) in net assets | 243,281,287 | (281,060,661) |
| | |
Net Assets | | |
Beginning of period | 770,642,310 | 1,051,702,971 |
End of period (including undistributed net investment income of $3,677,994 and undistributed net investment income of $4,104,201, respectively) | $ 1,013,923,597 | $ 770,642,310 |
Other Information Shares | | |
Sold | 31,547,176 | 41,753,878 |
Issued in reinvestment of distributions | 3,127,790 | 5,712,030 |
Redeemed | (32,508,477) | (45,350,546) |
Net increase (decrease) | 2,166,489 | 2,115,362 |
Financial Highlights
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.02 | $ 11.19 | $ 11.84 | $ 11.44 | $ 10.67 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .23 | .29 | .35 | .31 | .28 |
Net realized and unrealized gain (loss) | 2.39 | (2.88) | (.34) | .62 | .78 |
Total from investment operations | 2.62 | (2.59) | .01 | .93 | 1.06 |
Distributions from net investment income | (.24) | (.32) | (.32) | (.29) | (.21) |
Distributions from net realized gain | (.08) | (.26) | (.34) | (.24) | (.08) |
Total distributions | (.32) E | (.58) | (.66) | (.53) | (.29) |
Net asset value, end of period | $ 10.32 | $ 8.02 | $ 11.19 | $ 11.84 | $ 11.44 |
Total Return A | 32.83% | (23.91)% | (.17)% | 8.27% | 10.05% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .00% | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 2.37% | 3.03% | 2.94% | 2.70% | 2.55% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,013,924 | $ 770,642 | $ 1,051,703 | $ 867,318 | $ 530,216 |
Portfolio turnover rate | 34% | 43% | 31% | 12% | 4% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
E Total distributions of $.32 per share is comprised of distributions from net investment income of $.235 and distributions from net realized gain of $.080 per share.
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, 2010 |
| % of fund's net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 1.9 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund | 1.9 | 1.9 |
Fidelity Disciplined Equity Fund | 6.7 | 7.4 |
Fidelity Equity-Income Fund | 3.7 | 6.4 |
Fidelity Growth Company Fund | 5.6 | 6.2 |
Fidelity Series 100 Index Fund | 4.5 | 4.9 |
Fidelity Series All-Sector Equity Fund | 6.0 | 5.8 |
Fidelity Series Large Cap Value Fund | 6.4 | 6.7 |
Fidelity Series Small Cap Opportunities Fund | 1.1 | 1.1 |
Fidelity Small Cap Growth Fund | 0.7 | 0.6 |
Fidelity Small Cap Value Fund | 0.6 | 0.6 |
| 37.2 | 41.6 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund | 3.5 | 3.6 |
Fidelity Europe Fund | 1.4 | 1.9 |
Fidelity Japan Fund | 0.5 | 0.5 |
Fidelity Overseas Fund | 3.4 | 3.6 |
Fidelity Series International Growth Fund | 0.5 | 0.0 |
Fidelity Series International Small Cap Fund | 0.1 | 0.0 |
Fidelity Series International Value Fund | 0.5 | 0.0 |
| 9.9 | 9.6 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.0 | 0.8 |
Fidelity Southeast Asia Fund | 0.2 | 0.1 |
| 1.2 | 0.9 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund | 2.6 | 2.7 |
Fidelity High Income Fund | 2.6 | 2.6 |
| 5.2 | 5.3 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 3.4 | 0.5 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund | 22.4 | 20.7 |
Fidelity Strategic Real Return Fund | 6.7 | 6.7 |
Fidelity Total Bond Fund | 2.1 | 5.4 |
| 31.2 | 32.8 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 5.0 | 4.6 |
Fidelity Short-Term Bond Fund | 5.0 | 4.7 |
| 10.0 | 9.3 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 1.9% | |
| Domestic Equity Funds | 37.2% | |
| Developed International Equity Funds | 9.9% | |
| Emerging Markets Equity Funds | 1.2% | |
| High Yield Bond Funds | 5.2% | |
| Inflation-Protected Bond Funds | 3.4% | |
| Investment Grade Bond Funds | 31.2% | |
| Short-Term Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds | 41.6% | |
| Developed International Equity Funds | 9.6% | |
| Emerging Markets Equity Funds | 0.9% | |
| High Yield Bond Funds | 5.3% | |
| Inflation-Protected Bond Funds | 0.5% | |
| Investment Grade Bond Funds | 32.8% | |
| Short-Term Funds | 9.3% | |
Expected |
| Commodity Funds | 4.7% | |
| Domestic Equity Funds | 32.2% | |
| Developed International Equity Funds | 11.0% | |
| Emerging Markets Equity Funds | 1.8% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 9.1% | |
| Investment Grade Bond Funds | 25.7% | |
| 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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom 2010 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 39.1% |
| Shares | | Value |
Commodity Funds - 1.9% |
Fidelity Series Commodity Strategy Fund | 19,497,854 | | $ 204,337,506 |
Domestic Equity Funds - 37.2% |
Fidelity Blue Chip Growth Fund | 5,229,719 | | 209,868,635 |
Fidelity Disciplined Equity Fund | 33,619,504 | | 738,284,298 |
Fidelity Equity-Income Fund | 9,904,133 | | 411,516,716 |
Fidelity Growth Company Fund | 8,523,117 | | 623,295,575 |
Fidelity Series 100 Index Fund | 59,862,460 | | 496,259,794 |
Fidelity Series All-Sector Equity Fund | 55,551,049 | | 667,723,608 |
Fidelity Series Large Cap Value Fund | 60,234,925 | | 714,988,555 |
Fidelity Series Small Cap Opportunities Fund (a) | 13,537,543 | | 120,754,884 |
Fidelity Small Cap Growth Fund (a) | 5,357,326 | | 71,895,321 |
Fidelity Small Cap Value Fund | 5,177,491 | | 71,604,702 |
TOTAL DOMESTIC EQUITY FUNDS | | 4,126,192,088 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $4,351,715,704) | 4,330,529,594 |
International Equity Funds - 11.1% |
| | | |
Developed International Equity Funds - 9.9% |
Fidelity Diversified International Fund | 13,718,854 | | 386,460,131 |
Fidelity Europe Fund | 5,326,019 | | 155,253,451 |
Fidelity Japan Fund | 5,215,124 | | 57,262,063 |
Fidelity Overseas Fund | 12,106,537 | | 371,186,418 |
Fidelity Series International Growth Fund | 5,979,646 | | 59,437,684 |
Fidelity Series International Small Cap Fund | 1,137,442 | | 11,636,036 |
Fidelity Series International Value Fund | 6,094,762 | | 58,875,403 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 1,100,111,186 |
Emerging Markets Equity Funds - 1.2% |
Fidelity Series Emerging Markets Fund | 6,820,508 | | 114,311,714 |
Fidelity Southeast Asia Fund | 661,982 | | 17,118,847 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 131,430,561 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,322,270,615) | 1,231,541,747 |
Bond Funds - 39.8% |
| Shares | | Value |
High Yield Bond Funds - 5.2% |
Fidelity Capital & Income Fund | 33,261,399 | | $ 296,691,682 |
Fidelity High Income Fund | 33,161,551 | | 287,510,651 |
TOTAL HIGH YIELD BOND FUNDS | | 584,202,333 |
Inflation-Protected Bond Funds - 3.4% |
Fidelity Series Inflation-Protected Bond Index Fund | 36,475,984 | | 374,243,595 |
Investment Grade Bond Funds - 31.2% |
Fidelity Series Investment Grade Bond Fund | 216,923,603 | | 2,481,606,022 |
Fidelity Strategic Real Return Fund | 86,066,613 | | 745,336,865 |
Fidelity Total Bond Fund | 21,766,299 | | 231,593,423 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 3,458,536,310 |
TOTAL BOND FUNDS (Cost $4,374,695,804) | 4,416,982,238 |
Short-Term Funds - 10.0% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 552,820,363 | | 552,820,363 |
Fidelity Short-Term Bond Fund | 66,472,496 | | 556,374,790 |
TOTAL SHORT-TERM FUNDS (Cost $1,133,391,529) | 1,109,195,153 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $11,182,073,652) | | 11,088,248,732 |
NET OTHER ASSETS - 0.0% | | (20,717) |
NET ASSETS - 100% | $ 11,088,228,015 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $810,927,279 of which $133,502,896 and $677,424,383 will expire on March 31, 2017 and 2018, respectively. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2010 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $11,182,073,652) - See accompanying schedule | | $ 11,088,248,732 |
Cash | | 8 |
Receivable for investments sold | | 25,446,050 |
Receivable for fund shares sold | | 8,929,689 |
Other receivables | | 33,295 |
Total assets | | 11,122,657,774 |
| | |
Liabilities | | |
Payable for investments purchased | $ 473 | |
Payable for fund shares redeemed | 34,395,991 | |
Other payables and accrued expenses | 33,295 | |
Total liabilities | | 34,429,759 |
| | |
Net Assets | | $ 11,088,228,015 |
Net Assets consist of: | | |
Paid in capital | | $ 12,031,183,148 |
Undistributed net investment income | | 40,417,299 |
Accumulated undistributed net realized gain (loss) on investments | | (889,547,512) |
Net unrealized appreciation (depreciation) on investments | | (93,824,920) |
Net Assets, for 860,207,587 shares outstanding | | $ 11,088,228,015 |
Net Asset Value, offering price and redemption price per share ($11,088,228,015 ÷ 860,207,587 shares) | | $ 12.89 |
Statement of Operations
| Year ended March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 258,956,797 |
| | |
Expenses | | |
Independent trustees' compensation | $ 36,614 | |
Total expenses before reductions | 36,614 | |
Expense reductions | (36,614) | - |
Net investment income (loss) | | 258,956,797 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (113,708,641) | |
Capital gain distributions from underlying funds | 124,608,930 | 10,900,289 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 2,854,058,038 |
Net gain (loss) | | 2,864,958,327 |
Net increase (decrease) in net assets resulting from operations | | $ 3,123,915,124 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 258,956,797 | $ 361,239,888 |
Net realized gain (loss) | 10,900,289 | (726,044,023) |
Change in net unrealized appreciation (depreciation) | 2,854,058,038 | (3,058,321,631) |
Net increase (decrease) in net assets resulting from operations | 3,123,915,124 | (3,423,125,766) |
Distributions to shareholders from net investment income | (269,625,081) | (382,018,505) |
Distributions to shareholders from net realized gain | (92,210,865) | (395,115,156) |
Total distributions | (361,835,946) | (777,133,661) |
Share transactions
Proceeds from sales of shares | 2,174,611,735 | 3,295,231,911 |
Reinvestment of distributions | 360,201,134 | 774,423,435 |
Cost of shares redeemed | (3,339,360,670) | (4,642,253,509) |
Net increase (decrease) in net assets resulting from share transactions | (804,547,801) | (572,598,163) |
Total increase (decrease) in net assets | 1,957,531,377 | (4,772,857,590) |
| | |
Net Assets | | |
Beginning of period | 9,130,696,638 | 13,903,554,228 |
End of period (including undistributed net investment income of $40,417,299 and undistributed net investment income of $51,085,583, respectively) | $ 11,088,228,015 | $ 9,130,696,638 |
Other Information Shares | | |
Sold | 182,073,341 | 273,115,016 |
Issued in reinvestment of distributions | 29,453,525 | 64,698,345 |
Redeemed | (276,183,780) | (400,867,695) |
Net increase (decrease) | (64,656,914) | (63,054,334) |
Financial Highlights
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.87 | $ 14.07 | $ 14.89 | $ 14.48 | $ 13.45 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .29 | .37 | .43 | .39 | .35 |
Net realized and unrealized gain (loss) | 3.14 | (3.77) | (.37) | .77 | 1.05 |
Total from investment operations | 3.43 | (3.40) | .06 | 1.16 | 1.40 |
Distributions from net investment income | (.31) | (.40) | (.41) | (.38) | (.30) |
Distributions from net realized gain | (.11) | (.40) | (.47) | (.37) | (.07) |
Total distributions | (.41) E | (.80) | (.88) | (.75) | (.37) |
Net asset value, end of period | $ 12.89 | $ 9.87 | $ 14.07 | $ 14.89 | $ 14.48 |
Total Return A | 34.99% | (25.06)% | .14% | 8.17% | 10.54% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .00% | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .01% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .01% |
Net investment income (loss) | 2.40% | 3.03% | 2.86% | 2.67% | 2.48% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 11,088,228 | $ 9,130,697 | $ 13,903,554 | $ 13,102,900 | $ 10,689,271 |
Portfolio turnover rate | 25% | 39% | 34% | 12% | 8% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
E Total distributions of $.41 per share is comprised of distributions from net investment income of $.305 and distributions from net realized gain of $.105 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2015 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 2.1 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund | 1.9 | 2.0 |
Fidelity Disciplined Equity Fund | 6.9 | 7.7 |
Fidelity Equity-Income Fund | 3.8 | 6.6 |
Fidelity Growth Company Fund | 5.8 | 6.5 |
Fidelity Series 100 Index Fund | 4.6 | 5.1 |
Fidelity Series All-Sector Equity Fund | 6.2 | 6.1 |
Fidelity Series Large Cap Value Fund | 6.7 | 7.1 |
Fidelity Series Small Cap Opportunities Fund | 1.1 | 1.1 |
Fidelity Small Cap Growth Fund | 0.7 | 0.7 |
Fidelity Small Cap Value Fund | 0.7 | 0.7 |
| 38.4 | 43.6 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund | 3.7 | 3.8 |
Fidelity Europe Fund | 1.4 | 2.0 |
Fidelity Japan Fund | 0.5 | 0.5 |
Fidelity Overseas Fund | 3.5 | 3.8 |
Fidelity Series International Growth Fund | 0.6 | 0.0 |
Fidelity Series International Small Cap Fund | 0.1 | 0.0 |
Fidelity Series International Value Fund | 0.6 | 0.0 |
| 10.4 | 10.1 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.1 | 0.8 |
Fidelity Southeast Asia Fund | 0.2 | 0.2 |
| 1.3 | 1.0 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund | 2.7 | 2.8 |
Fidelity High Income Fund | 2.7 | 2.7 |
| 5.4 | 5.5 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 3.5 | 0.4 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund | 21.8 | 20.1 |
Fidelity Strategic Real Return Fund | 6.2 | 6.5 |
Fidelity Total Bond Fund | 2.1 | 5.3 |
| 30.1 | 31.9 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 4.4 | 3.7 |
Fidelity Short-Term Bond Fund | 4.4 | 3.8 |
| 8.8 | 7.5 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 2.1% | |
| Domestic Equity Funds | 38.4% | |
| Developed International Equity Funds | 10.4% | |
| Emerging Markets Equity Funds | 1.3% | |
| High Yield Bond Funds | 5.4% | |
| Inflation-Protected Bond Funds | 3.5% | |
| Investment Grade Bond Funds | 30.1% | |
| Short-Term Funds | 8.8% | |
Six months ago |
| Domestic Equity Funds | 43.6% | |
| Developed International Equity Funds | 10.1% | |
| Emerging Markets Equity Funds | 1.0% | |
| High Yield Bond Funds | 5.5% | |
| Inflation-Protected Bond Funds | 0.4% | |
| Investment Grade Bond Funds | 31.9% | |
| Short-Term Funds | 7.5% | |
Expected |
| Commodity Funds | 4.8% | |
| Domestic Equity Funds | 33.1% | |
| Developed International Equity Funds | 11.4% | |
| Emerging Markets Equity Funds | 1.8% | |
| High Yield Bond Funds | 5.1% | |
| Inflation-Protected Bond Funds | 8.4% | |
| Investment Grade Bond Funds | 26.1% | |
| Short-Term Funds | 9.3% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom 2015 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 40.5% |
| Shares | | Value |
Commodity Funds - 2.1% |
Fidelity Series Commodity Strategy Fund | 17,419,988 | | $ 182,561,476 |
Domestic Equity Funds - 38.4% |
Fidelity Blue Chip Growth Fund | 4,322,126 | | 173,446,926 |
Fidelity Disciplined Equity Fund | 27,727,963 | | 608,906,072 |
Fidelity Equity-Income Fund | 8,092,084 | | 336,226,078 |
Fidelity Growth Company Fund | 7,028,676 | | 514,007,064 |
Fidelity Series 100 Index Fund | 49,394,117 | | 409,477,232 |
Fidelity Series All-Sector Equity Fund | 45,944,516 | | 552,253,087 |
Fidelity Series Large Cap Value Fund | 49,749,151 | | 590,522,418 |
Fidelity Series Small Cap Opportunities Fund (a) | 11,164,764 | | 99,589,696 |
Fidelity Small Cap Growth Fund (a) | 4,422,466 | | 59,349,493 |
Fidelity Small Cap Value Fund | 4,274,570 | | 59,117,308 |
TOTAL DOMESTIC EQUITY FUNDS | | 3,402,895,374 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $3,487,007,220) | 3,585,456,850 |
International Equity Funds - 11.7% |
| | | |
Developed International Equity Funds - 10.4% |
Fidelity Diversified International Fund | 11,602,683 | | 326,847,578 |
Fidelity Europe Fund | 4,150,784 | | 120,995,339 |
Fidelity Japan Fund | 4,084,802 | | 44,851,123 |
Fidelity Overseas Fund | 10,183,972 | | 312,240,573 |
Fidelity Series International Growth Fund | 5,423,492 | | 53,909,509 |
Fidelity Series International Small Cap Fund | 1,070,559 | | 10,951,823 |
Fidelity Series International Value Fund | 5,533,276 | | 53,451,444 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 923,247,389 |
Emerging Markets Equity Funds - 1.3% |
Fidelity Series Emerging Markets Fund | 5,817,076 | | 97,494,186 |
Fidelity Southeast Asia Fund | 524,798 | | 13,571,270 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 111,065,456 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,138,849,931) | 1,034,312,845 |
Bond Funds - 39.0% |
| Shares | | Value |
High Yield Bond Funds - 5.4% |
Fidelity Capital & Income Fund | 27,156,868 | | $ 242,239,262 |
Fidelity High Income Fund | 27,286,809 | | 236,576,637 |
TOTAL HIGH YIELD BOND FUNDS | | 478,815,899 |
Inflation-Protected Bond Funds - 3.5% |
Fidelity Series Inflation-Protected Bond Index Fund | 30,069,501 | | 308,513,079 |
Investment Grade Bond Funds - 30.1% |
Fidelity Series Investment Grade Bond Fund | 168,383,772 | | 1,926,310,353 |
Fidelity Strategic Real Return Fund | 63,333,082 | | 548,464,493 |
Fidelity Total Bond Fund | 17,757,864 | | 188,943,668 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 2,663,718,514 |
TOTAL BOND FUNDS (Cost $3,351,768,109) | 3,451,047,492 |
Short-Term Funds - 8.8% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 388,112,344 | | 388,112,344 |
Fidelity Short-Term Bond Fund | 46,547,705 | | 389,604,290 |
TOTAL SHORT-TERM FUNDS (Cost $783,840,245) | 777,716,634 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $8,761,465,505) | | 8,848,533,821 |
NET OTHER ASSETS - 0.0% | | (14,816) |
NET ASSETS - 100% | $ 8,848,519,005 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $448,557,563 of which $98,777,053 and $349,780,510 will expire on March 31, 2017 and 2018, respectively. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $216,116,008 of losses recognized during the period November 1, 2009 to March 31, 2010. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2015 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $8,761,465,505) - See accompanying schedule | | $ 8,848,533,821 |
Receivable for investments sold | | 1,364,068 |
Receivable for fund shares sold | | 13,425,406 |
Total assets | | 8,863,323,295 |
| | |
Liabilities | | |
Payable for investments purchased | $ 14,131 | |
Payable for fund shares redeemed | 14,790,159 | |
Total liabilities | | 14,804,290 |
| | |
Net Assets | | $ 8,848,519,005 |
Net Assets consist of: | | |
Paid in capital | | $ 9,417,296,264 |
Undistributed net investment income | | 31,189,103 |
Accumulated undistributed net realized gain (loss) on investments | | (687,034,678) |
Net unrealized appreciation (depreciation) on investments | | 87,068,316 |
Net Assets, for 823,659,398 shares outstanding | | $ 8,848,519,005 |
Net Asset Value, offering price and redemption price per share ($8,848,519,005 ÷ 823,659,398 shares) | | $ 10.74 |
Statement of Operations
| Year ended March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 189,068,555 |
| | |
Expenses | | |
Independent trustees' compensation | $ 26,351 | |
Total expenses before reductions | 26,351 | |
Expense reductions | (26,351) | - |
Net investment income (loss) | | 189,068,555 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (349,114,934) | |
Capital gain distributions from underlying funds | 97,031,425 | (252,083,509) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 2,373,045,954 |
Net gain (loss) | | 2,120,962,445 |
Net increase (decrease) in net assets resulting from operations | | $ 2,310,031,000 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 189,068,555 | $ 202,554,054 |
Net realized gain (loss) | (252,083,509) | (326,805,679) |
Change in net unrealized appreciation (depreciation) | 2,373,045,954 | (1,984,567,659) |
Net increase (decrease) in net assets resulting from operations | 2,310,031,000 | (2,108,819,284) |
Distributions to shareholders from net investment income | (186,347,613) | (206,566,808) |
Distributions to shareholders from net realized gain | (72,444,592) | (188,649,999) |
Total distributions | (258,792,205) | (395,216,807) |
Share transactions
Proceeds from sales of shares | 2,794,438,936 | 3,211,723,077 |
Reinvestment of distributions | 258,226,466 | 394,517,096 |
Cost of shares redeemed | (2,344,790,821) | (2,129,469,007) |
Net increase (decrease) in net assets resulting from share transactions | 707,874,581 | 1,476,771,166 |
Total increase (decrease) in net assets | 2,759,113,376 | (1,027,264,925) |
| | |
Net Assets | | |
Beginning of period | 6,089,405,629 | 7,116,670,554 |
End of period (including undistributed net investment income of $31,189,103 and undistributed net investment income of $28,468,161, respectively) | $ 8,848,519,005 | $ 6,089,405,629 |
Other Information Shares | | |
Sold | 280,942,107 | 324,462,966 |
Issued in reinvestment of distributions | 25,204,965 | 40,366,079 |
Redeemed | (231,218,469) | (222,766,865) |
Net increase (decrease) | 74,928,603 | 142,062,180 |
Financial Highlights
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.13 | $ 11.73 | $ 12.45 | $ 11.98 | $ 10.87 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .24 | .29 | .34 | .29 | .25 |
Net realized and unrealized gain (loss) | 2.70 | (3.29) | (.38) | .72 | 1.13 |
Total from investment operations | 2.94 | (3.00) | (.04) | 1.01 | 1.38 |
Distributions from net investment income | (.24) | (.30) | (.30) | (.23) | (.19) |
Distributions from net realized gain | (.09) | (.30) | (.38) | (.31) | (.08) |
Total distributions | (.33) E | (.60) | (.68) | (.54) | (.27) |
Net asset value, end of period | $ 10.74 | $ 8.13 | $ 11.73 | $ 12.45 | $ 11.98 |
Total Return A | 36.33% | (26.45)% | (.62)% | 8.58% | 12.83% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .00% | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 2.38% | 2.97% | 2.68% | 2.37% | 2.20% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,848,519 | $ 6,089,406 | $ 7,116,671 | $ 5,098,514 | $ 2,677,779 |
Portfolio turnover rate | 30% | 36% | 24% | 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 reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
E Total distributions of $.33 per share is comprised of distributions from net investment income of $.235 and distributions from net realized gain of $.091 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2020 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's net assets | % of fund's net assets 6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 2.5 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund | 2.4 | 2.4 |
Fidelity Disciplined Equity Fund | 8.3 | 9.3 |
Fidelity Equity-Income Fund | 4.6 | 8.0 |
Fidelity Growth Company Fund | 7.1 | 7.9 |
Fidelity Series 100 Index Fund | 5.6 | 6.2 |
Fidelity Series All-Sector Equity Fund | 7.5 | 7.5 |
Fidelity Series Large Cap Value Fund | 8.1 | 8.6 |
Fidelity Series Small Cap Opportunities Fund | 1.4 | 1.4 |
Fidelity Small Cap Growth Fund | 0.8 | 0.8 |
Fidelity Small Cap Value Fund | 0.8 | 0.8 |
| 46.6 | 52.9 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund | 4.4 | 4.5 |
Fidelity Europe Fund | 1.7 | 2.4 |
Fidelity Japan Fund | 0.6 | 0.6 |
Fidelity Overseas Fund | 4.2 | 4.5 |
Fidelity Series International Growth Fund | 0.8 | 0.0 |
Fidelity Series International Small Cap Fund | 0.2 | 0.0 |
Fidelity Series International Value Fund | 0.7 | 0.0 |
| 12.6 | 12.0 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.3 | 1.0 |
Fidelity Southeast Asia Fund | 0.2 | 0.2 |
| 1.5 | 1.2 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund | 3.8 | 3.8 |
Fidelity High Income Fund | 3.6 | 3.6 |
| 7.4 | 7.4 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 2.5 | 0.3 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund | 17.6 | 15.5 |
Fidelity Strategic Real Return Fund | 5.0 | 5.1 |
Fidelity Total Bond Fund | 1.8 | 4.1 |
| 24.4 | 24.7 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 1.2 | 0.7 |
Fidelity Short-Term Bond Fund | 1.3 | 0.8 |
| 2.5 | 1.5 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 2.5% | |
| Domestic Equity Funds | 46.6% | |
| Developed International Equity Funds | 12.6% | |
| Emerging Markets Equity Funds | 1.5% | |
| High Yield Bond Funds | 7.4% | |
| Inflation-Protected Bond Funds | 2.5% | |
| Investment Grade Bond Funds | 24.4% | |
| Short-Term Funds | 2.5% | |
Six months ago |
| Domestic Equity Funds | 52.9% | |
| Developed International Equity Funds | 12.0% | |
| Emerging Markets Equity Funds | 1.2% | |
| High Yield Bond Funds | 7.4% | |
| Inflation-Protected Bond Funds | 0.3% | |
| Investment Grade Bond Funds | 24.7% | |
| Short-Term Funds | 1.5% | |
Expected |
| Commodity Funds | 5.8% | |
| Domestic Equity Funds | 39.6% | |
| Developed International Equity Funds | 13.6% | |
| Emerging Markets Equity Funds | 2.2% | |
| High Yield Bond Funds | 6.7% | |
| Inflation-Protected Bond Funds | 6.3% | |
| Investment Grade Bond Funds | 22.5% | |
| Short-Term Funds | 3.3% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom 2020 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 49.1% |
| Shares | | Value |
Commodity Funds - 2.5% |
Fidelity Series Commodity Strategy Fund | 49,320,435 | | $ 516,878,154 |
Domestic Equity Funds - 46.6% |
Fidelity Blue Chip Growth Fund | 12,139,469 | | 487,156,894 |
Fidelity Disciplined Equity Fund | 77,952,200 | | 1,711,830,307 |
Fidelity Equity-Income Fund | 22,854,279 | | 949,595,301 |
Fidelity Growth Company Fund | 19,881,339 | | 1,453,922,304 |
Fidelity Series 100 Index Fund | 138,757,869 | | 1,150,302,735 |
Fidelity Series All-Sector Equity Fund | 128,951,281 | | 1,549,994,397 |
Fidelity Series Large Cap Value Fund | 139,699,296 | | 1,658,230,641 |
Fidelity Series Small Cap Opportunities Fund (a) | 31,390,644 | | 280,004,545 |
Fidelity Small Cap Growth Fund (a) | 12,428,008 | | 166,783,862 |
Fidelity Small Cap Value Fund | 12,013,468 | | 166,146,259 |
TOTAL DOMESTIC EQUITY FUNDS | | 9,573,967,245 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $9,627,869,842) | 10,090,845,399 |
International Equity Funds - 14.1% |
| | | |
Developed International Equity Funds - 12.6% |
Fidelity Diversified International Fund | 32,016,854 | | 901,914,773 |
Fidelity Europe Fund | 12,044,360 | | 351,093,088 |
Fidelity Japan Fund | 11,943,432 | | 131,138,889 |
Fidelity Overseas Fund | 28,210,111 | | 864,922,013 |
Fidelity Series International Growth Fund | 15,649,909 | | 155,560,091 |
Fidelity Series International Small Cap Fund | 3,048,022 | | 31,181,268 |
Fidelity Series International Value Fund | 15,953,254 | | 154,108,433 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 2,589,918,555 |
Emerging Markets Equity Funds - 1.5% |
Fidelity Series Emerging Markets Fund | 16,451,724 | | 275,730,899 |
Fidelity Southeast Asia Fund | 1,476,463 | | 38,181,327 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 313,912,226 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,927,728,430) | 2,903,830,781 |
Bond Funds - 34.3% |
| Shares | | Value |
High Yield Bond Funds - 7.4% |
Fidelity Capital & Income Fund | 87,167,281 | | $ 777,532,143 |
Fidelity High Income Fund | 84,974,041 | | 736,724,933 |
TOTAL HIGH YIELD BOND FUNDS | | 1,514,257,076 |
Inflation-Protected Bond Funds - 2.5% |
Fidelity Series Inflation-Protected Bond Index Fund | 50,458,588 | | 517,705,117 |
Investment Grade Bond Funds - 24.4% |
Fidelity Series Investment Grade Bond Fund | 317,057,204 | | 3,627,134,417 |
Fidelity Strategic Real Return Fund | 118,211,656 | | 1,023,712,939 |
Fidelity Total Bond Fund | 34,808,327 | | 370,360,599 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 5,021,207,955 |
TOTAL BOND FUNDS (Cost $6,840,141,728) | 7,053,170,148 |
Short-Term Funds - 2.5% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 257,201,793 | | 257,201,793 |
Fidelity Short-Term Bond Fund | 30,824,007 | | 257,996,936 |
TOTAL SHORT-TERM FUNDS (Cost $514,751,083) | 515,198,729 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $19,910,491,083) | | 20,563,045,057 |
NET OTHER ASSETS - 0.0% | | (5,091) |
NET ASSETS - 100% | $ 20,563,039,966 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $1,397,297,546 of which $233,519,669 and $1,163,777,877 will expire on March 31, 2017 and 2018, respectively. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $558,714,949 of losses recognized during the period November 1, 2009 to March 31, 2010. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2020 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $19,910,491,083) - See accompanying schedule | | $ 20,563,045,057 |
Cash | | 10 |
Receivable for investments sold | | 49,689,952 |
Receivable for fund shares sold | | 29,114,625 |
Other receivables | | 52,235 |
Total assets | | 20,641,901,879 |
| | |
Liabilities | | |
Payable for investments purchased | $ 263 | |
Payable for fund shares redeemed | 78,809,415 | |
Other payables and accrued expenses | 52,235 | |
Total liabilities | | 78,861,913 |
| | |
Net Assets | | $ 20,563,039,966 |
Net Assets consist of: | | |
Paid in capital | | $ 21,855,583,175 |
Undistributed net investment income | | 56,155,950 |
Accumulated undistributed net realized gain (loss) on investments | | (2,001,253,133) |
Net unrealized appreciation (depreciation) on investments | | 652,553,974 |
Net Assets, for 1,583,793,452 shares outstanding | | $ 20,563,039,966 |
Net Asset Value, offering price and redemption price per share ($20,563,039,966 ÷ 1,583,793,452 shares) | | $ 12.98 |
Statement of Operations
| Year ended March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 430,982,829 |
Interest | | 3 |
Total income | | 430,982,832 |
| | |
Expenses | | |
Independent trustees' compensation | $ 62,323 | |
Total expenses before reductions | 62,323 | |
Expense reductions | (62,323) | - |
Net investment income (loss) | | 430,982,832 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,109,153,670) | |
Capital gain distributions from underlying funds | 248,083,951 | (861,069,719) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 6,624,475,024 |
Net gain (loss) | | 5,763,405,305 |
Net increase (decrease) in net assets resulting from operations | | $ 6,194,388,137 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 430,982,832 | $ 480,290,583 |
Net realized gain (loss) | (861,069,719) | (883,613,607) |
Change in net unrealized appreciation (depreciation) | 6,624,475,024 | (6,118,556,930) |
Net increase (decrease) in net assets resulting from operations | 6,194,388,137 | (6,521,879,954) |
Distributions to shareholders from net investment income | (444,938,539) | (448,935,720) |
Distributions to shareholders from net realized gain | (164,228,908) | (718,344,659) |
Total distributions | (609,167,447) | (1,167,280,379) |
Share transactions
Proceeds from sales of shares | 5,028,232,698 | 5,577,556,385 |
Reinvestment of distributions | 607,974,246 | 1,165,443,761 |
Cost of shares redeemed | (4,975,083,602) | (4,765,588,496) |
Net increase (decrease) in net assets resulting from share transactions | 661,123,342 | 1,977,411,650 |
Total increase (decrease) in net assets | 6,246,344,032 | (5,711,748,683) |
| | |
Net Assets | | |
Beginning of period | 14,316,695,934 | 20,028,444,617 |
End of period (including undistributed net investment income of $56,155,950 and undistributed net investment income of $70,111,657, respectively) | $ 20,563,039,966 | $ 14,316,695,934 |
Other Information Shares | | |
Sold | 424,742,366 | 470,377,156 |
Issued in reinvestment of distributions | 49,503,195 | 94,637,136 |
Redeemed | (410,596,584) | (410,884,583) |
Net increase (decrease) | 63,648,977 | 154,129,709 |
Financial Highlights
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.42 | $ 14.66 | $ 15.84 | $ 15.37 | $ 13.71 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .27 | .33 | .36 | .31 | .27 |
Net realized and unrealized gain (loss) | 3.68 | (4.74) | (.50) | 1.03 | 1.72 |
Total from investment operations | 3.95 | (4.41) | (.14) | 1.34 | 1.99 |
Distributions from net investment income | (.29) | (.31) | (.37) | (.28) | (.23) |
Distributions from net realized gain | (.11) | (.52) | (.67) | (.59) | (.10) |
Total distributions | (.39) E | (.83) | (1.04) | (.87) | (.33) |
Net asset value, end of period | $ 12.98 | $ 9.42 | $ 14.66 | $ 15.84 | $ 15.37 |
Total Return A | 42.19% | (31.39)% | (1.32)% | 8.95% | 14.64% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .00% | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .01% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .01% |
Net investment income (loss) | 2.30% | 2.73% | 2.24% | 1.99% | 1.87% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 20,563,040 | $ 14,316,696 | $ 20,028,445 | $ 18,305,525 | $ 13,847,298 |
Portfolio turnover rate | 29% | 35% | 35% | 7% | 4% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
E Total distributions of $.39 per share is comprised of distributions from net investment income of $.285 and distributions from net realized gain of $.105 per share.
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, 2010 |
| % of fund's net assets | % of fund's net assets 6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 2.9 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund | 2.6 | 2.6 |
Fidelity Disciplined Equity Fund | 9.3 | 10.1 |
Fidelity Equity-Income Fund | 5.2 | 8.7 |
Fidelity Growth Company Fund | 7.9 | 8.5 |
Fidelity Series 100 Index Fund | 6.2 | 6.7 |
Fidelity Series All-Sector Equity Fund | 8.4 | 8.0 |
Fidelity Series Large Cap Value Fund | 9.0 | 9.3 |
Fidelity Series Small Cap Opportunities Fund | 1.5 | 1.5 |
Fidelity Small Cap Growth Fund | 0.9 | 0.8 |
Fidelity Small Cap Value Fund | 0.9 | 0.9 |
| 51.9 | 57.1 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund | 4.8 | 4.9 |
Fidelity Europe Fund | 1.8 | 2.6 |
Fidelity Japan Fund | 0.7 | 0.7 |
Fidelity Overseas Fund | 4.7 | 4.9 |
Fidelity Series International Growth Fund | 1.0 | 0.0 |
Fidelity Series International Small Cap Fund | 0.2 | 0.0 |
Fidelity Series International Value Fund | 0.9 | 0.0 |
| 14.1 | 13.1 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.5 | 1.1 |
Fidelity Southeast Asia Fund | 0.2 | 0.2 |
| 1.7 | 1.3 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund | 3.9 | 3.9 |
Fidelity High Income Fund | 3.7 | 3.7 |
| 7.6 | 7.6 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 1.5 | 0.2 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund | 14.8 | 13.0 |
Fidelity Strategic Real Return Fund | 4.0 | 4.3 |
Fidelity Total Bond Fund | 1.5 | 3.4 |
| 20.3 | 20.7 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 0.0* | 0.0 |
Fidelity Short-Term Bond Fund | 0.0* | 0.0 |
| 0.0* | 0.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 2.9% | |
| Domestic Equity Funds | 51.9% | |
| Developed International Equity Funds | 14.1% | |
| Emerging Markets Equity Funds | 1.7% | |
| High Yield Bond Funds | 7.6% | |
| Inflation-Protected Bond Funds | 1.5% | |
| Investment Grade Bond Funds | 20.3% | |
| Short-Term Funds* | 0.0% | |
Six months ago |
| Domestic Equity Funds | 57.1% | |
| Developed International Equity Funds | 13.1% | |
| Emerging Markets Equity Funds | 1.3% | |
| High Yield Bond Funds | 7.6% | |
| Inflation-Protected Bond Funds | 0.2% | |
| Investment Grade Bond Funds | 20.7% | |
Expected |
| Commodity Funds | 6.6% | |
| Domestic Equity Funds | 45.2% | |
| Developed International Equity Funds | 15.5% | |
| Emerging Markets Equity Funds | 2.5% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 3.7% | |
| Investment Grade Bond Funds | 19.0% | |
| Short-Term Funds | 0.0% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
* Amount represents less than 0.1% |
Annual Report
Fidelity Freedom 2025 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 54.8% |
| Shares | | Value |
Commodity Funds - 2.9% |
Fidelity Series Commodity Strategy Fund | 25,582,153 | | $ 268,100,967 |
Domestic Equity Funds - 51.9% |
Fidelity Blue Chip Growth Fund | 6,125,714 | | 245,824,909 |
Fidelity Disciplined Equity Fund | 39,327,217 | | 863,625,678 |
Fidelity Equity-Income Fund | 11,564,510 | | 480,505,373 |
Fidelity Growth Company Fund | 9,977,211 | | 729,633,430 |
Fidelity Series 100 Index Fund | 70,014,490 | | 580,420,118 |
Fidelity Series All-Sector Equity Fund | 65,046,945 | | 781,864,279 |
Fidelity Series Large Cap Value Fund | 70,471,831 | | 836,500,628 |
Fidelity Series Small Cap Opportunities Fund (a) | 15,805,861 | | 140,988,278 |
Fidelity Small Cap Growth Fund (a) | 6,259,940 | | 84,008,394 |
Fidelity Small Cap Value Fund | 6,050,874 | | 83,683,582 |
TOTAL DOMESTIC EQUITY FUNDS | | 4,827,054,669 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $5,262,668,964) | 5,095,155,636 |
International Equity Funds - 15.8% |
| | | |
Developed International Equity Funds - 14.1% |
Fidelity Diversified International Fund | 16,000,011 | | 450,720,317 |
Fidelity Europe Fund | 5,659,241 | | 164,966,862 |
Fidelity Japan Fund | 5,604,045 | | 61,532,414 |
Fidelity Overseas Fund | 14,230,225 | | 436,298,684 |
Fidelity Series International Growth Fund | 8,905,293 | | 88,518,612 |
Fidelity Series International Small Cap Fund | 1,736,828 | | 17,767,748 |
Fidelity Series International Value Fund | 9,104,147 | | 87,946,059 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 1,307,750,696 |
Emerging Markets Equity Funds - 1.7% |
Fidelity Series Emerging Markets Fund | 8,552,197 | | 143,334,817 |
Fidelity Southeast Asia Fund | 706,917 | | 18,280,884 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 161,615,701 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,656,070,679) | 1,469,366,397 |
Bond Funds - 29.4% |
| Shares | | Value |
High Yield Bond Funds - 7.6% |
Fidelity Capital & Income Fund | 40,659,439 | | $ 362,682,195 |
Fidelity High Income Fund | 40,347,967 | | 349,816,870 |
TOTAL HIGH YIELD BOND FUNDS | | 712,499,065 |
Inflation-Protected Bond Funds - 1.5% |
Fidelity Series Inflation-Protected Bond Index Fund | 13,511,591 | | 138,628,927 |
Investment Grade Bond Funds - 20.3% |
Fidelity Series Investment Grade Bond Fund | 119,856,907 | | 1,371,163,012 |
Fidelity Strategic Real Return Fund | 43,359,455 | | 375,492,879 |
Fidelity Total Bond Fund | 13,048,907 | | 138,840,373 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 1,885,496,264 |
TOTAL BOND FUNDS (Cost $2,689,655,724) | 2,736,624,256 |
Short-Term Funds - 0.0% |
| | | |
Fidelity Institutional Money Market Portfolio Institutional Class | 152,427 | | 152,427 |
Fidelity Short-Term Bond Fund | 18,272 | | 152,935 |
TOTAL SHORT-TERM FUNDS (Cost $305,343) | 305,362 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $9,608,700,710) | | 9,301,451,651 |
NET OTHER ASSETS - 0.0% | | (58) |
NET ASSETS - 100% | $ 9,301,451,593 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $325,610,187 of which $128,436,443 and $197,173,744 will expire on March 31, 2017 and 2018, respectively. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2025 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $9,608,700,710) - See accompanying schedule | | $ 9,301,451,651 |
Cash | | 11 |
Receivable for investments sold | | 35,259 |
Receivable for fund shares sold | | 15,173,640 |
Total assets | | 9,316,660,561 |
| | |
Liabilities | | |
Payable for investments purchased | $ 323,245 | |
Payable for fund shares redeemed | 14,885,723 | |
Total liabilities | | 15,208,968 |
| | |
Net Assets | | $ 9,301,451,593 |
Net Assets consist of: | | |
Paid in capital | | $ 9,904,490,959 |
Undistributed net investment income | | 25,412,736 |
Accumulated undistributed net realized gain (loss) on investments | | (321,203,043) |
Net unrealized appreciation (depreciation) on investments | | (307,249,059) |
Net Assets, for 863,443,796 shares outstanding | | $ 9,301,451,593 |
Net Asset Value, offering price and redemption price per share ($9,301,451,593 ÷ 863,443,796 shares) | | $ 10.77 |
Statement of Operations
| Year ended March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 178,667,186 |
| | |
Expenses | | |
Independent trustees' compensation | $ 26,527 | |
Total expenses before reductions | 26,527 | |
Expense reductions | (26,527) | - |
Net investment income (loss) | | 178,667,186 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (8,579,206) | |
Capital gain distributions from underlying funds | 114,477,941 | 105,898,735 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 2,466,360,217 |
Net gain (loss) | | 2,572,258,952 |
Net increase (decrease) in net assets resulting from operations | | $ 2,750,926,138 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 178,667,186 | $ 168,963,808 |
Net realized gain (loss) | 105,898,735 | (322,764,552) |
Change in net unrealized appreciation (depreciation) | 2,466,360,217 | (2,382,142,055) |
Net increase (decrease) in net assets resulting from operations | 2,750,926,138 | (2,535,942,799) |
Distributions to shareholders from net investment income | (173,115,738) | (171,882,739) |
Distributions to shareholders from net realized gain | (78,645,788) | (211,227,891) |
Total distributions | (251,761,526) | (383,110,630) |
Share transactions
Proceeds from sales of shares | 2,944,744,149 | 3,202,233,157 |
Reinvestment of distributions | 251,459,641 | 382,799,740 |
Cost of shares redeemed | (2,192,604,773) | (1,518,332,456) |
Net increase (decrease) in net assets resulting from share transactions | 1,003,599,017 | 2,066,700,441 |
Total increase (decrease) in net assets | 3,502,763,629 | (852,352,988) |
| | |
Net Assets | | |
Beginning of period | 5,798,687,964 | 6,651,040,952 |
End of period (including undistributed net investment income of $25,412,736 and undistributed net investment income of $19,861,288, respectively) | $ 9,301,451,593 | $ 5,798,687,964 |
Other Information Shares | | |
Sold | 301,762,904 | 328,872,946 |
Issued in reinvestment of distributions | 24,578,310 | 38,379,248 |
Redeemed | (218,232,354) | (159,304,121) |
Net increase (decrease) | 108,108,860 | 207,948,073 |
Financial Highlights
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.68 | $ 12.15 | $ 13.05 | $ 12.52 | $ 11.07 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .22 | .26 | .28 | .24 | .21 |
Net realized and unrealized gain (loss) | 3.18 | (4.10) | (.49) | .89 | 1.48 |
Total from investment operations | 3.40 | (3.84) | (.21) | 1.13 | 1.69 |
Distributions from net investment income | (.21) | (.26) | (.25) | (.19) | (.15) |
Distributions from net realized gain | (.10) | (.37) | (.44) | (.41) | (.10) |
Total distributions | (.31) F | (.63) | (.69) | (.60) | (.24) E |
Net asset value, end of period | $ 10.77 | $ 7.68 | $ 12.15 | $ 13.05 | $ 12.52 |
Total Return A | 44.43% | (32.84)% | (2.00)% | 9.18% | 15.41% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .00% | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 2.21% | 2.64% | 2.16% | 1.88% | 1.75% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,301,452 | $ 5,798,688 | $ 6,651,041 | $ 4,349,197 | $ 2,099,810 |
Portfolio turnover rate | 26% | 29% | 24% | 3% | 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 reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
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.
F Total distributions of $.31 per share is comprised of distributions from net investment income of $.210 and distributions from net realized gain of $.095 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2030 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's net assets | % of fund's net assets 6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.4 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund | 2.9 | 3.0 |
Fidelity Disciplined Equity Fund | 10.1 | 11.2 |
Fidelity Equity-Income Fund | 5.7 | 9.7 |
Fidelity Growth Company Fund | 8.6 | 9.5 |
Fidelity Series 100 Index Fund | 6.8 | 7.4 |
Fidelity Series All-Sector Equity Fund | 9.1 | 9.0 |
Fidelity Series Large Cap Value Fund | 9.8 | 10.3 |
Fidelity Series Small Cap Opportunities Fund | 1.7 | 1.7 |
Fidelity Small Cap Growth Fund | 1.0 | 0.9 |
Fidelity Small Cap Value Fund | 1.0 | 1.0 |
| 56.7 | 63.7 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund | 5.2 | 5.4 |
Fidelity Europe Fund | 2.0 | 2.9 |
Fidelity Japan Fund | 0.8 | 0.8 |
Fidelity Overseas Fund | 5.0 | 5.4 |
Fidelity Series International Growth Fund | 1.1 | 0.0 |
Fidelity Series International Small Cap Fund | 0.2 | 0.0 |
Fidelity Series International Value Fund | 1.1 | 0.0 |
| 15.4 | 14.5 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.7 | 1.1 |
Fidelity Southeast Asia Fund | 0.3 | 0.2 |
| 2.0 | 1.3 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund | 4.0 | 3.9 |
Fidelity High Income Fund | 3.8 | 3.7 |
| 7.8 | 7.6 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund | 0.2 | 0.0* |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund | 10.9 | 8.1 |
Fidelity Strategic Real Return Fund | 2.5 | 2.6 |
Fidelity Total Bond Fund | 1.1 | 2.2 |
| 14.5 | 12.9 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.4% | |
| Domestic Equity Funds | 56.7% | |
| Developed International Equity Funds | 15.4% | |
| Emerging Markets Equity Funds | 2.0% | |
| High Yield Bond Funds | 7.8% | |
| Inflation-Protected Bond Funds | 0.2% | |
| Investment Grade Bond Funds | 14.5% | |
Six months ago |
| Domestic Equity Funds | 63.7% | |
| Developed International Equity Funds | 14.5% | |
| Emerging Markets Equity Funds | 1.3% | |
| High Yield Bond Funds | 7.6% | |
| Inflation-Protected Bond Funds* | 0.0% | |
| Investment Grade Bond Funds | 12.9% | |
Expected |
| Commodity Funds | 7.1% | |
| Domestic Equity Funds | 48.4% | |
| Developed International Equity Funds | 16.6% | |
| Emerging Markets Equity Funds | 2.7% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 0.8% | |
| Investment Grade Bond Funds | 16.9% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
* Amount represents less than 0.1% |
Annual Report
Fidelity Freedom 2030 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 60.1% |
| Shares | | Value |
Commodity Funds - 3.4% |
Fidelity Series Commodity Strategy Fund | 47,181,139 | | $ 494,458,333 |
Domestic Equity Funds - 56.7% |
Fidelity Blue Chip Growth Fund | 10,466,571 | | 420,023,482 |
Fidelity Disciplined Equity Fund | 67,442,937 | | 1,481,046,903 |
Fidelity Equity-Income Fund | 20,174,844 | | 838,264,769 |
Fidelity Growth Company Fund | 17,192,895 | | 1,257,316,389 |
Fidelity Series 100 Index Fund | 119,902,096 | | 993,988,375 |
Fidelity Series All-Sector Equity Fund | 110,639,204 | | 1,329,883,226 |
Fidelity Series Large Cap Value Fund | 120,419,627 | | 1,429,380,973 |
Fidelity Series Small Cap Opportunities Fund (a) | 27,265,674 | | 243,209,816 |
Fidelity Small Cap Growth Fund (a) | 10,747,897 | | 144,236,775 |
Fidelity Small Cap Value Fund | 10,394,859 | | 143,760,905 |
TOTAL DOMESTIC EQUITY FUNDS | | 8,281,111,613 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $8,513,700,706) | 8,775,569,946 |
International Equity Funds - 17.4% |
| | | |
Developed International Equity Funds - 15.4% |
Fidelity Diversified International Fund | 26,904,961 | | 757,912,744 |
Fidelity Europe Fund | 10,218,387 | | 297,865,979 |
Fidelity Japan Fund | 10,056,419 | | 110,419,477 |
Fidelity Overseas Fund | 23,783,641 | | 729,206,446 |
Fidelity Series International Growth Fund | 16,206,021 | | 161,087,851 |
Fidelity Series International Small Cap Fund | 3,154,140 | | 32,266,850 |
Fidelity Series International Value Fund | 16,552,835 | | 159,900,383 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 2,248,659,730 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.0% |
Fidelity Series Emerging Markets Fund | 15,008,950 | | $ 251,550,007 |
Fidelity Southeast Asia Fund | 1,304,940 | | 33,745,756 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 285,295,763 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,625,718,494) | 2,533,955,493 |
Bond Funds - 22.5% |
| | | |
High Yield Bond Funds - 7.8% |
Fidelity Capital & Income Fund | 65,252,281 | | 582,050,345 |
Fidelity High Income Fund | 63,593,009 | | 551,351,392 |
TOTAL HIGH YIELD BOND FUNDS | | 1,133,401,737 |
Inflation-Protected Bond Funds - 0.2% |
Fidelity Series Inflation-Protected Bond Index Fund | 3,340,426 | | 34,272,769 |
Investment Grade Bond Funds - 14.5% |
Fidelity Series Investment Grade Bond Fund | 138,687,555 | | 1,586,585,626 |
Fidelity Strategic Real Return Fund | 42,828,581 | | 370,895,508 |
Fidelity Total Bond Fund | 15,107,776 | | 160,746,736 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 2,118,227,870 |
TOTAL BOND FUNDS (Cost $3,187,360,927) | 3,285,902,376 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $14,326,780,127) | | 14,595,427,815 |
NET OTHER ASSETS - 0.0% | | (31) |
NET ASSETS - 100% | $ 14,595,427,784 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $1,009,569,832 of which $175,742,492 and $833,827,340 will expire on March 31, 2017 and 2018, respectively. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $463,232,705 of losses recognized during the period November 1, 2009 to March 31, 2010. |
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, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $14,326,780,127) - See accompanying schedule | | $ 14,595,427,815 |
Cash | | 59 |
Receivable for investments sold | | 35,071,714 |
Receivable for fund shares sold | | 26,012,569 |
Other receivables | | 35,526 |
Total assets | | 14,656,547,683 |
| | |
Liabilities | | |
Payable for investments purchased | $ 89 | |
Payable for fund shares redeemed | 61,084,284 | |
Other payables and accrued expenses | 35,526 | |
Total liabilities | | 61,119,899 |
| | |
Net Assets | | $ 14,595,427,784 |
Net Assets consist of: | | |
Paid in capital | | $ 15,803,340,446 |
Undistributed net investment income | | 33,035,653 |
Accumulated undistributed net realized gain (loss) on investments | | (1,509,596,003) |
Net unrealized appreciation (depreciation) on investments | | 268,647,688 |
Net Assets, for 1,134,275,114 shares outstanding | | $ 14,595,427,784 |
Net Asset Value, offering price and redemption price per share ($14,595,427,784 ÷ 1,134,275,114 shares) | | $ 12.87 |
Statement of Operations
| Year ended March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 262,653,257 |
| | |
Expenses | | |
Independent trustees' compensation | $ 43,303 | |
Total expenses before reductions | 43,303 | |
Expense reductions | (43,303) | - |
Net investment income (loss) | | 262,653,257 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (975,389,969) | |
Capital gain distributions from underlying funds | 185,363,187 | (790,026,782) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 5,268,821,959 |
Net gain (loss) | | 4,478,795,177 |
Net increase (decrease) in net assets resulting from operations | | $ 4,741,448,434 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 262,653,257 | $ 270,588,071 |
Net realized gain (loss) | (790,026,782) | (552,847,773) |
Change in net unrealized appreciation (depreciation) | 5,268,821,959 | (4,886,743,804) |
Net increase (decrease) in net assets resulting from operations | 4,741,448,434 | (5,169,003,506) |
Distributions to shareholders from net investment income | (265,989,973) | (267,331,657) |
Distributions to shareholders from net realized gain | (116,585,700) | (539,880,032) |
Total distributions | (382,575,673) | (807,211,689) |
Share transactions
Proceeds from sales of shares | 3,811,353,981 | 4,346,782,800 |
Reinvestment of distributions | 381,969,443 | 806,106,328 |
Cost of shares redeemed | (3,642,108,716) | (2,938,074,652) |
Net increase (decrease) in net assets resulting from share transactions | 551,214,708 | 2,214,814,476 |
Total increase (decrease) in net assets | 4,910,087,469 | (3,761,400,719) |
| | |
Net Assets | | |
Beginning of period | 9,685,340,315 | 13,446,741,034 |
End of period (including undistributed net investment income of $33,035,653 and undistributed net investment income of $36,372,369, respectively) | $ 14,595,427,784 | $ 9,685,340,315 |
Other Information Shares | | |
Sold | 330,014,978 | 374,817,642 |
Issued in reinvestment of distributions | 31,482,504 | 62,924,841 |
Redeemed | (306,616,363) | (253,721,173) |
Net increase (decrease) | 54,881,119 | 184,021,310 |
Financial Highlights
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.97 | $ 15.02 | $ 16.36 | $ 15.82 | $ 13.81 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .23 | .27 | .28 | .24 | .22 |
Net realized and unrealized gain (loss) | 4.02 | (5.46) | (.63) | 1.21 | 2.09 |
Total from investment operations | 4.25 | (5.19) | (.35) | 1.45 | 2.31 |
Distributions from net investment income | (.24) | (.27) | (.27) | (.21) | (.19) |
Distributions from net realized gain | (.11) | (.59) | (.72) | (.70) | (.11) |
Total distributions | (.35) E | (.86) | (.99) | (.91) | (.30) |
Net asset value, end of period | $ 12.87 | $ 8.97 | $ 15.02 | $ 16.36 | $ 15.82 |
Total Return A | 47.57% | (36.25)% | (2.65)% | 9.40% | 16.86% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .00% | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .01% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .01% |
Net investment income (loss) | 2.01% | 2.29% | 1.72% | 1.51% | 1.48% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 14,595,428 | $ 9,685,340 | $ 13,446,741 | $ 11,878,413 | $ 8,550,504 |
Portfolio turnover rate | 29% | 23% | 36% | 6% | 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 Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
E Total distributions of $.35 per share is comprised of distributions from net investment income of $.240 and distributions from net realized gain of $.105 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2035 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's net assets | % of fund's net assets 6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.5 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund | 3.1 | 3.1 |
Fidelity Disciplined Equity Fund | 10.9 | 11.8 |
Fidelity Equity-Income Fund | 6.1 | 10.1 |
Fidelity Growth Company Fund | 9.2 | 9.9 |
Fidelity Series 100 Index Fund | 7.3 | 7.8 |
Fidelity Series All-Sector Equity Fund | 9.9 | 9.4 |
Fidelity Series Large Cap Value Fund | 10.6 | 10.8 |
Fidelity Series Small Cap Opportunities Fund | 1.8 | 1.7 |
Fidelity Small Cap Growth Fund | 1.1 | 1.0 |
Fidelity Small Cap Value Fund | 1.0 | 1.0 |
| 61.0 | 66.6 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund | 5.6 | 5.7 |
Fidelity Europe Fund | 2.0 | 3.0 |
Fidelity Japan Fund | 0.8 | 0.8 |
Fidelity Overseas Fund | 5.5 | 5.7 |
Fidelity Series International Growth Fund | 1.2 | 0.0 |
Fidelity Series International Small Cap Fund | 0.2 | 0.0 |
Fidelity Series International Value Fund | 1.2 | 0.0 |
| 16.5 | 15.2 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.9 | 1.2 |
Fidelity Southeast Asia Fund | 0.2 | 0.3 |
| 2.1 | 1.5 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund | 3.8 | 3.9 |
Fidelity High Income Fund | 3.7 | 3.6 |
| 7.5 | 7.5 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund | 6.9 | 5.8 |
Fidelity Strategic Real Return Fund | 1.7 | 1.9 |
Fidelity Total Bond Fund | 0.8 | 1.5 |
| 9.4 | 9.2 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.5% | |
| Domestic Equity Funds | 61.0% | |
| Developed International Equity Funds | 16.5% | |
| Emerging Markets Equity Funds | 2.1% | |
| High Yield Bond Funds | 7.5% | |
| Investment Grade Bond Funds | 9.4% | |
Six months ago |
| Domestic Equity Funds | 66.6% | |
| Developed International Equity Funds | 15.2% | |
| Emerging Markets Equity Funds | 1.5% | |
| High Yield Bond Funds | 7.5% | |
| Investment Grade Bond Funds | 9.2% | |
Expected |
| Commodity Funds | 7.8% | |
| Domestic Equity Funds | 53.5% | |
| Developed International Equity Funds | 18.3% | |
| Emerging Markets Equity Funds | 2.9% | |
| High Yield Bond Funds | 7.5% | |
| Investment Grade Bond 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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom 2035 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 64.5% |
| Shares | | Value |
Commodity Funds - 3.5% |
Fidelity Series Commodity Strategy Fund | 19,969,233 | | $ 209,277,567 |
Domestic Equity Funds - 61.0% |
Fidelity Blue Chip Growth Fund | 4,706,393 | | 188,867,541 |
Fidelity Disciplined Equity Fund | 30,226,571 | | 663,775,492 |
Fidelity Equity-Income Fund | 8,969,895 | | 372,699,140 |
Fidelity Growth Company Fund | 7,678,377 | | 561,519,695 |
Fidelity Series 100 Index Fund | 53,835,492 | | 446,296,225 |
Fidelity Series All-Sector Equity Fund | 49,881,125 | | 599,571,120 |
Fidelity Series Large Cap Value Fund | 54,102,417 | | 642,195,692 |
Fidelity Series Small Cap Opportunities Fund (a) | 12,135,987 | | 108,253,006 |
Fidelity Small Cap Growth Fund (a) | 4,801,451 | | 64,435,468 |
Fidelity Small Cap Value Fund | 4,644,176 | | 64,228,953 |
TOTAL DOMESTIC EQUITY FUNDS | | 3,711,842,332 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $4,014,790,409) | 3,921,119,899 |
International Equity Funds - 18.6% |
| | | |
Developed International Equity Funds - 16.5% |
Fidelity Diversified International Fund | 12,151,997 | | 342,321,743 |
Fidelity Europe Fund | 4,217,964 | | 122,953,661 |
Fidelity Japan Fund | 4,188,734 | | 45,992,299 |
Fidelity Overseas Fund | 10,907,708 | | 334,430,328 |
Fidelity Series International Growth Fund | 7,341,456 | | 72,974,072 |
Fidelity Series International Small Cap Fund | 1,432,934 | | 14,658,912 |
Fidelity Series International Value Fund | 7,516,399 | | 72,608,417 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 1,005,939,432 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.1% |
Fidelity Series Emerging Markets Fund | 6,707,973 | | $ 112,425,635 |
Fidelity Southeast Asia Fund | 534,052 | | 13,810,592 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 126,236,227 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,260,381,775) | 1,132,175,659 |
Bond Funds - 16.9% |
| | | |
High Yield Bond Funds - 7.5% |
Fidelity Capital & Income Fund | 25,864,852 | | 230,714,478 |
Fidelity High Income Fund | 25,999,580 | | 225,416,357 |
TOTAL HIGH YIELD BOND FUNDS | | 456,130,835 |
Investment Grade Bond Funds - 9.4% |
Fidelity Series Investment Grade Bond Fund | 36,827,996 | | 421,312,279 |
Fidelity Strategic Real Return Fund | 12,179,143 | | 105,471,377 |
Fidelity Total Bond Fund | 4,303,852 | | 45,792,982 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 572,576,638 |
TOTAL BOND FUNDS (Cost $1,007,271,249) | 1,028,707,473 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $6,282,443,433) | | 6,082,003,031 |
NET OTHER ASSETS - 0.0% | | (66) |
NET ASSETS - 100% | $ 6,082,002,965 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $185,857,582 of which $97,863,769 and $87,993,813 will expire on March 31, 2017 and 2018, respectively. |
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, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $6,282,443,433) - See accompanying schedule | | $ 6,082,003,031 |
Receivable for investments sold | | 325,068 |
Receivable for fund shares sold | | 12,037,488 |
Total assets | | 6,094,365,587 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,812,434 | |
Payable for fund shares redeemed | 10,550,188 | |
Total liabilities | | 12,362,622 |
| | |
Net Assets | | $ 6,082,002,965 |
Net Assets consist of: | | |
Paid in capital | | $ 6,453,439,891 |
Undistributed net investment income | | 12,052,923 |
Accumulated undistributed net realized gain (loss) on investments | | (183,049,447) |
Net unrealized appreciation (depreciation) on investments | | (200,440,402) |
Net Assets, for 570,537,943 shares outstanding | | $ 6,082,002,965 |
Net Asset Value, offering price and redemption price per share ($6,082,002,965 ÷ 570,537,943 shares) | | $ 10.66 |
Statement of Operations
| Year ended March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 99,093,044 |
| | |
Expenses | | |
Independent trustees' compensation | $ 16,909 | |
Total expenses before reductions | 16,909 | |
Expense reductions | (16,909) | - |
Net investment income (loss) | | 99,093,044 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 588,242 | |
Capital gain distributions from underlying funds | 77,783,838 | 78,372,080 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 1,711,374,473 |
Net gain (loss) | | 1,789,746,553 |
Net increase (decrease) in net assets resulting from operations | | $ 1,888,839,597 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 99,093,044 | $ 85,703,102 |
Net realized gain (loss) | 78,372,080 | (200,159,031) |
Change in net unrealized appreciation (depreciation) | 1,711,374,473 | (1,626,321,311) |
Net increase (decrease) in net assets resulting from operations | 1,888,839,597 | (1,740,777,240) |
Distributions to shareholders from net investment income | (97,268,213) | (82,310,020) |
Distributions to shareholders from net realized gain | (51,556,134) | (144,516,516) |
Total distributions | (148,824,347) | (226,826,536) |
Share transactions
Proceeds from sales of shares | 2,084,364,224 | 2,224,664,186 |
Reinvestment of distributions | 148,704,385 | 226,695,516 |
Cost of shares redeemed | (1,467,111,621) | (822,702,432) |
Net increase (decrease) in net assets resulting from share transactions | 765,956,988 | 1,628,657,270 |
Total increase (decrease) in net assets | 2,505,972,238 | (338,946,506) |
| | |
Net Assets | | |
Beginning of period | 3,576,030,727 | 3,914,977,233 |
End of period (including undistributed net investment income of $12,052,923 and undistributed net investment income of $10,228,093, respectively) | $ 6,082,002,965 | $ 3,576,030,727 |
Other Information Shares | | |
Sold | 218,713,922 | 234,638,302 |
Issued in reinvestment of distributions | 14,708,985 | 21,849,305 |
Redeemed | (148,683,585) | (86,270,500) |
Net increase (decrease) | 84,739,322 | 170,217,107 |
Financial Highlights
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 7.36 | $ 12.41 | $ 13.48 | $ 12.89 | $ 11.22 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .18 | .22 | .23 | .19 | .18 |
Net realized and unrealized gain (loss) | 3.40 | (4.63) | (.57) | 1.01 | 1.73 |
Total from investment operations | 3.58 | (4.41) | (.34) | 1.20 | 1.91 |
Distributions from net investment income | (.18) | (.20) | (.21) | (.17) | (.13) |
Distributions from net realized gain | (.10) | (.44) | (.52) | (.44) | (.11) |
Total distributions | (.28)E | (.64) | (.73) | (.61) | (.24) |
Net asset value, end of period | $ 10.66 | $ 7.36 | $ 12.41 | $ 13.48 | $ 12.89 |
Total ReturnA | 48.79% | (37.11)% | (3.00)% | 9.51% | 17.18% |
Ratios to Average Net AssetsC, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .00% | .00% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .00% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .00% |
Net investment income (loss) | 1.91% | 2.24% | 1.70% | 1.50% | 1.48% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 6,082,003 | $ 3,576,031 | $ 3,914,977 | $ 2,553,737 | $ 1,155,906 |
Portfolio turnover rate | 25% | 20% | 28% | 3% | 1% |
A Total returns for periods of less than one year are not annualized.
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 reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
E Total distributions of $.28 per share is comprised of distributions from net investment income of $.180 and distributions from net realized gain of $.095 per share.
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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.5 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund | 3.1 | 3.1 |
Fidelity Disciplined Equity Fund | 11.1 | 12.0 |
Fidelity Equity-Income Fund | 6.1 | 10.3 |
Fidelity Growth Company Fund | 9.4 | 10.1 |
Fidelity Series 100 Index Fund | 7.4 | 7.9 |
Fidelity Series All-Sector Equity Fund | 10.0 | 9.5 |
Fidelity Series Large Cap Value Fund | 10.7 | 11.0 |
Fidelity Series Small Cap Opportunities Fund | 1.8 | 1.8 |
Fidelity Small Cap Growth Fund | 1.1 | 1.0 |
Fidelity Small Cap Value Fund | 1.1 | 1.0 |
| 61.8 | 67.7 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund | 5.7 | 5.8 |
Fidelity Europe Fund | 2.1 | 3.1 |
Fidelity Japan Fund | 0.8 | 0.8 |
Fidelity Overseas Fund | 5.6 | 5.8 |
Fidelity Series International Growth Fund | 1.2 | 0.0 |
Fidelity Series International Small Cap Fund | 0.2 | 0.0 |
Fidelity Series International Value Fund | 1.2 | 0.0 |
| 16.8 | 15.5 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.9 | 1.2 |
Fidelity Southeast Asia Fund | 0.2 | 0.2 |
| 2.1 | 1.4 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund | 4.6 | 4.8 |
Fidelity High Income Fund | 4.5 | 4.6 |
| 9.1 | 9.4 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund | 5.0 | 3.8 |
Fidelity Strategic Real Return Fund | 1.1 | 1.2 |
Fidelity Total Bond Fund | 0.6 | 1.0 |
| 6.7 | 6.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.5% | |
| Domestic Equity Funds | 61.8% | |
| Developed International Equity Funds | 16.8% | |
| Emerging Markets Equity Funds | 2.1% | |
| High Yield Bond Funds | 9.1% | |
| Investment Grade Bond Funds | 6.7% | |
Six months ago |
| Domestic Equity Funds | 67.7% | |
| Developed International Equity Funds | 15.5% | |
| Emerging Markets Equity Funds | 1.4% | |
| High Yield Bond Funds | 9.4% | |
| Investment Grade Bond Funds | 6.0% | |
Expected |
| Commodity Funds | 7.9% | |
| Domestic Equity Funds | 54.1% | |
| Developed International Equity Funds | 18.5% | |
| Emerging Markets Equity Funds | 3.0% | |
 | High Yield Bond Funds | 8.5% | |
| Investment Grade Bond Funds | 8.0% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom 2040 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 65.3% |
| Shares | | Value |
Commodity Funds - 3.5% |
Fidelity Series Commodity Strategy Fund | 28,684,387 | | $ 300,612,378 |
Domestic Equity Funds - 61.8% |
Fidelity Blue Chip Growth Fund | 6,773,481 | | 271,819,782 |
Fidelity Disciplined Equity Fund | 43,450,538 | | 954,173,803 |
Fidelity Equity-Income Fund | 12,782,950 | | 531,131,581 |
Fidelity Growth Company Fund | 11,048,052 | | 807,944,062 |
Fidelity Series 100 Index Fund | 77,359,485 | | 641,310,131 |
Fidelity Series All-Sector Equity Fund | 71,645,704 | | 861,181,361 |
Fidelity Series Large Cap Value Fund | 77,827,065 | | 923,807,259 |
Fidelity Series Small Cap Opportunities Fund (a) | 17,473,588 | | 155,864,405 |
Fidelity Small Cap Growth Fund (a) | 6,918,037 | | 92,840,056 |
Fidelity Small Cap Value Fund | 6,690,366 | | 92,527,758 |
TOTAL DOMESTIC EQUITY FUNDS | | 5,332,600,198 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $5,484,108,613) | 5,633,212,576 |
International Equity Funds - 18.9% |
| | | |
Developed International Equity Funds - 16.8% |
Fidelity Diversified International Fund | 17,440,260 | | 491,292,117 |
Fidelity Europe Fund | 6,261,022 | | 182,508,806 |
Fidelity Japan Fund | 6,216,570 | | 68,257,941 |
Fidelity Overseas Fund | 15,649,011 | | 479,798,688 |
Fidelity Series International Growth Fund | 10,375,453 | | 103,132,005 |
Fidelity Series International Small Cap Fund | 2,021,824 | | 20,683,260 |
Fidelity Series International Value Fund | 10,616,722 | | 102,557,538 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 1,448,230,355 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.1% |
Fidelity Series Emerging Markets Fund | 9,607,004 | | $ 161,013,385 |
Fidelity Southeast Asia Fund | 777,600 | | 20,108,743 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 181,122,128 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,709,485,510) | 1,629,352,483 |
Bond Funds - 15.8% |
| | | |
High Yield Bond Funds - 9.1% |
Fidelity Capital & Income Fund | 44,648,290 | | 398,262,746 |
Fidelity High Income Fund | 44,253,597 | | 383,678,686 |
TOTAL HIGH YIELD BOND FUNDS | | 781,941,432 |
Investment Grade Bond Funds - 6.7% |
Fidelity Series Investment Grade Bond Fund | 37,463,934 | | 428,587,410 |
Fidelity Strategic Real Return Fund | 11,530,302 | | 99,852,415 |
Fidelity Total Bond Fund | 4,658,292 | | 49,564,226 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 578,004,051 |
TOTAL BOND FUNDS (Cost $1,311,713,809) | 1,359,945,483 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $8,505,307,932) | 8,622,510,542 |
NET OTHER ASSETS - 0.0% | | (8) |
NET ASSETS - 100% | $ 8,622,510,534 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $513,694,934 of which $90,976,931 and $422,718,003 will expire on March 31, 2017 and 2018, respectively. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $242,537,064 of losses recognized during the period November 1, 2009 to March 31, 2010. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2040 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $8,505,307,932) - See accompanying schedule | | $ 8,622,510,542 |
Cash | | 39 |
Receivable for investments sold | | 15,639,208 |
Receivable for fund shares sold | | 18,959,684 |
Total assets | | 8,657,109,473 |
| | |
Liabilities | | |
Payable for investments purchased | $ 49 | |
Payable for fund shares redeemed | 34,598,890 | |
Total liabilities | | 34,598,939 |
| | |
Net Assets | | $ 8,622,510,534 |
Net Assets consist of: | | |
Paid in capital | | $ 9,265,552,927 |
Undistributed net investment income | | 16,561,105 |
Accumulated undistributed net realized gain (loss) on investments | | (776,806,108) |
Net unrealized appreciation (depreciation) on investments | | 117,202,610 |
Net Assets, for 1,157,371,142 shares outstanding | | $ 8,622,510,534 |
Net Asset Value, offering price and redemption price per share ($8,622,510,534 ÷ 1,157,371,142 shares) | | $ 7.45 |
Statement of Operations
| Year ended March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 145,813,756 |
Interest | | 1 |
Total income | | 145,813,757 |
| | |
Expenses | | |
Independent trustees' compensation | $ 24,704 | |
Total expenses before reductions | 24,704 | |
Expense reductions | (24,704) | - |
Net investment income (loss) | | 145,813,757 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (522,303,463) | |
Capital gain distributions from underlying funds | 110,474,838 | (411,828,625) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 3,087,940,223 |
Net gain (loss) | | 2,676,111,598 |
Net increase (decrease) in net assets resulting from operations | | $ 2,821,925,355 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2040 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 145,813,757 | $ 139,495,117 |
Net realized gain (loss) | (411,828,625) | (279,359,134) |
Change in net unrealized appreciation (depreciation) | 3,087,940,223 | (2,794,544,369) |
Net increase (decrease) in net assets resulting from operations | 2,821,925,355 | (2,934,408,386) |
Distributions to shareholders from net investment income | (139,996,855) | (138,458,577) |
Distributions to shareholders from net realized gain | (78,180,781) | (276,991,800) |
Total distributions | (218,177,636) | (415,450,377) |
Share transactions
Proceeds from sales of shares | 2,742,492,861 | 2,916,595,155 |
Reinvestment of distributions | 217,751,292 | 414,693,332 |
Cost of shares redeemed | (2,277,784,584) | (1,655,688,497) |
Net increase (decrease) in net assets resulting from share transactions | 682,459,569 | 1,675,599,990 |
Total increase (decrease) in net assets | 3,286,207,288 | (1,674,258,773) |
| | |
Net Assets | | |
Beginning of period | 5,336,303,246 | 7,010,562,019 |
End of period (including undistributed net investment income of $16,561,105 and undistributed net investment income of $12,106,447, respectively) | $ 8,622,510,534 | $ 5,336,303,246 |
Other Information Shares | | |
Sold | 412,793,081 | 438,869,569 |
Issued in reinvestment of distributions | 30,945,035 | 55,254,584 |
Redeemed | (333,242,094) | (244,734,846) |
Net increase (decrease) | 110,496,022 | 249,389,307 |
Financial Highlights
Years ended March 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 5.10 | $ 8.79 | $ 9.68 | $ 9.33 | $ 8.10 |
Income from Investment Operations | | | | | |
Net investment income (loss) B | .13 | .15 | .16 | .14 | .13 |
Net realized and unrealized gain (loss) | 2.42 | (3.35) | (.42) | .74 | 1.29 |
Total from investment operations | 2.55 | (3.20) | (.26) | .88 | 1.42 |
Distributions from net investment income | (.13) | (.15) | (.15) | (.13) | (.10) |
Distributions from net realized gain | (.07) | (.34) | (.48) | (.40) | (.09) |
Total distributions | (.20) E | (.49) | (.63) | (.53) | (.19) |
Net asset value, end of period | $ 7.45 | $ 5.10 | $ 8.79 | $ 9.68 | $ 9.33 |
Total Return A | 50.14% | (38.20)% | (3.29)% | 9.68% | 17.65% |
Ratios to Average Net Assets C, D | | | | | |
Expenses before reductions | .00% | .00% | .00% | .00% | .01% |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% | .01% |
Expenses net of all reductions | .00% | .00% | .00% | .00% | .01% |
Net investment income (loss) | 1.94% | 2.22% | 1.66% | 1.49% | 1.45% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,622,511 | $ 5,336,303 | $ 7,010,562 | $ 5,894,929 | $ 3,867,885 |
Portfolio turnover rate | 27% | 17% | 37% | 4% | 4% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Amounts do not include the activity of the underlying funds.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
E Total distributions of $.20 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.070 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2045 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.6 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund | 3.2 | 3.1 |
Fidelity Disciplined Equity Fund | 11.2 | 12.1 |
Fidelity Equity-Income Fund | 6.2 | 10.4 |
Fidelity Growth Company Fund | 9.5 | 10.1 |
Fidelity Series 100 Index Fund | 7.5 | 8.0 |
Fidelity Series All-Sector Equity Fund | 10.2 | 9.4 |
Fidelity Series Large Cap Value Fund | 10.8 | 11.2 |
Fidelity Series Small Cap Opportunities Fund | 1.8 | 1.8 |
Fidelity Small Cap Growth Fund | 1.1 | 1.0 |
Fidelity Small Cap Value Fund | 1.1 | 1.0 |
| 62.6 | 68.1 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund | 5.9 | 6.0 |
Fidelity Europe Fund | 1.9 | 3.1 |
Fidelity Japan Fund | 0.7 | 0.8 |
Fidelity Overseas Fund | 5.7 | 5.9 |
Fidelity Series International Growth Fund | 1.3 | 0.0 |
Fidelity Series International Small Cap Fund | 0.3 | 0.0 |
Fidelity Series International Value Fund | 1.3 | 0.0 |
| 17.1 | 15.8 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 1.9 | 1.2 |
Fidelity Southeast Asia Fund | 0.2 | 0.3 |
| 2.1 | 1.5 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund | 5.1 | 5.3 |
Fidelity High Income Fund | 4.9 | 4.9 |
| 10.0 | 10.2 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund | 3.4 | 2.8 |
Fidelity Strategic Real Return Fund | 0.8 | 0.9 |
Fidelity Total Bond Fund | 0.4 | 0.7 |
| 4.6 | 4.4 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.6% | |
| Domestic Equity Funds | 62.6% | |
| Developed International Equity Funds | 17.1% | |
| Emerging Markets Equity Funds | 2.1% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond Funds | 4.6% | |
Six months ago |
| Domestic Equity Funds | 68.1% | |
| Developed International Equity Funds | 15.8% | |
| Emerging Markets Equity Funds | 1.5% | |
| High Yield Bond Funds | 10.2% | |
| Investment Grade Bond Funds | 4.4% | |
Expected |
| Commodity Funds | 8.0% | |
| Domestic Equity Funds | 55.1% | |
| Developed International Equity Funds | 18.8% | |
| Emerging Markets Equity Funds | 3.1% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond 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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom 2045 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 66.2% |
| Shares | | Value |
Commodity Funds - 3.6% |
Fidelity Series Commodity Strategy Fund | 7,191,686 | | $ 75,368,866 |
Domestic Equity Funds - 62.6% |
Fidelity Blue Chip Growth Fund | 1,651,256 | | 66,264,887 |
Fidelity Disciplined Equity Fund | 10,553,660 | | 231,758,363 |
Fidelity Equity-Income Fund | 3,076,242 | | 127,817,849 |
Fidelity Growth Company Fund | 2,679,530 | | 195,954,060 |
Fidelity Series 100 Index Fund | 18,819,562 | | 156,014,173 |
Fidelity Series All-Sector Equity Fund | 17,511,530 | | 210,488,593 |
Fidelity Series Large Cap Value Fund | 18,946,836 | | 224,898,942 |
Fidelity Series Small Cap Opportunities Fund (a) | 4,242,793 | | 37,845,711 |
Fidelity Small Cap Growth Fund (a) | 1,682,220 | | 22,575,390 |
Fidelity Small Cap Value Fund | 1,626,342 | | 22,492,307 |
TOTAL DOMESTIC EQUITY FUNDS | | 1,296,110,275 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,237,609,514) | 1,371,479,141 |
International Equity Funds - 19.2% |
| | | |
Developed International Equity Funds - 17.1% |
Fidelity Diversified International Fund | 4,322,355 | | 121,760,749 |
Fidelity Europe Fund | 1,367,321 | | 39,857,416 |
Fidelity Japan Fund | 1,352,320 | | 14,848,472 |
Fidelity Overseas Fund | 3,831,986 | | 117,488,699 |
Fidelity Series International Growth Fund | 2,722,657 | | 27,063,206 |
Fidelity Series International Small Cap Fund | 530,771 | | 5,429,782 |
Fidelity Series International Value Fund | 2,790,174 | | 26,953,076 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 353,401,400 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.1% |
Fidelity Series Emerging Markets Fund | 2,379,108 | | $ 39,873,851 |
Fidelity Southeast Asia Fund | 175,159 | | 4,529,623 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 44,403,474 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $396,850,146) | 397,804,874 |
Bond Funds - 14.6% |
| | | |
High Yield Bond Funds - 10.0% |
Fidelity Capital & Income Fund | 11,736,405 | | 104,688,731 |
Fidelity High Income Fund | 11,809,574 | | 102,389,006 |
TOTAL HIGH YIELD BOND FUNDS | | 207,077,737 |
Investment Grade Bond Funds - 4.6% |
Fidelity Series Investment Grade Bond Fund | 6,205,538 | | 70,991,357 |
Fidelity Strategic Real Return Fund | 1,835,569 | | 15,896,032 |
Fidelity Total Bond Fund | 741,924 | | 7,894,076 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 94,781,465 |
TOTAL BOND FUNDS (Cost $271,487,470) | 301,859,202 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,905,947,130) | 2,071,143,217 |
NET OTHER ASSETS - 0.0% | | (9) |
NET ASSETS - 100% | $ 2,071,143,208 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $61,918,206 of which $23,238,703 and $38,679,503 will expire on March 31, 2017 and 2018, respectively. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $33,530,028 of losses recognized during the period November 1, 2009 to March 31, 2010. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2045 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $1,905,947,130) - See accompanying schedule | | $ 2,071,143,217 |
Receivable for investments sold | | 55,221 |
Receivable for fund shares sold | | 5,792,333 |
Total assets | | 2,076,990,771 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,798,988 | |
Payable for fund shares redeemed | 4,048,575 | |
Total liabilities | | 5,847,563 |
| | |
Net Assets | | $ 2,071,143,208 |
Net Assets consist of: | | |
Paid in capital | | $ 2,004,918,930 |
Undistributed net investment income | | 3,736,779 |
Accumulated undistributed net realized gain (loss) on investments | | (102,708,588) |
Net unrealized appreciation (depreciation) on investments | | 165,196,087 |
Net Assets, for 235,101,506 shares outstanding | | $ 2,071,143,208 |
Net Asset Value, offering price and redemption price per share ($2,071,143,208 ÷ 235,101,506 shares) | | $ 8.81 |
Statement of Operations
| Year ended March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 31,376,404 |
| | |
Expenses | | |
Independent trustees' compensation | $ 5,049 | |
Total expenses before reductions | 5,049 | |
Expense reductions | (5,049) | - |
Net investment income (loss) | | 31,376,404 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (66,853,516) | |
Capital gain distributions from underlying funds | 25,107,867 | (41,745,649) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 589,014,197 |
Net gain (loss) | | 547,268,548 |
Net increase (decrease) in net assets resulting from operations | | $ 578,644,952 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2045 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended
March 31,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 31,376,404 | $ 18,019,346 |
Net realized gain (loss) | (41,745,649) | (44,559,358) |
Change in net unrealized appreciation (depreciation) | 589,014,197 | (354,766,707) |
Net increase (decrease) in net assets resulting from operations | 578,644,952 | (381,306,719) |
Distributions to shareholders from net investment income | (30,152,902) | (16,295,009) |
Distributions to shareholders from net realized gain | (14,843,567) | (20,267,940) |
Total distributions | (44,996,469) | (36,562,949) |
Share transactions
Proceeds from sales of shares | 997,159,409 | 862,439,095 |
Reinvestment of distributions | 44,980,767 | 36,548,853 |
Cost of shares redeemed | (451,584,379) | (190,389,551) |
Net increase (decrease) in net assets resulting from share transactions | 590,555,797 | 708,598,397 |
Total increase (decrease) in net assets | 1,124,204,280 | 290,728,729 |
| | |
Net Assets | | |
Beginning of period | 946,938,928 | 656,210,199 |
End of period (including undistributed net investment income of $3,736,779 and undistributed net investment income of $2,513,276, respectively) | $ 2,071,143,208 | $ 946,938,928 |
Other Information Shares | | |
Sold | 127,120,429 | 113,838,664 |
Issued in reinvestment of distributions | 5,354,881 | 4,489,034 |
Redeemed | (55,444,602) | (24,356,704) |
Net increase (decrease) | 77,030,708 | 93,970,994 |
Financial Highlights
Years ended March 31, | 2010 | 2009 | 2008 | 2007 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.99 | $ 10.24 | $ 10.96 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .16 | .18 | .18 | .11 |
Net realized and unrealized gain (loss) | 2.88 | (4.00) | (.49) | 1.01 |
Total from investment operations | 3.04 | (3.82) | (.31) | 1.12 |
Distributions from net investment income | (.15) | (.15) | (.13) | (.07) |
Distributions from net realized gain | (.07) | (.28) | (.28) | (.09) |
Total distributions | (.22) H | (.43) | (.41) | (.16) |
Net asset value, end of period | $ 8.81 | $ 5.99 | $ 10.24 | $ 10.96 |
Total Return B, C | 50.86% | (38.60)% | (3.19)% | 11.23% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% | .00% A |
Net investment income (loss) | 1.97% | 2.29% | 1.65% | 1.30% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 2,071,143 | $ 946,939 | $ 656,210 | $ 177,837 |
Portfolio turnover rate | 24% | 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 reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Total distributions of $.22 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.070 per share.
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, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund | 3.8 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund | 3.3 | 3.2 |
Fidelity Disciplined Equity Fund | 11.5 | 12.3 |
Fidelity Equity-Income Fund | 6.3 | 10.5 |
Fidelity Growth Company Fund | 9.7 | 10.2 |
Fidelity Series 100 Index Fund | 7.7 | 8.1 |
Fidelity Series All-Sector Equity Fund | 10.5 | 9.8 |
Fidelity Series Large Cap Value Fund | 11.2 | 11.5 |
Fidelity Series Small Cap Opportunities Fund | 1.9 | 1.8 |
Fidelity Small Cap Growth Fund | 1.1 | 1.0 |
Fidelity Small Cap Value Fund | 1.1 | 1.1 |
| 64.3 | 69.5 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund | 6.8 | 6.9 |
Fidelity Europe Fund | 2.3 | 3.6 |
Fidelity Japan Fund | 0.9 | 1.0 |
Fidelity Overseas Fund | 6.5 | 6.8 |
Fidelity Series International Growth Fund | 1.2 | 0.0 |
Fidelity Series International Small Cap Fund | 0.2 | 0.0 |
Fidelity Series International Value Fund | 1.2 | 0.0 |
| 19.1 | 18.3 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund | 2.1 | 1.4 |
Fidelity Southeast Asia Fund | 0.3 | 0.3 |
| 2.4 | 1.7 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund | 5.0 | 5.2 |
Fidelity High Income Fund | 5.0 | 4.9 |
| 10.0 | 10.1 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund | 0.3 | 0.2 |
Fidelity Strategic Real Return Fund | 0.0 | 0.1 |
Fidelity Total Bond Fund | 0.1 | 0.1 |
| 0.4 | 0.4 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.8% | |
| Domestic Equity Funds | 64.3% | |
| Developed International Equity Funds | 19.1% | |
| Emerging Markets Equity Funds | 2.4% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond Funds | 0.4% | |
Six months ago |
| Domestic Equity Funds | 69.5% | |
| Developed International Equity Funds | 18.3% | |
| Emerging Markets Equity Funds | 1.7% | |
| High Yield Bond Funds | 10.1% | |
| Investment Grade Bond Funds | 0.4% | |
Expected |
| Commodity Funds | 8.4% | |
| Domestic Equity Funds | 57.6% | |
| Developed International Equity Funds | 20.0% | |
| Emerging Markets Equity Funds | 3.3% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond Funds | 0.7% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom 2050 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 68.1% |
| Shares | | Value |
Commodity Funds - 3.8% |
Fidelity Series Commodity Strategy Fund | 6,011,042 | | $ 62,995,717 |
Domestic Equity Funds - 64.3% |
Fidelity Blue Chip Growth Fund | 1,368,092 | | 54,901,533 |
Fidelity Disciplined Equity Fund | 8,733,061 | | 191,778,014 |
Fidelity Equity-Income Fund | 2,511,097 | | 104,336,089 |
Fidelity Growth Company Fund | 2,215,128 | | 161,992,277 |
Fidelity Series 100 Index Fund | 15,566,990 | | 129,050,351 |
Fidelity Series All-Sector Equity Fund | 14,535,018 | | 174,710,917 |
Fidelity Series Large Cap Value Fund | 15,695,115 | | 186,301,018 |
Fidelity Series Small Cap Opportunities Fund (a) | 3,516,109 | | 31,363,691 |
Fidelity Small Cap Growth Fund (a) | 1,395,369 | | 18,725,858 |
Fidelity Small Cap Value Fund | 1,348,427 | | 18,648,749 |
TOTAL DOMESTIC EQUITY FUNDS | | 1,071,808,497 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,043,192,188) | 1,134,804,214 |
International Equity Funds - 21.5% |
| | | |
Developed International Equity Funds - 19.1% |
Fidelity Diversified International Fund | 4,020,168 | | 113,248,125 |
Fidelity Europe Fund | 1,318,785 | | 38,442,592 |
Fidelity Japan Fund | 1,308,956 | | 14,372,341 |
Fidelity Overseas Fund | 3,542,699 | | 108,619,162 |
Fidelity Series International Growth Fund | 2,012,528 | | 20,004,525 |
Fidelity Series International Small Cap Fund | 378,702 | | 3,874,117 |
Fidelity Series International Value Fund | 2,054,906 | | 19,850,388 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 318,411,250 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.4% |
Fidelity Series Emerging Markets Fund | 2,056,748 | | $ 34,471,096 |
Fidelity Southeast Asia Fund | 165,918 | | 4,290,635 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 38,761,731 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $363,682,545) | 357,172,981 |
Bond Funds - 10.4% |
| | | |
High Yield Bond Funds - 10.0% |
Fidelity Capital & Income Fund | 9,376,380 | | 83,637,309 |
Fidelity High Income Fund | 9,493,664 | | 82,310,065 |
TOTAL HIGH YIELD BOND FUNDS | | 165,947,374 |
Investment Grade Bond Funds - 0.4% |
Fidelity Series Investment Grade Bond Fund | 505,854 | | 5,786,969 |
Fidelity Strategic Real Return Fund | 75,646 | | 655,092 |
Fidelity Total Bond Fund | 87,328 | | 929,170 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 7,371,231 |
TOTAL BOND FUNDS (Cost $154,204,846) | 173,318,605 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,561,079,579) | 1,665,295,800 |
NET OTHER ASSETS - 0.0% | | (5) |
NET ASSETS - 100% | $ 1,665,295,795 |
Legend |
(a) Non-income producing |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At March 31, 2010, the fund had a capital loss carryforward of approximately $65,424,633 of which $23,028,339 and $42,396,294 will expire on March 31, 2017 and 2018, respectively. |
The fund intends to elect to defer to its fiscal year ending March 31, 2011 approximately $27,177,925 of losses recognized during the period November 1, 2009 to March 31, 2010. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom 2050 Fund
Statement of Assets and Liabilities
| March 31, 2010 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (cost $1,561,079,579) - See accompanying schedule | | $ 1,665,295,800 |
Receivable for investments sold | | 559,698 |
Receivable for fund shares sold | | 5,214,548 |
Total assets | | 1,671,070,046 |
| | |
Liabilities | | |
Payable for investments purchased | $ 6 | |
Payable for fund shares redeemed | 5,774,245 | |
Total liabilities | | 5,774,251 |
| | |
Net Assets | | $ 1,665,295,795 |
Net Assets consist of: | | |
Paid in capital | | $ 1,659,886,149 |
Undistributed net investment income | | 2,943,171 |
Accumulated undistributed net realized gain (loss) on investments | | (101,749,746) |
Net unrealized appreciation (depreciation) on investments | | 104,216,221 |
Net Assets, for 191,643,867 shares outstanding | | $ 1,665,295,795 |
Net Asset Value, offering price and redemption price per share ($1,665,295,795 ÷ 191,643,867 shares) | | $ 8.69 |
Statement of Operations
| Year ended March 31, 2010 (Unaudited) |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 23,880,863 |
| | |
Expenses | | |
Independent trustees' compensation | $ 4,104 | |
Total expenses before reductions | 4,104 | |
Expense reductions | (4,104) | - |
Net investment income (loss) | | 23,880,863 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (63,726,613) | |
Capital gain distributions from underlying funds | 20,350,690 | (43,375,923) |
Change in net unrealized appreciation (depreciation) on underlying funds | | 498,333,061 |
Net gain (loss) | | 454,957,138 |
Net increase (decrease) in net assets resulting from operations | | $ 478,838,001 |
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,
2010 | Year ended
March 31,
2009 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 23,880,863 | $ 14,767,466 |
Net realized gain (loss) | (43,375,923) | (44,296,819) |
Change in net unrealized appreciation (depreciation) | 498,333,061 | (315,119,131) |
Net increase (decrease) in net assets resulting from operations | 478,838,001 | (344,648,484) |
Distributions to shareholders from net investment income | (22,281,807) | (14,432,858) |
Distributions to shareholders from net realized gain | (12,878,641) | (20,004,081) |
Total distributions | (35,160,448) | (34,436,939) |
Share transactions
Proceeds from sales of shares | 893,918,327 | 776,293,233 |
Reinvestment of distributions | 35,097,259 | 34,359,884 |
Cost of shares redeemed | (475,346,573) | (288,279,995) |
Net increase (decrease) in net assets resulting from share transactions | 453,669,013 | 522,373,122 |
Total increase (decrease) in net assets | 897,346,566 | 143,287,699 |
| | |
Net Assets | | |
Beginning of period | 767,949,229 | 624,661,530 |
End of period (including undistributed net investment income of $2,943,171 and undistributed net investment income of $1,344,115, respectively) | $ 1,665,295,795 | $ 767,949,229 |
Other Information Shares | | |
Sold | 115,703,679 | 101,912,372 |
Issued in reinvestment of distributions | 4,238,923 | 4,108,690 |
Redeemed | (59,785,173) | (35,427,969) |
Net increase (decrease) | 60,157,429 | 70,593,093 |
Financial Highlights
Years ended March 31, | 2010 | 2009 | 2008 | 2007 F |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 5.84 | $ 10.26 | $ 10.98 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .14 | .17 | .18 | .11 |
Net realized and unrealized gain (loss) | 2.92 | (4.15) | (.53) | 1.02 |
Total from investment operations | 3.06 | (3.98) | (.35) | 1.13 |
Distributions from net investment income | (.13) | (.15) | (.12) | (.06) |
Distributions from net realized gain | (.08) | (.29) | (.25) | (.09) |
Total distributions | (.21) H | (.44) | (.37) | (.15) |
Net asset value, end of period | $ 8.69 | $ 5.84 | $ 10.26 | $ 10.98 |
Total Return B, C | 52.51% | (40.19)% | (3.53)% | 11.33% |
Ratios to Average Net Assets E, G | | | | |
Expenses before reductions | .00% | .00% | .00% | .00% A |
Expenses net of fee waivers, if any | .00% | .00% | .00% | .00% A |
Expenses net of all reductions | .00% | .00% | .00% | .00% A |
Net investment income (loss) | 1.85% | 2.13% | 1.59% | 1.23% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,665,296 | $ 767,949 | $ 624,662 | $ 148,033 |
Portfolio turnover rate | 23% | 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 reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Total distributions of $.21 per share is comprised of distributions from net investment income of $.130 and distributions from net realized gain of $.075 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended March 31, 2010
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, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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 are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund uses independent pricing services approved by the Board of Trustees to value their investments. Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date. 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 may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company 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. As of March 31, 2010, each Fund did not have any 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, deferred trustees compensation, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized
appreciation | Gross unrealized
depreciation | Net unrealized
appreciation
(depreciation) |
Freedom Income | $ 2,678,237,563 | $ 132,148,337 | $ (75,985,620) | $ 56,162,717 |
Freedom 2000 | 1,679,139,176 | 84,573,734 | (54,895,172) | 29,678,562 |
Freedom 2005 | 1,050,718,531 | 44,085,994 | (80,880,918) | (36,794,924) |
Freedom 2010 | 11,286,643,990 | 655,655,076 | (854,050,334) | (198,395,258) |
Freedom 2015 | 8,802,947,141 | 636,580,959 | (590,994,279) | 45,586,680 |
Freedom 2020 | 20,025,898,863 | 1,859,946,075 | (1,322,799,881) | 537,146,194 |
Freedom 2025 | 9,632,222,225 | 575,537,659 | (906,308,233) | (330,770,574) |
Freedom 2030 | 14,415,855,706 | 1,364,296,899 | (1,184,724,790) | 179,572,109 |
Freedom 2035 | 6,299,842,027 | 417,740,921 | (635,579,917) | (217,838,996) |
Freedom 2040 | 8,557,176,253 | 808,197,460 | (742,863,171) | 65,334,289 |
Freedom 2045 | 1,921,030,450 | 261,413,910 | (111,301,143) | 150,112,767 |
Freedom 2050 | 1,576,196,509 | 202,654,340 | (113,555,049) | 89,099,291 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| Undistributed
ordinary income | Capital loss
carryforward | Net unrealized
appreciation
(depreciation) |
Freedom Income | $ 9,453,390 | $ (77,775,539) | $ 56,162,717 |
Freedom 2000 | 8,935,604 | (54,246,502) | 29,678,562 |
Freedom 2005 | 5,929,602 | (62,884,681) | (36,794,924) |
Freedom 2010 | 66,400,702 | (810,927,279) | (198,395,258) |
Freedom 2015 | 50,309,631 | (448,557,563) | 45,586,680 |
Freedom 2020 | 126,375,327 | (1,397,297,546) | 537,146,194 |
Freedom 2025 | 53,341,393 | (325,610,187) | (330,770,574) |
Freedom 2030 | 85,353,292 | (1,009,569,832) | 179,572,109 |
Freedom 2035 | 32,259,652 | (185,857,582) | (217,838,996) |
Freedom 2040 | 47,855,315 | (513,694,934) | 65,334,289 |
Freedom 2045 | 11,559,744 | (61,918,206) | 150,112,767 |
Freedom 2050 | 8,912,912 | (65,424,633) | 89,099,291 |
The tax character of distributions paid was as follows:
March 31, 2010 | |
| Ordinary
Income |
Freedom Income | $ 78,000,734 |
Freedom 2000 | 50,985,062 |
Freedom 2005 | 30,824,357 |
Freedom 2010 | 361,835,946 |
Freedom 2015 | 258,792,205 |
Freedom 2020 | 609,167,447 |
Freedom 2025 | 251,761,526 |
Freedom 2030 | 382,575,673 |
Freedom 2035 | 148,824,347 |
Freedom 2040 | 218,177,636 |
Freedom 2045 | 44,996,469 |
Freedom 2050 | 35,160,448 |
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 |
3. Purchases and Sales of Investments.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| Purchases ($) | Redemptions ($) |
Freedom Income | 903,776,093 | 725,307,319 |
Freedom 2000 | 512,225,858 | 504,150,737 |
Freedom 2005 | 341,112,311 | 321,452,552 |
Freedom 2010 | 2,650,991,010 | 3,433,789,658 |
Freedom 2015 | 3,066,774,016 | 2,331,590,271 |
Freedom 2020 | 6,064,592,239 | 5,333,550,231 |
Freedom 2025 | 3,106,112,168 | 2,061,128,585 |
Freedom 2030 | 4,410,153,722 | 3,793,496,224 |
Freedom 2035 | 2,053,187,498 | 1,259,177,172 |
Freedom 2040 | 2,749,345,620 | 2,028,773,773 |
Freedom 2045 | 987,881,213 | 385,837,217 |
Freedom 2050 | 751,855,230 | 289,114,453 |
4. 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.
Reallocation of Underlying Fund Investments. During the period, Strategic Advisers reallocated investments of certain Funds. This involved a taxable redemption of certain Funds' interest, or partial interest, in Fidelity Value Fund and Fidelity Europe Fund for securities in-kind and non-taxable exchanges of those securities for shares of Fidelity Series Large Cap Value Fund, Fidelity Series International Growth Fund and Fidelity Series International Value Fund. Realized gains and losses on redemptions of Fidelity Value Fund and Fidelity Europe Fund in connection with the reallocation are presented in the accompanying Statement of Operations as "Realized gain (loss) on sale of underlying fund shares."
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Reallocation of Underlying Fund Investments - continued
Details of these transactions with the related gain/(loss) for certain Funds are presented in the accompanying table:
| Value of Cash and
Securities
reallocated | Realized Gain/(Loss)
on redemptions of
Fidelity Value Fund and
Fidelity Europe Fund |
Freedom Income | $ 22,203,279 | $ (23,736,755) |
Freedom 2000 | 17,722,258 | (19,361,755) |
Freedom 2005 | 19,594,232 | (18,406,328) |
Freedom 2010 | 255,443,046 | (220,574,086) |
Freedom 2015 | 187,731,243 | (183,652,404) |
Freedom 2020 | 561,866,440 | (525,507,836) |
Freedom 2025 | 239,397,014 | (214,300,068) |
Freedom 2030 | 473,966,059 | (442,158,283) |
Freedom 2035 | 177,378,765 | (151,077,891) |
Freedom 2040 | 295,095,862 | (275,448,967) |
Freedom 2045 | 67,415,494 | (37,463,509) |
Freedom 2050 | 53,272,318 | (36,085,920) |
5. 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, 2010, this reimbursement reduced each Fund's expenses by the following:
| Reimbursement
from adviser |
| |
Freedom Income | $ 8,525 |
Freedom 2000 | 5,528 |
Freedom 2005 | 3,193 |
Freedom 2010 | 36,614 |
Freedom 2015 | 26,351 |
Freedom 2020 | 62,323 |
Freedom 2025 | 26,527 |
Freedom 2030 | 43,303 |
Freedom 2035 | 16,909 |
Freedom 2040 | 24,704 |
Freedom 2045 | 5,049 |
Freedom 2050 | 4,104 |
6. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Freedom Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
Annual Report
6. Other - continued
Fund | Freedom 2010 | Freedom 2015 | Freedom 2020 | Freedom 2030 | Freedom 2040 |
Fidelity Disciplined Equity Fund | - | - | 15% | 13% | - |
Fidelity Europe Fund | - | - | 14% | 12% | - |
Fidelity High Income Fund | - | - | 10% | - | - |
Fidelity Japan Fund | - | - | 11% | - | - |
Fidelity Overseas Fund | - | - | 12% | - | - |
Fidelity Series 100 Index Fund | - | - | 19% | 16% | 11% |
Fidelity Series All-Sector Equity Fund | - | - | 18% | 16% | 10% |
Fidelity Series Commodity Strategy Fund | - | - | 18% | 17% | 10% |
Fidelity Series Emerging Markets Fund | - | - | 18% | 16% | 10% |
Fidelity Series Inflation-Protected Bond Index Fund | 20% | 16% | 27% | - | - |
Fidelity Series International Growth Fund | - | - | 16% | 17% | 11% |
Fidelity Series International Small Cap Fund | - | - | 16% | 17% | 11% |
Fidelity Series International Value Fund | - | - | 16% | 17% | 11% |
Fidelity Series Investment Grade Bond Fund | 16% | 12% | 23% | 10% | - |
Fidelity Series Large Cap Value Fund | - | - | 19% | 17% | 11% |
Fidelity Series Small Cap Opportunities Fund | - | - | 17% | 15% | - |
Fidelity Small Cap Growth Fund | - | - | 11% | - | - |
Fidelity Strategic Real Return Fund | 13% | - | 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 Capital & Income Fund | 27% |
Fidelity Disciplined Equity Fund | 67% |
Fidelity Equity-Income Fund | 24% |
Fidelity Europe Fund | 61% |
Fidelity High Income Fund | 42% |
Fidelity Japan Fund | 48% |
Fidelity Overseas Fund | 51% |
Fidelity Series 100 Index Fund | 84% |
Fidelity Series All-Sector Equity Fund | 81% |
Fidelity Series Commodity Strategy Fund | 82% |
Fidelity Series Emerging Markets Fund | 81% |
Fidelity Series Inflation-Protected Bond Index Fund | 84% |
Fidelity Series International Growth Fund | 79% |
Fidelity Series International Small Cap Fund | 79% |
Fidelity Series International Value Fund | 79% |
Fidelity Series Investment Grade Bond Fund | 84% |
Fidelity Series Large Cap Value Fund | 85% |
Fidelity Series Small Cap Opportunities Fund | 77% |
Fidelity Short-Term Bond Fund | 29% |
Fidelity Small Cap Growth Fund | 50% |
Fidelity Small Cap Value Fund | 36% |
Fidelity Strategic Real Return Fund | 61% |
Subsequent to period end, Strategic Advisers reallocated investments of certain Funds. This involved a taxable redemption of certain Funds' interest or partial interest in Fidelity Europe Fund for securities in-kind and a non-taxable exchange of those securities for shares of Fidelity Series International Growth Fund and Fidelity Series International Value Fund. As a result of this redemption, Freedom 2020 and Freedom 2030 reduced their ownership percentages of Fidelity Europe Fund to 13% and 11%, respectively and the Funds' aggregate ownership of Fidelity Europe Fund was reduced to 56%.
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, 2010, 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, 2010 by correspondence with the custodian and transfer agent, provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 19, 2010
Annual Report
The Trustees and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Fidelity Freedom Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fidelity Freedom Fund's activities, review contractual arrangements with companies that provide services to each Fidelity Freedom Fund, oversee management of the risks associated with such activities and contractual arrangements, and review each Fidelity Freedom Fund's performance. If the interests of a Fidelity Freedom Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Fidelity Freedom Funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers and the Trustees would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for James C. Curvey, each of the Trustees oversees 189 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 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 hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Funds' Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Kenneth L. Wolfe serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate. The responsibilities of each committee, including their oversight responsibilities, are described further under "Standing Committees of the Funds' Trustees."
Annual Report
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
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 Occupations and Other Relevant Experience+ |
Abigail P. Johnson (48) |
| Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal and Workplace Investing (2005-present). Ms. Johnson is a Director of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related. |
James C. Curvey (74) |
| 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.
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupations and Other Relevant Experience+ |
Albert R. Gamper, Jr. (68) |
| 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 (2002-2003). He also served as President and Chief Executive Officer of Tyco Capital Corporation (2001-2002). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Robert F. Gartland (58) |
| Year of Election or Appointment: 2010 Mr. Gartland is a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-present) and is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007). |
Arthur E. Johnson (63) |
| 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). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson and Ms. Abigail P. Johnson are not related. |
Michael E. Kenneally (56) |
| Year of Election or Appointment: 2009 Prior to his retirement, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). 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 funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
James H. Keyes (69) |
| 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, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (63) |
| 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, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California 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 (71) |
| Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009). |
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Executive Officers:
Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
John R. Hebble (51) |
| Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolio (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments. |
Boyce I. Greer (54) |
| 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 of the Asset Allocation Division (2008-present), 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 (2005-present). Previously, Mr. Greer served as Executive Vice President of FMR Co., Inc. (2005-2009), and as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005). |
Derek L. Young (45) |
| Year of Election or Appointment: 2009 Vice President of Fidelity's Asset Allocation Funds. Mr. Young also serves as Chief Investment Officers of the Global Asset Allocation Group (2009-present). Previously, Mr. Young served as a portfolio manager. |
Scott C. Goebel (42) |
| 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 Officer 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 (55) |
| 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 (51) |
| 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 (42) |
| 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. |
Jeffrey S. Christian (48) |
| Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009). |
Bryan A. Mehrmann (48) |
| Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. |
Stephanie J. Dorsey (40) |
| 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. |
Paul M. Murphy (63) |
| Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. 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). |
Kenneth B. Robins (40) |
| Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008). |
Gary W. Ryan (51) |
| 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 | 05/10/10 | 05/07/10 | $0.01 | $0.01 |
Fidelity Freedom 2000 Fund | 05/10/10 | 05/07/10 | $0.05 | $0.02 |
Fidelity Freedom 2005 Fund | 05/10/10 | 05/07/10 | $0.04 | $0.025 |
Fidelity Freedom 2010 Fund | 05/10/10 | 05/07/10 | $0.05 | $0.03 |
Fidelity Freedom 2015 Fund | 05/10/10 | 05/07/10 | $0.04 | $0.025 |
Fidelity Freedom 2020 Fund | 05/10/10 | 05/07/10 | $0.04 | $0.045 |
Fidelity Freedom 2025 Fund | 05/10/10 | 05/07/10 | $0.03 | $0.035 |
Fidelity Freedom 2030 Fund | 05/10/10 | 05/07/10 | $0.03 | $0.05 |
Fidelity Freedom 2035 Fund | 05/10/10 | 05/07/10 | $0.025 | $0.035 |
Fidelity Freedom 2040 Fund | 05/10/10 | 05/07/10 | $0.015 | $.03 |
Fidelity Freedom 2045 Fund | 05/10/10 | 05/07/10 | $0.015 | $0.035 |
Fidelity Freedom 2050 Fund | 05/10/10 | 05/07/10 | $0.015 | $0.035 |
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 2009 | 8% |
June 2009 | 9% |
July 2009 | 9% |
August 2009 | 9% |
September 2009 | 9% |
October 2009 | 9% |
November 2009 | 9% |
December 2009 | 9% |
February 2010 | 4% |
March 2010 | 4% |
Fidelity Freedom 2000 Fund | |
May 2009 | 1% |
December 2009 | 10% |
Fidelity Freedom 2005 Fund | |
May 2009 | 1% |
December 2009 | 17% |
Fidelity Freedom 2010 Fund | |
May 2009 | 1% |
December 2009 | 17% |
Fidelity Freedom 2015 Fund | |
May 2009 | 1% |
December 2009 | 18% |
Fidelity Freedom 2020 Fund | |
May 2009 | 1% |
December 2009 | 22% |
Fidelity Freedom 2025 Fund | |
May 2009 | 4% |
December 2009 | 25% |
Fidelity Freedom 2030 Fund | |
May 2009 | 7% |
December 2009 | 29% |
Fidelity Freedom 2035 Fund | |
May 2009 | 6% |
December 2009 | 31% |
Fidelity Freedom 2040 Fund | |
May 2009 | 4% |
December 2009 | 32% |
Fidelity Freedom 2045 Fund | |
May 2009 | 4% |
December 2009 | 32% |
Fidelity Freedom 2050 Fund | |
May 2009 | 8% |
December 2009 | 33% |
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 2009 | 9% |
June 2009 | 10% |
July 2009 | 10% |
August 2009 | 10% |
September 2009 | 10% |
October 2009 | 10% |
November 2009 | 10% |
December 2009 | 10% |
February 2010 | 4% |
March 2010 | 4% |
Fidelity Freedom 2000 Fund | |
May 2009 | 1% |
December 2009 | 11% |
Fidelity Freedom 2005 Fund | |
May 2009 | 3% |
December 2009 | 22% |
Fidelity Freedom 2010 Fund | |
May 2009 | 2% |
December 2009 | 24% |
Fidelity Freedom 2015 Fund | |
May 2009 | 1% |
December 2009 | 25% |
Fidelity Freedom 2020 Fund | |
May 2009 | 1% |
December 2009 | 30% |
Fidelity Freedom 2025 Fund | |
May 2009 | 4% |
December 2009 | 34% |
Fidelity Freedom 2030 Fund | |
May 2009 | 8% |
December 2009 | 40% |
Fidelity Freedom 2035 Fund | |
May 2009 | 6% |
December 2009 | 42% |
Fidelity Freedom 2040 Fund | |
May 2009 | 5% |
December 2009 | 43% |
Fidelity Freedom 2045 Fund | |
May 2009 | 4% |
December 2009 | 43% |
Fidelity Freedom 2050 Fund | |
May 2009 | 9% |
December 2009 | 47% |
A percentage of the dividends distributed during the fiscal year for the following funds was derived from interest on U.S. Government securities which is generally exempt from state income tax:
Fidelity Freedom Income Fund | 7.17% |
Fidelity Freedom 2000 Fund | 6.92% |
Fidelity Freedom 2005 Fund | 5.35% |
Fidelity Freedom 2010 Fund | 5.18% |
Fidelity Freedom 2015 Fund | 4.96% |
Fidelity Freedom 2020 Fund | 3.65% |
Fidelity Freedom 2025 Fund | 2.99% |
Fidelity Freedom 2030 Fund | 1.93% |
Fidelity Freedom 2035 Fund | 1.39% |
Fidelity Freedom 2040 Fund | 0.93% |
Fidelity Freedom 2045 Fund | 0.68% |
Fidelity Freedom 2050 Fund | 0.09% |
The funds will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.
Annual Report
A special meeting of each fund's shareholders was held on August 14, 2009. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of TrusteesA |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 24,643,083,056.59 | 94.466 |
Withheld | 1,443,637,207.24 | 5.534 |
TOTAL | 26,086,720,263.83 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 24,678,393,003.04 | 94.601 |
Withheld | 1,408,327,260.79 | 5.399 |
TOTAL | 26,086,720,263.83 | 100.000 |
Abigail P. Johnson |
Affirmative | 24,649,778,053.86 | 94.492 |
Withheld | 1,436,942,209.97 | 5.508 |
TOTAL | 26,086,720,263.83 | 100.000 |
Arthur E. Johnson |
Affirmative | 24,657,479,001.20 | 94.521 |
Withheld | 1,429,241,262.63 | 5.479 |
TOTAL | 26,086,720,263.83 | 100.000 |
Michael E. Kenneally |
Affirmative | 24,733,028,000.40 | 94.811 |
Withheld | 1,353,692,263.43 | 5.189 |
TOTAL | 26,086,720,263.83 | 100.000 |
James H. Keyes |
Affirmative | 24,701,338,835.40 | 94.689 |
Withheld | 1,385,381,428.43 | 5.311 |
TOTAL | 26,086,720,263.83 | 100.000 |
Marie L. Knowles |
Affirmative | 24,607,022,984.88 | 94.328 |
Withheld | 1,479,697,278.95 | 5.672 |
TOTAL | 26,086,720,263.83 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 24,549,568,568.96 | 94.108 |
Withheld | 1,537,151,694.87 | 5.892 |
TOTAL | 26,086,720,263.83 | 100.000 |
PROPOSAL 3 |
For Fidelity Freedom 2010, a shareholder proposal concerning "procedures to prevent holding investments in companies that, in the judgement of the Board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights." |
| # of
Votes | % of
Votes |
Affirmative | 1,012,329,777.92 | 21.757 |
Against | 3,354,101,166.20 | 72.088 |
Abstain | 251,186,498.13 | 5.398 |
Broker Non-Votes | 35,202,637.19 | 0.757 |
TOTAL | 4,652,820,079.44 | 100.000 |
PROPOSAL 3 |
For Fidelity Freedom 2020, a shareholder proposal concerning "procedures to prevent holding investments in companies that, in the judgement of the Board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights." |
| # of
Votes | % of
Votes |
Affirmative | 1,361,436,080.45 | 23.359 |
Against | 4,118,994,592.12 | 70.673 |
Abstain | 316,897,927.77 | 5.437 |
Broker Non-Votes | 30,956,365.90 | 0.531 |
TOTAL | 5,828,284,966.24 | 100.000 |
PROPOSAL 3 |
For Fidelity Freedom 2025, Fidelity Freedom 2030, Fidelity Freedom 2040, Fidelity Freedom 2045, and Fidelity Freedom 2050 a shareholder proposal concerning "procedures to prevent holding investments in companies that, in the judgment of the Board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights." Each fund did not achieve quorum with respect to this proposal, and therefore no action was taken at the meeting and subsequent adjournments. Because sufficient votes in favor of the proposal were not received, on August 14, 2009, the proxies in their discretion determined not to adjourn the meeting further on this item. |
A Denotes trust-wide proposal and voting results. |
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-UANNPRO-0510
1.814503.105
Fidelity Freedom K® Funds -
Income, 2000, 2005, 2010, 2015, 2020, 2025,
2030, 2035, 2040, 2045, 2050
Annual Report
March 31, 2010
(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/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
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
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Global capital markets have been positive thus far in 2010, overcoming some early volatility to continue the upward trend that began in March 2009. Year to date, U.S. stocks have seen the biggest gains, outpacing the performance of foreign equities, which has been hampered by a rebounding dollar. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the 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 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 "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 by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Annual Report
Fidelity Freedom K® Income Fund
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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 take Fidelity Freedom K® Income Fund's cumulative total return and show you what would have happened if Fidelity Freedom K® Income Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® Income Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom K® 2000 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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 take Fidelity Freedom K® 2000 Fund's cumulative total return and show you what would have happened if Fidelity Freedom K® 2000 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2000 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom K® 2005 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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 take Fidelity Freedom K® 2005 Fund's cumulative total return and show you what would have happened if Fidelity Freedom K® 2005 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2005 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom K® 2010 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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 take Fidelity Freedom K® 2010 Fund's cumulative total return and show you what would have happened if Fidelity Freedom K® 2010 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2010 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital U.S. Aggregate Bond Index performed over the same period.
Annual Report
Fidelity Freedom K® 2015 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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 take Fidelity Freedom K® 2015 Fund's cumulative total return and show you what would have happened if Fidelity Freedom K® 2015 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2015 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2020 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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 take Fidelity Freedom K® 2020 Fund's cumulative total return and show you what would have happened if Fidelity Freedom K® 2020 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2020 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2025 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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 take Fidelity Freedom K® 2025 Fund's cumulative total return and show you what would have happened if Fidelity Freedom K® 2025 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2025 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2030 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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 take Fidelity Freedom K® 2030 Fund's cumulative total return and show you what would have happened if Fidelity Freedom K® 2030 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2030 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2035 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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 take Fidelity Freedom K® 2035 Fund's cumulative total return and show you what would have happened if Fidelity Freedom K® 2035 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2035 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2040 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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 take Fidelity Freedom K® 2040 Fund's cumulative total return and show you what would have happened if Fidelity Freedom K® 2040 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2040 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2045 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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 take Fidelity Freedom K® 2045 Fund's cumulative total return and show you what would have happened if Fidelity Freedom K® 2045 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2045 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Fidelity Freedom K® 2050 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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 take Fidelity Freedom K® 2050 Fund's cumulative total return and show you what would have happened if Fidelity Freedom K® 2050 Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Freedom K® 2050 Fund on July 2, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500 Index performed over the same period.
Annual Report
Market Recap: Blistering stock market declines sustained during the global economic crisis dramatically reversed during the 12-month period ending March 31, 2010, as extraordinary government stimulus took hold, corporate cost cutting paved the way for encouraging earnings reports, credit conditions improved and consumer fears began to ease. After hitting woeful lows in March 2009, stock markets began a steady ascent that coincided with the near culmination of the Great Recession that began in late 2007. Although a weak labor market still lingered, in March 2010 the prices of many individual stocks reached a 52-week high, lifting the blue-chip Dow Jones Industrial AverageSM to a 17-month peak, and a 46.93% gain for the annual period. Impressive returns were widespread, with the S&P 500® Index rising 49.77% - its third-largest 12-month increase in more than two decades - and the technology-laden Nasdaq Composite® Index rising 58.32% for the period. Strong performance also echoed across global markets, with the MSCI® EAFE® (Europe, Australasia, Far East) Index rising 54.63%. In the fixed-income arena, as credit conditions improved, investors who shifted into higher-risk vehicles were generally rewarded with strong returns. High-yield bonds were standouts, with The BofA Merrill Lynch US High Yield Constrained IndexSM posting a 56.95% gain during the period, far outpacing the 7.69% rise in Barclays Capital U.S. Aggregate Bond Index - a broad measure of the domestic investment-grade universe - which was weighed down by the weak performance of ultra-safe U.S. Treasury securities.
Comments from Jonathan Shelon and Christopher Sharpe, Co-Portfolio Managers of Fidelity Freedom K® Funds: Since their inception on July 2, 2009, through March 31, 2010, the Fidelity Freedom K® Funds experienced a stretch of solid performance. (For specific Fund results, please refer to the performance section of this report.) The longer-dated and more-equity-oriented Funds advanced the most, compared with results for the shorter-dated and more-conservatively positioned Funds. In relative terms, all of the Funds outpaced their composite indexes, mostly driven by strong performance within the bond category during the period. Our underlying investment-grade holdings strongly outpaced the Barclays Capital U.S. Aggregate Bond Index, which returned roughly 5% from July 2, 2009, through March 31, 2010. Helping fuel our success within this category was Fidelity® Series Investment Grade Bond Fund, which benefited from its positioning in credit-sensitive, higher-yielding issues. Our out-of-benchmark allocation to high-yield securities - an asset class that turned in exceptional results - also added meaningfully to performance, led by our two holdings in the sector, Fidelity Capital & Income Fund and Fidelity High Income Fund. Lastly, within the short-term asset class, our underlying funds topped the Barclays Capital U.S. 3 Month Treasury Bellwether Index, which rose very modestly during the same period. Shifting to the equity category, our domestic equities performed roughly in line with the Dow Jones U.S. Total Stock Market IndexSM, which was up about 30% during the period. Most of the underlying funds in the domestic equity class beat their respective benchmarks. Fidelity Blue Chip Growth Fund and our three small-cap funds were standouts, bolstered by strong stock selection. However, these relative gains were countered in large part by comparatively weak results from Fidelity Disciplined Equity Fund. Meanwhile, the MSCI® EAFE® (Europe, Australasia, Far East) Index fell short of the Dow Jones index, turning in a roughly 24% advance during the period. Despite solid gains from several of our underlying international funds, including Fidelity Series Emerging Markets Fund, we underperformed our benchmark due to weak results from Fidelity Overseas Fund.
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, 2009 to March 31, 2010).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized
Expense Ratio | Beginning
Account Value
October 1, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009 to
March 31, 2010 |
Fidelity Freedom K® Income Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,046.00 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2000 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,046.50 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2005 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,061.50 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2010 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,064.60 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2015 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,066.60 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2020 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,075.70 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2025 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,079.90 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2030 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,083.30 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2035 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,087.10 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
| Annualized
Expense Ratio | Beginning
Account Value
October 1, 2009 | Ending
Account Value
March 31, 2010 | Expenses Paid
During Period*
October 1, 2009 to
March 31, 2010 |
Fidelity Freedom K® 2040 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,088.50 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2045 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,089.90 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
Fidelity Freedom K® 2050 Fund | .05% | | | |
Actual | | $ 1,000.00 | $ 1,089.10 | $ .26 |
HypotheticalA | | $ 1,000.00 | $ 1,024.68 | $ .25 |
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). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
Annual Report
Fidelity Freedom K® Income Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 0.6 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund Class F | 0.9 | 1.0 |
Fidelity Disciplined Equity Fund Class F | 3.1 | 3.9 |
Fidelity Equity Income Fund Class F | 1.7 | 3.3 |
Fidelity Growth Company Fund Class F | 2.7 | 3.2 |
Fidelity Series 100 Index Fund | 2.1 | 2.5 |
Fidelity Series All-Sector Equity Fund Class F | 2.9 | 3.0 |
Fidelity Series Large Cap Value Fund Class F | 3.1 | 3.4 |
Fidelity Series Small Cap Opportunities Fund Class F | 0.5 | 0.6 |
Fidelity Small Cap Growth Fund Class F | 0.3 | 0.3 |
Fidelity Small Cap Value Fund Class F | 0.3 | 0.3 |
| 17.6 | 21.5 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund Class F | 0.5 | 0.0 |
Fidelity Overseas Fund Class F | 0.5 | 0.0 |
Fidelity Series International Growth Fund Class F | 0.2 | 0.0 |
Fidelity Series International Small Cap Fund Class F | 0.1 | 0.0 |
Fidelity Series International Value Fund Class F | 0.2 | 0.0 |
| 1.5 | 0.0 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 0.2 | 0.0 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund Class F | 2.6 | 2.8 |
Fidelity High Income Fund Class F | 2.6 | 2.6 |
| 5.2 | 5.4 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 4.4 | 0.5 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund Class F | 22.3 | 22.0 |
Fidelity Strategic Real Return Fund Class F | 6.7 | 7.2 |
Fidelity Total Bond Fund Class F | 2.0 | 5.8 |
| 31.0 | 35.0 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 19.7 | 18.5 |
Fidelity Short Term Bond Fund Class F | 19.8 | 19.1 |
| 39.5 | 37.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
 | Commodity Funds | 0.6% | |
 | Domestic Equity Funds | 17.6% | |
 | Developed International Equity Funds | 1.5% | |
 | Emerging Markets Equity Funds | 0.2% | |
 | High Yield Bond Funds | 5.2% | |
 | Inflation-Protected Bond Funds | 4.4% | |
 | Investment Grade Bond Funds | 31.0% | |
 | Short-Term Funds | 39.5% | |
Six months ago |
| Domestic Equity Funds | 21.5% | |
| High Yield Bond Funds | 5.4% | |
 | Inflation-Protected Bond Funds | 0.5% | |
 | Investment Grade Bond Funds | 35.0% | |
| Short-Term Funds | 37.6% | |
Expected |
| Commodity Funds | 1.7% | |
| Domestic Equity Funds | 13.7% | |
| Developed International Equity Funds | 4.0% | |
| Emerging Markets Equity Funds | 0.6% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 10.3% | |
| Investment Grade Bond Funds | 24.7% | |
| Short-Term Funds | 40.0% | |
The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom K® Income Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 18.2% |
| Shares | | Value |
Commodity Funds - 0.6% |
Fidelity Series Commodity Strategy Fund Class F | 75,202 | | $ 788,873 |
Domestic Equity Funds - 17.6% |
Fidelity Blue Chip Growth Fund Class F | 27,675 | | 1,111,415 |
Fidelity Disciplined Equity Fund Class F | 177,704 | | 3,900,596 |
Fidelity Equity Income Fund Class F | 51,370 | | 2,135,449 |
Fidelity Growth Company Fund Class F | 45,032 | | 3,291,845 |
Fidelity Series 100 Index Fund | 316,375 | | 2,622,748 |
Fidelity Series All-Sector Equity Fund Class F | 294,761 | | 3,545,970 |
Fidelity Series Large Cap Value Fund Class F | 319,084 | | 3,787,532 |
Fidelity Series Small Cap Opportunities Fund Class F | 71,372 | | 638,065 |
Fidelity Small Cap Growth Fund Class F | 28,270 | | 380,519 |
Fidelity Small Cap Value Fund Class F | 27,380 | | 378,945 |
TOTAL DOMESTIC EQUITY FUNDS | | 21,793,084 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $21,541,818) | 22,581,957 |
International Equity Funds - 1.7% |
| | | |
Developed International Equity Funds - 1.5% |
Fidelity Diversified International Fund Class F | 23,255 | | 654,863 |
Fidelity Overseas Fund Class F | 21,139 | | 647,711 |
Fidelity Series International Growth Fund Class F | 23,802 | | 236,592 |
Fidelity Series International Small Cap Fund Class F | 5,241 | | 53,672 |
Fidelity Series International Value Fund Class F | 24,466 | | 236,589 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 1,829,427 |
Emerging Markets Equity Funds - 0.2% |
Fidelity Series Emerging Markets Fund Class F | 16,002 | | 268,521 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,010,623) | 2,097,948 |
Bond Funds - 40.6% |
| Shares | | Value |
High Yield Bond Funds - 5.2% |
Fidelity Capital & Income Fund Class F | 361,317 | | $ 3,222,949 |
Fidelity High Income Fund Class F | 374,650 | | 3,248,217 |
TOTAL HIGH YIELD BOND FUNDS | | 6,471,166 |
Inflation-Protected Bond Funds - 4.4% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 526,196 | | 5,398,774 |
Investment Grade Bond Funds - 31.0% |
Fidelity Series Investment Grade Bond Fund Class F | 2,415,252 | | 27,630,484 |
Fidelity Strategic Real Return Fund Class F | 956,628 | | 8,274,832 |
Fidelity Total Bond Fund Class F | 231,017 | | 2,458,020 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 38,363,336 |
TOTAL BOND FUNDS (Cost $49,753,064) | 50,233,276 |
Short-Term Funds - 39.5% |
| | | |
Fidelity Institutional Money Market Portfolio Class F | 24,345,409 | | 24,345,409 |
Fidelity Short Term Bond Fund Class F | 2,929,849 | | 24,522,839 |
TOTAL SHORT-TERM FUNDS (Cost $48,787,015) | 48,868,248 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $122,092,520) | | 123,781,429 |
NET OTHER ASSETS - 0.0% | | (4,652) |
NET ASSETS - 100% | $ 123,776,777 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® Income Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $122,092,520) - See accompanying schedule | | $ 123,781,429 |
Receivable for investments sold | | 6 |
Receivable for fund shares sold | | 1,133,405 |
Total assets | | 124,914,840 |
| | |
Liabilities | | |
Payable to custodian bank | $ 1 | |
Payable for investments purchased | 853,616 | |
Payable for fund shares redeemed | 279,790 | |
Transfer agent fee payable | 4,656 | |
Total liabilities | | 1,138,063 |
| | |
Net Assets | | $ 123,776,777 |
Net Assets consist of: | | |
Paid in capital | | $ 121,752,242 |
Undistributed net investment income | | 216,318 |
Accumulated undistributed net realized gain (loss) on investments | | 119,308 |
Net unrealized appreciation (depreciation) on investments | | 1,688,909 |
Net Assets, for 11,151,268 shares outstanding | | $ 123,776,777 |
Net Asset Value, offering price and redemption price per share ($123,776,777 ÷ 11,151,268 shares) | | $ 11.10 |
Statement of Operations
| For the period July 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 619,440 |
| | |
Expenses | | |
Transfer agent fees | $ 14,946 | |
Independent trustees' compensation | 57 | |
Total expenses | | 15,003 |
Net investment income (loss) | | 604,437 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (24,780) | |
Capital gain distributions from underlying funds | 285,240 | 260,460 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 1,688,909 |
Net gain (loss) | | 1,949,369 |
Net increase (decrease) in net assets resulting from operations | | $ 2,553,806 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 604,437 |
Net realized gain (loss) | 260,460 |
Change in net unrealized appreciation (depreciation) | 1,688,909 |
Net increase (decrease) in net assets resulting from operations | 2,553,806 |
Distributions to shareholders from net investment income | (388,119) |
Distributions to shareholders from net realized gain | (141,152) |
Total distributions | (529,271) |
Share transactions
Proceeds from sales of shares | 130,282,128 |
Reinvestment of distributions | 529,271 |
Cost of shares redeemed | (9,059,157) |
Net increase (decrease) in net assets resulting from share transactions | 121,752,242 |
Total increase (decrease) in net assets | 123,776,777 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $216,318) | $ 123,776,777 |
Other Information Shares | |
Sold | 11,929,920 |
Issued in reinvestment of distributions | 48,564 |
Redeemed | (827,216) |
Net increase (decrease) | 11,151,268 |
Financial Highlights
Period ended March 31, | 2010 E |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) C | .17 |
Net realized and unrealized gain (loss) | 1.09 |
Total from investment operations | 1.26 |
Distributions from net investment income | (.13) |
Distributions from net realized gain | (.03) |
Total distributions | (.16) |
Net asset value, end of period | $ 11.10 |
Total Return B | 12.66% |
Ratios to Average Net Assets D, F | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .05% A |
Expenses net of all reductions | .05% A |
Net investment income (loss) | 2.18% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 123,777 |
Portfolio turnover rate | 32% A |
AAnnualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2000 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 0.8 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund Class F | 1.0 | 1.1 |
Fidelity Disciplined Equity Fund Class F | 3.4 | 4.3 |
Fidelity Equity Income Fund Class F | 1.9 | 3.7 |
Fidelity Growth Company Fund Class F | 2.9 | 3.6 |
Fidelity Series 100 Index Fund | 2.3 | 2.9 |
Fidelity Series All-Sector Equity Fund Class F | 3.1 | 3.3 |
Fidelity Series Large Cap Value Fund Class F | 3.3 | 3.8 |
Fidelity Series Small Cap Opportunities Fund Class F | 0.6 | 0.6 |
Fidelity Small Cap Growth Fund Class F | 0.3 | 0.4 |
Fidelity Small Cap Value Fund Class F | 0.3 | 0.4 |
| 19.1 | 24.1 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund Class F | 0.6 | 0.1 |
Fidelity Europe Fund Class F | 0.0 | 0.0 |
Fidelity Japan Fund Class F | 0.0 | 0.0 |
Fidelity Overseas Fund Class F | 0.6 | 0.1 |
Fidelity Series International Growth Fund Class F | 0.2 | 0.0 |
Fidelity Series International Small Cap Fund Class F | 0.1 | 0.0 |
Fidelity Series International Value Fund Class F | 0.2 | 0.0 |
| 1.7 | 0.2 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 0.2 | 0.0 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund Class F | 2.6 | 2.8 |
Fidelity High Income Fund Class F | 2.6 | 2.6 |
| 5.2 | 5.4 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 4.1 | 0.5 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund Class F | 21.3 | 20.6 |
Fidelity Strategic Real Return Fund Class F | 6.5 | 6.7 |
Fidelity Total Bond Fund Class F | 1.8 | 5.5 |
| 29.6 | 32.8 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 19.6 | 18.2 |
Fidelity Short Term Bond Fund Class F | 19.7 | 18.8 |
| 39.3 | 37.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 0.8% | |
| Domestic Equity Funds | 19.1% | |
| Developed International Equity Funds | 1.7% | |
| Emerging Markets Equity Funds | 0.2% | |
| High Yield Bond Funds | 5.2% | |
| Inflation-Protected Bond Funds | 4.1% | |
| Investment Grade Bond Funds | 29.6% | |
| Short-Term Funds | 39.3% | |
Six months ago |
| Domestic Equity Funds | 24.1% | |
| Developed International Equity Funds | 0.2% | |
 | High Yield Bond Funds | 5.4% | |
| Inflation-Protected Bond Funds | 0.5% | |
| Investment Grade Bond Funds | 32.8% | |
| Short-Term Funds | 37.0% | |
Expected |
| Commodity Funds | 2.0% | |
| Domestic Equity Funds | 14.4% | |
| Developed International Equity Funds | 4.2% | |
| Emerging Markets Equity Funds | 0.7% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 9.9% | |
| Investment Grade Bond Funds | 23.9% | |
| Short-Term Funds | 39.9% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom K® 2000 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 19.9% |
| Shares | | Value |
Commodity Funds - 0.8% |
Fidelity Series Commodity Strategy Fund Class F | 70,064 | | $ 734,976 |
Domestic Equity Funds - 19.1% |
Fidelity Blue Chip Growth Fund Class F | 21,158 | | 849,719 |
Fidelity Disciplined Equity Fund Class F | 136,072 | | 2,986,783 |
Fidelity Equity Income Fund Class F | 39,809 | | 1,654,869 |
Fidelity Growth Company Fund Class F | 34,497 | | 2,521,736 |
Fidelity Series 100 Index Fund | 242,210 | | 2,007,925 |
Fidelity Series All-Sector Equity Fund Class F | 225,044 | | 2,707,284 |
Fidelity Series Large Cap Value Fund Class F | 243,847 | | 2,894,462 |
Fidelity Series Small Cap Opportunities Fund Class F | 54,639 | | 488,473 |
Fidelity Small Cap Growth Fund Class F | 21,622 | | 291,031 |
Fidelity Small Cap Value Fund Class F | 20,942 | | 289,836 |
TOTAL DOMESTIC EQUITY FUNDS | | 16,692,118 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $16,366,470) | 17,427,094 |
International Equity Funds - 1.9% |
| | | |
Developed International Equity Funds - 1.7% |
Fidelity Diversified International Fund Class F | 17,958 | | 505,695 |
Fidelity Europe Fund Class F | 447 | | 13,035 |
Fidelity Japan Fund Class F | 731 | | 8,037 |
Fidelity Overseas Fund Class F | 16,291 | | 499,159 |
Fidelity Series International Growth Fund Class F | 17,877 | | 177,700 |
Fidelity Series International Small Cap Fund Class F | 5,461 | | 55,925 |
Fidelity Series International Value Fund Class F | 18,362 | | 177,560 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 1,437,111 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 0.2% |
Fidelity Series Emerging Markets Fund Class F | 12,498 | | $ 209,722 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,575,984) | 1,646,833 |
Bond Funds - 38.9% |
| | | |
High Yield Bond Funds - 5.2% |
Fidelity Capital & Income Fund Class F | 255,412 | | 2,278,278 |
Fidelity High Income Fund Class F | 263,566 | | 2,285,121 |
TOTAL HIGH YIELD BOND FUNDS | | 4,563,399 |
Inflation-Protected Bond Funds - 4.1% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 351,134 | | 3,602,636 |
Investment Grade Bond Funds - 29.6% |
Fidelity Series Investment Grade Bond Fund Class F | 1,625,895 | | 18,600,239 |
Fidelity Strategic Real Return Fund Class F | 655,903 | | 5,673,560 |
Fidelity Total Bond Fund Class F | 153,174 | | 1,629,771 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 25,903,570 |
TOTAL BOND FUNDS (Cost $33,634,056) | 34,069,605 |
Short-Term Funds - 39.3% |
| | | |
Fidelity Institutional Money Market Portfolio Class F | 17,118,331 | | 17,118,331 |
Fidelity Short Term Bond Fund Class F | 2,056,808 | | 17,215,480 |
TOTAL SHORT-TERM FUNDS (Cost $34,268,763) | 34,333,811 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $85,845,273) | | 87,477,343 |
NET OTHER ASSETS - 0.0% | | (3,413) |
NET ASSETS - 100% | $ 87,473,930 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2000 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $85,845,273) - See accompanying schedule | | $ 87,477,343 |
Receivable for investments sold | | 3 |
Receivable for fund shares sold | | 46,194 |
Total assets | | 87,523,540 |
| | |
Liabilities | | |
Payable for investments purchased | $ 18,538 | |
Payable for fund shares redeemed | 27,655 | |
Transfer agent fee payable | 3,417 | |
Total liabilities | | 49,610 |
| | |
Net Assets | | $ 87,473,930 |
Net Assets consist of: | | |
Paid in capital | | $ 85,426,762 |
Undistributed net investment income | | 298,500 |
Accumulated undistributed net realized gain (loss) on investments | | 116,598 |
Net unrealized appreciation (depreciation) on investments | | 1,632,070 |
Net Assets, for 7,809,160 shares outstanding | | $ 87,473,930 |
Net Asset Value, offering price and redemption price per share ($87,473,930 ÷ 7,809,160 shares) | | $ 11.20 |
Statement of Operations
| For the period July 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 596,804 |
| | |
Expenses | | |
Transfer agent fees | $ 13,227 | |
Independent trustees' compensation | 54 | |
Total expenses | | 13,281 |
Net investment income (loss) | | 583,523 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,610) | |
Capital gain distributions from underlying funds | 355,727 | 354,117 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 1,632,070 |
Net gain (loss) | | 1,986,187 |
Net increase (decrease) in net assets resulting from operations | | $ 2,569,710 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 583,523 |
Net realized gain (loss) | 354,117 |
Change in net unrealized appreciation (depreciation) | 1,632,070 |
Net increase (decrease) in net assets resulting from operations | 2,569,710 |
Distributions to shareholders from net investment income | (285,023) |
Distributions to shareholders from net realized gain | (237,519) |
Total distributions | (522,542) |
Share transactions
Proceeds from sales of shares | 91,423,228 |
Reinvestment of distributions | 522,542 |
Cost of shares redeemed | (6,519,008) |
Net increase (decrease) in net assets resulting from share transactions | 85,426,762 |
Total increase (decrease) in net assets | 87,473,930 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $298,500) | $ 87,473,930 |
Other Information Shares | |
Sold | 8,351,510 |
Issued in reinvestment of distributions | 47,634 |
Redeemed | (589,984) |
Net increase (decrease) | 7,809,160 |
Financial Highlights
Period ended March 31, | 2010 E |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) C | .19 |
Net realized and unrealized gain (loss) | 1.12 |
Total from investment operations | 1.31 |
Distributions from net investment income | (.06) |
Distributions from net realized gain | (.05) |
Total distributions | (.11) |
Net asset value, end of period | $ 11.20 |
Total Return B | 13.12% |
Ratios to Average Net Assets D,F | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .05% A |
Expenses net of all reductions | .05% A |
Net investment income (loss) | 2.40% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 87,474 |
Portfolio turnover rate | 35% A |
A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2005 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.7 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund Class F | 1.7 | 1.8 |
Fidelity Disciplined Equity Fund Class F | 6.1 | 7.0 |
Fidelity Equity Income Fund Class F | 3.4 | 6.1 |
Fidelity Growth Company Fund Class F | 5.2 | 6.0 |
Fidelity Series 100 Index Fund | 4.1 | 4.7 |
Fidelity Series All-Sector Equity Fund Class F | 5.5 | 5.6 |
Fidelity Series Large Cap Value Fund Class F | 5.9 | 6.5 |
Fidelity Series Small Cap Opportunities Fund Class F | 1.0 | 1.0 |
Fidelity Small Cap Growth Fund Class F | 0.6 | 0.6 |
Fidelity Small Cap Value Fund Class F | 0.6 | 0.6 |
| 34.1 | 39.9 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund Class F | 2.9 | 2.9 |
Fidelity Europe Fund Class F | 1.1 | 1.6 |
Fidelity Japan Fund Class F | 0.4 | 0.4 |
Fidelity Overseas Fund Class F | 2.8 | 2.9 |
Fidelity Series International Growth Fund Class F | 0.4 | 0.0 |
Fidelity Series International Small Cap Fund Class F | 0.1 | 0.0 |
Fidelity Series International Value Fund Class F | 0.4 | 0.0 |
| 8.1 | 7.8 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 0.8 | 0.6 |
Fidelity Southeast Asia Fund Class F | 0.1 | 0.1 |
| 0.9 | 0.7 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund Class F | 2.6 | 2.7 |
Fidelity High Income Fund Class F | 2.5 | 2.6 |
| 5.1 | 5.3 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.6 | 0.4 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund Class F | 20.4 | 19.7 |
Fidelity Strategic Real Return Fund Class F | 6.2 | 6.4 |
Fidelity Total Bond Fund Class F | 1.8 | 5.2 |
| 28.4 | 31.3 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 9.0 | 7.2 |
Fidelity Short Term Bond Fund Class F | 9.1 | 7.4 |
| 18.1 | 14.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 1.7% | |
| Domestic Equity Funds | 34.1% | |
| Developed International Equity Funds | 8.1% | |
| Emerging Markets Equity Funds | 0.9% | |
| High Yield Bond Funds | 5.1% | |
| Inflation-Protected
Bond Funds | 3.6% | |
| Investment Grade
Bond Funds | 28.4% | |
| Short-Term Funds | 18.1% | |
Six months ago |
| Domestic Equity Funds | 39.9% | |
| Developed International Equity Funds | 7.8% | |
| Emerging Markets Equity Funds | 0.7% | |
| High Yield Bond Funds | 5.3% | |
| Inflation-Protected
Bond Funds | 0.4% | |
| Investment Grade
Bond Funds | 31.3% | |
| Short-Term Funds | 14.6% | |
Expected |
| Commodity Funds | 4.0% | |
| Domestic Equity Funds | 28.0% | |
| Developed International Equity Funds | 9.2% | |
| Emerging Markets Equity Funds | 1.5% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected
Bond Funds | 8.7% | |
| Investment Grade
Bond Funds | 22.8% | |
| Short-Term Funds | 20.8% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom K® 2005 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 35.8% |
| Shares | | Value |
Commodity Funds - 1.7% |
Fidelity Series Commodity Strategy Fund Class F | 103,476 | | $ 1,085,466 |
Domestic Equity Funds - 34.1% |
Fidelity Blue Chip Growth Fund Class F | 28,180 | | 1,131,692 |
Fidelity Disciplined Equity Fund Class F | 180,969 | | 3,972,270 |
Fidelity Equity Income Fund Class F | 52,778 | | 2,193,996 |
Fidelity Growth Company Fund Class F | 45,882 | | 3,353,992 |
Fidelity Series 100 Index Fund | 322,124 | | 2,670,408 |
Fidelity Series All-Sector Equity Fund Class F | 299,443 | | 3,602,297 |
Fidelity Series Large Cap Value Fund Class F | 324,351 | | 3,850,044 |
Fidelity Series Small Cap Opportunities Fund Class F | 72,703 | | 649,963 |
Fidelity Small Cap Growth Fund Class F | 28,772 | | 387,274 |
Fidelity Small Cap Value Fund Class F | 27,871 | | 385,733 |
TOTAL DOMESTIC EQUITY FUNDS | | 22,197,669 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $22,063,453) | 23,283,135 |
International Equity Funds - 9.0% |
| | | |
Developed International Equity Funds - 8.1% |
Fidelity Diversified International Fund Class F | 66,272 | | 1,866,230 |
Fidelity Europe Fund Class F | 24,268 | | 707,906 |
Fidelity Japan Fund Class F | 23,892 | | 262,814 |
Fidelity Overseas Fund Class F | 58,081 | | 1,779,605 |
Fidelity Series International Growth Fund Class F | 28,360 | | 281,901 |
Fidelity Series International Small Cap Fund Class F | 5,521 | | 56,537 |
Fidelity Series International Value Fund Class F | 28,881 | | 279,280 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 5,234,273 |
Emerging Markets Equity Funds - 0.9% |
Fidelity Series Emerging Markets Fund Class F | 31,804 | | 533,669 |
Fidelity Southeast Asia Fund Class F | 3,019 | | 78,109 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 611,778 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $5,742,708) | 5,846,051 |
Bond Funds - 37.1% |
| Shares | | Value |
High Yield Bond Funds - 5.1% |
Fidelity Capital & Income Fund Class F | 187,610 | | $ 1,673,483 |
Fidelity High Income Fund Class F | 192,445 | | 1,668,497 |
TOTAL HIGH YIELD BOND FUNDS | | 3,341,980 |
Inflation-Protected Bond Funds - 3.6% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 230,511 | | 2,365,039 |
Investment Grade Bond Funds - 28.4% |
Fidelity Series Investment Grade Bond Fund Class F | 1,162,786 | | 13,302,269 |
Fidelity Strategic Real Return Fund Class F | 469,294 | | 4,059,396 |
Fidelity Total Bond Fund Class F | 107,357 | | 1,142,274 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 18,503,939 |
TOTAL BOND FUNDS (Cost $23,928,757) | 24,210,958 |
Short-Term Funds - 18.1% |
| | | |
Fidelity Institutional Money Market Portfolio Class F | 5,854,931 | | 5,854,931 |
Fidelity Short Term Bond Fund
Class F | 703,767 | | 5,890,528 |
TOTAL SHORT-TERM FUNDS (Cost $11,726,233) | 11,745,459 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $63,461,151) | | 65,085,603 |
NET OTHER ASSETS - 0.0% | | (2,565) |
NET ASSETS - 100% | $ 65,083,038 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $63,461,151) - See accompanying schedule | | $ 65,085,603 |
Receivable for investments sold | | 2 |
Receivable for fund shares sold | | 181,853 |
Total assets | | 65,267,458 |
| | |
Liabilities | | |
Payable to custodian bank | $ 1 | |
Payable for investments purchased | 134,828 | |
Payable for fund shares redeemed | 47,024 | |
Transfer agent fee payable | 2,567 | |
Total liabilities | | 184,420 |
| | |
Net Assets | | $ 65,083,038 |
Net Assets consist of: | | |
Paid in capital | | $ 63,146,376 |
Undistributed net investment income | | 186,614 |
Accumulated undistributed net realized gain (loss) on investments | | 125,596 |
Net unrealized appreciation (depreciation) on investments | | 1,624,452 |
Net Assets, for 5,491,859 shares outstanding | | $ 65,083,038 |
Net Asset Value, offering price and redemption price per share ($65,083,038 ÷ 5,491,859 shares) | | $ 11.85 |
Statement of Operations
For the period July 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 364,110 |
| | |
Expenses | | |
Transfer agent fees | $ 9,260 | |
Independent trustees' compensation | 36 | |
Total expenses | | 9,296 |
Net investment income (loss) | | 354,814 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (28,194) | |
Capital gain distributions from underlying funds | 288,350 | 260,156 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 1,624,452 |
Net gain (loss) | | 1,884,608 |
Net increase (decrease) in net assets resulting from operations | | $ 2,239,422 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 354,814 |
Net realized gain (loss) | 260,156 |
Change in net unrealized appreciation (depreciation) | 1,624,452 |
Net increase (decrease) in net assets resulting from operations | 2,239,422 |
Distributions to shareholders from net investment income | (168,200) |
Distributions to shareholders from net realized gain | (134,560) |
Total distributions | (302,760) |
Share transactions
Proceeds from sales of shares | 67,784,563 |
Reinvestment of distributions | 302,759 |
Cost of shares redeemed | (4,940,946) |
Net increase (decrease) in net assets resulting from share transactions | 63,146,376 |
Total increase (decrease) in net assets | 65,083,038 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $186,614) | $ 65,083,038 |
Other Information Shares | |
Sold | 5,890,801 |
Issued in reinvestment of distributions | 26,190 |
Redeemed | (425,132) |
Net increase (decrease) | 5,491,859 |
Financial Highlights
Period ended March 31, | 2010 E |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) C | .18 |
Net realized and unrealized gain (loss) | 1.76 |
Total from investment operations | 1.94 |
Distributions from net investment income | (.05) |
Distributions from net realized gain | (.04) |
Total distributions | (.09) |
Net asset value, end of period | $ 11.85 |
Total Return B | 19.42% |
Ratios to Average Net Assets D, F | |
Expenses before reductions | .06% A |
Expenses net of fee waivers, if any | .06% A |
Expenses net of all reductions | .06% A |
Net investment income (loss) | 2.11% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 65,083 |
Portfolio turnover rate | 40% A |
A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2010 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 1.8 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund Class F | 1.9 | 2.0 |
Fidelity Disciplined Equity Fund Class F | 6.7 | 7.4 |
Fidelity Equity Income Fund Class F | 3.7 | 6.4 |
Fidelity Growth Company Fund Class F | 5.6 | 6.2 |
Fidelity Series 100 Index Fund | 4.5 | 4.9 |
Fidelity Series All-Sector Equity Fund Class F | 6.0 | 5.8 |
Fidelity Series Large Cap Value Fund Class F | 6.4 | 6.7 |
Fidelity Series Small Cap Opportunities Fund Class F | 1.1 | 1.1 |
Fidelity Small Cap Growth Fund Class F | 0.7 | 0.6 |
Fidelity Small Cap Value Fund Class F | 0.6 | 0.6 |
| 37.2 | 41.7 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund Class F | 3.5 | 3.6 |
Fidelity Europe Fund Class F | 1.4 | 1.9 |
Fidelity Japan Fund Class F | 0.5 | 0.5 |
Fidelity Overseas Fund Class F | 3.4 | 3.6 |
Fidelity Series International Growth Fund Class F | 0.5 | 0.0 |
Fidelity Series International Small Cap Fund Class F | 0.1 | 0.0 |
Fidelity Series International Value Fund Class F | 0.5 | 0.0 |
| 9.9 | 9.6 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 1.0 | 0.8 |
Fidelity Southeast Asia Fund Class F | 0.2 | 0.1 |
| 1.2 | 0.9 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund Class F | 2.7 | 2.7 |
Fidelity High Income Fund Class F | 2.6 | 2.6 |
| 5.3 | 5.3 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.4 | 0.5 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund Class F | 22.4 | 20.7 |
Fidelity Strategic Real Return Fund Class F | 6.7 | 6.7 |
Fidelity Total Bond Fund Class F | 2.1 | 5.4 |
| 31.2 | 32.8 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 5.0 | 4.5 |
Fidelity Short Term Bond Fund Class F | 5.0 | 4.7 |
| 10.0 | 9.2 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 1.8% | |
| Domestic Equity Funds | 37.2% | |
| Developed International Equity Funds | 9.9% | |
| Emerging Markets Equity Funds | 1.2% | |
| High Yield Bond Funds | 5.3% | |
| Inflation-Protected Bond Funds | 3.4% | |
| Investment Grade Bond Funds | 31.2% | |
| Short-Term Funds | 10.0% | |
Six months ago |
| Domestic Equity Funds | 41.7% | |
| Developed International Equity Funds | 9.6% | |
| Emerging Market Equity Funds | 0.9% | |
| High Yield Bond Funds | 5.3% | |
| Inflation-Protected Bond Funds | 0.5% | |
| Investment Grade Bond Funds | 32.8% | |
| Short-Term Funds | 9.2% | |
Expected |
| Commodity Funds | 4.7% | |
| Domestic Equity Funds | 32.2% | |
| Developed International Equity Funds | 11.0% | |
| Emerging Markets Equity Funds | 1.8% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 9.1% | |
| Investment Grade Bond Funds | 25.7% | |
| 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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom K® 2010 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 39.0% |
| Shares | | Value |
Commodity Funds - 1.8% |
Fidelity Series Commodity Strategy Fund Class F | 1,186,485 | | $ 12,446,231 |
Domestic Equity Funds - 37.2% |
Fidelity Blue Chip Growth Fund Class F | 318,429 | | 12,788,107 |
Fidelity Disciplined Equity Fund Class F | 2,049,362 | | 44,983,502 |
Fidelity Equity Income Fund Class F | 602,951 | | 25,064,672 |
Fidelity Growth Company Fund Class F | 519,596 | | 37,982,433 |
Fidelity Series 100 Index Fund | 3,647,322 | | 30,236,303 |
Fidelity Series All-Sector Equity Fund Class F | 3,384,890 | | 40,720,226 |
Fidelity Series Large Cap Value Fund Class F | 3,670,134 | | 43,564,485 |
Fidelity Series Small Cap Opportunities Fund Class F | 822,857 | | 7,356,341 |
Fidelity Small Cap Growth Fund Class F | 325,412 | | 4,380,041 |
Fidelity Small Cap Value Fund Class F | 315,204 | | 4,362,425 |
TOTAL DOMESTIC EQUITY FUNDS | | 251,438,535 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $251,168,368) | 263,884,766 |
International Equity Funds - 11.1% |
| | | |
Developed International Equity Funds - 9.9% |
Fidelity Diversified International Fund Class F | 836,421 | | 23,553,601 |
Fidelity Europe Fund Class F | 324,069 | | 9,453,105 |
Fidelity Japan Fund Class F | 317,187 | | 3,489,052 |
Fidelity Overseas Fund Class F | 738,437 | | 22,625,708 |
Fidelity Series International Growth Fund Class F | 364,872 | | 3,626,830 |
Fidelity Series International Small Cap Fund Class F | 69,413 | | 710,785 |
Fidelity Series International Value Fund Class F | 371,902 | | 3,596,289 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 67,055,370 |
Emerging Markets Equity Funds - 1.2% |
Fidelity Series Emerging Markets Fund Class F | 414,481 | | 6,954,985 |
Fidelity Southeast Asia Fund Class F | 40,276 | | 1,041,930 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 7,996,915 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $73,685,238) | 75,052,285 |
Bond Funds - 39.9% |
| Shares | | Value |
High Yield Bond Funds - 5.3% |
Fidelity Capital & Income Fund Class F | 2,026,225 | | $ 18,073,927 |
Fidelity High Income Fund Class F | 2,019,883 | | 17,512,385 |
TOTAL HIGH YIELD BOND FUNDS | | 35,586,312 |
Inflation-Protected Bond Funds - 3.4% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 2,222,240 | | 22,800,182 |
Investment Grade Bond Funds - 31.2% |
Fidelity Series Investment Grade Bond Fund Class F | 13,222,035 | | 151,260,082 |
Fidelity Strategic Real Return Fund Class F | 5,246,232 | | 45,379,903 |
Fidelity Total Bond Fund Class F | 1,328,049 | | 14,130,438 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 210,770,423 |
TOTAL BOND FUNDS (Cost $266,478,868) | 269,156,917 |
Short-Term Funds - 10.0% |
| | | |
Fidelity Institutional Money Market Portfolio Class F | 33,688,868 | | 33,688,868 |
Fidelity Short Term Bond Fund Class F | 4,055,796 | | 33,947,014 |
TOTAL SHORT-TERM FUNDS (Cost $67,527,871) | 67,635,882 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $658,860,345) | | 675,729,850 |
NET OTHER ASSETS - 0.0% | | (26,080) |
NET ASSETS - 100% | $ 675,703,770 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $658,860,345) - See accompanying schedule | | $ 675,729,850 |
Receivable for investments sold | | 38 |
Receivable for fund shares sold | | 1,041,425 |
Total assets | | 676,771,313 |
| | |
Liabilities | | |
Payable for investments purchased | $ 513,759 | |
Payable for fund shares redeemed | 527,683 | |
Transfer agent fees payable | 26,101 | |
Total liabilities | | 1,067,543 |
| | |
Net Assets | | $ 675,703,770 |
Net Assets consist of: | | |
Paid in capital | | $ 655,534,583 |
Undistributed net investment income | | 1,787,041 |
Accumulated undistributed net realized gain (loss) on investments | | 1,512,641 |
Net unrealized appreciation (depreciation) on investments | | 16,869,505 |
Net Assets, for 56,442,408 shares outstanding | | $ 675,703,770 |
Net Asset Value, offering price and redemption price per share ($675,703,770 ÷ 56,442,408 shares) | | $ 11.97 |
Statement of Operations
| For the period July 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 3,336,460 |
| | |
Expenses | | |
Transfer agent fees | $ 84,381 | |
Independent trustees' compensation | 335 | |
Total expenses | | 84,716 |
Net investment income (loss) | | 3,251,744 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (189,703) | |
Capital gain distributions from underlying funds | 2,874,106 | 2,684,403 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 16,869,505 |
Net gain (loss) | | 19,553,908 |
Net increase (decrease) in net assets resulting from operations | | $ 22,805,652 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K 2010 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 3,251,744 |
Net realized gain (loss) | 2,684,403 |
Change in net unrealized appreciation (depreciation) | 16,869,505 |
Net increase (decrease) in net assets resulting from operations | 22,805,652 |
Distributions to shareholders from net investment income | (1,464,703) |
Distributions to shareholders from net realized gain | (1,171,762) |
Total distributions | (2,636,465) |
Share transactions
Proceeds from sales of shares | 694,362,957 |
Reinvestment of distributions | 2,636,465 |
Cost of shares redeemed | (41,464,839) |
Net increase (decrease) in net assets resulting from share transactions | 655,534,583 |
Total increase (decrease) in net assets | 675,703,770 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $1,787,041) | $ 675,703,770 |
Other Information Shares | |
Sold | 59,763,680 |
Issued in reinvestment of distributions | 226,112 |
Redeemed | (3,547,384) |
Net increase (decrease) | 56,442,408 |
Financial Highlights
Period ended March 31, | 2010 E |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) C | .17 |
Net realized and unrealized gain (loss) | 1.89 |
Total from investment operations | 2.06 |
Distributions from net investment income | (.05) |
Distributions from net realized gain | (.04) |
Total distributions | (.09) |
Net asset value, end of period | $ 11.97 |
Total Return B | 20.62% |
Ratios to Average Net Assets D, F | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .05% A |
Expenses net of all reductions | .05% A |
Net investment income (loss) | 2.04% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 675,704 |
Portfolio turnover rate | 29% A |
A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2015 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 2.0 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund Class F | 2.0 | 2.0 |
Fidelity Disciplined Equity Fund Class F | 6.9 | 7.7 |
Fidelity Equity Income Fund Class F | 3.8 | 6.6 |
Fidelity Growth Company Fund Class F | 5.8 | 6.5 |
Fidelity Series 100 Index Fund | 4.6 | 5.1 |
Fidelity Series All-Sector Equity Fund
Class F | 6.2 | 6.1 |
Fidelity Series Large Cap Value Fund
Class F | 6.7 | 7.1 |
Fidelity Series Small Cap Opportunities Fund Class F | 1.1 | 1.1 |
Fidelity Small Cap Growth Fund Class F | 0.7 | 0.7 |
Fidelity Small Cap Value Fund Class F | 0.7 | 0.7 |
| 38.5 | 43.6 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund
Class F | 3.7 | 3.8 |
Fidelity Europe Fund Class F | 1.4 | 2.0 |
Fidelity Japan Fund Class F | 0.5 | 0.5 |
Fidelity Overseas Fund Class F | 3.5 | 3.8 |
Fidelity Series International Growth Fund Class F | 0.6 | 0.0 |
Fidelity Series International Small Cap Fund Class F | 0.1 | 0.0 |
Fidelity Series International Value Fund Class F | 0.6 | 0.0 |
| 10.4 | 10.1 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund
Class F | 1.1 | 0.8 |
Fidelity Southeast Asia Fund Class F | 0.2 | 0.2 |
| 1.3 | 1.0 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund Class F | 2.7 | 2.8 |
Fidelity High Income Fund Class F | 2.7 | 2.7 |
| 5.4 | 5.5 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.5 | 0.4 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund Class F | 21.8 | 20.1 |
Fidelity Strategic Real Return Fund Class F | 6.2 | 6.5 |
Fidelity Total Bond Fund Class F | 2.1 | 5.3 |
| 30.1 | 31.9 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 4.4 | 3.7 |
Fidelity Short Term Bond Fund Class F | 4.4 | 3.8 |
| 8.8 | 7.5 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 2.0% | |
| Domestic Equity Funds | 38.5% | |
| Developed International Equity Funds | 10.4% | |
| Emerging Markets Equity Funds | 1.3% | |
| High Yield Bond Funds | 5.4% | |
| Inflation-Protected
Bond Funds | 3.5% | |
| Investment Grade
Bond Funds | 30.1% | |
| Short-Term Funds | 8.8% | |
Six months ago |
| Domestic Equity Funds | 43.6% | |
| Developed International Equity Funds | 10.1% | |
| Emerging Market
Equity Funds | 1.0% | |
| High Yield Bond Funds | 5.5% | |
| Inflation-Protected
Bond Funds | 0.4% | |
| Investment Grade
Bond Funds | 31.9% | |
| Short-Term Funds | 7.5% | |
Expected |
| Commodity Funds | 4.8% | |
| Domestic Equity Funds | 33.1% | |
| Developed International Equity Funds | 11.4% | |
| Emerging Markets Equity Funds | 1.8% | |
| High Yield Bond Funds | 5.1% | |
| Inflation-Protected
Bond Funds | 8.4% | |
| Investment Grade
Bond Funds | 26.1% | |
| Short-Term Funds | 9.3% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom K® 2015 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 40.5% |
| Shares | | Value |
Commodity Funds - 2.0% |
Fidelity Series Commodity Strategy Fund Class F | 1,709,887 | | $ 17,936,720 |
Domestic Equity Funds - 38.5% |
Fidelity Blue Chip Growth Fund Class F | 424,766 | | 17,058,607 |
Fidelity Disciplined Equity Fund Class F | 2,728,638 | | 59,893,598 |
Fidelity Equity Income Fund Class F | 795,754 | | 33,079,477 |
Fidelity Growth Company Fund Class F | 691,743 | | 50,566,439 |
Fidelity Series 100 Index Fund | 4,858,553 | | 40,277,405 |
Fidelity Series All-Sector Equity Fund Class F | 4,518,546 | | 54,358,103 |
Fidelity Series Large Cap Value Fund Class F | 4,893,102 | | 58,081,126 |
Fidelity Series Small Cap Opportunities Fund Class F | 1,095,716 | | 9,795,705 |
Fidelity Small Cap Growth Fund
Class F | 433,683 | | 5,837,367 |
Fidelity Small Cap Value Fund Class F | 420,129 | | 5,814,587 |
TOTAL DOMESTIC EQUITY FUNDS | | 334,762,414 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $335,008,299) | 352,699,134 |
International Equity Funds - 11.7% |
| | | |
Developed International Equity Funds - 10.4% |
Fidelity Diversified International Fund Class F | 1,141,867 | | 32,154,982 |
Fidelity Europe Fund Class F | 408,183 | | 11,906,686 |
Fidelity Japan Fund Class F | 401,589 | | 4,417,484 |
Fidelity Overseas Fund Class F | 1,002,540 | | 30,717,832 |
Fidelity Series International Growth Fund Class F | 531,510 | | 5,283,211 |
Fidelity Series International Small Cap Fund Class F | 104,928 | | 1,074,461 |
Fidelity Series International Value Fund Class F | 542,232 | | 5,243,388 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 90,798,044 |
Emerging Markets Equity Funds - 1.3% |
Fidelity Series Emerging Markets Fund Class F | 572,141 | | 9,600,533 |
Fidelity Southeast Asia Fund Class F | 51,603 | | 1,334,965 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 10,935,498 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $100,163,653) | 101,733,542 |
Bond Funds - 39.0% |
| Shares | | Value |
High Yield Bond Funds - 5.4% |
Fidelity Capital & Income Fund Class F | 2,670,868 | | $ 23,824,144 |
Fidelity High Income Fund Class F | 2,683,488 | | 23,265,844 |
TOTAL HIGH YIELD BOND FUNDS | | 47,089,988 |
Inflation-Protected Bond Funds - 3.5% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 2,954,472 | | 30,312,888 |
Investment Grade Bond Funds - 30.1% |
Fidelity Series Investment Grade Bond Fund Class F | 16,559,612 | | 189,441,959 |
Fidelity Strategic Real Return Fund
Class F | 6,239,643 | | 53,972,909 |
Fidelity Total Bond Fund Class F | 1,747,524 | | 18,593,650 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 262,008,518 |
TOTAL BOND FUNDS (Cost $335,645,689) | 339,411,394 |
Short-Term Funds - 8.8% |
| | | |
Fidelity Institutional Money Market Portfolio Class F | 38,168,994 | | 38,168,994 |
Fidelity Short Term Bond Fund
Class F | 4,583,455 | | 38,363,521 |
TOTAL SHORT-TERM FUNDS (Cost $76,392,675) | 76,532,515 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $847,210,316) | | 870,376,585 |
NET OTHER ASSETS - 0.0% | | (34,173) |
NET ASSETS - 100% | $ 870,342,412 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $847,210,316) - See accompanying schedule | | $ 870,376,585 |
Receivable for investments sold | | 32 |
Receivable for fund shares sold | | 773,414 |
Total assets | | 871,150,031 |
| | |
Liabilities | | |
Payable for investments purchased | $ 374,259 | |
Payable for fund shares redeemed | 399,156 | |
Transfer agent fees payable | 34,204 | |
Total liabilities | | 807,619 |
| | |
Net Assets | | $ 870,342,412 |
Net Assets consist of: | | |
Paid in capital | | $ 842,654,798 |
Undistributed net investment income | | 2,240,137 |
Accumulated undistributed net realized gain (loss) on investments | | 2,281,208 |
Net unrealized appreciation (depreciation) on investments | | 23,166,269 |
Net Assets, for 72,438,752 shares outstanding | | $ 870,342,412 |
Net Asset Value, offering price and redemption price per share ($870,342,412 ÷ 72,438,752 shares) | | $ 12.01 |
Statement of Operations
| For the period July 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 5,223,714 |
| | |
Expenses | | |
Transfer agent fees | $ 119,761 | |
Independent trustees' compensation | 489 | |
Total expenses | | 120,250 |
Net investment income (loss) | | 5,103,464 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (201,419) | |
Capital gain distributions from underlying funds | 4,732,384 | 4,530,965 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 23,166,269 |
Net gain (loss) | | 27,697,234 |
Net increase (decrease) in net assets resulting from operations | | $ 32,800,698 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 5,103,464 |
Net realized gain (loss) | 4,530,965 |
Change in net unrealized appreciation (depreciation) | 23,166,269 |
Net increase (decrease) in net assets resulting from operations | 32,800,698 |
Distributions to shareholders from net investment income | (2,863,327) |
Distributions to shareholders from net realized gain | (2,249,757) |
Total distributions | (5,113,084) |
Share transactions
Proceeds from sales of shares | 876,846,062 |
Reinvestment of distributions | 5,113,083 |
Cost of shares redeemed | (39,304,347) |
Net increase (decrease) in net assets resulting from share transactions | 842,654,798 |
Total increase (decrease) in net assets | 870,342,412 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $2,240,137) | $ 870,342,412 |
Other Information Shares | |
Sold | 75,347,988 |
Issued in reinvestment of distributions | 437,016 |
Redeemed | (3,346,252) |
Net increase (decrease) | 72,438,752 |
Financial Highlights
Period ended March 31, | 2010 E |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) C | .19 |
Net realized and unrealized gain (loss) | 1.95 |
Total from investment operations | 2.14 |
Distributions from net investment income | (.07) |
Distributions from net realized gain | (.06) |
Total distributions | (.13) |
Net asset value, end of period | $ 12.01 |
Total ReturnB | 21.38% |
Ratios to Average Net Assets D,F | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .05% A |
Expenses net of all reductions | .05% A |
Net investment income (loss) | 2.26% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 870,342 |
Portfolio turnover rate | 23% A |
A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2020 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 2.5 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund Class F | 2.4 | 2.4 |
Fidelity Disciplined Equity Fund Class F | 8.3 | 9.3 |
Fidelity Equity Income Fund Class F | 4.6 | 8.0 |
Fidelity Growth Company Fund Class F | 7.1 | 7.9 |
Fidelity Series 100 Index Fund | 5.6 | 6.2 |
Fidelity Series All-Sector Equity Fund Class F | 7.5 | 7.5 |
Fidelity Series Large Cap Value Fund Class F | 8.1 | 8.6 |
Fidelity Series Small Cap Opportunities Fund Class F | 1.4 | 1.4 |
Fidelity Small Cap Growth Fund Class F | 0.8 | 0.8 |
Fidelity Small Cap Value Fund Class F | 0.8 | 0.8 |
| 46.6 | 52.9 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund Class F | 4.4 | 4.5 |
Fidelity Europe Fund Class F | 1.7 | 2.4 |
Fidelity Japan Fund Class F | 0.6 | 0.6 |
Fidelity Overseas Fund Class F | 4.2 | 4.5 |
Fidelity Series International Growth Fund Class F | 0.8 | 0.0 |
Fidelity Series International Small Cap Fund Class F | 0.2 | 0.0 |
Fidelity Series International Value Fund Class F | 0.7 | 0.0 |
| 12.6 | 12.0 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 1.3 | 1.0 |
Fidelity Southeast Asia Fund Class F | 0.2 | 0.2 |
| 1.5 | 1.2 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund Class F | 3.8 | 3.8 |
Fidelity High Income Fund Class F | 3.6 | 3.6 |
| 7.4 | 7.4 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.5 | 0.3 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund Class F | 17.6 | 15.5 |
Fidelity Strategic Real Return Fund
Class F | 5.0 | 5.0 |
Fidelity Total Bond Fund Class F | 1.8 | 4.1 |
| 24.4 | 24.6 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 1.2 | 0.8 |
Fidelity Short Term Bond Fund Class F | 1.3 | 0.8 |
| 2.5 | 1.6 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 2.5% | |
| Domestic Equity Funds | 46.6% | |
| Developed International Equity Funds | 12.6% | |
| Emerging Markets Equity Funds | 1.5% | |
| High Yield Bond Funds | 7.4% | |
| Inflation-Protected
Bond Funds | 2.5% | |
| Investment Grade
Bond Funds | 24.4% | |
| Short-Term Funds | 2.5% | |
Six months ago |
| Domestic Equity Funds | 52.9% | |
| Developed International Equity Funds | 12.0% | |
| Emerging Market
Equity Funds | 1.2% | |
| High Yield Bond Funds | 7.4% | |
| Inflation-Protected
Bond Funds | 0.3% | |
| Investment Grade
Bond Funds | 24.6% | |
| Short-Term Funds | 1.6% | |
Expected |
| Commodity Funds | 5.8% | |
 | Domestic Equity Funds | 39.6% | |
| Developed International Equity Funds | 13.6% | |
| Emerging Markets Equity Funds | 2.2% | |
| High Yield Bond Funds | 6.7% | |
| Inflation-Protected
Bond Funds | 6.3% | |
| Investment Grade
Bond Funds | 22.5% | |
| Short-Term Funds | 3.3% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom K® 2020 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 49.1% |
| Shares | | Value |
Commodity Funds - 2.5% |
Fidelity Series Commodity Strategy Fund Class F | 3,796,267 | | $ 39,822,840 |
Domestic Equity Funds - 46.6% |
Fidelity Blue Chip Growth Fund Class F | 935,148 | | 37,555,555 |
Fidelity Disciplined Equity Fund Class F | 6,011,683 | | 131,956,443 |
Fidelity Equity Income Fund Class F | 1,760,163 | | 73,169,995 |
Fidelity Growth Company Fund Class F | 1,533,354 | | 112,088,143 |
Fidelity Series 100 Index Fund | 10,695,874 | | 88,668,796 |
Fidelity Series All-Sector Equity Fund Class F | 9,940,915 | | 119,589,209 |
Fidelity Series Large Cap Value Fund Class F | 10,768,874 | | 127,826,540 |
Fidelity Series Small Cap Opportunities Fund Class F | 2,413,840 | | 21,579,728 |
Fidelity Small Cap Growth Fund
Class F | 955,020 | | 12,854,568 |
Fidelity Small Cap Value Fund Class F | 925,267 | | 12,805,690 |
TOTAL DOMESTIC EQUITY FUNDS | | 738,094,667 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $740,300,368) | 777,917,507 |
International Equity Funds - 14.1% |
| | | |
Developed International Equity Funds - 12.6% |
Fidelity Diversified International Fund Class F | 2,469,648 | | 69,545,287 |
Fidelity Europe Fund Class F | 927,097 | | 27,043,422 |
Fidelity Japan Fund Class F | 918,877 | | 10,107,644 |
Fidelity Overseas Fund Class F | 2,177,009 | | 66,703,549 |
Fidelity Series International Growth Fund Class F | 1,208,028 | | 12,007,795 |
Fidelity Series International Small Cap Fund Class F | 235,285 | | 2,409,319 |
Fidelity Series International Value Fund Class F | 1,231,448 | | 11,908,104 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 199,725,120 |
Emerging Markets Equity Funds - 1.5% |
Fidelity Series Emerging Markets Fund Class F | 1,264,876 | | 21,224,626 |
Fidelity Southeast Asia Fund Class F | 113,642 | | 2,939,910 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 24,164,536 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $219,999,228) | 223,889,656 |
Bond Funds - 34.3% |
| Shares | | Value |
High Yield Bond Funds - 7.4% |
Fidelity Capital & Income Fund Class F | 6,717,735 | | $ 59,922,192 |
Fidelity High Income Fund Class F | 6,548,362 | | 56,774,299 |
TOTAL HIGH YIELD BOND FUNDS | | 116,696,491 |
Inflation-Protected Bond Funds - 2.5% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 3,889,236 | | 39,903,556 |
Investment Grade Bond Funds - 24.4% |
Fidelity Series Investment Grade Bond Fund Class F | 24,458,197 | | 279,801,780 |
Fidelity Strategic Real Return Fund
Class F | 9,116,400 | | 78,856,857 |
Fidelity Total Bond Fund Class F | 2,686,456 | | 28,583,889 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 387,242,526 |
TOTAL BOND FUNDS (Cost $537,049,084) | 543,842,573 |
Short-Term Funds - 2.5% |
| | | |
Fidelity Institutional Money Market Portfolio Class F | 19,837,633 | | 19,837,633 |
Fidelity Short Term Bond Fund
Class F | 2,380,336 | | 19,923,410 |
TOTAL SHORT-TERM FUNDS (Cost $39,700,936) | 39,761,043 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,537,049,616) | | 1,585,410,779 |
NET OTHER ASSETS - 0.0% | | (61,179) |
NET ASSETS - 100% | $ 1,585,349,600 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $1,537,049,616) - See accompanying schedule | | $ 1,585,410,779 |
Receivable for investments sold | | 51 |
Receivable for fund shares sold | | 2,395,453 |
Total assets | | 1,587,806,283 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,726,951 | |
Payable for fund shares redeemed | 668,502 | |
Transfer agent fees payable | 61,230 | |
Total liabilities | | 2,456,683 |
| | |
Net Assets | | $ 1,585,349,600 |
Net Assets consist of: | | |
Paid in capital | | $ 1,528,603,889 |
Undistributed net investment income | | 3,716,155 |
Accumulated undistributed net realized gain (loss) on investments | | 4,668,393 |
Net unrealized appreciation (depreciation) on investments | | 48,361,163 |
Net Assets, for 128,157,236 shares outstanding | | $ 1,585,349,600 |
Net Asset Value, offering price and redemption price per share ($1,585,349,600 ÷ 128,157,236 shares) | | $ 12.37 |
Statement of Operations
| For the period July 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 7,859,427 |
| | |
Expenses | | |
Transfer agent fees | $ 201,009 | |
Independent trustees' compensation | 807 | |
Total expenses | | 201,816 |
Net investment income (loss) | | 7,657,611 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (606,057) | |
Capital gain distributions from underlying funds | 8,230,542 | 7,624,485 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 48,361,163 |
Net gain (loss) | | 55,985,648 |
Net increase (decrease) in net assets resulting from operations | | $ 63,643,259 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 7,657,611 |
Net realized gain (loss) | 7,624,485 |
Change in net unrealized appreciation (depreciation) | 48,361,163 |
Net increase (decrease) in net assets resulting from operations | 63,643,259 |
Distributions to shareholders from net investment income | (3,941,456) |
Distributions to shareholders from net realized gain | (2,956,092) |
Total distributions | (6,897,548) |
Share transactions
Proceeds from sales of shares | 1,574,861,111 |
Reinvestment of distributions | 6,897,547 |
Cost of shares redeemed | (53,154,769) |
Net increase (decrease) in net assets resulting from share transactions | 1,528,603,889 |
Total increase (decrease) in net assets | 1,585,349,600 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $3,716,155) | $ 1,585,349,600 |
Other Information Shares | |
Sold | 132,007,180 |
Issued in reinvestment of distributions | 573,839 |
Redeemed | (4,423,783) |
Net increase (decrease) | 128,157,236 |
Financial Highlights
Period ended March 31, | 2010 E |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) C | .18 |
Net realized and unrealized gain (loss) | 2.30 |
Total from investment operations | 2.48 |
Distributions from net investment income | (.06) |
Distributions from net realized gain | (.05) |
Total distributions | (.11) |
Net asset value, end of period | $ 12.37 |
Total Return B | 24.78% |
Ratios to Average Net Assets D,F | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .05% A |
Expenses net of all reductions | .05% A |
Net investment income (loss) | 2.01% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,585,350 |
Portfolio turnover rate | 20% A |
A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2025 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 2.9 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund Class F | 2.6 | 2.6 |
Fidelity Disciplined Equity Fund Class F | 9.3 | 10.1 |
Fidelity Equity Income Fund Class F | 5.2 | 8.7 |
Fidelity Growth Company Fund Class F | 7.9 | 8.5 |
Fidelity Series 100 Index Fund | 6.2 | 6.7 |
Fidelity Series All-Sector Equity Fund Class F | 8.4 | 8.0 |
Fidelity Series Large Cap Value Fund Class F | 9.0 | 9.3 |
Fidelity Series Small Cap Opportunities Fund Class F | 1.5 | 1.5 |
Fidelity Small Cap Growth Fund Class F | 0.9 | 0.9 |
Fidelity Small Cap Value Fund Class F | 0.9 | 0.9 |
| 51.9 | 57.2 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund Class F | 4.8 | 4.9 |
Fidelity Europe Fund Class F | 1.8 | 2.6 |
Fidelity Japan Fund Class F | 0.7 | 0.7 |
Fidelity Overseas Fund Class F | 4.7 | 4.9 |
Fidelity Series International Growth Fund Class F | 1.0 | 0.0 |
Fidelity Series International Small Cap Fund Class F | 0.2 | 0.0 |
Fidelity Series International Value Fund Class F | 0.9 | 0.0 |
| 14.1 | 13.1 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 1.5 | 1.0 |
Fidelity Southeast Asia Fund Class F | 0.2 | 0.2 |
| 1.7 | 1.2 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund Class F | 3.9 | 3.9 |
Fidelity High Income Fund Class F | 3.7 | 3.7 |
| 7.6 | 7.6 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 1.5 | 0.2 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund Class F | 14.8 | 13.0 |
Fidelity Strategic Real Return Fund Class F | 4.0 | 4.3 |
Fidelity Total Bond Fund Class F | 1.5 | 3.4 |
| 20.3 | 20.7 |
Short-Term Funds | | |
Fidelity Institutional Money Market Portfolio Class F | 0.0 † | 0.0 |
Fidelity Short Term Bond Fund Class F | 0.0 † | 0.0 |
| 0.0 † | 0.0 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 2.9% | |
 | Domestic Equity Funds | 51.9% | |
| Developed International Equity Funds | 14.1% | |
 | Emerging Markets Equity Funds | 1.7% | |
| High Yield Bond Funds | 7.6% | |
| Inflation-Protected Bond Funds | 1.5% | |
 | Investment Grade Bond Funds | 20.3% | |
| Short-Term Funds† | 0.0% | |
Six months ago |
| Domestic Equity Funds | 57.2% | |
 | Developed International Equity Funds | 13.1% | |
| Emerging Market
Equity Funds | 1.2% | |
| High Yield Bond Funds | 7.6% | |
| Inflation-Protected Bond Funds | 0.2% | |
| Investment Grade Bond Funds | 20.7% | |
Expected |
| Commodity Funds | 6.6% | |
| Domestic Equity Funds | 45.2% | |
| Developed International Equity Funds | 15.5% | |
| Emerging Markets Equity Funds | 2.5% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 3.7% | |
| Investment Grade Bond Funds | 19.0% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
† Amount represents less than 0.1%. |
Annual Report
Fidelity Freedom K® 2025 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 54.8% |
| Shares | | Value |
Commodity Funds - 2.9% |
Fidelity Series Commodity Strategy Fund Class F | 2,558,142 | | $ 26,834,908 |
Domestic Equity Funds - 51.9% |
Fidelity Blue Chip Growth Fund Class F | 612,291 | | 24,589,604 |
Fidelity Disciplined Equity Fund Class F | 3,935,297 | | 86,379,771 |
Fidelity Equity Income Fund Class F | 1,155,442 | | 48,031,721 |
Fidelity Growth Company Fund Class F | 998,462 | | 72,987,608 |
Fidelity Series 100 Index Fund | 7,002,818 | | 58,053,359 |
Fidelity Series All-Sector Equity Fund Class F | 6,506,692 | | 78,275,510 |
Fidelity Series Large Cap Value Fund Class F | 7,048,922 | | 83,670,698 |
Fidelity Series Small Cap Opportunities Fund Class F | 1,577,365 | | 14,101,641 |
Fidelity Small Cap Growth Fund Class F | 624,288 | | 8,402,914 |
Fidelity Small Cap Value Fund Class F | 604,806 | | 8,370,521 |
TOTAL DOMESTIC EQUITY FUNDS | | 482,863,347 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $485,167,597) | 509,698,255 |
International Equity Funds - 15.8% |
| | | |
Developed International Equity Funds - 14.1% |
Fidelity Diversified International Fund Class F | 1,600,719 | | 45,076,251 |
Fidelity Europe Fund Class F | 565,448 | | 16,494,118 |
Fidelity Japan Fund Class F | 559,790 | | 6,157,695 |
Fidelity Overseas Fund Class F | 1,424,103 | | 43,634,513 |
Fidelity Series International Growth Fund Class F | 891,269 | | 8,859,214 |
Fidelity Series International Small Cap Fund Class F | 173,830 | | 1,780,020 |
Fidelity Series International Value Fund Class F | 911,140 | | 8,810,726 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 130,812,537 |
Emerging Markets Equity Funds - 1.7% |
Fidelity Series Emerging Markets Fund Class F | 855,718 | | 14,358,948 |
Fidelity Southeast Asia Fund Class F | 70,627 | | 1,827,114 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 16,186,062 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $144,538,224) | 146,998,599 |
Bond Funds - 29.4% |
| Shares | | Value |
High Yield Bond Funds - 7.6% |
Fidelity Capital & Income Fund Class F | 4,066,605 | | $ 36,274,112 |
Fidelity High Income Fund Class F | 4,035,331 | | 34,986,323 |
TOTAL HIGH YIELD BOND FUNDS | | 71,260,435 |
Inflation-Protected Bond Funds - 1.5% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 1,352,694 | | 13,878,644 |
Investment Grade Bond Funds - 20.3% |
Fidelity Series Investment Grade Bond Fund Class F | 11,989,659 | | 137,161,702 |
Fidelity Strategic Real Return Fund Class F | 4,340,343 | | 37,543,963 |
Fidelity Total Bond Fund Class F | 1,304,623 | | 13,881,186 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 188,586,851 |
TOTAL BOND FUNDS (Cost $269,716,331) | 273,725,930 |
Short-Term Funds - 0.0% |
| | | |
Fidelity Institutional Money Market Portfolio Class F | 15,442 | | 15,442 |
Fidelity Short Term Bond Fund Class F | 1,853 | | 15,507 |
TOTAL SHORT TERM FUNDS (Cost $30,915) | 30,949 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $899,453,067) | | 930,453,733 |
NET OTHER ASSETS - 0.0% | | (36,264) |
NET ASSETS - 100% | $ 930,417,469 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $899,453,067) - See accompanying schedule | | $ 930,453,733 |
Receivable for investments sold | | 31 |
Receivable for fund shares sold | | 1,281,080 |
Total assets | | 931,734,844 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,046,942 | |
Payable for fund shares redeemed | 234,137 | |
Transfer agent fees payable | 36,296 | |
Total liabilities | | 1,317,375 |
| | |
Net Assets | | $ 930,417,469 |
Net Assets consist of: | | |
Paid in capital | | $ 894,254,947 |
Undistributed net investment income | | 1,905,924 |
Accumulated undistributed net realized gain (loss) on investments | | 3,255,932 |
Net unrealized appreciation (depreciation) on investments | | 31,000,666 |
Net Assets, for 74,420,780 shares outstanding | | $ 930,417,469 |
Net Asset Value, offering price and redemption price per share ($930,417,469 ÷ 74,420,780 shares) | | $ 12.50 |
Statement of Operations
| For the period July 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 4,917,182 |
| | |
Expenses | | |
Transfer agent fees | $ 125,769 | |
Independent trustees' compensation | 515 | |
Total expenses | | 126,284 |
Net investment income (loss) | | 4,790,898 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (328,007) | |
Capital gain distributions from underlying funds | 5,644,634 | 5,316,627 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 31,000,666 |
Net gain (loss) | | 36,317,293 |
Net increase (decrease) in net assets resulting from operations | | $ 41,108,191 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 4,790,898 |
Net realized gain (loss) | 5,316,627 |
Change in net unrealized appreciation (depreciation) | 31,000,666 |
Net increase (decrease) in net assets resulting from operations | 41,108,191 |
Distributions to shareholders from net investment income | (2,884,974) |
Distributions to shareholders from net realized gain | (2,060,695) |
Total distributions | (4,945,669) |
Share transactions
Proceeds from sales of shares | 924,624,223 |
Reinvestment of distributions | 4,945,668 |
Cost of shares redeemed | (35,314,944) |
Net increase (decrease) in net assets resulting from share transactions | 894,254,947 |
Total increase (decrease) in net assets | 930,417,469 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $1,905,924) | $ 930,417,469 |
Other Information Shares | |
Sold | 76,929,257 |
Issued in reinvestment of distributions | 407,722 |
Redeemed | (2,916,199) |
Net increase (decrease) | 74,420,780 |
Financial Highlights
Period ended March 31, | 2010 E |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) C | .18 |
Net realized and unrealized gain (loss) | 2.44 |
Total from investment operations | 2.62 |
Distributions from net investment income | (.07) |
Distributions from net realized gain | (.05) |
Total distributions | (.12) |
Net asset value, end of period | $ 12.50 |
Total Return B | 26.24% |
Ratios to Average Net Assets D,F | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .05% A |
Expenses net of all reductions | .05% A |
Net investment income (loss) | 2.02% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 930,417 |
Portfolio turnover rate | 19% A |
A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2030 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 3.4 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund Class F | 2.9 | 3.0 |
Fidelity Disciplined Equity Fund Class F | 10.1 | 11.2 |
Fidelity Equity Income Fund Class F | 5.7 | 9.7 |
Fidelity Growth Company Fund Class F | 8.6 | 9.5 |
Fidelity Series 100 Index Fund | 6.8 | 7.4 |
Fidelity Series All-Sector Equity Fund Class F | 9.1 | 9.0 |
Fidelity Series Large Cap Value Fund Class F | 9.8 | 10.3 |
Fidelity Series Small Cap Opportunities Fund Class F | 1.7 | 1.7 |
Fidelity Small Cap Growth Fund Class F | 1.0 | 0.9 |
Fidelity Small Cap Value Fund Class F | 1.0 | 1.0 |
| 56.7 | 63.7 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund Class F | 5.2 | 5.4 |
Fidelity Europe Fund Class F | 2.0 | 2.9 |
Fidelity Japan Fund Class F | 0.8 | 0.8 |
Fidelity Overseas Fund Class F | 5.0 | 5.4 |
Fidelity Series International Growth Fund Class F | 1.1 | 0.0 |
Fidelity Series International Small Cap Fund Class F | 0.2 | 0.0 |
Fidelity Series International Value Fund Class F | 1.1 | 0.0 |
| 15.4 | 14.5 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 1.7 | 1.1 |
Fidelity Southeast Asia Fund Class F | 0.3 | 0.2 |
| 2.0 | 1.3 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund Class F | 4.0 | 3.9 |
Fidelity High Income Fund Class F | 3.8 | 3.7 |
| 7.8 | 7.6 |
Inflation-Protected Bond Funds | | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.2 | 0.0 † |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund Class F | 10.9 | 8.1 |
Fidelity Strategic Real Return Fund Class F | 2.5 | 2.6 |
Fidelity Total Bond Fund Class F | 1.1 | 2.2 |
| 14.5 | 12.9 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.4% | |
| Domestic Equity Funds | 56.7% | |
| Developed International Equity Funds | 15.4% | |
| Emerging Markets Equity Funds | 2.0% | |
| High Yield Bond Funds | 7.8% | |
| Inflation-Protected Bond Funds | 0.2% | |
| Investment Grade Bond Funds | 14.5% | |
Six months ago |
| Domestic Equity Funds | 63.7% | |
| Developed International Equity Funds | 14.5% | |
| Emerging Market
Equity Funds | 1.3% | |
| High Yield Bond Funds | 7.6% | |
| Inflation-Protected Bond Funds | 0.0% † | |
| Investment Grade Bond Funds | 12.9% | |
Expected |
| Commodity Funds | 7.1% | |
| Domestic Equity Funds | 48.4% | |
| Developed International Equity Funds | 16.6% | |
| Emerging Markets Equity Funds | 2.7% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 0.8% | |
| Investment Grade Bond Funds | 16.9% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The six months ago allocation is based on the fund's holdings as of September 30, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
† Amount represents less than 0.1%. |
Annual Report
Fidelity Freedom K® 2030 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 60.1% |
| Shares | | Value |
Commodity Funds - 3.4% |
Fidelity Series Commodity Strategy Fund Class F | 4,127,462 | | $ 43,297,076 |
Domestic Equity Funds - 56.7% |
Fidelity Blue Chip Growth Fund Class F | 917,768 | | 36,857,551 |
Fidelity Disciplined Equity Fund Class F | 5,921,550 | | 129,978,028 |
Fidelity Equity Income Fund Class F | 1,770,219 | | 73,587,995 |
Fidelity Growth Company Fund Class F | 1,509,678 | | 110,357,493 |
Fidelity Series 100 Index Fund | 10,522,571 | | 87,232,113 |
Fidelity Series All-Sector Equity Fund Class F | 9,708,328 | | 116,791,184 |
Fidelity Series Large Cap Value Fund Class F | 10,567,251 | | 125,433,267 |
Fidelity Series Small Cap Opportunities Fund Class F | 2,386,995 | | 21,339,736 |
Fidelity Small Cap Growth Fund Class F | 940,226 | | 12,655,440 |
Fidelity Small Cap Value Fund Class F | 911,413 | | 12,613,949 |
TOTAL DOMESTIC EQUITY FUNDS | | 726,846,756 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $731,419,652) | 770,143,832 |
International Equity Funds - 17.4% |
| | | |
Developed International Equity Funds - 15.4% |
Fidelity Diversified International Fund Class F | 2,363,490 | | 66,555,887 |
Fidelity Europe Fund Class F | 896,226 | | 26,142,925 |
Fidelity Japan Fund Class F | 881,613 | | 9,697,743 |
Fidelity Overseas Fund Class F | 2,090,185 | | 64,043,260 |
Fidelity Series International Growth Fund Class F | 1,418,016 | | 14,095,083 |
Fidelity Series International Small Cap Fund Class F | 275,993 | | 2,826,173 |
Fidelity Series International Value Fund Class F | 1,448,287 | | 14,004,935 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 197,366,006 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.0% |
Fidelity Series Emerging Markets Fund Class F | 1,314,655 | | $ 22,059,918 |
Fidelity Southeast Asia Fund Class F | 114,427 | | 2,960,227 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 25,020,145 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $218,431,922) | 222,386,151 |
Bond Funds - 22.5% |
| | | |
High Yield Bond Funds - 7.8% |
Fidelity Capital & Income Fund Class F | 5,725,191 | | 51,068,702 |
Fidelity High Income Fund Class F | 5,579,030 | | 48,370,193 |
TOTAL HIGH YIELD BOND FUNDS | | 99,438,895 |
Inflation-Protected Bond Funds - 0.2% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 292,614 | | 3,002,220 |
Investment Grade Bond Funds - 14.5% |
Fidelity Series Investment Grade Bond Fund Class F | 12,175,491 | | 139,287,622 |
Fidelity Strategic Real Return Fund Class F | 3,765,031 | | 32,567,518 |
Fidelity Total Bond Fund Class F | 1,328,324 | | 14,133,368 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 185,988,508 |
TOTAL BOND FUNDS (Cost $283,407,270) | 288,429,623 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,233,258,844) | | 1,280,959,606 |
NET OTHER ASSETS - 0.0% | | (49,233) |
NET ASSETS - 100% | $ 1,280,910,373 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $1,233,258,844) - See accompanying schedule | | $ 1,280,959,606 |
Receivable for investments sold | | 43 |
Receivable for fund shares sold | | 1,937,115 |
Total assets | | 1,282,896,764 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,295,660 | |
Payable for fund shares redeemed | 641,455 | |
Transfer agent fees payable | 49,276 | |
Total liabilities | | 1,986,391 |
| | |
Net Assets | | $ 1,280,910,373 |
Net Assets consist of: | | |
Paid in capital | | $ 1,226,003,307 |
Undistributed net investment income | | 2,159,831 |
Accumulated undistributed net realized gain (loss) on investments | | 5,046,473 |
Net unrealized appreciation (depreciation) on investments | | 47,700,762 |
Net Assets, for 101,065,878 shares outstanding | | $ 1,280,910,373 |
Net Asset Value, offering price and redemption price per share ($1,280,910,373 ÷ 101,065,878 shares) | | $ 12.67 |
Statement of Operations
| For the period July 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 6,536,168 |
| | |
Expenses | | |
Transfer agent fees | $ 174,154 | |
Independent trustees' compensation | 719 | |
Total expenses | | 174,873 |
Net investment income (loss) | | 6,361,295 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (197,846) | |
Capital gain distributions from underlying funds | 8,245,364 | 8,047,518 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 47,700,762 |
Net gain (loss) | | 55,748,280 |
Net increase (decrease) in net assets resulting from operations | | $ 62,109,575 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K 2030 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 6,361,295 |
Net realized gain (loss) | 8,047,518 |
Change in net unrealized appreciation (depreciation) | 47,700,762 |
Net increase (decrease) in net assets resulting from operations | 62,109,575 |
Distributions to shareholders from net investment income | (4,201,464) |
Distributions to shareholders from net realized gain | (3,001,045) |
Total distributions | (7,202,509) |
Share transactions
Proceeds from sales of shares | 1,268,664,895 |
Reinvestment of distributions | 7,202,508 |
Cost of shares redeemed | (49,864,096) |
Net increase (decrease) in net assets resulting from share transactions | 1,226,003,307 |
Total increase (decrease) in net assets | 1,280,910,373 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $2,159,831) | $ 1,280,910,373 |
Other Information Shares | |
Sold | 104,547,125 |
Issued in reinvestment of distributions | 586,523 |
Redeemed | (4,067,770) |
Net increase (decrease) | 101,065,878 |
Financial Highlights
Period ended March 31, | 2010 E |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) C | .17 |
Net realized and unrealized gain (loss) | 2.62 |
Total from investment operations | 2.79 |
Distributions from net investment income | (.07) |
Distributions from net realized gain | (.05) |
Total distributions | (.12) |
Net asset value, end of period | $ 12.67 |
Total Return B | 27.94% |
Ratios to Average Net Assets D,F | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .05% A |
Expenses net of all reductions | .05% A |
Net investment income (loss) | 1.93% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,280,910 |
Portfolio turnover rate | 23% A |
A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2035 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 3.5 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund Class F | 3.1 | 3.1 |
Fidelity Disciplined Equity Fund Class F | 10.9 | 11.8 |
Fidelity Equity Income Fund Class F | 6.1 | 10.1 |
Fidelity Growth Company Fund Class F | 9.2 | 9.9 |
Fidelity Series 100 Index Fund | 7.3 | 7.8 |
Fidelity Series All-Sector Equity Fund Class F | 9.9 | 9.4 |
Fidelity Series Large Cap Value Fund Class F | 10.6 | 10.8 |
Fidelity Series Small Cap Opportunities Fund Class F | 1.8 | 1.7 |
Fidelity Small Cap Growth Fund Class F | 1.1 | 1.0 |
Fidelity Small Cap Value Fund Class F | 1.0 | 1.0 |
| 61.0 | 66.6 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund Class F | 5.6 | 5.7 |
Fidelity Europe Fund Class F | 2.0 | 3.0 |
Fidelity Japan Fund Class F | 0.8 | 0.8 |
Fidelity Overseas Fund Class F | 5.5 | 5.7 |
Fidelity Series International Growth Fund Class F | 1.2 | 0.0 |
Fidelity Series International Small Cap Fund Class F | 0.2 | 0.0 |
Fidelity Series International Value Fund Class F | 1.2 | 0.0 |
| 16.5 | 15.2 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 1.9 | 1.2 |
Fidelity Southeast Asia Fund Class F | 0.2 | 0.3 |
| 2.1 | 1.5 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund Class F | 3.8 | 3.9 |
Fidelity High Income Fund Class F | 3.7 | 3.6 |
| 7.5 | 7.5 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund Class F | 6.9 | 5.8 |
Fidelity Strategic Real Return Fund Class F | 1.7 | 1.9 |
Fidelity Total Bond Fund Class F | 0.8 | 1.5 |
| 9.4 | 9.2 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.5% | |
| Domestic Equity Funds | 61.0% | |
| Developed International Equity Funds | 16.5% | |
| Emerging Markets Equity Funds | 2.1% | |
| High Yield Bond Funds | 7.5% | |
| Investment Grade
Bond Funds | 9.4% | |
Six months ago |
| Domestic Equity Funds | 66.6% | |
| Developed International Equity Funds | 15.2% | |
| Emerging Market
Equity Funds | 1.5% | |
| High Yield Bond Funds | 7.5% | |
 | Investment Grade
Bond Funds | 9.2% | |
Expected |
| Commodity Funds | 7.8% | |
| Domestic Equity Funds | 53.5% | |
| Developed International Equity Funds | 18.3% | |
| Emerging Markets Equity Funds | 2.9% | |
| High Yield Bond Funds | 7.5% | |
| Investment Grade
Bond 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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom K® 2035 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 64.5% |
| Shares | | Value |
Commodity Funds - 3.5% |
Fidelity Series Commodity Strategy Fund Class F | 2,074,540 | | $ 21,761,929 |
Domestic Equity Funds - 61.0% |
Fidelity Blue Chip Growth Fund Class F | 488,719 | | 19,626,936 |
Fidelity Disciplined Equity Fund Class F | 3,142,231 | | 68,971,959 |
Fidelity Equity Income Fund Class F | 931,028 | | 38,702,840 |
Fidelity Growth Company Fund Class F | 798,285 | | 58,354,605 |
Fidelity Series 100 Index Fund | 5,593,970 | | 46,374,015 |
Fidelity Series All-Sector Equity Fund Class F | 5,183,666 | | 62,359,499 |
Fidelity Series Large Cap Value Fund Class F | 5,621,996 | | 66,733,092 |
Fidelity Series Small Cap Opportunities Fund Class F | 1,258,224 | | 11,248,525 |
Fidelity Small Cap Growth Fund Class F | 497,452 | | 6,695,709 |
Fidelity Small Cap Value Fund Class F | 482,250 | | 6,674,339 |
TOTAL DOMESTIC EQUITY FUNDS | | 385,741,519 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $387,514,478) | 407,503,448 |
International Equity Funds - 18.6% |
| | | |
Developed International Equity Funds - 16.5% |
Fidelity Diversified International Fund Class F | 1,262,990 | | 35,565,791 |
Fidelity Europe Fund Class F | 437,818 | | 12,771,155 |
Fidelity Japan Fund Class F | 434,677 | | 4,781,449 |
Fidelity Overseas Fund Class F | 1,134,017 | | 34,746,267 |
Fidelity Series International Growth Fund Class F | 763,275 | | 7,586,955 |
Fidelity Series International Small Cap Fund Class F | 148,979 | | 1,525,545 |
Fidelity Series International Value Fund Class F | 781,430 | | 7,556,431 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 104,533,593 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.1% |
Fidelity Series Emerging Markets Fund Class F | 698,067 | | $ 11,713,559 |
Fidelity Southeast Asia Fund Class F | 55,429 | | 1,433,961 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 13,147,520 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $115,510,431) | 117,681,113 |
Bond Funds - 16.9% |
| | | |
High Yield Bond Funds - 7.5% |
Fidelity Capital & Income Fund Class F | 2,687,487 | | 23,972,388 |
Fidelity High Income Fund Class F | 2,701,400 | | 23,421,138 |
TOTAL HIGH YIELD BOND FUNDS | | 47,393,526 |
Investment Grade Bond Funds - 9.4% |
Fidelity Series Investment Grade Bond Fund Class F | 3,827,533 | | 43,786,983 |
Fidelity Strategic Real Return Fund Class F | 1,266,526 | | 10,955,448 |
Fidelity Total Bond Fund Class F | 447,004 | | 4,756,120 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 59,498,551 |
TOTAL BOND FUNDS (Cost $104,626,379) | 106,892,077 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $607,651,288) | | 632,076,638 |
NET OTHER ASSETS - 0.0% | | (24,537) |
NET ASSETS - 100% | $ 632,052,101 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $607,651,288) - See accompanying schedule | | $ 632,076,638 |
Receivable for investments sold | | 23 |
Receivable for fund shares sold | | 1,528,615 |
Total assets | | 633,605,276 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,262,455 | |
Payable for fund shares redeemed | 266,161 | |
Transfer agent fees payable | 24,559 | |
Total liabilities | | 1,553,175 |
| | |
Net Assets | | $ 632,052,101 |
Net Assets consist of: | | |
Paid in capital | | $ 604,284,595 |
Undistributed net investment income | | 1,062,680 |
Accumulated undistributed net realized gain (loss) on investments | | 2,279,476 |
Net unrealized appreciation (depreciation) on investments | | 24,425,350 |
Net Assets, for 49,457,611 shares outstanding | | $ 632,052,101 |
Net Asset Value, offering price and redemption price per share ($632,052,101 ÷ 49,457,611 shares) | | $ 12.78 |
Statement of Operations
For the period July 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 2,876,332 |
| | |
Expenses | | |
Transfer agent fees | $ 86,300 | |
Independent trustees' compensation | 354 | |
Total expenses | | 86,654 |
Net investment income (loss) | | 2,789,678 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (418,279) | |
Capital gain distributions from underlying funds | 4,136,920 | 3,718,641 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 24,425,350 |
Net gain (loss) | | 28,143,991 |
Net increase (decrease) in net assets resulting from operations | | $ 30,933,669 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K 2035 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
July 2, 2009
(commencement of operations) to March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 2,789,678 |
Net realized gain (loss) | 3,718,641 |
Change in net unrealized appreciation (depreciation) | 24,425,350 |
Net increase (decrease) in net assets resulting from operations | 30,933,669 |
Distributions to shareholders from net investment income | (1,726,998) |
Distributions to shareholders from net realized gain | (1,439,165) |
Total distributions | (3,166,163) |
Share transactions
Proceeds from sales of shares | 625,206,915 |
Reinvestment of distributions | 3,166,162 |
Cost of shares redeemed | (24,088,482) |
Net increase (decrease) in net assets resulting from share transactions | 604,284,595 |
Total increase (decrease) in net assets | 632,052,101 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $1,062,680) | $ 632,052,101 |
Other Information Shares | |
Sold | 51,160,662 |
Issued in reinvestment of distributions | 255,748 |
Redeemed | (1,958,799) |
Net increase (decrease) | 49,457,611 |
Financial Highlights
Period ended March 31, | 2010 E |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) C | .15 |
Net realized and unrealized gain (loss) | 2.74 |
Total from investment operations | 2.89 |
Distributions from net investment income | (.06) |
Distributions from net realized gain | (.05) |
Total distributions | (.11) |
Net asset value, end of period | $ 12.78 |
Total Return B | 28.94% |
Ratios to Average Net Assets D, F | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .05% A |
Expenses net of all reductions | .05% A |
Net investment income (loss) | 1.72% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 632,052 |
Portfolio turnover rate | 19% A |
A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. |
See accompanying notes which are an integral part of the financial statements.
Annual report
Fidelity Freedom K® 2040 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's net assets | % of fund's net assets 6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 3.5 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund Class F | 3.1 | 3.1 |
Fidelity Disciplined Equity Fund Class F | 11.1 | 12.0 |
Fidelity Equity Income Fund Class F | 6.1 | 10.3 |
Fidelity Growth Company Fund Class F | 9.4 | 10.1 |
Fidelity Series 100 Index Fund | 7.4 | 7.9 |
Fidelity Series All-Sector Equity Fund Class F | 10.0 | 9.5 |
Fidelity Series Large Cap Value Fund Class F | 10.7 | 11.0 |
Fidelity Series Small Cap Opportunities Fund Class F | 1.8 | 1.8 |
Fidelity Small Cap Growth Fund Class F | 1.1 | 1.0 |
Fidelity Small Cap Value Fund Class F | 1.1 | 1.0 |
| 61.8 | 67.7 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund Class F | 5.7 | 5.8 |
Fidelity Europe Fund Class F | 2.1 | 3.1 |
Fidelity Japan Fund Class F | 0.8 | 0.8 |
Fidelity Overseas Fund Class F | 5.6 | 5.8 |
Fidelity Series International Growth Fund Class F | 1.2 | 0.0 |
Fidelity Series International Small Cap Fund Class F | 0.2 | 0.0 |
Fidelity Series International Value Fund Class F | 1.2 | 0.0 |
| 16.8 | 15.5 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 1.9 | 1.2 |
Fidelity Southeast Asia Fund Class F | 0.2 | 0.2 |
| 2.1 | 1.4 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund Class F | 4.6 | 4.8 |
Fidelity High Income Fund Class F | 4.5 | 4.5 |
| 9.1 | 9.3 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund Class F | 5.0 | 3.8 |
Fidelity Strategic Real Return Fund Class F | 1.1 | 1.3 |
Fidelity Total Bond Fund Class F | 0.6 | 1.0 |
| 6.7 | 6.1 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.5% | |
| Domestic Equity Funds | 61.8% | |
| Developed International Equity Funds | 16.8% | |
| Emerging Markets Equity Funds | 2.1% | |
| High Yield Bond Funds | 9.1% | |
| Investment Grade
Bond Funds | 6.7% | |
Six months ago |
| Domestic Equity Funds | 67.7% | |
| Developed International Equity Funds | 15.5% | |
| Emerging Market
Equity Funds | 1.4% | |
 | High Yield Bond Funds | 9.3% | |
| Investment Grade
Bond Funds | 6.1% | |
Expected |
 | Commodity Funds | 7.9% | |
| Domestic Equity Funds | 54.1% | |
| Developed International Equity Funds | 18.5% | |
| Emerging Markets Equity Funds | 3.0% | |
| High Yield Bond Funds | 8.5% | |
| Investment Grade
Bond Funds | 8.0% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom K® 2040 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 65.3% |
| Shares | | Value |
Commodity Funds - 3.5% |
Fidelity Series Commodity Strategy Fund Class F | 2,489,562 | | $ 26,115,504 |
Domestic Equity Funds - 61.8% |
Fidelity Blue Chip Growth Fund Class F | 588,202 | | 23,622,205 |
Fidelity Disciplined Equity Fund Class F | 3,777,391 | | 82,913,739 |
Fidelity Equity Income Fund Class F | 1,109,703 | | 46,130,341 |
Fidelity Growth Company Fund Class F | 960,543 | | 70,215,720 |
Fidelity Series 100 Index Fund | 6,722,088 | | 55,726,108 |
Fidelity Series All-Sector Equity Fund Class F | 6,226,326 | | 74,902,702 |
Fidelity Series Large Cap Value Fund Class F | 6,763,073 | | 80,277,671 |
Fidelity Series Small Cap Opportunities Fund Class F | 1,514,758 | | 13,541,940 |
Fidelity Small Cap Growth Fund Class F | 599,309 | | 8,066,700 |
Fidelity Small Cap Value Fund Class F | 580,905 | | 8,039,725 |
TOTAL DOMESTIC EQUITY FUNDS | | 463,436,851 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $465,773,471) | 489,552,355 |
International Equity Funds - 18.9% |
| | | |
Developed International Equity Funds - 16.8% |
Fidelity Diversified International Fund Class F | 1,516,407 | | 42,702,014 |
Fidelity Europe Fund Class F | 543,389 | | 15,850,653 |
Fidelity Japan Fund Class F | 539,289 | | 5,932,182 |
Fidelity Overseas Fund Class F | 1,361,168 | | 41,706,191 |
Fidelity Series International Growth Fund Class F | 902,145 | | 8,967,319 |
Fidelity Series International Small Cap Fund Class F | 175,792 | | 1,800,106 |
Fidelity Series International Value Fund Class F | 923,085 | | 8,926,229 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 125,884,694 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.1% |
Fidelity Series Emerging Markets Fund Class F | 833,996 | | $ 13,994,460 |
Fidelity Southeast Asia Fund Class F | 67,476 | | 1,745,601 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 15,740,061 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $138,715,183) | 141,624,755 |
Bond Funds - 15.8% |
| | | |
High Yield Bond Funds - 9.1% |
Fidelity Capital & Income Fund Class F | 3,879,152 | | 34,602,038 |
Fidelity High Income Fund Class F | 3,844,510 | | 33,331,898 |
TOTAL HIGH YIELD BOND FUNDS | | 67,933,936 |
Investment Grade Bond Funds - 6.7% |
Fidelity Series Investment Grade Bond Fund Class F | 3,260,068 | | 37,295,182 |
Fidelity Strategic Real Return Fund Class F | 1,002,810 | | 8,674,310 |
Fidelity Total Bond Fund Class F | 404,898 | | 4,308,112 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 50,277,604 |
TOTAL BOND FUNDS (Cost $115,280,004) | 118,211,540 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $719,768,658) | | 749,388,650 |
NET OTHER ASSETS - 0.0% | | (28,631) |
NET ASSETS - 100% | $ 749,360,019 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $719,768,658) - See accompanying schedule | | $ 749,388,650 |
Receivable for investments sold | | 23 |
Receivable for fund shares sold | | 1,472,909 |
Total assets | | 750,861,582 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,207,686 | |
Payable for fund shares redeemed | 265,226 | |
Transfer agent fees payable | 28,651 | |
Total liabilities | | 1,501,563 |
| | |
Net Assets | | $ 749,360,019 |
Net Assets consist of: | | |
Paid in capital | | $ 715,815,900 |
Undistributed net investment income | | 1,105,255 |
Accumulated undistributed net realized gain (loss) on investments | | 2,818,872 |
Net unrealized appreciation (depreciation) on investments | | 29,619,992 |
Net Assets, for 58,335,366 shares outstanding | | $ 749,360,019 |
Net Asset Value, offering price and redemption price per share ($749,360,019 ÷ 58,335,366 shares) | | $ 12.85 |
Statement of Operations
For the period July 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 3,156,194 |
| | |
Expenses | | |
Transfer agent fees | $ 95,339 | |
Independent trustees' compensation | 383 | |
Total expenses | | 95,722 |
Net investment income (loss) | | 3,060,472 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (448,537) | |
Capital gain distributions from underlying funds | 4,621,021 | 4,172,484 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 29,619,992 |
Net gain (loss) | | 33,792,476 |
Net increase (decrease) in net assets resulting from operations | | $ 36,852,948 |
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
| For the period
July 2, 2009
(commencement of operations) to March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 3,060,472 |
Net realized gain (loss) | 4,172,484 |
Change in net unrealized appreciation (depreciation) | 29,619,992 |
Net increase (decrease) in net assets resulting from operations | 36,852,948 |
Distributions to shareholders from net investment income | (1,955,217) |
Distributions to shareholders from net realized gain | (1,353,612) |
Total distributions | (3,308,829) |
Share transactions
Proceeds from sales of shares | 742,165,707 |
Reinvestment of distributions | 3,308,828 |
Cost of shares redeemed | (29,658,635) |
Net increase (decrease) in net assets resulting from share transactions | 715,815,900 |
Total increase (decrease) in net assets | 749,360,019 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $1,105,255) | $ 749,360,019 |
Other Information Shares | |
Sold | 60,467,063 |
Issued in reinvestment of distributions | 265,983 |
Redeemed | (2,397,680) |
Net increase (decrease) | 58,335,366 |
Financial Highlights
Period ended March 31, | 2010 E |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) C | .15 |
Net realized and unrealized gain (loss) | 2.81 |
Total from investment operations | 2.96 |
Distributions from net investment income | (.07) |
Distributions from net realized gain | (.05) |
Total distributions | (.11) G |
Net asset value, end of period | $ 12.85 |
Total Return B | 29.64% |
Ratios to Average Net Assets D, F | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .05% A |
Expenses net of all reductions | .05% A |
Net investment income (loss) | 1.70% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 749,360 |
Portfolio turnover rate | 19% A |
A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.11 per share is comprised of distributions from net investment income $.065 and distributions from net realized gain of $.045 per share. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2045 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 3.6 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund Class F | 3.2 | 3.1 |
Fidelity Disciplined Equity Fund Class F | 11.2 | 12.1 |
Fidelity Equity Income Fund Class F | 6.2 | 10.4 |
Fidelity Growth Company Fund Class F | 9.5 | 10.1 |
Fidelity Series 100 Index Fund | 7.5 | 8.0 |
Fidelity Series All-Sector Equity Fund Class F | 10.2 | 9.4 |
Fidelity Series Large Cap Value Fund Class F | 10.8 | 11.2 |
Fidelity Series Small Cap Opportunities Fund Class F | 1.8 | 1.8 |
Fidelity Small Cap Growth Fund Class F | 1.1 | 1.0 |
Fidelity Small Cap Value Fund Class F | 1.1 | 1.0 |
| 62.6 | 68.1 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund Class F | 5.9 | 6.0 |
Fidelity Europe Fund Class F | 1.9 | 3.1 |
Fidelity Japan Fund Class F | 0.7 | 0.8 |
Fidelity Overseas Fund Class F | 5.7 | 5.9 |
Fidelity Series International Growth Fund Class F | 1.3 | 0.0 |
Fidelity Series International Small Cap Fund Class F | 0.3 | 0.0 |
Fidelity Series International Value Fund Class F | 1.3 | 0.0 |
| 17.1 | 15.8 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 1.9 | 1.2 |
Fidelity Southeast Asia Fund Class F | 0.2 | 0.3 |
| 2.1 | 1.5 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund Class F | 5.1 | 5.3 |
Fidelity High Income Fund Class F | 4.9 | 4.9 |
| 10.0 | 10.2 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund Class F | 3.4 | 2.8 |
Fidelity Strategic Real Return Fund Class F | 0.8 | 0.9 |
Fidelity Total Bond Fund Class F | 0.4 | 0.7 |
| 4.6 | 4.4 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.6% | |
| Domestic Equity Funds | 62.6% | |
| Developed International Equity Funds | 17.1% | |
| Emerging Markets Equity Funds | 2.1% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond Funds | 4.6% | |
Six months ago |
| Domestic Equity Funds | 68.1% | |
| Developed International Equity Funds | 15.8% | |
| Emerging Market
Equity Funds | 1.5% | |
| High Yield Bond Funds | 10.2% | |
| Investment Grade Bond Funds | 4.4% | |
Expected |
| Commodity Funds | 8.0% | |
| Domestic Equity Funds | 55.1% | |
| Developed International Equity Funds | 18.8% | |
| Emerging Markets Equity Funds | 3.1% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond 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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom K® 2045 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 66.2% |
| Shares | | Value |
Commodity Funds - 3.6% |
Fidelity Series Commodity Strategy Fund Class F | 609,792 | | $ 6,396,720 |
Domestic Equity Funds - 62.6% |
Fidelity Blue Chip Growth Fund Class F | 140,182 | | 5,629,729 |
Fidelity Disciplined Equity Fund Class F | 897,144 | | 19,692,310 |
Fidelity Equity Income Fund Class F | 261,332 | | 10,863,559 |
Fidelity Growth Company Fund Class F | 227,804 | | 16,652,507 |
Fidelity Series 100 Index Fund | 1,599,106 | | 13,256,585 |
Fidelity Series All-Sector Equity Fund Class F | 1,487,681 | | 17,896,807 |
Fidelity Series Large Cap Value Fund Class F | 1,609,771 | | 19,107,980 |
Fidelity Series Small Cap Opportunities Fund Class F | 359,693 | | 3,215,651 |
Fidelity Small Cap Growth Fund Class F | 142,500 | | 1,918,053 |
Fidelity Small Cap Value Fund Class F | 138,080 | | 1,911,027 |
TOTAL DOMESTIC EQUITY FUNDS | | 110,144,208 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $110,845,256) | 116,540,928 |
International Equity Funds - 19.2% |
| | | |
Developed International Equity Funds - 17.1% |
Fidelity Diversified International Fund Class F | 367,458 | | 10,347,626 |
Fidelity Europe Fund Class F | 116,161 | | 3,388,423 |
Fidelity Japan Fund Class F | 114,859 | | 1,263,452 |
Fidelity Overseas Fund Class F | 325,867 | | 9,984,578 |
Fidelity Series International Growth Fund Class F | 230,591 | | 2,292,074 |
Fidelity Series International Small Cap Fund Class F | 44,952 | | 460,308 |
Fidelity Series International Value Fund Class F | 236,278 | | 2,284,812 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 30,021,273 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.1% |
Fidelity Series Emerging Markets Fund Class F | 203,232 | | $ 3,410,237 |
Fidelity Southeast Asia Fund Class F | 14,880 | | 384,933 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 3,795,170 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $33,062,235) | 33,816,443 |
Bond Funds - 14.6% |
| | | |
High Yield Bond Funds - 10.0% |
Fidelity Capital & Income Fund Class F | 996,959 | | 8,892,873 |
Fidelity High Income Fund Class F | 1,003,106 | | 8,696,925 |
TOTAL HIGH YIELD BOND FUNDS | | 17,589,798 |
Investment Grade Bond Funds - 4.6% |
Fidelity Series Investment Grade Bond Fund Class F | 527,041 | | 6,029,350 |
Fidelity Strategic Real Return Fund Class F | 156,228 | | 1,351,376 |
Fidelity Total Bond Fund Class F | 63,066 | | 671,027 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 8,051,753 |
TOTAL BOND FUNDS (Cost $24,932,029) | 25,641,551 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $168,839,520) | | 175,998,922 |
NET OTHER ASSETS - 0.0% | | (6,630) |
NET ASSETS - 100% | $ 175,992,292 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $168,839,520) - See accompanying schedule | | $ 175,998,922 |
Receivable for investments sold | | 5 |
Receivable for fund shares sold | | 803,287 |
Total assets | | 176,802,214 |
| | |
Liabilities | | |
Payable for investments purchased | $ 761,216 | |
Payable for fund shares redeemed | 42,071 | |
Transfer agent fees payable | 6,635 | |
Total liabilities | | 809,922 |
| | |
Net Assets | | $ 175,992,292 |
Net Assets consist of: | | |
Paid in capital | | $ 167,979,770 |
Undistributed net investment income | | 244,301 |
Accumulated undistributed net realized gain (loss) on investments | | 608,819 |
Net unrealized appreciation (depreciation) on investments | | 7,159,402 |
Net Assets, for 13,635,807 shares outstanding | | $ 175,992,292 |
Net Asset Value, offering price and redemption price per share ($175,992,292 ÷ 13,635,807 shares) | | $ 12.91 |
Statement of Operations
| For the period July 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 663,264 |
| | |
Expenses | | |
Transfer agent fees | $ 22,306 | |
Independent trustees' compensation | 87 | |
Total expenses | | 22,393 |
Net investment income (loss) | | 640,871 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (129,572) | |
Capital gain distributions from underlying funds | 990,750 | 861,178 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 7,159,402 |
Net gain (loss) | | 8,020,580 |
Net increase (decrease) in net assets resulting from operations | | $ 8,661,451 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K 2045 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 640,871 |
Net realized gain (loss) | 861,178 |
Change in net unrealized appreciation (depreciation) | 7,159,402 |
Net increase (decrease) in net assets resulting from operations | 8,661,451 |
Distributions to shareholders from net investment income | (396,568) |
Distributions to shareholders from net realized gain | (252,361) |
Total distributions | (648,929) |
Share transactions
Proceeds from sales of shares | 175,251,337 |
Reinvestment of distributions | 648,928 |
Cost of shares redeemed | (7,920,495) |
Net increase (decrease) in net assets resulting from share transactions | 167,979,770 |
Total increase (decrease) in net assets | 175,992,292 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $244,301) | $ 175,992,292 |
Other Information Shares | |
Sold | 14,220,480 |
Issued in reinvestment of distributions | 51,956 |
Redeemed | (636,629) |
Net increase (decrease) | 13,635,807 |
Financial Highlights
Period ended March 31, | 2010 E |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) C | .14 |
Net realized and unrealized gain (loss) | 2.86 |
Total from investment operations | 3.00 |
Distributions from net investment income | (.06) |
Distributions from net realized gain | (.04) |
Total distributions | (.09) G |
Net asset value, end of period | $ 12.91 |
Total Return B | 30.03% |
Ratios to Average Net Assets D, F | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .05% A |
Expenses net of all reductions | .05% A |
Net investment income (loss) | 1.55% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 175,992 |
Portfolio turnover rate | 20% A |
A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. G Total distributions of $.09 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.035 per share. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2050 Fund
Investment Changes (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Commodity Funds | | |
Fidelity Series Commodity Strategy Fund Class F | 3.8 | 0.0 |
Domestic Equity Funds | | |
Fidelity Blue Chip Growth Fund Class F | 3.3 | 3.2 |
Fidelity Disciplined Equity Fund Class F | 11.5 | 12.3 |
Fidelity Equity Income Fund Class F | 6.3 | 10.5 |
Fidelity Growth Company Fund Class F | 9.7 | 10.2 |
Fidelity Series 100 Index Fund | 7.7 | 8.1 |
Fidelity Series All-Sector Equity Fund Class F | 10.5 | 9.8 |
Fidelity Series Large Cap Value Fund Class F | 11.2 | 11.5 |
Fidelity Series Small Cap Opportunities Fund Class F | 1.9 | 1.8 |
Fidelity Small Cap Growth Fund Class F | 1.1 | 1.0 |
Fidelity Small Cap Value Fund Class F | 1.1 | 1.1 |
| 64.3 | 69.5 |
Developed International Equity Funds | | |
Fidelity Diversified International Fund Class F | 6.8 | 6.9 |
Fidelity Europe Fund Class F | 2.3 | 3.6 |
Fidelity Japan Fund Class F | 0.9 | 1.0 |
Fidelity Overseas Fund Class F | 6.5 | 6.8 |
Fidelity Series International Growth Fund Class F | 1.2 | 0.0 |
Fidelity Series International Small Cap Fund Class F | 0.2 | 0.0 |
Fidelity Series International Value Fund Class F | 1.2 | 0.0 |
| 19.1 | 18.3 |
Emerging Markets Equity Funds | | |
Fidelity Series Emerging Markets Fund Class F | 2.1 | 1.4 |
Fidelity Southeast Asia Fund Class F | 0.3 | 0.3 |
| 2.4 | 1.7 |
High Yield Bond Funds | | |
Fidelity Capital & Income Fund Class F | 5.0 | 5.2 |
Fidelity High Income Fund Class F | 5.0 | 4.9 |
| 10.0 | 10.1 |
Investment Grade Bond Funds | | |
Fidelity Series Investment Grade Bond Fund Class F | 0.3 | 0.2 |
Fidelity Strategic Real Return Fund Class F | 0.0 † | 0.1 |
Fidelity Total Bond Fund Class F | 0.1 | 0.1 |
| 0.4 | 0.4 |
| 100.0 | 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 3.8% | |
| Domestic Equity Funds | 64.3% | |
| Developed International Equity Funds | 19.1% | |
| Emerging Markets Equity Funds | 2.4% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond Funds | 0.4% | |
Six months ago |
| Domestic Equity Funds | 69.5% | |
| Developed International Equity Funds | 18.3% | |
| Emerging Market
Equity Funds | 1.7% | |
| High Yield Bond Funds | 10.1% | |
| Investment Grade Bond Funds | 0.4% | |
Expected |
| Commodity Funds | 8.4% | |
| Domestic Equity Funds | 57.6% | |
| Developed International Equity Funds | 20.0% | |
| Emerging Markets Equity Funds | 3.3% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond Funds | 0.7% | |
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, 2009. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
† Amount represents less than 0.1%. |
Annual Report
Fidelity Freedom K® 2050 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 68.1% |
| Shares | | Value |
Commodity Funds - 3.8% |
Fidelity Series Commodity Strategy Fund Class F | 424,342 | | $ 4,451,351 |
Domestic Equity Funds - 64.3% |
Fidelity Blue Chip Growth Fund Class F | 96,760 | | 3,885,891 |
Fidelity Disciplined Equity Fund Class F | 618,533 | | 13,576,797 |
Fidelity Equity Income Fund Class F | 177,792 | | 7,390,806 |
Fidelity Growth Company Fund Class F | 156,906 | | 11,469,846 |
Fidelity Series 100 Index Fund | 1,102,061 | | 9,136,086 |
Fidelity Series All-Sector Equity Fund Class F | 1,028,721 | | 12,375,516 |
Fidelity Series Large Cap Value Fund Class F | 1,110,981 | | 13,187,348 |
Fidelity Series Small Cap Opportunities Fund Class F | 248,353 | | 2,220,273 |
Fidelity Small Cap Growth Fund Class F | 98,477 | | 1,325,504 |
Fidelity Small Cap Value Fund Class F | 95,380 | | 1,320,066 |
TOTAL DOMESTIC EQUITY FUNDS | | 75,888,133 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $76,368,460) | 80,339,484 |
International Equity Funds - 21.5% |
| | | |
Developed International Equity Funds - 19.1% |
Fidelity Diversified International Fund Class F | 284,808 | | 8,020,197 |
Fidelity Europe Fund Class F | 93,372 | | 2,723,670 |
Fidelity Japan Fund Class F | 92,649 | | 1,019,142 |
Fidelity Overseas Fund Class F | 251,059 | | 7,692,432 |
Fidelity Series International Growth Fund Class F | 141,777 | | 1,409,264 |
Fidelity Series International Small Cap Fund Class F | 26,677 | | 273,171 |
Fidelity Series International Value Fund Class F | 144,750 | | 1,399,734 |
TOTAL DEVELOPED INTERNATIONAL EQUITY FUNDS | | 22,537,610 |
|
| Shares | | Value |
Emerging Markets Equity Funds - 2.4% |
Fidelity Series Emerging Markets Fund Class F | 146,085 | | $ 2,451,310 |
Fidelity Southeast Asia Fund Class F | 11,746 | | 303,872 |
TOTAL EMERGING MARKETS EQUITY FUNDS | | 2,755,182 |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $24,712,685) | 25,292,792 |
Bond Funds - 10.4% |
| | | |
High Yield Bond Funds - 10.0% |
Fidelity Capital & Income Fund Class F | 663,573 | | 5,919,072 |
Fidelity High Income Fund Class F | 671,811 | | 5,824,600 |
TOTAL HIGH YIELD BOND FUNDS | | 11,743,672 |
Investment Grade Bond Funds - 0.4% |
Fidelity Series Investment Grade Bond Fund Class F | 35,846 | | 410,074 |
Fidelity Strategic Real Return Fund Class F | 5,368 | | 46,434 |
Fidelity Total Bond Fund Class F | 6,187 | | 65,824 |
TOTAL INVESTMENT GRADE BOND FUNDS | | 522,332 |
TOTAL BOND FUNDS (Cost $11,811,841) | 12,266,004 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $112,892,986) | | 117,898,280 |
NET OTHER ASSETS - 0.0% | | (4,410) |
NET ASSETS - 100% | $ 117,893,870 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K® 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $112,892,986) - See accompanying schedule | | $ 117,898,280 |
Receivable for investments sold | | 3 |
Receivable for fund shares sold | | 367,203 |
Total assets | | 118,265,486 |
| | |
Liabilities | | |
Payable for investments purchased | $ 283,381 | |
Payable for fund shares redeemed | 83,820 | |
Transfer agent fees payable | 4,415 | |
Total liabilities | | 371,616 |
| | |
Net Assets | | $ 117,893,870 |
Net Assets consist of: | | |
Paid in capital | | $ 112,355,756 |
Undistributed net investment income | | 133,501 |
Accumulated undistributed net realized gain (loss) on investments | | 399,319 |
Net unrealized appreciation (depreciation) on investments | | 5,005,294 |
Net Assets, for 9,110,084 shares outstanding | | $ 117,893,870 |
Net Asset Value, offering price and redemption price per share ($117,893,870 ÷ 9,110,084 shares) | | $ 12.94 |
Statement of Operations
| For the period July 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 453,933 |
| | |
Expenses | | |
Transfer agent fees | $ 14,656 | |
Independent trustees' compensation | 56 | |
Total expenses | | 14,712 |
Net investment income (loss) | | 439,221 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (107,195) | |
Capital gain distributions from underlying funds | 703,049 | 595,854 |
Change in net unrealized appreciation (depreciation) on underlying funds | | 5,005,294 |
Net gain (loss) | | 5,601,148 |
Net increase (decrease) in net assets resulting from operations | | $ 6,040,369 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom K 2050 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
July 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 439,221 |
Net realized gain (loss) | 595,854 |
Change in net unrealized appreciation (depreciation) | 5,005,294 |
Net increase (decrease) in net assets resulting from operations | 6,040,369 |
Distributions to shareholders from net investment income | (305,720) |
Distributions to shareholders from net realized gain | (196,535) |
Total distributions | (502,255) |
Share transactions
Proceeds from sales of shares | 120,013,597 |
Reinvestment of distributions | 502,254 |
Cost of shares redeemed | (8,160,095) |
Net increase (decrease) in net assets resulting from share transactions | 112,355,756 |
Total increase (decrease) in net assets | 117,893,870 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $133,501) | $ 117,893,870 |
Other Information Shares | |
Sold | 9,729,235 |
Issued in reinvestment of distributions | 40,084 |
Redeemed | (659,235) |
Net increase (decrease) | 9,110,084 |
Financial Highlights
Period ended March 31, | 2010 E |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) C | .15 |
Net realized and unrealized gain (loss) | 2.91 |
Total from investment operations | 3.06 |
Distributions from net investment income | (.07) |
Distributions from net realized gain | (.05) |
Total distributions | (.12) |
Net asset value, end of period | $ 12.94 |
Total Return B | 30.59% |
Ratios to Average Net Assets D, F | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .05% A |
Expenses net of all reductions | .05% A |
Net investment income (loss) | 1.62% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 117,894 |
Portfolio turnover rate | 24% A |
A Annualized B Total returns for periods of less than one year are not annualized. C Calculated based on average shares outstanding during the period. D Amounts do not include the activity of the underlying funds. E For the period July 2, 2009 (commencement of operations) to March 31, 2010. F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended March 31, 2010
1. Organization.
Fidelity Freedom K® Income Fund, Fidelity Freedom K® 2000 Fund, Fidelity Freedom K® 2005 Fund, Fidelity Freedom K® 2010 Fund, Fidelity Freedom K® 2015 Fund, Fidelity Freedom K® 2020 Fund, Fidelity Freedom K® 2025 Fund, Fidelity Freedom K® 2030 Fund, Fidelity Freedom K® 2035 Fund, Fidelity Freedom K® 2040 Fund, Fidelity Freedom K® 2045 Fund and Fidelity Freedom K® 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, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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 are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses. 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. As of March 31, 2010, each Fund did not have any 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds and losses deferred due to wash sales.
Annual Report
Notes to Financial Statements - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized
appreciation | Gross unrealized
depreciation | Net unrealized
appreciation
(depreciation) |
Fidelity Freedom K® Income Fund | $ 122,129,409 | $ 1,703,606 | $ (51,586) | $ 1,652,020 |
Fidelity Freedom K® 2000 Fund | 85,876,479 | 1,653,175 | (52,311) | 1,600,864 |
Fidelity Freedom K® 2005 Fund | 63,504,737 | 1,651,130 | (70,264) | 1,580,866 |
Fidelity Freedom K® 2010 Fund | 659,134,365 | 17,459,109 | (863,624) | 16,595,485 |
Fidelity Freedom K® 2015 Fund | 847,543,248 | 24,153,873 | (1,320,536) | 22,833,337 |
Fidelity Freedom K® 2020 Fund | 1,537,841,089 | 50,190,317 | (2,620,627) | 47,569,690 |
Fidelity Freedom K® 2025 Fund | 899,865,859 | 32,302,911 | (1,715,037) | 30,587,874 |
Fidelity Freedom K® 2030 Fund | 1,233,818,413 | 49,391,920 | (2,250,727) | 47,141,193 |
Fidelity Freedom K® 2035 Fund | 608,128,579 | 25,214,681 | (1,266,622) | 23,948,059 |
Fidelity Freedom K® 2040 Fund | 720,299,426 | 30,462,088 | (1,372,864) | 29,089,224 |
Fidelity Freedom K® 2045 Fund | 168,991,103 | 7,320,102 | (312,283) | 7,007,819 |
Fidelity Freedom K® 2050 Fund | 113,017,701 | 5,112,398 | (231,819) | 4,880,579 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| Undistributed
ordinary income | Undistributed long-term
capital gain | Net unrealized
appreciation
(depreciation) |
Fidelity Freedom K® Income Fund | $ 341,073 | $ 31,442 | $ 1,652,020 |
Fidelity Freedom K® 2000 Fund | 416,042 | 30,263 | 1,600,864 |
Fidelity Freedom K® 2005 Fund | 321,014 | 34,782 | 1,580,866 |
Fidelity Freedom K® 2010 Fund | 3,198,686 | 375,015 | 16,595,485 |
Fidelity Freedom K® 2015 Fund | 4,309,031 | 545,246 | 22,833,337 |
Fidelity Freedom K® 2020 Fund | 8,063,507 | 1,112,514 | 47,569,690 |
Fidelity Freedom K® 2025 Fund | 4,819,797 | 754,850 | 30,587,874 |
Fidelity Freedom K® 2030 Fund | 6,661,547 | 1,104,327 | 47,141,193 |
Fidelity Freedom K® 2035 Fund | 3,227,066 | 592,380 | 23,948,059 |
Fidelity Freedom K® 2040 Fund | 3,770,484 | 684,412 | 29,089,224 |
Fidelity Freedom K® 2045 Fund | 849,975 | 154,726 | 7,007,819 |
Fidelity Freedom K® 2050 Fund | 551,959 | 105,577 | 4,880,579 |
The tax character of distributions paid was as follows:
| Ordinary Income |
Fidelity Freedom K® Income Fund | $ 529,271 |
Fidelity Freedom K® 2000 Fund | 522,542 |
Fidelity Freedom K® 2005 Fund | 302,760 |
Fidelity Freedom K® 2010 Fund | 2,636,465 |
Fidelity Freedom K® 2015 Fund | 5,113,084 |
Fidelity Freedom K® 2020 Fund | 6,897,548 |
Fidelity Freedom K® 2025 Fund | 4,945,669 |
Fidelity Freedom K® 2030 Fund | 7,202,509 |
Fidelity Freedom K® 2035 Fund | 3,166,163 |
Fidelity Freedom K® 2040 Fund | 3,308,829 |
Fidelity Freedom K® 2045 Fund | 648,929 |
Fidelity Freedom K® 2050 Fund | 502,255 |
Annual Report
3. Purchases and Sales of Investments.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| Purchases ($) | Redemptions ($) |
Fidelity Freedom K® Income Fund | 132,682,058 | 10,564,758 |
Fidelity Freedom K® 2000 Fund | 95,507,252 | 9,660,370 |
Fidelity Freedom K® 2005 Fund | 71,414,831 | 7,925,486 |
Fidelity Freedom K® 2010 Fund | 714,817,602 | 55,767,554 |
Fidelity Freedom K® 2015 Fund | 907,114,480 | 59,702,744 |
Fidelity Freedom K® 2020 Fund | 1,629,413,572 | 91,757,898 |
Fidelity Freedom K® 2025 Fund | 952,848,852 | 53,067,745 |
Fidelity Freedom K® 2030 Fund | 1,320,640,956 | 87,184,327 |
Fidelity Freedom K® 2035 Fund | 644,122,327 | 36,052,740 |
Fidelity Freedom K® 2040 Fund | 760,998,712 | 40,781,519 |
Fidelity Freedom K® 2045 Fund | 178,315,855 | 9,346,767 |
Fidelity Freedom K® 2050 Fund | 120,575,683 | 7,575,504 |
4. 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 transfer agent fees, the compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee based on each Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each Fund were as follows:
| Amount | % of Average
Net Assets * |
Fidelity Freedom K® Income Fund | $ 14,946 | .05% |
Fidelity Freedom K® 2000 Fund | 13,227 | .05% |
Fidelity Freedom K® 2005 Fund | 9,260 | .05% |
Fidelity Freedom K® 2010 Fund | 84,381 | .05% |
Fidelity Freedom K® 2015 Fund | 119,761 | .05% |
Fidelity Freedom K® 2020 Fund | 201,009 | .05% |
Fidelity Freedom K® 2025 Fund | 125,769 | .05% |
Fidelity Freedom K® 2030 Fund | 174,154 | .05% |
Fidelity Freedom K® 2035 Fund | 86,300 | .05% |
Fidelity Freedom K® 2040 Fund | 95,339 | .05% |
Fidelity Freedom K® 2045 Fund | 22,306 | .05% |
Fidelity Freedom K® 2050 Fund | 14,656 | .05% |
* Annualized
Reallocation of Underlying Fund Investments. During the period, Strategic Advisers reallocated investments of certain Funds. This involved a taxable redemption of certain Funds' interest in Fidelity Europe Fund Class F for securities in-kind and a non-taxable exchange of those securities for shares of Fidelity Series International Growth Fund Class F and Fidelity Series International Value Fund Class F. Realized gains and losses on redemptions of Fidelity Europe Fund Class F in connection with the reallocation are presented in the accompanying Statements of Operations as "Realized gain (loss) on sale of underlying fund shares."
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Reallocation of Underlying Fund Investments - continued
Details of these transactions with the related gain/(loss) for certain Funds are presented in the accompanying table:
| Value of
Securities
reallocated | Realized Gain/(Loss) on redemptions of
Fidelity Europe Fund Class F |
Fidelity Freedom K® 2000 Fund | $ 2,138 | $ (22) |
Fidelity Freedom K® 2005 Fund | 46,992 | 20 |
Fidelity Freedom K® 2010 Fund | 480,536 | 272 |
Fidelity Freedom K® 2015 Fund | 1,170,321 | 528 |
Fidelity Freedom K® 2020 Fund | 1,740,514 | 60 |
Fidelity Freedom K® 2025 Fund | 1,383,926 | 497 |
Fidelity Freedom K® 2030 Fund | 2,369,781 | 168 |
Fidelity Freedom K® 2035 Fund | 1,079,555 | 404 |
Fidelity Freedom K® 2040 Fund | 1,161,305 | 152 |
Fidelity Freedom K® 2045 Fund | 205,057 | 2,200 |
Fidelity Freedom K® 2050 Fund | 208,904 | 1,280 |
5. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Subsequent to period end, Strategic Advisers reallocated investments of certain Funds. This involved a taxable redemption of certain Funds' interest or partial interest in Fidelity Europe Fund Class F for securities in-kind and a non-taxable exchange of those securities for shares of Fidelity Series International Growth Fund Class F and Fidelity Series International Value Fund Class F.
At the end of the period, FMR or its affiliates were owners of record of more than 10% of the outstanding shares of the following funds:
Fund Affiliated % | |
Fidelity Freedom K® 2025 Fund | 11% |
Fidelity Freedom K® 2030 Fund | 12% |
Fidelity Freedom K® 2035 Fund | 15% |
Fidelity Freedom K® 2040 Fund | 12% |
Fidelity Freedom K® 2045 Fund | 16% |
Fidelity Freedom K® 2050 Fund | 16% |
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Aberdeen Street Trust and the Shareholders of Fidelity Freedom K® Income Fund, Fidelity Freedom K® 2000 Fund, Fidelity Freedom K® 2005 Fund, Fidelity Freedom K® 2010 Fund, Fidelity Freedom K® 2015 Fund, Fidelity Freedom K® 2020 Fund, Fidelity Freedom K® 2025 Fund, Fidelity Freedom K® 2030 Fund, Fidelity Freedom K® 2035 Fund, Fidelity Freedom K® 2040 Fund, Fidelity Freedom K® 2045 Fund and Fidelity Freedom K® 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 K® Income Fund, Fidelity Freedom K® 2000 Fund, Fidelity Freedom K® 2005 Fund, Fidelity Freedom K® 2010 Fund, Fidelity Freedom K® 2015 Fund, Fidelity Freedom K® 2020 Fund, Fidelity Freedom K® 2025 Fund, Fidelity Freedom K® 2030 Fund, Fidelity Freedom K® 2035 Fund, Fidelity Freedom K® 2040 Fund, Fidelity Freedom K® 2045 Fund and Fidelity Freedom K® 2050 Fund (funds of Fidelity Aberdeen Street Trust) at March 31, 2010, the results of each of their operations, the changes in each of their net assets and the financial highlights for the period 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, 2010 by correspondence with the transfer agent, provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 21, 2010
Annual Report
The Trustees and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Fidelity Freedom K® Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fidelity Freedom K® Fund's activities, review contractual arrangements with companies that provide services to each Fidelity Freedom K® Fund, oversee management of the risks associated with such activities and contractual arrangements, and review each Fidelity Freedom K® Fund's performance. If the interests of a Fidelity Freedom K® Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Fidelity Freedom K® Funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers and the Trustees would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for James C. Curvey, each of the Trustees oversees 189 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 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 hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Funds' Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Kenneth L. Wolfe serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate. The responsibilities of each committee, including their oversight responsibilities, are described further under "Standing Committees of the Funds' Trustees."
Annual Report
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
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 Occupations and Other Relevant Experience+ |
Abigail P. Johnson (48) |
| Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal and Workplace Investing (2005-present). Ms. Johnson is a Director of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related. |
James C. Curvey (74) |
| 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.
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupations and Other Relevant Experience+ |
Albert R. Gamper, Jr. (68) |
| 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 (2002-2003). He also served as President and Chief Executive Officer of Tyco Capital Corporation (2001-2002). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Robert F. Gartland (58) |
| Year of Election or Appointment: 2010 Mr. Gartland is a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-present) and is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007). |
Arthur E. Johnson (63) |
| 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). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson and Ms. Abigail P. Johnson are not related. |
Michael E. Kenneally (56) |
| Year of Election or Appointment: 2009 Prior to his retirement, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). 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 funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
James H. Keyes (69) |
| 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, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (63) |
| 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, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California 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 (71) |
| Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009). |
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Executive Officers:
Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
John R. Hebble (51) |
| Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolio (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments. |
Boyce I. Greer (54) |
| 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 of the Asset Allocation Division (2008-present), 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 (2005-present). Previously, Mr. Greer served as Executive Vice President of FMR Co., Inc. (2005-2009), and as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005). |
Derek L. Young (45) |
| Year of Election or Appointment: 2009 Vice President of Fidelity's Asset Allocation Funds. Mr. Young also serves as Chief Investment Officers of the Global Asset Allocation Group (2009-present). Previously, Mr. Young served as a portfolio manager. |
Scott C. Goebel (42) |
| 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 Officer 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 (55) |
| 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 (51) |
| 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 (42) |
| 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. |
Jeffrey S. Christian (48) |
| Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009). |
Bryan A. Mehrmann (48) |
| Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. |
Stephanie J. Dorsey (40) |
| 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. |
Paul M. Murphy (63) |
| Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. 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). |
Kenneth B. Robins (40) |
| Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008). |
Gary W. Ryan (51) |
| 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 K® Income Fund | 05/10/10 | 05/07/10 | $0.01 | $0.01 |
Fidelity Freedom K® 2000 Fund | 05/17/10 | 05/14/10 | $0.02 | $0.01 |
Fidelity Freedom K® 2005 Fund | 05/17/10 | 05/14/10 | $0.03 | $0.026 |
Fidelity Freedom K® 2010 Fund | 05/17/10 | 05/14/10 | $0.025 | $0.025 |
Fidelity Freedom K® 2015 Fund | 05/17/10 | 05/14/10 | $0.03 | $0.032 |
Fidelity Freedom K® 2020 Fund | 05/17/10 | 05/14/10 | $0.025 | $0.037 |
Fidelity Freedom K® 2025 Fund | 05/17/10 | 05/14/10 | $0.022 | $0.043 |
Fidelity Freedom K® 2030 Fund | 05/17/10 | 05/14/10 | $0.017 | $0.046 |
Fidelity Freedom K® 2035 Fund | 05/17/10 | 05/14/10 | $0.018 | $0.047 |
Fidelity Freedom K® 2040 Fund | 05/17/10 | 05/14/10 | $0.016 | $0.047 |
Fidelity Freedom K® 2045 Fund | 05/17/10 | 05/14/10 | $0.015 | $0.045 |
Fidelity Freedom K® 2050 Fund | 05/17/10 | 05/14/10 | $0.01 | $0.045 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2010, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Freedom K® Income Fund | $31,442 |
Fidelity Freedom K® 2000 Fund | $30,263 |
Fidelity Freedom K® 2005 Fund | $34,782 |
Fidelity Freedom K® 2010 Fund | $375,015 |
Fidelity Freedom K® 2015 Fund | $545,246 |
Fidelity Freedom K® 2020 Fund | $1,112,514 |
Fidelity Freedom K® 2025 Fund | $754,850 |
Fidelity Freedom K® 2030 Fund | $1,104,327 |
Fidelity Freedom K® 2035 Fund | $592,380 |
Fidelity Freedom K® 2040 Fund | $684,412 |
Fidelity Freedom K® 2045 Fund | $154,726 |
Fidelity Freedom K® 2050 Fund | $105,577 |
A percentage of the dividends distributed during the fiscal year for the following funds was derived from interest on U.S. Government securities which is generally exempt from state income tax:
Fidelity Freedom K® Income Fund | 8.68% |
Fidelity Freedom K® 2000 Fund | 7.33% |
Fidelity Freedom K® 2005 Fund | 6.01% |
Fidelity Freedom K® 2010 Fund | 5.85% |
Fidelity Freedom K® 2015 Fund | 5.06% |
Fidelity Freedom K® 2020 Fund | 3.88% |
Fidelity Freedom K® 2025 Fund | 2.93% |
Fidelity Freedom K® 2030 Fund | 1.81% |
Fidelity Freedom K® 2035 Fund | 1.28% |
Fidelity Freedom K® 2040 Fund | 0.87% |
Fidelity Freedom K® 2045 Fund | 0.66% |
Fidelity Freedom K® 2050 Fund | 0.07% |
Annual Report
Distributions (Unaudited) - continued
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
Fidelity Freedom K® Income Fund | |
August 2009 | 9% |
September 2009 | 9% |
October 2009 | 9% |
November 2009 | 9% |
December 2009 (Ex-Date 12/04/09) | 9% |
December 2009 (Ex-Date 12/28/09) | 9% |
February 2010 | 4% |
March 2010 | 4% |
Fidelity Freedom K® 2000 Fund | |
December 2009 | 16% |
Fidelity Freedom K® 2005 Fund | |
December 2009 | 15% |
Fidelity Freedom K® 2010 Fund | |
December 2009 | 16% |
Fidelity Freedom K® 2015 Fund | |
December 2009 | 20% |
Fidelity Freedom K® 2020 Fund | |
December 2009 | 23% |
Fidelity Freedom K® 2025 Fund | |
December 2009 | 26% |
Fidelity Freedom K® 2030 Fund | |
December 2009 | 30% |
Fidelity Freedom K® 2035 Fund | |
December 2009 | 32% |
Fidelity Freedom K® 2040 Fund | |
December 2009 | 32% |
Fidelity Freedom K® 2045 Fund | |
December 2009 | 31% |
Fidelity Freedom K® 2050 Fund | |
December 2009 | 34% |
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 K® Income Fund | |
August 2009 | 10% |
September 2009 | 10% |
October 2009 | 10% |
November 2009 | 10% |
December 2009 (Ex-Date 12/04/09) | 10% |
December 2009 (Ex-Date 12/28/09) | 10% |
February 2010 | 5% |
March 2010 | 5% |
Fidelity Freedom K® 2000 Fund | |
December 2009 | 17% |
Fidelity Freedom K® 2005 Fund | |
December 2009 | 21% |
Fidelity Freedom K® 2010 Fund | |
December 2009 | 23% |
Fidelity Freedom K® 2015 Fund | |
December 2009 | 29% |
Fidelity Freedom K® 2020 Fund | |
December 2009 | 33% |
Fidelity Freedom K® 2025 Fund | |
December 2009 | 37% |
Fidelity Freedom K® 2030 Fund | |
December 2009 | 43% |
Fidelity Freedom K® 2035 Fund | |
December 2009 | 46% |
Fidelity Freedom K® 2040 Fund | |
December 2009 | 46% |
Fidelity Freedom K® 2045 Fund | |
December 2009 | 43% |
Fidelity Freedom K® 2050 Fund | |
December 2009 | 50% |
The funds will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.
Annual Report
A special meeting of each fund's shareholders was held on August 14, 2009. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of TrusteesA |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 24,643,083,056.59 | 94.466 |
Withheld | 1,443,637,207.24 | 5.534 |
TOTAL | 26,086,720,263.83 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 24,678,393,003.04 | 94.601 |
Withheld | 1,408,327,260.79 | 5.399 |
TOTAL | 26,086,720,263.83 | 100.000 |
Abigail P. Johnson |
Affirmative | 24,649,778,053.86 | 94.492 |
Withheld | 1,436,942,209.97 | 5.508 |
TOTAL | 26,086,720,263.83 | 100.000 |
Arthur E. Johnson |
Affirmative | 24,657,479,001.20 | 94.521 |
Withheld | 1,429,241,262.63 | 5.479 |
TOTAL | 26,086,720,263.83 | 100.000 |
Michael E. Kenneally |
Affirmative | 24,733,028,000.40 | 94.811 |
Withheld | 1,353,692,263.43 | 5.189 |
TOTAL | 26,086,720,263.83 | 100.000 |
James H. Keyes |
Affirmative | 24,701,338,835.40 | 94.689 |
Withheld | 1,385,381,428.43 | 5.311 |
TOTAL | 26,086,720,263.83 | 100.000 |
Marie L. Knowles |
Affirmative | 24,607,022,984.88 | 94.328 |
Withheld | 1,479,697,278.95 | 5.672 |
TOTAL | 26,086,720,263.83 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 24,549,568,568.96 | 94.108 |
Withheld | 1,537,151,694.87 | 5.892 |
TOTAL | 26,086,720,263.83 | 100.000 |
A Denotes trust-wide proposal and voting results. |
Annual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your workplace benefits (including your workplace savings plan, investments, and additional services) via your telephone or PC. You can access your plan and account information and research your investments 24 hours a day.
By Phone
Fidelity provides a single toll-free number to access plan information, account balances, positions, and quotes*. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
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Fidelity Workplace Investing
1-800-835-5092
By PC
Fidelity's web site on the Internet provides a wide range of information, including plan information, daily financial news, fund performance, interactive planning tools, and news about Fidelity products and services.
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Fidelity's Web Site
www.401k.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Annual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
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For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
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
JPMorgan Chase Bank
New York, NY
FF-K-UANN-0510
1.892597.100
Fidelity FreedomSM Index Funds - Class K
Income, 2000, 2005, 2010, 2015, 2020, 2025,
2030, 2035, 2040, 2045, 2050
Annual Report
March 31, 2010
(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/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
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
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Global capital markets have been positive thus far in 2010, overcoming some early volatility to continue the upward trend that began in March 2009. Year to date, U.S. stocks have seen the biggest gains, outpacing the performance of foreign equities, which has been hampered by a rebounding dollar. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the 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 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 "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 by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 2, 2009 to March 31, 2010). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (October 1, 2009 to March 31, 2010).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
|
Annualized
Expense Ratio
|
Beginning
Account Value
| Ending
Account Value
March 31, 2010 |
Expenses Paid
During Period
|
Fidelity Freedom Index Income Fund | .04% | | | |
Actual | | $ 1,000.00 | $ 1,036.20 | $ .20 B |
Hypothetical A | | $ 1,000.00 | $ 1,024.73 | $ .20 C |
Fidelity Freedom Index 2000 Fund | .04% | | | |
Actual | | $ 1,000.00 | $ 1,038.60 | $ .20 B |
Hypothetical A | | $ 1,000.00 | $ 1,024.73 | $ .20 C |
Fidelity Freedom Index 2005 Fund | .03% | | | |
Actual | | $ 1,000.00 | $ 1,067.80 | $ .15 B |
Hypothetical A | | $ 1,000.00 | $ 1,024.78 | $ .15 C |
Fidelity Freedom Index 2010 Fund | .03% | | | |
Actual | | $ 1,000.00 | $ 1,074.70 | $ .15 B |
Hypothetical A | | $ 1,000.00 | $ 1,024.78 | $ .15 C |
Fidelity Freedom Index 2015 Fund | .03% | | | |
Actual | | $ 1,000.00 | $ 1,076.70 | $ .15 B |
Hypothetical A | | $ 1,000.00 | $ 1,024.78 | $ .15 C |
Fidelity Freedom Index 2020 Fund | .03% | | | |
Actual | | $ 1,000.00 | $ 1,091.80 | $ .16 B |
Hypothetical A | | $ 1,000.00 | $ 1,024.78 | $ .15 C |
Fidelity Freedom Index 2025 Fund | .03% | | | |
Actual | | $ 1,000.00 | $ 1,099.30 | $ .16 B |
Hypothetical A | | $ 1,000.00 | $ 1,024.78 | $ .15 C |
Fidelity Freedom Index 2030 Fund | .03% | | | |
Actual | | $ 1,000.00 | $ 1,107.80 | $ .16 B |
Hypothetical A | | $ 1,000.00 | $ 1,024.78 | $ .15 C |
Fidelity Freedom Index 2035 Fund | .03% | | | |
Actual | | $ 1,000.00 | $ 1,113.80 | $ .16 B |
Hypothetical A | | $ 1,000.00 | $ 1,024.78 | $ .15 C |
Fidelity Freedom Index 2040 Fund | .03% | | | |
Actual | | $ 1,000.00 | $ 1,115.80 | $ .16 B |
Hypothetical A | | $ 1,000.00 | $ 1,024.78 | $ .15 C |
Fidelity Freedom Index 2045 Fund | .04% | | | |
Actual | | $ 1,000.00 | $ 1,116.80 | $ .21B |
Hypothetical A | | $ 1,000.00 | $ 1,024.73 | $ .20C |
Fidelity Freedom Index 2050 Fund | .04% | | | |
Actual | | $ 1,000.00 | $ 1,121.80 | $ .21 B |
Hypothetical A | | $ 1,000.00 | $ 1,024.73 | $ .20 C |
A 5% return per year before expenses
B Actual expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the period October 2, 2009 to March 31, 2010).
C Hypothetical expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
The fees and expenses of the underlying Fidelity Funds in which the Fund invests are not included in the Fund's annualized expense ratio.
Annual Report
Fidelity Freedom Index Income Fund
Investment Summary (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets |
Commodity Funds | |
Fidelity Series Commodity Strategy Fund Class F | 2.0 |
Domestic Equity Funds | |
Fidelity Spartan Total Market Index Fund Class F | 15.6 |
Developed International Equity Funds | |
Fidelity Series Global ex U.S. Index Fund | 2.3 |
Inflation-Protected Bond Funds | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 12.0 |
Investment Grade Bond Funds | |
Fidelity U.S. Bond Index Fund Class F | 28.1 |
Short-Term Funds | |
Fidelity Institutional Money Market Portfolio Class F | 40.0 |
| 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
 | Commodity Funds | 2.0% | |
 | Domestic Equity Funds | 15.6% | |
 | Developed International Equity Funds | 2.3% | |
 | Inflation-Protected Bond Funds | 12.0% | |
 | Investment Grade Bond Funds | 28.1% | |
 | Short-Term Funds | 40.0% | |
Expected |
| Commodity Funds | 1.7% | |
 | Domestic Equity Funds | 13.7% | |
| Developed International Equity Funds | 4.0% | |
 | Emerging Markets Equity Funds | 0.6% | |
 | High Yield Bond Funds | 5.0% | |
 | Inflation-Protected Bond Funds | 10.3% | |
 | Investment Grade Bond Funds | 24.7% | |
 | Short-Term Funds | 40.0% | |
The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom Index Income Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 17.6% |
| Shares | | Value |
Commodity Funds - 2.0% |
Fidelity Series Commodity Strategy Fund Class F | 12,146 | | $ 127,416 |
Domestic Equity Funds - 15.6% |
Fidelity Spartan Total Market Index Fund Class F | 29,807 | | 998,844 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,097,668) | 1,126,260 |
International Equity Funds - 2.3% |
| | | |
Developed International Equity Funds - 2.3% |
Fidelity Series Global ex U.S. Index Fund
(Cost $145,514) | 14,163 | | 148,567 |
Bond Funds - 40.1% |
| | | |
Inflation-Protected Bond Funds - 12.0% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 75,120 | | 770,736 |
|
| Shares | | Value |
Investment Grade Bond Funds - 28.1% |
Fidelity U.S. Bond Index Fund Class F | 161,348 | | $ 1,797,417 |
TOTAL BOND FUNDS (Cost $2,563,615) | 2,568,153 |
Short-Term Funds - 40.0% |
| | | |
Fidelity Institutional Money Market Portfolio Class F
(Cost $2,558,504) | 2,558,504 | | 2,558,504 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $6,365,301) | 6,401,484 |
NET OTHER ASSETS - 0.0% | (202) |
NET ASSETS - 100% | $ 6,401,282 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index Income Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $6,365,301) - See accompanying schedule | | $ 6,401,484 |
Cash | | 7 |
Receivable for investments sold | | 94,173 |
Receivable from affiliate for expense reductions | | 67 |
Total assets | | 6,495,731 |
| | |
Liabilities | | |
Payable for investments purchased | $ 33,672 | |
Payable for fund shares redeemed | 60,501 | |
Other affiliated payables | 276 | |
Total liabilities | | 94,449 |
| | |
Net Assets | | $ 6,401,282 |
Net Assets consist of: | | |
Paid in capital | | $ 6,353,289 |
Undistributed net investment income | | 9,604 |
Accumulated undistributed net realized gain (loss) on investments | | 2,206 |
Net unrealized appreciation (depreciation) on investments | | 36,183 |
Net Assets, for 621,874 shares outstanding | | $ 6,401,282 |
Net Asset Value, offering price and redemption price per share ($6,401,282 ÷ 621,874 shares) | | $ 10.29 |
Statement of Operations
| For the period October 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 17,755 |
Interest | | 2 |
Total income | | 17,757 |
| | |
Expenses | | |
Transfer agent fees | $ 774 | |
Independent trustees' compensation | 3 | |
Total expenses before reductions | 777 | |
Expense reductions | (192) | 585 |
Net investment income (loss) | | 17,172 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 2,229 | |
Capital gain distributions from underlying funds | 76 | 2,305 |
Change in net unrealized appreciation (depreciation) on investment securities | | 36,183 |
Net gain (loss) | | 38,488 |
Net increase (decrease) in net assets resulting from operations | | $ 55,660 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index Income Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 17,172 |
Net realized gain (loss) | 2,305 |
Change in net unrealized appreciation (depreciation) | 36,183 |
Net increase (decrease) in net assets resulting from operations | 55,660 |
Distributions to shareholders from net investment income | (7,568) |
Distributions to shareholders from net realized gain | (100) |
Total distributions | (7,668) |
Share transactions
Proceeds from sales of shares | 6,763,552 |
Reinvestment of distributions | 7,668 |
Cost of shares redeemed | (417,930) |
Net increase (decrease) in net assets resulting from share transactions | 6,353,290 |
Total increase (decrease) in net assets | 6,401,282 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $9,604) | $ 6,401,282 |
Other Information Shares | |
Sold | 661,779 |
Issued in reinvestment of distributions | 753 |
Redeemed | (40,658) |
Net increase (decrease) | 621,874 |
Financial Highlights
| Period ended
March 31,
2010 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .06 |
Net realized and unrealized gain (loss) | .30 |
Total from investment operations | .36 |
Distributions from net investment income | (.07) |
Distributions from net realized gain | (.01) |
Total distributions | (.07) H |
Net asset value, end of period | $ 10.29 |
Total Return B,C | 3.62% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .04% A |
Expenses net of all reductions | .04% A |
Net investment income (loss) | 1.13% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 6,401 |
Portfolio turnover rate | 18% |
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 October 2, 2009 (commencement of operations) to March 31, 2010.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Total distributions of $.07 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.005 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2000 Fund
Investment Summary (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets |
Commodity Funds | |
Fidelity Series Commodity Strategy Fund Class F | 2.4 |
Domestic Equity Funds | |
Fidelity Spartan Total Market Index Fund Class F | 16.7 |
Developed International Equity Funds | |
Fidelity Series Global ex U.S. Index Fund | 2.5 |
Inflation-Protected Bond Funds | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 11.4 |
Investment Grade Bond Funds | |
Fidelity U.S. Bond Index Fund Class F | 27.2 |
Short-Term Funds | |
Fidelity Institutional Money Market Portfolio Class F | 39.8 |
| 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 2.4% | |
| Domestic Equity Funds | 16.7% | |
| Developed International Equity Funds | 2.5% | |
| Inflation-Protected Bond Funds | 11.4% | |
| Investment Grade Bond Funds | 27.2% | |
| Short-Term Funds | 39.8% | |
Expected |
| Commodity Funds | 2.0% | |
| Domestic Equity Funds | 14.4% | |
| Developed International Equity Funds | 4.2% | |
| Emerging Market Equity Funds | 0.7% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 9.9% | |
| Investment Grade Bond Funds | 23.9% | |
| Short-Term Funds | 39.9% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom Index 2000 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 19.1% |
| Shares | | Value |
Commodity Funds - 2.4% |
Fidelity Series Commodity Strategy Fund Class F | 15,470 | | $ 162,279 |
Domestic Equity Funds - 16.7% |
Fidelity Spartan Total Market Index Fund Class F | 34,064 | | 1,141,479 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,271,294) | 1,303,758 |
International Equity Funds - 2.5% |
| | | |
Developed International Equity Funds - 2.5% |
Fidelity Series Global ex U.S. Index Fund
(Cost $168,898) | 16,421 | | 172,256 |
Bond Funds - 38.6% |
| | | |
Inflation-Protected Bond Funds - 11.4% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 76,298 | | 782,822 |
|
| Shares | | Value |
Investment Grade Bond Funds - 27.2% |
Fidelity U.S. Bond Index Fund Class F | 166,886 | | $ 1,859,106 |
TOTAL BOND FUNDS (Cost $2,634,274) | 2,641,928 |
Short-Term Funds - 39.8% |
| | | |
Fidelity Institutional Money Market Portfolio Class F
(Cost $2,723,298) | 2,723,298 | | 2,723,298 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $6,797,764) | 6,841,240 |
NET OTHER ASSETS - 0.0% | (222) |
NET ASSETS - 100% | $ 6,841,018 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2000 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $6,797,764) - See accompanying schedule | | $ 6,841,240 |
Cash | | 2 |
Receivable for investments sold | | 119,773 |
Receivable from affiliate for expense reductions | | 70 |
Total assets | | 6,961,085 |
| | |
Liabilities | | |
Payable for investments purchased | $ 31,453 | |
Payable for fund shares redeemed | 88,320 | |
Other affiliated payables | 294 | |
Total liabilities | | 120,067 |
| | |
Net Assets | | $ 6,841,018 |
Net Assets consist of: | | |
Paid in capital | | $ 6,777,145 |
Undistributed net investment income | | 17,034 |
Accumulated undistributed net realized gain (loss) on investments | | 3,363 |
Net unrealized appreciation (depreciation) on investments | | 43,476 |
Net Assets, for 662,679 shares outstanding | | $ 6,841,018 |
Net Asset Value, offering price and redemption price per share ($6,841,018 ÷ 662,679 shares) | | $ 10.32 |
Statement of Operations
| For the period October 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 18,879 |
Interest | | 2 |
Total income | | 18,881 |
| | |
Expenses | | |
Transfer agent fees | $ 850 | |
Independent trustees' compensation | 3 | |
Total expenses before reductions | 853 | |
Expense reductions | (206) | 647 |
Net investment income (loss) | | 18,234 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 3,389 | |
Capital gain distributions from underlying funds | 74 | 3,463 |
Change in net unrealized appreciation (depreciation) on investment securities | | 43,476 |
Net gain (loss) | | 46,939 |
Net increase (decrease) in net assets resulting from operations | | $ 65,173 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2000 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 18,234 |
Net realized gain (loss) | 3,463 |
Change in net unrealized appreciation (depreciation) | 43,476 |
Net increase (decrease) in net assets resulting from operations | 65,173 |
Distributions to shareholders from net investment income | (1,200) |
Distributions to shareholders from net realized gain | (100) |
Total distributions | (1,300) |
Share transactions
Proceeds from sales of shares | 7,585,006 |
Reinvestment of distributions | 1,300 |
Cost of shares redeemed | (809,161) |
Net increase (decrease) in net assets resulting from share transactions | 6,777,145 |
Total increase (decrease) in net assets | 6,841,018 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $17,034) | $ 6,841,018 |
Other Information Shares | |
Sold | 741,203 |
Issued in reinvestment of distributions | 128 |
Redeemed | (78,652) |
Net increase (decrease) | 662,679 |
Financial Highlights
| Period ended
March 31,
2010 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .05 |
Net realized and unrealized gain (loss) | .34 |
Total from investment operations | .39 |
Distributions from net investment income | (.06) |
Distributions from net realized gain | (.01) |
Total distributions | (.07) |
Net asset value, end of period | $ 10.32 |
Total Return B, C | 3.86% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .04% A |
Expenses net of all reductions | .04% A |
Net investment income (loss) | 1.09% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 6,841 |
Portfolio turnover rate | 30% |
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 October 2, 2009 (commencement of operations) to March 31, 2010.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund 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 Index 2005 Fund
Investment Summary (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets |
Commodity Funds | |
Fidelity Series Commodity Strategy Fund Class F | 4.8 |
Domestic Equity Funds | |
Fidelity Spartan Total Market Index Fund Class F | 30.1 |
Developed International Equity Funds | |
Fidelity Series Global ex U.S. Index Fund | 9.1 |
Inflation-Protected Bond Funds | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 10.3 |
Investment Grade Bond Funds | |
Fidelity U.S. Bond Index Fund Class F | 26.9 |
Short-Term Funds | |
Fidelity Institutional Money Market Portfolio Class F | 18.8 |
| 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 4.8% | |
 | Domestic Equity Funds | 30.1% | |
| Developed International Equity Funds | 9.1% | |
| Inflation-Protected Bond Funds | 10.3% | |
| Investment Grade Bond Funds | 26.9% | |
| Short-Term Funds | 18.8% | |
Expected |
| Commodity Funds | 4.0% | |
| Domestic Equity Funds | 28.0% | |
| Developed International Equity Funds | 9.2% | |
| Emerging Markets Equity Funds | 1.5% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 8.7% | |
| Investment Grade Bond Funds | 22.8% | |
| Short-Term Funds | 20.8% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom Index 2005 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 34.9% |
| Shares | | Value |
Commodity Funds - 4.8% |
Fidelity Series Commodity Strategy Fund Class F | 9,984 | | $ 104,733 |
Domestic Equity Funds - 30.1% |
Fidelity Spartan Total Market Index Fund Class F | 19,437 | | 651,344 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $731,472) | 756,077 |
International Equity Funds - 9.1% |
| | | |
Developed International Equity Funds - 9.1% |
Fidelity Series Global ex U.S. Index Fund
(Cost $195,618) | 18,789 | | 197,093 |
Bond Funds - 37.2% |
| | | |
Inflation-Protected Bond Funds - 10.3% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 21,688 | | 222,520 |
|
| Shares | | Value |
Investment Grade Bond Funds - 26.9% |
Fidelity U.S. Bond Index Fund Class F | 52,344 | | $ 583,116 |
TOTAL BOND FUNDS (Cost $802,443) | 805,636 |
Short-Term Funds - 18.8% |
| | | |
Fidelity Institutional Money Market Portfolio Class F
(Cost $408,642) | 408,642 | | 408,642 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $2,138,175) | 2,167,448 |
NET OTHER ASSETS - 0.0% | (58) |
NET ASSETS - 100% | $ 2,167,390 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2005 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $2,138,175) - See accompanying schedule | | $ 2,167,448 |
Cash | | 1 |
Receivable for investments sold | | 39,047 |
Receivable from affiliate for expense reductions | | 31 |
Total assets | | 2,206,527 |
| | |
Liabilities | | |
Payable for investments purchased | $ 39,047 | |
Other affiliated payables | 90 | |
Total liabilities | | 39,137 |
| | |
Net Assets | | $ 2,167,390 |
Net Assets consist of: | | |
Paid in capital | | $ 2,132,464 |
Undistributed net investment income | | 4,951 |
Accumulated undistributed net realized gain (loss) on investments | | 702 |
Net unrealized appreciation (depreciation) on investments | | 29,273 |
Net Assets, for 204,616 shares outstanding | | $ 2,167,390 |
Net Asset Value, offering price and redemption price per share ($2,167,390 ÷ 204,616 shares) | | $ 10.59 |
Statement of Operations
| For the period October 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 6,735 |
Interest | | 2 |
Total income | | 6,737 |
| | |
Expenses | | |
Transfer agent fees | $ 281 | |
Independent trustees' compensation | 1 | |
Total expenses before reductions | 282 | |
Expense reductions | (96) | 186 |
Net investment income (loss) | | 6,551 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 739 | |
Capital gain distributions from underlying funds | 83 | 822 |
Change in net unrealized appreciation (depreciation) on investment securities | | 29,273 |
Net gain (loss) | | 30,095 |
Net increase (decrease) in net assets resulting from operations | | $ 36,646 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2005 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 6,551 |
Net realized gain (loss) | 822 |
Change in net unrealized appreciation (depreciation) | 29,273 |
Net increase (decrease) in net assets resulting from operations | 36,646 |
Distributions to shareholders from net investment income | (1,600) |
Distributions to shareholders from net realized gain | (120) |
Total distributions | (1,720) |
Share transactions
Proceeds from sales of shares | 2,208,240 |
Reinvestment of distributions | 1,720 |
Cost of shares redeemed | (77,496) |
Net increase (decrease) in net assets resulting from share transactions | 2,132,464 |
Total increase (decrease) in net assets | 2,167,390 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $4,951) | $ 2,167,390 |
Other Information Shares | |
Sold | 211,842 |
Issued in reinvestment of distributions | 166 |
Redeemed | (7,392) |
Net increase (decrease) | 204,616 |
Financial Highlights
| Period ended
March 31,
2010 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .06 |
Net realized and unrealized gain (loss) | .62 |
Total from investment operations | .68 |
Distributions from net investment income | (.08) |
Distributions from net realized gain | (.01) |
Total distributions | (.09) |
Net asset value, end of period | $ 10.59 |
Total Return B, C | 6.78% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .03% A |
Expenses net of all reductions | .03% A |
Net investment income (loss) | 1.19% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 2,167 |
Portfolio turnover rate | 15% |
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 October 2, 2009 (commencement of operations) to March 31, 2010.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund 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 Index 2010 Fund
Investment Summary (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets |
Commodity Funds | |
Fidelity Series Commodity Strategy Fund Class F | 5.4 |
Domestic Equity Funds | |
Fidelity Spartan Total Market Index Fund Class F | 32.8 |
Developed International Equity Funds | |
Fidelity Series Global ex U.S. Index Fund | 11.4 |
Inflation-Protected Bond Funds | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 10.6 |
Investment Grade Bond Funds | |
Fidelity U.S. Bond Index Fund Class F | 29.5 |
Short-Term Funds | |
Fidelity Institutional Money Market Portfolio Class F | 10.3 |
| 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 5.4% | |
| Domestic Equity Funds | 32.8% | |
| Developed International Equity Funds | 11.4% | |
| Inflation-Protected Bond Funds | 10.6% | |
| Investment Grade Bond Funds | 29.5% | |
| Short-Term Funds | 10.3% | |
Expected |
| Commodity Funds | 4.7% | |
 | Domestic Equity Funds | 32.2% | |
| Developed International Equity Funds | 11.0% | |
| Emerging Markets Equity Funds | 1.8% | |
| High Yield Bond Funds | 5.0% | |
| Inflation-Protected Bond Funds | 9.1% | |
| Investment Grade Bond Funds | 25.7% | |
| Short-Term Funds | 10.5% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom Index 2010 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 38.2% |
| Shares | | Value |
Commodity Funds - 5.4% |
Fidelity Series Commodity Strategy Fund Class F | 102,787 | | $ 1,078,238 |
Domestic Equity Funds - 32.8% |
Fidelity Spartan Total Market Index Fund Class F | 193,576 | | 6,486,733 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $7,404,557) | 7,564,971 |
International Equity Funds - 11.4% |
| | | |
Developed International Equity Funds - 11.4% |
Fidelity Series Global ex U.S. Index Fund
(Cost $2,254,941) | 214,429 | | 2,249,365 |
Bond Funds - 40.1% |
| | | |
Inflation-Protected Bond Funds - 10.6% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 204,316 | | 2,096,281 |
|
| Shares | | Value |
Investment Grade Bond Funds - 29.5% |
Fidelity U.S. Bond Index Fund Class F | 523,187 | | $ 5,828,305 |
TOTAL BOND FUNDS (Cost $7,901,976) | 7,924,586 |
Short-Term Funds - 10.3% |
| | | |
Fidelity Institutional Money Market Portfolio Class F
(Cost $2,034,567) | 2,034,567 | | 2,034,567 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $19,596,041) | 19,773,489 |
NET OTHER ASSETS - 0.0% | (466) |
NET ASSETS - 100% | $ 19,773,023 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2010 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $19,596,041) - See accompanying schedule | | $ 19,773,489 |
Cash | | 2 |
Receivable for investments sold | | 346,735 |
Receivable from affiliate for expense reductions | | 347 |
Total assets | | 20,120,573 |
| | |
Liabilities | | |
Payable for investments purchased | $ 324,200 | |
Payable for fund shares redeemed | 22,535 | |
Other affiliated payables | 815 | |
Total liabilities | | 347,550 |
| | |
Net Assets | | $ 19,773,023 |
Net Assets consist of: | | |
Paid in capital | | $ 19,547,881 |
Undistributed net investment income | | 46,580 |
Accumulated undistributed net realized gain (loss) on investments | | 1,114 |
Net unrealized appreciation (depreciation) on investments | | 177,448 |
Net Assets, for 1,857,309 shares outstanding | | $ 19,773,023 |
Net Asset Value, offering price and redemption price per share ($19,773,023 ÷ 1,857,309 shares) | | $ 10.65 |
Statement of Operations
| For the period October 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 49,679 |
Interest | | 2 |
Total income | | 49,681 |
| | |
Expenses | | |
Transfer agent fees | $ 2,274 | |
Independent trustees' compensation | 9 | |
Total expenses before reductions | 2,283 | |
Expense reductions | (982) | 1,301 |
Net investment income (loss) | | 48,380 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 1,127 | |
Capital gain distributions from underlying funds | 87 | 1,214 |
Change in net unrealized appreciation (depreciation) on investment securities | | 177,448 |
Net gain (loss) | | 178,662 |
Net increase (decrease) in net assets resulting from operations | | $ 227,042 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2010 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 48,380 |
Net realized gain (loss) | 1,214 |
Change in net unrealized appreciation (depreciation) | 177,448 |
Net increase (decrease) in net assets resulting from operations | 227,042 |
Distributions to shareholders from net investment income | (1,800) |
Distributions to shareholders from net realized gain | (100) |
Total distributions | (1,900) |
Share transactions
Proceeds from sales of shares | 20,673,381 |
Reinvestment of distributions | 1,900 |
Cost of shares redeemed | (1,127,400) |
Net increase (decrease) in net assets resulting from share transactions | 19,547,881 |
Total increase (decrease) in net assets | 19,773,023 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $46,580) | $ 19,773,023 |
Other Information Shares | |
Sold | 1,965,113 |
Issued in reinvestment of distributions | 182 |
Redeemed | (107,986) |
Net increase (decrease) | 1,857,309 |
Financial Highlights
| Period ended
March 31,
2010 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .05 |
Net realized and unrealized gain (loss) | .70 |
Total from investment operations | .75 |
Distributions from net investment income | (.09) |
Distributions from net realized gain | (.01) |
Total distributions | (.10) |
Net asset value, end of period | $ 10.65 |
Total Return B, C | 7.47% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .03% A |
Expenses net of all reductions | .03% A |
Net investment income (loss) | 1.08% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 19,773 |
Portfolio turnover rate | 21% |
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 October 2, 2009 (commencement of operations) to March 31, 2010.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund 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 Index 2015 Fund
Investment Summary (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets |
Commodity Funds | |
Fidelity Series Commodity Strategy Fund Class F | 5.7 |
Domestic Equity Funds | |
Fidelity Spartan Total Market Index Fund Class F | 33.9 |
Developed International Equity Funds | |
Fidelity Series Global ex U.S. Index Fund | 11.8 |
Inflation-Protected Bond Funds | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 9.7 |
Investment Grade Bond Funds | |
Fidelity U.S. Bond Index Fund Class F | 29.9 |
Short-Term Funds | |
Fidelity Institutional Money Market Portfolio Class F | 9.0 |
| 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 5.7% | |
| Domestic Equity Funds | 33.9% | |
| Developed International Equity Funds | 11.8% | |
| Inflation-Protected Bond Funds | 9.7% | |
| Investment Grade Bond Funds | 29.9% | |
| Short-Term Funds | 9.0% | |
Expected |
| Commodity Funds | 4.8% | |
| Domestic Equity Funds | 33.1% | |
| Developed International Equity Funds | 11.4% | |
| Emerging Markets Equity Funds | 1.8% | |
| High Yield Bond Funds | 5.1% | |
| Inflation-Protected Bond Funds | 8.4% | |
| Investment Grade Bond Funds | 26.1% | |
| Short-Term Funds | 9.3% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom Index 2015 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 39.6% |
| Shares | | Value |
Commodity Funds - 5.7% |
Fidelity Series Commodity Strategy Fund Class F | 74,842 | | $ 785,091 |
Domestic Equity Funds - 33.9% |
Fidelity Spartan Total Market Index Fund Class F | 140,822 | | 4,718,946 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $5,368,006) | 5,504,037 |
International Equity Funds - 11.8% |
| | | |
Developed International Equity Funds - 11.8% |
Fidelity Series Global ex U.S. Index Fund
(Cost $1,642,777) | 156,532 | | 1,642,016 |
Bond Funds - 39.6% |
| | | |
Inflation-Protected Bond Funds - 9.7% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 130,923 | | 1,343,269 |
|
| Shares | | Value |
Investment Grade Bond Funds - 29.9% |
Fidelity U.S. Bond Index Fund Class F | 373,027 | | $ 4,155,518 |
TOTAL BOND FUNDS (Cost $5,473,919) | 5,498,787 |
Short-Term Funds - 9.0% |
| | | |
Fidelity Institutional Money Market Portfolio Class F
(Cost $1,256,471) | 1,256,471 | | 1,256,471 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $13,741,173) | 13,901,311 |
NET OTHER ASSETS - 0.0% | (322) |
NET ASSETS - 100% | $ 13,900,989 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2015 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $13,741,173) - See accompanying schedule | | $ 13,901,311 |
Cash | | 1 |
Receivable for investments sold | | 249,994 |
Receivable from affiliate for expense reductions | | 258 |
Total assets | | 14,151,564 |
| | |
Liabilities | | |
Payable for investments purchased | $ 249,994 | |
Other affiliated payables | 581 | |
Total liabilities | | 250,575 |
| | |
Net Assets | | $ 13,900,989 |
Net Assets consist of: | | |
Paid in capital | | $ 13,706,163 |
Undistributed net investment income | | 34,839 |
Accumulated undistributed net realized gain (loss) on investments | | (151) |
Net unrealized appreciation (depreciation) on investments | | 160,138 |
Net Assets, for 1,302,931 shares outstanding | | $ 13,900,989 |
Net Asset Value, offering price and redemption price per share ($13,900,989 ÷ 1,302,931 shares) | | $ 10.67 |
Statement of Operations
| For the period October 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 37,579 |
Interest | | 2 |
Total income | | 37,581 |
| | |
Expenses | | |
Transfer agent fees | $ 1,698 | |
Independent trustees' compensation | 7 | |
Total expenses before reductions | 1,705 | |
Expense reductions | (763) | 942 |
Net investment income (loss) | | 36,639 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (134) | |
Capital gain distributions from underlying funds | 83 | (51) |
Change in net unrealized appreciation (depreciation) on investment securities | | 160,138 |
Net gain (loss) | | 160,087 |
Net increase (decrease) in net assets resulting from operations | | $ 196,726 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2015 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 36,639 |
Net realized gain (loss) | (51) |
Change in net unrealized appreciation (depreciation) | 160,138 |
Net increase (decrease) in net assets resulting from operations | 196,726 |
Distributions to shareholders from net investment income | (1,800) |
Distributions to shareholders from net realized gain | (100) |
Total distributions | (1,900) |
Share transactions
Proceeds from sales of shares | 15,098,409 |
Reinvestment of distributions | 1,900 |
Cost of shares redeemed | (1,394,146) |
Net increase (decrease) in net assets resulting from share transactions | 13,706,163 |
Total increase (decrease) in net assets | 13,900,989 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $34,839) | $ 13,900,989 |
Other Information Shares | |
Sold | 1,436,198 |
Issued in reinvestment of distributions | 182 |
Redeemed | (133,449) |
Net increase (decrease) | 1,302,931 |
Financial Highlights
| Period ended
March 31,
2010 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .06 |
Net realized and unrealized gain (loss) | .71 |
Total from investment operations | .77 |
Distributions from net investment income | (.09) |
Distributions from net realized gain | (.01) |
Total distributions | (.10) |
Net asset value, end of period | $ 10.67 |
Total Return B, C | 7.67% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .03% A |
Expenses net of all reductions | .03% A |
Net investment income (loss) | 1.10% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 13,901 |
Portfolio turnover rate | 31% |
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 October 2, 2009 (commencement of operations) to March 31, 2010.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund 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 Index 2020 Fund
Investment Summary (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets |
Commodity Funds | |
Fidelity Series Commodity Strategy Fund Class F | 6.8 |
Domestic Equity Funds | |
Fidelity Spartan Total Market Index Fund Class F | 41.2 |
Developed International Equity Funds | |
Fidelity Series Global ex U.S. Index Fund | 14.3 |
Inflation-Protected Bond Funds | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 7.0 |
Investment Grade Bond Funds | |
Fidelity U.S. Bond Index Fund Class F | 28.0 |
Short-Term Funds | |
Fidelity Institutional Money Market Portfolio Class F | 2.7 |
| 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 6.8% | |
| Domestic Equity Funds | 41.2% | |
| Developed International Equity Funds | 14.3% | |
| Inflation-Protected Bond Funds | 7.0% | |
| Investment Grade Bond Funds | 28.0% | |
| Short-Term Funds | 2.7% | |
Expected |
| Commodity Funds | 5.8% | |
| Domestic Equity Funds | 39.6% | |
| Developed International Equity Funds | 13.6% | |
| Emerging Markets Equity Funds | 2.2% | |
| High Yield Bond Funds | 6.7% | |
| Inflation-Protected Bond Funds | 6.3% | |
| Investment Grade Bond Funds | 22.5% | |
| Short-Term Funds | 3.3% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom Index 2020 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 48.0% |
| Shares | | Value |
Commodity Funds - 6.8% |
Fidelity Series Commodity Strategy Fund Class F | 252,998 | | $ 2,653,949 |
Domestic Equity Funds - 41.2% |
Fidelity Spartan Total Market Index Fund Class F | 476,041 | | 15,952,143 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $18,218,895) | 18,606,092 |
International Equity Funds - 14.3% |
| | | |
Developed International Equity Funds - 14.3% |
Fidelity Series Global ex U.S. Index Fund
(Cost $5,570,143) | 529,144 | | 5,550,717 |
Bond Funds - 35.0% |
| | | |
Inflation-Protected Bond Funds - 7.0% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 265,802 | | 2,727,126 |
|
| Shares | | Value |
Investment Grade Bond Funds - 28.0% |
Fidelity U.S. Bond Index Fund Class F | 971,585 | | $ 10,823,459 |
TOTAL BOND FUNDS (Cost $13,505,097) | 13,550,585 |
Short-Term Funds - 2.7% |
| | | |
Fidelity Institutional Money Market Portfolio Class F
(Cost $1,027,303) | 1,027,303 | | 1,027,303 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $38,321,438) | 38,734,697 |
NET OTHER ASSETS - 0.0% | (906) |
NET ASSETS - 100% | $ 38,733,791 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2020 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
| | |
Assets | | |
Investment in securities, at value (cost $38,321,438) - See accompanying schedule | | $ 38,734,697 |
Cash | | 2 |
Receivable for investments sold | | 826,356 |
Receivable from affiliate for expense reductions | | 716 |
Total assets | | 39,561,771 |
| | |
Liabilities | | |
Payable for investments purchased | $ 673,228 | |
Payable for fund shares redeemed | 153,128 | |
Other affiliated payables | 1,624 | |
Total liabilities | | 827,980 |
| | |
Net Assets | | $ 38,733,791 |
Net Assets consist of: | | |
Paid in capital | | $ 38,231,213 |
Undistributed net investment income | | 85,040 |
Accumulated undistributed net realized gain (loss) on investments | | 4,279 |
Net unrealized appreciation (depreciation) on investments | | 413,259 |
Net Assets, for 3,584,239 shares outstanding | | $ 38,733,791 |
Net Asset Value, offering price and redemption price per share ($38,733,791 ÷ 3,584,239 shares) | | $ 10.81 |
Statement of Operations
| For the period October 2, 2009
(commencement of operations) to
March 31, 2010 |
| | |
Investment Income | | |
Income distributions from underlying funds | | $ 89,551 |
Interest | | 2 |
Total income | | 89,553 |
| | |
Expenses | | |
Transfer agent fees | $ 4,546 | |
Independent trustees' compensation | 18 | |
Total expenses before reductions | 4,564 | |
Expense reductions | (2,031) | 2,533 |
Net investment income (loss) | | 87,020 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 4,321 | |
Capital gain distributions from underlying funds | 78 | 4,399 |
Change in net unrealized appreciation (depreciation) on investment securities | | 413,259 |
Net gain (loss) | | 417,658 |
Net increase (decrease) in net assets resulting from operations | | $ 504,678 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2020 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 87,020 |
Net realized gain (loss) | 4,399 |
Change in net unrealized appreciation (depreciation) | 413,259 |
Net increase (decrease) in net assets resulting from operations | 504,678 |
Distributions to shareholders from net investment income | (1,980) |
Distributions to shareholders from net realized gain | (120) |
Total distributions | (2,100) |
Share transactions
Proceeds from sales of shares | 40,441,152 |
Reinvestment of distributions | 2,100 |
Cost of shares redeemed | (2,212,039) |
Net increase (decrease) in net assets resulting from share transactions | 38,231,213 |
Total increase (decrease) in net assets | 38,733,791 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $85,040) | $ 38,733,791 |
Other Information Shares | |
Sold | 3,793,016 |
Issued in reinvestment of distributions | 199 |
Redeemed | (208,976) |
Net increase (decrease) | 3,584,239 |
Financial Highlights
| Period ended
March 31,
2010 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .05 |
Net realized and unrealized gain (loss) | .87 |
Total from investment operations | .92 |
Distributions from net investment income | (.10) |
Distributions from net realized gain | (.01) |
Total distributions | (.11) |
Net asset value, end of period | $ 10.81 |
Total Return B, C | 9.18% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .03% A |
Expenses net of all reductions | .03% A |
Net investment income (loss) | .98% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 38,734 |
Portfolio turnover rate | 21% |
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 October 2, 2009 (commencement of operations) to March 31, 2010.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund 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 Index 2025 Fund
Investment Summary (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets |
Commodity Funds | |
Fidelity Series Commodity Strategy Fund Class F | 7.7 |
Domestic Equity Funds | |
Fidelity Spartan Total Market Index Fund Class F | 46.1 |
Developed International Equity Funds | |
Fidelity Series Global ex U.S. Index Fund | 16.1 |
Inflation-Protected Bond Funds | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 4.0 |
Investment Grade Bond Funds | |
Fidelity U.S. Bond Index Fund Class F | 26.1 |
| 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 7.7% | |
| Domestic Equity Funds | 46.1% | |
| Developed International Equity Funds | 16.1% | |
| Inflation-Protected Bond Funds | 4.0% | |
| Investment Grade Bond Funds | 26.1% | |
Expected |
| Commodity Funds | 6.6% | |
| Domestic Equity Funds | 45.2% | |
| Developed International Equity Funds | 15.5% | |
| Emerging Markets Equity Funds | 2.5% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 3.7% | |
| Investment Grade Bond Funds | 19.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom Index 2025 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 53.8% |
| Shares | | Value |
Commodity Funds - 7.7% |
Fidelity Series Commodity Strategy Fund Class F | 132,841 | | $ 1,393,503 |
Domestic Equity Funds - 46.1% |
Fidelity Spartan Total Market Index Fund Class F | 249,951 | | 8,375,870 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $9,505,955) | 9,769,373 |
International Equity Funds - 16.1% |
| | | |
Developed International Equity Funds - 16.1% |
Fidelity Series Global ex U.S. Index Fund
(Cost $2,913,698) | 277,817 | | 2,914,296 |
Bond Funds - 30.1% |
| | | |
Inflation-Protected Bond Funds - 4.0% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 71,194 | | 730,449 |
|
| Shares | | Value |
Investment Grade Bond Funds - 26.1% |
Fidelity U.S. Bond Index Fund Class F | 425,130 | | $ 4,735,943 |
TOTAL BOND FUNDS (Cost $5,435,995) | 5,466,392 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $17,855,648) | 18,150,061 |
NET OTHER ASSETS - 0.0% | (423) |
NET ASSETS - 100% | $ 18,149,638 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2025 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
Assets | | |
Investment in securities, at value (cost $17,855,648) - See accompanying schedule | | $ 18,150,061 |
Cash | | 2 |
Receivable for investments sold | | 306,905 |
Receivable from affiliate for expense reductions | | 342 |
Total assets | | 18,457,310 |
Liabilities | | |
Payable for investments purchased | $ 303,292 | |
Payable for fund shares redeemed | 3,612 | |
Other affiliated payables | 768 | |
Total liabilities | | 307,672 |
Net Assets | | $ 18,149,638 |
Net Assets consist of: | | |
Paid in capital | | $ 17,824,091 |
Undistributed net investment income | | 38,968 |
Accumulated undistributed net realized gain (loss) on investments | | (7,834) |
Net unrealized appreciation (depreciation) on investments | | 294,413 |
Net Assets, for 1,667,678 shares outstanding | | $ 18,149,638 |
Net Asset Value, offering price and redemption price per share ($18,149,638 ÷ 1,667,678 shares) | | $ 10.88 |
Statement of Operations
| For the period October 2, 2009
(commencement of operations) to
March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 42,311 |
Interest | | 2 |
Total income | | 42,313 |
Expenses | | |
Transfer agent fees | $ 2,285 | |
Independent trustees' compensation | 9 | |
Total expenses before reductions | 2,294 | |
Expense reductions | (1,032) | 1,262 |
Net investment income (loss) | | 41,051 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (7,785) | |
Capital gain distributions from underlying funds | 68 | (7,717) |
Change in net unrealized appreciation (depreciation) on investment securities | | 294,413 |
Net gain (loss) | | 286,696 |
Net increase (decrease) in net assets resulting from operations | | $ 327,747 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 41,051 |
Net realized gain (loss) | (7,717) |
Change in net unrealized appreciation (depreciation) | 294,413 |
Net increase (decrease) in net assets resulting from operations | 327,747 |
Distributions to shareholders from net investment income | (2,080) |
Distributions to shareholders from net realized gain | (120) |
Total distributions | (2,200) |
Share transactions
Proceeds from sales of shares | 19,882,081 |
Reinvestment of distributions | 2,200 |
Cost of shares redeemed | (2,060,190) |
Net increase (decrease) in net assets resulting from share transactions | 17,824,091 |
Total increase (decrease) in net assets | 18,149,638 |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $38,968) | $ 18,149,638 |
Other Information Shares | |
Sold | 1,860,696 |
Issued in reinvestment of distributions | 208 |
Redeemed | (193,226) |
Net increase (decrease) | 1,667,678 |
Financial Highlights
| Period ended
March 31,
2010 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .05 |
Net realized and unrealized gain (loss) | .94 |
Total from investment operations | .99 |
Distributions from net investment income | (.10) |
Distributions from net realized gain | (.01) |
Total distributions | (.11) |
Net asset value, end of period | $ 10.88 |
Total Return B,C | 9.93% |
Ratios to Average Net Assets E,G | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .03% A |
Expenses net of all reductions | .03% A |
Net investment income (loss) | .92% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 18,150 |
Portfolio turnover rate | 33% |
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 October 2, 2009 (commencement of operations) to March 31, 2010.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund 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 Index 2030 Fund
Investment Summary (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets |
Commodity Funds | |
Fidelity Series Commodity Strategy Fund Class F | 8.3 |
Domestic Equity Funds | |
Fidelity Spartan Total Market Index Fund Class F | 50.3 |
Developed International Equity Funds | |
Fidelity Series Global ex U.S. Index Fund | 17.5 |
Inflation-Protected Bond Funds | |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.6 |
Investment Grade Bond Funds | |
Fidelity U.S. Bond Index Fund Class F | 23.3 |
| 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 8.3% | |
| Domestic Equity Funds | 50.3% | |
| Developed International Equity Funds | 17.5% | |
| Inflation-Protected Bond Funds | 0.6% | |
| Investment Grade Bond Funds | 23.3% | |
Expected |
| Commodity Funds | 7.1% | |
 | Domestic Equity Funds | 48.4% | |
| Developed International Equity Funds | 16.6% | |
| Emerging Markets Equity Funds | 2.7% | |
| High Yield Bond Funds | 7.5% | |
| Inflation-Protected Bond Funds | 0.8% | |
| Investment Grade Bond Funds | 16.9% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom Index 2030 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 58.6% |
| Shares | | Value |
Commodity Funds - 8.3% |
Fidelity Series Commodity Strategy Fund Class F | 219,781 | | $ 2,305,503 |
Domestic Equity Funds - 50.3% |
Fidelity Spartan Total Market Index Fund Class F | 413,539 | | 13,857,680 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $15,798,564) | 16,163,183 |
International Equity Funds - 17.5% |
| | | |
Developed International Equity Funds - 17.5% |
Fidelity Series Global ex U.S. Index Fund
(Cost $4,836,831) | 459,640 | | 4,821,622 |
Bond Funds - 23.9% |
| | | |
Inflation-Protected Bond Funds - 0.6% |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 15,572 | | 159,771 |
|
| Shares | | Value |
Investment Grade Bond Funds - 23.3% |
Fidelity U.S. Bond Index Fund Class F | 576,536 | | $ 6,422,606 |
TOTAL BOND FUNDS (Cost $6,554,581) | 6,582,377 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $27,189,976) | 27,567,182 |
NET OTHER ASSETS - 0.0% | (659) |
NET ASSETS - 100% | $ 27,566,523 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2030 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
Assets | | |
Investment in securities, at value (cost $27,189,976) - See accompanying schedule | | $ 27,567,182 |
Cash | | 2 |
Receivable for investments sold | | 498,766 |
Receivable from affiliate for expense reductions | | 482 |
Total assets | | 28,066,432 |
Liabilities | | |
Payable for investments purchased | $ 474,672 | |
Payable for fund shares redeemed | 24,094 | |
Other affiliated payables | 1,143 | |
Total liabilities | | 499,909 |
Net Assets | | $ 27,566,523 |
Net Assets consist of: | | |
Paid in capital | | $ 27,148,524 |
Undistributed net investment income | | 47,278 |
Accumulated undistributed net realized gain (loss) on investments | | (6,485) |
Net unrealized appreciation (depreciation) on investments | | 377,206 |
Net Assets, for 2,516,169 shares outstanding | | $ 27,566,523 |
Net Asset Value, offering price and redemption price per share ($27,566,523 ÷ 2,516,169 shares) | | $ 10.96 |
Statement of Operations
| For the period October 2, 2009
(commencement of operations) to
March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 51,349 |
Interest | | 2 |
Total income | | 51,351 |
Expenses | | |
Transfer agent fees | $ 3,254 | |
Independent trustees' compensation | 13 | |
Total expenses before reductions | 3,267 | |
Expense reductions | (1,394) | 1,873 |
Net investment income (loss) | | 49,478 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (6,440) | |
Capital gain distributions from underlying funds | 55 | (6,385) |
Change in net unrealized appreciation (depreciation) on investment securities | | 377,206 |
Net gain (loss) | | 370,821 |
Net increase (decrease) in net assets resulting from operations | | $ 420,299 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2030 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 49,478 |
Net realized gain (loss) | (6,385) |
Change in net unrealized appreciation (depreciation) | 377,206 |
Net increase (decrease) in net assets resulting from operations | 420,299 |
Distributions to shareholders from net investment income | (2,200) |
Distributions to shareholders from net realized gain | (100) |
Total distributions | (2,300) |
Share transactions
Proceeds from sales of shares | 28,776,953 |
Reinvestment of distributions | 2,300 |
Cost of shares redeemed | (1,630,729) |
Net increase (decrease) in net assets resulting from share transactions | 27,148,524 |
Total increase (decrease) in net assets | 27,566,523 |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $47,278) | $ 27,566,523 |
Other Information Shares | |
Sold | 2,669,440 |
Issued in reinvestment of distributions | 216 |
Redeemed | (153,487) |
Net increase (decrease) | 2,516,169 |
Financial Highlights
| Period ended
March 31,
2010 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .04 |
Net realized and unrealized gain (loss) | 1.04 |
Total from investment operations | 1.08 |
Distributions from net investment income | (.11) |
Distributions from net realized gain | (.01) |
Total distributions | (.12) |
Net asset value, end of period | $ 10.96 |
Total Return B,C | 10.78% |
Ratios to Average Net Assets E,G | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .03%A |
Expenses net of all reductions | .03%A |
Net investment income (loss) | .78%A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 27,567 |
Portfolio turnover rate | 21% |
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 October 2, 2009 (commencement of operations) to March 31, 2010.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund 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 Index 2035 Fund
Investment Summary (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets |
Commodity Funds | |
Fidelity Series Commodity Strategy Fund Class F | 9.1 |
Domestic Equity Funds | |
Fidelity Spartan Total Market Index Fund Class F | 54.4 |
Developed International Equity Funds | |
Fidelity Series Global ex U.S. Index Fund | 18.9 |
Investment Grade Bond Funds | |
Fidelity U.S. Bond Index Fund Class F | 17.6 |
| 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 9.1% | |
| Domestic Equity Funds | 54.4% | |
| Developed International Equity Funds | 18.9% | |
| Investment Grade Bond Funds | 17.6% | |
Expected |
| Commodity Funds | 7.8% | |
| Domestic Equity Funds | 53.5% | |
| Developed International Equity Funds | 18.3% | |
| Emerging Markets Equity Funds | 2.9% | |
| High Yield Bond Funds | 7.5% | |
| Investment Grade Bond Funds | 10.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom Index 2035 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 63.5% |
| Shares | | Value |
Commodity Funds - 9.1% |
Fidelity Series Commodity Strategy Fund Class F | 92,606 | | $ 971,434 |
Domestic Equity Funds - 54.4% |
Fidelity Spartan Total Market Index Fund Class F | 174,247 | | 5,839,028 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $6,626,860) | 6,810,462 |
International Equity Funds - 18.9% |
| | | |
Developed International Equity Funds - 18.9% |
Fidelity Series Global ex U.S. Index Fund
(Cost $2,028,415) | 193,665 | | 2,031,549 |
Bond Funds - 17.6% |
| Shares | | Value |
Investment Grade Bond Funds - 17.6% |
Fidelity U.S. Bond Index Fund Class F (Cost $1,876,109) | 169,339 | | $ 1,886,438 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $10,531,384) | 10,728,449 |
NET OTHER ASSETS - 0.0% | (291) |
NET ASSETS - 100% | $ 10,728,158 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2035 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
Assets | | |
Investment in securities, at value (cost $10,531,384) - See accompanying schedule | | $ 10,728,449 |
Cash | | 2 |
Receivable for investments sold | | 161,871 |
Receivable from affiliate for expense reductions | | 156 |
Total assets | | 10,890,478 |
| | |
Liabilities | | |
Payable for investments purchased | $ 146,803 | |
Payable for fund shares redeemed | 15,068 | |
Other affiliated payables | 449 | |
Total liabilities | | 162,320 |
| | |
Net Assets | | $ 10,728,158 |
Net Assets consist of: | | |
Paid in capital | | $ 10,518,606 |
Undistributed net investment income | | 14,200 |
Accumulated undistributed net realized gain (loss) on investments | | (1,713) |
Net unrealized appreciation (depreciation) on investments | | 197,065 |
Net Assets, for 973,164 shares outstanding | | $ 10,728,158 |
Net Asset Value, offering price and redemption price per share ($10,728,158 ÷ 973,164 shares) | | $ 11.02 |
Statement of Operations
| For the period October 2, 2009
(commencement of operations) to
March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 17,240 |
Interest | | 2 |
Total income | | 17,242 |
| | |
Expenses | | |
Transfer agent fees | $ 1,316 | |
Independent trustees' compensation | 5 | |
Total expenses before reductions | 1,321 | |
Expense reductions | (466) | 855 |
Net investment income (loss) | | 16,387 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,657) | |
Capital gain distributions from underlying funds | 57 | (1,600) |
Change in net unrealized appreciation (depreciation) on investment securities | | 197,065 |
Net gain (loss) | | 195,465 |
Net increase (decrease) in net assets resulting from operations | | $ 211,852 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 16,387 |
Net realized gain (loss) | (1,600) |
Change in net unrealized appreciation (depreciation) | 197,065 |
Net increase (decrease) in net assets resulting from operations | 211,852 |
Distributions to shareholders from net investment income | (2,200) |
Distributions to shareholders from net realized gain | (100) |
Total distributions | (2,300) |
Share transactions
Proceeds from sales of shares | 11,279,888 |
Reinvestment of distributions | 2,300 |
Cost of shares redeemed | (763,582) |
Net increase (decrease) in net assets resulting from share transactions | 10,518,606 |
Total increase (decrease) in net assets | 10,728,158 |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $14,200) | $ 10,728,158 |
Other Information Shares | |
Sold | 1,044,052 |
Issued in reinvestment of distributions | 215 |
Redeemed | (71,103) |
Net increase (decrease) | 973,164 |
Financial Highlights
| Period ended
March 31,
2010 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .03 |
Net realized and unrealized gain (loss) | 1.11 |
Total from investment operations | 1.14 |
Distributions from net investment income | (.11) |
Distributions from net realized gain | (.01) |
Total distributions | (.12) |
Net asset value, end of period | $ 11.02 |
Total Return B,C | 11.38% |
Ratios to Average Net Assets E,G | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .03% A |
Expenses net of all reductions | .03% A |
Net investment income (loss) | .64% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 10,728 |
Portfolio turnover rate | 23% |
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 October 2, 2009 (commencement of operations) to March 31, 2010.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund 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 Index 2040 Fund
Investment Summary (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets |
Commodity Funds | |
Fidelity Series Commodity Strategy Fund Class F | 9.2 |
Domestic Equity Funds | |
Fidelity Spartan Total Market Index Fund Class F | 55.3 |
Developed International Equity Funds | |
Fidelity Series Global ex U.S. Index Fund | 19.2 |
Investment Grade Bond Funds | |
Fidelity U.S. Bond Index Fund Class F | 16.3 |
| 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 9.2% | |
| Domestic Equity Funds | 55.3% | |
| Developed International Equity Funds | 19.2% | |
| Investment Grade Bond Funds | 16.3% | |
Expected |
| Commodity Funds | 7.9% | |
| Domestic Equity Funds | 54.1% | |
| Developed International Equity Funds | 18.5% | |
| Emerging Markets Equity Funds | 3.0% | |
| High Yield Bond Funds | 8.5% | |
| Investment Grade Bond Funds | 8.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom Index 2040 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 64.5% |
| Shares | | Value |
Commodity Funds - 9.2% |
Fidelity Series Commodity Strategy Fund Class F | 142,601 | | $ 1,495,886 |
Domestic Equity Funds - 55.3% |
Fidelity Spartan Total Market Index Fund Class F | 268,319 | | 8,991,356 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $10,264,390) | 10,487,242 |
International Equity Funds - 19.2% |
| | | |
Developed International Equity Funds - 19.2% |
Fidelity Series Global ex U.S. Index Fund
(Cost $3,139,781) | 298,217 | | 3,128,296 |
Bond Funds - 16.3% |
| Shares | | Value |
Investment Grade Bond Funds - 16.3% |
Fidelity U.S. Bond Index Fund Class F (Cost $2,634,046) | 237,334 | | $ 2,643,902 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $16,038,217) | 16,259,440 |
NET OTHER ASSETS - 0.0% | (455) |
NET ASSETS - 100% | $ 16,258,985 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2040 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
Assets | | |
Investment in securities, at value (cost $16,038,217) - See accompanying schedule | | $ 16,259,440 |
Cash | | 2 |
Receivable for investments sold | | 235,781 |
Receivable from affiliate for expense reductions | | 220 |
Total assets | | 16,495,443 |
Liabilities | | |
Payable for investments purchased | $ 235,021 | |
Payable for fund shares redeemed | 760 | |
Other affiliated payables | 677 | |
Total liabilities | | 236,458 |
Net Assets | | $ 16,258,985 |
Net Assets consist of: | | |
Paid in capital | | $ 16,023,680 |
Undistributed net investment income | | 18,859 |
Accumulated undistributed net realized gain (loss) on investments | | (4,777) |
Net unrealized appreciation (depreciation) on investments | | 221,223 |
Net Assets, for 1,472,102 shares outstanding | | $ 16,258,985 |
Net Asset Value, offering price and redemption price per share ($16,258,985 ÷ 1,472,102 shares) | | $ 11.04 |
Statement of Operations
| For the period October 2, 2009
(commencement of operations) to
March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 22,336 |
Interest | | 2 |
Total income | | 22,338 |
Expenses | | |
Transfer agent fees | $ 1,905 | |
Independent trustees' compensation | 8 | |
Total expenses before reductions | 1,913 | |
Expense reductions | (634) | 1,279 |
Net investment income (loss) | | 21,059 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (4,735) | |
Capital gain distributions from underlying funds | 58 | (4,677) |
Change in net unrealized appreciation (depreciation) on investment securities | | 221,223 |
Net gain (loss) | | 216,546 |
Net increase (decrease) in net assets resulting from operations | | $ 237,605 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2040 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 21,059 |
Net realized gain (loss) | (4,677) |
Change in net unrealized appreciation (depreciation) | 221,223 |
Net increase (decrease) in net assets resulting from operations | 237,605 |
Distributions to shareholders from net investment income | (2,200) |
Distributions to shareholders from net realized gain | (100) |
Total distributions | (2,300) |
Share transactions
Proceeds from sales of shares | 17,226,575 |
Reinvestment of distributions | 2,300 |
Cost of shares redeemed | (1,205,195) |
Net increase (decrease) in net assets resulting from share transactions | 16,023,680 |
Total increase (decrease) in net assets | 16,258,985 |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $18,859) | $ 16,258,985 |
Other Information Shares | |
Sold | 1,584,140 |
Issued in reinvestment of distributions | 214 |
Redeemed | (112,252) |
Net increase (decrease) | 1,472,102 |
Financial Highlights
| Period ended
March 31,
2010 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .03 |
Net realized and unrealized gain (loss) | 1.13 |
Total from investment operations | 1.16 |
Distributions from net investment income | (.11) |
Distributions from net realized gain | (.01) |
Total distributions | (.12) |
Net asset value, end of period | $ 11.04 |
Total Return B,C | 11.58% |
Ratios to Average Net Assets E,G | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .03% A |
Expenses net of all reductions | .03% A |
Net investment income (loss) | .56% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 16,259 |
Portfolio turnover rate | 22% |
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 October 2, 2009 (commencement of operations) to March 31, 2010.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund 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 Index 2045 Fund
Investment Summary (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets |
Commodity Funds | |
Fidelity Series Commodity Strategy Fund Class F | 9.3 |
Domestic Equity Funds | |
Fidelity Spartan Total Market Index Fund Class F | 56.1 |
Developed International Equity Funds | |
Fidelity Series Global ex U.S. Index Fund | 19.5 |
Investment Grade Bond Funds | |
Fidelity U.S. Bond Index Fund Class F | 15.1 |
| 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 9.3% | |
| Domestic Equity Funds | 56.1% | |
| Developed International Equity Funds | 19.5% | |
| Investment Grade Bond Funds | 15.1% | |
Expected |
| Commodity Funds | 8.0% | |
| Domestic Equity Funds | 55.1% | |
| Developed International Equity Funds | 18.8% | |
| Emerging Markets Equity Funds | 3.1% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond Funds | 5.0% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom Index 2045 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 65.4% |
| Shares | | Value |
Commodity Funds - 9.3% |
Fidelity Series Commodity Strategy Fund Class F | 37,475 | | $ 393,116 |
Domestic Equity Funds - 56.1% |
Fidelity Spartan Total Market Index Fund Class F | 70,511 | | 2,362,816 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $2,675,666) | 2,755,932 |
International Equity Funds - 19.5% |
| | | |
Developed International Equity Funds - 19.5% |
Fidelity Series Global ex U.S. Index Fund
(Cost $818,894) | 78,379 | | 822,195 |
Bond Funds - 15.1% |
| Shares | | Value |
Investment Grade Bond Funds - 15.1% |
Fidelity U.S. Bond Index Fund Class F (Cost $631,744) | 56,984 | | $ 634,805 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $4,126,304) | 4,212,932 |
NET OTHER ASSETS - 0.0% | | (119) |
NET ASSETS - 100% | $ 4,212,813 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2045 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
Assets | | |
Investment in securities, at value (cost $4,126,304) - See accompanying schedule | | $ 4,212,932 |
Cash | | 2 |
Receivable for investments sold | | 58,705 |
Receivable from affiliate for expense reductions | | 53 |
Total assets | | 4,271,692 |
Liabilities | | |
Payable for investments purchased | $ 58,705 | |
Other affiliated payables | 174 | |
Total liabilities | | 58,879 |
Net Assets | | $ 4,212,813 |
Net Assets consist of: | | |
Paid in capital | | $ 4,122,494 |
Undistributed net investment income | | 4,608 |
Accumulated undistributed net realized gain (loss) on investments | | (917) |
Net unrealized appreciation (depreciation) on investments | | 86,628 |
Net Assets, for 381,090 shares outstanding | | $ 4,212,813 |
Net Asset Value, offering price and redemption price per share ($4,212,813 ÷ 381,090 shares) | | $ 11.05 |
Statement of Operations
| For the period October 2, 2009
(commencement of operations) to
March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 7,166 |
Interest | | 2 |
Total income | | 7,168 |
Expenses | | |
Transfer agent fees | $ 521 | |
Independent trustees' compensation | 2 | |
Total expenses before reductions | 523 | |
Expense reductions | (163) | 360 |
Net investment income (loss) | | 6,808 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (876) | |
Capital gain distributions from underlying funds | 59 | (817) |
Change in net unrealized appreciation (depreciation) on investment securities | | 86,628 |
Net gain (loss) | | 85,811 |
Net increase (decrease) in net assets resulting from operations | | $ 92,619 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 6,808 |
Net realized gain (loss) | (817) |
Change in net unrealized appreciation (depreciation) | 86,628 |
Net increase (decrease) in net assets resulting from operations | 92,619 |
Distributions to shareholders from net investment income | (2,200) |
Distributions to shareholders from net realized gain | (100) |
Total distributions | (2,300) |
Share transactions
Proceeds from sales of shares | 4,466,705 |
Reinvestment of distributions | 2,300 |
Cost of shares redeemed | (346,511) |
Net increase (decrease) in net assets resulting from share transactions | 4,122,494 |
Total increase (decrease) in net assets | 4,212,813 |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $4,608) | $ 4,212,813 |
Other Information Shares | |
Sold | 412,963 |
Issued in reinvestment of distributions | 214 |
Redeemed | (32,087) |
Net increase (decrease) | 381,090 |
Financial Highlights
| Period ended
March 31,
2010 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .03 |
Net realized and unrealized gain (loss) | 1.14 |
Total from investment operations | 1.17 |
Distributions from net investment income | (.11) |
Distributions from net realized gain | (.01) |
Total distributions | (.12) |
Net asset value, end of period | $ 11.05 |
Total Return B,C | 11.68% |
Ratios to Average Net Assets E,G | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .04% A |
Expenses net of all reductions | .04% A |
Net investment income (loss) | .67% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,213 |
Portfolio turnover rate | 24% |
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 October 2, 2009 (commencement of operations) to March 31, 2010.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund 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 Index 2050 Fund
Investment Summary (Unaudited)
Fund Holdings as of March 31, 2010 |
| % of fund's
net assets |
Commodity Funds | |
Fidelity Series Commodity Strategy Fund Class F | 9.8 |
Domestic Equity Funds | |
Fidelity Spartan Total Market Index Fund Class F | 57.9 |
Developed International Equity Funds | |
Fidelity Series Global ex U.S. Index Fund | 21.7 |
Investment Grade Bond Funds | |
Fidelity U.S. Bond Index Fund Class F | 10.6 |
| 100.0 |
Asset Allocation (% of fund's net assets) |
Current |
| Commodity Funds | 9.8% | |
| Domestic Equity Funds | 57.9% | |
| Developed International Equity Funds | 21.7% | |
| Investment Grade Bond Funds | 10.6% | |
Expected |
| Commodity Funds | 8.4% | |
| Domestic Equity Funds | 57.6% | |
| Developed International Equity Funds | 20.0% | |
| Emerging Markets Equity Funds | 3.3% | |
| High Yield Bond Funds | 10.0% | |
| Investment Grade Bond Funds | 0.7% | |
The fund invests according to an asset allocation strategy that becomes increasingly conservative over time. The current allocation is based on the fund's holdings as of March 31, 2010. The expected allocation represents the fund's anticipated allocation at September 30, 2010. |
Annual Report
Fidelity Freedom Index 2050 Fund
Investments March 31, 2010
Showing Percentage of Net Assets
Domestic Equity Funds - 67.7% |
| Shares | | Value |
Commodity Funds - 9.8% |
Fidelity Series Commodity Strategy Fund Class F | 15,346 | | $ 160,981 |
Domestic Equity Funds - 57.9% |
Fidelity Spartan Total Market Index Fund Class F | 28,291 | | 948,038 |
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,071,485) | 1,109,019 |
International Equity Funds - 21.7% |
| | | |
Developed International Equity Funds - 21.7% |
Fidelity Series Global ex U.S. Index Fund
(Cost $353,243) | 33,970 | | 356,349 |
Bond Funds - 10.6% |
| Shares | | Value |
Investment Grade Bond Funds - 10.6% |
Fidelity U.S. Bond Index Fund Class F (Cost $172,398) | 15,521 | | $ 172,904 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,597,126) | 1,638,272 |
NET OTHER ASSETS - 0.0% | (46) |
NET ASSETS - 100% | $ 1,638,226 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2050 Fund
Statement of Assets and Liabilities
| March 31, 2010 |
Assets | | |
Investment in securities, at value (cost $1,597,126) - See accompanying schedule | | $ 1,638,272 |
Cash | | 2 |
Receivable for investments sold | | 18,517 |
Receivable from affiliate for expense reductions | | 20 |
Total assets | | 1,656,811 |
Liabilities | | |
Payable for investments purchased | $ 18,518 | |
Other affiliated payables | 67 | |
Total liabilities | | 18,585 |
Net Assets | | $ 1,638,226 |
Net Assets consist of: | | |
Paid in capital | | $ 1,597,581 |
Undistributed net investment income | | 1,171 |
Accumulated undistributed net realized gain (loss) on investments | | (1,672) |
Net unrealized appreciation (depreciation) on investments | | 41,146 |
Net Assets, for 147,612 shares outstanding | | $ 1,638,226 |
Net Asset Value, offering price and redemption price per share ($1,638,226 ÷ 147,612 shares) | | $ 11.10 |
Statement of Operations
| For the period October 2, 2009
(commencement of operations) to
March 31, 2010 |
Investment Income | | |
Income distributions from underlying funds | | $ 3,518 |
Interest | | 2 |
Total income | | 3,520 |
Expenses | | |
Transfer agent fees | $ 212 | |
Independent trustees' compensation | 1 | |
Total expenses before reductions | 213 | |
Expense reductions | (64) | 149 |
Net investment income (loss) | | 3,371 |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,632) | |
Capital gain distributions from underlying funds | 60 | (1,572) |
Change in net unrealized appreciation (depreciation) on investment securities | | 41,146 |
Net gain (loss) | | 39,574 |
Net increase (decrease) in net assets resulting from operations | | $ 42,945 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Freedom Index 2050 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
October 2, 2009
(commencement of
operations) to
March 31, 2010 |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 3,371 |
Net realized gain (loss) | (1,572) |
Change in net unrealized appreciation (depreciation) | 41,146 |
Net increase (decrease) in net assets resulting from operations | 42,945 |
Distributions to shareholders from net investment income | (2,200) |
Distributions to shareholders from net realized gain | (100) |
Total distributions | (2,300) |
Share transactions
Proceeds from sales of shares | 1,707,439 |
Reinvestment of distributions | 2,300 |
Cost of shares redeemed | (112,158) |
Net increase (decrease) in net assets resulting from share transactions | 1,597,581 |
Total increase (decrease) in net assets | 1,638,226 |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $1,171) | $ 1,638,226 |
Other Information Shares | |
Sold | 157,905 |
Issued in reinvestment of distributions | 213 |
Redeemed | (10,506) |
Net increase (decrease) | 147,612 |
Financial Highlights
| Period ended
March 31,
2010 F |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .04 |
Net realized and unrealized gain (loss) | 1.18 |
Total from investment operations | 1.22 |
Distributions from net investment income | (.11) |
Distributions from net realized gain | (.01) |
Total distributions | (.12) |
Net asset value, end of period | $ 11.10 |
Total Return B,C | 12.18% |
Ratios to Average Net Assets E,G | |
Expenses before reductions | .05% A |
Expenses net of fee waivers, if any | .04% A |
Expenses net of all reductions | .04% A |
Net investment income (loss) | .81% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,638 |
Portfolio turnover rate | 19% |
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 October 2, 2009 (commencement of operations) to March 31, 2010.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund 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, 2010
1. Organization.
Fidelity FreedomSM Index Income Fund, Fidelity Freedom Index 2000 Fund, Fidelity Freedom Index 2005 Fund, Fidelity Freedom Index 2010 Fund, Fidelity Freedom Index 2015 Fund, Fidelity Freedom Index 2020 Fund, Fidelity Freedom Index 2025 Fund, Fidelity Freedom Index 2030 Fund, Fidelity Freedom Index 2035 Fund, Fidelity Freedom Index 2040 Fund, Fidelity Freedom Index 2045 Fund, and Fidelity Freedom Index 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. Each Fund currently offers Class K shares. The Funds invest primarily in a combination of other Fidelity equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR).
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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 are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned.
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. As of March 31, 2010, each Fund did not have any 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds and losses deferred due to wash sales.
Annual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
|
Tax cost
|
Gross unrealized
appreciation
|
Gross unrealized
depreciation
| Net unrealized
appreciation
(depreciation) |
Fidelity Freedom Index Income Fund | $ 6,367,238 | $ 45,061 | $ (10,815) | $ 34,246 |
Fidelity Freedom Index 2000 Fund | 6,799,004 | 55,629 | (13,393) | 42,236 |
Fidelity Freedom Index 2005 Fund | 2,138,716 | 37,362 | (8,630) | 28,732 |
Fidelity Freedom Index 2010 Fund | 19,603,457 | 272,547 | (102,515) | 170,032 |
Fidelity Freedom Index 2015 Fund | 13,751,226 | 222,538 | (72,453) | 150,085 |
Fidelity Freedom Index 2020 Fund | 38,341,744 | 646,957 | (254,004) | 392,953 |
Fidelity Freedom Index 2025 Fund | 17,876,767 | 395,138 | (121,844) | 273,294 |
Fidelity Freedom Index 2030 Fund | 27,206,662 | 573,495 | (212,975) | 360,520 |
Fidelity Freedom Index 2035 Fund | 10,541,424 | 269,953 | (82,928) | 187,025 |
Fidelity Freedom Index 2040 Fund | 16,051,794 | 349,747 | (142,101) | 207,646 |
Fidelity Freedom Index 2045 Fund | 4,129,257 | 116,156 | (32,481) | 83,675 |
Fidelity Freedom Index 2050 Fund | 1,599,097 | 52,282 | (13,107) | 39,175 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| Undistributed
ordinary
income | Net unrealized
appreciation
(depreciation) |
Fidelity Freedom Index Income Fund | $ 13,746 | $ 34,246 |
Fidelity Freedom Index 2000 Fund | 21,637 | 42,236 |
Fidelity Freedom Index 2005 Fund | 6,194 | 28,732 |
Fidelity Freedom Index 2010 Fund | 55,109 | 170,032 |
Fidelity Freedom Index 2015 Fund | 44,741 | 150,085 |
Fidelity Freedom Index 2020 Fund | 109,625 | 392,953 |
Fidelity Freedom Index 2025 Fund | 52,253 | 273,294 |
Fidelity Freedom Index 2030 Fund | 57,479 | 360,520 |
Fidelity Freedom Index 2035 Fund | 22,527 | 187,025 |
Fidelity Freedom Index 2040 Fund | 27,659 | 207,646 |
Fidelity Freedom Index 2045 Fund | 6,644 | 83,675 |
Fidelity Freedom Index 2050 Fund | 1,470 | 39,175 |
The tax character of distributions paid was as follows:
March 31, 2010 | Ordinary
Income |
Fidelity Freedom Index Income Fund | $ 7,668 |
Fidelity Freedom Index 2000 Fund | 1,300 |
Fidelity Freedom Index 2005 Fund | 1,720 |
Fidelity Freedom Index 2010 Fund | 1,900 |
Fidelity Freedom Index 2015 Fund | 1,900 |
Fidelity Freedom Index 2020 Fund | 2,100 |
Fidelity Freedom Index 2025 Fund | 2,200 |
Fidelity Freedom Index 2030 Fund | 2,300 |
Fidelity Freedom Index 2035 Fund | 2,300 |
Fidelity Freedom Index 2040 Fund | 2,300 |
Fidelity Freedom Index 2045 Fund | 2,300 |
Fidelity Freedom Index 2050 Fund | 2,300 |
Annual Report
Notes to Financial Statements - continued
3. Purchases and Sales of Investments.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| Purchases ($) | Redemptions ($) |
Fidelity Freedom Index Income Fund | 6,872,979 | 509,902 |
Fidelity Freedom Index 2000 Fund | 7,727,535 | 933,160 |
Fidelity Freedom Index 2005 Fund | 2,283,668 | 146,233 |
Fidelity Freedom Index 2010 Fund | 21,329,819 | 1,734,905 |
Fidelity Freedom Index 2015 Fund | 15,615,781 | 1,874,475 |
Fidelity Freedom Index 2020 Fund | 41,763,034 | 3,445,917 |
Fidelity Freedom Index 2025 Fund | 20,461,368 | 2,597,935 |
Fidelity Freedom Index 2030 Fund | 29,592,521 | 2,396,105 |
Fidelity Freedom Index 2035 Fund | 11,606,737 | 1,073,696 |
Fidelity Freedom Index 2040 Fund | 17,569,105 | 1,526,153 |
Fidelity Freedom Index 2045 Fund | 4,570,347 | 443,167 |
Fidelity Freedom Index 2050 Fund | 1,743,732 | 144,974 |
4. 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 transfer agent fees, the compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee based on each Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each Fund were as follows:
| Amount | % of Average
Net Assets* |
Fidelity Freedom Index Income Fund | $ 774 | .05% |
Fidelity Freedom Index 2000 Fund | 850 | .05% |
Fidelity Freedom Index 2005 Fund | 281 | .05% |
Fidelity Freedom Index 2010 Fund | 2,274 | .05% |
Fidelity Freedom Index 2015 Fund | 1,698 | .05% |
Fidelity Freedom Index 2020 Fund | 4,546 | .05% |
Fidelity Freedom Index 2025 Fund | 2,285 | .05% |
Fidelity Freedom Index 2030 Fund | 3,254 | .05% |
Fidelity Freedom Index 2035 Fund | 1,316 | .05% |
Fidelity Freedom Index 2040 Fund | 1,905 | .05% |
Fidelity Freedom Index 2045 Fund | 521 | .05% |
Fidelity Freedom Index 2050 Fund | 212 | .05% |
* Annualized
Annual Report
4. Fees and Other Transactions with Affiliates - continued
Expense Reductions. FMR contractually agreed to reimburse each Fund to the extent annual operating expenses, including acquired fund fees and expenses, exceeded .19% of average net assets. This reimbursement will remain in place through May 30, 2011. Some expenses, for example interest expense, are excluded from this reimbursement. The following Funds were in reimbursement during the period:
| Reimbursement
from adviser |
Fidelity Freedom Index Income Fund | $ 192 |
Fidelity Freedom Index 2000 Fund | 206 |
Fidelity Freedom Index 2005 Fund | 96 |
Fidelity Freedom Index 2010 Fund | 982 |
Fidelity Freedom Index 2015 Fund | 763 |
Fidelity Freedom Index 2020 Fund | 2,031 |
Fidelity Freedom Index 2025 Fund | 1,032 |
Fidelity Freedom Index 2030 Fund | 1,394 |
Fidelity Freedom Index 2035 Fund | 466 |
Fidelity Freedom Index 2040 Fund | 634 |
Fidelity Freedom Index 2045 Fund | 163 |
Fidelity Freedom Index 2050 Fund | 64 |
5. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Freedom Index Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.
Fund | Fidelity Freedom Index 2020 Fund | Fidelity Freedom Index 2030 Fund |
Fidelity Series Global ex U.S. Index Fund | 17% | 15% |
The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.
Fund | % of shares held |
Fidelity Series Global ex U.S. Index Fund | 72% |
In addition, at the end of the period, certain otherwise unaffiliated shareholders were owners of record of more than 50% of the outstanding shares of the following funds:
| Number of
Unaffiliated
Shareholders | Unaffiliated
Shareholders % |
Fidelity Freedom Index Income Fund | 1 | 57% |
Fidelity Freedom Index 2010 Fund | 1 | 54% |
Fidelity Freedom Index 2015 Fund | 1 | 69% |
Fidelity Freedom Index 2025 Fund | 1 | 90% |
Fidelity Freedom Index 2030 Fund | 1 | 71% |
Fidelity Freedom Index 2035 Fund | 1 | 86% |
Fidelity Freedom Index 2040 Fund | 1 | 78% |
Fidelity Freedom Index 2045 Fund | 1 | 80% |
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Aberdeen Street Trust and the Shareholders of Fidelity Freedom Index Income Fund, Fidelity Freedom Index 2000 Fund, Fidelity Freedom Index 2005 Fund, Fidelity Freedom Index 2010 Fund, Fidelity Freedom Index 2015 Fund, Fidelity Freedom Index 2020 Fund, Fidelity Freedom Index 2025 Fund, Fidelity Freedom Index 2030 Fund, Fidelity Freedom Index 2035 Fund, Fidelity Freedom Index 2040 Fund, Fidelity Freedom Index 2045 Fund and Fidelity Freedom Index 2050 Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity Freedom Index Income Fund, Fidelity Freedom Index 2000 Fund, Fidelity Freedom Index 2005 Fund, Fidelity Freedom Index 2010 Fund, Fidelity Freedom Index 2015 Fund, Fidelity Freedom Index 2020 Fund, Fidelity Freedom Index 2025 Fund, Fidelity Freedom Index 2030 Fund, Fidelity Freedom Index 2035 Fund, Fidelity Freedom Index 2040 Fund, Fidelity Freedom Index 2045 Fund and Fidelity Freedom Index 2050 Fund (the Funds), funds of Fidelity Aberdeen Street Trust, including the schedule of investments, as of March 31, 2010, and the related statement of operations, the statement of changes in net assets and the financial highlights for the period from October 2, 2009 (commencement of operations) to March 31, 2010. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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, 2010, by correspondence with the transfer agent. We believe that our audit 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 Freedom Index Income Fund, Fidelity Freedom Index 2000 Fund, Fidelity Freedom Index 2005 Fund, Fidelity Freedom Index 2010 Fund, Fidelity Freedom Index 2015 Fund, Fidelity Freedom Index 2020 Fund, Fidelity Freedom Index 2025 Fund, Fidelity Freedom Index 2030 Fund, Fidelity Freedom Index 2035 Fund, Fidelity Freedom Index 2040 Fund, Fidelity Freedom Index 2045 Fund and Fidelity Freedom Index 2050 Fund as of March 31, 2010, the results of their operations, the changes in their net assets and its financial highlights for the period from October 2, 2009 (commencement of operations) to March 31, 2010, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 20, 2010
Annual Report
The Trustees and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each Fidelity Freedom Index Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fidelity Freedom Index Fund's activities, review contractual arrangements with companies that provide services to each Fidelity Freedom Index Fund, oversee management of the risks associated with such activities and contractual arrangements, and review each Fidelity Freedom Index Fund's performance. If the interests of a Fidelity Freedom Index Fund and an underlying Fidelity fund were to diverge, a conflict of interest could arise and affect how the Trustees fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the Fidelity Freedom Index Fund to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers and the Trustees would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for James C. Curvey, each of the Trustees oversees 189 funds advised by FMR or an affiliate. Mr. Curvey oversees 410 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 hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Experience, Skills, Attributes, and Qualifications of the Funds' Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Kenneth L. Wolfe serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate. The responsibilities of each committee, including their oversight responsibilities, are described further under "Standing Committees of the Funds' Trustees."
Annual Report
Trustees and Officers - continued
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupations and Other Relevant Experience+ |
Abigail P. Johnson (48) |
| Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal and Workplace Investing (2005-present). Ms. Johnson is a Director of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related. |
James C. Curvey (74) |
| 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.
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupations and Other Relevant Experience+ |
Albert R. Gamper, Jr. (68) |
| 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 (2002-2003). He also served as President and Chief Executive Officer of Tyco Capital Corporation (2001-2002). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Robert F. Gartland (58) |
| Year of Election or Appointment: 2010 Mr. Gartland is a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-present) and is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007). |
Arthur E. Johnson (63) |
| 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). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson and Ms. Abigail P. Johnson are not related. |
Michael E. Kenneally (56) |
| Year of Election or Appointment: 2009 Prior to his retirement, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). 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 funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
James H. Keyes (69) |
| 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, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (63) |
| 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, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California 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 (71) |
| Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009). |
+ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.
Executive Officers:
Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
John R. Hebble (51) |
| Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolio (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments. |
Boyce I. Greer (54) |
| 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 of the Asset Allocation Division (2008-present), 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 (2005-present). Previously, Mr. Greer served as Executive Vice President of FMR Co., Inc. (2005-2009), and as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005). |
Derek L. Young (45) |
| Year of Election or Appointment: 2009 Vice President of Fidelity's Asset Allocation Funds. Mr. Young also serves as Chief Investment Officers of the Global Asset Allocation Group (2009-present). Previously, Mr. Young served as a portfolio manager. |
Scott C. Goebel (42) |
| 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 Officer 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 (55) |
| 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 (51) |
| 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 (42) |
| 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. |
Jeffrey S. Christian (48) |
| Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009). |
Bryan A. Mehrmann (48) |
| Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. |
Stephanie J. Dorsey (40) |
| 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. |
Paul M. Murphy (63) |
| Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. 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). |
Kenneth B. Robins (40) |
| Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008). |
Gary W. Ryan (51) |
| 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 Index Income Fund | 05/10/10 | 05/07/10 | $0.01 | $0.005 |
Fidelity Freedom Index 2000 Fund | 05/17/10 | 05/14/10 | $0.02 | $0.006 |
Fidelity Freedom Index 2005 Fund | 05/17/10 | 05/14/10 | $0.025 | $0.010 |
Fidelity Freedom Index 2010 Fund | 05/17/10 | 05/14/10 | $0.015 | $0.005 |
Fidelity Freedom Index 2015 Fund | 05/17/10 | 05/14/10 | $0.015 | $0.005 |
Fidelity Freedom Index 2020 Fund | 05/17/10 | 05/14/10 | $0.012 | $0.004 |
Fidelity Freedom Index 2025 Fund | 05/17/10 | 05/14/10 | $0.016 | $0.006 |
Fidelity Freedom Index 2030 Fund | 05/17/10 | 05/14/10 | $0.01 | $0.003 |
Fidelity Freedom Index 2035 Fund | 05/17/10 | 05/14/10 | $0.01 | $0.006 |
Fidelity Freedom Index 2040 Fund | 05/17/10 | 05/14/10 | $0.007 | $0.003 |
Fidelity Freedom Index 2045 Fund | 05/17/10 | 05/14/10 | $0.007 | $0.004 |
Fidelity Freedom Index 2050 Fund | 05/17/10 | 05/14/10 | $0.004 | $0 |
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
Fidelity Freedom Index Income Fund | 26.00% |
Fidelity Freedom Index 2000 Fund | 25.86% |
Fidelity Freedom Index 2005 Fund | 22.51% |
Fidelity Freedom Index 2010 Fund | 25.91% |
Fidelity Freedom Index 2015 Fund | 25.26% |
Fidelity Freedom Index 2020 Fund | 24.97% |
Fidelity Freedom Index 2025 Fund | 23.23% |
Fidelity Freedom Index 2030 Fund | 21.83% |
Fidelity Freedom Index 2035 Fund | 19.72% |
Fidelity Freedom Index 2040 Fund | 20.34% |
Fidelity Freedom Index 2045 Fund | 15.86% |
Fidelity Freedom Index 2050 Fund | 8.96% |
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:
Fidelity Freedom Index Income Fund | |
December 2009 (Ex-Date 12/04/09) | 40% |
December 2009 (Ex-Date 12/28/09) | 40% |
February 2010 | 0% |
March 2010 | 0% |
Fidelity Freedom Index 2000 Fund | |
December 2009 | 40% |
Fidelity Freedom Index 2005 Fund | |
December 2009 | 53% |
Fidelity Freedom Index 2010 Fund | |
December 2009 | 51% |
Fidelity Freedom Index 2015 Fund | |
December 2009 | 53% |
Fidelity Freedom Index 2020 Fund | |
December 2009 | 59% |
Fidelity Freedom Index 2025 Fund | |
December 2009 | 63% |
Fidelity Freedom Index 2030 Fund | |
December 2009 | 66% |
Fidelity Freedom Index 2035 Fund | |
December 2009 | 71% |
Fidelity Freedom Index 2040 Fund | |
December 2009 | 72% |
Fidelity Freedom Index 2045 Fund | |
December 2009 | 73% |
Fidelity Freedom Index 2050 Fund | |
December 2009 | 75% |
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 Index Income Fund | |
December 2009 (Ex-Date 12/04/09) | 41% |
December 2009 (Ex-Date 12/28/09) | 41% |
February 2010 | 0% |
March 2010 | 0% |
Fidelity Freedom Index 2000 Fund | |
December 2009 | 41% |
Fidelity Freedom Index 2005 Fund | |
December 2009 | 56% |
Fidelity Freedom Index 2010 Fund | |
December 2009 | 55% |
Fidelity Freedom Index 2015 Fund | |
December 2009 | 57% |
Fidelity Freedom Index 2020 Fund | |
December 2009 | 63% |
Fidelity Freedom Index 2025 Fund | |
December 2009 | 67% |
Fidelity Freedom Index 2030 Fund | |
December 2009 | 71% |
Fidelity Freedom Index 2035 Fund | |
December 2009 | 76% |
Fidelity Freedom Index 2040 Fund | |
December 2009 | 77% |
Fidelity Freedom Index 2045 Fund | |
December 2009 | 78% |
Fidelity Freedom Index 2050 Fund | |
December 2009 | 81% |
The funds will notify shareholders in January 2011 of amounts for use in preparing 2010 income tax returns.
Annual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Freedom Index Income Fund, Fidelity Freedom Index 2000 Fund, Fidelity Freedom Index 2005 Fund, Fidelity Freedom Index 2010 Fund, Fidelity Freedom Index 2015 Fund, Fidelity Freedom Index 2020 Fund, Fidelity Freedom Index 2025 Fund, Fidelity Freedom Index 2030 Fund, Fidelity Freedom Index 2035 Fund, Fidelity Freedom Index 2040 Fund, Fidelity Freedom Index 2045 Fund, and Fidelity Freedom Index 2050 Fund
On July 16, 2009, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and administration agreement (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
In determining whether to approve the Advisory Contracts for each fund, the Board was aware that shareholders in each fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that each fund's shareholders, with the opportunity to review and weigh the disclosure provided by each fund in its prospectus and other public disclosures, may choose to invest in that fund, managed by Fidelity.
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, Strategic Advisers, Inc. (Strategic Advisers), and the administrator, FMR, including the backgrounds of each fund's investment personnel and each fund's investment objectives and disciplines.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of Strategic Advisers' investment staff, their use of technology, and Strategic Advisers' and FMR's approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by FMR and its affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund. The Board also considered the nature and extent of FMR's supervision of third party service providers, principally custodians and subcustodians.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge.
Investment Performance. The funds are new funds and therefore had no historical performance for the Board to review at the time it approved each fund's Advisory Contracts. Once each fund has been in operation for at least one calendar year, the Board will review each fund's absolute investment performance, as well as each fund's relative investment performance measured against a broad-based securities market index.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided to each fund will benefit each fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered each fund's proposed management fee and projected total operating expenses in reviewing the Advisory Contracts. The Board noted that each fund does not pay a management fee for investment advisory services. In its review of each fund's total expenses, the Board considered that although Class K of each fund pays a 5 bp transfer agent fee, each fund invests in underlying Fidelity funds or classes of funds that do not pay a transfer agent fee to avoid charging fund-paid transfer agent fees at both fund levels. The Board further noted that FMR pays all other expenses of each fund, with limited exceptions.
The Board also noted that FMR has contractually agreed to reimburse expenses of Class K of each Fund until May 30, 2011, to the extent that total annual operating expenses, including acquired fund fees and expenses, exceed 19 bp (excluding interest, taxes, brokerage commissions, and extraordinary expenses, if any, incurred by a Fund or an acquired fund in which a Fund invests).
Based on its review, the Board concluded that each fund's projected total expenses were fair and reasonable in light of the services that each fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. Each of the funds is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of each fund at the time it approved the Advisory Contracts. In connection with its future renewal of each fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and its shareholders.
Annual Report
Board Approval of Investment Advisory Contracts and Management Fees - continued
Economies of Scale. The Board concluded that the realization of economies of scale was not relevant to the approval of each fund's Advisory Contracts because each fund does not pay any management fees and FMR pays all other expenses of each fund, with limited exceptions.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be approved.
Annual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your workplace benefits (including your workplace savings plan, investments, and additional services) via your telephone or PC. You can access your plan and account information and research your investments 24 hours a day.
By Phone
Fidelity provides a single toll-free number to access plan information, account balances, positions, and quotes*. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Workplace Investing
1-800-835-5092
By PC
Fidelity's web site on the Internet provides a wide range of information, including plan information, daily financial news, fund performance, interactive planning tools, and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.401k.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
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
JPMorgan Chase Bank
New York, NY
FRX-K-UANN-0510
1.899263.100
Item 2. Code of Ethics
As of the end of the period, March 31, 2010, 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, Fidelity Advisor Freedom 2050 Fund, Fidelity Freedom Index Income Fund, Fidelity Freedom Index 2000 Fund, Fidelity Freedom Index 2005 Fund, Fidelity Freedom Index 2010 Fund, Fidelity Freedom Index 2015 Fund, Fidelity Freedom Index 2020 Fund, Fidelity Freedom Index 2025 Fund, Fidelity Freedom Index 2030 Fund, Fidelity Freedom Index 2035 Fund, Fidelity Freedom Index 2040 Fund, Fidelity Freedom Index 2045 Fund, and Fidelity Freedom Index 2050 Fund (the "Funds"):
Services Billed by Deloitte Entities
March 31, 2010 FeesA,B
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Freedom Income Fund | $24,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2005 Fund | $24,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2010 Fund | $24,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2015 Fund | $24,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2020 Fund | $24,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2025 Fund | $24,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2030 Fund | $24,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2035 Fund | $24,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2040 Fund | $24,000 | $- | $4,500 | $- |
Fidelity Advisor Freedom 2045 Fund | $24,000 | $- | $5,600 | $- |
Fidelity Advisor Freedom 2050 Fund | $24,000 | $- | $5,600 | $- |
Fidelity Freedom Index Income Fund | $12,000 | $- | $4,500 | $- |
Fidelity Freedom Index 2000 Fund | $12,000 | $- | $4,500 | $- |
Fidelity Freedom Index 2005 Fund | $12,000 | $- | $4,500 | $- |
Fidelity Freedom Index 2010 Fund | $12,000 | $- | $4,500 | $- |
Fidelity Freedom Index 2015 Fund | $12,000 | $- | $4,500 | $- |
Fidelity Freedom Index 2020 Fund | $12,000 | $- | $4,500 | $- |
Fidelity Freedom Index 2025 Fund | $12,000 | $- | $4,500 | $- |
Fidelity Freedom Index 2030 Fund | $12,000 | $- | $4,500 | $- |
Fidelity Freedom Index 2035 Fund | $12,000 | $- | $4,500 | $- |
Fidelity Freedom Index 2040 Fund | $12,000 | $- | $4,500 | $- |
Fidelity Freedom Index 2045 Fund | $12,000 | $- | $4,500 | $- |
Fidelity Freedom Index 2050 Fund | $12,000 | $- | $4,500 | $- |
March 31, 2009 FeesA,B
| 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 | $- |
Fidelity Freedom Index Income Fund | $- | $- | $- | $- |
Fidelity Freedom Index 2000 Fund | $- | $- | $- | $- |
Fidelity Freedom Index 2005 Fund | $- | $- | $- | $- |
Fidelity Freedom Index 2010 Fund | $- | $- | $- | $- |
Fidelity Freedom Index 2015 Fund | $- | $- | $- | $- |
Fidelity Freedom Index 2020 Fund | $- | $- | $- | $- |
Fidelity Freedom Index 2025 Fund | $- | $- | $- | $- |
Fidelity Freedom Index 2030 Fund | $- | $- | $- | $- |
Fidelity Freedom Index 2035 Fund | $- | $- | $- | $- |
Fidelity Freedom Index 2040 Fund | $- | $- | $- | $- |
Fidelity Freedom Index 2045 Fund | $- | $- | $- | $- |
Fidelity Freedom Index 2050 Fund | $- | $- | $- | $- |
A Amounts may reflect rounding.
B Fidelity Freedom Index Income Fund, Fidelity Freedom Index 2000 Fund, Fidelity Freedom Index 2005 Fund, Fidelity Freedom Index 2010 Fund, Fidelity Freedom Index 2015 Fund, Fidelity Freedom Index 2020 Fund, Fidelity Freedom Index 2025 Fund, Fidelity Freedom Index 2030 Fund, Fidelity Freedom Index 2035 Fund, Fidelity Freedom Index 2040 Fund, Fidelity Freedom Index 2045 Fund, and Fidelity Freedom Index 2050 Fund commenced operations on October 2, 2009.
The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Freedom Income Fund, Fidelity Freedom 2000 Fund, Fidelity Freedom 2005 Fund, Fidelity Freedom 2010 Fund, Fidelity Freedom 2015 Fund, Fidelity Freedom 2020 Fund, Fidelity Freedom 2025 Fund, Fidelity Freedom 2030 Fund, Fidelity Freedom 2035 Fund, Fidelity Freedom 2040 Fund, Fidelity Freedom 2045 Fund, Fidelity Freedom 2050 Fund, Fidelity Freedom K® Income Fund, Fidelity Freedom K® 2000 Fund, Fidelity Freedom K® 2005 Fund, Fidelity Freedom K® 2010 Fund, Fidelity Freedom K® 2015 Fund, Fidelity Freedom K® 2020 Fund, Fidelity Freedom K® 2025 Fund, Fidelity Freedom K® 2030 Fund, Fidelity Freedom K® 2035 Fund, Fidelity Freedom K® 2040 Fund, Fidelity Freedom K® 2045 Fund, and Fidelity Freedom K® 2050 Fund (the "Funds"):
Services Billed by PwC
March 31, 2010 FeesA,B
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Freedom Income Fund | $27,000 | $- | $2,200 | $100 |
Fidelity Freedom 2000 Fund | $27,000 | $- | $2,200 | $100 |
Fidelity Freedom 2005 Fund | $27,000 | $- | $2,200 | $100 |
Fidelity Freedom 2010 Fund | $27,000 | $- | $2,200 | $100 |
Fidelity Freedom 2015 Fund | $27,000 | $- | $2,200 | $100 |
Fidelity Freedom 2020 Fund | $27,000 | $- | $2,200 | $100 |
Fidelity Freedom 2025 Fund | $27,000 | $- | $2,200 | $100 |
Fidelity Freedom 2030 Fund | $27,000 | $- | $2,200 | $100 |
Fidelity Freedom 2035 Fund | $27,000 | $- | $2,200 | $100 |
Fidelity Freedom 2040 Fund | $27,000 | $- | $2,200 | $100 |
Fidelity Freedom 2045 Fund | $27,000 | $- | $2,200 | $100 |
Fidelity Freedom 2050 Fund | $27,000 | $- | $2,200 | $100 |
Fidelity Freedom K® Income Fund | $14,000 | $- | $2,200 | $100 |
Fidelity Freedom K® 2000 Fund | $14,000 | $- | $2,200 | $100 |
Fidelity Freedom K® 2005 Fund | $14,000 | $- | $2,200 | $100 |
Fidelity Freedom K® 2010 Fund | $14,000 | $- | $2,200 | $100 |
Fidelity Freedom K® 2015 Fund | $14,000 | $- | $2,200 | $100 |
Fidelity Freedom K® 2020 Fund | $14,000 | $- | $2,200 | $100 |
Fidelity Freedom K® 2025 Fund | $14,000 | $- | $2,200 | $100 |
Fidelity Freedom K® 2030 Fund | $14,000 | $- | $2,200 | $100 |
Fidelity Freedom K® 2035 Fund | $14,000 | $- | $2,200 | $100 |
Fidelity Freedom K® 2040 Fund | $14,000 | $- | $2,200 | $100 |
Fidelity Freedom K® 2045 Fund | $14,000 | $- | $2,200 | $100 |
Fidelity Freedom K® 2050 Fund | $14,000 | $- | $2,200 | $100 |
March 31, 2009 FeesA,B
| 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 |
Fidelity Freedom K® Income Fund | $- | $- | $- | $- |
Fidelity Freedom K® 2000 Fund | $- | $- | $- | $- |
Fidelity Freedom K® 2005 Fund | $- | $- | $- | $- |
Fidelity Freedom K® 2010 Fund | $- | $- | $- | $- |
Fidelity Freedom K® 2015 Fund | $- | $- | $- | $- |
Fidelity Freedom K® 2020 Fund | $- | $- | $- | $- |
Fidelity Freedom K® 2025 Fund | $- | $- | $- | $- |
Fidelity Freedom K® 2030 Fund | $- | $- | $- | $- |
Fidelity Freedom K® 2035 Fund | $- | $- | $- | $- |
Fidelity Freedom K® 2040 Fund | $- | $- | $- | $- |
Fidelity Freedom K® 2045 Fund | $- | $- | $- | $- |
Fidelity Freedom K® 2050 Fund | $- | $- | $- | $- |
A Amounts may reflect rounding.
B Fidelity Freedom K® Income Fund, Fidelity Freedom K® 2000 Fund, Fidelity Freedom K® 2005 Fund, Fidelity Freedom K® 2010 Fund, Fidelity Freedom K® 2015 Fund, Fidelity Freedom K® 2020 Fund, Fidelity Freedom K® 2025 Fund, Fidelity Freedom K® 2030 Fund, Fidelity Freedom K® 2035 Fund, Fidelity Freedom K® 2040 Fund, Fidelity Freedom K® 2045 Fund, and Fidelity Freedom K® 2050 Fund commenced operations on July 2, 2009.
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, 2010A | March 31, 2009A |
Audit-Related Fees | $725,000 | $815,000 |
Tax Fees | $- | $2,000 |
All Other Fees | $450,000 | $445,000 |
A Amounts may reflect rounding.
Services Billed by PwC
| March 31, 2010A | March 31, 2009A |
Audit-Related Fees | $1,595,000 | $3,305,000 |
Tax Fees | $- | $2,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
"All Other Fees" represent fees billed for 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, 2010 A | March 31, 2009 A |
PwC | $3,825,000 | $3,985,000B |
Deloitte Entities | $1,405,000 | $1,525,000 |
A Amounts may reflect rounding.
B Reflects current period presentation.
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 27, 2010 |
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 27, 2010 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
| |
Date: | May 27, 2010 |
